Technology Market report: March 2022

Wednesday 30 March 2022

Intelligent Traffic Management System Market Worth $27.92 Billion By 2030

The global Intelligent Traffic Management System Market size is expected to reach USD 27.92 billion by 2030 and expand at a significant CAGR of 13.1% from 2022 to 2030, according to a report by Grand View Research, Inc. Improve efficiency in mobility and road transport, the need to reshape transportation networks due to the increasing urban population, and rapid industrialization are some of the factors expected to drive the market growth. These systems reduce traffic congestion, eliminate delays, and send accurate information to commuters and traffic planners. Additionally, government initiatives to implement smart cities with improving road networks are expected to positively impact the growth.

Road congestion is one of the major causes of air pollution. The implementation of intelligent traffic systems makes traffic monitoring easy, thereby reducing harmful emissions, which is expected to impact the growth of the market positively. With the growing smart cities development, rapid urbanization, and the increasing population in developing countries, the demand for intelligent traffic solutions is expected to grow exponentially. Additionally, the rapid adoption of the fourth industrial revolution is anticipated to boost the growth of smart cities, subsequently fueling the demand for intelligent traffic management systems.

However, the absence of standards and the problems of technological uniformity and safety associated with traffic management systems are expected to negatively impact the growth of the market. To mitigate such incidents, the United Nations Economic Commission for Europe (UNECE) is helping in managing road safety legal instruments. Various aspects such as road infrastructure, traffic management, road signs, and signals are negotiated with the member countries and made legally binding. An Intelligent Traffic Management System Market (ITMS) can potentially help in reducing road accidents and enhancing safety. Several countries, including the U.S. and China, are investing aggressively in ITMS solutions, which is expected to bode well for the growth of the market over the forecast period.

Related Press Release@ Intelligent Traffic Management System Market Report

Intelligent Traffic Management System Market Report Highlights

The integrated corridor management segment is expected to witness a considerable CAGR of 13.9% over the forecast period. The market is gradually adopting advanced technologies that integrate and coordinate the flow of traffic. Additionally, through institutional collaboration and proactive and aggressive integration of the existing infrastructure along major corridors, several people are expected to help manage integrated corridors and improve traffic management
The traffic signal control system segment is anticipated to register a considerable CAGR over the forecast period. The availability of highly reliable and low-cost sensors, data storage facilities, and computing and networking infrastructure are some of the factors projected to fuel the growth of the segment in the forthcoming years
Asia Pacific is anticipated to expand at a CAGR of 16.9% from 2022 to 2030, driven by rapid urbanization, rising awareness regarding intelligent systems, and increasing population. The rise in disposable income in countries such as China, Japan, and India is expected to increase the purchase of four-wheelers. This is expected to propel the demand for traffic management solutions to resolve traffic congestion problems

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Tuesday 29 March 2022

Neobanking Market by Atom Bank PLC, Fidor Bank Ag, Monzo Bank Ltd., Movencorp Inc., Mybank

The global Neobanking Market size is expected to reach USD 2,048.53 billion by 2030, growing at a CAGR of 53.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. Factors, such as a faster process of loan approval and funding, compared to traditional banks, with low-interest rates via banking applications are driving the growth of the market. Increasing technological advancements, such as Artificial Intelligence (AI) and IoT, in online banking platforms, are also expected to boost the market growth over the forecast period. The rising popularity of mobile-based applications for making international fund transfers and online payments is also propelling the market growth. Governments in various countries are making efforts to promote internet services across rural areas.

Furthermore, leading players are offering customized services via mobile applications to help customers and enterprises manage their finances, savings, and spendings efficiently. Such factors bode well for the growth of the market. Factors, such as the accelerated expansion of the customer base, innovative revenue generation & modernization models, and increasing product launches globally, are expected to significantly contribute to the market growth over the forecast period. Numerous financial service providers are launching services through mobile apps to make payments faster. For instance, in November 2020, Revolut announced the launch of Google Pay for its customers in Greece, Bulgaria, Estonia, Austria, Hungary, Lithuania, Latvia, Portugal, the Netherlands, and Romania to make online and in-store payments fast and simple.

