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Global Computer-Aided Engineering Market Rising Size, Huge Business Growth Opportunities with COVID-19 Impact Analysis By 2029
The global Computer-Aided Engineering market was valued at over US$8,632million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 7.6% between 2022 and 2029. The growth can be attributed to the rising demand for integrated software solutions, eliminating the need to create multiple prototypes and reducing product recalls among various industry verticals.
Computer-Aided Engineering (CAE) is a process of developing and simulating the product performance or resolving engineering problems for various industries using software tools and virtual platforms.
AgileIntel’s global Computer-Aided Engineering market study is a 157 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, type, application, and end-user perspective.
Request for Sample Copy of this Report @ https://www.agileintelresearch.com/reportdetails/Global-Computer-Aided-Engineering-Market-/47#popup
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Insights on Type:
The computer-Aided Engineering (CAE) market has been segmented into Finite Element Analysis (FEA), Computational Fluid Dynamics (CFD) and Multibody Dynamics, Optimization & Simulation, depending on the type.
FAE is a computational analysis tool that helps analyze the stress and dynamics of components and assemblies under real-world conditions. The FEA segment dominated the CAE market with a global revenue share of around 55% in 2021. It is expected to continue its dominance during the forecast period due to its large-scale implementation in manufacturing industries such as the automotive sector.
Furthermore, the Computational Fluid Dynamics (CFD) is expected to drive the market growth during the forecast period due to its widespread application in aerospace engineering, Heating, Air conditioning, and Ventilation (HVAC) engineering, electronics manufacturing, turbo machinery, etc. CFD uses mathematical modeling and software tools to qualitatively predict the fluid flow.
Insights on Deployment:
The CAE software can be deployed on-premise or on the cloud. The on-premise segment held the largest share of the CAE market, accounting for around 66% of the global revenue in 2021. Several businesses consider the software deployment at the client’s site more convenient and safe. It provides users complete control of the data, hardware and software platforms, upgrades, and system changes, thereby driving the segment growth during the forecast period.
However, on-premise systems require huge capital expenditure and maintenance costs to ensure functionality. The could-based deployment is expected to grow considerably during the forecast period as it provides enterprises real-time access to systems and data, vast storage space, and confidentiality. Additionally, cloud computing services offer businesses Infrastructure-as-a-Service (IaaS) and Software-as-a-Service (SaaS) platforms that render application-specific solutions to CAE users.
Impact of COVID-19
The COVID-19 pandemic has negatively affected the global CAE market. The primary reason for the hindered growth in the short term is the decreased demand for CAE software from automotive and industrial equipment end-use verticals. As the factories and manufacturing plants have halted operations during the pandemic, the vendors witnessed a steep decline in new orders and CAE software purchases.
For More Detail @ https://www.agileintelresearch.com/reportdetails/Global-Computer-Aided-Engineering-Market-/47
However, as the people are settling in remote work culture, the designing, modelling, and other related operations in the market are resuming. To assist the transition to remote working, numerous software vendors are offering discounts, trial extensions, temporary free access, and licensing changes to support the migration from office to home.
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AgileIntel is a provider of smart and actionable global market research across various sectors. We established the company after identifying a growing demand from clients for a different, more bespoke, considered and personalised approach to market research. Our mission is to help our clients get a better understanding of industries, companies and consumers to make informed business decisions and respond confidently to an evolving marketplace.
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Updated Report of Global Contact Center Software Market with Current Trends, Drivers, Strategies, Applications and Competitive Landscape 2029
The global contact center software market was valued at US$23,174.75 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 19.1% between 2022 and 2029. This can be attributed to rising adoption of contact center technologies in customer-service industries such as BFSI, retail, healthcare and telecom to ensure accurate, consistent and timely queries resolution.
AgileIntel’s global contact center software market study is a 157 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, business solution, and vertical perspective.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Request for Sample Copy of this Report @ https://www.agileintelresearch.com/reportdetails/Global-Contact-Center-Software-Market-/15#popup
Insights on Vertical:
The contact center software market is classified into BFSI, FMCG and retail, government, healthcare, telecom and IT, travel and hospitality, and others, based on vertical.
The telecom and IT segment dominated the contact center software market in 2021, mainly due to the presence of many telecom and IT companies in the overall customer base. Intense competition has made it imperative for telecom and IT players to enhance their service quality, increasing the demand for contact center solutions. Additionally, the growing adoption of cloud-based contact center solutions has resulted in quick access to customer information, resulting in timely query resolution.
The rise in online shopping customers has created a need for retailers to deploy a dedicated team to handle online queries. Moreover, the retail segment is gradually incorporating social media management tools for customer feedback and engagement, which requires the deployment of contact center platforms.
The demand for contact center solutions is anticipated to increase in the healthcare sector. It can perform various functions such as scheduling appointments, conveying doctors' availability, scheduling surgeries, receiving management feedback, and maintaining a customer database. Likewise, banking, finance, and insurance industries are implementing contact center solutions due to the increasing demand for personalized and streamlined customer interactions while conducting financial transactions.
Insights on Business Solution:
The contact center software market is segmented based on business solution into Automatic Call Distribution (ACD), call recording, Computer Telephony Integration (CTI), customer collaboration, dialer, Interactive Voice Response (IVR), reporting and analytics, workforce optimization, and Others.
Contact centers use ACD systems to increase employee productivity and enhance customer satisfaction. These systems answer the incoming calls and route them to the concerned department based on the type of query. The ACD systems help organizations to streamline the communication process by ensuring even distribution of workload among the agents and simultaneously improve the service quality.
Similarly, call recordings help improve the quality monitoring of the performance and analyze the improvements required by the contact center agents, enables to retrieve information and help assess the time required to solve a particular query.
Contact centers are adopting the CTI technology to synchronize the functions of the telephone system and the computer system that will allow contact center representatives to monitor, record, and route the incoming calls to the most appropriate person in the department.
Furthermore, the IVR segment accounted for 21% of the contact center software market in 2021. The IVR feature allows automating customer support by providing customized greetings and messages and also guiding them during a call. This reduces the time required to address queries and enables to handle higher call volumes per day.
For More Detail @ https://www.agileintelresearch.com/reportdetails/Global-Contact-Center-Software-Market-/15
Insights on Regional Growth:
North America is the largest market accounting for a 37% share during the forecast period. This can be attributed to the growing omnichannel approach to sales and the region's rising e-commerce industry. Several organizations are rapidly investing in emerging technologies, such as big data, analytics, and cloud-based platforms, which is likely to drive the demand for contact center software solutions in the region.
Meanwhile, Europe is expected to witness steady growth due to the increased adoption of contact center systems in the healthcare industry due to the growing number of multi-specialty hospitals. Likewise, the rise in the aging population in Germany and the advancement in medical technologies has increased the demand for services such as telehealth and telemedicine, which is likely to drive the market growth.
The Asia Pacific is expected to be the fastest-growing regional market, with the number of contact centers in the region estimated to reach 36,350 by 2028. This can be attributed to the initiatives taken by the governments in countries such as India, China, and Japan to encourage the digitization of business processes. Moreover, the deployment of cloud-based systems across various organizations is also expected to boost the demand for contact centers in the region during the forecast period.
About Us:
AgileIntel is a provider of smart and actionable global market research across various sectors. We established the company after identifying a growing demand from clients for a different, more bespoke, considered and personalised approach to market research. Our mission is to help our clients get a better understanding of industries, companies and consumers to make informed business decisions and respond confidently to an evolving marketplace.
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Global Digital Marketing Software Market Growth Analysis With Industry Share by Manufacturers, Type and Applications by 2029
The global Digital Marketing Software market was valued at over US$55,391million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 16.3% between 2022 and 2029. The growing popularity of social media and e-commerce platforms due to the proliferation of smartphones is expected to drive the growth of the Digital Marketing Software market.
