Technology Market report

Friday, 29 April 2022

Optical Character Recognition Market Worth $33.44 Billion By 2030

The global Optical Character Recognition Market size is expected to reach USD 33.44 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.4% from 2022 to 2030. Digitalization plays a critical role in changing the way organizations operate, and it has helped companies improve the efficiency of their business processes. Enterprises invest large amounts in technologies that can help them digitalize their work processes and increase productivity. Since data is a critical element for an organization, adopting technologies such as optical character recognition (OCR), which enables users to convert text data in different types of documents and images into editable or accessible formats, has increased. OCR solutions are integrated with various technologies such as robotic process automation and Artificial Intelligence (AI) to enhance their capabilities.

The integration of artificial intelligence with optical character recognition has helped companies in leveraging technological capabilities of artificial intelligence such as deep learning and multi-level analysis for the more efficient processing of documents, texts, and other data in a way similar to that of humans. These advanced technologies also help to address inaccuracies that occur in OCR, thereby providing streamlined fault management. This, in turn, helps reduce costs of processing documents and increase efficiency within the organization. Furthermore, increasing penetration of optical character recognition in banks and financial institutions has bolstered the market growth for B2B end users. For instance, Sinosecu Bank, a commercial bank in China, developed a Sinosecu bank Card, OCR SDK, an OCR recognition technology. It can meet the financial industry’s mobile payment requirements. The bank card can be utilized in various ways, including mobile SDKs and deployments.

The OCR market can be described as a highly competitive market. The market vendors are pursuing various strategic initiatives to gain a competitive edge in the market. For instance, in January 2022, 6Sense, an AI-driven sales and marketing platform, acquired Saleswhale, a Singapore-based company. This acquisition would also help B2B organizations convert and manage their sales leads with the help of AI technologies like NLP, OCR ML, and other AI technologies. It would scale their business and enhance the products.

Related Press Release@ Optical Character Recognition Market Report

Optical Character Recognition Market Report Highlights

A significant increase in investment for the advancement of OCR in startup companies is expected to remain one of the key driving factors
The emergence of new technologies such as computer vision, machine learning, and artificial intelligence is unfolding new opportunities for industry growth
The integration of advanced technology in OCR technology has significantly contributed to enhancing data management and data capture. Further, continuous advancements in OCR technology are expected to positively contribute to the growth of the OCR market
Factors including the rapid economic growth of countries, such as China and India, the rising adoption of smartphones, and the developing e-commerce sector are anticipated to further fuel the growth of the Asia Pacific market

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Artificial Intelligence Market Size Worth $1,811.8 Billion By 2030

The global Artificial Intelligence Market size is expected to reach USD 1,811.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 38.1% from 2022 to 2030. Artificial Intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses algorithms to understand human speech, visually recognize objects, and process information. These algorithms are used for data processing, calculation, and automated reasoning.

Artificial intelligence researchers continuously improve algorithms for various aspects, as conventional algorithms have drawbacks regarding accuracy and efficiency. These advancements have led manufacturers and technology developers to focus on developing standard algorithms. Recently, several developments have been carried out for enhancing artificial intelligence algorithms. For instance, in May 2020, International Business Machines Corporation announced a wide range of new AI-powered services and capabilities, namely IBM Watson AIOps, for enterprise automation. These services are designed to help automate the IT infrastructures and make them more resilient and cost reduction.

Various companies are implementing AI-based solutions such as RPA (Robotic Process Automation) to enhance the process workflows to handle and automate repetitive tasks. AI-based solutions are also being coupled with the IoT (Internet of Things) to provide robust results for various business processes. For Instance, Microsoft announced to invest USD 1 billion in OpenAI, a San Francisco-based company. The two businesses teamed up to create AI supercomputing technology on Microsoft's Azure cloud.

The COVID – 19 pandemic has emerged as an opportunity for AI-enabled computer systems to fight against the epidemic as several tech companies are working on preventing, mitigating, and containing the virus. For instance, LeewayHertz, a U.S.-based custom software development company, offers technology solutions using AI tools and techniques, including the Face Mask Detection System to identify individuals without a mask and the Human Presence System to monitor patients remotely. Besides, Voxel51 Inc., a U.S.-based artificial intelligence start-up, has developed Voxel51 PDI (Physical Distancing Index) to measure the impact of the global pandemic on social behavior across the world.

