Technology Market report: 2022

Thursday 22 December 2022

Satellite Communication Market Worth $159.6 Billion By 2030

The global Satellite Communication Market size is projected to reach USD 159.6 billion in 2030, registering a CAGR of 9.5% from 2022 to 2030, as per a new report by Grand View Research, Inc. The rising proliferation of small satellites for tactical communication, geospace & atmospheric research, and medium resolution imagery in military & defense applications has propelled the growth of the market. The increasing demand for satellite communication (Satcom) solutions from the aviation industry to improve airline operations and air traffic management is anticipated to boost market expansion during the forecast period.

It is anticipated that the advent of the 5G network and several scheduled Medium Earth Orbit (MEO) and Low Earth Orbit (LEO) satellite launches would propel the expansion of the Satcom market at a rapid pace. Additionally, the evolution of satellite communication in the connectivity sector has prompted Satcom operators to offer the global deployment of Internet of Things (IoT) solutions. More than 2.7 million devices are currently supported by satellites, including those used for aviation, infrastructure, trade, environmental monitoring, and military support.

Satcom providers have changed their business models in recent years to focus on providing high bandwidth satellite transponders with higher transponder throughput and lower prices. An incoming signal is identified and automatically responded to by a satcom transponder, a wireless communication, monitoring, and control device. Factors such as the increase in consumer broadband demand, corporate enterprise network need, and the expansion of Ka-band and Ku-band services are anticipated to drive the growth of the satellite transponder segment. Additionally, the overall demand has significantly increased due to recent space development missions by many space organizations, including China National Space Administration (China) and Indian Space Research Organization (India).

Related Press Release@ Satellite Communication Market Report

Satellite Communication Market Report Highlights

The global need for enhanced data communication is fueling the expansion of the market for satellite communication
The equipment category is anticipated to register the fastest CAGR of 10.2% owing to several advantages, including integrating targets, tracking movements, and discovering hidden tunnels
Due to the widespread use of satellite TV services in 2021, the broadcasting sector held the largest market share
The government & defense sector is predicted to witness the fastest CAGR of over 11% throughout the projection period since satellite communications are ideal for use in military activities across the globe
North America held the largest revenue share, followed by Europe. The region's increasing passenger traffic for marine and coastal tourism and the presence of a significant number of industry players are expected to contribute to this growth
EchoStar Corporation, Intelsat, L3 Technologies, Inc., SES S.A, Telesat, and Viasat, Inc. are some key players operating in the market

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Tuesday 20 December 2022

Wi-Fi 6, Wi-Fi 6E And Wi-Fi 7 Chipset Market Worth $80.8 Billion By 2030

The global Wi-Fi 6, Wi-Fi 6E, And Wi-Fi 7 Chipset Market size is expected to reach USD 80.8 billion by 2030, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 17.3% from 2022 to 2030. The growing demand for bandwidth capacity among consumers and enterprises for providing support for smart devices is one of the key factors driving the global market.

Increasing trends of e-learning techniques have expanded the deployment of next-generation wireless network infrastructure across several schools, universities, offices, and residents. In addition, accessing undisturbed content during online video streaming services has increased the need and demand for installing wi-fi 6, wi-fi 6E, and wi-fi 7 devices across the globe. Therefore, the increasing adoption of e-learning is expected to fuel the wi-fi 6, wi-fi 6E, and wi-fi 7 chipsets demand from 2022 to 2030.

With the evolution of industry 4.0., manufacturers from various industry verticals such as General Motors Company, BMW Group, Ford Motor Company, Volkswagen Group, and Toyota Group are implementing advanced technologies to transform their manufacturing facilities into smart and intelligent factories. A smart factory integrates numerous intelligent devices such as collaborative robots, IoT sensors, wireless cameras, and automated guided vehicles (AGV) to achieve self-adapting manufacturing capabilities. Providing seamless connectivity to these devices requires next-generation infrastructure, which is expected to accelerate the adoption of wi-fi 6 and wi-fi 6E devices worldwide. Therefore, it is anticipated to fuel the demand for chipsets over the next seven years.

