Technology Market report: 2021

Friday 24 December 2021

Europe Data Center Colocation Market is Predicted to Witness 13.1% CAGR till 2028

The Europe Data Center Colocation Market size is anticipated to reach USD 33.66 billion by 2028, recording a CAGR of 13.1%, over the forecast period, according to a study conducted by Grand View Research, Inc. The market is driven by the factors such as the rising costs of data center infrastructure, lack of floor space, and rising power costs. Enterprises are inclined toward colocation data centers as it enables them to place their infrastructure in proximity to their users and provide better services. Additionally, colocation data centers also fulfill their power and space requirements while offering them the option to scale up their infrastructure as per the requirement.

The ongoing technological boom with the rollout of devices equipped with advanced technologies such as 5G, Internet of Things (IoT), Artificial Intelligence (AI), and Augmented Reality (AR) is expected to further drive the market growth. Considering that these technologies would require improved network connectivity and reduced latency, the interconnectivity across Europe will also rise, presenting an excellent opportunity for colocation providers to localize their services. According to Equinix Inc.’s interconnection network index, the interconnection bandwidth across Europe is expected to reach 3,872 Tbps by 2023 from 1,182 Tbps in 2020.

The colocation market in Europe is further expected to gain traction amid the COVID-19 pandemic. With several organizations adopting the work from home policy, enterprises are moving toward multi-tenant data centers to increase proximity to users. Lockdowns imposed across numerous countries have led to a surge in the use of OTT services, which is also expected to fuel the demand for colocation facilities in Europe.

Related Press Release@ Europe Data Center Colocation Market Report

Europe Data Center Colocation Market Report Highlights

In terms of colocation type, the retail colocation segment held the largest market share in 2020. The increasing deployment of retail colocation by SMEs is largely responsible for segment growth. Retail colocation offers racks, servers, space, power, and cooling, among other solutions, making it an affordable option for SMEs
In terms of end use, the IT and telecom segment dominated the market with the largest revenue share in 2020. This is attributed to the increasing telecom network with the rollout of 5G and new application development for smart devices
The small and medium enterprise segment is expected to register the highest CAGR over the forecast period owing to the increasing number of startup businesses adopting colocation services across the region
The Nordic region is expected to witness a surge in investments from cloud service providers. This is due to the growing number of enterprises using cloud computing across Nordic countries, which is the highest across entire Europe. Additionally, the region has a higher proportion of ICT specialists, relative to its population compared to other EU countries

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Wednesday 22 December 2021

Digital Experience Platform Market is Predicted to Witness 12.3% CAGR till 2028

The global Digital Experience Platform Market size is estimated to reach USD 22.94 billion by 2028, expanding at a CAGR of 12.3% from 2021 to 2028, according to a new report by Grand View Research, Inc. The increasing implementation of advanced technologies such as machine learning, artificial intelligence, cloud computing, and data analytics across organizations is expected to drive market growth over the forecast period. Furthermore, the increasing adoption of digital platforms by large multi-national companies and Small and Medium Enterprises (SMEs) as the key channel for customer service and engagement is also anticipated to boost the adoption of Digital Experience Platforms (DXPs).

The COVID-19 pandemic led to a significant increase in awareness among organizations about the pressing need for digital transformation and helped open new growth opportunities for the market. Digital experience platforms enable organizations to address a range of process optimization concerns. Moreover, these platforms enable businesses to target a larger customer base by designing new business models, products, and services leveraging digitization. Digital experience platforms also help facilitate the transformation of business activities, traditional processes, and business models to benefit from upcoming technological changes and opportunities pertaining to futuristic technologies.

DXPs allow organizations to design and deliver personalized user experiences across multiple channels, touchpoints, and devices throughout the customer interaction and engagement process. DXPs comprise an integrated set of business processes and systems such as Web Experience Management (WEM), digital Content Management Systems (CMS), and related services. Organizations deploy DXPs to provide connected customer experiences, gather actionable customer insights, and digitize business operations.

