Technology Market report: January 2022

Friday 14 January 2022

High Performance Message Infrastructure Market: Industry Demand, Analysis and Future Trends 2028

The global High Performance Message Infrastructure Market size is estimated to reach over USD 2.41 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.3% from 2021 to 2028. The increase in the adoption of IoT platforms is one of the key factors driving the market growth. Additionally, the development of enhanced IT infrastructure is driving the demand for high-performance message infrastructure platforms and services.

The outbreak of COVID-19 and its unsettling influence has significantly impacted a majority of industries. However, it has also provided new opportunities for cloud-based solutions and infrastructures. Many organizations have adopted the work-from-home approach during the pandemic, which has increased the demand for platform integration services. This, in turn, has accelerated the adoption of high-performance message infrastructure to ease communication between business logic codes.

High-performance message infrastructure is a technology that provides a single shared messaging provision for a safe, easy, enhanced, and efficient integration of applications and services on numerous platforms. Moreover, even in fluctuating connectivity circumstances, a high-performance message infrastructure allows users to ensure uninterrupted functioning of the systems and avoid information loss.

The market has also benefitted from the high adoption of hybrid solutions and integration platforms, which, in turn, is contributing to the increasing investments in online high-performance message infrastructure components. The adoption of cloud solutions and services has already become a norm for a majority of businesses, and the trend is expected to witness growth over the coming years. For instance, according to Cloud Computing Statistics by Cloudwards, approximately 48% of businesses store their essential enterprise data on the cloud and nearly 94% of enterprises leverage cloud services for their business. The study also projects that by 2025, more than 100 zettabytes of data would be kept on the cloud.

Related Press Release@ High Performance Message Infrastructure Market Report

High Performance Message Infrastructure Market Report Highlights

In terms of components, the software segment accounted for the largest revenue share in 2020 and is expected to retain its dominance over the forecast period as well. This can be attributed to the increase in the adoption of message-oriented hardware and middleware infrastructures among enterprises. In addition, the services segment is anticipated to register the highest CAGR of around 16% over the forecast period
In terms of industry vertical, the BFSI segment accounted for the largest revenue share in 2020 and is expected to dominate the market throughout the forecast period. As customers are going digital, banks and financial organizations are under constant pressure to offer better services and enhance their experience. This has increased the demand for advanced IT infrastructure and services to expedite the transformation process. Meanwhile, the transportation and logistics segment is anticipated to register the highest CAGR of nearly 21% over the forecast period
North America dominated the market in 2020 and is expected to continue leading over the forecast period. This can be attributed to the presence of a large number of market players in the region. Moreover, the region is also the largest producer of automation equipment and home to technological adopters as well as innovators
Meanwhile, Asia Pacific is anticipated to expand at the highest CAGR of around 16% over the forecast period. This growth is attributed to the growing cloud infrastructure spending by large as well as small & medium enterprises in the region. For instance, the cloud infrastructure spending of China grew by 66% from 2019 to 2020, recording USD 19 billion

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Thursday 13 January 2022

Event Management Software Market by Aventri Inc., Cvent Inc., Eventbrite, Zoho Corporation

The global Event Management Software Market size is anticipated to reach USD 14.48 billion by 2028, registering a CAGR of 12.5% from 2021 to 2028, as per the research conducted by Grand View Research, Inc. The growing popularity of cloud-based solutions and the increasing preference for hosting virtual events are some of the major factors that are anticipated to drive the growth of the market over the forecast period. Given the growing reliance of organizations on a dedicated IT infrastructure to improve business productivity, cloud-based managed services are emerging as a cost-effective alternative for organizations, which bodes well for the growth of the market. The availability of various subscription-based pricing models is also expected to contribute to the growth of the market.

The outbreak of the COVID-19 pandemic has been particularly driving the adoption of event management software. Lockdowns imposed in different parts of the world as part of the efforts to arrest the spread of coronavirus have affected several industries and industry verticals. Several small, medium and large enterprises have adopted the work-from-the-home working model to protect their employees in the wake of the outbreak of the pandemic. On the other hand, educational institutions and corporates are particularly resorting to virtual events, which is typically driving the demand for event management software.

