Month: August 2021

Across the globe, North America dominated the technical illustration software market in 2019, and it will retain its market dominance in the forthcoming years as well, as per the estimates of the market research company, P&S Intelligence. This is credited to the surging information technology (IT) spending, early incorporation of advanced technologies, and the existence of several industry players in the region.

In addition, the region is home to a thriving manufacturing industry, which is also contributing toward the expansion of the regional market. When deployment type is taken into consideration, the technical illustration software market is classified into cloud and on-premises. Of these, the cloud category is predicted to demonstrate faster growth in the market throughout the forecast period.

Technical Illustration Software Market Size, Status, Top Players, Trends in Upcoming Years

This will be because cloud deployment provides increased speed and scalability and facilitates 24X7 services and improved management capabilities. Additionally, as cloud deployment does not need hardware investments or resources for managing hardware, it massively reduces the operating costs of enterprises. 

Hence, it is safe to say that the market will grow substantially all over the world in the years to come, primarily because of the rising awareness among consumers and enterprises about better and easier-to-understand product demonstration procedures and the ability of the technical illustration software to help businesses provide in-depth product or service demonstrations to their clients. 

This market research report provides a comprehensive overview of the market

• The Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

The U.S. Energy Information Administration (EIA) states that on an average, every day in 2020, 94.2 million barrels of crude oil were produced.  As per the EIA, the U.S., Saudi Arabia, Russia, Canada, China, Iraq, Brazil, the U.A.E., Iran, and Kuwait are the top ten producers of oil across the world. Oil wells are using metering pumps in the extraction of oil and natural gas and dosing of corrosion inhibitors in midstream processes.

Thus, the increasing production of crude oil is creating a huge requirement for metering pumps, globally.  Additionally, the toughening water treatment regulations by governments will also drive the metering pump market at a CAGR of 3.9% during the forecast years (2020–2030). The market was valued at $4.4 billion in 2019 and it is projected to generate $6.8 billion revenue by 2030.

Metering Pump Market: In-Depth Coverage And Various Important Aspects by 2030

Water treatment plants use such pumps to eliminate slurry, harmful microorganisms, and pollutants and feed chemical additives from wastewater. For instance, the U.S. government amended the Water Infrastructure Act (AWIA) in 2018 to focus on quality of each drop of water that is theoretically intended for drinking. The type segment of the metering pump market is classified into diaphragm, piston, and others, such as syringe pumps and peristaltic pumps.

Under this segment, the diaphragm category is projected to exhibit the fastest growth throughout the forecast period. This can be ascribed to the ability of diaphragm metering pump to handle corrosive, flammable, abrasive liquids, and high viscosity liquids. Additionally, the higher energy efficiency offered by such pump, as compared to other types, also catalyzes the growth of the market in this category.

This market research report provides a comprehensive overview of the market

• The Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

In recent years, many banks and financial organizations have moved their core operations and applications to the cloud network, mainly because of the surging demand for reducing the risks associated with conventional technologies, soaring need for the real-time analysis of large volumes of data, and the growing requirement for lower capital expenditure and a personalized banking experience.

Moreover, the cloud network has the ability to provide greater operational control of the platforms, which is further boosting its popularity among enterprises operating in the banking, financial services, and insurance (BFSI) industry. As the cloud network is highly vulnerable to cyberattacks, owing to the fact that the data is stored at various remote locations, its growing adoption by businesses is augmenting the incidence of cyberattacks, which is, in turn, fueling the demand for security solutions among BFSI companies.

BFSI Security Market Growth, Demand & Opportunities

Additionally, the financial services sector is a major target area for cybercriminals, on account of the generation of large volumes of data and the involvement of several financial assets in the sector. These incidents caused losses of $8.19 million. Owing to these factors, the requirement for security solutions is surging sharply among BFSI companies, which is positively impacting the progress of the BFSI security market.

Furthermore, the rising incorporation of online banking and rapid digitization of operations are pushing up the occurrence rate of data breaches in the BFSI sector. These data breach incidents are causing huge losses to enterprises. As per reports, the U.S. witnessed the highest occurrence of data breaches in 2019. These solutions allow organizations to manage and control security operations and tasks over the cloud network.

A number of factors, such as the rise in the focus on smart grids, government policies supporting the installation of smart meters, two-way communication characteristic of such meters, surge in the consumer awareness on energy conservation, and increase in residential construction activities, are expected to drive the smart meters market at a CAGR of 4.9% in the foreseeable period (2020–2030).

According to P&S Intelligence, the market generated $13.1 billion revenue in 2019, which is expected to reach $20.0 billion by 2030. One of the major factors boosting the market grow this the surging government support for the deployment of smart meters. Governments across the world are focusing on modernizing their grid network, by installing smart meters in place of conventional ones.

Smart Meters Market its Future Outlook and Trends 

They are rolling out laws that mandate the installation of smart meters, as part of their clean energy initiatives. For instance, Saudi Electricity Company (SEC) signed a contract with the Alfanar Group in January 2020 to mount 10 million smart meters before March 2021 across Saudi Arabia and complete the whole program by March 2023.  Furthermore, the two-way communication feature of smart meters plays a vital role in the growth of the smart meters market.

Such meters are installed by end users to collect data on electricity consumption by all appliances at regular intervals, using a local area network (LAN). The data from each smart meter is gathered by local data aggregators through neighborhood area networks (NANs) and then transferred to the utility center using a wide area network (WAN). Likewise, the utility center can send information, commands, or signals to the smart meters when required.

