Technology Market report: February 2023

Tuesday 28 February 2023

Construction Equipment Rental Market: Industry Demand, Analysis and Future Trends 2030

The global Construction Equipment Rental Market size is expected to reach USD 280.13 billion by 2030, registering a CAGR of 6.12% during the forecast period according to a new report by Grand View Research, Inc. Increasing government spending on infrastructure projects and rising Foreign Direct Investment (FDI) in the building sector for skyscrapers, motorways, bridges, and smart cities is driving the growth. The market for renting construction equipment is expanding as a result of ongoing technological advancements that result in modern construction tools that focus on projects and streamline the entire construction process. Small and medium-sized construction enterprises and contractors are encouraged to use rental construction equipment due to the higher total cost of ownership of modern construction equipment and machines. Additionally, construction equipment leasing offers a cost-effective substitute for purchasing for construction companies since it lowers the costs of ownership such as maintenance, repair, insurance, and storage.

The pandemic led to a global lockdown and disrupted the supply chain, which had a significant impact on the industrial, building, and mining industries. Following the pandemic, problems with the supply of skilled labor, rising raw material prices, and high EMIs have exacerbated uncertainty in the construction business, slowing expansion. The market for construction rental equipment is expanding as a result of larger construction enterprises migrating to renting equipment in order to prevent risk aversion and lessen uncertainty.

Asia Pacific is expected to witness a high pace of growth during the forecast period. The major participants in the Chinese construction equipment rental market are concentrating on creating cutting-edge machinery that uses less fuel, produces more, and minimizes machine downtime, driving the growth of the construction equipment rental market. Additionally, the Indian government is making significant investments in expansive infrastructure projects to strengthen the nation's economy; as a result, these factors are anticipated to support the expansion of the construction equipment market in the area.

Related Press Release@ Construction Equipment Rental Market Report

Construction Equipment Rental Market Report Highlights

The global construction equipment rental market was valued at USD 187.46 billion in 2022 and is expected to exhibit a CAGR of 6.12% from 2023 to 2030.
The earthmoving machinery segment dominated the market in 2022 and is expected to generate a market revenue of over USD 104.53 billion by the end of the forecast period.
The increasing application of earthmoving excavators for mining, agriculture, and construction industries significantly contributes to segmental growth.
Asia Pacific is expected to witness significant growth in construction equipment rental market by 2030, owing to governments’ investment in the development of the highway, airports, dams, and special economic zones(SEZs).
The construction equipment rental market is witnessing high competition across the globe. Major players are inclining towards enhancing the business and product offering through strategic business acquisition.
For instance, in April 2021, United Rental Inc., a global equipment rental company announced the acquisition of General Finance Corporation, a specialty rental service company. United Rental Inc. acquired complete assets of General Finance Corporation which helped the company to enhance its product portfolio.

About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

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Friday 24 February 2023

Smart Cities Market Size Worth $6,965.02 Billion By 2030

The global Smart Cities Market size is expected to reach USD 6,965.02 billion by 2030, according to the new reports of Grand View Research, Inc. The market is expected to expand at a CAGR of 25.8% from 2023 to 2030. The market growth can be attributed to rapid favorable government initiatives worldwide and emerging technologies, such as Artificial Intelligence (AI), cybersecurity, big data analytics, and the Internet of Things (IoT). This has encouraged several countries to invest in smart city projects to manage infrastructure and assets. Further, the increasing adoption of Electric Vehicles (EVs) has also created a demand for the development of charging infrastructure in cities globally. Due to this, it provides energy storage and creates new revenue streams from EV batteries. These benefits will further boost the smart cities market's growth during the forecast period.

The smart cities market is witnessing a high investment in smart security, smart metering for utilities, integrated traffic management systems, and smart mobility. Several technologically innovative cities use IoT platforms to monitor their infrastructure, manage traffic flows, water management, parking, and air quality, and use the generated smart data to handle longer-term decisions for environmental sustainability. Market players are establishing strategic partnerships with technology providers to improve their smart cities portfolio. For instance, in February 2022, an electric utility company, E.ON SE, partnered with telecom company Vodafone Group plc to develop smart water, gas, and electricity meters, accrelating the smart cities market growth.