Digital Marketing Software helps businesses measure the performance of their campaigns and ensures their marketing campaigns are launched and tested quickly and efficiently.
AgileIntel’s global Digital Marketing Software market study is a 162 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, software, service, and end-user perspective.
Request for Sample Copy of this Report @ https://www.agileintelresearch.com/reportdetails/Global-Digital-Marketing-Software-Market-/51#popup
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Insights on End-User:
The end-users of the Digital Marketing Software market include automotive, BFSI, education, government, healthcare, manufacturing, media and entertainment, and others.
The BFSI segment dominated the market accounting for a global revenue share of around 21% in 2021. This can be attributed to the large-scale adoption of Digital Marketing Software in the BFSI industry for various applications, including statement generation, automatic notification, investment advisory, etc. Additionally, banks and other financial institutions are using location-based advertising for improving consumer engagement and sending tailored messages through the most preferred channels of a customer.
Further, the media and entertainment segment is witnessing an upsurge as companies are developing online advertising strategies owing to the proliferation of smartphones and the continued rollout of high-speed data networks. Media and entertainment companies such as Star, The Walt Disney Company, and Netflix use social media advertising to update people about their upcoming shows and film releases. Likewise, gaming companies are adopting digital marketing software solutions such as Search Engine Optimization (SEO), App Store Optimization (ASO), video marketing, marketing automation, etc., to create personalized real-time campaigns for the target audience and increase customer engagement. For instance, in January 2022, Rovio Entertainment Corporation, a Finish gaming company, announced a new fully animated, long-form series of Angry Birds on Netflix.
Insights on Software:
The Digital Marketing Software market is classified into CRM Software, Email Marketing, Social Media, Search Marketing, Content Management, Marketing Automation, Campaign Management, and Others based on software.
The Customer Relationship Management (CRM) software segment held the largest share of 21%, accounting for a global revenue of over US$7,768 million in 2021. The growing demand by businesses to efficiently manage customer interactions has resulted in the widespread adoption of CRM software in recent years. CRM software helps companies understand customer preferences streamline processes, and improve profitability.
Furthermore, the social media segment is anticipated to grow significantly during the forecast period. This can be attributed to the growing use of social media platforms such as Facebook, Instagram, Snapchat, Twitter, and Pinterest in the retail and e-commerce industry for marketing products in an engaging and entertaining manner. Additionally, the integration of advanced technologies such as artificial intelligence (AI) and big data analytics into social media platforms is expected to propel market growth during the forecast period. For instance, Chatbots are being aggressively used by companies to engage with customers.
Impact of COVID-19
The outbreak of the COVID-19 pandemic has had a positive impact on the digital marketing software market. The pandemic has triggered a paradigm shift in the behavior of individuals when it comes to using different apps. Advertising companies are increasingly following digital marketing channels and providing publishers with advanced advertising capabilities. The outbreak of the coronavirus and the ensuing economic downturn has presented app developers with lucrative opportunities to review their advertising set-ups and improve their capabilities to push for more accountability and transparency with partners.
The pandemic has resulted in a rise in the number of people staying indoors, consequently leading to the high internet consumption for entertainment purposes. This is likely to impact the way companies market their products. Moreover, as governments across the globe have urged their citizens to stay home and mandated social distancing, people are socializing through online networking, thus leading to rising social media marketing activities.
For More Detail @ https://www.agileintelresearch.com/reportdetails/Global-Digital-Marketing-Software-Market-/51
About Us:
AgileIntel is a provider of smart and actionable global market research across various sectors. We established the company after identifying a growing demand from clients for a different, more bespoke, considered and personalised approach to market research. Our mission is to help our clients get a better understanding of industries, companies and consumers to make informed business decisions and respond confidently to an evolving marketplace.
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Global Engineering Services Outsourcing Market 2021 Key Drivers and Restraints, Regional Outlook, End-User Applicants by 2029
The global Engineering Services Outsourcing (ESO) market was valued at US$798.7billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 18.9% between 2022 and 2029. The growing collaboration between Engineering Service Providers (ESPs) and Original Equipment Manufacturers (OEMs) is expected to increase the adoption of engineering services outsourcing (ESO) during the forecast period.
Engineering Services Outsourcing (ESO) refers to outsourcing technology and services related to engineering activities such as designing, prototyping, system integration, testing, and consultation to specialized vendors or ESPs.
AgileIntel’s global Engineering Services Outsourcing market study is a 157 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, application, service type, and location perspective.
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The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Key insights from the Global Engineering Services Outsourcing report
Insights on Service Type:
The ESO market service type includes designing, prototyping, system integration, testing, and others.
The testing segment held the largest share of over 31% of the global revenue in 2021. The growing demand to reduce turnaround time by minimizing manual intervention is expected to drive the growth of the testing segment in recent years. Also, OEMs hire software testing services from ESPs to develop and redesign product models with higher compatibility and bug-free operations.
Furthermore, the designing segment is anticipated to grow significantly during the forecast period. The growing design complexities and the need to reduce costs by outsourcing design to a skilled and low-cost workforce drive the growth of design engineering outsourcing. The increasing demand for architectural, visual, graphic, and industrial designing for advanced equipment and mobility solutions is expected to increase the demand for design engineering during the forecast period. Additionally, the rising demand for consumer electronics has propelled the growth of outsourcing engineering services for prototyping cost-efficient products. Countries like the USA, Canada, Japan, and China are driving the prototyping segment's growth globally.
Insights on Application:
The end-use application of the ESO market includes aerospace, automotive, industrial, consumer electronics, semiconductors, healthcare, telecom, and others.
The industrial segment dominated the ESO market, registering a revenue share of over 61% in 2021, and is expected to continue doing so during the forecast period. Digitization in exploration services, including drilling, blasting, crushing, and tunneling, is increasing the adoption of ESO in this sector. The industrial sector extensively implements cloud infrastructure to modernize its IT infrastructure, drive automation, and streamline processes. Additionally, the deployment of the industrial internet of things (IIoT) to reduce downtimes, detect and prevent errors, and cut maintenance costs is expected to drive the industrial segment growth.
Furthermore, the healthcare segment is estimated to be the fastest-growing segment, with a CAGR of around 30% during the forecast period. The growing investment in advanced medical equipment, laboratories, and medications is driving the segment growth in recent years. The segment witnessed an upsurge in the past few months to develop drugs and vaccines during the COVID-19 pandemic. Healthcare organizations collaborate with the ESPs to increase their clinical proficiency and reduce operational costs. For instance, in August 2020, PRA Health Sciences' data solutions division, Symphony Health, collaborated with Close-Up International, a provider of sales audits and medical prescriptions, to expand its data services worldwide.
Impact of COVID-19
The COVID-19 pandemic has had a diverse effect on the ESO market as the outsourcing of services was negatively impacted in specific industries such as automotive and industrial. Meanwhile, there was an increase in demand for ESO services from the healthcare sector.
The COVID-19 pandemic adversely affected some major economies and has undoubtedly disrupted the ESO market's supply chain in these industries. Temporary work shutdowns, travel restrictions, 'shelter-in-place' norms, and disruption in trade activities are certain factors that have subsequently affected the ESO industry. On the contrary, the rapid developments in the healthcare sector, especially in the pharmaceutical and medical device manufacturing domains, witnessed a boom because of the increased efforts to arrest the COVID-19 spread worldwide.
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About Us:
AgileIntel is a provider of smart and actionable global market research across various sectors. We established the company after identifying a growing demand from clients for a different, more bespoke, considered and personalised approach to market research. Our mission is to help our clients get a better understanding of industries, companies and consumers to make informed business decisions and respond confidently to an evolving marketplace.
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Global eSIM Market To 2029, Size, Share Analysis by Key Vendors, Growth Rate & Industry Outlook Report
The global eSIM market was valued at over US$7,190 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 7.8% between 2022 and 2029. The rapid increase in the number of Internet of Things (IoT) connected devices in consumer electronics and the application of Machine-to-machine (M2M) communications is expected to create new opportunities and influence the market growth during the forecast period.
