Technology Market report: January 2023

Friday 20 January 2023

Hearing Amplifiers Market Size is Expected to Experience a CAGR of 5.6% till 2030

The global Hearing Amplifiers Market size is expected to reach USD 152.1 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.6% from 2022 to 2030. The increasing prevalence of mild deafness and the high cost of hearing aids are some of the factors that are attributed to be key drivers.

Increasing initiatives undertaken by the government in order to address deafness are expected to drive the growth of the market. For instance, JobAccess, a commonwealth government initiative undertaken by the Australian Government, provides funds to companies to incorporate work-related modifications in order to provide a workplace that is conducive to employees with some degree of deafness.

Increasing investments by the key players to develop innovative and effective devices is attributed to significantly driving the growth of the market. For instance, olive union a company focused on developing Bluetooth earpieces and smart sound algorithms developed the Olive Smart Ear hearing amplifier that used AI to amplify sound settings to suit users.

Furthermore, the increasing prevalence of hearing-related conditions is attributed to be a major factor driving the growth. According to WHO, it is estimated that by 2050, around 2.5 billion people are anticipated to have some degree of deafness and more than 700 million people will require rehabilitation. On the other hand, the COVID-19 pandemic has negatively impacted the hearing amplifier market. during the nationwide lockdown period, several retail stores were shut down, which severely impacted the sales for several key players.

Related Press Release@ Hearing Amplifiers Market Report

Hearing Amplifiers Market Report Highlights

In 2021, behind-the-ear product type segment accounted for the largest revenue share of 62.1% owing to the factors such as high adoption, ease of use, and innovations by key players
Based on sales channel segment, the offline retail sales channel accounted for the largest share of 69.8% in 2021 owing to the preference of key players to launch their products through retail stores
By region, Europe dominated the market due to high prevalence of hearing loss and increasing awareness about availability of technologically advanced products, thus, leading to higher adoption of hearing amplifiers in the region

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Projection Mapping Market Size is Expected to Experience a CAGR of 10.9% till 2030

The global Projection Mapping Market size is anticipated to reach USD 8.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.9% from 2022 to 2030. Projection mapping can be defined as a 3D video projection technique that uses colors and lights to project virtual images on non-flat surfaces or irregular shapes like city landmarks, industrial sites, public buildings, and several others. Projection mapping offers a unique opportunity to immerse and attract a large audience with inspiring spectacles and captivating shows even from a distance.

The market was severely impacted due to the COVID-19 pandemic. The several regulations by the government for entertainment, tourism, and public gathering due to the pandemic forced people to stay at home. The industry suffered as major sports, and events were shut down for a long time. The pandemic also impacted the distribution chains of projection mapping manufacturers which resulted in the loss of their operations. The market is expected to benefit from the strategies adopted such as several developments, launches, and innovations by the market players in the projection mapping industry.

For instance, in December 2021, Barco appointed LANG AG as a preferred delivery partner for image and projection processing in Germany and Austria. The collaboration between both the company focuses on bringing the most innovative and best solutions to the market. Additionally, in December 2021, Vivitek announced the launch of DU9900Z, its new heavy-duty laser projector. It offers features such as warping and edge blending technology along with lens position memory and motorized lens zoom/shift/focus and is capable of 360-degree portrait projection.

Related Press Release@ Projection Mapping Market Report

Projection Mapping Market Report Highlights

In terms of dimension, the 3D projection segment held the largest revenue share in 2021 and is projected to retain its dominance over the forecast period. The growth of the segment is attributed to the increasing adoption rate of 3D over 2D by audiences as it has a higher potential in providing higher audience engagement. Moreover, combining 3D projection mapping and AR technologies offer an enhanced digital experience. The 2D and 4D segments are anticipated to grow at a CAGR of 9.8% and 14.7% respectively over the forecast period
In terms of throw distance, the standard throw segment held the largest revenue share in 2021 and is projected to maintain its position over the forecast period. The market growth of this segment is attributed to the increasing adoption of standard throw projectors which provide large images and are placed at a distance from the screen to attract large audiences, tourists, and several others in various media, hospitality, entertainment, museums, and others sectors. The short-throw segment is likely to register a CAGR of 10.2% over the forecast period
In terms of application, the events segment dominated the market in 2021 and is projected to maintain its dominance over the forecast period. The market growth of this segment is mainly due to the increasing adoption of projection mapping by most sectors for advertisement, promotion, launches, sports opening ceremonies, and others. The rental and staging segment is likely to register the highest CAGR of 13.2% over the forecast period
Asia Pacific dominated the market in 2021 and is expected to witness a CAGR of 12.1% over the forecast period. The market growth of the region is primarily due to the increasing investment by the government as well as private organizations to support and introduce advanced technology use across the region. North America held a market share of 26.5% in 2021 and is expected to grow at a CAGR of 10.3% over the forecast period. This is due to the existence of a large number of market players and the standard of living and spending behavior related to entertainment, and tourism in the region

