Technology Market report

Wednesday, 22 September 2021

Intelligent Transportation System Market Key Players, Industry Share, Growth, And Forecast To 2028

The global Intelligent Transportation System Market size is expected to reach USD 42,936.1 million by 2028, registering a CAGR of 7.0% from 2021 to 2028, according to a new study by Grand View Research, Inc. Continued advances in the development of transportation networks have triggered the need for an efficient transportation system. At the same time, advances in the latest technologies, such as blind-spot detection and electronic toll collection, are continuously redefining the expectations and prospects for sustainable management of transportation networks and traffic. At this juncture, the growing need to present real-time traffic information to drivers and passengers is emerging as one of the key factors driving the demand for intelligent transportation system (ITS).

Advances in telecommunications technologies and the evolution of IT systems are expected to help in reducing traffic congestions. Given that modern traffic control strategies focus more on utilizing real-time data while simultaneously addressing impact criteria, such as emission control; the integration of ITS with smart grid and other energy distribution and charging systems can potentially help distribution agencies in utilizing the real-time data to draft capacity expansion strategies for the future. According to the ITS Development Strategy drafted by the Department of Transport of the Republic of Korea, intelligent transportation systems can help significantly in reducing traffic congestion, preventing automobile idling, and subsequently in reducing fuel consumption and hence greenhouse gas emissions.

The growing volumes of data involved in transportation management are driving the need for more sophisticated data processing solutions. As such, intelligent transportation systems are leveraging AI to track data in real-time and optimize efficiency. International Business Machine’s Watson is an example of the implementation of artificial intelligence (AI) in transportation management to identify damages to logistics assets leveraging cognitive visual recognition capabilities and to manage the network and optimize routes leveraging predictive analysis.

Related Press Release@ Intelligent Transportation System Market Report

Intelligent Transportation System Market Report Highlights

The Advanced Traveler Information System (ATMS) segment is anticipated to register considerable growth over the forecast period. ATMS provides traffic management solutions that can potentially improve road safety while enhancing traffic flows and mobility. Traffic management solutions offer real-time data that can help in analyzing and responding to emergencies immediately
The traffic management segment accounted for the largest market share of over 30% in 2020 and is expected to continue dominating the market over the forecast period. The increase in travel time and hence the fuel consumption and the subsequent monetary losses stemming from traffic congestions are driving the necessity for implementing efficient traffic management systems. Traffic management systems also help in enhancing the operational performance and reliability of road networks
The North America regional market is anticipated to reach USD 16.13 billion by 2028. The regional market is expected to continue dominating the global market over the forecast period leveraging the advances in telecommunications technology and the aggressive investments in research and development, deployment, and adoption of intelligent transportation systems across the U.S.

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Global Smart Agriculture Market: Future Demand, Market Analysis & Outlook to 2028

The global Smart Agriculture Market size is anticipated to reach USD 29.18 Billion by 2028, expanding at a CAGR of 10.6%, according to a new report by Grand View Research, Inc. Factors such as consistent growth in population, low availability of cultivable land, government incentives, and demand for fresh and high-quality food are expected to drive the smart greenhouse market. According to World Health Organization (WHO) and Population Council, 80% of the global population resides in urban cities. The prevailing scarcity of land in urban cities has urged growers to adopt new solutions for developing fresh produces. For instance, the vertical farming technique enables consumers to grow crops indoor in layers, in a multi-story building, stacked on racks, or in a warehouse.

The growing population is expected to result in an increased food demand by 2050. Farmers are likely to witness immense pressure in increasing crop production either by making more land available to grow crops or adopting newer techniques, such as smart agriculture and vertical farming. Traditional farming techniques witness several barriers such as climate change, high labor cost. These disadvantages can be overcome with the use of technologies such as LED indoor farming, which creates a nature-like condition to help farmers meet the swelling food demand. Additionally, the changing preference of consumers toward healthier and fresh foods is expected to drive market growth over the forecast period.

Agri M2M offers significant opportunities to mobile operators owing to its potential to generate additional revenue through value-added services. For instance, bundling M2M services with a voice or data offering for rural enterprise customers is likely to enhance the application of M2M.

