Technology Market report: May 2022

Thursday 26 May 2022

Automotive Finance Market Size Worth $451.71 Billion By 2030

The global Automotive Finance Market size is expected to reach USD 451.71 billion by 2030, registering a CAGR of 7.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. Growing global demand for autonomous cars is expected to drive the market growth. Increasing government regulations on rising road safety are creating the need for autonomous cars with highly advanced technologies worldwide.

The investment made in the automotive finance industry is also creating new opportunities for market growth. For instance, in January 2021, MotoRefi, an automotive refinancing company, announced that it raised USD 10.0 million in a round that Moderna Ventures led. The company uses this funding to hire more employees and expand its offerings.

Various auto car manufacturers are entering into a partnership with automotive finance providers to enhance their customer experience. For instance, in March 2022, CIG Motors, a GAC brand distributor, announced its collaboration with Polaris Bank Limited. By means of this partnership, the former company aims to make vehicle ownership and acquisition easy for Nigerians through the Easy Buy scheme.

COVID-19 had a negative impact on the market growth in 2021. However, the global auto manufacturers, lenders, and dealers have got adjusted to the current COVID-19 situation. For instance, the automotive manufacturers incentivized their new car sales to grow their sales amid COVID-19. These efforts taken by the automakers are expected to improve the demand for automotive finance during the forecast period.

Related Press Release@ Automotive Finance Market Report

Automotive Finance Market Report Highlights

The banks segment is expected to dominate the market growth during the forecast period as banks offer secure financing to their customers. Banks also offer customers the facility to apply for pre-approval. This facility helps customers in comparing estimated loan offers
The direct segment is expected to dominate the market growth during the forecast period. Numerous customers across the globe prefer direct auto loans as they can easily access and get loans from the credit unions, banks, and other loan lending companies
The leasing segment is expected to register the highest CAGR during the forecast period. Customers are focusing on adopting the leasing model as it is a more flexible model in comparison to others for new, shared, and used vehicles that could comprise services such as insurance
The passenger segment dominated the market in 2021 and is expected to show similar trends during the forecast period. The number of passenger vehicles including pickup trucks and others on the road, continues to rise across the globe, thereby creating growth opportunities for the passenger vehicles segment during the forecast period
The presence of many prominent automotive finance providers in the European region and the adoption of innovative tools, such as biometrics, e-contracts, and machine learning, is expected to drive the regional market growth during the forecast period

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Monday 23 May 2022

Alternative Data Market Size, Share, Trends and Worldwide Forecast Report

The global Alternative Data Market size is anticipated to reach USD 143.31 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 54.4% from 2022 to 2030. The increasing emphasis on gaining alpha from hedge funds is expected to boost the demand for alternative data. The asset managers from hedge funds, mutual funds, private equity funds, pension funds, unit trusts, life insurance companies, and other BFSI entities are highly inclined to use alternative data to derive predictive insights. Moreover, the use of alternative data for risk management processes is also expected to drive market growth.

Nowadays, data sources are not limited to transactions, and email receipts as companies are finding ways to extract data from various emerging sources. These include social media, web traffic, mobile devices, sensors, IoT-based devices, satellites, and e-commerce portals. The data analysts utilize this data in correlation with each other to derive various hidden patterns and insights. However, the data collected from some of these sources conflict with privacy regulations such as the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR). Thus, the data aggregators and end-users need regulatory compliance, which ensures their datasets are free from Personal Identifiable Information (PII).

North America dominated the market and accounted for a revenue share of more than 67.0% in 2021. The region is estimated to continue its dominance over the forecast period from 2022 to 2030. The emerging presence of numerous alternative data providers in the U.S is the major driving factor. Companies such as Advan, Eagle Alpha, M Science, and YipitData are providing various types of alternative data, including credit and debit card transactions, email receipts, geo-location (foot traffic) records, mobile usage, satellite, weather data, social and sentiment data, and web scraped data. The acquisitions and partnership initiatives from companies such as Nasdaq and S&P Global Platts is further expected to fuel regional market growth.