Embedded Subscriber Identity Module (eSIM) is a digital hardware chipset that allows consumers to store multiple operator profiles on a single device and switch between them remotely by reprogramming the software settings.
AgileIntel’s global eSIM market study is a 157 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, data type, industry, and end-user perspective.
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The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Key insights from the Global eSIM report
Insights on Solution:
The eSIM market is segmented into connectivity services and hardware, based on solution type.
The connectivity services segment held the largest revenue share of the eSIM market, accounting for around 89% in 2021, and is estimated to grow significantly during the forecast period. This high growth can be attributed to the rise in adoption of eSIM for M2M connections which is expected to create revenue generation opportunities for the network operators by providing subscription services.
Meanwhile, the hardware segment is projected to grow substantially, registering a CAGR of over 31% during the forecast period. The increase in consumer electronics manufacturers is anticipated to fuel the demand and contribute to the segment growth.
Market dynamics
Trends
The emerging 5G technology is expected to provide high internet speed and expanded network capacity, which is expected to positively impact the eSIM market, increasing its adoption across several cellular-enabled devices. The need for remote connectivity is rising rapidly to manage these network-connected devices such as smartphones, wearables, smart glasses, connected cars, which is offered by integrating eSIM with consumer electronic products. The advent of 5G is expected to enable faster data communication with lower latency, providing better navigation and more connected devices in smart homes. eSIM usage is likely to be one of the prominent factors supporting consumer 5G use cases, as it can be easily integrated into smaller devices such as fitness bands, wearables, and smartwatches. For enterprises using IoT systems with cellular-enabled devices, the deployment of eSIM presents them with an opportunity to upgrade their systems to accommodate 5G and reap its benefits.
Drivers
The growing emphasis on remote access for M2M communication systems is expected to drive market growth during the forecast period. M2M systems comprise of wi-fi communication links, Radio Frequency Identification (RFID), sensors, and automatic computing software, which interprets data and transmits it through a network for further processing. Factors such as reduced maintenance costs and downtime, real-time data monitoring, low power consumption, and remote provisioning have resulted in the increased adoption of M2M systems in applications such as connected cars, smart meters, smartphones, smartwatches, and retail POS, among others. These applications require improved network connectivity, wherein eSIM is integrated with M2M systems, thereby driving the demand for eSIMs.
Opportunities
The rapid adoption of IoT across various products and applications such as home appliances, health monitoring systems, agriculture, utilities, self-driving drones and connected vehicles, and industrial machinery will likely provide growth opportunities for eSIM vendors. The implementation of eSIM technology is more economical than a traditional SIM. It also occupies lesser space, making it easy for the eSIM to be integrated into the hardware. The eSIM technology can be deployed with IoT-enabled systems for large-scale machine-to-machine operations across sectors such as oil & gas, manufacturing plants, power plants, and warehousing facilities. Businesses relying on IoT systems are expected to achieve substantial cost savings with the eSIM technology while also offering the benefit of staying connected with the systems remotely through mobile networks.
Challenges
The eSIM enabled systems allow automatic interoperability between multiple SIM operators and connectivity platforms, allowing remote provisioning of SIM profiles. With several network service providers involved in the operational chain, preserving the security of these systems has become complex. The credentials Of Mobile Network Operators (MNOs) are collected and stored by the eSIM in an inbuilt device software and are prone to security hacks. Besides, eSIM operation across multiple physical platforms and MNOs exposes it to several risks of the virtual environment. As such, the operational flexibility offered by eSIM may prove futile if the security is compromised, thus hampering the market growth.
Impact of COVID-19
The eSIM supply chain has been adversely affected because of the COVID-19 pandemic. COVID-19 had a devastating influence on the devices market worldwide, leading to significant disruptions in the supply chains, production lines, inactive logistics, and labor shortages, delaying shipments and slowing down the development of next-generation products which use eSIMs.
For More Detail @ https://www.agileintelresearch.com/reportdetails/Global-eSIM-Market/30
Over the past few years, eSIM has benefited from increased market demand and active support from different industry stakeholders. During the COVID-19 pandemic, its genuine benefits have been realized, particularly as part of mobile operators’ strategies to digitalize their services. Moreover, consumers were open to starting mobile services using eSIMs, rather than going to a store to activate the physical SIM card. Due to the pandemic, many operators may have decided to delay their eSIM implementation plans on many of their mobile phone models to focus on critical priorities, such as mobile network resiliency.
However, the number of eSIM devices commercially available for purchase across smartwatches, smartphones, tablets, and laptops increased in 2021. As the share of eSIM-enabled consumer device shipments continues to grow, eSIM activations are expected to rise sharply, providing avenues for the eSIM market growth in the coming years.
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ChemIntel360, part of AgileIntel’s broader research offering, provides an integrated portfolio of quantitative and qualitative research reports on the chemicals sector. Our studies make use of credible market intelligence.
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Global Digital Signage Market Growth Factors, Demand and Trends Forecast to 2029
The global data annotation tools market was valued at US$ 616.91million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 25.62% during the forecast period. This can be attributed to the growing adoption of image data annotation in the automotive, retail, and healthcare sectors. Data annotation is the process of adding attributes or labeling to the datasets, which helps users manage the data definition at a single location and eliminate the need to rewrite similar rules in multiple places.
AgileIntel’s global data annotation tools market study is a 157 report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, annotation type, and data type perspective.
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The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Insights by Annotation Type:
Data annotation tools are software solutions that use labeled/tagged training datasets for machine learning. The data annotation tool market is segmented into manual, semi-automatic, and automatic based on the annotation type.
The manual data annotation segment accounted to US$ 505.09 million in 2021. Manual data annotation is the process where human annotators examine vast amounts of datasets and build a comprehensive, quality AI training data. This approach is mainly preferred due to the high-level of accuracy, minimal data annotation efforts, and possibility of extracting accurate business insights from the data which can then be integrated into an algorithm.
On the other hand, automatic data annotation tools reduce human involvement. They can handle most easily identified annotations using annotation techniques such as bounding box annotation, polygon and polylines annotation, semantic segmentation, panoramic segmentation, net entity relationships (NER), parts of speech (POS), Audio labelling, etc. The growing demand for ML in automated data analytics is expected to boost the automatic data annotation tools in various data-specific applications.
Insights by Data Type:
The data annotation tools market is segmented on type as text, image/video, and audio annotations.
The text segment accounted for a 37% market share in 2021, mainly due to its growing application in the e-commerce and clinical sector. For instance, e-commerce sites utilize data and information from social media platforms to influence buyers. Text data annotation is widely used in social media monitoring to design systems for recommendation and endorsement based on consumer sentiment analysis. Additionally, the increasing adoption of Electronic Health Record (EHR) systems has resulted in large repositories of structured and unstructured patient data. The use of data annotation tools and Natural Language Processing (NLP) models will help valuable insights from the patient data that would assist in the patient treatment.
Furthermore, the image/video annotation segment is anticipated to witness significant growth during the forecast period. The image segment is driving the market growth mainly due to the increasing use of computer vision in industries such as automotive, healthcare, and media and entertainment. For example, medical imaging is one of the fastest-growing and prominent image labeling applications in the healthcare sector. Moreover, the rising trend of gathering insights from large volumes of data sets for surveillance and national security is bolstering the video annotation market growth.
Insights on Regional Growth:
North America is the largest market for data annotation tools accounting for 37% of the global revenue share in 2021, mainly due to the growing adoption of image data annotation tools in the automotive, healthcare, financial services and retail sectors. Additionally, growing investments in AI and machine learning solutions by North American enterprises is expected to drive the market positively.