AI-powered computer platforms or solutions are being used to fight against COVID – 19 in numerous applications, such as early alerts, tracking and prediction, data dashboards, diagnosis and prognosis, treatments and cures, and maintaining social control. Data dashboards that can visualize the pandemic have emerged with the need for coronavirus tracking and prediction. For instance, Microsoft Corporation's Bing's AI tracker gives a global overview of the pandemic's current statistics.

Artificial Intelligence is becoming vital to big data as the technology allows the extraction of high-level and complex abstractions through a hierarchical learning process. The need for mining and extraction of significant patterns from high-volume information is driving the growth of artificial intelligence in big data analytics. Furthermore, the technology helps overcome challenges associated with big data analytics, such as the trustworthiness of data analysis, format variation of raw information, highly distributed input sources, and imbalanced input data. Another challenge includes a lack of efficient storage and poor information retrieval as it is collected in large quantities and made available across numerous domains. These challenges are overcome by using semantic indexing to facilitate comprehension and knowledge discovery.

Related Press Release@ Artificial Intelligence Market Report

Artificial Intelligence Market Report Highlights

The advent of big data is expected to be the cause of the growth of the market as a large volume of data is needed to be captured, stored, and analyzed
The increasing demand for image processing and identification is expected to drive industry growth
North America dominated the market and accounted for revenue share of over 42.1% in 2021
One of the significant concerns restraining industry growth is the need for a large amount of data to train AI systems for character and image recognition

Virtual Production Market by 360Rize, Adobe, Arashi Vision Inc. (Insta 360), Autodesk Inc., BORIS FX, INC.

The global Virtual Production Market size is expected to reach USD 6.79 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.8% from 2022 to 2030. The rising popularity of virtual production in the media and entertainment industry, combined with its capabilities to create high definition visuals and real-time virtual environments, is the key factor propelling the growth of the market.

The technology enables filmmakers to reduce the demand for on-set production teams and crew members by integrating virtual background environments into live-action footage. This allows for a significant reduction in video production costs. For instance, in 2020, after the Covid-19 pandemic, filmmakers in the Hollywood industry found the hi-tech solution of shooting without gathering 100s of people on set. The use of techniques such as cloudbusting, stagecraft LED setup, and robotic camera to shoot actors remotely, known as the Solo Cinebot has helped the filmmaker a lot.

Furthermore, technological advancement in virtual production helps broadcasters improve their operational efficiency with the least physical presence of technicians in the broadcasting room. For instance, in March 2020, Sky Sports implemented a virtual production suite, which has enabled its teams to create content and stream it remotely. The suite connected 48 virtual workstations and an equal number of direct-to-workstation connections for remote editing, simultaneous live programming, and the distribution of live clippings directly on social media platforms. Although virtual production can produce a film with better visuals and low production costs, it also poses some challenges, especially from the lack of training and experience among industry professionals.

With the advent of artificial intelligence, virtual production technology has witnessed significant improvements in the quality of its computer-generated graphics. Design and visualization of all complex scenes in a three-dimensional model have become convenient, further editing and reviewing in a real-time environment. The technology positively impacts the market by reducing the transportation and logistics costs of crew members and equipment. It enables filmmakers to capture on-set live-action scenes through simul-cams or virtual cameras and seamlessly merge computer-generated 3D graphic elements with the film's live shooting footage to conclude with the final visual effects.

Furthermore, artificial intelligence facilitates pre-production support that helps to accelerate video production work. In the previous decade, pre-production works heavily relied on unstructured box office data and limited demographic information related to viewers, leading to less engaging video content development. However, now artificial intelligence can generate insights from large data sets collected from various platforms to understand the proposed content's acceptance and interest.

For example, Netflix creates video content based on accurate, personalized recommendations and observations of its users' behavior, such as surfing history, claim, and data action like pausing or rewinding videos. In addition, in April 2021, the company decided to invest USD 17 billion to create a dedicated database to develop original content based on its platform's collected data. Artificial intelligence technology can also help understand scripts and screenplays to recognize the locations described and suggest real-world locations where directors can imagine and create realistic computer graphic imagery locations.

The growing implementation of virtual production in the gaming industry also works well for the market. Factors such as leveraging a three-dimensional environment, increased focus of companies on developing compact and comfortable virtual gaming devices, and constant technological innovation on virtual production platforms, such as 3D audio, untethered virtual reality headsets, and cloud scalability, are expected to fuel the market growth across gaming applications. Furthermore, introducing an immersive experience allows for 360° views of graphic content and a new level of gaming interaction, thus enabling players to control and modify the gaming environment through their senses. This made the interaction with the video games smoother for the player. Hence, the increased application of virtual production technology in games is expected to propel the growth of the market.