On the other hand, Asia Pacific is expected to emerge as one of the fastest-growing regional markets over the forecast period. This is due to rising use-cases of alternative data in BFSI, retail, automotive, and telecommunication industries. The use of alternative data for investments and risk assessment, particularly from companies in emerging economies, such as India and China, is expected to boost the regional market growth.

Related Press Release@ Alternative Data Market Report

Alternative Data Market Report Highlights

Amidst the coronavirus pandemic, the companies are using alternative data collected from social media, mobile phones, applications, wearables, and other IoT-based devices to assess changes in consumer behavior patterns related to purchases and interests
The credit and debit card transactions segment is anticipated to exhibit the highest CAGR from 2022 to 2030 owing to the high accuracy of the data type and significant demand from asset managers
The hedge fund operators segment held the largest revenue share amongst all end-users in 2021 on account of rising demand for data from the investors and firms to identify lucrative investment opportunities and generate alpha
The BFSI industry segment held the largest market share in 2021 as the entities such as hedge funds, mutual funds, and insurance companies are early adopters of alternative data
North America dominated the market and accounted for over 67.0% share of revenue in 2021 and is expected to maintain its dominance from 2022 to 2030
Emerging economies, such as India, Thailand, Singapore, and China, are expected to drive the market in the Asia Pacific owing to the rising use cases of alternative data for predictive risk assessment

Virtual Reality Market by Barco, CyberGlove Systems, Inc., Meta, HTC Corporation

The global Virtual Reality Market size is expected to reach USD 87.0 billion by 2030, according to the latest report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.0% from 2022 to 2030. The rapid penetration of Head-Mounted Display (HMD) in various industries, particularly in entertainment and gaming, has led to significant market growth. Additionally, the advent of 5G technology has positively impacted the adoption of virtual technology.

The emerging demand for virtual training across industries such as education, aerospace and defense, automotive, and healthcare is driving the market. For instance, in October 2021, Accenture ordered 60,000 Oculus headsets to simplify its onboarding process and train new employees. The company considers VR to be an engaging and productive technology that provides a time-efficient solution for training.

With the deployment of VR technology, the e-commerce industry has enabled shoppers to virtually try new clothes and accessories. This supports buyers in making the right purchase choices. Furthermore, the temporary closure of educational institutions to combat the spread of coronavirus has forced them to conduct their academic sessions on VR-based online platforms to facilitate better collaboration.

The VR technology has also enabled medical personnel to deliver instructions and aid therapies through the audio-visual tool. The increasing use of automation and Artificial Intelligence (AI) across many industries is one of the primary growth drivers of the market. North America is anticipated to maintain its lead during the forecast period owing to the dominance of technology companies in the region. Additionally, the emergence of various start-ups related to advanced technology is expected to impact the growth of the market.

Related Press Release@ Virtual Reality Market Report

Virtual Reality Market Report Highlights

The market is expected to be driven by advances in smartphone hardware and cutting-edge virtual reality-compatible headsets during the forecast period
The HMD device segment accounted for the largest revenue share of over 60.0% in 2021
The semi and fully immersive technology segment accounted for the largest revenue share in 2021, which is expected to further increase throughout the forecast period. This can be attributed to the ability of the technology to bring a real-like dimension to a simulated domain
Asia Pacific accounted for the largest revenue share of over 40.0% in 2021 and is anticipated to dominate the market during the forecast period

3D Printing Market by Stratasys, Ltd., Materialise, EnvisionTec, Inc., 3D Systems, Inc., GE Additive

The global 3D Printing Market size is expected to reach USD 76.17 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 20.8% from 2022 to 2030. 3D Printing (3DP) is also referred to as Additive Manufacturing (AM) as it involves successive addition of layers of materials in various 2D shapes using an additive process. These layered 2D shapes build upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of material and the unnecessary material is ground out to obtain the desired object.

3D printing is widely adopted in the industrial sector owing to the growing need for enhanced product manufacturing and a shorter time to market. The industrial vertical happens to be the most significant adopter of the 3D printing technology, eventually leading to the largest market share of 3D printers for industrial applications over the forecast period. Additive manufacturing is anticipated to evolve over the forecast period.

