Month: December 2021

Over the years, the number of companies across industries has exploded, which has given customers numerous options for similar products and services. Moreover, with aggressive marketing and promotional offers and discounts, every company is trying to expand its customer base. Therefore, just having a good product or service is not enough, because another company might have an even better one or something that better meets customers’ demand.

As a result, it is important to get in touch with customers to understand their requirements. This is the reason P&S Intelligence expects the speech analytics market, which valued at $1,010.4 million in 2018, to grow to $2,910.1 million by 2024, at a high 19.9% CAGR during 2019–2024. The need to connect with the customer has impelled companies to establish contact centers or tie up with one.

Moreover, these establishments are also used to market products and services and follow up for servicing/replacement/return requests. This has led to the wide adoption of speech analytics software to decode conversations and make better decisions. The software analyzes the tone of the voice of the talkers to ascertain emotions and feelings and weighs that against the topic of discussion, which is pre-fed to the software.

This helps ascertain whether the customer is happy or disappointed with the quality of the product or service offered. Thus, by using advanced technology to decode people’s opinions, companies can recommend better ones and offer a more-effective solution to customers’ issues.

Hence, as the importance of analyzing conversations with customers to recommend them better products and resolve their queries more effectively is realized, the demand for speech analytics solutions will grow.

A number of factors such as the surging number of construction projects across the world, rising global temperature, increasing disposable income of populations in developing countries, and growing urban population are projected to boost the growth of the commercial air conditioner (AC) market at a CAGR of 3.5%, in terms of volume, in the forecast period (2020–2030).

According to P&S Intelligent, the market is expected to witness a sale of 25.4 million units of commercial ACs by 2030 as compared to 17.7 million units in 2019. The primary factor improving the commercial AC market growth prospects is the growing construction industry. Due to the increasing number of construction projects, such as office premises, airports, metros, and residential buildings, the construction sector is expected to reach $12.8 trillion, globally, by 2022 from $10.5 trillion in 2017.

For example, China will construct 216 airports by 2035. Moreover, the number of high-rise buildings is increasing in the U.K. and the U.S. Thus, with the increasing construction activities, the demand for commercial ACs is surging, as these are widely used in all such spaces. The type segment of the commercial AC market is classified into variable refrigerant flow (VRF), split unit, ducted split/packaged unit, room AC, and chiller.

Among these, the split unit category accounted for the largest share in 2019 in the market. This is because a split unit can be used self-sufficiently, for effective and appropriate cooling, with just one outdoor compressor, and it is easier to operate and maintain. Whereas, the VRF category is projected to record the fastest growth during the foreseeable period, owing to its features, such as cost-effectiveness, energy efficiency, and flexibility during installation. 

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

At present, the needs of end users are met by Fetch Robotics Inc., Omron Corporation, Clearpath Robotics Inc., KUKA AG, and Teradyne Inc. Currently, these companies are engaging in partnerships and product launches to meet the needs of the aforementioned end-use industries. For example, in January 2019, Fetch Robotics Inc. entered into a partnership with Ryder System Inc. to handle material and collect data of workflow operations in the U.S. With this partnership, the former will provide AMR solutions to serve the customers and employees of warehouses of the latter to improve its logistics and supply chain. 

According to P&S Intelligence, Asia-Pacific (APAC) dominated the autonomous mobile robots market in the recent past. This was on account of the expansion of the e-commerce industry and the extensive need for a streamlined supply chain in the region. These robots are being increasingly deployed in warehouses, especially in China, South Korea, and Japan, to simplify product delivery and storage processes.

The growth of the e-commerce sector in the region can be chiefly credited to the growing internet penetration and numerous advantages being offered by online platforms. Additionally, the European region also adopted a notable volume of autonomous mobile robots in the preceding years. Among European nations, Germany registered the highest sales of such robotic systems due to the high social and economic stability of the country.

The World Bank states that the gross domestic product (GDP) of Germany grew from $3.682 trillion in 2017 to $3.975 trillion in 2018. Moreover, the presence of a strong e-commerce sector also encourages the adoption of autonomous mobile robots in the country. Thus, the flourishing e-commerce industry and surging adoption of autonomous solutions in the manufacturing sector are expected to facilitate the demand for autonomous mobile robots in the years to come.  

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

With an increasing number of people getting connected to the internet, the digitization breeze is sweeping across the world. People use the internet for many purposes, such as learning about stuff, availing services, and shopping. Thus, with the increasing traffic on websites, companies are understanding the importance of having engaging online content for visitors.

Thus, digital marketing teams are analyzing the behavior and activities of online visitors to see which pages they are spending time on and which ones they aren’t even clicking. Due to such marketing efforts, P&S Intelligence expects the product analytics market revenue to grow to $16,804.8 million by 2024 from $7,309.3 million in 2018, at a 15.3% CAGR between 2019 and 2024 (forecast period).

