Speech Analytics Market Worth $14.1 Billion by 2029

 According to a new market research report titled, ‘Speech Analytics Market by Component, Application, Organization Size, Deployment Mode, End-use Industry (IT & Telecommunication, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Business Process Outsourcing)—Global Forecast to 2029’, the global speech analytics market is expected to register a CAGR of 20.1% from 2022 to 2029 to reach $14.1 billion by 2029.

 

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Speech Analytics is the process of extracting meaningful insights from audio recordings and analyzing that data for relevant and meaningful business intelligence. The key applications of speech analytics include customer experience management, call monitoring and summarization, sales and marketing management, risk and compliance management, sentiment analysis, and fraud detection & security applications. Speech analytics solutions are increasingly gaining traction due to their growing utilization across numerous industries, including contact & call centers, healthcare & life sciences, and media and entertainment.

 

The growth of the global speech analytics market is driven by factors such as the surge in demand for speech analytics to improve contact center operations, the emergence of speech analytics to enhance fraud detection, and the rising demand for speech-based biometric systems during the COVID-19 pandemic. However, data privacy and security concerns represent a notable restraint for market growth. The increasing demand for speech analytics in the healthcare sector and the growing demand for cloud-based speech analytics solutions to bolster customer retention are expected to offer significant growth opportunities for the speech analytics market. Besides, limited use cases of real-time speech analytics at present, pose a serious challenge to the overall growth of the speech analytics market.

Speech analytics solution providers plan to capitalize on the lucrative market growth opportunities resulting from the COVID-19 pandemic. The speech analytics market is projected to transform drastically over the coming years, with several leading companies growing rapidly through new product launches, product enhancements, and partnerships and collaborations for capitalizing on the market growth.

 

The global speech analytics market is segmented by component (solutions [call center software, reporting and visualization tools, quality assurance & monitoring solutions, enterprise performance management solutions, customer experience solutions, customer engagement solutions, other solutions (root cause analysis solutions, customer journey management], services [professional services, managed services]), application (customer experience management, call monitoring and summarization, sales and marketing management, risk and compliance management, sentiment analysis, fraud detection and security application, other applications (quality assurance, real-time alerting), organization size (small & medium-sized enterprises, large enterprises), deployment mode (on-premise deployment, cloud-based deployment), and end-use industry (IT & telecommunications, BFSI, retail & consumer goods, healthcare & life sciences, government & public sector, travel & hospitality, media & entertainment, business process outsourcing, education, other end-use industries). The study also evaluates industry competitors and analyzes the market at regional and country levels.

 

Based on component, the global speech analytics market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the larger share of the speech analytics market. The large share of this segment is attributed to the rising proliferation of speech analytics software in call centers, the growing demand for reporting and visualization tools across retail industries, and the increasing need for customer experience and engagement solutions. Additionally, the speech analytics solutions segment is expected to register the highest CAGR during the forecast period.

 

Based on application, the global speech analytics market is segmented into customer experience management, call monitoring and summarization, sales and marketing management, risk and compliance management, sentiment analysis, fraud detection & security applications, and other applications (quality assurance, real-time alerting). In 2022, the sales and marketing management segment is expected to account for the largest share of the global speech analytics market. The large share of this market segment is attributed to the increasing need for improved customer experience in sales and marketing departments, the rising need for speech analytics solutions to identify effective patterns to close sales deals and develop a training program to mentor other team members, rising demand of call monitoring solutions for spotting competitive challenges, and growing need for identifying cross and upsell opportunities.

 

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Based on organization size, the speech analytics market is segmented into small & medium-sized enterprises and large enterprises. In 2022, the small & medium-sized enterprises segment is expected to account for the larger share of the global speech analytics market. The large share of this market segment is majorly attributed to the growing demand for improved operational efficiency in small customer service environments, growing demand for automating customer interactions in call center operations, and the growing proliferation of call recording and speech analytics technology in small organizations. Additionally, this segment is expected to register the highest CAGR during the forecast period.