Related Press Release@ Virtual Production Market Report

Virtual Production Market Report Highlights

In terms of end-user, the movies segment held the largest revenue share in 2021. The growth can be attributed to the rising demand for visual effects and a three-dimensional model in movies
Based on component, the software segment is expected to grow at a significant rate over the forecast period owing to the inclusion of artificial intelligence. The inclusion is expected to improve the performance of animation and graphics quality
By type, the post-production segment held the largest revenue share of over 50.0% in 2021. This can be attributed to its crucial role in editing and collaborating post-shoot videos with graphics and visual effects (VFX)

Monday, 25 April 2022

Machine Vision Market is Predicted to Witness 7.7% CAGR till 2030

The global Machine Vision Market size is expected to reach USD 25.92 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.7% from 2022 to 2030. The ability of machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market. The quick processing ability of machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, the increasing adoption of robots across the industrial sectors is leading to the application of vision-guided robotic systems. Industrial verticals such as automotive, pharmaceutical, packaging, and food and beverage are prominent sectors where robotic systems are used, eventually fueling the demand for machine vision systems.

The machine vision technology encompasses various components in order to capture images of products to analyze them depending on different parameters of quality and safety. The technology is a combination of software and hardware that provides operational control to devices to execute functions such as capturing and processing images and measuring various characteristics required for decision making. Major components of the system comprise lighting, lens, image sensors, vision processing, and communication devices. Machine vision systems assist in resolving complicated industrial tasks with reliability.

Industrial machine vision systems are usually more robust and demand high reliability, stability, and accuracy as compared to those used in institutional or educational applications. They cost lesser than systems used in military, aerospace, defense, and government applications. These factors are expected to lead to greater adaptability of the technology in the industrial sectors. In addition, the robotic vision systems used across the industries are also leading to the increasing adoption of the technology, thereby strengthening the overall market.

The technology has proven to be of key importance in the area of manufacturing and quality control owing to the increasing need for quality inspection and production. In addition, the growing automation in industrial segments is facilitating the growth of the market at a considerable rate. The technology has been witnessing extensive developments and innovative upgrades since its emergence. Several factors such as the growing inception of the technology and the increasing need for quality products are influencing the market growth. Furthermore, machine vision systems are gaining traction in medical and healthcare applications at a considerable pace. The analysis of medical images and robotic applications for carrying out various medical activities are the key roles of the technology in these sectors.

The automotive end-use industry held the largest revenue share in 2021. The inspection process which includes error-proofing and presence/absence checking, among others is responsible for the adoption of machine vision in the automotive industry. The food and beverage industry is expected to witness the highest growth over the projected period owing to the use of machine vision systems in packaging and bottling operations.

The Asia Pacific region grabbed the largest revenue share in 2021, which can be attributed to ample opportunities offered on account of large manufacturing practices carried out in the region. Countries such as China, Japan, Australia, and Singapore are considered to be potential markets for upcoming technologies, including machine vision. The region’s significant industrial expansion has been contributing to the prosperity and development of various innovations and the adoption of different technologies significantly.

In addition, factors such as increasing focus on developments, expenditures on vision-related research activities, and the growing manufacturing base in the region are expected to spur the market growth in Asia Pacific. The regional market is anticipated to exhibit the fastest growth rate over the forecast period. The industry is facing challenges due to the lack of awareness among users regarding the rapidly advancing machine vision technology. Moreover, the complexity of integrating machine vision systems is a major difficulty being faced by manufacturers, which is restraining the smoother growth of the industry.

Related Press Release@ Machine Vision Market Report

Machine Vision Market Report Highlights

The PC-based product segment accounted for the largest revenue share in 2021 and is estimated to dominate the market over the forecast period
The identification application segment is anticipated to exhibit the fastest growth rate over the forecast period followed by the positioning and guidance application segment
By end-use industry, the food and beverage industry is expected to register the highest CAGR over the forecast period
The industry is expected to witness substantial growth in the Asia Pacific region over the next decade. This growth is witnessed in the wake of ample opportunities offered due to the presence of large manufacturing hubs in prominent countries (across the food and packaging, automotive, pharmaceutical, industrial, and consumer electronic sectors) such as China and Japan

Pharmaceutical Logistics Market Size Worth $163.9 Billion By 2030

The global Pharmaceutical Logistics Market size is estimated to reach USD 163.9 billion by 2030, registering a CAGR of 8.6% from 2022 to 2030, according to a new study by Grand View Research, Inc. The market growth is primarily driven by the rising demand for a variety of drugs as a result of increasing cases of chronic and lifestyle-related diseases. The market is expected to witness a high growth rate in cold-chain and non-cold chain pharmaceutical logistics owing to the impact of COVID-19 across the globe. During this pandemic situation, the government and officials across countries are primarily focusing on preventive measures and the treatment of patients. The import and export of various medicines to treat coronavirus are increasing across all countries, including U.S. and China.