Organizations maximize their consumer ease on the site and communicate with customers in real-time to provide an optimized consumer experience. They leverage digital transformation capabilities to provide an integrated multi-channel experience covering applications, websites, portals, and devices. Additionally, key market players are significantly focusing on mergers & acquisitions, technological investments, new product development, and integration with emerging technologies such as big data, AI, predictive analytics to upgrade their DXPs and establish a strong presence in the fragmented market.

Related Press Release@ Digital Experience Platform Market Report

Digital Experience Platform Market Report Highlights

In terms of component, the platform segment is expected to capture the largest share of above 60% by the end of the forecast period. The increasing adoption of digital experience platforms by organizations to deliver superior customer interaction and engagement is driving the growth of the segment
In terms of deployment, the cloud segment is expected to expand at a promising CAGR of 12.6% from 2021 to 2028. The segment is expected to gain momentum over the forecast period owing to advantages such as lower cost, convenience, flexibility, and improved security. Moreover, the growing preference for cloud-based DXPs due to rapid deployment capability and reduced investments in physical infrastructure could also drive the segment growth
In terms of application, the Business-to-Consumer (B2C) application is anticipated to witness the fastest growth over the forecast period due to the increasing demand for content personalization to enable superior customer engagement
In terms of end use, the retail segment is anticipated to register a significant CAGR and reach USD 8.56 billion by 2028. This can be attributed to the rapid growth of online B2C and B2B e-tailers, increased focus on omnichannel marketing, and the rising preference for a customer-centric approach. The growing focus of organizations on improving customer engagement and interaction, offering customized products, and adopting a customer-specific pricing strategy could also drive the segment growth
In terms of region, the Asia Pacific regional market is anticipated to expand at a significant CAGR and reach USD 5.73 billion by 2028. This can be attributed to the growing consumer preference and penetration of web and mobile shopping applications in developing countries such as India and China and the increasing penetration of advanced technologies in the regional market

5G Chipset Market Size Worth $66.45 Billion By 2028 | CAGR: 69.1%

The global 5G Chipset Market size is expected to reach USD 66.45 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 69.1% from 2021 to 2028. The rapidly rising demand for ultra-reliable and low-latency data networks capable of delivering seamless connectivity is estimated to boost market growth over the forecast period. As such, the 5G chipset is turning out to be an integral part of modern telecommunication equipment. 5G chipsets can be found in the latest smartphones, laptops, base stations, modems, and routers. These chipsets are also being installed in connected vehicles deployed as part of autonomous vehicle systems to provide improved Vehicle-to-Everything (V2X) connectivity.

The growing popularity of 5G-enabled smartphones is emerging as a major factor that is estimated to propel market growth over the forecast period. Key smartphone manufacturers are responding to the growing demand for 5G smartphones by aggressively investing in vertical integration in order to diversify their businesses and augment revenues. For instance, in July 2019, Apple, Inc. acquired Intel Corporation’s smartphone modem business segment for USD 1.0 billion. The acquisition was primarily focused on developing 5G chipset components for Apple Inc.’s new upcoming 5G-enabled iPhone.

5G chipset components are expected to play a crucial role in smart city projects by facilitating seamless connectivity for smart infrastructure, smart grids, smart streetlights, and building energy automation devices. These chipsets are also poised to become an integral part of the manufacturing sector by enabling ultra-low latency and high-reliability connectivity for various critical applications, such as remote process monitoring and control. The growing deployment of these chipsets to provide robust connectivity for Machine to Machine (M2M) communications in the manufacturing sector is anticipated to drive the market over the forecast period.

With the rapidly spreading COVID-19, leading economies such as China, the U.S., and Japan have temporarily shut down their businesses and industrial operations. As a result, this has hampered the global 5G chipset production and sales. Thus, it is estimated to see a slowdown in the overall market growth during the forecast period. Furthermore, in key European countries, governments are facing major difficulties in progressing the 5G commercialization process in order to deliver enhanced data bandwidth to their people. For instance, currently, the France government has postponed the 5G auction process for telecom operators amid the outbreak of COVID-19 in the country. As a result, it is anticipated to impede the adoption of 5G devices in the country, thereby hampering the overall market growth over the forecast period.