The key players in the market include Cvent Inc.; Aventri Inc.; Eventbrite; and Zoho Corporation. These market players are majorly focusing on strategic partnerships and collaborations to enhance their business operations. For instance, in June 2018, Eventbrite, a ticketing and event management company based in the U.S., and Elrow Family, a party series and event concept company based in Barcelona, Spain, entered into a multi-year ticketing partnership, which envisaged Eventbrite handling the ticketing requirements of over 100 festivals and shows under the Elrow brand. The festivals and shows under the Elrow brand attract more than 2.4 million attendees every year.

Related Press Release@ Event Management Software Market Report

Event Management Software Market Report Highlights

The software segment is expected to dominate the market over the forecast period, owing to the continued adoption of event management software by various small and large enterprises across the globe. The segment is expected to reach USD 9,10 billion by 2028
The managed service segment is anticipated to expand at the highest CAGR of 14.3% over the forecast period
The deployment and integration segment accounted for a market share of over 45.0% in 2020 and is anticipated to reach USD 1.59 billion by 2028
The cloud segment is expected to dominate the market over the forecast period and reach USD 9.54 billion by 2028
The corporate segment is anticipated to register the highest CAGR of 13.2% over the forecast period in line with the growing preference among corporates for technologically advanced solutions to host virtual events
North America is projected to account for the largest market share over the forecast period. The regional market is anticipated to reach USD 6.21 billion by 2028 driven by the presence of several prominent players in the region and the rapid adoption of technologically advanced solutions
Some of the prominent market participants include Cvent Inc.; Eventbrite; Zoho Corporation; and Aventri Inc.

Tuesday 11 January 2022

B2B E-commerce Marketplaces By Power Tools & Accessories Market Worth $15.11 Billion By 2028

The global B2B E-Commerce Marketplaces By Power Tools & Accessories Market size is projected to reach USD 15.11 billion by 2028, expanding at a CAGR of 18.1% from 2021 to 2028, according to a new report by Grand View Research, Inc. The outbreak of the COVID-19 pandemic is prompting both buyers and sellers to consider third-party digital channels to buy and sell power tools, thereby driving the growth of the market over the forecast period. Manufacturers of power tools primarily rely on direct sales via e-commerce websites and distributors for selling their products. However, the growing popularity of third-party marketplaces, such as Amazon.com and eBay, owing to various marketing and promotional strategies, such as high discounts and coupons, these marketplaces pursue are particularly proving lucrative for power tool manufacturers.

The sales of power tools witnessed single-digit growth in the B2B marketplaces in 2020. However, they are expected to grow significantly over the next seven years. Marketplaces, such as Amazon.com, eBay, and Alibaba.com, have gained significant popularity among buyers worldwide. Bulk discounts and contractual pricing have typically triggered a paradigm shift in the buyers’ attitude toward these e-commerce marketplaces, which bodes well for the growth of the market over the forecast period.

The preference for DIY among individuals for home improvement activities is growing significantly, thereby encouraging e-commerce marketplaces to increase their Stock Keeping Units (SKUs) to cater to the rising demand for DIY tools. Home improvement activities typically call for power tools, such as power drills, circular saws, impact wrenches, hammer drills, and grinders. They can help individuals in various home improvement activities, such as roofing, kitchen and bathroom remodeling, and landscaping, among others. E-commerce marketplaces offer a wide range and options for buyers to choose the power tools of their choice. Various key functionalities, such as comparison of products on various parameters, coupled with transparency in features and prices are particularly encouraging buyers to prefer B2B e-commerce marketplaces over other channels, thereby contributing to the growth of the market over the forecast period.

