Technology Market report: November 2021

Tuesday, 30 November 2021

Online Dating Application Market: Industry Demand, Analysis and Future Trends 2028

The global Online Dating Application Market size is expected to reach USD 11.03 billion by 2028, growing at a CAGR of 5.6% from 2021 to 2028, according to a new report by Grand View Research, Inc. The proliferation of smartphones and the increasing internet penetration are among the major factors that are expected to drive the growth of this market. The preference for online dating applications has been particularly growing in the wake of the outbreak of the COVID-19 pandemic. Several governments across the world have imposed lockdowns and restrictions on the movement of people and goods as part of the efforts to curb the spread of the coronavirus. Hence, individuals are resorting to online dating applications to connect with people and engage in personal relationships.

The growing trend among people, particularly young individuals, to prioritize their career over marriage and live alone also plays a key role in driving the popularity of online dating platforms. Several statistics have already highlighted the growing trend among individuals in different parts of the world to live alone. For instance, in New Zealand and Australia, 1 in every 7 women in their forties has never been married, while in Central and Southern Asia, about 1 in 100 women is unmarried. Data published by the U.S. Census Bureau in 2017 also revealed that almost 31% of the adults in the U.S. were not married and living alone has been emerging as a popular trend in the U.S.

The Japanese government is seeking budget approval for a new, AI-based dating service that can allow singles to find more curated matches. The service envisages leveraging AI systems to perform more sophisticated analysis and help in matchmaking based on various criteria. The Japanese government expects AI-assisted systems to typically help in assessing the preferences furnished by individuals looking forward to adopting "konkatsu", the Japanese concept of marriage hunt, in detail. Such initiatives are expected to drive the market in the Asia Pacific region.

However, concerns over data security and privacy protection are expected to restrain the growth of the market. Hackers are particularly targeting online dating apps to acquire the personal data of individuals, having realized that more individuals are resorting to such applications in the wake of the outbreak of the pandemic. Research conducted by Kaspersky Lab underlined high risks of data exposure associated with dating apps owing to the transmission of unencrypted user data happening over insecure Hypertext Transfer Protocol (HTTP). Data breaches have already revealed personal records, including activity logs, name, gender, age, email addresses, billing, professional, educational, contact, and location among others of several users of various dating apps and websites.

Related Press Release@ Online Dating Application Market Report

Online Dating Application Market Report Highlights

The subscription segment dominated the market in 2020 and is expected to retain the leading position throughout the forecast period. While several dating apps are offering various features for free, many others offer limited features for free usage and charge a certain amount for premium features
The 18 - 25 years sub-segment is expected to register the second-largest CAGR of 5.8% over the forecast period. The growth of the segment can be attributed to the rising usage of smartphones and the internet among individuals of this age group
The male segment dominated the market in 2020 and is expected to remain dominant over the forecast period. An article published by eHarmony claimed that men use dating apps more than women
North America was the largest regional market in 2020. However, Asia Pacific is expected to grow at the highest CAGR of more than 6% over the forecast period
The growth of the Asia Pacific regional market can be attributed to the continued rollout of high-speed data networks that is driving the number of internet users in the region. Almost 49% of the Asian population or around 2 billion people in Asia are internet users

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Wednesday, 24 November 2021

Unified Communication As A Service Market Growth, Opportunities and Forecast To 2028| 8x8 Inc., Amazon.com, Inc., Avaya Inc.

The global Unified Communication As A Service Market size is expected to reach USD 210.07 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 23.6% from 2021 to 2028. The growing preference for combining unified communication and IoT is expected to open new growth opportunities for the market. The ability of cloud-based unified communication solutions, along with IoT devices and solutions, to enable real-time connectivity and contribute to process automation is particularly expected to encourage enterprises to shift from conventional communication to UCaaS solutions. UCaaS (Unified Communication as a Service) can also help in convenient employee collaboration as employers can flexibly hire resources from a more comprehensive geographical range and onboard them through personalized self-guided walkthroughs and training material.