Moreover, rising concerns over the security of the data being exchanged over fifth-generation networks are expected to hinder the market growth. Particularly in countries such as the U.S., the U.K., and Germany, governments are highly concerned about data security and privacy issues. Several governments have also drafted stringent regulations and policies to ensure the security of the data being transferred over fifth-generation networks.

Related Press Release@ 5G Chipset Market Report

5G Chipset Market Report Highlights

The U.S. market held a 93.3% share in 2020. This is attributed to the enormous investments in developing 5G chipsets by key market players such as Qualcomm Incorporated; Intel Corporation; and Qorvo, Inc.
Asia Pacific is anticipated to register the highest CAGR from 2021 to 2028. The growth is attributed to rapidly increasing demand for 5G-enabled smartphones, along with the increasing massive investments in building 5G network infrastructure by key players, such as Huawei Technologies Co., Ltd.
By deployment type, in 2020, the smartphones/tablets segment held the largest share of nearly 55.0% due to an initial focus on developing 5G chipsets for smartphone applications, such as accessing UHD video and Augmented reality (AR)/ Virtual Reality (VR) gaming
Several key market players are significantly focusing on R&D investments to develop new 5G chipsets, such as multi-mode chipsets and single-mode standalone chipsets. This strategy is anticipated to help market players to expand their overall product portfolios and market presence

Robotic Process Automation Market Size Worth $13.74 Billion By 2028

The global Robotic Process Automation Market size is expected to reach USD 13.74 billion by 2028, according to a new report by Grand View Research, Inc., registering a CAGR of 32.8% over the forecast period. The COVID-19 pandemic disrupted enterprise business activities worldwide, resulting in a revenue loss in FY 2020. The decline in enterprises’ revenue resulted in the need for cutting overhead expenses by automating the process and reducing the number of employees involved in performing redundant tasks. Market players leveraged this as an opportunity to introduce robotic process automation (RPA) to enterprises.

The RPA adoption increased in small- and medium-scale organizations that were adversely affected by the slow business and temporary shutdowns. The need to monitor cost and human resources are expected to boost the demand for RPA in organizations of all sizes. The SMEs, in particular, benefited by using RPA by improving employee and customer satisfaction. The need for automating structured and repetitive processes across the organization to increase productivity and rescue operation time is anticipated to drive market growth over the forecast period.

The RPA implementation for automation across different business departments, such as finance and accounting, procurement, human resource, contact center, and industry-specific process, is contributing to the market growth. The industry-specific processes, such as onboarding employee, customer, and vendor; order processing, payroll processing, and report aggregation, are some of the business areas automated using RPA solution. Innovations to computerize redundant undertaking across businesses have accelerated business processes, reduced human error, and amplified throughput.

The inclusion of RPA with cognitive technologies, such as Artificial Intelligence (AI), machine learning, speech recognition, and Natural Language Processing (NLP), can handle high-level tasks using unstructured data and exhibit decision-making capability without human intervention. Robotic process automation was intended to decrease monotonous tasks by following a set of predefined procedures that don’t need information or experiences. However, with AI integration, RPA softbots can function beyond an automated cognitive system by creating a knowledge-based dynamic system. The use of such systems in applications ranging from customer query handling to assembly lines will promote market growth over the forecast period.