 

Based on deployment mode, the speech analytics market is segmented into on-premise deployment and cloud deployment. In 2022, the cloud-based deployment segment is expected to account for a larger share of the global speech analytics market. The large share of this market segment is attributed to the growing demand for secure cloud-based speech analytics software, the rising need for cloud-based communication solutions, the increasing need to store and analyze data through cloud platforms, and the growing benefits offered by highly sophisticated cloud-based speech analytics software.

 

Based on end-use industry, the global speech analytics market is segmented into IT & telecommunications, BFSI, retail & consumer goods, healthcare & life sciences, government & public sector, travel & hospitality, media & entertainment, business process outsourcing, education, others (FMCG, automotive). In 2022, the IT & telecommunications segment is expected to account for the largest share of the global speech analytics market. The large share of this market segment is attributed to increasing demand for speech analytics solutions by telecom companies to gather more actionable information in less time, increasing demand to boost customer retention by building loyalty and maintaining customer relationships, and growing popularity for solutions to implement protocols to seize opportunities for cross-selling and upselling in IT & telecom industry. However, the business process outsourcing segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the growing demand to resolve simpler customer queries using AI-based chatbots and the increasing proliferation of speech analytics solutions to monitor agent performance and assess call quality.

 

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Based on geography, the global speech analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, North America is expected to account for the largest share of the global speech analytics market. The large market share of this region is attributed to the increasing adoption of emotion analysis solutions in customer experience management; expansion of e-commerce platforms; growing focus on customer satisfaction; rising demand for speech analytics software to maintain inbound, outbound, and blended calls, e-mails, web inquiries, and chats; increasing demand for self-service interactions among customers; growing popularity for healthcare fraud analytics and detection solutions across the region; and growing demand for reporting and visualization tools by region's flourishing retail and e-commerce sectors. However, the Asia-Pacific region is expected to register the highest CAGR during the forecast period due to the growing technology expenditures in countries such as Australia, China, and India, increasing demand for cost-effective analytical software and services among small and medium-sized enterprises (SMEs), and increasing usage and consciousness of speech and voice recognition devices in the automotive sector.

 

The key players operating in the global speech analytics market are NICE Ltd. (Israel), Verint Systems Inc. (U.S.), CallMiner, Inc. (U.S.), Genesys Cloud Services, Inc. (U.S.), Avaya Holdings Corp. (U.S.), Audio Analytic Ltd. (U.K.), Calabrio, Inc. (U.S.), Batvoice Technologies (France), Qualtrics, LLC (U.S.), Dialpad, Inc. (U.S.), WinterLight Labs (Canada), The Plum Group, Inc. (U.S.), Aural Analytics, Inc (U.S.), Amazon.com, Inc. (U.S.), Uniphore Technologies Inc. (India), Intelligent Voice Ltd (U.K.), Kwantics (India), Gnani Innovations Private Limited (India), and SAS Institute Inc. (U.S.).

 

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ADAS Market Worth $40.2 Billion by 2029

 According to a new market research report titled, ‘ADAS Market by System Type, Component (Sensors, Actuators), Vehicle Automation, Vehicle Type, End User, and Geography - Global Forecast to 2029,’ the global ADAS market is projected to reach $40.2 billion by 2029, at a CAGR of 21.6% from 2022 to 2029.

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The growth of this market is attributed to the Increasing ADAS adoption due to stringent safety regulations, rising demand for luxury vehicles and growing demand for safety and driving comfort features. Furthermore, the emergence of autonomous vehicles, increasing developments in autonomous shared mobility and the rising adoption of electric vehicles are expected to create significant opportunities for the players operating in this market.

However, the high cost of ADAS and environmental and security risks pose challenges to the growth of this market. Additionally, the lack of required infrastructure in developing countries is restraining market growth.