B2B E-commerce Marketplaces By Power Tools & Accessories Market Report Highlights

The drills segment accounted for the largest market share in 2020 and is expected to continue dominating the market over the forecast period. The growth of the segment can be attributed to the easy availability of sophisticated, lightweight drills featuring long-lasting batteries at affordable prices
Amazon.com, Inc. is expected to gain a significant market share in terms of revenue due to its large customer base
Asia Pacific, led by China, and North America, led by the U.S., are expected to contribute significantly to the growing regional demand over the forecast period. The growing customer bases of Alibaba and Amazon.com, both of which allow buyers to purchase in bulk at discounted prices, are expected to contribute to the growth of the two regional markets

Thursday 6 January 2022

Data Center Substation Market 2021-2030 | Eaton; Siemens Energy; Schneider Electric; General Electric

The global Data Center Substation Market size is expected to reach USD 14.80 billion by 2030, registering a CAGR of 5.6% from 2021 to 2030, according to a study conducted by Grand View Research, Inc. Data centers are a vital part of the IT infrastructure of the digitized society. New data-intensive technologies and high-speed wireless networks have led to an increased demand for data centers among businesses of all sizes, right from major electricity-intensive industries to limited enterprise computing centers.

Amidst the COVID-19 pandemic, the exponential rise in data generated and consumed by various individuals and organizations has led to the surge in demand for data storage, resulting in the rising number of reliable and efficient data centers. Globally, data centers are evolving as computational hubs for several enterprises and end users with the increasing number of work-from-home jobs. As a result, the unprecedented rise in data generation and the need to improve the performance of data centers have boosted the demand for constructing new data centers and restoring the existing ones. Thus, an increase in the number of data center restoration and construction projects is likely to provide growth avenues for the market in near future.

The rising demand for electrical power systems that are smart, automated, and can help reduce the carbon footprint serves as a catalyst for advancements in the market. Substations with Gas Insulated Switchgear (GIS) are unrivaled in terms of reliability, compactness, efficiency, safety, and providing maximum power availability. Their low maintenance and robust design help minimize the substation footprint. Though GIS substations have a high initial cost, they have a longer lifecycle and require minimum maintenance, serving to reduce lifecycle operating expenses while maximizing the availability of power from the substation. Recent developments in key substation components, such as power transformers, gas-insulated switchgear, fiber-optic current sensors, and high-voltage circuit breakers, have enabled their digitization and moved into the digital age.

For instance, in March 2020, ABB introduced a purpose-built substation to offer tailored solutions to the rapidly growing data center industry. The substation is designed to be safe and highly reliable while enabling efficient operation and maintenance during the entire lifecycle. The new substation is around 30% smaller in size and utilizes 50% lesser copper on control cables. The substation replaces copper cables with fiber optics and reduces the physical connections through digitization. The rising focus on the replacement of old electrical substation infrastructure with upgraded, high-quality, modular, digital, and gas-insulated systems is also expected to augment the market growth.

Related Press Release@ Data Center Substation Market Report

Data Center Substation Market Report Highlights

The switchgear segment held the largest market share in 2020 and is expected to register the fastest growth of CAGR 7.1% over the forecast period owing to the rising data center construction activities worldwide
The Gas Insulated Switchgear (GIS) sub-segment held the largest share in the switchgear segment. The rising energy demand and replacement of conventional switchgear at data center substations are driving the demand for gas-insulated switchgear
In 2020, the above 500kV segment accounted for the largest market share, capturing over 38.8% of the overall demand. A rise in demand for medium to high voltage substations played a pivotal role in driving the demand for this segment
North America emerged as a market leader and accounted for 38.0% of the global revenue share in 2020, owing to the presence of data-intensive incumbents as well as start-ups in the region. The region boasts a large number of data center constructions, which, in turn, is increasing the demand for energy-efficient data center substations
Asia Pacific is anticipated to emerge as the fastest-growing region over the forecast period.
The global market is characterized by intense competition among established players such as Eaton; Siemens Energy; Schneider Electric; General Electric; and Hitachi ABB Powergrids Inc. Key market players are focused on introducing technologically advanced products to cater to the market demands

Wednesday 5 January 2022

Virtual Production Market by 360Rize, Adobe, Arashi Vision Inc. ( Insta 360), Autodesk Inc., BORIS FX, INC

The global Virtual Production Market size is expected to reach USD 4.71 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 16.7% from 2021 to 2028. The rising popularity of virtual production in the media and entertainment industry, combined with its capabilities to create high definition visuals and real-time virtual environments, is the key factor propelling the growth of the market.