Related Press Release@ Robotic Process Automation Market Report

Robotic Process Automation Market Report Highlights

The services segment is estimated to register the fastest CAGR of more than 30.0% over the forecast period
The need to develop and implement business-specific automation solutions that save time and reduce operational cost is expected to drive segment growth over the forecast period
The BFSI application segment is anticipated to account for the highest revenue share of the global market by 2028
Automation of critical business functions in banking & financial institutions, such as compliance regulations, rekeying, data entry, and assembly & formulation, to reduce human error and save processing time is expected to drive the BFSI segment growth
North America dominated the global market in 2020 on account of increased product demand across the BFSI, manufacturing, healthcare, and IT & telecom industries

On-highway Vehicle Lighting Market – Industry Insights by Product and Application

The global On-Highway Vehicle Lighting Market size is expected to reach USD 37.74 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 4.9% from 2021 to 2028. The growing adoption of the latest technologies in automotive lighting and increasing penetration of LED lighting in the automotive industry are anticipated to drive the demand for on-highway vehicle lighting. Automotive lighting has continuously been evolving as manufacturers seek innovative ways to strengthen safety, improve performance, and enhance aesthetics. Headlamps are particularly expected to witness developments in line with advancements in LED and laser technologies.

Prominent market players are coming up with laser headlights featuring advanced lighting technology. For instance, Osram provides its laser headlights to automotive manufacturers such as BMW and Audi. Models such as Audi R8 and R8 LMX, BMW i8, and BMW 7 series feature Osram’s laser headlights. Laser headlights provide luminance of up to five times higher than other light sources. They also provide a better high beam range of 300-600 meters as compared to conventional headlights.

The COVID-19 pandemic has impacted the demand for on-highway vehicle lighting in 2020. The pandemic has resulted in restrictions and lockdowns across the globe, subsequently leading to losses for industries such as manufacturing, automobile, entertainment, restaurant, and hospitality. This slumped business scenario is anticipated to negatively impact automotive production and demand for on-highway vehicle lighting. The global automotive production witnessed an approximate 16% decline in 2020 as compared to 91.8 million units in 2019. However, with the revival of economies and the gradual relaxation of restrictions, the market is likely to witness significant growth over the forecast period.

Asia Pacific captured around 50% of the on-highway vehicle lighting demand in 2020 and is estimated to register the highest CAGR of 5.3% over the forecast period. The growing investments in lighting technology and evolving automotive industry in emerging economies such as China and India are expected to drive the growth of the LED and LASER markets. The Make In India campaign is expected to draw substantial investments in the automotive sector owing to several benefits in the country such as low-cost labor and cheaper raw materials.

Related Press Release@ On-highway Vehicle Lighting Market Report

On-highway Vehicle Lighting Market Report Highlights

In terms of product, the LASER segment is estimated to register the highest CAGR of 12.5% from 2021 to 2028 owing to the increasing demand for luxury vehicles across the developed and emerging economies
In terms of application, the headlight segment emerged as the largest segment in 2020 and is anticipated to retain its dominance over the forecast period
In terms of vehicle type, the passenger car segment accounted for a dominant share of over 44% in 2020. The segment is projected to record the highest CAGR from 2021 to 2028
Asia Pacific captured over 50% of the market share in 2020. The region is expected to retain dominance over the forecast period owing to increasing passenger car sales in emerging economies such as China and India

B2C E-commerce Market Worth $7.6 Trillion By 2028 | CAGR: 9.7%

The global B2C E-Commerce Market size is anticipated to reach USD 7.65 trillion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.7% over the forecast period. The increasing disposable income level, escalating usage of internet and smartphones, and an increasing number of online shoppers are expected to drive the market growth. Online goods and service providers offer various options to their customers, such as vast product portfolio, discounted price rates, convenient payment methods, same-day delivery, and easy return policies while purchasing any goods or services, resulting in growing customer preference toward e-commerce platforms.

The General Agreement on Trade in Services (GATS) provides the rules and regulations governing international trade in services, with significant implications for e-commerce. The anti-Spam Law is placed to protect consumers from receiving unsolicited marketing material. Although online businesses collect information from consumers, they are legally prohibited to spam people's inboxes without their consent. Technological advancement supported by increasing usage of Artificial Intelligence (AI) is providing customers with a real-time shopping experience. For instance, Augmented Reality (AR) technology offers customers ‘virtual changing rooms’ wherein customers can try a product virtually.