Wi-fi 6, wi-fi 6E, and wi-fi 7 devices support multi-user, multi-input multi-output communications (MU-MIMO). The wi-fi 6 and 6E technology operates on the 6GHz band that can handle up to 12 upstream and downstream data streams on various frequency bands, such as 5GHz, 2.4GHz, and 6GHz. The wi-fi 7 technology using its 320MHz channel provides a high-speed advantage as compared to wi-fi 6 and 6E technology. With the notable investment opportunities in the smart cities globally, the next-generation wi-fi chipset-enabled devices would play a pivotal role in catering to the growing need for integrated internet connectivity for the mass population situated in public venues such as railway stations, bus stands, and airports. Thus, it is expected to bolster global market growth from 2022 to 2030.

Initially, in the 1st and 3rd quarters of 2020, the COVID-19 outbreak affected the production and supply chains for the wi-fi chipsets globally. The primary reason for this is the lockdown implemented by the governments across key countries such as the U.K., the U.S., Germany, and China. These lockdowns have forced the companies to temporarily shut down their manufacturing facilities and initiated restrictions on international travel. However, in the latter Q3 of 2020, the governments across many countries have provided certain relaxations in the lockdown, which has helped companies significantly recover the economic losses that happened during the Covid-19 times. Thus, it is expected to increase the overall market growth in the next seven years. Moreover, the high investments in the healthcare industry to create digitally advanced network infrastructure is further expected to drive the global market.

Related Press Release@ Wi-Fi 6, Wi-Fi 6E, And Wi-Fi 7 Chipset Market Report

Wi-Fi 6, Wi-Fi 6E, And Wi-Fi 7 Chipset Market Report Highlights

By device type, the WLAN infrastructure devices segment dominated the overall market with a revenue share of more than 40.0% in 2021. Increasing deployment of Wi-Fi 6 gateways and routers in commercial, residential, and industrial applications propelled the segment growth
The Wi-Fi 7 chipset type segment uses a 4K QAM modulation scheme to increase the throughput value, fuelling the market growth over the forecast period. The Wi-Fi 7 chipset features flexible channel utilization, minimizing the network's interference and enhancing connectivity
Based on volume, Asia Pacific held the largest share of over 35.0% in 2021 owing to the proliferation of smart devices across the region. Moreover, the availability of major electronic manufacturing bases in Japan, China, and South Korea is anticipated to fuel market growth
Increased spending on the deployment of digital infrastructure in the healthcare sector, rising smart city, and smart factory projects have propelled the growth of Wi-Fi chipsets in the U.S.
Several key players operating in the market across the globe are mainly focusing on acquisitions, mergers, and collaborations to strengthen their market presence and expand the overall product offerings

Wednesday 14 December 2022

Low-code Development Platform Market Worth $35.2 Billion By 2030

The global Low-Code Development Platform Market size is expected to reach USD 35.2 billion by 2030, registering a CAGR of 22.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth can be majorly attributed to the growing interest of organizations, especially amid the COVID-19 pandemic, toward the digital transformation of their business processes. The growing demand for solutions that can expedite the application development and automation of business processes has created wider scope for the adoption of low-code development platforms, thereby favoring the market expansion.

The market growth is being further driven by the continuous technological developments introduced by the industry players. For instance, in September 2021, Mendix Technology BV introduced artificial intelligence and other advanced features to its low-code development platform to allow companies to develop software more efficiently. The company has named the AI feature Page Bot which provides recommendations to the software teams about how to design a new application’s user interface.

Related Press Release@ Low-code Development Platform Market Report

Low-Code Development Platform Market Report Highlights

Web-based application segment is expected to witness a CAGR of over 22.0% from 2022 to 2030 owing to increasing demand for low-code development platforms as they help in developing applications using the similar resources as the traditional development process
The SMEs segment is expected to witness a significant growth rate of nearly 24.0% from 2022 to 2030 with the growing need to develop software applications with minimum operational cost and workforce
The IT and Telecom segment accounted for a revenue share of close to 21.0% in 2021 with the increasing need among these sectors to automate their operations and expedite the application development process
In North America, the market was valued at nearly USD 1.7 billion in 2021 owing to the strong presence of various major market players in the region and the introduction of innovative low-code development platform offerings by these players

Friday 9 December 2022

Cognitive Radio Market Size Worth $24.69 Billion By 2030

The global Cognitive Radio Market size is expected to reach USD 24.69 billion by 2030 and is expected to expand at a CAGR of 18.6% from 2022 to 2030. The emergence of 5G technology and increasing demand for advanced wireless communication devices in the government and defense sector is expected to fuel the demand for cognitive radios in the forecasted period. The demand for cognitive radios has increased owing to its benefits, such as optimized radio frequency spectrum and integration with Artificial Intelligence (AI) and Machine Learning (ML), making the system more efficient. Furthermore, the ability to overcome radio spectrum scarcity to improve satellite communications and enhance service quality is resulting in the faster adoption of cognitive radios worldwide, consequently driving the market globally.