The technology enables filmmakers to reduce the demand for on-set production teams and crew members by integrating virtual background environments with live-action footage. This allows for a significant reduction in video production costs. Furthermore, technological advancements in virtual production help broadcasters improve their operational efficiency with the least physical presence of technicians in the broadcasting room. For instance, in March 2020, Sky Sports implemented a virtual production suite, which has enabled its teams to create content and stream it remotely. The suite connected 48 virtual workstations and an equal number of direct-to-workstation connections for remote editing, simultaneous live programming, and the distribution of live clippings directly on social media platforms. Although virtual production can produce a film with better visuals and low production costs, it also poses some challenges, especially arising from the lack of training and experience among industry professionals.

With the advent of artificial intelligence, virtual production technology has witnessed significant improvements in the quality of its computer-generated graphics. Design and visualization of all complex scenes in a three-dimensional model have also become convenient, which can be further edited and reviewed in a real-time environment. The technology is positively impacting the market by reducing the burden of transportation and logistics costs of crew members and equipment. It enables filmmakers to capture on-set live-action scenes through simul-cams or virtual cameras and seamlessly merge computer-generated 3D graphic elements with the film's live shooting footage to conclude with the final visual effects.

Artificial intelligence facilitates pre-production support that helps to accelerate video production work. In the previous decade, pre-production works heavily relied on unstructured box office data and limited demographic information related to viewers, leading to the development of less engaging video content. However, now artificial intelligence can generate insights from large data sets collected from various platforms to understand the proposed content's acceptance and interest. For example, Netflix creates video content based on accurate, personalized recommendations, and observations of its users' behavior, such as surfing history, interest, and data action like pausing or rewinding videos. The company has invested USD 15 billion to create a dedicated database to develop original content based on its platform's collected data. Artificial intelligence technology can also help understand scripts and screenplays to recognize the locations described in them and suggest real-world locations where directors can imagine and create realistic computer graphic imagery locations.

The growing implementation of virtual production in the gaming industry is also working well for the market. Factors such as leveraging a three-dimensional environment increased the focus of companies on developing compact and comfortable virtual gaming devices, and constant technological innovation on virtual production platforms, such as 3D audio, untethered virtual reality headsets, and cloud scalability, are expected to drive market growth across gaming application. Furthermore, the introduction of immersive experience allows for 360° views of graphic content and a new level of gaming interaction, enabling players to control and modify the gaming environment through their senses. Hence the increased application of virtual production technology in games is expected to propel the growth of the market.

Related Press Release@ Virtual Production Market Report

Virtual Production Market Report Highlights

In terms of end-user, the movie segment is expected to contribute a significant amount of revenue to the market over the forecast period. The growth can be attributed to the rising demand for visual effects and a three-dimensional model in movies
In terms of component, the software segment is expected to grow at a significant CAGR owing to the inclusion of artificial intelligence. The inclusion is expected to improve the performance of animation and graphics quality
The key players in the market are 360Rize; Adobe; Arashi Vision Inc. (Insta 360); Autodesk Inc.; BORIS FX, INC; Epic Games, Inc.; HumanEyes Technologies; Mo-Sys Engineering Ltd.; NVIDIA Corporation.; Panocam3d.com; Pixar (The Walt Disney Company); Side Effects Software Inc (SideFX); Technicolor; and Vicon Motion Systems Ltd

Artificial Intelligence For IT Operations Platform Market by AppDynamics, BMC Software, Inc., Broadcom, HCL Technologies Limited

The global Artificial Intelligence For IT Operations Platform Market size is expected to reach USD 27.26 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 21.2% from 2021 to 2028. Rapid digital transformations in global business organizations have brought about increasingly complex datasets. Businesses spend a significant amount of time, cost, and effort on processing large volumes of data. IT operations are also on the edge of this transformation, wherein IT teams are required to manage complex datasets to sustain their business. Besides, there has been a considerable increase in data loads over the last few years due to the distributed architecture and dynamic nature of business applications and services. With the increasing IT agility requirement, AIOps has emerged as a way for IT operations teams to keep up with business demands, trends, and aggressive digitization of IT infrastructure. AIOps platform refers to the AI platform for IT operations that combines human intelligence with automated algorithms to provide full visibility into IT systems' performance.

