Technology Market report

Tuesday, 19 October 2021

Industrial Refrigeration Systems Market Analysis Insights by Application and Region, 2021-2028

The global Industrial Refrigeration Systems Market size is estimated to reach USD 22.65 billion by 2028, registering a CAGR of 3.9% from 2021 to 2028, according to a new report by Grand View Research, Inc. The growth of food retail chains worldwide is expected to boost the demand for industrial refrigeration systems over the forecast period. Moreover, increasing initiatives taken by governments to improve and strengthen the cold chain infrastructure are expected to drive market growth.

Rising concerns around global warming have shifted the focus of industrial refrigeration system manufacturers and users from the thermodynamic properties of refrigerants to their Ozone Depletion Potential (ODP) and Global Warming Potential (GWP). Major industrial refrigeration systems players are focused on designing environment-friendly refrigeration systems owing to various benefits they offer, such as cost-effectiveness, lower power consumption, and low toxicity. For instance, in October 2019, EVAPCO, Inc., a prominent industrial refrigeration systems manufacturer, expanded its product line of low-charge packaged ammonia chiller systems by adding the Large-Single (LS) and Large Dual (LD) models. The products feature a Small-Single (SS) capacity of 250 Tons of Refrigeration (TR) at a supply glycol of 22°F.

The rising concerns regarding the use of refrigerants with a high global warming potential are expected to encourage developments in alternative industrial refrigeration systems. Magnetic refrigeration is another emerging technology that does not use a refrigerant but a heating or cooling liquid, is often water-based and has higher energy efficiency.

The shutdown of manufacturing and transportation facilities and food production units to prevent the spread of Covid-19 has resulted in a decline in the sales of industrial refrigeration systems. However, the increased deployment of cold chains to store and preserve vaccines and refrigerated transportation systems for facilitating its reach in large quantities is anticipated to continue supporting the market growth.

Related Press Release@ Industrial Refrigeration Systems Market Report

Industrial Refrigeration Systems Market Report Highlights

The food and beverage segment accounted for the highest revenue share of over 55.0% of the overall market in 2020. The segment growth can be attributed to the rising disposable income and increased demand for packaged and processed food by consumers
The compressors segment is anticipated to witness the highest CAGR of around 5.0% over the forecast period. The growth can be attributed to the availability of natural refrigerants, which help compressors in increasing the cooling capacity and reduce the contribution to global warming
The Asia Pacific market is expected to witness the fastest growth, accounting for a CAGR of over 5.0% from 2021 to 2028. The rising adoption of cold chain infrastructure is expected to drive market growth in the region

List of Key Players in the Industrial Refrigeration Systems Market

· Johnson Controls

· Emerson Electric Co.

· Danfoss

· GEA Group Aktiengesellschaft

· MAYEKAWA MFG. CO., LTD.

· BITZER Kühlmaschinenbau GmbH

· DAIKIN INDUSTRIES, Ltd.

· EVAPCO, Inc.

· Güntner GmbH & Co. KG

· LU-VE S.p.A.

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

AI Training Dataset Market Size is Expected to Experience a CAGR of 19.5% till 2028

The global AI Training Dataset Market size is expected to reach USD 4.90 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 19.5% from 2021 to 2028. Artificial Intelligence (AI) technology is proliferating. As organizations are transitioning toward 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 various 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, a wide number of companies are entering the market space by release various datasets operating across various use cases to train the Machine Learning (ML) algorithm. Such factors are substantially contributing to market growth.

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 to train their face recognition systems supported by artificial intelligence technology with diverse datasets. This dataset will help them to increase the accuracy of face identification.

Related Press Release@ AI Training Dataset Market Report

AI Training Dataset Market Report Highlights

The 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 the market growth
The image/video segment is expected to portray a high CAGR of approximately 22% over the projected period
The Asia Pacific regional market is expected to witness significant growth over the forecast period, owing to the substantial adoption of AI technology
The key players in the market are Google, LLC (Kaggle); Appen Limited; Cogito Tech LLC; Lionbridge Technologies, Inc.; Amazon Web Services, Inc.; Microsoft Corporation; Scale AI; Inc.; Samasource Inc.; Alegion; and Deep Vision Data

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

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

Procurement As A Service Market Size is Expected to Experience a CAGR of 8.2% till 2028

The global Procurement As A Service Market size is expected to reach USD 10.29 billion by 2028 and is anticipated to expand at a CAGR of 8.2% from 2021 to 2028, according to a new report by Grand View Research, Inc. The proliferation of digital technology and the need to address supply chain risks have contributed to market growth. Although the COIVD-19 pandemic posed a minor hiccup to the otherwise positive market outlook, the industry may reach pre-covid levels by 2022. On average, over 60 percent of the organization's spending is captured by sourcing and procurement-related functions. Therefore the demand for providers that help reduce this cost will drive market growth over the forecast period.