UCaaS solutions can allow enterprises to leverage cloud platforms to roll out effective communication without investing in dedicated IT infrastructure. Hence, SMEs are particularly adopting UCaaS solutions to facilitate unified communication at affordable prices. As such, these solutions can typically contribute to organizations’ digital transformation goals while saving costs. SMEs are also adopting these solutions as part of the rollout of a hybrid working model in the wake of the outbreak of the COVID-19 pandemic. Benefits such as affordable prices and operational flexibility are expected to drive the market over the forecast period.

The growing popularity and continuous emergence of various social media platforms bode well for the market growth. Having realized that individuals tend to spend more of their free time on social media, enterprises are looking forward to rolling out new channels to reach out to their customers and better understand their needs and requirements to offer efficient customer service. Integrating social media bots with UCaaS solutions can allow enterprises to receive responses and address customer queries. Combining UCaaS with real-time social media features can typically facilitate efficient collaboration and engagement in remote locations.

The aggressive adoption of cloud computing and unified communication is poised to trigger a paradigm shift in the legal industry. For large legal firms, ensuring efficient communication is of paramount importance even if their offices are located at different geographical locations. Moreover, as large legal firms are increasingly outsourcing some part of their work to Alternate Legal Service Providers (ALSPs), efficient communication would be required between the two parties to ensure adequate data security and privacy protection. For smaller legal firms, handling communication across various channels through a single platform can dedicate more resources to critical client services and engagement. Continued adoption of UCaaS solutions by legal firms is expected to drive the market over the forecast period.

Related Press Release @ Unified Communication As A Service Market Report

Unified Communication As A Service Market Report Highlights

By deployment, the private cloud segment is expected to emerge as the fastest-growing segment over the forecast period. This can be attributed to the greater degree of customization and control offered by private cloud platforms for the deployment of UCaaS solutions
Based on industry vertical, the healthcare segment is expected to register the highest CAGR over the forecast period as healthcare practitioners increasingly opt for these solutions to gain access to vital patient data and consult with their peers in real-time during mission-critical scenarios
Asia Pacific is expected to dominate the market over the forecast period owing to the emergence of several startups offering cloud-based communication and collaboration services in the region

Telecom Services Market Size is Expected to Experience a CAGR of 5.4% till 2028

The global Telecom Services Market size is expected to reach USD 2.47 trillion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2021 to 2028. Increased spending on next-generation wireless communication infrastructures due to the shift in customer preferences toward the 5G network and cloud-based technology is primarily driving the demand for telecom services. Furthermore, soaring demand for high-speed data connectivity, the rapid spread of digitalization worldwide, and the explosion of consumer-generated multimedia content via Over-The-Top (OTT) applications are some of the other key factors that are expected to significantly contribute to the industry growth.

With the plurality of telecom services, networks, and providers, the sector has emerged as one of the acute components essential for global socio-economic development. The rapid adoption of smartphone devices is another dynamic that has majorly contributed to the growth of the global telecom industry and has manifested in the businesses of telecom companies. The migration of cellular devices from feature phones to 5G-enabled smartphones has generated a massive demand for high bandwidth connectivity, improved voice services, and other value-added services, thereby fueling the market growth over the forecast period.

Network Functions Virtualization (NFV) and Software-Defined Networking (SDN) are the telecom network architectures that provide wider and improved connectivity at reduced infrastructure costs. These architectures based on network abstraction processes are envisioned to transform the global communication industry over the coming years. While NFV allows network slicing to offer customized solutions to varied industries, SDN enables the communication service providers to work in partnership with a broader ecosystem. These services are anticipated to offer efficient network connectivity and support the new era of 5G networks.

The outbreak of COVID-19 has compelled governments worldwide to announce national lockdowns in the initial days. The in-home isolation of the worldwide population has given a pathway to digital entertainment platforms. The growing demand for video streaming services on applications, such as Netflix, YouTube, and Amazon, has raised the usage of data services. Additionally, the shutdown of several businesses across the globe, coupled with a significant impact on the global economy, has hampered the overall market growth in 2020. However, with the significant investments made by federal governments across key countries, such as the U.S., China, India, the U.K., and Germany, to bring their economies’ growth on track, the market is expected to witness considerable growth from 2021 to 2028.

