Day: December 22, 2021

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.