The COVID-19 outbreak has created significant challenges and uncertainties for several businesses. AIOps platform can align with the industries operating in the digital environment amid such a challenging era of business infrastructural transformations. The increasing digital transformation during the pandemic has led to various challenges concerning user experience, security, and the downfall of industries. Organizations are restructuring operational infrastructure as security-related vulnerabilities in the digital environment have increased significantly. Under such highly dynamic circumstances, the AIOps platform helps businesses to take vigilant security measures. For instance, the platform helps ensure the Confidentiality, Integrity, and Availability (CIA) triad information security through its online security applications, such as AI-powered identity verification systems.

The adoption of cloud computing has been increasing rapidly in recent years. Cloud-hosting services such as Microsoft Azure (Microsoft), Amazon Web Services, Inc. (AWS), and Google Cloud (Alphabet Inc.) appeal to many enterprises owing to features such as the ability to scale up or down based on usage, pay-per-use, self-service, and high resiliency. These advantages, in turn, lead to lower IT expenditure, better service quality, and faster time-to-market than traditional IT offerings. AIOps solutions enable new IT operations efficiencies by offering centralized visibility across all environments, which helps diagnose and resolve IT issues faster.

Related Press Release@ Artificial Intelligence For IT Operations Market Report

Artificial Intelligence For IT Operations Platform Market Report Highlights

Organizations are deploying AIOps platforms specifically for real-time analytics and network and security management
Most AIOps platforms focus on providing enriched company data over data about individuals, called intent data. Intent data is collected behavioral information about an individual's online or digital activities
The rising adoption of machine learning for infrastructure management in IT environments is one of the major factors driving the market growth
Key players are leveraging AI and machine learning technologies to improve resilience and enhance productivity in IT operations

Broadband Services Market Size Worth $706.94 Billion By 2028

The global Broadband Services Market size is estimated to reach USD 706.94 billion by 2028, according to the new report by Grand View Research, Inc. The market is expected to register a CAGR of 9.1% from 2021 to 2028. The rapidly escalating demand for broadband services due to their ability to offer higher date access to the internet using a wide spectrum of technologies is a major growth propeller for the market.

The market is positioned to register strong growth over the forecast period, driven primarily by the steep demand in the market. The high demand is supported by proactive government initiatives, technological advancements for improved user convenience, consumer awareness, and increased usage of devices such as mobile phones, tablets, MIDs, and eBooks-requiring a broadband connection. The internet speed and widespread availability of broadband services are notable growth contributors.

Some of the key market trends in the global market for broadband services include the following: strategic usage of broadband pre-registration indices to collect market data regarding price, engineering decisions, and user preferences; online registration of broadband services makes the process transparent and user-friendly; electronic signature in registration documents and validation of identity proofs aids in maintaining an automatic contract status and limits malpractice; system integration is increasingly emphasized to offer a one-stop-shop service for all marketing, mails, management, installation, and customer support needs; and finally, B2C models are increasingly focused on impacting crowd mentality to attract a larger customer base.

The COVID-19 pandemic has rendered a positive impact on broadband services as digital consumption has witnessed a sharp rise over the last few weeks. Work-from-home concepts in most businesses, online classes in education formats, higher usage of video calls for conferences and personal uses, online shopping of essential items, and higher viewership of entertainment content have notably increased the requirement for broadband services. Investment in companies to adopt digital channels for product promotion and sales is also likely to surge in the near future. Besides speed, add-on services are a key attraction for customers, thereby leveling up the competitive rivalry in the market.