Along with international trade, the nationwide logistics of drugs are also expected to increase to fulfill the rising demand from all the hospitals and medical establishments. Additionally, the U.S. Food and Drug Administration (FDA) and other healthcare agencies across various countries, such as India, China, and the U.K. approved the emergency use of COVID-19 vaccines. This, in turn, is expected to increase the global trade of vaccines in many countries, including the U.S. and India. Such increased trade of drugs and medicines across countries is expected to drive the market from 2022 to 2030.

Pharmaceutical logistics is an integral part of the healthcare system, as careful handling and transportation of pharmaceutical products are of utmost importance. Therefore, the equipment and staff services involved in the pharma supply chain are highly expensive. The latest trend gaining momentum in the market is consolidation among the pharma companies to expand their business and global presence. Technological advancements, such as cloud-based supply chain functions and blockchain technology, which provide accurate and real-time data of operations, will also have a positive impact on market growth. Additionally, these technologies also offer predictive analytics to identify demand and supply chain optimization and risk management. Identifying risks and preventing them helps companies increase productivity, efficiency, and process optimization of their businesses.

The U.S. market accounted for the largest revenue share in 2021 and is expected to maintain its dominance over the forecast period. The market in the Asia Pacific region is projected to exhibit the highest CAGR from 2022 to 2030, owing to an increasing financial budget for the healthcare sector in several emerging countries of the region. Additionally, the soaring consumer spending on Over-the-Counter (OTC) pharmaceutical products is further expected to boost the regional market growth during the forecast period.

Related Press Release@ Pharmaceutical Logistics Market Report

Pharmaceutical Logistics Market Report Highlights

Amid the pandemic, governments across the globe are emphasizing healthcare facilities and ample medicinal supply for the patients. As such, the trade of conventional medicines is increasing from country-to-country
Many pharmaceutical companies, such as Moderna; Serum Institute; and Pfizer, Inc. developed and completed the three-phase trials of COVID-19 vaccines successfully. Hence, these vaccines have been approved for emergency usage across several countries globally. This would require a resilient supply chain and logistic services to deliver these vaccines with maximum efficacy and thereby, estimated to boost the market growth
The demand for cold-chain pharmaceutical logistics services is expected to increase at a rapid rate owing to the rising adoption of temperature-sensitive pharmaceutical products around the globe
Outsourcing services are gaining traction in the market. Third-Party Logistics (3PL) operators offer integrating warehousing and transportation services on an outsourced basis. According to the Journal of Commerce, the revenue of the top 50 PL companies has increased by more than 5.0% from 2016 to 2019
Monitoring components are expected to expand at a notable rate during the forecast period. This growth is attributed to the technological advancements in the devices installed for collecting and reporting real-time shipment information
The growing automation of refrigerated warehouses is expected to fuel the market growth during the forecast period. Warehouse automation includes cloud technology, robots, conveyor belts, truck loading automation, and energy management
Several prominent players are strategically concentrating on mergers and acquisitions activities to expand their overall regional presence

Friday, 22 April 2022

Indoor Farming Market Size Worth $122.3 Billion By 2030

The global Indoor Farming Market size is estimated to reach USD 122.3 billion by 2030, exhibiting a CAGR of 13.5% from 2022 to 2030, according to the new report conducted by Grand View Research, Inc. The increasing demand for food owing to the rising population is expected to drive the growth. Factors such as declining water supply, urbanization, and climate change have contributed to the loss of arable land. This, in turn, is driving demand for indoor farms to produce food. In addition, challenges, such as rising global temperature and extreme weather conditions, act as a barrier to the traditional farming technique. The European Environment Agency (EEA) has carried out several initiatives to build vertical farms to overcome these challenges and produce food in an eco-friendly way.

Indoor farming increases the crop yield and reduces the farming impact on the environment by reducing the distance traveled in the supply chain. It reduces the need for the land space required to grow plants compared to traditional farming methods by using growing shelves mounted vertically. Rising consumer awareness regarding the consumption of healthy and fresh food is anticipated to positively influence the market for indoor farming during the forecast period. Furthermore, the use of technology, such as LED indoor farming, to create nature-like conditions will help farmers meet the expected demand for food supply in the near future.