3D printing continues to gain popularity among hobbyists and innovators. While individuals are using 3D printing for domestic and personal purposes, universities and educational institutes are using 3D printing for conducting technical training. The market is subject to witness a considerable economical appearance rather than being just a labor-intensive industrial manufacturing technique. Particularly in developing economies, such as Brazil, South Africa, and India, machining shops have managed to adopt alternative business models by installing 3D printers and offering related services, such as 3D printing materials, filaments, 3D modeling, and 3D printer software.

Apart from the industrial vertical, the automotive, healthcare, and aerospace & defense verticals are among the leading adopters of 3D printing technology. Incumbents of these verticals have an emphasis on accuracy, enhanced product designing, reliability, shorter time to market, and economical production processes. Given that additive manufacturing can offer all these benefits, the adoption of three-dimensional printers by the automotive, healthcare, and aerospace & defense verticals is expected to gain traction over the forecast period.

3D printing and related technologies are evolving continuously in line with the intensive R&D activities being undertaken, and the aggressive investments being made by the private and the public sectors. Government funding and encouraging initiatives being undertaken in developed economies are prompting manufacturers to pursue improvements in technology and the adoption of new technologies.

North America accounted for the largest revenue share of more than 30.0% in 2021, as a result of the extensive adoption of 3D printers for 3D designing, 3D modeling, and 3D manufacturing in several industries. The Asia Pacific region has emerged as a manufacturing hub owing to an expanding consumer base as well as the continued foreign investments happening in the region. The Asia Pacific market is expected to witness remarkable growth over the forecast period.

3D printing technology happens to be a capital-intensive technology. At the same time, manufacturers are holding on to their misconception about prototyping, rather than realizing the advantages associated with 3D printing. Moreover, the market lacks the standard process controls and a skilled workforce required for 3D printing. These are some of the factors that are expected to restrain the market growth. However, government initiatives aimed at increasing awareness and promoting the benefits of adopting 3D printers are expected to help in countering the market restraints.

Related Press Release@ 3D Printing Market Report

3D Printing Market Report Highlights

3D printing technology is gaining traction owing to the ability of the technology to offer accurate and rapid prototyping and optimize the time to market. Increasing adoption of 3D printers in the healthcare, automotive, and consumer electronics verticals is likely to drive the market significantly
The prototyping application segment dominated the market in 2021 and is expected to maintain its lead over the forecast period
The metal material segment led the market in 2021 and is expected to maintain its lead over the forecast period. This is attributed to the increasing demand for metal 3D printing from industrial verticals such as automotive and aerospace and defense
The desktop 3D printer type segment, which has been segmented further into educational purpose, fashion and jewelry, objects, dental, food, and others, is expected to adopt the 3D printing technique aggressively over the forecast period
Demand for desktop 3D printers is expected to increase over the forecast period as 3D printing is gaining popularity among hobbyists for domestic, household, and personal usage, as well as in the education sector for training purposes
The Asia Pacific market, which is emerging as a manufacturing hub for several industry verticals, is expected to grow significantly as the continued urbanization triggers the need for infrastructure and prompts the automotive, consumer electronics, aerospace and defense, and healthcare verticals to adopt 3D printing, particularly in countries including China, Japan, and South Korea

Broadband Services Market: Future Trends, Revenue Growth & Leading Players, Forecast To 2030

The global Broadband Services Market size is estimated to reach USD 875.1 billion by 2030, according to the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.6% from 2022 to 2030. 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 propeller of market growth of 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 market 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 the broadband services as digital consumption has witnessed a sharp rise over the last few weeks. Work-from-home concepts in most business, 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 Service Market Report

Broadband Service Market Report Highlights

In Asia Pacific, the market accounted for the largest revenue share in 2021, owing to the widescale usage of broadband services
The fiber optics segment dominated the market 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 fueled the digital revolution in business models

Wednesday 18 May 2022

Music Streaming Market by Spotify AB, Apple, Inc., Amazon.com, Inc., Google LLC

The global Music Streaming Market size is expected to reach USD 103.07 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 14.7% from 2022 to 2030. The growth of the market can be attributed to the rising popularity of music streaming platforms, coupled with the increasing disposable income of individuals. Spotify, YouTube Music, Pandora, SoundCloud, iHeartRadio, and Apple Music are some of the most well-known digital music platforms in the market. Many music streaming companies offer free trials as well as paid subscriptions. They also offer premium accounts at certain fees to provide users with various benefits, such as no ads and offline listening. The availability of such digital options, along with the declining sales of physical CDs, is contributing to the rapid adoption of music streaming services.