Related Press Release@ Broadband Services Market Report

Broadband Services Market Report Highlights

The Asia Pacific regional market accounted for the largest market share in 2020, owing to the wide-scale usage of broadband services
Fiber optics dominated the broadband connection segment due to its speedy connection, large-scale adoption, and continuously evolving technology
Wireless broadband services are positioned to demonstrate double-digit growth momentum over the forecast period
Increased adoption of broadband services during COVID-19 has prominently augmented market growth and fuelled the digital revolution in business models
The prominent industry players operating in the market are Comcast; AT&T Intellectual Property; Verizon Communications, Inc.; and Cox Communications, Inc.

Indoor Farming Market: Current Scenarios and Opportunities

The global Indoor Farming Market size is estimated to reach USD 75.3 billion by 2028, exhibiting a CAGR of 10.9% from 2021 to 2028, according to the new report conducted by Grand View Research, Inc. The increasing demand for food owing to the rising population is expected to drive the growth. Factors such as declining water supply, urbanization, and climate change have contributed to the loss of arable land. This in turn is driving demand for indoor farms to produce food. The challenges, such as rising global temperature and extreme weather conditions, act as a barrier in the traditional farming technique. The European Environment Agency (EEA) has carried out several initiatives to build vertical farms to overcome these challenges and produce food in an environment-friendly way.

Indoor farming increases the crop yield and reduces the farming impact on the environment by reducing the distance traveled in the supply chain. It reduces the need for the land space required to grow plants compared to traditional farming methods by using growing shelves mounted vertically. Rising consumer awareness regarding the consumption of healthy and fresh food is anticipated to positively influence the growth of the market for indoor farming over the forecast period. Furthermore, the use of technology, such as LED indoor farming to create nature-like conditions will help farmers meet the expected demand for food supply in near future.

Europe dominated the market in 2020 and is anticipated to remain dominant over the coming years, owing to the continuous adoption of advanced technologies such as LED lighting, controlled environment agriculture. Asia Pacific is expected to exhibit the fastest CAGR from 2021 to 2028, owing to the increasing indoor farms in countries such as China and Japan. Increasing adoption of greenhouses and vertical farms is projected to bode well for regional growth. In addition, the rising demand for pesticide-free, fresh vegetables and fruits is expected to fuel the regional market growth.

Related Press Release@ Indoor Farming Market Report

Indoor Farming Market Report Highlights

The greenhouses segment dominated the market in terms of revenue in 2020 as these facilities produce higher yields. Greenhouses offer a stable and highly controlled environment for the cultivation of flowers, vegetables, and fruits
The fruits, vegetables, and herbs segment is estimated to register the fastest CAGR over the forecast period, owing to the increasing food consumption along with growing consumer awareness regarding the importance of healthy eating, especially in regions such as Europe and Asia Pacific
The climate control systems segment is projected to expand at the highest CAGR during the forecast period, as the crop development can be controlled by adjusting and monitoring the concentration of minerals
Some of the key players operating in the market include LumiGrow (U.S.), Illumitex (U.S.), Hydrodynamics International (U.S.), and Agrilution (Germany)

China Testing, Inspection, And Certification Market by AsureQuality Limited, Bureau Veritas SA, DEKRA SE, DNV GL Group AS

The China Testing, Inspection, And Certification Market size is anticipated to reach USD 64.9 billion by 2028, according to a new report by Grand View Research. The market is anticipated to expand at a CAGR of 7.1% from 2021 to 2028. The high standards of living of Chinese citizens and increased focus of customers on quality and safety of food products and consumer goods such as toys, personal care & beauty products, and electrical and electronic appliances are driving the growth of the China testing, inspection, and certification (TIC) market. Furthermore, an increase in outsourcing of testing, inspection, and certification services by prominent companies operating in the manufacturing, automotive, and consumer goods application areas is projected to boost the growth of the market in China.

Furthermore, the TIC market is expected to grow at a faster pace in China owing to government investments in the transportation and energy sectors as well as the construction industry. The Chinese government has introduced favorable policies for international players to establish their foothold in the country to achieve progressive liberalization. The domestic players capture a majority share of the market in several Chinese provinces. The government has encouraged foreign investments by lifting the barriers for international TIC providers to enter and operate in the Mainland marketplace.