The outbreak of the COVID-19 pandemic positively impacted the global market on account of the rising dependency on online banking platforms for making payments. Numerous citizens and enterprises around the world preferred simple, safe, and helpful ways to adopt contactless payment technologies. The market players are also responding to the changing requirements of the enterprises and are diversifying their solutions and services to manage the taxing, budgeting, and accounting for small and medium-sized enterprises at lower costs.

Related Press Release@ Neobanking Market Report

Neobanking Market Report Highlights

The ability of neobanks to offer a faster and more transparent model and their low-cost structure are the key factors influencing the market growth
The growing adoption of mobile and digital banking as a mode of payment by Small-&-Medium-sized Enterprises (SMEs) and large enterprises is expected to propel the growth of the business account segment over the forecast period
The personal application segment is estimated to register the fastest CAGR from 2022 to 2030
Factors, such as reduced reloading fees, zero withdrawal expenses and monthly fees, and low cost of transactions, are expected to contribute to the segment growth
Europe dominated the market in 2021 and is expected to retain its position over the forecast period owing to the entry of a large number of new vendors in the regional market

Monday 28 March 2022

Blockchain Technology Market Worth $1,431.54 Billion By 2030

The global Blockchain Technology Market size is expected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 85.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is expected to drive the market. The growing use of cryptocurrency worldwide is also anticipated to drive market growth. This is because cryptocurrencies, such as Ethereum and bitcoin, operate on blockchain technology. The demand for cryptocurrency is increasing due to benefits, such as easy transactions, inflation hedge, and enhanced security.

According to the statistics provided by TripleA, a cryptocurrency solution provider, more than 300 million people worldwide used or owned cryptocurrency in 2021. The growing demand for blockchain across the government sector due to benefits, such as protection of sensitive data, reduced cost, and improved efficiency is driving the market growth. Various government agencies, such as the Department of Homeland Security (DHS) in the U.S. are demanding blockchain technology-based applications to enhance their data security.

The DHS is funding startups to conduct research and development to explore new approaches to cyber security using blockchain technology. The COVID-19 pandemic is expected to positively impact the market growth over the forecast period. The growing online sales due to the COVID-19 pandemic are expected to create the demand for blockchain technology among e-commerce companies. E-commerce companies use this technology for supply chain management.

Related Press Release@ Blockchain Technology Market Report

Blockchain Technology Market Report Highlights

In terms of type, the public cloud segment is expected to retain its dominance over the forecast period. The growing preference of governments for efficient and open transactions is driving the segment growth
In terms of components, the infrastructure & protocol segment dominated the market in 2021 and is expected to witness significant growth over the forecast period. The demand for the infrastructure & protocol is high among network developers as it helps them in developing customized networks for their clients
In terms of application, the payments segment dominated the market in 2021. The segment growth can be attributed to the capability of blockchain technology to facilitate payments by reducing the number of intermediaries, which helps reduce transaction costs
In terms of enterprise size, the large enterprise segment dominated the market in 2021. The rapid adoption of blockchain technology by large enterprises to enable digital services across different business channels accentuated the segment growth in 2021
In terms of end use, the financial services segment dominated the market in 2021. The increasing investment in this technology by finance service providers propelled the segment growth in 2021
The increasing adoption of the technology in emerging economies, such as China and India, is expected to create growth opportunities for the market players in the Asia Pacific region over the forecast period

Wednesday 23 March 2022

Customer Relationship Management Market Worth $157.6 Billion By 2030

The global Customer Relationship Management Market size is expected to reach USD 157.6 billion by 2030, according to new research by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.3% from 2022 to 2030. The continuous demand for innovative solutions to analyze customer information, collate critical customer data, and transform it into a better customer experience strategy are driving factors for CRM solutions across all sizes of businesses. This further led to the integration of customer relationship management solutions with advanced technologies such as big data analytics, machine learning, and AI-powered analytics are expected to boost product innovation and development across CRM solutions for a better customer experience and high operational efficiency.

The adoption of CRM solutions has shown tremendous growth in recent years with several benefits, including reduced marketing cost, improved operational efficiency, and efficient data-based management of an organization’s entire sales process. With the rapid growth of mobile and cloud solutions, organizations are increasingly insisting on efficient access to real-time customer data for improved customer engagement to drive sales growth and maintain customers for a long period. Furthermore, the increasing penetration of CRM solutions through smart mobile devices and internet services is one major trend in the sales and marketing domain globally.