The emergence of 5G technology is expected to empower various industries to access connected devices to improve bandwidth, latency limitations, and performance on connectivity. The 5G wireless networks are expected to provide low end-to-end latency, ubiquitous connectivity, improved energy efficiency, higher data transfer rates, and much higher system capacity. The cognitive radio network allows for dynamic spectrum sharing, which is necessary for 5G architecture. Therefore, the rapid adoption of 5G technology worldwide is likely to boost the global market for cognitive radio over the forecast period.

Cognitive radio is majorly adopted in the defense and government segment owing to the increasing demand for advanced and secured wireless communications. The technology has enabled government and defense organizations to shift from traditional hardware such as amplifiers, modulators, and mixers to Software-defined Radio (SDR), allowing them to overcome radio spectrum scarcity and improve satellite communications.

However, the rising concerns related to communication security hamper cognitive radios' growth. The inadequacies and vulnerable elements generated by the nature of cognitive radio may negatively impact security requirements and Quality of Service (QoS) delivery for the entire network, creating high chances open to attackers compared to traditional wireless networks. Moreover, technological advancements in the future are expected to overcome the issues related to communication security.

Related Press Release@ Cognitive Radio Market Report

Cognitive Radio Market Report Highlights

By components, the software segment is estimated to witness a significant growth rate through 2030. The growth can be attributed to the flexibility offered by cognitive radios resulting in their adoption in telecommunication, defense, and government segments
By application, the spectrum sensing segment is anticipated to grow significantly over the forecast period owing to its ability to prevent harmful interference with licensed users and improve spectrum utilization by identifying the available spectrum
By end-use verticals, the telecommunication segment is expected to record the highest revenue share of the market by 2030. The cognitive radio provides a favorable atmosphere to implement 5G technology as it meets the capacity demand of the spectrum of 5G wireless communication
Integrating cognitive radio with cloud computing, artificial intelligence, and machine learning and ongoing research and development efforts to strengthen network capabilities and provide secure wireless communication are some key strategies major market players adopt to increase their market share

Friday 11 November 2022

Desktop 3D Printing Market by 3D Systems, Inc.; 3DCeram; Autodesk, Inc.; Canon, Inc.; Dassault Systèmes; EnvisionTEC

The global Desktop 3D Printing Market size is expected to reach USD 12.39 billion by 2030, witnessing a CAGR of 21.0% during the forecast period, according to the new report by Grand View Research, Inc. Desktop 3D printing involves designing and producing a 3D object with the help of computer-aided design software or a digital 3D model. The market for desktop 3D printers has witnessed significant growth owing to the demand for prototyping and designing across several verticals, including dental, healthcare, fashion, jewelry, objects, and gifts. The technology offers a cost-effective solution to small and medium-sized enterprises, hence, allowing them to customize their offerings with minimum manufacturing expenses compared to traditional manufacturing methods.

The demand for desktop 3D printing has increased owing to an inclination of hobbyists and innovators toward 3D printing technology. Individuals are leveraging desktop 3D printing for domestic and personal purposes, while universities and educational institutes are utilizing desktop 3D printing for technical training and research purposes. The market's growth in developing economies, including South Africa, Brazil, and India, is remarkable as the users in these countries have switched from traditional manufacturing methods to 3D printing. The players in developing economies have opted for desktop 3D printers to offer related services, including desktop 3D printing materials, 3D modeling, filaments, and 3D printer software.

Extensive research and development activities undertaken by the private and public sector has propelled the growth of desktop 3D printing and related technologies. Rising investments by the government and private investment firms are compelling manufacturers to innovate in existing 3D printing technologies, thereby increasing the adoption of state-of-the-art technologies.