Moreover, cloud-based music is gaining wide popularity in the market. Companies are focused on developing user-friendly apps that allow music to be streamed easily on tablets and smartphones. The inclusion of the cloud component in music streaming platforms enables companies to enhance their services by offering benefits such as storage saving and easy streaming from multiple devices. Furthermore, factors such as the presence of a digitally literate population and the adoption of smart devices are accelerating market growth.

Music streaming services enable customers to browse and play music of their preference at any time. 5G has become one of the most popular market developments, offering lucrative opportunities to service providers. For instance, Amazon.com, Inc. has capitalized on this opportunity by launching a new music HD service that will provide lossless music tracks and downloads to music enthusiasts in the U.K., Japan, Germany, and the U.S. Furthermore, emerging technological breakthroughs such as artificial intelligence, virtual reality, and machine learning are expected to enable service providers to offer personalized playlists and a seamless user experience, thus boosting the growth of the market.

Related Press Release@ Music Streaming Market Report

Music Streaming Market Report Highlights

The growing popularity of on-demand music services on platforms such as Spotify, SoundCloud, Tidal, Apple Music, and Bandcamp is expected to drive the market over the forecast period
Based on content type, the video segment is anticipated to witness the fastest growth from 2022 to 2030
The apps platform segment accounted for the largest revenue share in 2021 and is expected to maintain its lead over the forecast period. Customers prefer music apps owing to their user-friendly interfaces, developments in smartphone technologies, and increased portability of these apps
The Middle East and Africa market is expected to register the fastest CAGR of 17.8% from 2022 to 2030

Wednesday 11 May 2022

Architectural Services Market Size is Estimated to Witness 7.4% CAGR till 2030

The global Architectural Services Market size is anticipated to reach USD 648.12 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 7.4% from 2022 to 2030. The rapid urbanization in countries such as Brazil, India, and South Korea is resulting in an increasing demand for smart homes, which is a major factor driving the growth of the market. Moreover, the rising commercial and industrial building restoration activities across the globe are expected to support the increasing demand for planning, designing, and consulting services for efficient work operation. This, in turn, is expected to contribute to market growth.

Sectors such as industrial, healthcare, and hospitality widely adopt architectural services. Architecture firms assist end-users at every stage of the process, offering them blueprints of the building structure to provide a detailed spatial representation. The growing focus of architectural firms on constructing smart buildings with better space utilization is favoring the market growth. In addition, the demand for urban planning services is increasing owing to numerous smart cities initiatives undertaken by governments across the globe.

In developing countries, the healthcare sector is witnessing rapid developments. The increasing inclination of hospital owners and governments toward providing improved patient care is expected to boost the market growth. Similarly, digital transformation is changing the learning environment and educational institutes are facing challenges related to funding. The demand for architectural services in the education sector to build facilities that are technologically advanced and cost-effective is expected to positively impact the market growth.

The rapid spread of COVID-19 has negatively impacted market growth. Architectural services depend on interaction and coordination, and visiting building sites is an essential part of the process. Strict lockdowns imposed by governments across the world, coupled with a halt in construction activities, have caused a delay in many ongoing architectural projects. As a result, the demand for architectural services witnessed a decline.

Related Press Release@ Architectural Services Market Report

Architectural Services Market Report Highlights

The construction and project management services segment dominated the market and accounted for a revenue share of more than 30.0% in 2021. The segment is expected to continue leading the market with increasing construction activities globally
Asia Pacific is anticipated to witness a CAGR of 8.7% over the forecast period. This can be attributed to increasing new construction activities in the healthcare and residential sectors in the region
Since the outbreak of COVID-19, key players operating in the market have been focused on acquisitions to enhance their businesses. In July 2019, HDR, a global architecture service provider, announced the acquisition of Hurley Palmer Flatt Group. Through this acquisition, the company aims to strengthen its building engineering services in the U.K.