Related Press Release @ Telecom Services Market Report

Telecom Services Market Report Highlights

By service type, in 2020, the mobile data services segment accounted for the largest share of nearly 33.0% owing to the rapidly growing usage of data services for multiple applications, such as smartphones, OTT, cloud augmented reality (AR) & virtual reality (VR) gaming, smart cities, and UHD video access
Based on transmission, the wireless segment is anticipated to expand at the fastest CAGR from 2021 to 2028. The significant growth is attributed to the augmenting demand for mobile services among consumers and businesses
In 2020, Asia Pacific accounted for the largest revenue share of over 32.0% and is anticipated to maintain its lead over the forecast period. This is mainly on the account of the rapidly growing population, rising internet penetration rate, and significant adoption of smartphones
Several prominent players across the globe are aggressively investing in deploying next-generation 5G network infrastructure in order to capture a significant customer base and increase their overall sales and profitability

Precision Farming Market Size is Predicted to Witness 13.1% CAGR till 2028

The global Precision Farming Market size is anticipated to reach USD 16.35 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 13.1% over the forecast period. Precision farming, also known as site-specific crop management or satellite farming, is a farm management concept that uses information technology to ensure optimum health and productivity of crops. The precision farming technique largely depends on specialized equipment such as sensing devices, antennas and access points, and automation and control systems. It also involves maintenance services and managed services. Additionally, it incorporates a broad range of technologies such as bio-engineering, robotics and automation, imagery and sensors, and big data.

The growing number of applications for telematics in agriculture is anticipated to drive demand for precision farming over the projected period. Telematics services include tracking devices using the Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes. Major manufacturers of agriculture equipment are adopting telematics services for their equipment to improve farm efficiency, thereby reducing the cost of agricultural operations and maximizing profitability. Additionally, improved management can help reduce environmental impact. Telematics technology is used to capture and transfer data from the farm equipment through sensors installed on tractors and other field monitoring equipment. The increasing adoption of telematics systems by agricultural equipment companies is expected to drive market growth.

Furthermore, with advancements in GPS guidance and automation, drones are poised to transform the agriculture industry. The ability of drones to precisely analyze the soil at the beginning of the crop cycle and detect a plant infected with bacteria or fungus is anticipated to propel the growth of the drone segment.

However, the low rate of technology adoption among farmers is likely to hamper market growth over the forecast period. This may be due to factors such as the absence of stringent standards and limitations on the exchange of data. Furthermore, farmers lack independent consulting and advisory services owing to the absence of validated agronomic models for Variable Rate Technology (VRT) to make decisions on investments. Independent services are not linked to co-operatives, government bodies, and farmer associations where farmers can get additional information to make improved decisions.

Related Press Release @ Precision Farming Market Report

Precision Farming Market Report Highlights

Increasing government support for adopting modern agricultural techniques and the growing need for efficiently monitoring the health of crops are expected to drive market growth
The cloud-based software model is anticipated to gain significant market share over the projected period as it reduces energy consumption and provides storage for a large amount of data while facilitating cost saving
Innovations in GPS mapping and related farming applications are enabling farmers to operate more efficiently and increase their profit margins
Demand for drones is expected to grow in the agriculture field as they are increasingly used in monitoring irrigation systems
Yield monitoring finds wide applications in soil monitoring as it helps detect the properties of soil for increasing yields
The digital revolution in the agricultural sector, along with government financial incentives to farms, is likely to drive demand for precision farming in Europe in the forthcoming years
Asia Pacific is expected to witness the fastest growth owing to the availability of the largest agricultural land, which provides growth opportunities in countries such as China, India, Australia, and Japan
Key players in the precision agriculture market include AgEagle Aerial Systems Inc. (Agribotix LLC); Deere and Company; Proagrica (SST Development Group, Inc.); Farmers Edge, Inc.; and Granular, Inc.