Meanwhile, Europe is anticipated to grow at a CAGR of 29% during the forecast period, mainly due to the growing implementation of biometric solutions in the region which is expected to drive the use of the image-based data annotation tools. For instance, in January 2020, biometric applications were deployed at 14 airports and 134 railway stations in Germany to enhance security operations. Additionally, implementation of automobile obstacle detection technologies are expected to drive the adoption of data annotation tools in the automobile sector.
The Asia Pacific is projected to witness prominent growth in data annotation tools usage during the forecast period, mainly due to rapid adoption of smart devices, technological advancements and increasing usage of social networking in developing countries such as India and China. The growing use of smart devices is expected to lead to a surge in personal data, thus, driving the requirement data collection and data annotation. The growth of the healthcare industry in the region is marked by the increasing adoption of technology and innovative healthcare access programs. These factors are anticipated to boost the demand for image-based data annotation tools in this region in the near future.
Insights on Key Markets:
The U.S data annotation market was valued at US$153.6 million in 2021. The growth in the U.S. is driven by the adoption of AI and machine learning applications of data annotation tools. Moreover, in the U.S., AI-based investment advisory consumer applications are getting traction to improve investment decisions.
Meanwhile, China’s data annotation market was valued at US$48.3 million in 2021, primarily driven by the increased penetration of data collection and annotation tools in applications such as face recognition in surveillance and security systems in the region. For instance, the Chinese government has imposed real-name registering policies across the country, under which citizens should link their official government ID with an online account. Implementation of such policies has spurred the growth in usage of data annotation tools in the country.
Impact of COVID-19
The COVID-19 pandemic had a positive impact on the data annotation tools market. The growth in the adoption of big data and artificial intelligence tools is expected to increase the use of data annotation tools.
Furthermore, the healthcare sector is under immense pressure during the pandemic due to the unprecedented wave of new COVID-19 variants and the near-full hospitals still dealing with existing patients. Under such circumstances, data annotation tools can help healthcare service providers to detect COVID-19 hotspots, predict patient inflow, and ensure an uninterrupted supply of critical medicines and medical care equipment.
For More Detail @ https://www.agileintelresearch.com/reportdetails/Global-Data-Annotation-Tools-Market/12
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AgileIntel is a provider of smart and actionable global market research across various sectors. We established the company after identifying a growing demand from clients for a different, more bespoke, considered and personalised approach to market research. Our mission is to help our clients get a better understanding of industries, companies and consumers to make informed business decisions and respond confidently to an evolving marketplace.
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Global Automated Guided Vehicle Market Trends, Size, Share, Segments, Emerging Audience and Forecast to 2029
The global Automated Guided Vehicle (AGV) market was valued at US$3,872million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 10.6% between 2022 and 2029, mainly driven by the increasing demand for automation solutions in material handling processes across industries.
AGVs, that are controlled using software and sensor-based guidance systems, are primarily used to transport products along the floor of a facility.
AgileIntel’s global AGV market study is a 160 slide report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, vehicle type, and navigation perspective.
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The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Insights on Navigation:
The AGV market is classified into laser guidance, magnetic guidance, inductive guidance, vision guidance, natural navigation, and others, based on navigation.
The laser guidance segment dominated the market with a revenue share of over 36% in 2021. The technology conceptualizes the area and stores the guide path in the vehicle’s memory which can be easily amended and expanded whenever required.
The use of vision guidance technology is currently limited as it happens to be sensitive to light. However, it is anticipated to witness a steady growth during the forecast period, mainly due to their growing deployment in the warehouses and distribution centres. AGVs make use of camera-based vision together with Light Detection and Ranging (LiDAR) sensors and computer systems, to create a 3D image of the operational area that helps in the precise manoeuvring of production areas and warehouses.
Insights on Regional Growth:
Europe dominated the AGV market with a revenue share of 31.2% in 2021 and is expected to continue doing so during the forecast period. This can be attributed to the presence of major manufacturers and exporters of AGV in this region. Moreover, rising investments in advanced technologies in the manufacturing sector and increasing productivity of the automotive and logistics industries in the region is driving the demand for AGVs in the European market.
Meanwhile, Asia Pacific is estimated to witness remarkable growth with India and China being the key countries. The rapid growth of e-commerce has resulted in a large-scale deployment of AGVs in the warehouses. A good example is Flipkart’s deployment of 340 small AGVs at its warehouse in India, in 2019. Additionally, the rapidly growing manufacturing and automotive industries in the region are also expected to drive the demand for AGVs during the forecast period. The automotive industry uses AGVs mainly in the assembly lines for auto components, engines, and transmissions.
Impact of COVID-19
The COVID-19 pandemic has significantly impacted the global economy. Labor shortage and complete disruption of supply chain and logistics operations due to the government-imposed lockdowns forced many manufacturing industries to shut operations. However, the deployment of automation and robotics such as AGVs and autonomous mobile robots (AMRs) has helped businesses to sustain their production levels with minimum employee involvement. Logistics and warehouse AGVs have ensured continuity of services amidst the global lockdown
Additionally, there has been a significant rise in the deployment of AGVs in hospitals during the COVID-19 pandemic,to deliver medicines to patients while reducing human interventions. For instance, in March 2020, Homagama Base Hospital in Sri Lanka deployed AGVs to treatCOVID-19 patients.
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Global Education Technology Market - Trends, COVID-19 impact and Growth Forecasts to 2029
The global Education Technology (EdTech) market was valued at US$103.92 billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 17.2% between 2022 and 2029. This robust growth is mainly due to the COVID-19-induced shift towards digital learning and the subsequent availability of high-quality content on e-learning platforms.
AgileIntel’s global Education Technology market study is a 152 slide report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, sector, and type perspective.
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The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Insights by Sector:
The Education Technology market is categorized into Preschool, K-12, Higher Education, and Others based on sectors.
The growing awareness about the merits of e-learning systems and integration of advanced technologies in education systems is driving the growth of the global Education Technology (EdTech) market. The market is in different stages of maturity in the developed and developing world. While countries such as the U.S., the U.K, and Germany have been early adopters of this technology and are now focusing on product innovation, developing economies such as India are using it to combat the pandemic-induced lockdowns.
The K-12 segment held the largest revenue share of the EdTech market in 2021. Technological advancements in this sector have enabled players to provide engaging content and experiences such as virtual field trips and lab-based experiments. Further, it integrates advanced technologies with education to establish a quality and customized learning curriculum for kindergarten to 12th grade.
The preschool segment is the fastest growing and is expected to continue doing so during the forecast period. Industry players are developing app-based learning with videos and curated content to engage and encourage preschool students. Moreover, technological advancements allow teachers to collect and assess worksheets directly on a mobile app, reducing the use of pen and paper.
Insights on Regional Growth:
North America is the largest regional market, capturing 37% market share for EdTech products and services in 2021 and is expected tocontinue to dominate during the forecast period as well. As the EdTech sector matures, major players are expected to attract huge investments giving them an edge over new entrants.
The Asia-Pacific is expected to be the fastest-growing region in the global EdTech market during the forecast period. This can be attributed to the growing usage of smartphones and devices in countries such as India, China, Indonesia, and South Korea and also affordable bandwidth connectivity, enabling users to experience virtual learning. Moreover, government authorities in most of these countries are investing extensively in the latest technologies to assist skill development. For instance, the Government of India’s ‘Pradhan Mantri e-Vidya’ scheme was launched in May 2020, to encourage EdTech start-ups.
Insights on Key Markets:
The EdTech market in the U.S. was valued at US$32.1 billion in 2021 and is witnessing huge investments from private equity investors and venture capitalists. In 2018, the EdTech companies in the country raised funding worth more than US$1.50 billion, which increased by 16% in 2019 to a value US$1.7 billion. Meanwhile, in 2020, EdTech startups raised over US$ 2.2 billion in venture and private equity capital across 130 deals. This sustained increase in funding and investment is one of the main factors driving the market growth.