The rapid evolution of e-commerce has brought numerous opportunities to both nascent as well as established players in the market. However, online payment processes have witnessed few challenges in the recent past. The interconnected and instantaneous nature of online payment channels has increased vulnerability towards cybercrime, digital frauds, and other malpractices. To overcome these cybersecurity concerns, it is essential to emphasize service security and the protection of consumer’s data.

Related Press Release@ B2C E-commerce Market Report

B2C E-commerce Market Report Highlights

The market is anticipated to witness substantial growth during the forecast period, owing to the augmented use of smartphones and the increasing use of social media, among others
The clothing and footwear segment accounted for the largest market share in 2020, owing to increasing penetration of retail sales over online channels, accessories, and footwear spending
Asia Pacific dominated the market in terms of revenue in 2020 and is expected to register significant growth over the forecast period. The growth is attributed to the presence of a large number of B2C e-commerce providers in the region
Partnership, collaboration, and business expansion remain the major strategies adopted by the leading market players

Active Electronic Components Market Worth $529.86 Billion By 2028

The global Active Electronic Components Market size is estimated to reach USD 529.86 billion by 2028, registering a CAGR of 9.2% from 2021 to 2028, according to a new study by Grand View Research, Inc. Growing demand for active electronics components in the production of smart home appliances, such as refrigerators, air conditioners, and washing machines, is estimated to boost the market growth over the forecast period. Moreover, the anticipated adoption of these components in networking devices and telecom equipment requisite for developing 5G infrastructure is further expected to elevate the market growth from 2021 to 2028.

The growing popularity of wearables, such as smartwatches, Virtual Reality (VR) headsets, and fitness bands, and increased consumer spending on health and entertainment are also anticipated to increase product adoption in the coming years. In addition, voluminous patient data coupled with investments made by the governments and private players worldwide for setting up state-of-the-art healthcare facilities has augmented the adoption of high-tech medical equipment and connected devices, thereby boosting the product demand.

Demand for connected cars is transforming the automotive industry. This has increased the use of advanced electronics in automobiles for multiple applications, such as parking, safety, telematics, and navigation. Thus, the rising demand for advanced electronics in vehicles is expected to drive market growth over the forecast period. Also, demand for advanced microcontrollers or modems to provide robust connectivity to autonomous cars and other critical applications is expected to increase product adoption over the forecast period.

With the rising trend of industry 4.0, the adoption of the Internet of Things (IoT) devices in the manufacturing sector is gradually increasing worldwide. Key manufacturers are opting for new technologies to augment their overall productivity and operational efficiency to ensure profitability. Therefore, the rising adoption of IoT technology for smart manufacturing applications, such as machine-to-machine communication, is estimated to augment the product demand. However, the trade war between the U.S. and China is anticipated to restrict the overall market growth over the forecast period.

Related Press Release@ Active Electronic Components Market Report

Active Electronic Components Market Report Highlights

The market in India is anticipated to register significant growth due to the rising investments by prominent smartphone manufacturers aimed at establishing their manufacturing facilities in the country
The Integrated Circuits (ICs) sub-segment held the highest market revenue share of over 55% in 2020 due to the high demand for ICs integrated with state-of-the-art devices, such as smartphone, laptops, vehicle automation systems, and network devices
Significantly growing product demand across next-generation devices, such as 5G-enabled smartphones, gaming consoles, and other consumer electronics, is estimated to fuel the consumer devices segment growth from 2021 to 2028
The COVID-19 pandemic has a significant impact on the market in 2020. Several manufacturing companies reported a notable drop in their revenues for Q1 and Q2 of the year 2020
Several key market players are focusing on mergers and acquisitions to strengthen their market presence and expand their product portfolios

Simulation Software Market Worth $33.9 Billion By 2028 | CAGR: 17.1%

The global Simulation Software Market size is expected to reach USD 33.9 billion by 2028, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.1% from 2021 to 2028. Simulation software is being used for training personnel. It is replacing the traditional real-time training techniques, which incurred huge investments annually for companies. The use of simulation for training purposes helps reduce training costs as companies need to make a one-time investment for software implementation.