In Europe, despite some challenges arising from the semiconductor shortage, projected to be resolved by the third quarter of 2022, the car industry’s forecast for this year is positive. Automotive manufacturing companies are estimated to grow by ~13% in 2022. With the EU emphasizing making front-facing cameras and radar systems mandatory in all vehicles, as standard equipment, by 2024, the ADAS technology is projected to improve in Europe in 2022. For example, systems such as collision warning indications and electronic stability control are predicted to increase from 83% in 2021 to 100% by 2025. Similarly, restrictions on automotive vehicle speed regulations will increase from 48% to 100% over the same period. On the other hand, Europe is likely to outperform all other regions in terms of ADAS adoption in the coming years, owing to stronger legislation focusing on vehicle and passenger safety.

Overall, the market witnessed negative growth during the first half of 2020 due to the growing spread of COVID-19. Due to the global lockdowns, various assembly and manufacturing units witnessed a temporary closure. Lower automotive sales hampered the adoption of ADAS in 2021. However, by 2022, the ADAS market is anticipated to witness significant growth owing to driver safety assistance mandates laid by various countries across the globe.

The global ADAS market is segmented based on system type, vehicle automation, vehicle type, end user, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.

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Based on system type, the tire pressure monitoring system (TPMS) segment is expected to account for the largest share of the ADAS market in 2022. TPMS integration is a standard in all major automotive markets, including North America, European countries, and some Asia-Pacific countries. TPMS was previously only mandatory in European passenger cars, which is expected to be in vans, trucks, and buses by the end of 2022. China has been standardizing TPMS on all new vehicles since 2019, while Japan, Russia, South Korea, and Turkey have already standardized TPMS on new vehicles. Such large-scale regulation of TPMS is accelerating its penetration into major automotive markets. 

However, the automatic emergency braking (AEB) segment is expected to grow at the highest CAGR during the forecast period. The segment's high growth is attributed to the government regulations for the mandatory fixture of ADAS in cars manufactured in the U.S. and Europe. The AEB is designed and developed to slow down and stop the vehicle before it hits an object.

Based on component, the sensors segment is anticipated to gain high traction owing to the substantial importance of this component in vehicle automation in 2022. The functioning of ADAS is primarily dependent on sensors and their functional accuracy. LiDAR, RADAR, ultrasonic sensors, cameras, and other sensors work together to perform the desired assistance and safety function. Different technologies are combined to improve ADAS capabilities with each sensor type's recognized strengths and weaknesses. Sensor coupling is becoming more and more standard. Therefore, the task of processing data from multiple sources in ADAS is done accurately and quickly.

However, the software segment is expected to grow at the highest CAGR during the forecast period. ADAS software gathers and authenticates data from all sensors to detect the vehicle’s complete surroundings and take instant actions for the driver’s safety. These actions can be based on analysing traffic participants, traffic density, and foreseen traffic scenarios.

Based on vehicle automation, the Level 2 segment is expected to account for the largest share of the ADAS market in 2022. Level 2 automation is preferred widely in ADAS because it is one of the officially recognized by the Society of Automotive Engineers (SAE) levels and an important category that offers advanced performance at an affordable price. Level 2 includes functions driven by the vehicle's systems, but the driver still needs to monitor the vehicle and be ready to intervene if necessary. Level 2 automation has strong consumer interest because drivers can take their hands off the wheel and their eyes off the road for a while without compromising safety.

Based on vehicle type, the electric vehicles segment is expected to account for the largest share of the ADAS market in 2022. The large market share of this segment is attributed to the stringent government regulations to adopt electric vehicles and growing fleet electrification to reduce carbon footprints. Moreover, the rising number of accident cases, reckless driving, and safety concerns have encouraged technological advancements in the automotive industry, which is expected to witness high segmental growth in the coming years.

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Based on end user, the passenger vehicles segment is expected to account for the largest share of the ADAS market in 2022. The large market share of this segment is attributed to the increasing demand for safety systems in developing markets due to growing consumer awareness, supporting legislation, and improving road safety standards.

