Month: October 2020

Historically, the modular robotics market exhibited the highest growth in the Asia-Pacific (APAC) region and this trend will continue in the coming years as well, primarily because of the ballooning investments being made in electricals, electronics, and automotive industries, especially in the regional nations such as China, South Korea, and India.

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In addition to this, the rising usage of collaborative modular robotics systems in manufacturing operations is massively propelling the sales of these robots in the region. The rising requirement for automation in manufacturing and warehouse operations is pushing up the global demand for collaborative modular robotics systems. This is, in turn, boosting the sales of modular robotics systems all over the world, which is causing the surge of the global modular robotics market.

As a result, the revenue of the market will rise from $5.6 billion to $15.1 billion from 2019 to 2030, with the market demonstrating a CAGR of 9.9% from 2020 to 2030. According to the forecast of the market research company, P&S Intelligence, this category will hold the highest revenue share in the market in the future.

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Depending on robot type, the market is divided into SCARA (selective compliance assistance robot arm) modular robotics systems, collaborative modular robots, cartesian modular robots, parallel modular robots, and articulated modular robotics systems, out of which, the articulated modular robotics system division will register the highest growth in the market in the forthcoming years. 

As the population across the globe has been growing, the demand for agricultural products has been growing as well. Countries including Brazil, India, China, and the U.S. are witnessing high demand for food products, owing to rapid urbanization, increasing disposable income, and changing consumption habits of the growing population. In order to cater to the needs of this increasing population, the agriculture industry has been making use of advanced technologies, including the artificial intelligence (AI), for increasing efficiency and productivity on fields. 

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Attributed to this, the global AI in agriculture market is expected to register substantial growth in the near future. By making use of AI, farmers can monitor their live-stock in real-time. AI solutions including, image classification with body condition score and feeding patterns and facial recognition for livestock, dairy farms can now individually monitor the behavioral aspects of animals. In addition to this, farmers are using machine vision, which aids them in recognizing facial features and hide patterns. 

Farmers are also able to monitor water and food intake of livestock and record their body temperature and behavior. It is because of such advantages of AI that its demand in the agricultural sector is increasing at a rapid pace. According to a research conducted by P&S Intelligence, the global AI in agriculture market is predicted to generate a revenue of $8,379.5, increasing from $852.2 million, and is expected to witness a 24.8% CAGR during the forecast period (2020–2030).   

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The service division is predicted to register the faster growth during the forecast period, because of the increasing adoption of AI solutions in the agricultural sector, which is creating high demand for proper maintenance, installation, and training services among industry stakeholders and farmers. The division is further categorized into professional and managed, between which, the professional category is projected to progress at a faster pace during the forecast period. This is due to the rising need for training, support, and maintenance services by farmers. 

In present times, the popularity of web conferencing has risen sharply all over the world. This is because of the greater convenience offered by these solutions to both employees and employers in comparison to conventional meetings and conferences. Moreover, web conferencing solutions allow businesses to reduce their operational expenditure (OPEX) by eliminating the requirement for office room meetings. In addition to this, the instant messaging and live video chat features allow the employees to stay connected throughout the day. 

The COVID-19 pandemic has also played a pivotal role in the growth of the web conferencing market. This is because the lockdown imposed in several countries due to the pandemic made work from home and remote working extremely necessary for companies and thus augmented the requirement for web conferencing solutions. The usage of these solutions made it possible for businesses to conduct meetings, maintain employee engagement, and encourage team collaborations without needing the presence of employees in offices.  

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Apart from the aforementioned factors, the rising penetration of high-speed internet and the growing employee and employer preference for remote working solutions are also boosting the need for web conferencing. As a result, the revenue of the global web conferencing market is expected to rise from $2,109.3 million to $78,547.9 million from 2019 to 2030. Further, the market is predicted to register a CAGR of 39.3% from 2020 to 2030. 

Therefore, it can be concluded that the popularity of web conferencing solutions will skyrocket throughout the world in the upcoming years, primarily on account of their growing adoption by businesses during the COVID-19 pandemic and their numerous advantages over conventional conferencing such as their ability to reduce business operating costs and offer greater convenience to both employees and employers than brick-and mortar-offices. 

Photonics is basically a field of study that focuses on the utilization of radiant energy such as light for powering systems and devices. Unlike electricity, which uses electrons, photonics technology uses photons, which are the fundamental elements of light, for powering electrical instruments.

The rising consumer focus toward energy conservation, on account of the increasing pollution being caused due to the usage of non-renewable energy sources and the depleting fossil fuel reserves, is pushing up the requirement for energy-efficient products across the world. This is, in turn, boosting the popularity of photonics technology all over the world.

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A major factor fueling the rise in the sales of photonic-based devices is the greater energy-efficiency of these devices in comparison to the electricity-based ones. Furthermore, energy efficiency has quickly become a necessary parameter in the design and manufacturing of high-performance computing devices and systems.

This is because energy-efficient devices work efficiently for a longer period of time at much lower maintenance costs and consume lesser energy than the electricity-powered ones. As a result, these devices generate lesser emissions and are therefore, more eco-friendly than electric ones.

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Apart from the aforementioned factors, the increasing implementation of several renewable energy initiatives and programs by the governments of many countries is also boosting the requirement for photonics solutions across the globe.

These initiatives are aimed at reducing the greenhouse gas (GHG) emissions generated from electrical systems working in various sectors such as industrial, buildings, and transport. Besides this, the rising usage of photonics products in various communication applications is also boosting the popularity of photonics technology throughout the world. 

The increasing popularity of blockchain solutions is a key factor responsible for the burgeoning demand for blockchain devices across the world. “Blockchain technology and solutions are being increasingly incorporated by companies from multiple domains for enhancing security and strengthening their business processes and operations”.

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A blockchain is basically a decentralized digital public ledger that is used for recording transactions across multiple computers so that the information and data present in the record cannot be modified or removed without altering all the subsequent blocks and the overall network. One of the major sectors wherein the blockchain solutions are bring rapidly adopted is the banking, financial services, and insurance (BFSI) sector.

“According to many surveys, over 25% of all the organizations operating in the BFSI sector all over the world are currently using blockchain solutions and devices”. This is mainly because of the fact that the blockchain solutions mitigate the incidence of financial frauds and transaction errors and also significantly enhance the security and safety of the data, information, and money exchange processes. 

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The increasing adoption of cryptocurrencies for digital transactions is another important factor fuelling the demand for blockchain devices. These currencies are basically digital currencies that are not regulated by any central authority. They become popular after the invention of Bitcoin. The absence of regulatory bodies increases the speed of transactions as well as  eliminates the transfer fees charged by the banks. As a result, many corporate users in the BFSI sector and government offices are using cryptocurrencies for transactions.