Digital transformation has resulted in a shift towards a cloud environment, where procurement service providers update their solutions to web-based applications. Cloud offers flexibility and ease, subsequently helping service providers to lower storage data costs. This further helps in improving business operations and making custom solutions available to the end markets. In addition to the cloud, AI is also making its way into the procurement service business with a unique selling point of offering data analytics while enhancing operations. All these features and benefits clubbed together create lucrative opportunities for industry incumbents to increase their customer base and bode well for market growth.

Owing to the need to manage complex procurement contracts, the demand for procurement services is gaining traction among small and medium-sized businesses. Deals involving contracts require expertise and time to deliver, and hence procurement as a service is a popular choice among SMEs. These services help companies focus on core competencies while outsourcing time-consuming and intricate tasks.

Related Press Release@ Procurement As A Service Market Report

Procurement As A Service Market Report Highlights

The global market, although witnessed a minor setback in 2020, the market is estimated to reach pre-covid levels by the end of 2022. From 2021 to 2028, the overall market will register an estimated CAGR exceeding 8%
Large enterprises have been the major revenue contributors and will continue to dominate overall demand by 2028, reaching over USD 5,000 million
The manufacturing sector would continue dominating the overall demand through 2028. The sectoral demand for procurement as a service solution will surpass USD 1,000 million in 2021 and will register a CAGR exceeding 7% over the next seven years
North America trailed Europe in 2020 and is expected to emerge as a dominant regional market by 2028, registering a CAGR of around 8% from 2021 to 2028. Increased demand for outsourcing supply chain operations to deal with unpredictable industry dynamics will contribute heavily towards regional growth over the future
Accenture, Aegis, HCL Technologies Ltd., IBM, GEP, Genpact, Infosys, Wipro, WNS (Holdings) Ltd., and Tata Consultancy Services Limited, are a few players leading industry dominance. M&A will continue to be a fundamental strategy outlook for several players in this business

List of Key Players in the Procurement as a Service Market

· Accenture

· HCL Technologies Ltd

· Aegis

· GEP

· IBM

· Infosys

· Genpact

· Wipro

· WNS (Holdings) Ltd.

· Tata Consultancy Services Limited

Video Conferencing Market Worth $9.95 Billion By 2028 | CAGR: 11.4%

The global Video Conferencing Market size is expected to reach USD 9.95 billion by 2028 with a CAGR of 11.4% over the forecast period, according to a new report by Grand View Research, Inc. Trends such as the increasing transition towards cloud and the growing adoption of Video Conferencing as a Service (VCaaS) are expected to drive market growth. As remote and globalized working models are becoming popular, the move to the cloud is becoming inevitable, thereby driving the demand for video conferencing solutions.

Due to the COVID-19 pandemic, a large number of organizations globally have encouraged their employees to work from home or remotely, driving the demand for video conferencing applications and software. The education sector witnessed a notable rise in the demand for these solutions in 2020 to continue with online learning and seminars. The primary growth driver for the market, especially in 2020, remained the need for organizations to facilitate employee collaboration, which led to the demand for conferencing apps such as Microsoft Teams, Google Meet, and Zoom. Several companies have witnessed the digital transformation in just 2 to 3 months that would otherwise occur over two years due to the COVID-19 pandemic. However, despite the elevated demand, security concerns have posed to be a challenge to market growth.

The increased demand for these solutions has encouraged market players to offer products with distinctive features and innovations to remain competitive. In 2020, Google Meet, Google’s video meeting tool that was meant to be an enterprise solution, was made available to everyone to directly compete with competitors. Furthermore, in April 2020, Facebook launched its video meeting tool Messenger Rooms, which allows 50 people to join a video conference. In March 2020, Microsoft Corporation rebranded Office 365 to Microsoft 365 to go beyond enterprise customers, which widened its subscriber base.

Companies with a global presence and workforce are the early adopters of video conferencing technology and more likely to deploy video conferencing systems to enable effective communication between multiple teams located in different countries. Video conferencing technology also provides a better social interaction platform as compared to conventional voice calls as it offers features such as eye-to-eye contact. With the increasing globalization of businesses worldwide, the need is strong to set up a flexible, cost-effective, and scalable communication network, which helps facilitate better communication, team collaboration, and decision-making capability.

