Technology Market report: January 2024

Monday 29 January 2024

Industrial Automation And Control Systems Market Size is Predicted to Witness 10.5% CAGR till 2030

The global Industrial Automation And Control Systems Market size is anticipated to reach USD 377.25 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to reach at a CAGR of 10.5% from 2023 to 2030. The growth is attributed to the growing adoption of process automation in several industries, such as energy utilities, chemicals, and automotive. For instance, in April 2022, Kawasaki Heavy Industries, Ltd. established "Future Lab HANEDA" at HANEDA INNOVATION CITY, a substantial, multi-purpose complex with offices and retail facilities for the development of robotics products and services based on open innovation along with real-life implementation and demonstrations for their potential. This, in turn, is expected to drive market growth further during the forecast period.

Moreover, the companies are considerably reducing operational and labor costs, as well as significantly reducing errors associated with humans due to the system’s reliability and efficiency, which is projected to fuel the industrial automation and control systems market growth over the forecast period. The use of multiple robots as per need is expected to push the market growth further. For instance, in April 2022, Siemens AG unveiled the PXC7 smart automation controller, which is useful for large industrial buildings and speeds up engineering processes.

Asia Pacific is anticipated to emerge as the fastest-growing market owing to the presence of emerging companies along with key market players. Some notable regional players are Kawasaki Robotics, Mitsubishi Electric Factory Automation, and Yokogawa Electric Corporation. Furthermore, emerging economies such as Thailand, Vietnam, and Indonesia have huge potential with a largely untapped market that drives substantial investments to develop manufacturing plants. This, in turn, is expected to fuel the market growth across the region.

Related Press Release@ Industrial Automation And Control Systems Market Report

Industrial Automation And Control Systems Market Report Highlights

Based on component type segment, the industrial robots’ component segment is expected to grow at the highest CAGR of over 12% owing to rising trend of smart and automated factories during the advent of industry 4.0 boom
Based on control system segment, the distributed control system (DCS) control system segment accounted the highest market share of over 34% owing to fast pace of adoption of IIoT by industrialists
Based on vertical segment, the healthcare segment is expected to grow at the highest CAGR of over 11% owing to the growing trend of automation in surgeries and other health applications
Asia Pacific is expected to grow at the highest CAGR of over 13% during the forecast period from 2023 to 2030 as a result of developing countries in the region investing significantly in automation and smart manufacturing

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Industrial Automation And Control Systems Market Segmentation

Grand View Research has segmented the global industrial automation and control systems market on the basis of component type, control system, vertical, and region:

Industrial Automation And Control Systems Component Type Outlook (Revenue, USD Billion, 2018 - 2030)

HMI
Industrial Robots
Control Valves
Sensors
Others

Industrial Automation And Control Systems Control System Outlook (Revenue, USD Billion, 2018 - 2030)

DCS
PLC
SCADA
Others

Industrial Automation And Control Systems Vertical Outlook (Revenue, USD Billion, 2018 - 2030)

Aerospace & Defence
Automotive
Chemical
Energy & Utilities
Food & Beverage
Healthcare
Manufacturing
Mining & Metal
Oil & Gas
Transportation
Others

Industrial Automation And Control Systems Regional Outlook (Revenue, USD Billion, 2018 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
France

Asia Pacific

China
India
Japan
South Korea

Latin America

Brazil
Mexico

Middle East & Africa

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.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com

Monday 22 January 2024

Over The Top Devices And Services Market: Industry Demand, Analysis and Future Trends 2030

The global Over The Top Devices And Services Market size is expected to reach USD 1,079.1 billion by 2030, expanding at a CAGR of 24.3% from 2023 to 2030, according to a new study by Grand View Research, Inc. The rollout of high-speed broadband internet has resulted in a rising inclination toward online streaming platforms, thereby fueling the growth of the OTT devices and services market.

Moreover, the proliferation of technologies such as high bit-rate streaming, pause & rewind controls, and more, in live streaming and Video on Demand (VOD) has contributed to the increasing number of OTT subscriptions, thus creating a positive outlook for the market. The industry is witnessing an influx of new players, with major platforms such as Netflix facing intense competition from competitors, including Disney+ and Apple TV+.

OTT service providers are increasingly offering premium content for paying customers to gain optimum customer engagement. Although OTT platforms have been successfully making their way into developing markets such as India, the coronavirus crisis has undoubtedly given a push to the viewers’ appetite for digital content. As per estimations, OTT devices and services have now become a popular mode of entertainment for a sizeable audience base due to the inaccessibility of outdoor entertainment and the unavailability of fresh content on television channels.

The industry has revolutionized the ways of content creation and distribution, along with streaming. Market participants are constantly adding engaging content to cater to the rising demand of customers for content variety. The pandemic resulted in rising interest among consumers to move towards entertainment offered by OTT service providers, which has led to a significant shift in content consumption. The market is expected to evolve continuously in the coming years, owing to the enormous potential for customized and consumer-centric content made available on demand.