Previously, most companies in China conducted their testing, inspection, and certification operations in-house. However, with the growing acceptance of the China Compulsory Certification (CCC), a greater emphasis is placed on the need for strict regulatory standards and certifications and this has led to an increase in outsourcing activities of TIC in China due to cost benefits. This growing trend of outsourcing TIC services is anticipated to further drive the growth of the market over the forecast period due to the increased accessibility of the domestic market for international players and the provision of cost-effective solutions by the TIC service providers.

Related Press Release@ China Testing, Inspection, And Certification Market Report

China Testing, Inspection, And Certification Market Report Highlights

The Chinese TIC market is witnessing considerable growth owing to an increasing number of investments from international incumbents
The inspection service segment is expected to expand at the highest CAGR of 8.1% over the forecast period
TIC forms an integral part of the infrastructure and transportation sectors in China and hence, the growth of the two sectors is expected to drive the demand for testing inspection, and certification activities

Tuesday 4 January 2022

Wearable Technology Market Size Worth $118.16 Billion By 2028

The global Wearable Technology Market size is expected to reach USD 118.16 billion by 2028, registering a CAGR of 13.8% from 2021 to 2028, according to a study conducted by Grand View Research, Inc. The rapid increase in demand for multimedia devices and smartphones, coupled with the surge in the adoption of fitness trackers and health-based wearables, is anticipated to propel the market for wearable technology. Furthermore, increasing health awareness among consumers is leading to increased interest in fitness activities such as cycling, running, and walking. Fitness and activity tracking devices provide a way of monitoring progress and analyzing the physiological data gathered, thereby contributing to market growth.

Rising incomes, changing lifestyles, improved standards of living, and increased consumer awareness about the need to adopt energy-efficient products are encouraging consumers to spend more on utilities, thereby supporting the market growth. Furthermore, technological innovations and advancements and the larger availability of affordable and efficient products create growth opportunities for the market.

Increasing internet penetration in several countries across the globe is likely to help create lucrative growth opportunities for the market. For instance, according to the World Bank, the number of internet users in the U.S. has increased from 87.27% of the total population in 2017 to 88.49% in 2018. In China, 54.3% of the country’s population used the internet in 2017.

However, the COVID-19 pandemic impacted the supply chain of the market during the first two quarters of 2020 as shipments of these devices declined. The supply and demand gap has increased due to the limited availability of raw materials and labor shortage in manufacturing units. Nevertheless, the rising focus of governments on economic revival and leniency in lockdown restrictions are expected to witness drive market growth during the forecast period. Furthermore, rising health concerns among individuals are also expected to contribute to market growth.

The North America regional market, valued at USD 14.11 billion in 2020 and dominated the global market owing to the increasing demand for wearable devices in the U.S and Canada. Furthermore, the presence of several prominent players such as Alphabet Inc.; Garmin Ltd.; and Apple, Inc. in the region is also expected to favor market growth through the forecast period. These players majorly focus on strategic partnerships and mergers and acquisitions to enhance their business operations. For instance, in November 2019, Alphabet Inc. announced the acquisition of Fitbit Inc.

Related Press Release@ Wearable Technology Market Report

Wearable Technology Market Report Highlights

In terms of product, the wrist-wear product segment is expected to dominate the market for wearable technology over the forecast period due to the increased adoption of smartwatches among millennials. The segment is expected to reach USD 62.16 billion by 2028
In terms of application, the consumer electronics segment is expected to dominate over the forecast period. The segment is anticipated to reach USD 59.55 billion by 2028
North America is projected to account for the majority share of the global market over the forecast period. The regional market is anticipated to reach USD 36.67 billion by 2028. The growth in disposable incomes and the rapid adoption and popularity of connected devices are some of the major drivers of the regional market
The prominent industry participants include Apple Inc.; Fitbit, Inc.; SAMSUNG; Xiaomi Global Community; and Huawei Device Co., Ltd.