 

Based on geography, the global ADAS market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the ADAS market. The region's large share is attributed to the increased use of advanced electronics and automobile production in countries such as Japan, China, and South Korea. Government initiatives such as implementing emergency braking systems and adaptive cruise control systems to facilitate market entry for OEMs, thereby strengthening market growth.

However, North America is expected to grow at the highest CAGR during the forecast period. The growth of this region is driven by technological advancement in the automotive industry and the presence of major players in the region. Furthermore, the higher adoption rate of new technology, along with improved regional economic conditions. The rising fatality rate and increase in sales of high-end vehicles in countries such as Canada and the U.S. are driving market growth.

Some of the key players operating in the global ADAS market study Autoliv, Inc. (Sweden), Continental AG (Germany), Denso Corporation (Japan), Garmin Ltd. (U.S.), Infineon Technologies AG (Germany), Magna International Inc. (Canada), Mobileye B.V. (Israel), Robert Bosch GmbH (Germany), Valeo SA (France), Aptiv PLC (Ireland), ZF Friedrichshafen AG (Germany), AISIN CORPORATION (Japan), BorgWarner Inc. (U.S.), HELLA GmbH & Co. KGaA (Germany), Huawei Technologies Co., Ltd. (China), Qualcomm Technologies, Inc. (U.S.), Microsoft (U.S.), and NXP Semiconductors N.V. (Netherlands).

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Blockchain in Retail Market Worth $25.8 Billion by 2029

 According to a new market research report titled, ‘Blockchain in Retail Market by Component, Organization Size, Provider, Type, Deployment Mode, Application (Transaction Management, Supply Chain Management, and Other Applications) and Geography - Global Forecast to 2029’, the global blockchain in retail market is projected to reach $25.8 billion by 2029, at a CAGR of 68.3% from 2022 to 2029.

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Retail blockchain is referred to as disruptive technology that records digital transactions cryptographically on a distributed ledger within the retail sector. Blockchain helps retailers to better track the origin of stock, offers better control over what they sell and provides assurances for different applications, including smart contracts, consumer experience management, transaction management, supply chain management, compliance management, identity management, food safety management, fraud detection/management, and other applications.

 

Blockchain in retail is gaining traction due to its implementation across retail industries for its notable benefits, such as improved supply-chain management, improved data management, reduced costs and settlement time, enhancement of consumer trust, and brand authenticity. The growth of this market is driven by the growing e-commerce, the adoption of blockchain by online retailers, the rising need to improve food safety with a transparent retail supply chain, growing demand for cost reduction, faster payments, increased transparency, and improved security. However, the lack of technology adoption by the unorganized retail sector and the dynamic regulatory & compliance environment may restrain the market growth. The growing adoption of crypto payment services in the retail sector, the increasing proliferation of blockchain to fight counterfeiting in the retail sector, and blockchain contribution to B2B payments are expected to offer significant growth opportunities for the stakeholders in the blockchain in the retail market. However, the growing number of digital attacks, lack of awareness, and technical understanding of blockchain technology is expected to pose serious challenges to the growth of the blockchain in retail market. Besides, a surge in demand for blockchain-based solutions for faster and contactless payment processing during the COVID-19 pandemic and increasing demand for QR code or near-field communication chip (NFC)-enabled products in retail stores are the latest trends in the global blockchain in retail market.

 

The following factors are encouraged the growth of the blockchain in retail market during the COVID-19 pandemic:

Authorities across the globe are encouraging digital payment systems in response to the COVID-19 pandemic.

Blockchain-based platforms can be useful in reviewing, recording, and tracking demand, supplies, and logistics processes.

The emergence of Cryptocurrency in financial technology continuously grows and evolves to become more prominent. Major cryptocurrencies such as Bitcoin and Ethereum have made their way to the retail sector, allowing users to pay for online products and services.

Rising demand for cashless and contactless payment in the retail sector during the COVID-19 pandemic.