North America accounted for the largest market share of approximately 35% in 2021, owing to an aggravated adoption of 3D printers for modeling, designing, and manufacturing prototypes and components across several industries. On the flip side, the Asia Pacific is estimated to emerge as a predominant region during the forecast period, growing at the fastest CAGR of 24.4%. The market was valued at USD 518.2 million in 2021 and is anticipated to reach USD 3.69 billion by 2030, thus, exhibiting stringent growth. Some of the factors that propelled the development of the Asia Pacific market include rapid industrialization and urbanization, developing civil infrastructure, the proliferation of consumer electronic products, and optimized labor costs.

Desktop 3D printing is a capital-intensive technique, and some firms are still reluctant to utilize the benefits of desktop 3D printing and are clinging to misconceptions about prototyping. The market lacks the standardized process controls and qualified labor that desktop 3D printing demands and these factors are likely to limit market expansion. However, government activities targeted at raising awareness and promoting the benefits of using 3D printers are anticipated to assist overcome market constraints.

Related Press Release@ Desktop 3D Printing Market Report

Desktop 3D Printer Market Report Highlights

Desktop 3D printing technology is flourishing as it offers efficient, accurate, and rapid prototyping and optimized time to market
The demand for desktop 3D printers has increased amongst hobbyists for personal use and in the education sector for research and training purposes
The functional parts segment is anticipated to dominate in 2021 and is expected to expand its market share to more than 48% by 2030
The plastic segment accounted for approximately 55% share of the entire market. However, the metal segment is anticipated to witness the fastest growth owing to the increasing demand for metal desktop 3D printing from several industrial verticals including automotive and aerospace & defense.
The Asia Pacific is a manufacturing hub for several industry verticals. Rapid urbanization has propelled the need for infrastructure and prompted various industry verticals to adopt desktop 3D printing across China, Japan, and South Korea
The prominent players in the industry include 3D Systems, Inc., 3DCeram, Dassault Systèmes, EnvisionTEC, Materialise NV, and Stratasys Ltd.

Tuesday 8 November 2022

Loyalty Management Market: Top Key Players, Trends, Scope and Segmentation, 2030

The global Loyalty Management Market size is anticipated to reach USD 20.44 billion by 2030, registering a CAGR of 10.5% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The enterprises are using loyalty programs aggressively as part of the marketing strategies to encourage customers to stick to the brand and prevent them from switching to another is expected to drive the growth of the market. Loyalty programs envisage rewarding customers with cashback, rewards points, gift cards, discounts, and others for their purchases. They help enterprises retain customers and subsequently play a vital role in strengthening the customer base and augmenting sales.

The growing adoption of advanced solutions that can track consumer behavior, monitor customer scores, and subsequently help in enhancing customer engagement is expected to drive the growth of the market over the forecast period. As the competition among brands intensifies, brands are aggressively pursuing various strategies, including running loyalty programs, to satisfy customers and prevent them from switching to other brands, thereby contributing to the growth. The continued introduction of various digitalized payment options to enhance consumer experience bodes well for the growth.

Cloud-based deployment of loyalty management programs is expected to gain traction over the forecast period. Cloud-based deployment helps organizations better manage their expenses and save on the costs incurred by having a dedicated IT infrastructure while ensuring agility. The cloud-based deployment also facilitates real-time tracking of customer queries, retention rates, and response rates. Storing customer data in the cloud for further analysis can help organizations build a comprehensive view of the overall customer base.

The retail & consumer goods segment dominated the market for loyalty management in 2021. Retailers and consumer goods brands often embark upon efforts to improve brand loyalty and encourage repetitive purchases. Rewarding customers with loyalty rewards in the form of gifts, discounts, certificates, and reward points mainly helps in enhancing customer relationships. Hence, retailers and consumer goods brands are aggressively adopting loyalty management software.

Retaining the existing customers while simultaneously acquiring new customers is of paramount importance for incumbents of various industries and industry verticals. Telecom operators emphasize building trust and affinity with their subscribers by enhancing value-based services. Incumbents of the IT & telecommunications industry particularly opt for loyalty management solutions to retain their customers.