North America is anticipated to hold a significant share of the OTT devices and services market over the forecast period, owing to the presence of key OTT service providers in the region. Additionally, the presence of major content production houses is also one of the major factors for regional market growth. Moreover, the high level of internet and smartphone penetration in the region has added to the market advancement in recent years.

List of Key Players in the Over The Top Devices And Services Market

Akamai Technologies
Amazon.com, Inc.
Apple Inc.
Brightcove Inc.
Disney + Hotstar
Google LLC
Hulu LLC
Limelight Networks Inc.
Microsoft Corporation
Netflix Inc.
PCCW Enterprises Limited
Roku, Inc.
Tencent Holdings Ltd.
WarnerMedia Direct, LLC (HBO Max)

Related Press Release@ Over The Top Devices and Services Market Report

Over The Top Devices And Services Market Report Highlights

Based on type, the OTT services segment is anticipated to grow at the highest rate of 24.4% due to the rising penetration and consumption of the Internet with unlimited data plans
Based on device, the streaming media players segment led the market in 2022 with a higher share, as a result of a wide range of compatibility with TVs and other displays
In terms of service type, the OTT media services segment accounted for the dominant market share of more than 86.0% in 2022, due to the high penetration of smartphones, tablets, and other advanced electronic handheld gadgets that offer an interactive display
With regard to OTT business models, the SVOD segment is expected to expand at a substantial CAGR of 23.6% due to value for money and ad-free content
Based on platform, the smartphones segment is expected to expand at a substantial CAGR of 24.7% during the forecast period, as a result of the ease of downloading applications that offer OTT services and media
Based on geography, North America dominated the market in 2022 due to reliable IT infrastructure, coupled with the high disposable income of consumers in the region

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Over The Top Devices And Services Market Segmentation

Grand View Research has segmented the global over the top devices and services market based on type, device, service type, OTT business models, platform, and region.

Over The Top Devices And Services Type Outlook (Revenue, USD Billion, 2018 - 2030)

OTT Services
OTT Devices

Over The Top Device Outlook (Revenue, USD Billion; Volume, Million Units, 2018 - 2030)

Streaming Media Players
Streaming Sticks

Over The Top Device Service Type Outlook (Revenue, USD Billion, 2018 - 2030)

OTT Media Services
OTT Communication Services

Over The Top Devices And Services OTT Business Model Outlook (Revenue, USD Billion, 2018 - 2030)

AVOD (Ad-based Video on Demand)
SVOD (Subscription Video on Demand)
TVOD (Transactional Video on Demand)

Over The Top Devices And Services Platform Outlook (Revenue, USD Billion, 2018 - 2030)

Smart Phones
Smart TVs & Set-top Box
Desktop & Laptop
Others

Over The Top Devices And Services Regional Outlook (Revenue, USD Billion, 2018 - 2030)

North America

U.S.
Canada

Europe

UK
Germany
France
Spain
Italy
Netherlands

Asia Pacific

China
Japan
India
Australia
South Korea

Latin America

Brazil
Mexico

Middle East & Africa

South Africa
Saudi Arabia

Thursday 18 January 2024

Phenolic Resins Market: Industry Demand, Analysis and Future Trends 2030

The global Phenolic Resins Market size is expected to reach USD 20.8 billion by 2030, registering a CAGR of 5.5% according to a new report by Grand View Research, Inc. Rising usage of phenolic resins across various applications including wood adhesives, molding, insulations, laminates, paper impregnation, coatings, and other applications such as abrasives, composites, carbon binders, friction materials, sound-roof bonding felt, and tires & rubbers are likely to present lucrative opportunities for phenolic resins during the forecast period.

Novolac resin, a type of phenolic resin, is ideal for making automotive parts like suspension, seats, bottom plates, tires, brake pistons, brake block & pads, brake linings, and clutch facing because it has excellent impact resistance, high strength, fire resistance, thermal resistance, chemical resistance, thermal stability, flexibility, and surface hardness.

Apart from global players in the industry, a few small and medium-sized regional firms also had an impact on the market. Global players are engaged in fierce competition with regional competitors who have strong distribution networks and in-depth knowledge of phenolic resin suppliers and associated laws.