Globally, economies are in various stages of development, having either started developing, replaced or are busy replacing daily batch payment systems with blockchain-based payment systems that execute payments faster.

During the COVID-19 pandemic, retail manufacturers could manage orders, shipping documents or other supplementary requirements with the emergence of a blockchain-based system. Suppliers can track shipments and logistics, manage to create invoices and provide product origin tracking opportunities for supply chain participants and consumers.

Several retailers are deploying blockchain-based systems for benefits such as improved supply chains, transparency, faster payments, security, and cost-efficiency solutions.

 

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The global blockchain in retail market is segmented by component (solutions and services), application (smart contract, consumer experience management, transaction management, supply chain management, compliance management, identity management, food safety management, fraud detection/management, and other applications), organization size (large enterprises, and small and medium-sized enterprises), provider (application provider, middleware provider, and infrastructure provider), type (public blockchain, permissioned or private blockchain, federated or consortium blockchain, and hybrid blockchain), deployment mode (on-premise deployment, and cloud-based deployment). The study also evaluates industry competitors and analyzes the market at regional and country levels.

 

Based on component, in 2022, the solutions segment is expected to account for the largest share of the global blockchain in retail market. The large market share of this segment is attributed to the surge in demand for retail blockchain solutions to ensure effective supply chain and fraud management, the increasing popularity of cryptocurrency payment solutions, the increasing demand for blockchain solutions for improving food safety, and the growing demand for cloud-based blockchain solutions.

 

However, the services segment is projected to register the highest CAGR during the forecast period due to the rising number of retail blockchain services launches to stay up to date on new and updated regulations and the increasing demand for designing, implementation & support, and consulting & development of blockchain solutions.

 

Based on application, in 2022, the supply chain management segment is expected to account for the largest share of the blockchain in retail market. The large market share of this segment is attributed to the growing need to implement a transparent supply chain process for retail industries, the growing need to maintain the authenticity of raw materials, including component suppliers, the increasing demand for faster payments systems, and the rising need for visibility for all parties across the full supply chain. Also, this segment is projected to register the highest CAGR during the forecast period.

 

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Based on deployment mode, in 2022, the cloud-based deployment segment is expected to account for the larger share of the global blockchain in retail market. The large market share of this segment is attributed to the increasing need for cloud-based retail blockchain solutions for processing large amounts of customer data, the growing benefits of centralized data storage, and the increasing need to reduce internal system design, implementation, and ongoing maintenance costs. The benefits of cloud infrastructure, such as ease of adoption, minimal requirement for in-house infrastructure, high scalability, and easy installation of retail blockchain solutions, support the growth of the cloud-based segment. Also, this segment is projected to register the highest CAGR during the forecast period.

 

Based on geography, the global blockchain in retail market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the global blockchain in retail market. The large market share of this region is attributed to the increasing adoption of blockchain technology by retail organizations in the region, the growing implementation of payment and wallet solutions, and the increasing usage of smart contracts and digital identity solutions. Furthermore, prominent factors, such as the increasing use of Cryptocurrency among people in North America and growing demand for retail blockchain solutions by North American e-commerce market such as Apple Inc. (U.S.), Amazon.com Inc. (U.S.), Best Buy Co. Inc. (U.S.), and eBay Inc. (U.S.) and rising demand for supply chain management solutions is promoting the growth of the blockchain in retail market. However, the Asia-Pacific is projected to register the highest CAGR during the forecast period due to the growing adoption of B2B blockchain-based payment systems, increasing demand for retail payment systems, and the growing presence of well-established blockchain companies.

 

The key players operating in the global blockchain in retail market are International Business Machines Corporation (U.S.), SAP SE (Germany), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Infosys Limited (India), Cognizant Technology Solutions Corporation (U.S.), Tata Consultancy Services Limited (India), Coinbase, Inc. (U.S.), Bitfury Holding B.V. (Netherlands), Auxesis Services & Technologies (P) Ltd (India), Reply (Italy), Blockchain Foundry inc. (Canada), Cisco Systems, Inc. (U.S.), BitPay Inc. (U.S.), Abra (U.S.), Project Provenance Ltd (U.K.), and BigchainDB GmbH (Germany).