Europe dominated the market in 2021 and is anticipated to remain dominant over the forecast period, owing to the continuous adoption of advanced technologies such as LED lighting, and controlled environment agriculture. Asia Pacific is expected to exhibit the fastest CAGR from 2022 to 2030, owing to the increasing indoor farms in countries such as China and Japan. Increasing adoption of greenhouses and vertical farms is expected to support regional growth. In addition, the rising demand for pesticide-free, fresh vegetables and fruits is expected to fuel the regional market growth.

Related Press Release@ Indoor Farming Market Report

Indoor Farming Market Report Highlights

The greenhouses segment dominated the market in terms of revenue in 2021, as these facilities produce higher yields. Greenhouses offer a stable and highly controlled environment for the cultivation of flowers, vegetables, and fruits
The fruits, vegetables, and herbs segment is estimated to register the fastest CAGR over the forecast period, owing to the increasing food consumption along with growing consumer awareness regarding the importance of healthy eating, especially in regions such as Europe and Asia Pacific
The climate control systems segment is projected to expand at the highest CAGR during the forecast period, as crop development can be controlled by adjusting and monitoring the concentration of minerals

Tuesday, 12 April 2022

Rear-view Mirror Market Size Worth $11.51 Billion By 2028

The global Rear-View Mirror Market size is expected to reach USD 11.51 billion by 2028, expanding at a CAGR of 4.1% from 2021 to 2028, according to a new report by Grand View Research, Inc. The COVID-19 pandemic has negatively impacted the demand for rear-view mirrors in 2020. The implementation of lockdowns and social distancing norms globally led to losses in the automotive industry. However, as governments begin to gradually relax lockdown norms and allow businesses to operate with mandates of social distancing, the market can expect a period of respite for the short term. Moreover, the increasing demand for luxury vehicles, coupled with the growing demand for enhanced comfort, is anticipated to drive market growth. Automotive OEMs are focused on integrating advanced safety features in rear-view mirrors to improve visibility and reduce accidents. The rapid rate of advancements in product features is anticipated to work in favor of market growth.

The rising demand for luxury vehicles, thanks to the increased spending capacity of consumers, especially in developing economies such as China and India, is also driving the market. According to the China Automobile Dealers Association, luxury car dealers sold 277,000 units in April 2020, an increase of 11.1% compared to the same time in 2019. Furthermore, the introduction of an increasing number of luxury Sport Utility Vehicles (SUVs) is also expected to help the market expand at a promising pace over the forecast period.

The COVID-19 outbreak has had a severe and swift impact on the global automotive industry. The overall automotive production volumes declined globally on a year-on-year basis, mainly due to the decrease in production volumes in North America and Europe, among other regions. According to Organisation Internationale des Constructeursd' Automobiles (OICA), global automobile production dropped by more than 15% in 2020 as compared to 2019 to 77.6 million units.

The Asia Pacific regional market captured around 50% of the overall rear-view mirror demand in 2020 and is estimated to register the highest CAGR of 4.5% over the forecast period. The increasing awareness about technological advancements and the increasing spending capacity of customers are working in favor of the region’s automotive industry. Furthermore, the increase in demand for luxury vehicles in India and the easy availability of new and replacement automotive parts are also driving the market in the region. Moreover, the Make In India campaign is expected to draw substantial investment in the country’s automotive sector, which boasts benefits such as low-cost labor and cheaper raw materials.

Related Press Release@ Rear-view Mirror Market Report

Rear-view Mirror Market Report Highlights

In terms of feature type, the heating function segment emerged as a dominant segment in 2020. The segment is anticipated to exceed USD 5 billion by the end of the forecast period
The door-mounted segment emerged as the largest segment in 2020 and is estimated to continue its dominance over the forecast period
The smart rear-view mirror segment accounted for over 70% of the overall revenue share in 2020. The segment is projected to record the highest CAGR from 2021 to 2028
In terms of type, the interior mirror segment is estimated to expand at the highest CAGR of around 3% over the forecast period. This can be attributed to an anticipated increase in sales of high-end premium vehicles and other passenger vehicles such as SUVs
In terms of vehicle type, the passenger car segment is estimated to register the highest CAGR of 4.2% from 2021 to 2028
The Asia Pacific market held the largest market share in 2020. This can be attributed to the increasing production of vehicles in India, China, and Japan