Meanwhile, China is the largest market for EdTech in the Asia Pacific, primarily driven by increasing adoption in the K-12 and higher education sectors. The Chinese EdTech market was valued at US$ 7.9 billion in 2021.
Impact of COVID-19
The Education Technology market witnessed an uptick during the COVID-19 pandemic primarily due to the temporary shutdown of educational institutions globally. For instance, as per a UNESCO report, over 90% of the students across the world could not attend school due to the pandemic.
The pandemic has encouraged educational institutes and governments to build robust distance learning solutions to enhance online learning practices.
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Private 5G Network Market Rising Size, Huge Business Growth Opportunities with COVID-19 Impact Analysis By 2029
The global Private 5G Network market was valued at US$1348 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 38.8% between 2022 and 2029, mainly due to the increased adoption of Unified Communication & Collaboration (UC&C) and video conferencing. Private 5G Network platforms offer enterprises a cost-efficient and time-saving way to connect, address, and deliver information to their audience.
AgileIntel’s global Private 5G Network market study is a 168 slide report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, component, and end-user industry perspective.
Private 5G Network was available for commercial use since 2020. Hence, the base year is 2021for the study with historical data till 2020.The data forecast has been provided for the years between 2022 and 2029.
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Insights on End-User Industry:
The Private 5G Network market is classified into manufacturing, transportation and logistics, enterprises and institutions, energy and utilities, smart cities, mining, defense, and others based on end-user industry.
The manufacturing sector accounted for a market size of US$263.6 million in 2021, which is expected to increase to US$5,107 million by 2029, at a CAGR of 41.7% during the forecast period. This strong growth is mainly due to the rising demand for private 5G services for various industrial use cases, such as Ultra-HD cameras, extended reality headsets, and Automated Guided Vehicles (AGVs). Additionally, the increasing demand for uninterrupted communication among machines is expected to drive segment growth over the long term.
The automotive segment is being driven by the surge in deployment of private 5G networks by leading automotive manufacturers such as Mercedes-Benz, Audi and Robert Bosch.
The demand for private 5G networks is expected to rise across enterprises and institutions primarily due to the growing need to securely manage data at their premises.
Additionally, the energy and utilities sector is expected to grow significantly due to the adoption of secured private networks for high-speed internet connectivity during energy generation and distribution.
Insights on Regional Growth:
North America is the largest market accounting for a 31% share during the forecast period. This can be attributed to the increasing investments in deploying private 5G network infrastructure by key service providers such as AT&T, Qualcomm Technologies and Verizon Communications, among others. Additionally, the increasing deployment of industrial sensors by automotive manufacturers such as Ford Motor and General Motors is expected to create considerable market opportunities in the region.
Meanwhile, the Asia Pacific is expected to witness the highest growth rate of 42% from 2021 to 2029, due to the presence of several manufacturers and a significant rise in investments to build automated factories in the region. Additionally, considerable investments to acquire the 5G spectrum in key countries such as China, Japan, South Korea, and Australia are also expected to contribute to the region’s growth.
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Global Virtual Production Market Size, Share, Value, CAGR, Outlook, Analysis, Updates, Data 2021-2029
The global Virtual Production market was valued at US$1,568.88 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 15% between 2022 and 2029. Significant increases in movie production budgets and the high usage of visual effects (VFX) in theatre, film, television, and video games are driving market growth.
Virtual Production uses VFX and other technologies that allow filmmakers to visualize digital scenes in three-dimensional (3D) graphics, realistic virtual characters, and a real-time virtual interactive background.
AgileIntel’s global Virtual Production market study is a 158-slide report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, production stage, and end-user perspective.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
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Insights on Production Stage:
The Virtual Production market is classified into pre-production, production, and post-production, based on the stages of production.
The post-production segment leads the Virtual Production market with over 52% revenue share in 2021, mainly due to its increasing importance in editing and collaborating post-shoot videos with graphics and VFX. The segment is expected to grow considerably during the forecast period as there is a constant rise in new video production projects on various video platforms globally. Additionally, the rising application of Virtual Production in commercial ads is expected to drive market growth during the forecast period.
The production segment is anticipated to grow considerably during the forecast years. Combining high-quality visual graphics with a 3D motion-captured imagery character is gaining traction and is likely to positively affect the market growth during the forecast period. By capturing an actor’s movements using virtual cameras, the videographers can show images of a character’s action on screen. The scene can be projected side by side in a realistic graphics environment generated through the computer or a live LED screen in the background.
Insights on Key Markets:
The U.S. is the largest market for Virtual Production with market size of around US$350 million in 2021. The implementation of advanced VFX and Virtual Production technologies and the growing adoption of Virtual Production by movie studios, such as Viacom CBS, Walt Disney Studios, NBC Universal, and Warner Media, are expected to positively influence growth in the region.
The Virtual Production market in China was pegged at over US$130 million in 2021. The market is expected to grow rapidly during the forecast period, driven by Chinese production firms' growing adoption of the technology to reduce visual effects costs in the local productions.
Impact of COVID-19
The Virtual Production market has been positively affected because of the COVID-19 pandemic. As the COVID-19 global pandemic continues to induce physical movement and gathering restrictions, virtual production levels could become a competitive advantage for content creators.
The global outbreak has disrupted film and series production, and this pause in content creation leading to the non-availability of fresh content. Governments worldwide are carefully considering reopening after putting in place new safety measures. Virtual sets move crews from the risks of travel and on-location shooting to the controlled atmosphere of a sound stage, which is a safer way of video production. Digital character development and motion capture, enabled by Virtual Production technologies, could allow for totally remote productions during the pandemic period. However, as the restrictions ease, content production resumes, and the OTT platform is expected to become the preferred channel of new content release, thereby supporting growth in content consumption as well as the virtual production market growth.
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Global Digital Signage Market Research 2022: Manufacturer Landscape, Production Value, Industry Research And Growth Analysis 2029
The global digital signage market was valued at US$22.57 billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 6.6% during the forecast period. This can be attributed to the growing adoption for digitized promotion and widespread infrastructure development in emerging countries.
AgileIntel’s global digital signage market study is a 157 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, display type, and vertical perspective.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
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Insights on Vertical:
The digital signage market is segmented into retail, hospitality, entertainment, sports, enterprise, banking, healthcare, education, and transportation based on vertical.
The retail sector is likely to witness considerable growth opportunities during the forecast period as leading industry players use digital signage solutions to make new product launch announcements and promotions to lure customers to visit their stores.
The adoption of digital signage solutions in the transportation vertical is witnessing significant growth in sectors such as airports, metros, railway stations, subways, roadways, bus depots, and other public transport systems. Digital displays are used to deliver information related to travel schedules, routes, and advertisement purposes.
Furthermore, digital signage solutions are used to display informative content for the staff, doctors, patients, and visitors in the healthcare sector. The installation of digital signage at baking and other financial institutions is focused on enhancing customer experience, attracting new clients, display different offers and notifications.
Insights on Display Type:
The digital signage market is segmented into video walls, kiosks, digital posters, transparent LED screens, and others according to the display type.
The video wall segment accounted for the largest market share of 27% in 2021 and is expected to continue doing so during the forecast period. Video walls offer large-scale, high-resolution displays and are very versatile. Together, video walls and screens held a significant share of the digital signage market and are used extensively in shopping malls and other public places. On the other hand, kiosks are primarily used for advertising and providing information in institutes and retail verticals.
Transparent LED screens integrated with LED lights offer a high resolution and transparency level of about 80%. Additionally, they are energy efficient and therefore are cost-effective. The transparent LED display segment held a market share of 12% in 2021 and is expected to witness significant demand during the forecast period.
Impact of COVID-19
The digital signage market has been negatively affected by the COVID-19 pandemic due to disruptions in the supply chain caused by the temporary closure of manufacturing plants and trade restrictions affecting material flow in many countries.