Agri VAS has been developed to overcome the information gap faced by farmers in emerging markets such as China and India. Additionally, it also helps in connecting the cultivators with other key players in the agriculture supply chain. Agriculture Value Added Services (VAS) have increased over the past few years owing to their rising awareness among VAS providers, mobile operators, and farmers. A few types of M2M connectivity include cellular M2M, satellite & fixed network, power line, and short range connections such as Wi-Fi, Ethernet, and ZigBee.

Related Press Release@ Smart Agriculture Market Report

Smart Agriculture Market Report Highlights

The growing trend of producing biopharmaceutical products under a controlled environment is expected to drive the smart greenhouse market demand over the projected period.
The software segment is expected to portray the highest growth rate, registering a CAGR of 16.7% over the forecast period.
The LED grow light segment is anticipated to witness a considerable growth rate over the forecast period.
The indoor farming technique makes use of LED to create natural surroundings for growing vegetables and herbs.
The advent of modern agriculture technology along with the flexible pricing of connected devices is likely to influence the South American regional market demand.
Various organizations are investing heavily in R&D to offer efficient and low-cost solutions to consumers.
Key players in the smart agriculture market include CropMetrics LLC (U.S.), Drone Deploy (U.S.), DeLaval International AB (Sweden), DICKEY-john Corporation (U.S.), and Farmers Edge, Inc. (Canada), among others.

Tuesday, 21 September 2021

Industrial Computed Tomography Market Opportunities and Challenges

The global Industrial Computed Tomography Market size is expected to reach USD 765.8 million by 2028, registering a CAGR of 7.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The increasing use of CT scanners in industries, such as automotive, electronics, oil & gas, and aerospace among several others, is anticipated to boost the market growth over the forecast period. Moreover, a rise in the demand for advanced electronics is expected to support market growth.

Industrial computed tomography systems are increasingly being used for inspecting and testing the internal and external structure & design of various complex parts and components without destructing/disassembling the product. Additive manufacturing technology is increasingly being used for the production of multiple complex parts and structures. Therefore, to inspect the product’s conformity with the original CAD designs, industrial CT scanners are used to determine the structure, dimensions, design, and tolerance of these products without altering their structure/form.

The benefits offered by industrial CT scanners, including manufacturing cost reduction, improved product design, and performance, as well as reduced product failure instances, are also expected to boost their adoption amongst the manufacturers. Moreover, these scanners provide high-quality inspection images that ease the inspection process and provide detailed information about the product under examination. Furthermore, assembly analysis is increasingly being done using the industrial computed tomography systems in the automotive industry that does not require the assembled systems to be disassembled for inspection. These benefits are expected to drive market growth over the forecast period.

Related Press Release@ Industrial Computed Tomography Market Report

Industrial Computed Tomography Market Report Highlights

The market is majorly driven by the growing need to improve the overall product quality and reduce product recall instances
The service segment is anticipated to register the fastest CAGR from 2021 to 2028 due to the high cost of CT scanner equipment
The flaw detection & inspection segment held the largest share in 2020 and is also anticipated to register the fastest CAGR from 2021 to 2028
The electronics vertical segment is expected to record the fastest CAGR of over 8.5% during the forecast period
This growth is credited to the growing demand for various electronic devices, such as smartphones, tablets, and laptops
North America was the largest regional market in 2020 due to the high manufacturing activities in the region across various industries, such as automotive, electronics, and oil & gas

Monday, 20 September 2021

On-board Charger Market: Key Companies & Market Share Insights

The global On-Board Charger Market size is expected to reach USD 13.96 billion by 2028, registering a CAGR of 17.2% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increase in electric car sales globally. According to the statistics provided by the IEA organization, in 2019, electric car sales accounted for 2.1 million, registering a 40% year-on-year growth.

The ban imposed by various governments on the use of fossil fuel vehicles is expected to increase the sales of electric vehicles, which is subsequently expected to create the need for on-board chargers. In the U.K., the government has released its plan of banning new fossil fuel vehicle sales by 2030 to help accentuate electric vehicle use. Additionally, in the U.S., California is also expected to ban the sales of gasoline-powered new trucks and passenger cars by 2035.

Tax benefits provided on the purchase of electric cars are also one of the major factors driving the market growth. In the U.K., significant tax benefits are being provided to company fleet operators and car drivers for switching to electric vehicles from April 2020. The zero tax rate will be applicable for electric vehicles with a range of over 130 miles and hybrid vehicles with emissions from 1 to 50 g/km.