The continuous demand for the optimized implementation of advanced technologies such as predictive and prescriptive analytics to maximize current operational processes is a key driving factor for investments and innovation in CRM solutions. For instance, in September 2021, Salesforce.com, Inc. announced the collaboration with Slack, a business communication platform, to empower the sales team to collaborate in real-time to close more deals from anywhere. Moreover, this integration enables marketing teams and agency partners to collaborate in a shared digital workspace.

Related Press Release@ Customer Relationship Management Market Report

Customer Relationship Management Market Report Highlights

In terms of solution, the CRM analytics segment is anticipated to expand at a significant CAGR throughout the forecast period. The artificial intelligence and its applications, machine learning, and the growing use of integration of business intelligence and analytics in CRM software are expected to drive the growth of the segment over the forecast period
In terms of deployment, the cloud segment is expected to account for a significant CAGR of 15.5% during the forecast period.The market is projected to retain its dominance over the forecast period as it offers various advantages, such as cost efficiency, accessibility, and virtually no equipment costs. Moreover, the increasing use of mobile applications is likely to further accelerate the growth of the market
The Small and Medium Enterprises (SMEs) segment is anticipated to register a CAGR of 14.9% over the forecast period. The continuous adoption of advanced technologies and minimizing business challenges is driving the implementation of CRM solutions in SMEs globally. Furthermore, increasing in business productivity, innovation in marketing strategies, and customer retention are also driving market’s growth
In terms of end use, the IT and telecom segment is likely to register the highest CAGR of 15.2% from 2022 to 2030. The key factors that boost the adoption of CRM solution in the IT and telecom segment includes competence needs, high capital expenditure, improved customer service processes, and better sales projection
In Asia Pacific, the market is expected to register at the highest CAGR over the forecast period due to emerging economies such as China and India that hold a large customer base across several industries and verticals. Furthermore, the increasing awareness about innovative marketing strategies and sales tools to improve customer engagement, growing penetration of the internet, rise in the number of social media platforms, and smartphone usage are expected to promote regional growth over the forecast period

Digital Transaction Management Market by Adobe, Ascertia, DocuFirst, DocuSign, Inc., eDOC Innovations, Entrust Corp.

The global Digital Transaction Management Market size is expected to reach USD 61.10 billion by 2030, growing at a CAGR of 25.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the increasing need to manage all document-based transactions digitally. The growing adoption of cloud-based services across various industries and industrial verticals is also expected to propel the growth of the market over the forecast period. Digital transaction management solutions can potentially digitize, and subsequently, accelerate the process of signing business contracts and agreements accurately and securely.

These solutions can help in signing and transmitting documents online instantly rather than signing the documents physically and dispatching those by post or scanning and emailing the signed documents. Apart from accelerating the overall process of signing contracts and agreements, digital transaction management solutions can also help in reducing mistakes, thereby lowering operating costs. Businesses across the globe are focusing on adopting digital transaction management solutions to reduce errors, and operating costs thereby, while reducing transaction times and augmenting productivity. Moreover, as these solutions are cloud-based, employees can access important business documents irrespective of their device or location.

These solutions can also create digital signatures, which are considered highly authentic and secure, thereby making them more legally applicable than conventional signatures. The outbreak of the COVID-19 pandemic is expected to play a decisive role in driving the market. Given the restrictions on in-person interactions, shipping, and traveling in the wake of the outbreak of the pandemic, businesses are gradually switching to alternative procedures for settling down their trade and financial transactions. At the same time, the adoption of document archival and workflow automation solutions is also expected to gain traction across numerous end-use industries and industry verticals as businesses are unable to deliver, examine, and handle physical documents owing to remote operations and the restrictions on the staff allowed to be present within the premises.