Government imposed lockdowns, social distancing, stay-at-home orders, and travel restriction have resulted in the temporary closure of many hospitality businesses. The restrictions on social gatherings have impacted the revenues of stadiums and playgrounds, thereby infrastructure upgrades such as new signage installations, have been cancelled or put on hold, affecting the digital signage market negatively.
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Insights on Key Markets:
The U.S. is the largest market for digital signage products and services, capturing 23% of the global market share and was valued at US$5.18 billion in 2021. The demand for wider displays, interactive and real-time content, is expected to drive the growth of digital signage products in the U.S. For instance, Starbucks implemented digital signage technology provided by BrightSign and its integrator OSM Solutions to install outdoor digital menu boards at various drive-through facilities in the U.S. The digital board displays menu content and the videos of drinks preparation in real-time.
The digital signage market in China accounted for US$1.01 billion in 2021. The growing demand from the country’s transportation, healthcare, education, and enterprise verticals is expected to drive digital signage market growth during the forecast period.
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Global Contact Center Software Market Demand Analysis 2022 Growth Statistics, Revenue Estimates, COVID-19 Impact, Global Share, Emerging Trends
The global contact center software market was valued at US$23,174.75 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 19.1% between 2022 and 2029. This can be attributed to rising adoption of contact center technologies in customer-service industries such as BFSI, retail, healthcare and telecom to ensure accurate, consistent and timely queries resolution.
AgileIntel’s global contact center software market study is a 157 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, business solution, and vertical perspective.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
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Insights on Vertical:
The contact center software market is classified into BFSI, FMCG and retail, government, healthcare, telecom and IT, travel and hospitality, and others, based on vertical.
The telecom and IT segment dominated the contact center software market in 2021, mainly due to the presence of many telecom and IT companies in the overall customer base. Intense competition has made it imperative for telecom and IT players to enhance their service quality, increasing the demand for contact center solutions. Additionally, the growing adoption of cloud-based contact center solutions has resulted in quick access to customer information, resulting in timely query resolution.
The rise in online shopping customers has created a need for retailers to deploy a dedicated team to handle online queries. Moreover, the retail segment is gradually incorporating social media management tools for customer feedback and engagement, which requires the deployment of contact center platforms.
The demand for contact center solutions is anticipated to increase in the healthcare sector. It can perform various functions such as scheduling appointments, conveying doctors' availability, scheduling surgeries, receiving management feedback, and maintaining a customer database. Likewise, banking, finance, and insurance industries are implementing contact center solutions due to the increasing demand for personalized and streamlined customer interactions while conducting financial transactions.
Insights on Business Solution:
The contact center software market is segmented based on business solution into Automatic Call Distribution (ACD), call recording, Computer Telephony Integration (CTI), customer collaboration, dialer, Interactive Voice Response (IVR), reporting and analytics, workforce optimization, and Others.
Contact centers use ACD systems to increase employee productivity and enhance customer satisfaction. These systems answer the incoming calls and route them to the concerned department based on the type of query. The ACD systems help organizations to streamline the communication process by ensuring even distribution of workload among the agents and simultaneously improve the service quality.
Similarly, call recordings help improve the quality monitoring of the performance and analyze the improvements required by the contact center agents, enables to retrieve information and help assess the time required to solve a particular query.
Contact centers are adopting the CTI technology to synchronize the functions of the telephone system and the computer system that will allow contact center representatives to monitor, record, and route the incoming calls to the most appropriate person in the department.
Furthermore, the IVR segment accounted for 21% of the contact center software market in 2021. The IVR feature allows automating customer support by providing customized greetings and messages and also guiding them during a call. This reduces the time required to address queries and enables to handle higher call volumes per day.
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Insights on Regional Growth:
North America is the largest market accounting for a 37% share during the forecast period. This can be attributed to the growing omnichannel approach to sales and the region's rising e-commerce industry. Several organizations are rapidly investing in emerging technologies, such as big data, analytics, and cloud-based platforms, which is likely to drive the demand for contact center software solutions in the region.
Meanwhile, Europe is expected to witness steady growth due to the increased adoption of contact center systems in the healthcare industry due to the growing number of multi-specialty hospitals. Likewise, the rise in the aging population in Germany and the advancement in medical technologies has increased the demand for services such as telehealth and telemedicine, which is likely to drive the market growth.
The Asia Pacific is expected to be the fastest-growing regional market, with the number of contact centers in the region estimated to reach 36,350 by 2028. This can be attributed to the initiatives taken by the governments in countries such as India, China, and Japan to encourage the digitization of business processes. Moreover, the deployment of cloud-based systems across various organizations is also expected to boost the demand for contact centers in the region during the forecast period.
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AgileIntel is a provider of smart and actionable global market research across various sectors. We established the company after identifying a growing demand from clients for a different, more bespoke, considered and personalised approach to market research. Our mission is to help our clients get a better understanding of industries, companies and consumers to make informed business decisions and respond confidently to an evolving marketplace.
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South America Polyethylene Market – Insights on How Companies Strategize Themselves to Grab the Limitless Opportunity
ChemIntel360’s South America Polyethylene market study is a 56 slide report containing in depth analysis on historical and forecasted spending and consumption patterns in the sector. We offer granular value and volume data from end-use industry and applications perspective. Despite the adverse effects of the COVID-19 pandemic, the market is expected to rebound strongly and grow at a CAGR of 1.9% over 2021-2026. The leading factor driving growth is the chemical’s extensive use in packaging industry in the region. This is further bolstered by construction activity in major markets.
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Scope
This study contains South America market size data - value and volume. The numbers are broken down by end use (Packaging, Automotive, Building and Construction, Electrical and Electronics, Household Appliances, and Others), by application (Films, Blow Molding, Injection Molding, Pipe, Extrusion Coating, Wire and Cable, and Others). The historical period runs through 2015-2020 and the forecasted period from 2021-2026.
Market Overview
The South America Polyethylene market, which grew from US$X.X billion in 2015 to US$X.X billion in 2019, dropped marginally to US$11.0 billion in 2020, due to the ongoing COVID-19 pandemic. Spending is expected to recover in 2021 to value US$X.X billion and increase to US$X.X billion in 2026 at a CAGR of X.X%. Cumulatively the South America Polyethylene market is expected to value US$X.X billion during the forecast period as compared to US$X.X billion during the historical period.
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ChemIntel360, part of AgileIntel’s broader research offering, provides an integrated portfolio of quantitative and qualitative research reports on the chemicals sector. Our studies make use of credible market intelligence.
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Global Optical Character Recognition Market 2021 Key Drivers and Restraints, Regional Outlook, End-User Applicants by 2029
The global optical character recognition (OCR) market was valued at US$8,750.13 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 13.8% during the forecast period. This can be attributed to the growing adoption of OCR technologies across diversified verticals such as banking, financial services and insurance (BFSI), transport and logistics, healthcare, government, education, telecom and IT, manufacturing and retail. OCR technology helps users convert images and documents into a machine-readable form such as PDF, Microsoft Word, RTF, or ASCII, which is further used for data processing like editing or searching.
AgileIntel’s global optical character recognition market study is a 164 slide report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, type, and vertical perspective.
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The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029. Insights on Vertical:
The OCR market is segmented into BFSI, transport and logistics, healthcare, government, education, telecom and IT, manufacturing, retail, and others, based on verticals.
The Banking, Financial Services and Insurance (BFSI) sector held the largest share of the OCR market, accounting for over US$1,726.41 million in revenues in 2021. In the banking industry, OCR technology scans documents, receipts, and checks and converts them into a machine-readable format. They are also used to scan and decipher signatures on cheques, print and update passbooks, etc. Additionally, the adoption of OCR technology in various applications such as loan applications, account opening, and compliance-related processes has helped the BFSI sector to increase its processing speed significantly and also educe errors. For instance, in March 2020, Sony Bank, a Japanese commercial bank, launched a new English-language online banking service for non-Japanese clients to make the account opening process fast and easy.