North America accounted for the largest revenue share of the market in 2021. The region is home to developed economies, such as the U.S. and Canada, known for adopting the latest advanced technologies, such as AI, cloud computing, and data analytics. A strong and well-developed IT infrastructure deployed in the region also bodes well for adopting advanced loyalty management solutions. North America typically favors free shipping, cashback, and discounts as loyalty rewards. People widely use credit and debit cards in the store's highly adopted loyalty programs in this region. Customers favor monetary offerings such as free shipping, cashback, and discounts.

Related Press Release@ Loyalty Management Market Report

Loyalty Management Market Report Highlights

The software segment dominated the market in 2021 with a revenue share of 50%
The cloud-based segment is expected to grow significantly over the forecast period as this type of deployment offers various benefits, such as cost-saving and agility
The large enterprise segment dominated the market in 2021 as large enterprises belonging to various industries and industry verticals emphasized launching loyalty programs as part of the efforts to retain customers
The growth of the Asia Pacific regional market can be attributed to the rapid economic development of emerging economies, such as India and China

Thursday 3 November 2022

AI In Education Market: Current Scenarios and Opportunities

The global AI In Education Market size is expected to reach USD 32.27 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 36.0% from 2022 to 2030. Digitalization and technological advancement are innovating industrial sectors such as healthcare, manufacturing, education, and banking and finance. The education sector is no exception when it comes to the impact of AI integration on growth. Rapid implementation of innovative technologies such as AI in education is developing the teaching and learning experiences.

The COVID-19 pandemic severely impacted industries across the world. However, the market for AI in education witnessed a significant rise in the demand for innovative AI-based education solutions during the pandemic. Advancements such as chatbots and virtual facilitators make it reliable for the company to provide solutions and services to the students, teachers, and tutors. In July 2021, Intel Corporation, a leading technology-based company, collaborated with the Central Board of Secondary Education (CBSE) in India to launch an AI-based learning platform named AI Students Community (AISC). The collaboration is to integrate students from both non-CBSE and CBSE schools to learn from Intel’s AI-certified experts.

Related Press Release@ AI In Education Market Report

AI In Education Market Report Highlights

· On the basis of component, the solutions segment held the largest revenue share in 2021 and is expected to retain its lead during the forecast period. The services segment is anticipated to expand at a CAGR of 37.1% during the projection period

· By deployment, the cloud segment held the largest revenue share in 2021 and is projected to maintain its lead in the forecast period. The growth of the cloud segment is attributed to the rise in the acceptance of cloud services by schools, institutions, and corporates due to the low cost of deployment. The on-premises segment is anticipated to expand at a CAGR of 34.7% during the assessment period

· Based on technology, the machine learning segment dominated the market in terms of revenue in 2021 and is projected to maintain its lead during the forecast period. The natural language processing (NLP) segment is likely to register a lucrative CAGR of 36.6% during these years. The growth of the NLP segment can be attributed to the increasing demand for virtual learning by schools and universities, coupled with the rising investment in technological development by educational institutes

· In terms of application, the learning platform and virtual facilitators held the largest revenue share in 2021. The smart content segment is likely to register the fastest CAGR of 37.8% during the forecast period. The growth of the smart content segment can be mainly attributed to the increasing adoption of virtual learning platforms by many educational platforms

· By end-use, the higher education segment dominated the market in 2021. The K-12 education segment is likely to register a CAGR of 34.9% during the projection period

· North America captured the largest revenue share in 2021 and is expected to retain its position during the forecast period. This can be attributed to the existence of a large number of market players and high spending by people on virtual learning for K-12 schools in the region

· Asia Pacific is expected to expand at the highest CAGR of 38.7% during the assessment period. The market growth in this region is primarily due to the increasing investment by the governments as well as private organizations to support and bring AI advanced technology usage across the region

Monday 10 October 2022

Burglar Alarm Systems Market Size Worth $7.01 Billion By 2030

The global Burglar Alarm System Market size is anticipated to reach USD 7.01 billion by 2030, registering a CAGR of 6.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The demand for burglar alarm systems is expected to increase due to the growing popularity of smart homes, including intelligent security systems. Market players are likely to embrace business strategies such as partnerships, mergers & acquisitions to gain more market share. For instance, in May 2021, ASSA ABLOY acquired Sure-Loc Hardware, Inc., manufacturers of residential locks and related accessories. Through this acquisition, the company aims to strengthen its position in mature markets by adding complementary services and products to its business.