Related Press Release@ Digital Transaction Management Market Report

Digital Transaction Management Market Report Highlights

The hardware segment dominated the market in 2021 owing to the increasing demand for Point of Sale (POS) systems for digital transaction management from the incumbents of the hospitality, healthcare, and retail industries
Aggressive investments in electronic documents by enterprises and government agencies across the globe are expected to propel the growth of the electronic signatures segment over the forecast period
Continued digital transformation across Small & Medium Enterprises (SMEs) across the globe is expected to drive the growth of the SMEs segment over the forecast period
The BFSI segment dominated the market in 2021 owing to the increasing adoption of digital transaction management solutions by banks and financial institutions as part of their efforts to reduce paperwork and improve the efficiency of their processes
Asia Pacific is expected to emerge as the fastest-growing regional market owing to the high internet penetration rate and population density in emerging countries, such as China and India

Tuesday 22 March 2022

5G Services Market Worth $1.67 Trillion By 2030 | CAGR: 52.0%

The global 5G Services Market size is estimated to reach USD 1.67 trillion by 2030, registering a CAGR of 52.0% from 2022 to 2030, according to a new study by Grand View Research, Inc. The rapidly rising demand for ultra-reliable and low-latency data networks capable of providing enhanced mobile connectivity is estimated to boost the market growth over the forecast period. The potential adoption of 5G services for remote patient monitoring and remote surgery applications is also anticipated to propel market growth from 2022 to 2030. The 5G wireless technology is expected to completely transform the transportation and logistics industry by providing seamless Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) connectivity.

As such, the need to ensure strong, seamless, and uninterrupted connectivity with autonomous vehicles is estimated to drive the adoption of 5G services. Furthermore, robust deployment of 5G network infrastructure is estimated to improve the operational efficiencies in several IoT use cases, including smart homes, smart cities, and industry 4.0. Hence, the rising need for high bandwidth to provide reliable communication to IoT devices is expected to elevate the overall market growth over the forecast period. In some countries, such as the U.S., China, and Japan, the trend of monitoring energy systems of buildings remotely is rising gradually. This is expected to open new opportunities for rolling out 5G services over the forecast period.

As such, the growing need for remote asset monitoring, drone control, coordination, and smart grid control is anticipated to fuel the growth of the ultra-Reliable Low-Latency Communications (uRLLC) segment over the forecast period. Key market players, such as AT&T Inc., China Telecommunications Corp., and Verizon Communications, are investing in rolling out 5G infrastructure to provide low-latency services for faster Machine-to-Machine (M2M) communication. However, these market players are expected to deliberate before making investments owing to the high 5G spectrum prices. Stringent government regulations and policies pertaining to the 5G wireless technology are also expected to hinder market growth.

Related Press Release@ 5G Services Market Report

5G Services Market Report Highlights

The U.S. is anticipated to dominate the North America regional market from 2022 to 2030 owing to the rising demand for higher data speeds for several end-use applications including M2M communications, energy & utility management, and smart mobility management
The enhanced Mobile Broadband (eMBB) communication type segment is anticipated to hold the largest market share by 2030.
This growth is credited to the rising focus of key market players on rolling out high-speed and low-latency data networks for residential and commercial applications, such as video conferencing, virtual meeting, Virtual Reality (VR) & Augmented Reality (AR) gaming
The manufacturing vertical segment is expected to register the fastest CAGR over the forecast period due to the growing need for seamless connectivity to drive industrial devices including robots and actuators
Market incumbents are focusing on mergers and acquisitions for delivering 5G services to strengthen their presence and expand their product portfolios
However, due to the global COVID-19 pandemic, the governments across key countries have postponed the auction for 5G spectrums. This may hamper the market growth over the forecast period

Bicycle Market Size Worth $119.29 Billion By 2030 | CAGR: 8.2%

The global Bicycle Market size is expected to reach USD 119.29 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.2% from 2022 to 2030. Increasing adoption of cycling as a form of leisure and awareness regarding the health benefits associated with cycling are the factors expected to bolster the market growth. Bicycles are being preferred for short-distance commutes as they save considerable time as compared to other vehicles. Moreover, limited parking spaces and growing traffic congestions are prompting people to reconsider bicycles as a primary option for the commute.

Rising emphasis on the use of non-polluting vehicles for short-distance commutes by governments across the world is anticipated to positively influence market growth. The fact that bicycles do not emit any pollutants is projected to drive their demand in the near future. Moreover, consumers are rapidly moving toward online distribution channels to buy a bicycle due to several key factors, including doorstep delivery and replacement and the availability of a variety of products. Additionally, due to the outbreak of the COVID-19 pandemic, consumers are mainly focused on avoiding crowded places to prevent themselves from virus infections.