The software also helps enterprises minimize the production cost by enhancing the product development process. The need for developing prototypes and the chances of product failure are considerably reduced through the use of simulators, as the product is virtually tested for all possible glitches before the commencement of production. Furthermore, simulation-based tools help product developers reduce the time spent on research and development processes as it enables them to obtain a realistic view of a product or process under study or review.

Organizations across the globe are increasingly implementing the program and analyzing tools to enhance the entire product development cycle, reduce time to production, ensure delivery of high-quality products in minimal time, and reduce the overall cost to the company with respect to research and development. It requires a skilled workforce or personnel with the required knowledge and understanding. This is leading to several manufacturers being reluctant to adopt this technology as the need for a skilled workforce incurs additional cost to a company.

Related Press Release@ Simulation Software Market Report

Simulation Software Market Report Highlights

The market is being driven by reduced training costs for personnel in various industries and sectors such as automotive, defense, healthcare, and electrical
The service segment is expected to register a CAGR of more than 17.0% owing to the growing demand for customized simulation solutions such as design and consulting
The cloud segment is expected to register the highest CAGR of approximately 18.0% over the forecast period owing to benefits such as reduced cost of implementation and ease of implementation
The automotive segment dominated the market in 2020 and is expected to hold a major share by 2028 owing to the early adoption of virtual testing tools in the automotive industry
North America is expected to account for the highest share, followed by Asia Pacific, by 2028 owing to the growing investments in R&D and defense in countries such as the U.S.

Tuesday 21 December 2021

Pharmaceutical Logistics Market - Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The global Pharmaceutical Logistics Market size is estimated to reach USD 138.9 billion by 2028, registering a CAGR of 8.5% over the forecast period, according to a new study by Grand View Research, Inc. The market growth is attributed to the rising demand for a variety of drugs as a result of increasing cases of chronic and lifestyle-related diseases. The market is expected to witness a high growth rate in cold-chain as well as non-cold chain pharmaceutical logistics owing to the impact of COVID-19 across the globe. During this pandemic situation, the government and officials across countries are primarily focusing on preventive measures and the treatment of patients.

The import and export of various medicines to treat coronavirus are increasing across countries, including the U.S. and China. Along with international trade, the nationwide logistics of drugs is also expected to fulfill the rising demand from all the hospitals and medical establishments. Additionally, the U.S. Food and Drug Administration (FDA) and other healthcare agencies across various countries such as India, China, and the U.K. have approved the emergency use of COVID-19 vaccines. This, in turn, is expected to increase the global trades of vaccines in many countries, including the U.S. and India. Such increased trade of drugs and medicines across countries is expected to drive the market from 2021 to 2028.

Pharmaceutical logistics is an integral part of the healthcare system, as careful handling and transportation of pharmaceutical products are of utmost importance. Therefore, equipment and staff services involved in the pharma supply chain are highly expensive. Consolidations among the pharma companies, to expand their business and global presence, is the latest trend gaining momentum in the market. Technological advancements, such as cloud-based supply chain functions and blockchain technology, which provide accurate and real-time data of operations, will also have a positive impact on market growth. Additionally, these technologies also offer predictive analytics to identify demand, supply chain optimization, and risk management. Identifying risks and preventing them helps companies increase productivity, efficiency, and process optimization of their businesses.

In the U.S., the market accounted for the largest revenue share in 2020 and is expected to maintain its dominance over the forecast period. In Asia Pacific, the market is projected to exhibit the highest CAGR from 2021 to 2028 owing to an increasing financial budget for the healthcare sector in several emerging countries of the region. Additionally, the soaring consumer spending on Over-The-Counter (OTC) pharmaceutical products is further expected to boost the regional market growth over the forecast period.