By helping companies track the consumer behavior on websites, product analytics solutions allow them to post relevant content, which ultimately increases the chances of customer conversion. With the increasing competition across industries, it is becoming important to conduct such analysis. In this regard, one of the key drivers of the demand for product analytics solutions is the growing e-commerce industry.

The rising internet penetration and access to smartphones has massively expanded the consumer base for online shopping websites. Moreover, they provide a range of benefits to shoppers, such as no need to step out of their house, freedom to compare products of different brands, electronic payments, home deliveries, and offers and discounts.

Hence, companies are using product analytics to present their products and services in a more-attractive way and make better recommendations to buyers.

In these times of the pandemic, everyone is hooked to their computer, not in the office, but at home. This is because almost the entire corporate sector has shifted to the work-from-home (WFH) model since the lockdowns were first implemented in March last year. Not being in the office created a severe communication problem, which was instantly solved by web conferencing software, which can accommodate up to 200 people in a single meeting!

People are having office meetings, appreciation meetings, product launches, birthday celebrations, and even condolence meetings on such computer programs and mobile applications. Thus, with the growing adoption of such software, the web conferencing market value, as claimed by P&S Intelligence, is expected to increase monumentally from $2,109.3 million in 2019 at a 39.3% CAGR between 2020 and 2030.

Moreover, even after the pandemic officially ends, many companies are expected to continue to WFH policy, as it has been found to decrease operating costs and increase productivity. Presently, the highest usage of these solutions is being witnessed in the information technology (IT) & telecom sector. Corporate firms around the world are using these solutions to help their team members interact remotely and boost productivity.

Companies have shifted a great part of their workflow on the cloud, which is allowing employees to work from wherever they are. The increasing adoption of the bring-your-own-device (BYOD) policy is also playing an important role in this regard. This policy allows employees to use their smartphones and laptops for office work from anywhere, which creates a need for web conferencing solutions.

The usage of such solutions has been the highest in North America till now because of the availability of high-speed internet, presence of numerous IT companies offering such solutions, and existence of a huge number of multinationals. In the coming years, the fastest web conferencing market growth will be seen in the Asia-Pacific (APAC) region on account of the widespread implementation of the WFH policy. For instance, Tata Consulting Services Limited aims to shift 75% of its entire workforce to this model by 2025.

Thus, web conferencing solutions will continue seeing wide adoption as they are instrumental in helping companies save on operational costs.

A number of factors such as the mounting focus of vendors on price reduction, surging penetration of tablet computers and smartphones, and increasing adoption of advanced technologies by enterprises will drive the augmented reality (AR) and virtual reality (VR) market at a CAGR of 42.9% during the forecast period (2020–2030).

According to P&S Intelligence, the market generated a revenue of $37.0 billion in 2019, and it is projected to reach $1,274.4 billion revenue by 2030. One of the key growth drivers for the market is the surging adoption of smartphones and tablet computers across the world. Consumer electronics, such as tablets, smartphones, laptops, and gaming consoles, have become potential hardware interfaces for the associated applications.

For instance, the 2018 “Measuring the Information Society Report” published by the International Telecommunication Union (ITU) states that the global average mobile subscription rate is 107.0 per 100 inhabitants. As per the report, almost every individual in the world resides within the reach of a mobile-cellular signal. 

In recent years, the escalating investments being made by tech corporations and venture capitalists in AR and VR start-ups have become a prominent trend in the AR and VR market. With these investments, start-ups and technology providing companies are focusing on introducing new and improved AR and VR products.

For example, in 2019, Coursera, Guild Education, and BetterUp, which are some of the leading EdTech companies in the U.S., received $103 million from SEEK Group, $157 million from General Catalyst, and $103 million from Lightspeed Venture Partners, respectively. Thus, the rising use of smartphones and tablet computers and mounting investments being made in AR and VR start-ups will support the market growth in the foreseeable future.

A number of factors such as the surging need for industrial automation solutions, rising demand for mobile cobots from the automotive industry, increasing government initiatives, and reducing operational costs are projected to drive the growth of the mobile collaborative robots market at a CAGR of 26.3% during the forecast period (2020–2030). According to P&S Intelligence, the market size is expected to reach $6.8 billion by 2030 from $543.3 million in 2019.

Moreover, the market is witnessing a trend of surging use of bin-picking mobile cobots in warehouses and factories. One of the prime factors aiding the mobile collaborative robots market is the surging need for industrial automation solutions. The rise in complexity of production processes, increase in focus on higher productivity, high labor costs, and labor shortage have increased the demand for industrial automation solutions, across the world.

Moreover, companies in developing countries like China and India are adopting automation solutions heavily to improve productivity and counter labor shortage, thereby enhancing their capability to compete in the global market. The application segment of the mobile collaborative robots market is categorized into pick & place, welding, material handling, assembling, and machine tending.

Among these, the assembling category is projected to record the highest CAGR in the coming years. This can be ascribed to the fact that mobile cobots are required on a large scale in the assembly application, as these help in reducing assembly time and thus increasing the speed of manufacturing. With the surging automation level in the manufacturing sector, the need for such cobots is rising for assembly purposes.