Related Press Release@ Video Conferencing Market Report

Video Conferencing Market Report Highlights

In terms of components, the software segment is expected to register the highest CAGR over the forecast period. This can be attributed to the increase in cloud-based subscriptions across different platforms
Small and medium-sized companies are adopting these services to rapidly expand their geographic operations by establishing a centralized communication platform that uses advanced technologies, such as 4G and VoIP. Hence, the small and medium enterprises segment is expected to expand at a promising pace over the forecast period
In terms of end use, the healthcare sector is expected to witness substantial growth over the next few years. The need to remain connected across dispersed teams has elevated the demand for video conferencing solutions in the healthcare sector
Growth in the educational sector has also gained traction owing to the increased demand for distance learning. Web conferencing, audio conferencing, and IM are being widely used for delivering notes and streaming live conferences
Market players offer a competitive pricing structure and bundle services to help the end users save costs. Recently, companies such as Ring Central and 8x8, Inc. have updated their pricing structures with multiple tiers of pricing plans

List of Key Players in the Video Conferencing Market:

· Avaya, Inc.

· Cisco Systems, Inc.

· Huawei Technologies Co., Ltd.

· Logitech International S.A.

· Microsoft Corporation

· Polycom Inc.

· Zoom Video Communications, Inc.

Commercial Drone Market: Future Demand, Market Analysis & Outlook to 2028

The global Commercial Drone Market size is anticipated to reach USD 501.4 billion by 2028, registering a CAGR of 57.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The rising demand for commercial drones can be attributed to the growing application base across a wide range of end-use verticals, including real estate and construction, media and entertainment, and agriculture. Majority of the end-use verticals that involve a high proportion of operational processes are expected to experience substantial productivity gains from drone usage owing to the automation of business operations.

UAVs or drones are reinventing old businesses and even creating new prospects. In 2016, the Federal Aviation Administration (FAA) released regulations related to the usage of commercial drones that clarified the legal landscape for businesses and workers. Since then, the industrial applications of commercial drones have significantly increased. Drones are expected to emerge as versatile tools, which can transform the existing business operations and help to establish new startups.

The prominent industry players are involved in the manufacturing as well as supply of accessories required for drone operation. Additionally, they provide applications for Android/iOS-based smartphones and tablets to efficiently operate and maneuver the drones during flight. These manufacturers offer drones for various verticals, such as security & law enforcement, energy, agricultural, retail, media, and entertainment.

Related Press Release@ Commercial Drone Market Report

Commercial Drone Market Report Highlights

The ability of drones to perform increasingly complex tasks is likely to improve with advancements in technologies such as collision avoidance and autonomy
Commercial drones are anticipated to become a potential alternative for the logistics activities of companies, helping them increase their competitive advantage
Drones are widely being used to inspect power plants, oil and gas, and other industrial sites to ensure proper operations and safeguard these sites
Newer drone-supportive regulations are expected to lower the entry barriers for startups providing commercial operations of drones
The advent of drones is set to transform the media industry as it allows the journalism sector to cover news in areas where human entry is prohibited

List of Key Players in the Commercial Drone Market

· DJI

· Parrot Drones SAS

· YUNEEC

· 3D Robotics

· EHANG

About Us:

Monday, 18 October 2021

Legal Services Market Size is Expected to Experience a CAGR of 4.4% till 2028

The global Legal Services Market size is anticipated to reach USD 1,196.01 billion by 2028, exhibiting a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The growing use of latest technologies in offering legal services is expected to drive the market growth. A strong emphasis on ensuring transparency in the relationship with clients is also expected to drive the growth of the market.

Law firms are increasingly adopting chatbots to aid in optimizing the work process and save time and costs for themselves as well as their clients. Chatbots can help law firms in digitizing the information and searching for lawyer-specific documents, among other tasks. Chatbots can also help in following up with non-responsive clients and seeking the required information through automated conversations.

Law firms are exploring different ways to help their clients in reducing exposure to risks and the costs incurred on compliances by aiding them in better management of information, thereby paving the way for adopting document automation software in legal services. Document automation software takes end-users through a questionnaire to collect relevant data and direct them throughout the entire document creation process. Such an approach relieves the end-users from the tedious process of understanding the terminologies appearing in the document.