Related Press Release@ Pharmaceutical Logistics Market Report

Pharmaceutical Logistics Market Report Highlights

Amid the pandemic, governments across the globe are emphasizing healthcare facilities and ample medicinal supply for the patients. As such, the trade of conventional medicines is increasing from country-to-country
Many pharmaceutical companies, such as Moderna; Serum Institute; and Pfizer Inc., have developed and completed the three-phase trials of COVID-19 vaccines successfully. Hence, these vaccines have been approved for emergency usage across several countries, globally. This would require a resilient supply chain and logistic services to deliver these vaccines with maximum efficacy and thereby, estimated to boost the market growth
The demand for cold-chain pharmaceutical logistics services is expected to increase at a rapid rate over the forecast period owing to the rising adoption of temperature-sensitive pharmaceutical products around the globe
Outsourcing services are gaining traction in the market. Third-Party Logistics (3PL) operators offer integrating warehousing and transportation services on an outsourced basis. According to the Journal of Commerce, the revenue of the top 50 3PL companies has increased by more than 5.0% from 2016 to 2019
Monitoring components are expected to grow at a notable rate over the forecast period. This growth is attributed to the technological advancements in the devices installed for collecting and reporting real-time shipment information
The growing automation of refrigerated warehouses is expected to drive the market over the projected period. Warehouse automation includes cloud technology, robots, conveyor belts, truck loading automation, and energy management
Several prominent players are strategically concentrating on merger and acquisition activities to expand their overall regional presence

Digital Signage Market is Predicted to Witness 7.5% CAGR till 2028

The global Digital Signage Market size is anticipated to reach USD 38.23 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 7.5% from 2021 to 2028 owing to increasing demand from the end-use industries, which prominently include retail and healthcare. The creation and distribution of content with digital signage are effective promotional strategies for enterprises, as they can reach out to a larger audience base. This is anticipated to spur the adoption of digitized marketing via signage across the corporate and hospitality sectors.

Digital screens equipped with 4K technology have high demand as they offer enhanced displays. Thus, the demand for advertising content with better sharpness and enhanced quality is fueling product adoption. Moreover, the incorporation of LED-backlit panels has led to additional energy savings at a considerable level. Thus, the reduction in energy consumption due to the adoption of advanced technologies is luring enterprises to opt for digital signage.

The software providers are focusing on the new entrants of the industry by providing design solutions that are compatible with the Android operating systems. The emergence of IoT, coupled with the increasing adoption of cloud computing, is expected to enable the collection of vital operational and marketing data. Digital signage helps companies decrease their long-term operational costs by reducing the use of paper for advertising and frequent damages and changes that are associated with traditional marketing activities.

Asia Pacific is estimated to be the fastest-growing regional market during the forecast period owing to the factors, such as demand for a better viewing experience, the growing transportation sector, and decreasing prices of display panels. However, North America is estimated to account for the largest revenue share by 2028 on account of the high product demand across various application sectors due to technological advancements and the modern customer base in the region.

Related Press Release@ Digital Signage Market Report

Digital Signage Market Report Highlights

LED digital signage dominated the global market in 2020 and accounted for the largest revenue share owing to the high-quality displays offered by LEDs
The retail segment led the global market with a revenue share of over 20% in 2020. However, the transportation segment is estimated to register the fastest CAGR over the forecast period
The healthcare sector has significant growth potential as hospitals have been increasingly incorporating digital signage for numerous purposes, such as sharing important registration information and conveying wellness tips
The transparent LED screen type segment is anticipated to register the fastest CAGR from 2021 to 2028 owing to the energy-efficient performance of these products and emerging touchscreen displays with multi-touch technology
The hardware component segment, which includes 8K and 4K-UHD displays, is projected to dominate the global market, in terms of revenue share as well as growth rate over the forecast period
The out-store segment is anticipated to witness the fastest CAGR from 2021 to 2028 owing to the rising product demand for out-store applications

Thursday 9 December 2021

Facial Recognition Market: Industry Insights By Technology and Application

The global Facial Recognition Market size is expected to reach USD 12.11 billion by 2028 according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 15.4% from 2021 to 2028. Facial recognition is a contactless biometric solution that is a critical factor contributing the market growth. Contactless solutions enable easy deployment in consumer devices. It is also effortless and convenient to use, further contributing to rising adoption. Apart from individual identities, the technology can gather demographic data on crowds; thus, increasing its usability. Such factors are anticipated to drive market growth.