Augmented reality (AR) and virtual reality (VR) technologies are reaching the masses through various platforms, such as tablet computers and smartphones. With the surging adoption of such consumer electronic devices, they are becoming a potential hardware interface for associated applications. In recent years, technological innovations in such devices have helped in reducing the prices of AR and VR solutions.

Moreover, the rapid advancements being made in the domain of optics, including light-field technology, will lead to the development of flexible, affordable, and compact displays for smart glasses and headsets, which will further amplify the use of such solutions in the coming years. Additionally, the rising adoption of such technologies among enterprises will also accelerate the AR and VR market.

AR and VR market generated a revenue of $37.0 billion in 2019 and it is expected to reach $1,274.4 billion revenue by 2030. while demonstrating at a CAGR of 42.9% during 2020–2030. Business organizations are the most preferred targets for app developers, device manufacturers, and solution providers because enterprises offer a wide application base for such solutions. In recent years, many Fortune 500 companies have started experimenting with AR and VR technologies. 

AR and VR Market Business Analysis, Growth and Forecast Report

According to P&S Intelligence, North America emerged as the largest consumer of AR and VR technologies and devices in the recent past. Of the North American nations, the U.S. is the larger adopter of such technologies, due to the presence of several technology providers and the increasing application of these technologies in the e-commerce and healthcare industries in the country. For example, AccuVein Inc., a U.S.-based medical imaging solution providing company, offers AR technology for assisting doctors and nurses in locating veins in patients.

Therefore, the rising penetration of smartphones and tablets and the surging adoption of advanced technologies by businesses will augment the need for AR and VR solutions and devices in the forthcoming years.

the burgeoning demand for centralized monitoring and predictive maintenance of manufacturing facilities is fueling the demand for the Iot in the manufacturing sector. For example, centralized monitoring of manufacturing processes is carried out in the automotive industry with the help of indoor location systems.

Radio communication systems are used for incorporating process operators, manufacturing devices, and various other related equipment in these location systems. With the help of the radio triangulation method, the location of all resources and parts that are used in the manufacturing process is determined.

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The internet of things (IoT) devices use routers, switches, and other supporting networking instruments and generate large volumes of data for conducting predictive maintenance, which, in turn, assists in the management of several high-value devices in a factory. Besides this, the mushrooming requirement for transparency and traceability in business operations is also driving the growth of the internet of things (IoT) in manufacturing market.

Depending on component, the market is divided into services and solutions categories. Between these, the services category is predicted to exhibit the faster growth in the market in the upcoming years. This category is further categorized into professional services and managed services.

Of these, the managed services category is predicted to demonstrate rapid expansion, on account of the growing adoption of managed services in developed countries such as Canada and the U.S. Many managed service providers are utilizing a combination of the IoT components developed by various vendors for creating an IoT-based solution in the manufacturing industry.

Nowadays, flexible light-emitting diode (LED) interactive displays are being preferred over interactive LCDs as they offer high-resolution and a better picture quality than the latter. Flexible LED displays capture picture motions in multiple configurations and several areas, from a wide range of gadgets, such as personal computers (PCs), link boxes, and cameras.

Unlike LCDs, flexible LED displays are thin, owing to which they provide better aesthetic appeal to the viewer, thereby offering better marketing benefits to end users. In the coming years, the increasing focus of education, retail, sports, entertainment, industrial, transportation, hospitality and healthcare, corporate and government, military and defense, and banking, financial services, and insurance (BFSI) firms on resource saving will also aid the interactive display market in progressing at a CAGR of 10.4% during 2019–2024.

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According to P&S Intelligence, the market was valued at $9.2 billion in 2018, and it is expected to generate $16.4 billion in 2024. The usage of interactive displays in retail environments, hotels, conference centers, schools, museums, and sports events helps in improving the turnaround time and offering ease of access. In recent years, the education sector has emerged as the most-prominent user of interactive displays due to the soaring number of government initiatives supporting smart learning programs in academic institutions.

For example, the ‘Education 2020’ strategy of the Ministry of Education of the U.A.E. aims to incorporate digital experiences in the educational system of the country. Taking inspiration from such strategies, local governments are consistently focusing on the creation of an academic environment that combines visual aids and interactive teaching methods and products to enhance the learning experience for students, as well as teachers.

A number of factors, such as the rising focus of companies on reducing their operational costs and surging adoption of deep learning solutions in contact centers, are projected to boost the growth of the deep learning market at a CAGR of 35.2% during the forecast period (2020–2030). According to P&S Intelligence, the market generated $3.7 billion revenue in 2019, which is expected to reach $102.4 billion by 2030.

Moreover, the market is witnessing the surging deployment of deep learning solutions in the healthcare sector. One of the prime factors propelling the demand for deep learning solutions is their surging adoption in contact centers. These centers are the largest users of such algorithms, which help them in enhancing first-call resolution, shortening the call duration, improving the customer satisfaction, and reducing the call volume, which, in turn, increases the revenue of companies.

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On the basis of the nature of the solutions, the calls are efficiently routed to the concerned people possessing satisfactory knowledge, and these algorithms help in decreasing the time taken for issue resolution. Geographically, the North American deep learning market accounted for the largest revenue share in 2019. This is attributed to the developed IT infrastructure, technological advancements, presence of several key market players, and rapid implementation of these solutions for product recommendations, voice assistance, and image recognition on social networks.

The Asia-Pacific (APAC) market is set to witness the swiftest growth during the foreseeable period owing to the swift economic growth, increasing deployment of advanced technologies, rising IT investments, and mounting number of AI startups in the region. Thus, the surging adoption of deep learning solutions in contact centers and rising focus of companies on reducing their operational costs are expected to propel the market growth across the world during the forecast period.