Related Press Release@ Phenolic Resins Market Report

Phenolic Resins Market Report Highlights

The market is valued at USD 13.6 billion in 2022 and is expected to reach USD 20.8 billion in 2030 at an estimated CAGR of 5.5% from 2023 to 2030, owing to the growth in domestic manufacturing of cabinets, furniture, wall panels, and associated construction materials
Novolac resin is a type of phenolic resin that offers excellent impact resistance, high strength, fireproof, heat resistance, chemical resistance, thermal stability, flexibility, surface hardness, electrical insulating properties, and lightweight, making it ideal for the production of automotive components such as suspension, seats, bottom plates, and others
Asia Pacific dominated the global market for phenolic resins in 2022 and is expected to witness significant growth over the forecast period owing to the strong economic development coupled with substantial investment in various application industries such as building & construction, automotive, electrical & electronics, and furniture.
The emergence of construction companies in Chile and Peru is expected to create growth potential for the market in the region over the forecast period. The presence of key coating manufacturers in the region, including The Sherwin-Williams Company, AkzoNobel NV, and RPM International, Inc., is expected to propel the demand for phenolic resins

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List of Key Players in the Phenolic Resins Market

DIC CORPORATION
Kolon Industries, Inc.
Sumitomo Bakelite Co., Ltd.
Hexcel Corporation
Georgia-Pacific Chemicals
KRATON CORPORATION
Hexion
Bostik, Inc.
SI Group, Inc.

Phenolic Resins Market Segmentation

Grand View Research has segmented the phenolic resins market on the basis of product, application, other applications, and region:

Phenolic Resins Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

Novolac
Resol

Liquid Resol Resin
Solid Resol Resin

Others

Phenolic Resins Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

Wood Adhesives
Molding

Molding Compounds
Shell Molding

Coated Foundry Sand

Insulations
Laminates
Paper Impregnation
Coatings
Others

Phenolic Resins Other Applications Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

Abrasives
Composites
Carbon Binders
Friction Materials
Sound-proof Bonding Felt
Tires & Rubber

Phenolic Resins Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
France
Italy

Asia Pacific

China
India
Japan

Central & South America

Brazil
Argentina

Middle East & Africa

GCC Countries
South Africa

Tuesday 16 January 2024

Eyewear Market by Johnson & Johnson Vision Care, Inc.; ESSILORLUXOTTICA; CooperVision; Carl Zeiss AG

The global Eyewear Market size is expected to reach USD 323.77 billion by 2030, expanding at a CAGR of 8.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the rising popularity of customized eyewear, as consumers prefer unique products that can be designed as per their needs. They prefer glasses that suit the face and eye shape, while also focusing on the texture and color of the glasses and the design & material of the frame.

Popular customized eyewear includes photochromic glasses and glasses with high index numbers to eliminate UV radiation. The technological developments in lens-making technology and the availability of 3D printing technology for eyewear manufacturing allow market players to gain a strategic advantage.

For instance, in February 2023, Innovative Eyewear, Inc. launched its newest collection, Lyte 2.0. By combining fashionable frames with cutting-edge technologies like open audio, voice control, and app integrations, the Lyte 2.0 range aims to offer customers a distinctive fusion of style and utility. Users can experience high-quality audio and use the internet with Lyte 2.0, allowing them to stay connected to the world.

The market is being strongly influenced by the collaboration of digital channels with the eyewear value chain, which has exponentially increased the sales of eyewear products. As the e-commerce distribution channel is gaining momentum, several eyewear companies have leveraged it as an opportunity to offer features like product virtualization and virtual facial analysis to their customers. Investing in digital channels helps companies maintain crucial consumer data such as buying preferences, feedback, and search history. This enables companies to offer specific products to their customers in the future.

Another important factor changing the market dynamics is the increased emphasis on sustainability among eyewear companies. They have started offering eyewear made of eco-friendly materials to practice sustainable development while enhancing customer experience. For instance, in August 2022, Zenni launched ReMakes, a new sustainable eyewear collection made with 100% certified recycled post-consumer plastic.

The initiative was aimed at supporting the Wyland Foundation's purpose of promoting, protecting, and preserving the world's seas, waterways, and marine life. Moreover, companies are also applying different materials, including wood, leather, paper, and wool, to develop eyewear with innovative textures, which is expected to attract a more extensive customer base in the coming years.

Related Press Release@ Eyewear Market Report

Eyewear Market Report Highlights

In terms of product, the sunglasses segment is expected to witness substantial growth over the forecast period, which can be attributed to the growing awareness among people about the significance of protecting the eyes from UV light. Besides, rising consumer interest in luxury fashion accessories will further support segment growth
Based on the distribution channel, the e-commerce segment is anticipated to observe a considerable growth rate of 9.7% by 2030. This can be credited to the various benefits associated with this channel, such as ease of access, improved functionality, better discounts, and more buying options
In terms of region, Asia Pacific is expected to record the highest CAGR of 10.5% from 2023 to 2030, which can be mainly attributed to the resumption of eyewear manufacturing and supply chain activities in the region
The increasing penetration of colored and soft contact lenses in Japan and China further enhances the regional eyewear industry in the Asia Pacific

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Eyewear Market Segmentation

Grand View Research has segmented the global eyewear market based on product, distribution channel, and region:

Eyewear Product Outlook (Volume, Million Units; Revenue, USD Billion, 2018 - 2030)

Contact Lenses

Premium Contact Lenses
Mass Contact Lenses

Spectacles

Spectacle Frame

Type

Premium Spectacle Frames
Mass Spectacle Frames

Style

Round
Square
Rectangle
Oval
Others

Spectacle Lenses

Sunglasses

Lens Type

Polarized Sunglasses
Non-Polarized Sunglasses

Lens Material

CR-39
Polycarbonate
Polyurethane
Others

Eyewear Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)

E-commerce
Brick & Mortar

Eyewear Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2018 - 2030)

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.