Enterprise Governance, Risk & Compliance Market Worth $97.3 Billion By 2028

The global Enterprise Governance, Risk & Compliance Market size is expected to reach USD 97.3 billion by 2028, according to a new report by Grand View Research, Inc., recording a CAGR of 13.7% over the forecast period. The growing need to comply with regulations related to data privacy, business function, and IT infrastructure has compelled industries, such as BFSI, IT & telecom, and oil & gas, to adopt enterprise governance, risk & compliance (EGRC) solutions. For instance, the BFSI sector is required to comply with regulations that safeguard the interest of investors. Non-compliance can lead to huge monetary losses or cancellation of operating licenses.

Moreover, EGRC offers a range of benefits, such as efficient management of policies, audits, compliances, risks, and incident response, enabling companies to effectively safeguard their operations. All these factors are contributing to the growing demand for EGRC across enterprises. The integration of analytics and big data technology with EGRC solutions has resulted in enhanced operational features, offering new growth prospects for the market.

Potential advancements in big data, IoT, artificial intelligence, and cloud computing in GRC solutions are expected to augment the industry growth. The consequent need for regularly monitoring and analyzing the rising volumes of digital data to ensure data security and privacy protection, coupled with mandatory compliance are driving the demand for EGRC. Countries with continuously growing economies, such as China, Japan, India, Brazil, France, and Germany, often change or upgrade their regulations for international and national trades.

This requires enterprises to stay abreast with updated EGRC solutions and be wary of the potential risks of non-compliance. Advanced EGRC solutions are capable of handling data-driven GRC using big data, and data analytics tools. Moreover, appropriate governance ensures the economic growth and success of an enterprise. Robust corporate governance enables investors to maintain their confidence and helps enterprises in effectively raising funds.

Related Press Release @ Enterprise Governance, Risk & Compliance Market Report

Enterprise Governance, Risk & Compliance Market Report Highlights

The BFSI segment accounted for the largest market share in 2020 and is anticipated to record a CAGR exceeding 10.0% over the forecast period due to the stringent regulatory policies across the financial sector that safeguards public money and investor interest
The compliance management segment is expected to register the fastest CAGR over the forecast period
Compliance management is the essence of the EGRC solution, which monitors the changes in governance policies or updates in regulations to ensure compliance and prevent financial losses due to non-compliance
North America led the global market in 2020 and is expected to maintain its dominance even during the forecast period
The presence of many large-scale enterprises that are prone to financial and reputational losses due to risks of non-compliance and data theft are contributing to the market growth in North America

Tuesday, 23 November 2021

Business Software And Services Market Size, Share, Trends and Forecast Report

The global Business Software And Services Market size is expected to reach USD 911.77 billion by 2028, registering a CAGR of 11.3% from 2021 to 2028, according to a new report by Grand View Research, Inc. Acumatica, Inc., Deltek, Inc., Epicor Software Corporation, IBM Corporation are some of the key players in this industry. Increasing volume of business data and automation of business processes across various industries such as healthcare, retail, and manufacturing are expected to drive the market growth over the forecast period.

Benefits such as timely product delivery, reduced production costs, and improved operational efficiency rendered by effective business software and services are expected to propel the market growth over the forecast period. Business software and services are extensively used in corporate processes as they help in reducing operational costs. Furthermore, business software allows organizations to merge all aspects of the business into a single central system; thereby increasing transparency in operations. This is also expected to contribute to market growth.

Enterprises are increasingly adopting cloud-based deployment solutions owing to technological developments and a growing focus on offering flexibility and mobility to users. This is prompting vendors to develop software solutions that can be deployed through cloud platforms. The growing use of cloud-based platforms has triggered the demand for cloud-based software solutions and services among small- and medium-sized enterprises owing to advantages such as flexibility and mobility.