The increasing demand for a high level of security in residential complexes, commercial buildings, and industrial complexes is likely to fuel the need for burglar alarm systems in the forthcoming years. Access control technology development tailored to advanced analytics solutions is expected to expand the market size. For instance, in April 2022, Johnson Controls acquired Security Enhancement Systems, LLC., a supplier of phone-based, keyless access control systems for essential infrastructure providers such as telecommunications towers. The acquisition enabled Johnson Controls to efficiently provide data analytics and keyless access control to protect high-value infrastructures effectively.

North America is projected to hold a significant market share driven by rising property-related crimes. Asia Pacific is anticipated to exhibit the highest growth, backed by stringent rules and safety standards released by the government. China is expected to hold the maximum share attributed to established security brands, including Shenzhen HORN security technology co., LTD, Zhejiang Dahua Technology Co., Ltd., and Fujian Chuango security technology co., LTD. The players continue to innovate security infrastructure, hardware, and professional services.

If a secured zone is penetrated, the home security system combines software and hardware sensors designed to detect an intrusion or illegal entry. The market players are prioritizing partnerships & collaborations with home security service providers to expand product offerings and services. For instance, in October 2021, ADT partnered with Redfin, a full-service real estate brokerage provider, to provide smart home services and security monitoring for homes with Redfin. The partnership will allow ADT to install sensors, alarms, and smart locks, let buyers tour the house without worrying, and keep sellers informed about who visits and leaves the property.

Related Press Release@ Burglar Alarm System Market Report

Burglar Alarm System Market Report Highlights

The security in the residential and commercial segment is estimated to witness substantial growth over the forecast period. This growth can be attributed to the protection from theft in the market
Wireless security cameras have become increasingly popular due to their adaptability and ease of use. They are simple to put up and lower installation costs by eliminating wires or professional installation
In 2021, North America represented the highest revenue share. Countries such as the U.S., Canada, and Mexico are offering lucrative growth opportunities for market augmentation, partly attributed to the growing security in these countries. Asia Pacific is anticipated to represent the fastest CAGR by 2030
In 2007, the Underwriters Laboratories (UL) created the UL 634 Level 2 standard to help Sensitive Compartmented Information Facility (SCIF) and other high-end security installations to identify sensors that provide the absolute highest level of intrusion detection. UL 634 Level 2 products are likely to gain more demand from end-users including Government, commercial/residential, and other high-end security entities

Conversational AI Market Size Worth $41.39 Billion By 2030

The global Conversational AI Market size is expected to reach USD 41.39 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 23.6% from 2022 to 2030. The market growth is primarily influenced by the rising adoption of advanced AI technologies and consumer interaction via multiple platforms. It indicates that businesses and their customers view technology as a mode to expand their businesses.

With the growing market penetration of conversational AI as a crucial technology, it is significant that companies set the correct parameters and objectives while adopting chatbots or virtual assistants. Rapidly growing e-commerce and digitalization have been providing favorable conditions for the requirement of customer support service. Omnichannel Deployment, enhanced customer care 24/7, real-time customized service, and the decreased cost to serve customers boost market penetration of AI globally. In October 2021, Jio platform's Haptik introduced a new enterprise CX Platform to enable Conversational AI solutions. This platform aids brands in building Intelligent Virtual Assistants in a low code environment and going live within just a few days.

The growing ‘Chat first’ method by the service sector and technological enhancements like natural language processing are anticipated to boost the market growth. In November 2021, ZeroShotBot launched new conversational AI technology, which normalizes chatbots for companies of all sizes. ZeroShotBot provides a new technology for building chatbots that don’t need training data, permitting anybody with zero coding experience to generate a chatbot that is fully functional algorithms. Moreover, in January 2020, AWS created Amazon Lex chatbot integration, available in Amazon Connect in the Asia Pacific (Sydney) AWS. This chatbot assists consumers in scheduling an appointment, changing passwords, and bringing up requested account balances. Instead of calling out a number from a list of options, this is done by vocalizing a prompt.