The cargo bikes product segment is expected to emerge as the fastest-growing segment over the forecast period. These happen to be the most basic bicycles that consumers prefer owing to their ease of use. These cycles do not require any sophisticated equipment required by mountain and hybrid bicycles. This factor is anticipated to bode well for the growth in demand over the forecast period. Moreover, dockless bicycle-sharing systems are expected to gain attention in the coming years as they enable users to locate and electronically unlock a nearby bicycle for rent. Produced originally in Europe, these systems are gaining acceptance, especially in Asian countries, including India and China.

Related Press Release@ Bicycle Market Report

Bicycle Market Report Highlights

The global market is growing significantly as bike-sharing companies, particularly in Europe and Asia, are investing aggressively in expanding their operations
Based on product, the cargo bikes segment is anticipated to expand at the highest CAGR of22.3% over the forecast period. This high growth rate is mainly attributed to the increasing government initiatives to promote the adoption of cargo bikes for short-distance logistics within a city. In addition, the governments of several countries are offering grants and incentives to drive the adoption of e-cargo bikes
Apart from being easy to use, electric bicycles can potentially shorten the journey time. Moreover, advances in battery technology have resulted in the advent of lighter rechargeable batteries that can support longer journeys. These factors are contributing to the growth of the electric technology segment
The men end-user segment is expected to expand significantly at the fastest CAGR over the forecast period as men would continue to outnumber women and kids in terms of opting for a bicycle commute. The number of men opting for bicycle commutation was higher than that of women and kids in 2021
Asia Pacific dominated the market in 2021 with a revenue share exceeding 30.0%. Governments in Asian nations, particularly Japan, China, and Singapore, among others, are investing aggressively in establishing the infrastructure necessary to encourage and support bicycle commutation
Leading market incumbents are Accell Group; Dorel Industries Inc.; Giant Bicycles; Merida Industry Co., Ltd.; and Trek Bicycle Corporation. They dominated the market in 2021 leveraging a continuous emphasis on expanding their market share through mergers and acquisitions

Monday 21 March 2022

Customer Experience Management Market by Adobe, Avaya Inc., Clarabridge, Freshworks Inc., Genesys

The global Customer Experience Management Market size is expected to reach USD 38.98 billion by 2030 and is expected to register a significant CAGR of 18.1% from 2022 to 2030, according to the new report by Grand View Research, Inc. The growing importance of understanding customer behavior and their preferences is driving various organizations and brands to provide the best service performance for modern customers in real-time.

Moreover, the growing use of Artificial Intelligence (AI) and its applications by organizations to communicate with their consumers is expected to boost the growth of the Customer Experience Management (CEM) market in the forthcoming years. Several brands and organizations are increasingly depending on customer experience management tools to determine customers’ requirements, which are perceived to be significant to sustain in this competitive market.

The continuous demand from customers for a personalized experience across several industries, such as IT, telecom, retail, and BFSI, is a key driving factor for the market growth. Customer experience management allows smooth connectivity between companies and customers for achieving the organizational goal as well as customer expectations. It blends customer satisfaction, loyalty, retention, and customer-centricity.

With the advancements in technology, consumers are using numerous devices to understand, evaluate, and finalize products. The digital transformation has helped consumers to demand a smooth experience while interacting with companies across multiple touchpoints and channels. Several organizations are highly involved in developing and restructuring their customer experience management through artificial intelligence and its applications to retain their customers and successfully position and reposition their brands and products.