Facial recognition is highly used for security and law enforcement applications, as it is led mainly by the need to combat terrorism and crime. For instance, in the U.S., 26 states permit law enforcement agencies to access facial recognition systems to perform searches against the databases of ID photos and driver’s licenses, to find drug dealers, bank robbers, amongst others who have left behind the images on social media platforms. Also, facial recognition CCTV systems are being used to improve performance in conducting public security missions, such as find missing children or adults, identifying and tracking criminals, and accelerating investigations. Furthermore, the trend of KYC (Know-Your-Customer) has undoubtedly boosted the growth of facial recognition in retail and marketing.

Facial recognition technology is being combined with the latest marketing advancements to improve customer experience. For instance, in April 2021, Sberbank, a Russian banking company, is expanding its footprints in food delivery, taxi services, cloud computing, and cybersecurity. For this, the company launched facial recognition payments known as face pay to make payments using at a glance pay option during checkout. Thus, offering a quick payment service compared to paying with cash or a payment card. Therefore, the market has a vast opportunity in different verticals, including security and surveillance, healthcare, retail, and transportation. For another instance, in June 2019, Ayonix Corporation launched its IP camera-embedded application, namely the AICam Platform. The application can execute high-performance face detection and matching. The company demonstrated this product at the annual security technology conference called ISC West.

3D recognition is a newly emerging trend in the market for facial recognition that aims to provide more accuracy and better authentication. 3D facial recognition uses the unique characteristics of an individual’s face, such as the face curves, the shape of the nose, the chin, to identify the individual. With the introduction of 3D facial recognition, identification has taken a step toward recognizing an individual’s face even if it is dark and can identify the person at different angles (up to 90 degrees). Although 2D face recognition has made significant progress over the years, its accuracy and authenticity are highly dependent on the conditions of light and individual poses. For instance, Ayonix Corporation (Japan) is a developer of 3D face recognition technologies. It uses an algorithm that converts 2D still images or videos into data, which is then analyzed to reconstruct faces in 3D form. It also has a patented 3D recognition engine that captures a facial image and identifies critical points at the eyes, nose, and mouth. Besides, it can identify age, gender, and person-specific features from the image and match them from the images stored in databases to generate a matching score between 0.0 and 0.1.

The Asia Pacific (APAC) region is estimated to project the highest growth rate in the market. This is due to the increased adoption of facial recognition technology in different verticals. For instance, in September 2019, NEC Corporation, Japan-based biometry solutions provider, announced a partnership with Seven Bank, Ltd., a Japanese Bank, to develop ATMs that incorporate facial recognition technology. In addition to facial recognition technology, other technologies used for the development of ATMs include Artificial Intelligence (AI), the Internet of Things (IoT), and QR codes. IoT and AI would help in detecting warning of component failures and predicting cash demand more accurately, which would further help in streamlining ATM operations.

Related Press Release @ Facial Recognition Market Report

Facial Recognition Market Report Highlights

End-use industries have started integrating facial recognition into their business processes to streamline their operations. Facial recognition technology is gaining momentum as it assists end-user organizations to become more efficient and result-oriented. The growing adoption of facial recognition is encouraging new entrants to venture into the marketplace by offering niche application-specific products and solutions
In terms of technology, the 3D segment captured the largest revenue share in 2020. The technology is gaining popularity due to its attributes such as border protection and surveillance, which makes them particularly suitable for high-security areas such as airports
The banking and financial services industry is one of the major verticals for the deployment of facial recognition technology as consumers are increasingly transitioning towards mobile banking. Financial institutions use facial-recognition software to provide an additional layer of security to mobile banking applications to authenticate users