 

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Blockchain in Retail, Smart contracts, consumer experience management, transaction management, supply chain management, compliance management, identity management, food safety management, fraud detection/management, supply-chain 

“AI Training Dataset Market”: Type, End-use Industry, and Geography

 

Meticulous Research®—a leading global market research company, published a report titled, ‘AI Training Dataset Market, by Type (Text, Audio, Image & Video), End-use Industry, and Geography - Global Forecast to 2029.’

According to the latest publication from Meticulous Research®, the AI Training Datasets Market is slated to register a CAGR of 24.7% during the forecast period 2022–2029 to reach $9.35 billion. The growth of this market is attributed to the rapid growth of AI and machine learning and growing applications of training datasets across diversified industry verticals. However, the lack of technological adoption in developing regions is expected to restrain the growth of this market. In addition, the need for human-machine interaction is expected to create significant growth opportunities for the players in this market. The high installation cost of AI technologies poses challenges to the growth of this market.

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The global AI training dataset market is segmented by type, end-use industry, and geography.  

Based on type, the global AI datasets market is segmented into text, audio, and image & video. In 2022, the text segment is expected to account for the largest share of the global AI datasets market. The large market share of this segment is attributed to the high use of text datasets in the IT and other sectors for various automation processes such as speech recognition, text classification, caption generation, and others.

Based on end-use industry, the global AI datasets market is segmented into automotive, transport & logistics, information technology, healthcare, banking, financial services and insurance (BFSI), retail & e-commerce, and other end-use industries. In 2022, the information technology segment is expected to account for the largest share of the global AI datasets market. The large market share of this segment is attributed to the superior-quality datasets that assist IT companies in improving several solutions like data analytics, computer vision, virtual assistants, crowdsourcing, and many others.

Based on geography, the Asia-Pacific (APAC) region is expected to account for the largest share of the global AI datasets market in 2022. Organizations in developing nations are significantly boosting the adoption rate of innovative technologies to modernize their enterprises. Additionally, several significant players are concentrating on growing their impact in Asia-Pacific. These factors will lead to the high deployment of AI datasets in the APAC region.

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Key Players:

The key players operating in the AI datasets market are Appen Limited (Australia), Google LLC (U.S.), Cogito Tech LLC (U.S.), Lionbridge Technologies, Inc. (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Scale AI, Inc. (U.S.), Alegion plc (Ireland), Kinetic Vision, Inc. (U.S.) Samasource Impact Sourcing, Inc. (U.S.), and Superb AI, Inc. (U.S.)

Key questions answered in the report-

1.       Which are the high-growth market segments in terms of type and end-use industry?

2.       What was the historical market for AI datasets?

3.       What are the market forecasts and estimates for the period 2022–2029?

4.       What are the major drivers, restraints, opportunities, and challenges in the global AI training dataset market?

5.       Who are the major players, and what percentage shares do they hold in the global AI datasets market?

6.       How is the competitive landscape in the global AI datasets market?

7.       What are the recent developments in the global AI datasets market?

8.       What are the different strategies adopted by the major players in the global AI training dataset market?

9.       What are the key geographic trends, and which are the high-growth countries?

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“Industrial Asset Management”: Asset Type, and End-use Industry

 

According to a new market research report titled, 'Industrial Asset Management Market by Offering, Deployment Mode, Asset Type, and End-use Industry (Food & Beverage, Pharmaceuticals, Biotechnology, Medical Devices, and Other Industries), and Geography - Global Forecast to 2029,' the global industrial asset management market is projected to reach $14.4 billion by 2029, at a CAGR of 12.2% from 2022 to 2029.