Asia Pacific

China
India
Japan
Vietnam

South America

Brazil

List of Key Players in the Eyewear Market

Johnson & Johnson Vision Care, Inc.
EssilorLuxottica
CooperVision
Carl Zeiss AG
Bausch & Lomb Inc.
Safilo Group S.p.A.
Charmant Group
Chemilens (CHEMIGLAS Corp.)
CIBA VISION
De Rigo Vision S.p.A
Fielmann AG
HOYA Corporation
JINS, Inc.
Marchon Eyewear, Inc.
Marcolin S.p.A
QSpex Technologies
Rodenstock GmbH
Seiko Optical Products Co., Ltd.
Shamir Optical Industry Ltd.
Silhouette International Schmied AG
Warby Parker
Zenni Optical, Inc.

Tuesday 9 January 2024

Engineering Services Outsourcing Market Worth $9,398.95 Billion By 2030

The global Engineering Services Outsourcing Market size is anticipated to gain USD 9,398.95 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to record a CAGR of 24.6% from 2022 to 2030. The increasing demand for Information Technology (IT) services by various industries, such as automotive, manufacturing, retail & e-commerce, media & entertainment, and others, is exponentially driving the market growth.

The growing need for outsourcing services by companies to cut costs and optimally utilize the saved costs is expected to drive the market over the forecast period. The market has constantly been evolving in line with advancements in fields like the internet of things (IoT), connected computing, artificial intelligence (AI), and the sensing element, among other technologies. The intensifying competition to provide cutting-edge resolutions is driving service providers to finance aggressively in research & development.

Major ESO companies are also trying hard to emphasize mergers and acquisitions and bolstering the existing tie-ups with their clients to tap new business opportunities. For instance, in April 2022, the Kansas Department of Labor, a state agency for economic growth, chose Tata Consultancy Services Limited, an enterprise solutions provider, to build and run an advanced unemployment insurance system. The latter company is expected to support the state agency with the maintenance of its online systems and provide assistance during downtimes.

With the outburst of COVID-19, many organizations have faced the following lockdowns executed in almost all countries worldwide at the start of 2020. The aerospace industry has been adversely affected among the industry verticals due to the non-permanent shutdown of enterprises, production facilities, and daily operational logistics. On the other hand, the healthcare industry has been relatively unchanged as healthcare companies mainly worked on creating and developing advanced and custom Personal Protective Equipment (PPE) kits.

Related Press Release@ Engineering Services Outsourcing Market Report

Engineering Services Outsourcing Market Report Highlights

The designing part is expected to record the most elevated CAGR of around 26.5% for the next eight years
The industrial part is anticipated for the most significant revenue share in 2021 and is anticipated to continue overpowering the market for the next eight years
The Asia Pacific ESO market is anticipated for the highest revenue share of over 41.0% in 2021, with the effortless availability of fairly low-cost and skilled aids in countries like India, China, the Philippines, and other East Asian countries
The testing service segment registered the highest revenue share of around 31.0% in 2021 and is anticipated to dominate the market over the next eight years

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Engineering Services Outsourcing Market Segmentation

Grand View Research has segmented the automotive engineering services outsourcing market based on services, location, application, and region:

Engineering Services Outsourcing Services Outlook (Revenue, USD Billion, 2018 - 2030)

Designing
Prototyping
System Integration
Testing
Others

Engineering Services Outsourcing Location Outlook (Revenue, USD Billion, 2018 - 2030)

Onshore
Offshore

Engineering Services Outsourcing Application Outlook (Revenue, USD Billion, 2018 - 2030)

Aerospace
Automotive
Industrial
Consumer Electronics
Semiconductors
Healthcare
Telecom
Others

Engineering Services Outsourcing Regional Outlook (Revenue, USD Billion, 2018 - 2030)

North America

U.S.
Canada
Mexico

Europe

U.K.
Germany
France

Asia Pacific

China
Japan
India

South America

Brazil

Middle East & Africa

List of Key Players in the Engineering Services Outsourcing Market

AKKA
Alten Group
Capgemini Engineering
Entelect
HCL Technologies Limited
Infosys Limited
Tata Elxsi
Tata Consultancy Services Limited.
Tech Mahindra Limited
Wipro Limited