The outbreak of the COVID-19 pandemic negatively impacted the market growth at the initial stages; however, the subsidies provided by various countries on the purchase of electric vehicles during the pandemic boosted the EV sales in the latter stage of the pandemic. For instance, in July 2020, the Chinese government extended the period of its subsidy program for new energy vehicles by two more years. Thus, the program that was expected to end by 2020 will be ending in 2022.

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On-board Charger Market Report Highlights

The less than 11 kW segment is expected to witness the highest growth over the forecast period. The segment growth can be attributed to the growth in electric vehicle charging at homes
The buses segment is expected to witness the highest growth over the forecast period. The rise in sales of electric buses across the globe is expected to accentuate the segment growth
The Plug-In Hybrid Electric Vehicle (PHEV) segment is expected to witness the highest growth over the forecast period. Increased fuel efficiency and a longer driving range offered by a PHEV is driving the segment growth
The Asia Pacific regional market is expected to witness the highest growth owing to the increasing government initiatives for adopting electric vehicles in the emerging economies of the region

Thursday, 16 September 2021

Mobile Payment Market Worth $273.1 Billion By 2028 | CAGR: 31.8%

The global Mobile Payment Market size is expected to reach USD 273.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 31.8% from 2021 to 2028. The rising penetration rate of smartphones and the growing preference for contactless payments across the globe are expected to drive the growth of the market over the forecast period. Continued integration of biometric authentication into mobile payments also bodes well for the growth of the market. According to a study published by Biometric Update, the use of biometrics in mobile commerce, app-based purchase, and mobile device payments is expected to emerge into a market worth USD 3.0 trillion by 2025.

Solution providers are aggressively facilitating smart parking payment solutions. For instance, in February 2021, Google announced a new feature that allows users to pay for parking slots within Google Maps. The feature would be available for Android users in over 400 U.S. cities and would soon be rolled out for iPhones also. Transit companies are adopting mobile ticking aggressively, thereby contributing to the growth of the market. For instance, in August 2020, Saskatoon Transit, a mass transportation system provider, announced the rollout of a new service that allows people to buy tickets on their smartphones.

Smart speaker payments are gaining traction and are expected to play a vital role in driving the growth of the market. Leading developers of smart speaker payment solutions, including Amazon, Apple, and Google, are pursuing strategic initiatives, such as mergers and acquisitions and strategic partnerships, to promote the technology. For instance, in August 2019, NatWest, a retail banking company, announced a partnership with Google for a pilot project that envisages the company allowing its customers to carry out banking transactions from home using smart speakers or Google Assistant.

The outbreak of the COVID-19 pandemic is expected to have a positive impact on the market. The restrictions imposed by various governments across the globe on the movement of people as part of the efforts to arrest the spread of coronavirus and the growing preference among individuals to stay at home in the wake of the outbreak of the pandemic have particularly triggered a paradigm shift in the consumers’ shopping behaviors. Consumers are typically trying to avoid any physical contact while making payments and prefer contactless payments at the point of sale. According to the statistics provided by East West Bank, the usage of contactless payment modes in the U.S increased 150% over the year in 2020. Moreover, 87% of the consumers preferred using contactless payment options while shopping at stores.

Related Press Release@ Mobile Payment Market Report

Mobile Payment Market Report Highlights

The near field communication segment is anticipated to register the highest CAGR over the forecast period owing to the growing preference for NFC-based payment solutions among merchants and customers
The B2C segment is anticipated to register the highest CAGR from 2021 to 2028 owing to the growing use of mobile devices for making personal payments
The proximity payment segment is expected to register the highest CAGR over the forecast period owing to the rising adoption of payment solutions based on NFC, Wi-Fi, and Bluetooth connectivity
The retail and e-commerce segment is expected to emerge as the fastest-growing segment over the forecast period owing to the increasing partnerships between mobile payment providers and retailers
In Asia Pacific, the market accounted for the largest revenue share in 2020. Increasing use of smartphones for online shopping of packaged food and drinks is driving the market in the region

Monday, 13 September 2021

Network Traffic Analysis Market by Awake Security Inc., Broadcom Corporation, Cloudflare, Inc., Core Security Technologies

The global Network Traffic Analysis Market size is anticipated to reach USD 5.69 billion by 2028, expanding at a CAGR of 9.7% from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. Network Traffic Analysis (NTA) comprises general network operations and management; recording, reviewing, and analyzing the network traffic for performance and security; and identifying the anomalies. The growing internet penetration rate, the shifting consumer preference toward online platforms, the continued adoption of the Bring Your Own Device (BYOD) trend, and the subsequent upsurge in cybercrime have triggered the need to handle the network traffic and complexity efficiently, thereby driving the demand for advanced network management systems.