Industrial asset management (IAM) is a system used to track and maintain industrial assets such as machines, tools, and equipment. IAM systems are used in manufacturing and other industrial settings to help companies keep track of their assets and plan for their future needs to meet customer demand. By using an industrial asset management solution, manufacturing companies can improve the efficiency of their operations and reduce the costs associated with maintaining their industrial assets.

The growth of this market is driven by the benefits of cloud-based industrial asset management solutions and the rising need for real-time monitoring of industrial assets. However, concerns regarding data security & confidentiality restrain the growth of this market. The integration of artificial intelligence, machine learning, and 5G technologies and the growing adoption of industrial asset management solutions in the pharmaceutical sector are expected to create growth opportunities for the players operating in this market. However, the lack of infrastructure & IT capabilities is a challenge for market growth. Additionally, the increasing integration of predictive analytics is a major trend in the industrial asset management market.

 

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Integration of artificial intelligence, machine learning, and 5G technologies is expected to create opportunities for industrial asset management market growth.

 

Digitization across verticals is creating new opportunities for organizations to optimize and extend asset lifecycles. Technologies such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP), big data analytics, 5G, IoT, and cloud computing are transforming the industrial asset management landscape. Also, technological advancements are improving operational support, automation, and efficiencies in client servicing, data management, and compliance.

 

Furthermore, industries have started leveraging big data to gain actionable insights, understand customer requirements, and increase overall productivity. 5G technology has the potential to enhance next-generation asset management solutions & services for the timely prediction of industrial maintenance and improved workplace safety. 5G technology is expected to become a key component of predictive asset management, especially in the monitoring of rotating equipment and corrosion thickness. Cloud technology has become essential to enhancing industrial asset management solutions with integrated performance monitoring, debugging tools, technical support, and services. AI offers predictive maintenance strategies to prevent disruptions in equipment uptime, optimize processes, and identify process anomalies. The increasing integration of these advanced technologies with industrial asset management systems, and government investments in digital transformation, are expected to create opportunities for market growth.

 

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The global industrial asset management market is segmented by offering (solutions [predictive maintenance solutions, asset lifecycle management solutions, inventory management solutions, reporting & analytics solutions, and other industrial asset management solutions], services [professional services, managed services]), deployment mode (on-premise deployment, cloud-based deployment), asset type (conventional assets, automation assets), and end-use industry (food & beverage, chemicals, automotive manufacturing, pharmaceuticals, biotechnology, medical devices, metal & mining, energy & power, aerospace & defense, electronics & semiconductors, and other industries). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

 

Based on offering, in 2022, the solutions segment accounted for the largest share of the global industrial asset management market. The large market share of this segment is attributed to the increasing demand for cloud-based industrial asset management solutions, the growing need to reduce maintenance costs and procurement expenses among companies, and the need to gain a 360-degree view of assets. In addition, benefits offered by industrial asset management solutions, such as streamlining of audits, compliance management, proper inventory management, and efficiency management, further augment the growth of this segment. Several providers are investing in R&D to improve the solution and make them more affordable for small and medium-scale industries. Also, this segment is projected to register the highest CAGR during the forecast period.

 

Based on asset type, in 2022, the automation assets segment accounted for the larger share of the global industrial asset management market. The large market share of this segment is attributed to the growing demand for efficient inventory tracking, better accountability and preventing theft and misuse of IT assets; a rise in demand for centralized vendor management and improved data accuracy; and a surge in demand to reduce the maintenance cost and ease the burden of audits. The automation assets segment is also expected to register the highest CAGR during the forecast period.

 

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Based on deployment mode, in 2022, the on-premises deployment segment accounted for the larger share of the global industrial asset management market. The large market share of this segment is attributed to the higher data security & privacy offered by on-premises IAM solutions, the increasing need to cater to the specific needs of various end-use industries, and the high acceptance of on-premises IAM solutions among large enterprises. However, the cloud-based deployment segment is expected to register the highest CAGR during the forecast period.