Technological innovation, the growing use of new data sources, and the penetration of cloud-based services are further driving the need for customized software solutions for specific business operations. The increasing demand for optimized delivery mechanisms, from point of production to the point of consumption, is encouraging enterprises to adopt supply chain management software.

Related Press Release@ Business Software And Services Market Report

Business Software and Services Market Report Highlights

The sales and marketing segment is anticipated to register the highest CAGR from 2021 to 2028. Sales and marketing management software is widely used by businesses to combine their sales procedures and tasks and this is contributing to its increased demand
The support and maintenance segment dominated the market in 2020. This can be attributed to the emergence of software business models to identify and fix issues related to product quality
The cloud segment is expected to emerge as the fastest-growing deployment segment over the next seven years as it eliminates the need to periodically and manually upgrade business software solutions and enables users to access data from any location in a hassle-free way
The small and medium enterprises segment is expected to register a significant CAGR over the forecast period. The growing number of government initiatives through digital Small and Medium Enterprise (SME) campaigns such as video marketing, social media, and search engine marketing is expected to drive the growth of the small & medium enterprises segment
The healthcare segment is expected to emerge as the fastest-growing end-use segment over the next seven years. This growth can be attributed to the increasing demand for process streamlining in the documentation process, health data exchange, and its storage
North America accounted for the largest market share in terms of revenue and is expected to continue to dominate the market over the forecast period. Increased adoption of advanced technologies such as hybrid architecture, machine learning, artificial intelligence, and blockchain is contributing to the market growth in North America

Body Armor Market Size is Expected to Experience a CAGR of 5.4% till 2028

The global Body Armor Market size is expected to reach USD 3.53 billion by 2028, registering a CAGR of 5.4% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market is anticipated to be driven by the rising demand for defense protection equipment owing to the rise in asymmetric warfare in various countries, such as South Korea, Iraq, and India. The growing number of conflicts around the globe and violence, in general, has led to the significant demand for ballistic protection for the law, military enforcement agencies, and armored vehicles. This has further attributed to the rising demand for lightweight body armor protection.

The ever-increasing focus of defense agencies on soldier survivability is driving the demand for body armor. The shortage of ballistic protection suits and the rise in asymmetric warfare activities among various countries worldwide are further accelerating industry growth. Besides, vast developments in the field of nanotechnology are helping develop materials and fibers that can make armor lightweight and more flexible, consecutively driving industry growth. The emergence of armor based on advanced technologies, such as dragon skin and liquid body armor, is also contributing to market expansion. Moreover, the rising demand for body armor for civilian use has also created several industry growth opportunities. The increased demand for body armor among civilians can be attributed to the rise in crimes, burglaries, home invasion, and similar activities; bulletproof vests are one of the most common body armors used by civilians. CITIZEN ARMOR, a U.S.-based protection equipment manufacturing company, offers ballistic plates for civilians. The relatively low cost of steel plates has led to their re-emergence in the manufacturing of body armors for civilian use in the American market. Besides, metal plates are advantageous over ceramic plates since they can protect against multiple hits.

Modernization activities have created several opportunities for industry participants, leading to alliances with military agencies in a contractual environment. For instance, in July 2019, KDH Defense Systems, a U.S.-based body armor manufacturer, received two separate delivery orders worth USD 40 million from the U.S. Armed Forces. Emerging economies, such as India and China, are increasingly focusing on replacing legacy military equipment and increasing their defense budget. For instance, in May 2020, China hiked its defense budget to USD 179 billion compared to USD 177.6 billion in 2019. However, it has been the lowest hike in recent years due to the significant economic disruption caused by the novel coronavirus outbreak.