Thursday 5 January 2023

3D Imaging Market to Witness a Strong Growth During 2022 - 2030

The global 3D Imaging Market size is expected to reach USD 115.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 18.2% from 2022 to 2030. The 3D imaging technology in the media and entertainment sector has been gaining momentum as the demand for 3D video games and theatrical films have risen tremendously over the years, acting as one of the key drivers in the market.

The COVID-19 pandemic significantly impacted the 3D imaging market. Lockdowns were implemented due to the pandemic that led to a temporary prohibition on import and export and manufacturing across multiple industries. The closure of manufacturing plants resulted in a significant loss of business and revenue for the regions under lockdown. The disruption in global supply chains negatively impacted the sales of products, delivery schedules, and manufacturing in the global market, which led to a notable drop in the sales of 3D imaging.

Mergers & acquisitions, agreements, and expansions are the key strategies adopted by the companies over the past years. For instance, in August 2021, FARO Technologies announced the acquisition of ATS AB, a Swedish-based company in 3D digital twin solution technology. The agreement will include the integration of ATS patented Traceable 3D system and software, which allows highly precise and reproducible 3D scans into the FARO Webshare Cloud system.

Related Press Release@ 3D Imaging Market Report

3D Imaging Market Report Highlights

In terms of end-use, the healthcare and life sciences segment accounted for the largest revenue share in 2021 and is expected to retain its dominance over the forecast period. The media and entertainment segment is expected to expand at the fastest CAGR over the forecast period
The automotive and transportation end-use segment is anticipated to expand at a CAGR of 17.5% over the forecast period. The growth of this segment can be attributed to the increasing focus on 3D modeling and designing of vehicles and the growing trend of driverless vehicles
In terms of deployment, the on-premise segment accounted for the largest revenue share in 2021 and is expected to dominate the market over the forecast period. The cloud segment is likely to expand at a CAGR of 19.7% over the forecast period
In terms of components, the hardware segment accounted for the largest revenue share in 2021 and is expected to retain its dominance over the forecast period. The software segment is likely to register the highest CAGR of 19.9% over the forecast period due to the increasing demand for and usage of 3D imaging software in a wide range of applications
In terms of organization, the large enterprise's segment accounted for the largest revenue share in 2021 and is expected to retain its dominance over the forecast period. The small and medium enterprises segment is likely to register the highest CAGR of 19.1% over the forecast period. The growth can be attributed due to the aggressive adoption of 3D imaging technologies to compete with other market players

North America captured the largest market share in 2021 and is expected to retain its position over the forecast period. Asia Pacific is anticipated to expand at the highest CAGR of 20.8% over the forecast period. The market growth in this region is primarily attributed to the increasing adoption of new technologies in various sectors and growing healthcare and manufacturing industries in nations such as India, China, Japan, and South Korea

Workplace Transformation Market: Future Demand, Market Analysis & Outlook to 2030

The global Workplace Transformation Market size is expected to reach USD 69.9 billion by 2030, according to the news reports of Grand View Research, Inc. The market is expected to expand at a CAGR of 17.7% from 2022 to 2030. The market is experiencing tremendous growth as a result of new technological advancements in the Information Technology (IT) industry and enterprise workflow management. Workers benefit from workplace transformation by gaining agility and flexibility, which improves their overall performance and productivity. As a result, several organizations around the world are increasingly turning to emerging technologies to boost their productivity. As a result, business velocity and agility are increasing, propelling market growth even further.