Anime Market Size is Estimated to Witness 9.7% CAGR till 2030

The global Anime Market size is expected to reach USD 56.39 billion by 2030, growing at a CAGR of 9.7% during the forecast period, according to a new study by Grand View Research, Inc. The growing popularity of anime content around the world is expected to drive the growth of this market over the forecast period. The introduction of application games and the growing preference for online distribution of anime content, which accounts for a significant portion of global sales, are expected to contribute to the growth of the market. Advancements in technology are allowing anime content creators to improve the capabilities of their solutions. Anime content creators are particularly putting aggressive efforts into building complex pre-production and post-production tools.

As such, the continued implementation of various cutting-edge technologies, such as blockchain and Artificial Intelligence (AI), in anime gaming to improve the overall gaming experience bodes well for the growth of this market. The fan base of anime content is rising all around the world. Some of the popular anime programs include Naruto, One Piece, Hunter X Hunter, and Dragon Ball Z. Anime comics, also known as manga, are also gaining immense popularity among anime lovers worldwide. As a result, creators are focusing on creating high-quality anime content with high resolution and improved audio, which can potentially aid in the development of cognitive, problem-solving, and social abilities in children.

Related Press Release@ Anime Market Report

Anime Market Report Highlights

The continued rollout of high-speed data networks is driving the popularity of anime video games, thereby supporting market growth
The rising preference for digital media and subsequent demand for various streaming solutions & services are opening lucrative growth opportunities for anime content creators
On the other hand, the COVID-19 pandemic has had a significant impact on the global market
While some television programs were postponed/canceled, theatre releases & live performances were also affected significantly as theatres remained shuttered in several parts of the world
At this juncture, anime studios are aggressively using various internet platforms to distribute their content
The merchandising segment accounted for the highest market share in 2021. The segment is expected to remain dominant even during the forecast period
This growth can be attributed to the rising popularity of figurines, key chains, t-shirts, and other anime character merchandise among children and the young population

Tuesday 3 May 2022

AI Training Dataset Market Size Worth $8,607.1 Million By 2030

The global AI Training Dataset Market size is expected to reach USD 8,607.1 million by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 22.2% from 2022 to 2030. Artificial intelligence technology is proliferating. As organizations are transitioning towards automation, the demand for technology is rising. The technology has provided unprecedented advances across various industry verticals, including marketing, healthcare, logistics, transportation, and many others. The benefits of integrating the technology across multiple operations of the organizations have outweighed its costs, thereby driving adoption.

Due to the rapid adoption of artificial intelligence technology, the need for training datasets is rising exponentially. To make the technology more versatile and accurate with its predictions, many companies are entering the market by releasing various datasets operating across different use cases to train the machine learning algorithm. Such factors are substantially contributing to market growth. Prominent market participants such as Google, Microsoft, Apple Inc, Amazon have been focusing on developing various artificial intelligence training datasets. For instance, in September 2021, Amazon launched a new dataset of commonsense dialogue to aid research in open-domain conversation.

Factors such as the cultivation of new high-quality datasets to speed up the development of AI technology and deliver accurate results are driving the market growth. For instance, in January 2019, IBM Corporation, a technology company, announced the release of a new dataset that comprises 1 million images of faces. This dataset was released to help developers train their face recognition systems supported by artificial intelligence technology with a diverse dataset. This dataset will allow them to increase the accuracy of face identification. For instance, in May 2021, IBM launched a new data set called CodeNet with 14 million sample sets to develop machine learning models that can help in programming tasks.

Related Press Release@ AI Training Dataset Market Report

AI Training Dataset Market Report Highlights

Increasing creation of synthetic training data for unsupervised and supervised training of machine learning algorithms is driving the adoption of datasets by organizations thereby catalyzing market growth
The image/video segment is expected to portray a high growth rate, with a CAGR of approximately 25.0% over the projected period
In Asia Pacific, the market is expected to have significant growth over the forecast period, owing to the substantial adoption of AI technology

List of Key Players in the AI Training Dataset Market

· Google, LLC (Kaggle)

· Appen Limited

· Cogito Tech LLC

· Lionbridge Technologies, Inc.

· Amazon Web Services, Inc.

· Microsoft Corporation

· Scale AI Inc.

· Samasource Inc.

· Alegion

· Deep Vision Data