Related Press Release@ Body Armor Market Report

Body Armor Market Report Highlights

The high penetration of body armor in the defense sector can be attributed to the emergence of modern military equipment and legacy systems
In the civilian application segment, the demand for body armor is high, especially among people residing in crime-prone areas, jewelry store owners, embassy personnel overseas, and executive protection personnel
The level IV body armor plate segment is expected to expand at a noticeable CAGR over the forecast period. This growth is attributable to the fact that the introduction of the final version of NIJ (National Institute of Justice) Standard 0101.07 is anticipated to improve the test methods and the performance requirements for the ballistic resistance levels
The law enforcement protection application is expected to register a noticeable CAGR over the forecast period since NIJ has been pivotal in developing modern body armors for police officers

Wednesday, 10 November 2021

Intellectual Property Management Software Market Worth $431.6 Million By 2028

The global Intellectual Property Management Software Market size is anticipated to reach USD 431.6 million by 2028, expanding at a CAGR of 15.6% over the forecast period, as per the research conducted by Grand View Research, Inc. Development in the Information and Communication Technologies (ICT) sector, coupled with the growing awareness and adoption of intellectual property management software across emerging economies such as China and India, are expected to offer lucrative opportunities for the market growth.

Furthermore, increasing government initiatives toward creating a digital infrastructure and regulatory framework to monetize and protect creations are also expected to contribute to the growth of the market. For instance, China’s central government has developed a specialized intellectual property division in courts to deal with infringement and is committed to streamlining enforcement processes for trademark violations. Additionally, India is building a digital infrastructure in line with the country’s national IP policy. This initiative will safeguard and promote patents while protecting intellectual properties.

The outbreak of the COVID-19 pandemic has negatively impacted the growth of the market for intellectual property management software. The lockdown restrictions imposed by various governments across the globe have significantly impacted the use of the software. However, the market is expected to witness significant growth with the gradual leniency in restrictions and resumption of businesses.

North America contributed around 40.0% to the total market share in 2020, attributed to the increasing use of patents in the region. For instance, as per the data published by United States Patents and Trademarks Office, the number of patents used in the U.S. totaled 399,055 in 2020, compared to 370,423 in 2019. The regional market is anticipated to witness steady growth over the forecast period as well.

Some of the prominent players in the market for intellectual property management software include Anaqua Inc.; Clarivate; Innovation Asset Group, Inc.; Gemalto NV; CPA Global; and Questel. These players focus on launching new products, applications, and services to enhance their business operations. For instance, in November 2019, CPA Global announced its customer-focused strategy to enhance IP outcomes from improved data-enabled IP decision-making and improved IP productivity across the industry. After the acquisition of ipan/Delegate Group, CPA global operates in two core business divisions namely Software and Tech-Enabled Services.

Related Press Release@ Intellectual Property Management Software Market Report

Intellectual Property Management Software Market Report Highlights

The service component segment is expected to dominate the market owing to the increasing demand for post-sale services for software across the globe. The segment is expected to reach USD 237.8 million by 2028
The cloud deployment segment is anticipated to expand at the highest CAGR of 16.3% over the forecast period
The commercial end-user segment is expected to dominate the market over the forecast period. It is anticipated to reach USD 255.2 million by 2028
The patent management segment is anticipated to witness the fastest CAGR of 16.1% over the forecast period. The growth can be attributed to increasing patent registrations and applications globally
North America is projected to account for the largest market share over the forecast period. The regional market is anticipated to reach USD 163.9 million by 2028. The rapid adoption of technological innovations and the presence of various prominent players in the region are some of the major growth drivers for the market in this region
Prominent industry participants include Anaqua Inc.; Innovation Asset Group, Inc.; Gemalto NV; CPA Global; and Questel

Tuesday, 9 November 2021

Construction And Design Software Market Worth $18.18 Billion By 2028

The global Construction And Design Software Market size is expected to reach USD 18.18 billion by 2028, expanding at a CAGR of 7.7% from 2021 to 2028, according to a new study by Grand View Research, Inc. The growing demand for effective tool management in the construction industry is triggering the adoption of construction and design software and consequently acting as a driving factor for market growth. The development of digital capabilities such as IoT, Geographic Information Systems (GIS), Building Information Modeling (BIM), and recent improvements in drones and Unmanned-Aerial-Vehicle (UAV) technology can improve accuracy and speed across businesses in the construction industry. The aforementioned factors are considered as the major drivers that are likely to create the need to adopt construction and design software across businesses. As construction and design software requires high capital investments, it makes SMEs difficult to afford their business lines, which is expected to restrain the market growth.