Related Press Release@ Customer Experience Management Market Report

Customer Experience Management Market Report Highlights

The popularity of speech analytics tools has grown with the increasing number of voice-enabled searches and call centers. Speech analytics enables enterprises to identify the areas of trends, opportunities, and concerns through calls. This will improve the agent’s performance, monitor compliance, streamline business processes, improve first call resolution, and enhance customer experience
The mobile touchpoint market is anticipated to register a CAGR of 19.9% over the forecast period. The driving factor for the growth is the increased use of smartphones, which is empowering enterprises to develop mobile marketing strategies. Moreover, mobile CEM solutions enable mobile carriers to take part in building sustainable customer relationships via customer-initiated requests
The cloud-based segment is expected to attain significant growth in terms of revenue by 2030, registering a CAGR of 20.3% over the forecast period. This technology offers low-cost integration of CEM systems within the existing environment. It is widely used across the end-use segment for its flexibility and scalability and will play a vital role in increasing the growth of this market
The BFSI segment is expected to register the highest CAGR of 19.5% over the forecast period as these solutions and services provide quality standards and reduce internal inefficiencies in BFSI enterprises. The major factors included for driving the growth are increasing adoption of cloud-based deployment models and investments in advanced technologies to offer digital finance management assistance
The Asia Pacific regional market is expected to register the highest CAGR of 19.9% over the forecast period. With huge presence of call centers, increasing trend of social media marketing, and growing emphasis on customer satisfaction across industries and sectors are driving factors for the growth

Content Delivery Network Market Size, Share, Analysis and Forecast to 2030

The global Content Delivery Network Market size is expected to reach USD 95.37 billion by 2030, registering a CAGR of 23.0% from 2022 to 2030, according to the new report by Grand View Research, Inc. The major factors expected to drive the market’s growth are rising demand for advanced technologies such as Augmented Reality (AR) and Artificial Intelligence (AI), increasing accessibility and affordability of mobile and broadband networks, reducing costs, and increasing demand for affordable smartphones and data plans, are giving the opportunities to the market players to launch advanced CDN solutions.

The increasing population and the advancements in network technologieslead to high content consumption, there by increasing the demand for efficient CDN solutions. Furthermore, the digitalization of the media andentertainment industry is boosting the overall market growth. However, data security and information privacy are likely to limit market growth. Several initiatives have been taken by the government in different countries to provide high-speed internet facilities in both rural and urban areas and also the recent improvements in internet speed have increased data consumption.

This has led to cause congestion and latency issues, and rise in internet traffic, and created massive growth in the demand for CDN solutions to provide efficient content delivery to the end users. This has a direct impact on the enterprises where daily operations and businesses depend on the delivery speed of the content, webpage performance, and the time taken for a webpage to load, by which they can strengthen their business. This has compelled organizations to utilize CDN solutions for driving process optimization and delivering better customer experience and service.

Related Press Release@ Content Delivery Network Market Report

Content Delivery Network Market Report Highlights

The dynamic CDN segment is anticipated to register a significant CAGR over the forecast period. The CDN solution and content providers and media broadcasters are playing a vital role in empowering their customer base and revenue by considering network and delivery optimization, for the growth
The web performance optimization segment is expected to register a CAGR of 23.1% over the forecast period due to the growing demand for Quality of Experience (QoE) and Quality of Service (QoS)
The e-commerce segment is anticipated to register a significant CAGR of 22.9% from 2022 to 2030. As the online shopping spaces evolve, the companies want to ensure adequate website acceleration and enhanced security. Additionally, solution providers need to deliver a compelling web content experience for e-commerce websites and continue driving the growth
The peer-to-peer service provider segment is expected to grow considerably at a significant CAGR from 2022 to 2030 due to the rising demand for network optimization, content acceleration, and media delivery
Increasing volumes of online content due to extensive usage of various social media platforms necessitate peer-to-peer CDN solutions for network optimization and content delivery

Construction Equipment Market Worth $161.99 Billion By 2030

The global Construction Equipment Market size is projected to reach USD 161.99 billion by 2030, registering a 3.9% CAGR from 2022 to 2030, according to a new study by Grand View Research Inc. Increasing investments by governments worldwide for developing public infrastructure is one of the prime factors that is expected to drive the market growth over the forecast period. Furthermore, the growing population in emerging economies such as India has resulted in increased residential and commercial construction activities, a trend that is expected to continue to increase the demand for construction equipment. Thus, the market is anticipated to grow steadily over the forecast period.

Favorable government initiatives are expected to drive the growth of the market in the forthcoming years. For instance, in August 2021, the federal government of the U.S. announced stimulus packages including USD 550 billion in new federal investment for modernizing infrastructure are expected to drive construction spending in the country. Similarly, in 2019, the Government of India announced to invest USD 1.4 trillion for infrastructure projects from 2019 to 2023; this signifies the upcoming demand for construction machinery in the country over the forecast period.