Thus, the rise in need for industrial automation solutions and the benefits of adopting collaborative robots in industries are expected to propel the market growth in the future.

Healthcare organizations are increasingly using financial analytics for claims processing, payment integrity and fraud, waste and abuse, risk adjustment and assessment, and revenue cycle management applications. By deploying big data analytics for such applications, healthcare institutions can have a better perspective of revenue and reduce operational costs.

To effectively track the revenue, such institutions are deploying data centers, data storage, e-mail servers, firewalls, on-premise and on-cloud, routers, and virtual private network hardware and big data analytics software. IoT-supported devices monitor several health parameters of patients, ranging from blood pressure to heart function, and generate a large volume of unstructured data.

Additionally, the surging deployment of the internet of things (IoT)-enabled devices at healthcare facilities will help the big data analytics in healthcare market register a healthy CAGR of 21.8% during 2018–2023. The market was valued at $7.0 billion in 2017, and it is projected to generate $22.7 billion revenue by 2023. To analyze these data sets and provide effective and quality care to patients, healthcare institutions are using big data analytics.

Besides, the increasing implementation of government initiatives aimed at encouraging the adoption of electronic health records (EHRs) in private and public healthcare centers will also result in the large-scale adoption of big data analytics, such as prescriptive analytics, predictive analytics, and descriptive analytics. For instance, the Government of India established the National e-health Authority to ensure uniformity in EHR standards. Healthcare organizations use big data analytics to obtain insights from EHR, owing to which they can predict unexpected readmissions and inpatient mortality, improve patient care, and reduce duplicate tests.

The global network telemetry market revenue stood at $200 million in 2020 and it is predicted to rise significantly during 2021–2030 (forecast period). The factors driving the expansion of the market are the surging digitalization rate, soaring prevalence of network security attacks, increasing adoption of network telemetry solutions by many service providers and organizations such as consultancy providers and telecom firms, and the burgeoning requirement for the optimization of network infrastructure.

In recent years, the incidence of cyberattacks has increased massively, primarily because of the surging penetration of the internet across the world. During these attacks, the servers and networks of organizations are penetrated and confidential data is stolen, thereby causing huge losses. Moreover, many programmers are hacking into computers and stealing data from various sources such as from the internet of things (IoT) gadgets that are commonly used in a centralized network.

Geographically, North America dominated the network telemetry market from 2015 to 2020 and the market will expand massively in this region in the upcoming years as well, as per the forecast of the market research firm, P&S Intelligence. This will be because of the existence of several market players in the region such as Arista Networks Inc., Pluribus Networks Inc., and Juniper Networks Inc.

Additionally, the strong competition in the North America industry and the growing adoption of various advanced technologies such as the IoT and AI by enterprises are also contributing to the market expansion in the region. Thus, in order to protect confidential data and prevent cyberattacks, many businesses and organizations are rapidly adopting network telemetry solutions and services, thereby causing the expansion of the network telemetry market.

Besides this, the growing requirement for the optimization of the network infrastructure, on account of the mushrooming need for solving downtime issues and increasing internet traffic, is also fueling the growth of the market. For example, when network devices send real-time data to multiple locations, the system becomes overloaded and unavailable for a certain period of time, which causes downtime.

Hence, it can be said without any hesitation that the demand for network telemetry solutions will surge in the coming years, mainly because of the increasing incidence of network security attacks and rising need for an optimized network infrastructure across the world. 

The Saudi Arabian chiller market value stood at $252.0 million in 2018, and it is predicted to surge to $291.0 million by 2024. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 2.7% from 2019 to 2024 (forecast period). The market is being propelled by the increasing number of infrastructure and construction projects and burgeoning need for chillers in the food and beverage industry in the country. 

With the implementation of various government initiatives, construction and infrastructural development activities are soaring in Saudi Arabia. This is pushing up the requirement for cooling systems, especially chillers, at supermarkets, buildings, and metro stations. For example, railway projects, such as the Madinah High-Speed Railway, Makkah Metro Rail, Riyadh Dammam High-Speed Rail, and Eastern Province Municipality-Dammam Metro, are predicted to begin in the coming years.

Since chillers are extensively used at metro stations and railway stations, these projects will augment their sales in the years to come. Besides, the booming tourism sector is also creating lucrative growth opportunities for the players operating in the Saudi Arabian chiller market. The country is actively focusing on improving the tourism sector in order to diversify its economy and reduce its economic reliance on oil and gas, under the Saudi Arabian Vision 2030 economic diversification plan.

As per the World Travel and Tourism Council, the tourism industry in the country accounted for as much as 9.4% of the total gross domestic product (GDP) in 2017. Hence, the sales of chillers will shoot up in Saudi Arabia in the upcoming years, majorly because of the surging infrastructure and construction activities and increasing tourist footfall in the country. 

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