Growing preference for better interior design and decoration among customers and end-use industries is one of the primary factors driving the market growth. Rising government initiatives for promoting construction and real estate globally and the growing need for higher productivity are anticipated to further fuel the demand over the forecast period. Increased investment in advanced technologies is driving competition among market players, thereby leading to the development of new design software, such as DataCAD, AutoCAD, SketchUp, and Revit, with improved technology and enhanced capabilities.

The global market for construction and design software is also fueled by growth factors such as the rising adoption of cloud-deployed construction software, increasing demand for higher accuracy and efficiency in the construction industry, and the ongoing number of M&A in the construction and IT industry. For instance, in February 2018, Trimble, an advanced location-based solutions provider, acquired e-Builder, a privately held SaaS-based construction program management solution provider, to boost industry transformation. Moreover, the integration of BIM in sustainable architecture and increasing investments in the construction sector are major opportunities for the market players operating in the market.

Related Press Release@ Construction And Design Software Market Report

Construction and Design Software Market Report Highlights

In terms of function, the project management and scheduling segment dominated the market in 2020 and is expected to retain its dominance over the forecast period. The segment growth can be attributed to the increased projectification of work and higher demand for disciplines such as product and project management globally
In terms of deployment, the cloud segment is anticipated to expand at the highest CAGR of 9.3% over the forecast period. Cloud-based solutions allow businesses to access data across connected devices at any point, which increases the scope for customization and enables the implementation of analytical tools across multiple business channels
In terms of end use, the architects and builders’ segment is expected to expand at a promising CAGR from 2021 to 2028. This growth can be attributed to the increasing demand for design skills to maximize the project's potential and growing concern for necessary consents such as listed building, planning, and building regulation approvals. Moreover, architects & builders provide designs tailored to the customer's budgets, help reduce cost by providing thorough construction information, and ensure on-time delivery of projects
In terms of region, Asia Pacific is anticipated to emerge as the fastest-growing regional market due to the rapid growth of economies vis-à-vis infrastructural and industrial projects. Most Asian countries such as China, Japan, India, and Singapore require a substantial amount of spending directed toward infrastructure development, which is expected to accelerate the demand for construction and design software across the Asia Pacific

Urban Planning Software And Services Market: Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The global Urban Planning Software And Services Market size is anticipated to reach USD 192.35 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.2% from 2021 to 2028. Urban planning is one of the most crucial aspects of any country’s development plans as it involves the development and efficient use of land, public welfare, and ensures the safety of the environment. Urban planning is a heterogeneous and complicated process that comprises utility systems, distribution chains, communication networks, infrastructure, and several other elements and processes. Urban planners are adopting urban planning software and services to handle such intricate processes and conceptualize urban designs and plan layouts.

The Covid-19 pandemic severely impacted business operations and processes across several industries. As governments majorly diverted their focus from other development activities to the healthcare segment, the urban planning software and service market was negatively impacted. However, the urban planning software and services industry is expected to recover post-pandemic owing to the need for better urban planning to mitigate future risks of uncertain natural events.

The market has also benefitted from growing investments by various governments in smart cities projects, which, in turn, are driving increased investments in urban planning software and services. For instance, currently, over 26 smart cities projects are in progress across Association of Southeast Asian Nations (ASEAN) countries.