Cloud-based deployment is expected to gain traction over the forecast period as most organizations are aggressively adopting work-from-home and remote working practices in the wake of the outbreak of the COVID -19 pandemic. Cloud-based deployment provides adequate agility as organizational data can be stored over the cloud and accessed in real-time, irrespective of the location, for further comprehensive analysis. However, cloud-based deployments also increase the volumes of data being exchanged over the data networks, thereby driving the need for robust network traffic analysis solutions.

North America accounted for the largest revenue share of the global market in 2020. The U.S. and Canada, which are considered the most developed economies in the North America continent, are equally known for aggressive adoption of the latest and advanced technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing. A strong and well-developed IT infrastructure deployed in the region bodes well for aggressive adoption of network traffic analysis solutions.

Related Press Release@ Network Traffic Analysis Market Report

Network Traffic Analysis Market Report Highlights

The software segment dominated the market in 2020 with a revenue share of more than 60% as enterprises continued to adopt various network traffic analysis software to handle the network traffic
The cloud segment is expected to grow over the forecast period owing to the benefits, such as cost-saving, agility, and convenience in accessing the data, provided by cloud-based deployment and the continued adoption of Work From Home (WFH) policy by organizations
The small and medium enterprise segment is anticipated to expand at the highest CAGR from 2021 to 2028 owing to the growing awareness about network traffic analysis and its benefits among small and medium enterprises
North America dominated the market in 2020 owing to the early and aggressive adoption of the latest and advanced technologies, such as IoT and cloud computing, which has been driving the demand for network traffic analysis solutions in the regional market

Friday, 9 July 2021

Digital Signage Market Analysis By Technology and Application

The global Digital Signage Market size is anticipated to reach USD 38.23 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 7.5% from 2021 to 2028 owing to increasing demand from the end-use industries, which prominently include retail and healthcare. The creation and distribution of content with digital signage are effective promotional strategies for enterprises, as they can reach out to a larger audience base. This is anticipated to spur the adoption of digitized marketing via signage across the corporate and hospitality sectors.

Digital screens equipped with 4K technology have high demand as they offer enhanced displays. Thus, the demand for advertising content with better sharpness and enhanced quality is fueling product adoption. Moreover, the incorporation of LED-backlit panels has led to additional energy savings at a considerable level. Thus, the reduction in energy consumption due to the adoption of advanced technologies is luring enterprises to opt for digital signage.

The software providers are focusing on the new entrants of the industry by providing design solutions that are compatible with the Android operating systems. The emergence of IoT, coupled with the increasing adoption of cloud computing, is expected to enable the collection of vital operational and marketing data. Digital signage helps companies decrease their long-term operational costs by reducing the use of paper for advertising and frequent damages and changes that are associated with traditional marketing activities.

Asia Pacific is estimated to be the fastest-growing regional market during the forecast period owing to the factors, such as demand for a better viewing experience, the growing transportation sector, and decreasing prices of display panels. However, North America is estimated to account for the largest revenue share by 2028 on account of the high product demand across various application sectors due to technological advancements and the modern customer base in the region.

Related Press Release @ Digital Signage Market Report

Digital Signage Market Report Highlights

LED digital signage dominated the global market in 2020 and accounted for the largest revenue share owing to the high-quality displays offered by LEDs
The retail segment led the global market with a revenue share of over 20% in 2020. However, the transportation segment is estimated to register the fastest CAGR over the forecast period
The healthcare sector has significant growth potential as hospitals have been increasingly incorporating digital signage for numerous purposes, such as sharing important registration information and conveying wellness tips
The transparent LED screen type segment is anticipated to register the fastest CAGR from 2021 to 2028 owing to the energy-efficient performance of these products and emerging touchscreen displays with multi-touch technology
The hardware component segment, which includes 8K and 4K-UHD displays, is projected to dominate the global market, in terms of revenue share as well as growth rate over the forecast period
The out-store segment is anticipated to witness the fastest CAGR from 2021 to 2028 owing to the rising product demand for out-store applications