Social networking holds significant potential to transform the way legal services are delivered. As such, law professionals are adopting various social media tools to accomplish a myriad of legal tasks as well as pursuing their career objectives. Social networking platforms, including LinkedIn, Facebook, and Twitter, are particularly helping law professionals in reaching a larger audience.

Related Press Release@ Legal Services Market Report

Legal Services Market Report Highlights

The corporate segment is expected to emerge as the fastest-growing segment over the forecast period as disputes over organizational audits, discrimination & harassment of employees, copyright violation, and patent infringement continue to rise
The private practicing attorneys segment is expected to witness substantial growth over the forecast period owing to the increased opportunities for attorneys in large enterprises as well as small- & mid-sized enterprises
Law firms are changing their hiring patterns in line with the evolving requirements of the clients
Law firms are collaborating with professional service providers to offer unified multi-disciplinary services to their clients

List of Key Players of the Legal Services Market

Baker & McKenzie
Clifford Chance LLP
Deloitte
DLA Piper
Ernst & Young (E&Y)
Kirkland & Ellis LLP
KPMG
LATHAM & WATKINS LLP
PwC
Skadden, Arps, Slate, Meagher & Flom LLP

Tuesday, 12 October 2021

Cyber Security Market: Global Industry Analysis and Outlook, 2028

The global Cyber Security Market size is expected to reach USD 372.04 billion by 2028, registering a CAGR of 10.9% over the forecast period, according to a new report by Grand View Research, Inc. An increase in the number and intensity of data breaches across enterprise networks is driving the adoption of cyber security solutions and services globally. Developments in the field of digital applications and cloud-based solutions are driving the volume of cyber threat vectors and vulnerabilities. Thus, continued cyber threats and cyber-attacks are leading to a rise in sustained investment into security services and advanced solutions driving the market.

Add-ons and upgrades in the existing solutions with new features are creating avenues for threat vulnerabilities. Cyber threat actors aim to infiltrate and access unauthorized information from such vulnerabilities. To combat such threat activities, enterprises and governments across countries are implementing and timely updating their cyber security development strategies. These development strategies are inclined toward upgrading the existing security infrastructures, improving awareness, and establishing a cyber-defense workforce. For instance, in 2020, the Malaysian government introduced the Malaysian Cyber Security Strategy and allocated around USD 0.44 billion (RM 1.8 billion) for national cyber security preparedness.

The strategy comprised five pillars consisting of 113 programs, 35 action plans, and 12 strategies. The continued rise in electronification across several industries/sectors is exponentially increasing data breach risks. Market players, such as financial service providers, retailers, and telecom vendors, are relying extensively on digital channels and technologies. This, in turn, increases exposure to risks, and a cyber attack can have a multi-fold negative impact on the financial and operational aspects of an organization. The scenario has increased the emphasis on data protection and securing critical IT infrastructures.

Furthermore, growing stringency in regulations for data privacy and safety is compelling organizations to create an additional layer in the security framework, driving the market growth. The market in Asia Pacific is anticipated to register the fastest CAGR over the forecast period. The growing instances of cybercrimes in Asian countries over the years and the increasing adoption of advanced technologies and mobile endpoints across businesses are driving the regional market. Disruption in technologies is increasing the market fragmentation and competition among market players. Leading players focus on product updates, new product launches, and strategic initiatives, such as mergers & acquisitions, to enhance their market position.

Related Press Release @ Cyber Security Market Report

Cyber Security Market Report Highlights

The need to develop a cyber defense framework and safeguard the evolving IT infrastructure from targeted ransomware, vulnerabilities in applications, phishing attacks, and malware is compelling enterprises to adopt cyber security solutions, thereby, driving the market growth
The increased risk of data breaches across networking systems in critical infrastructures is compelling enterprises to adopt hardware solutions, such as encrypted drives and intrusion detection systems
These solutions help enterprises safeguard the outgoing and incoming network traffic on IP addresses
The growing usage of mobile devices, coupled with the implementation of Bring-Your-Own-Device (BYOD) concepts across businesses, is driving the adoption of endpoint security solutions & services to defend against fraudulent email activities, ransomware, and malware
In terms of deployment, the cloud-based segment is expected to register the fastest CAGR over the forecast period. This can be attributed to its low-cost infrastructure maintenance and flexibility in data sharing across devices and remote places
The large enterprise segment held the maximum revenue share in 2020 due to the increased spending on security solutions and services by large-scale organizations
The demand for security solutions and services among healthcare institutions is expected to register a significant CAGR over the forecast period owing to the proliferation of digital applications and stringency in data protection standards and laws