Related Press Release @ Urban Planning Software And Services Market Report

Urban Planning Software And Services Market Report Highlights

In terms of component, the software segment accounted for the largest revenue share in 2020 and is expected to retain its dominance over the forecast period. This can be attributed to the increasing investment in technology by governments for urban development. The service segment is anticipated to expand at the highest CAGR of 5.1% over the forecast period
In terms of deployment, the cloud-based segment accounted for the largest revenue share in 2020 and is expected to retain its dominance over the forecast period. Additionally, this segment is likely to register the highest CAGR of 4.5% over the forecast period. The growth of this segment can be attributed to factors such as quick configurability, cost efficiency, and flexibility
Based on end-user, the government segment accounted for the largest revenue share in 2020 and is expected to retain its dominance over the forecast period. This can be attributed to growing investment by various governments in smart city technologies and urban development. For instance, in June 2020 the Singapore Government Technology Agency announced that it spent approximately USD 3.5 billion on information technology in 2020, which is 30% more compared to 2019. The real estate and infrastructure companies segment is anticipated to expand at the highest CAGR of 4.9% over the forecast period
Europe captured the second highest market in 2020 and is expected to retain its position over the forecast period. This can be attributed to the growing preference for eco-friendly city infrastructures. Additionally, a rise in the number of infrastructure development activities is also driving the market growth in this region. The Asia Pacific region dominated the market in 2020, and it is anticipated to expand at the highest CAGR of over 6.1% over the forecast period

U.S. Digital Signage Market Size is Estimated to Witness 6.0% CAGR till 2028

The U.S. Digital Signage Market size is anticipated to reach USD 8.0 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 6.0% from 2021 to 2028. The demand is expected to increase as advertisers, enterprises, and corporates are increasingly adopting digital signage to promote and distribute content. Advancements in display technology are also likely to drive the market. Furthermore, the increasing demand for digital signage solutions from the industries such as healthcare, transportation, hospitality, and retail, is likely to propel the market growth over the forecast period.

The growing adoption of digital signage is due to the increasing demand for advertising content with enhanced quality and better sharpness. The rising demand for 4K embedded digital displays is addressing the increase in the need for enhanced sharp images. Digital signage above 52 inches is poised to gain popularity over the forecast period due to their increasing popularity among advertisers for outdoor advertising.

Besides, software providers focus on providing design solutions compatible with multiple operating systems, to new entrants in the digital signage industry. The design solution providers target new entrants with solutions compatible with different operating systems. They are particularly offering cloud-based design solutions that can aid in managing advertising content being displayed on digital signage.

The operational cost of companies is reduced by cutting down the use of paper for advertisement and deviating from traditional marketing activities. The combination of LED-backlit panels is resulting in substantial energy savings. A decrease in energy consumption owing to the adoption of enhanced technologies such as LED is attracting enterprises to elect for digital signage.

The West region accounted for the largest market share in 2020. It is estimated to remain the highest revenue-generating regional market until 2028. The Midwest region is projected to exhibit the highest CAGR during the forecast period owing to burgeoning sales of digital signage in multiple verticals of various states.

Furthermore, the software providers are focusing on the new entrants of the digital signage industry by providing design solutions that are compatible with the Android operating systems. The use of digital signage helps in optimizing and reducing the company’s long-term operational spending. This drop in the operational expenditure is due to avoiding the use of paper for advertisement purposes and frequent damages and changes that are associated with the traditional marketing activities.

Related Press Release@ U.S. Digital Signage Market Report

U.S. Digital Signage Market Report Highlights

The LCD technology segment commanded the leading market share in 2020, owing to the lower manufacturing cost and benefits associated with the LCD technology
The retail industry was the most prominent application segment in the market in 2020. It is estimated to maintain its position through to 2028, as there is high competition in the industry, which augments the need for an innovative advertising medium
In terms of display, the transparent LED screens segment is projected to witness the highest CAGR during the forecast period as the high level of transparency and resolution offered by them proves to be lucrative for advertisers.
The hardware segment, which includes displays and media players, is anticipated to dominate the market throughout the forecast horizon as users remain keen on adopting different types of displays
The out-store segment is expected to witness a considerable growth rate owing to the growing adoption of digital signage in various outdoor applications
The West was the highest revenue-generating region in 2020 owing to the adoption of digital signage across applications. The region comprises the largest number of digital signage companies manufacturing electronic display products, which is expected to further fuel the growth