OCR technology in the transport and logistics industry scans the tracking numbers of packages and postal codes of delivery locations instead of manually noting them. This quickens the packages' processing, shipping, and tracking speed and also reduces costs.
Further, in the healthcare industry, OCR systems are widely used for scanning medical reports, clinical data, prescription forms, and patient records, which is integrated into patient data management software for the digital storage of relevant documents.
Implementing OCR software in the retail industry helps improve customer experience by offering services, such as voucher code scanning, self-service utility meter reading, and tax-free shopping, among others.
Meanwhile, with the rise in digitized workflows in the government and public sector institutions, there has been a rise in electronic transactions such as automatic verification of documents, applications for documents like personal ID cards, drivers’ licenses, etc., driving the need to integrate OCR solutions in their processes.
Insights on Key Markets:
The U.S. with a market size of US$2,337.10 million in 2021, is the largest market for OCR, capturing 26.7% of the global market share. This can be attributed to a high degree of innovation and the presence of major industry players such as ABBY, Adobe, IBM, Microsoft and Google. For instance, in August 2020, Microsoft introduced its latest OCR technology called Read API to extract printed and handwritten texts and currency symbols from images, digits, and PDF documents.
The OCR market in China accounted for US$714.62 million in 2021. The growing adoption of OCR technology in industries such as transport and logistics, healthcare, BFSI, and education is expected to drive market growth during the forecast period. Additionally, China is also making considerable investments in advanced technologies to drive growth in the region. For instance, in May 2020, DataGrand, a Chinese AI startup, raised funds worth US$38 million to develop natural language processing (NLP), OCR, robotic process automation, and other AI technologies.
Impact of COVID-19
The COVID-19 pandemic has adversely affected many businesses worldwide due to trade and travel restrictions, government-imposed lockdowns, social distancing, stay-at-home orders and shutdown of manufacturing facilities. However, adoption of OCR products has witnessed an uptick during the pandemic.
As a safety measure, organizations are adopting advanced technologies such as AI, robotics, OCR, and ML to ensure business continuity and uninterrupted services to their customers. Several businesses, organizations and government bodies are using OCR platforms to combat against the COVID-19 outbreak. For instance, in India, various state police departments implemented OCR and biometrics technology to issue e-passes to individuals based on validation of supporting identity documents to monitor movement during the lockdown. As organizations, move into a COVID-induced digital age, the adoption of OCR products is expected to increase further during the forecast period.
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Global 5G Services Market Demand Analysis 2022 Growth Statistics, Revenue Estimates, COVID-19 Impact, Global Share, Emerging Trends, Top Leading Players
The global 5G services market was valued at US$45,680 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 44.1% between 2022 and 2029, mainly driven by the exponential rise in data traffic and growing demand for high-speed data connectivity. The planned deployment of 5G networks in smart cities growing adoption of IoT is also expected to drive the 5G Services market growth.
AgileIntel’s global 5G services market study is a 172 slide report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, communication technology, and vertical perspective.
5G services commercialization started in 2020. Hence, the base year is 2021 for the study with historical data available for 2020. The data forecast has been provided for the years between 2022 and 2029.
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Key insights from the Global 5G Services report
Insights on Communication Technology:
The 5G services market is classified into Enhanced Mobile Broadband (eMBB), Fixed Wireless Access (FWA), Massive Machine Type Communication (mMTC), and Ultra-Reliable Low Latency Communication (uRLLC) based on the communication technology.
The Enhanced Mobile Broadband (eMBB) segment, also known as extreme mobile broadband, dominated the market in 2021 and is expected to grow considerably over the forecast period. It is the extended version of 4G network services and can deliver ultra-high wireless bandwidth capabilities in applications such as high definition (HD) video streaming and immersive virtual reality (VR)/augmented reality (AR) gaming and video calling, providing faster download speed and improved user experiences.
The massive Machine-Type Communications (mMTC) segment is expected to grow exponentially during the forecast period. The 5G mMTC technology provides high bandwidth connectivity for heavy density applications such as smart cities, remote asset monitoring, etc. The rising need for high-speed connectivity for all IoT devices deployed in a network is expected to boost the mMTC segment growth during the forecast period.
Insights on Regional Growth:
Asia Pacific is the largest market for 5G services globally. Market players in APAC region such as China Mobile, China Telecom, SK Telecom, and KT Corporation are making significant investments in rolling out 5G network infrastructure in China, Japan and South Korea. Moreover, manufacturers such as Huawei Technologies, Samsung Electronics, and BBK Electronics Corporation are continuing to launch 5G-enabled smartphones which is likely to drive growth in the region.
Meanwhile, North America accounted for 27% of the 5G services market in 2021. The 5G rollout in North America is delayed due to the escalating trade war between the U.S. and China. The U.S. is one of the largest importers of Infrastructure equipment from China. Due to geopolitical tensions between these two countries, the U.S. government has urged other countries to review the role of Chinese firms in 5G networks, suspecting their equipment is being used for cyberespionage. The absence of major 5G equipment suppliers from the domestic market is expected to reduce price competition and higher deployment costs. The move is expected to increase the CAPEX of operators and delay the 5G rollout in the U.S.
Market dynamics
Trends
The deployment of millimeter wave (mmWave) technology based standalone 5G (SA 5G) networks is likely to take precedence over non-standalone 5G (NSA 5G) technology, which has been used in most of the commercial deployments till date. NSA 5G uses new radio technologies, implemented on an underlying 4G core, thus offering better bandwidth and performance than 4G. However, it is nowhere close to the true potential of the mmWave based SA 5G networks, which can reach 10 times the speed of 4G, and unlock several application areas consumers and business. Thus, as the implementation of SA 5G networks gains momentum, the practical application of advanced IoT, robotics, and AR/VR in industrial use cases can finally be a reality.
Drivers
The growing demand for high-speed data for commercial, industrial, and personal applications is expected to drive the demand for 5G services. The proliferation of smartphones, tablets, and smart TVs has led to increasing internet use for browsing, streaming videos, and video calling, among others. The resultant increase in data traffic has, in turn, created a need for high-speed data connectivity to provide a seamless experience to users. The commercialization of 5G-enabled services is anticipated to create numerous uses ranging from simple applications such as Virtual Reality (VR) & Augmented Reality (AR) gaming and Ultra-High-Definition (UHD) video streaming to more complex applications, including robotic surgeries, autonomous vehicles, and autonomous defense equipment. Thus, the advent of next-generation technologies is expected to drive the demand for high-speed, low latency data connectivity and the demand for 5G services.
Opportunities
5G and cloud are likely to evolve into two interdependent technology platforms that would grow together and support each other during the forecast period. The combination of cloud technologies and 5G services is anticipated to enhance the flexibility, operational capacity, and functionality of many industries. High-speed data connectivity coupled with reduced latency levels that 5G network services offer would encourage organizations to shift toward cloud-based solutions. Moreover, they are expected to pave the way for several investment opportunities for cloud businesses. For instance, 5G technology is anticipated to enable cloud service providers to use their mobile phones for remotely accessing machines, thus making it easier and more reliable for them to offer their services to mobile enterprise customers. Thus, the growing adoption of cloud services is expected to support the 5G market growth during the forecast period.
Challenges
The increased cost of 5G spectrum coupled with high infrastructure costs associated with the deployment of 5G services is expected to result in higher subscription fees to avail 5G services. Telecom service providers are charged a high fee by the government or telecom regulating authorities to buy the license or rights to transmit signals over specific electromagnetic spectrum bands. Moreover, governments worldwide release only a limited band to be licensed by telecom operators. These factors are expected to hamper the growth of the 5G services market. For instance, the Telecom Regulatory Authority of India (TRAI) has recommended base price of INR 492 per MHz for 5G spectrum within the 3300 MHz to 3600 MHz band. These high spectrum costs are likely to directly affect the consumers and hamper the development of 5G services over the forecast period.