Various country governments, such as India, Germany, Canada, Japan, and Australia, are launching smart city-based projects to improve citizens' lifestyles and create safer communities, propelling smart cities market expansion. Government-authorized associations & organizations are collaborating with market players to develop smart city solutions to assist the government in planning smart city strategies. For instance, in October 2022, the non-profit organization, Accelerator for America partnered with Honeywell International Inc. and launched the Smart City Accelerator Program to help smart city developers define priorities, align key stakeholders, and improve service delivery & operational efficiency of smart cities projects.

Related Press Release@ Smart Cities Market Report

Smart Cities Market Report Highlights

The environmental solution segment is expected to witness a considerable CAGR of 28.8% over the forecast period. Shifting various government focus towards reducing Greenhouse Gases (GHGs) and preservation and promotion of biodiversity is propelling the segment growth globally
The smart lighting segment is anticipated to register a CAGR of 26.8% over the forecast period. The substantial demand for IoT-enabled lighting fixtures, increasing infrastructure developments, and end-user preference for energy-efficient lighting are propelling the adoption of smart lighting in residential, commercial, and industrial sectors
The waste management segment is estimated to witness a CAGR of 27.0% through 2030. Numerous waste management companies are installing sensors, data visualization platforms, and network infrastructure to generate actionable insights and make informed decisions. Adopting these smart technologies in waste management will supplement the segment's growth during the forecast period
The intelligent transportation system segment is expected to witness a significant CAGR of 26.7% over the forecast period. The rising public and private investments in the transport sector, government initiatives to curb traffic congestion & enhance public safety, and advancements in video surveillance & analytics system is expected to accelerate the segment growth notably through 2030
In Asia Pacific, the market is anticipated to register significant CAGR of 29.2% during the forecast period. The regional growth can be attributed to rapid economic developments, digitalization, globalization, and the rising proliferation of smartphones

Wednesday 22 February 2023

Digital Lending Platform Market Worth $44.50 Billion by 2030

The global Digital Lending Platform Market size is expected to reach USD 44.50 billion by 2030, registering a CAGR of 26.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing adoption of digitalization in the BFSI sector is expected to create new opportunities for market growth. According to the European Central Bank, in 2020, 46% of European banks could process mortgages digitally in two days compared to 8% in 2015.

The funding raised by the digital lending providers worldwide is also one of the major factors expected to drive market growth. For instance, in April 2021, Auxmoney, a digital lending platform provider, announced that it raised USD 271.4 million. The company uses this funding to enhance its digital lending platform for consumer credit. Furthermore, companies operating in the digital lending space are focused on partnerships to enhance their offerings and market position. For instance, in April 2022, the two fintech companies, UI Enlyte and Exaloan, announced that they are launching a strategic corporation. Through this initiative, the companies will link their platforms for digital assets and lending.

The COVID-19 pandemic had a positive impact on market growth. The established digital lenders adopted new partnerships to cater to the borrower’s funding demand amid the COVID 19 pandemic. At the same time, efforts taken by the banks to digitalize their process due to the pandemic also paved to be one of the major factors driving the market growth.

Related Press Release@ Digital Lending Platform Market Report

Digital Lending Platform Market Report Highlights

The lending analytics segment is anticipated to register the highest CAGR during the forecast period. The benefits provided by the lending analytics solution, such as reduced operation risk, labor hours, operational cost, and others, are driving the segment
The risk assessment segment is anticipated to register the highest CAGR from 2023 to 2030. The strong emphasis financial institutions are putting on ensuring proactive responses to various cyber threats and resuming normalcy in the event of a cyberattack is expected to drive the growth of the risk assessment segment
The cloud segment is expected to register the highest CAGR during the forecast period. Cloud deployment helps in reducing up-front costs, particularly for new entrants contemplating a foray into the lending business
The peer-to-peer lending segment is expected to emerge as the fastest-growing end-use segment during the forecast period. The adoption of digital lending platforms is expected to gain traction as the digitally savvy consumer base continues to expand
North America accounted for the largest share of the market in 2022. The region is home to a large number of technology providers and hence provides immense opportunities for the adoption of digital lending platforms