The COVID-19 outbreak hampered the growth of the market, due to supply chain disruptions and temporary shutdowns of dealer stores. However, in 2021, there was a sudden increase in demand for construction equipment due to the resumption of construction activity for halted and new projects. An abrupt demand for construction and infrastructure resulting in a shortage of inventories leading to an increase in the price of the commodity of base materials are expected to hinder the growth of the market over the forecast period.

Related Press Release@ Construction Equipment Market Report

Construction Equipment Market Report Highlights

The earthmoving machinery segment dominated the market in 2021. The segment is expected to witness progressive demand owing to the increasing investments for industrial and commercial construction projects in emerging economies of the Asia Pacific and the Middle East and Africa
The material handling machinery segment is expected to register a CAGR exceeding 4% over the forecast period. It can be ascribed to an increase in demand for crawler cranes that offer greater convenience and ease of accessibility in small construction sites, especially in urban areas
The concrete and road construction machinery is projected to expand at a CAGR exceeding 5% over the forecast period. Favorable government initiatives to increase their investment in highway construction are anticipated to drive the growth of the segment

Third-party Logistics Market by BDP International, Burris Logistics, C.H. Robinson Worldwide, Inc., Deutsche Post AG (DHL Group), CEVA Logistics

The global Third-Party Logistics Market size is expected to reach USD 1,998.73 billion by 2030, registering a CAGR of 8.6% from 2022 to 2030, according to a new report by Grand View Research, Inc. The advent of new technologies is changing the 3PL industry dynamics. The advanced data collection capabilities, warehouse automation, and digitalization of the entire supply chain are enabling companies to adopt a consistent innovative, customer-centric, and agile approach. As a result, 3PL companies are providing technologically driven services by investing in blockchain solutions, mobile technologies, and 3PL software to gain a competitive advantage in a fiercely competitive marketplace.

The Internet of Things (IoT) and cloud-based logistics management solution turn the data into actionable value-added information, which can shape the strategic decision-making process and increase productivity. Some of the capital-intensive organizations are increasing their Information Technology (IT) spending and are using predictive analytics for supply chain enhancement. For instance, C.H. Robinson Worldwide, Inc. is using Artificial Intelligence (AI) technology to analyze customer data and get notified about extreme weather conditions or traffic disruption. Logistics automation is expected to play a vital role in the growth of the market. The use of robots in warehouses and unloading docks helps streamline order fulfillment services.

The use of Automated Guided Vehicle (AGV) can help lessen human errors, resolve material handling issues, ensure movement of high-volume goods, and increase accuracy & repeatability. To deliver immediate value and long-term returns, companies are widely accepting logistics automation. The value-added logistics services are expected to witness the highest CAGR over the forecast period. Key companies are offering comprehensive logistics services to ensure the competitiveness of their businesses. Shippers are reducing operational costs by shifting their focus from transportation and back-office functions, such as warehousing, order taking & picking process, kitting & final assembly, product localization, and labeling. Thus, the value-added logistics services are becoming a boon for shippers to mitigate inventory & transportation costs.

Related Press Release@ Third-party Logistics Market Report

Third-party Logistics Market Report Highlights

The market is anticipated to witness substantial growth during the forecast period due to factors, such as the development in logistics infrastructure in the Asia and Middle East regions, the rapid growth of the e-commerce sector, and the development of new technologies
The value-added logistics services segment is expected to register the highest CAGR over the forecast period. The 3PL companies are emphasizing value-added logistics services to unveil their unique capabilities and provide enhanced customer experience, facilitating the strong growth of the segment
The retail end-use sector segment is expected to register the fastest CAGR over the forecast period owing to the benefits, such as same-day delivery and fulfillment capabilities
The roadways segment accounted for the largest share in 2021 owing to the growing public-private partnerships model and increased emphasis on logistics infrastructure
Globalization, along with sustainable economic growth, is expected to drive the growth of airways logistics mode over the forecast period
Asia Pacific is anticipated to register the fastest CAGR from 2022 to 2030 owing to the growing transport infrastructure and effective transit of freight and goods among regional emerging countries