Impact of COVID-19
The COVID-19 pandemic has significantly impacted the global economyand, subsequently, 5G roll-out and infrastructure deployment. Governments across the world have issued strict lockdowns and travel restrictions leading to labor shortage and complete disruption of supply chain and logistics operations, delaying the deployment of 5G Infrastructure.As a result, there has been a notable decline in the imports and exports of 5G equipment from major manufacturing hubs, including China, the U.S., Korea, Taiwan, and other key European countries. This, in turn, has further delayed the deployment of the next-generation network infrastructure worldwide.
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ChemIntel360, part of AgileIntel’s broader research offering, provides an integrated portfolio of quantitative and qualitative research reports on the chemicals sector. Our studies make use of credible market intelligence.
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Global Cyber Security Market by Product, Applications, Geographic and Key Players
The global cyber security market was valued at US$176.4 billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 10.2% between 2022 and 2029, mainly driven by increasing number of data breaches and advanced malware threats. While the adoption of emerging technologies in the BFSI, retail, IT, and manufacturing sectors have offered new capabilities and ease of working, they have also driven the global threat landscape of exploits, vulnerabilities, and malware.
AgileIntel’s global cyber security market study is a 168 slide report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, component, and security type perspective.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
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Key insights from the Global Cyber Security report
Insights on Components:
Cyber security solutions protect the network, system, or applications from cyber-attacks such as ransomware, malware, phishing, etc. The cyber security market is classified into hardware, software, and services based on components.
The services segment holds the largest market share and is expected to continue doing so during the forecast period, driven mainly by the robust growth in connected devices which are already creating system vulnerabilities. Moreover, the increasing need for automation for efficiency in enterprise Security Operations Centers is also expected to contribute to the growth of this segment.
Furthermore, large and small enterprises face challenges in securing data, thereby increasing the demand for cyber security software and solutions such as anti-malware, anti-spyware, identity management, and network access control (NAC) to protect their IT systems and networks from unauthorized access and intrusions.
Additionally, the growing adoption of hardware components such as encrypted flash drives, network firewalls, and intrusion prevention system (IPS) equipment that secures IT networks from cyber threats is driving the growth of the hardware segment.
Insights on Key Markets:
The U.S. cyber security market was valued at US$53.9 billion in 2021. It remains the largest market for cyber security solutions due to increased spending by the government to improve the cyber security infrastructure of the country. An increasing number of SMEs, presence of major IT hubs, and the growing adoption of cloud solutions by the SMEs in the U.S. are expected to lead to new security-related issues concerning the network and security of organizational systems, thereby warranting the need for more effective cyber security measures to be put in place. The government has introduced policies that support, encourage, and regulate businesses to adopt cyber security measures.
Insights on Regional Growth:
North America is expected to remain the largest market, accounting for a 35% share of the global cyber security products and services market during the forecast period. This can be attributed to the rising cyber security spending by the government and public authorities in the region due the increasing instances of security breaches. Further, the increased spending on security solutions and services by large enterprises and SMEs and stringent standards and policies for maintaining data privacy and security contribute to the region's market growth.
Meanwhile, Asia Pacific is expected to be the fastest-growing market during the forecast period, mainly due to growing efforts towards securing endpoints, networks, and cloud infrastructure. Countries such as India and China have strong defense forces, encouraging governments and defense sectors of these countries to adopt advanced technologies to mitigate threats rising from cyber-espionage and to be prepared to ward off any disruptions due to cyber warfare.
Market dynamics
Trends
Banking and financial institutions are leveraging emerging technologies such as artificial intelligence (AI) and blockchain for thwarting cyberattacks on their systems. Integration of AI capabilities in cyber security solutions such as Security Information and Event Management (SIEM) will help develop a security system that adapts automatically to changing threat patterns, predicts, detects, and neutralizes threats before they can attack the systems.
Drivers
The main driver of cyber security spending worldwide is not only the sheer increase in the number of cyberattacks over the last few years but also the use of more advanced methods and techniques by hackers, which makes existing solutions redundant. Therefore, governments and providers are under pressure to constantly innovate and develop new solutions, which are then used by all concerned stakeholders to upgrade their security infrastructure.
Opportunities
The defense/government sector is expected to remain one of the most attractive growth markets for cyber security solution providers. The defense/government sector stores vulnerable information regarding the country’s residents and military strategies, which is always a target for independent hackers, unethical hackers from other countries, and terrorist cells. The growing reliance on digital storage of information using computers and cloud service, coupled with the rapidly changing technology, necessitates the development and deployment of secure systems that remain ahead of the hackers. Thus, countries across the globe are expected to increase their spending on cyber security solutions in the coming years.
Challenges
A shortage of skilled workforce and lack of training to stay abreast with the current cybersecurity trends are significant challenges faced by market participants. This lack of skills can be attributed to the rapidly evolving cybersecurity threat landscape, the growing adoption of IoT, mobile technology, cloud computing, and data centers.
The use of unlicensed software is also restraining the growth of the cyber security market.
Impact of COVID-19
The COVID-19 pandemic had a positive impact on the cyber security market.
With most companies asking their employees to work from home, the number of cyber-attacks on enterprise data and devices has proliferated, thereby driving continuous investments in security solutions. This has exposed vulnerabilities due to the increased use of cloud service via unmanaged devices. Thus, the ongoing pandemic presents an opportunity for enterprises to assess their IT infrastructure and deploy robust cyber security solutions.
For More Detail @ https://www.agileintelresearch.com/reportdetails/Global-Cyber-Security-Market/5
About Us:
ChemIntel360, part of AgileIntel’s broader research offering, provides an integrated portfolio of quantitative and qualitative research reports on the chemicals sector. Our studies make use of credible market intelligence.
Contact Us:
Mr. Jason Victor
Skype ID: ChemIntel360
mail Id: [email protected]
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South America Ethylene Oxide Market Demand Analysis 2022 Growth Statistics, Revenue Estimates, COVID-19 Impact, Global Share, Emerging Trends, Top Leading Players
ChemIntel360’s South America Ethylene Oxide market study is a 54 slide report containing in depth analysis on historical and forecasted spending and consumption patterns in the sector. We offer granular value and volume data from product perspective. Despite the adverse effects of the COVID-19 pandemic, the market is expected to rebound and grow at a CAGR of 1.9% over 2021-2026. The main factors driving growth is the chemical’s growing demand for polyethylene terephthalate (PET) bottles from packaging industries.
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Scope
This study contains South America market size data - value and volume. The numbers are broken down by product (Ethylene Glycol, Ethoxylates, Ethanolamines, Glycol Ethers, Polyethylene Glycol, Polyether Polyols, and Others). The historical period runs through 2015-2020 and the forecasted period from 2021-2026.
Market Overview
The South America Ethylene Oxide market, which grew from US$X.X billion in 2015 to US$X.X billion in 2019, dropped marginally to US$1.67 billion in 2020, due to the ongoing COVID-19 pandemic. Spending is expected to recover in 2021 to value US$X.X billion and increase to US$X.X billion in 2026 at a CAGR of X.X%. Cumulatively the South America Ethylene Oxide market is expected to value US$X.X billion during the forecast period as compared to US$X.X billion during the historical period.
For More Detail @ https://www.chemintel360.com/reportdetails/South-America-Ethylene-Oxide-Market/156
About Us:
ChemIntel360, part of AgileIntel’s broader research offering, provides an integrated portfolio of quantitative and qualitative research reports on the chemicals sector. Our studies make use of credible market intelligence.
Contact Us:
Mr. Jason Victor
Skype ID: ChemIntel360
mail Id: [email protected]
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