Although, the requirement of trained professionals to handle conversational AI, along with a lack of knowledge about conversational AI, hinders the penetration of conversational AI. Providing a top-quality digital experience is a higher priority for businesses, and consumers like their voices to be heard. The growth of conversational AI now provides companies with the customer experience and the power to resolve complex queries and inquiries quickly and effectively.

Conversational AI is far from a new phenomenon nowadays. Both consumers and companies have grown more accustomed to the profitable outcomes of fast, enhanced, 24/7 customer support service, permitting many businesses to serve on the promise of enhanced technologies to improve customer satisfaction, lower costs, and increase revenues. Product managers access the capabilities to manufacture a successful Intelligent Virtual Assistant (IVA) with emerging AI advancements.

Key players in the market are focused on strategic collaborations and partnerships to enhance their products and service offerings and expand the consumer base. For instance, Yellow.ai and Tech Mahindra together work to develop next-gen conversational-AI technologies, as part of the deal, to upgrade omnichannel competencies like Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Supply Chain Management (SCM), and Human Resources Management System (HRMS).

Related Press Release@ Conversational AI Market Report

Conversational AI Market Report Highlights

North America is anticipated to dominate the market over the forecast period due to the massive adoption of upcoming technological advancements in the region and the rapidly growing demand for customer support services powered by artificial Intelligence
The key factors influencing the growth of the market are rising demand, reduced chatbot development costs, AI-powered customer support services, and omnichannel deployment
The adoption of enhanced AI capabilities to add value to current conversational AI offerings and the ever-growing demand for online shopping during COVID-19 have offered opportunities for market growth
Although, the requirement for trained professionals to handle conversational AI, along with a lack of knowledge about conversational AI, is affecting the market penetration of conversational AI
Currently, the focus of businesses has deviated from delivering customer support services through messages or emails to AI-enhanced chatbots. These chatbots aid companies improve consumer interaction and experience

Friday 7 October 2022

AI In Media & Entertainment Market Worth $99.48 Billion By 2030

The global AI In Media & Entertainment Market size is expected to reach USD 99.48 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 26.9% from 2022 to 2030. The increasing popularity of virtual creation in the media and entertainment business, and its ability to create high-definition graphics and real-time virtual worlds, are driving the market forward. Artificial intelligence (AI) is helping media companies to leverage these benefits by enhancing content management across various phases in the workflow of content processes, including smart content analysis and categorization, automatic image tagging, scalable personalization and predictions, time-saving content creation assistance, and text intelligence and analysis, and voice-controlled platforms.

AI technology providers work with broadcast companies to incorporate AI to optimize programming timetables. For instance, the BBC has started many efforts to apply AI/Machine Learning (ML) to optimize and automate content management. These activities have been implemented in a live telecast and deliberated further in later segments. These projects precisely target workflow enhancements aiming at time and cost savings in creation and distribution. The growing use of AI-based virtual production infrastructure in movie studios and TV shows is anticipated to upsurge the demand for motion capture workstations, virtual cameras, simulation cameras, and other virtual production hardware in the coming years.

The rising popularity of realistic virtual elements and three-dimensional designs for movies and video games is expected to drive the demand for computer graphics cards. Artificial intelligence in the media & entertainment industry is implemented for trading or marketing, including design, advertisements, and film promotion. Smart AI frameworks can create extensive marketing and advertising solutions. Using AI, predictive analytics can perform marketing procedures faster. AI-driven marketing software helps create promotional approaches, address audience goals, and make effective customer solutions. For instance, ‘Alibaba Luban’, an AI-based graphic design software produces visual designs a hundred times faster than humans, which means it will create 8000 banners in just a second.

Related Press Release@ AI In Media & Entertainment Market Report

AI In Media & Entertainment Market Report Highlights

In terms of solutions, the services segment accounted for the maximum revenue share in 2021 and will expand further at a steady CAGR from 2022 to 2030
This growth is attributed to the lack of trained professionals in virtual production and VFX technology; film studios or moviemakers often hire qualified agencies and their services to implement VFX in their video productions
The sales and marketing segment accounted for the largest share of the global market revenue in 2021
AI is used for trading or marketing aspects, including design, advertising, and promotions in the entertainment & media fields
North America is projected to dominate the market throughout the forecast period as the region offers significant growth opportunities for industry expansion due to substantial investments in AI projects and related R&D activities