The growing mobile workforce and enterprise adoption of Bring Your Own Device (BYOD) programs to improve workforce productivity have increased demand for Enterprise Mobility Management (EMM) Solutions. These solutions enable BYOD and manage corporate devices by providing remote security and management capabilities. Furthermore, to combat the spread of the COVID-19 virus, several countries have developed unique mobile solutions with secure systems. For instance, in June 2020, Oman launched Tarassud Plus, an Artificial Intelligence (AI)-powered mobile application with enriched features to help find COVID-19 statistics, guidelines, and best practices to prevent the spread of the virus. As a result of technological advancements, the market is anticipated to grow significantly.

Enterprises in the IT and telecommunications sectors are rapidly adopting desktop virtualization solutions to reduce excessive IT infrastructure costs and accelerate deployment. It eliminates the need for technical personnel and IT resources to maintain and operate systems. This has become a standard IT strategy for businesses of all sizes. Thus, the ease of implementation, accessibility, flexibility, and lower cost of cloud hosting are boosting cloud computing adoption, which is positively impacting the market during the forecast period.

Related Press Release@ Workplace Transformation Market Report

Workplace Transformation Market Report Highlights

The workplace automation segment is expected to observe the highest CAGR of 20.2% during the forecast period. It supports organizations to understand user requirements and organizational data to address business issues and improve the workforce environment. This will supplement the growth of the segment during the forecast period
The small and medium enterprise is anticipated to witness an exceptional CAGR of 19.2% during the forecast period. The segment growth can be attributed to the increasing deployment of Bring Your Own Devices (BYOD) and EMM solutions, which reduced the total cost of ownership in the migration and up-gradation from existing traditional legacy systems to digital workplaces
The healthcare segment is expected to witness a significant CAGR of 19.5% during the forecast period. The segment growth can be attributed to the increasing focus of healthcare providers on improving patient care by implementing digital processes and technologies
In the Asia Pacific, the market is expected to reach USD 23,985.6 million by 2030. The region has a high demand for EMM solutions due to the region's growing retail sector, which places a premium on delivering customized products and services to a diverse range of customers across multiple geographies

Tuesday 3 January 2023

North America Intelligent Traffic Management System Market Worth $9.50 Billion By 2030

The North America Intelligent Traffic Management System Market size is expected to reach USD 9.50 billion by 2030 and grow at a significant CAGR of 11.5% from 2022 to 2030, according to a new report by Grand View Research Inc. The need to restructure transportation networks owing to an expanding urban population, and increased industrialization, are projected to drive the market growth. These technologies help alleviate traffic congestion, decrease delays, and provide correct information to commuters and traffic managers. The government plans to build smart cities with improved road networks are likely to positively influence the growth of the market.

Air pollution is a key contributor to traffic congestion. The introduction of intelligent traffic systems simplifies traffic monitoring, minimizing hazardous emissions and so favorably impacting the market growth. With the advent of smart cities, rising urbanization, and an increasing population in emerging nations, the need for intelligent traffic solutions is predicted to rise dramatically. Furthermore, the increasing adoption of the fourth industrial revolution is expected to accelerate the construction of smart cities, boosting demand for intelligent traffic management systems.

However, the absence of skilled professionals in governments associated with traffic management systems is expected to negatively impact the growth of the market. To overcome these challenges, the state and local governments are adopting smart technologies, such as the Internet of Things (IoT), to streamline city transportation. It includes inter-connected or IoT monitoring tools and automation solutions that provide automatic management of infrastructure. These systems make city transportation more efficient, safer, and easier to travel.

For instance, in June 2020, the county of Miami Dade, Florida, implemented Advanced Traffic Management System (ATMS), to monitor and manage traffic flows by optimizing signal timing. These advancements in technology will further boost the demand for ITMS solutions in the region during the forecast period.

North America Intelligent Traffic Management System Market Report Highlights

The integrated corridor management segment is anticipated to grow at a significant CAGR of 12.3% during the forecast period. The market is progressively embracing new technologies that combine and coordinate traffic flow.
Furthermore, multiple personnel is anticipated to assist manage integrated corridors and enhance traffic management through institutional coordination and proactive and aggressive integration of existing infrastructure along significant corridors.
The U.S. regional market is expected to grow at a significant CAGR of 11.5% from 2022 to 2030. The growth of the market is driven by the region’s rapid urbanization, rising awareness regarding intelligent systems, and increasing population.