 

Based on end-use industry, the pharmaceuticals segment is projected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to pharmaceutical companies' increasing need to monitor purchase orders (PO) & requisitions, handle tickets, optimize equipment maintenance, gain real-time visibility into assets' operation, and ensure FDA compliance for drug development.

 

Based on geography, in 2022, Asia-Pacific accounted for the largest share of the environmental sensors market. The presence of prominent players in the industrial asset management market is expected to contribute to the high revenue share of this region. Furthermore, the surge in demand for cost-effective IAM solutions, the heavy investments by private and public industries to manage essential resources & machinery, and the increasing emphasis by leading providers to launch industrial asset management solutions & services are driving the growth of the industrial asset management market in Asia-Pacific.

 

However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Japan, and India; the rapid growth rate of developing economies; the high adoption of cloud-based IAM solutions across emerging economies; and government initiatives to increase the adoption and expansion of smart factory technologies among small and medium-sized enterprises create huge opportunities for the industrial asset management market.

 

Some of the key players operating in the global industrial asset management market are ABB Ltd (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Emerson Electric Co. (U.S.), Endress+Hauser Group Services AG (Switzerland), General Electric (U.S.), Honeywell International Inc. (U.S.), Rockwell Automation, Inc. (U.S.), SKF Group (Sweden), and Yokogawa Electric Corporation (Japan).

 

TOP 10 COMPANIES IN INDUSTRIAL ASSET MANAGEMENT MARKET

“Weather Monitoring Systems”: Technology and Industry Use

 

According to a new market research report titled, ‘Weather Monitoring Systems Market by Component (Solutions, Services), Monitoring Type (Temperature Monitoring, Humidity Monitoring, Air Quality), End-use Industry (Agriculture, Transportation), and Geography - Global Forecast to 2030,’ the weather monitoring systems market is expected to reach $4.49 billion by 2030, at a CAGR of 6.1% from 2023 to 2030.

 

The growth of this market is driven by the rising demand for weather forecasting services in the agriculture industry and the increased need for continuous weather monitoring to enable disaster management. In addition, the emergence of advanced technologies is expected to offer significant opportunities for the growth of this market. However, the high cost associated with weather monitoring solutions is expected to restrain the growth of this market.

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Impact of COVID-19 on the Weather Monitoring Systems Market

The COVID-19 outbreak adversely affected various industries globally. The pandemic influenced business operations worldwide and severely impacted the global economy. The pandemic impacted various sectors, including transportation. The impacts included supply chain disruptions, issues with shipping & distribution, and restrictions on international trade. In order to control the spread of COVID-19, countries worldwide placed restrictions on domestic transit and/or closed border crossings for road freight transport services. The maritime industry has largely proved resilient to the COVID-19 outbreak.

 

The COVID-19 pandemic negatively affected the weather monitoring and forecasting market. The meteorological measurements from aircraft dropped by an average of 75% to 80%. Also, the transportation industry's weather monitoring accuracy was reduced as fewer flights were operated during the lockdown period. Thus, there was a decrease in demand for weather monitoring products during the pandemic.

 

Despite the disruptions at ports, the shipping industry has largely continued to operate worldwide, facilitating the movement of essential supplies and medicines needed to keep countries dealing with the global public health crisis. Thus, the demand for weather monitoring systems is anticipated to recover gradually and grow significantly in the long term.

 

The weather monitoring systems market is segmented based on component (solutions and services), range type (short-range and long-range), monitoring type (temperature monitoring, humidity monitoring, air quality, pressure monitoring, and other monitoring types), end-use industry (agriculture, transportation, media & telecommunication, government, renewable energy, and other end-use industry), and geography. The study also evaluates industry competitors and analyses the market at the country level.

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Based on component, the weather monitoring systems market is segmented into solutions and services. In 2023, the solutions segment is estimated to account for the largest share of the weather monitoring systems market. Also, the segment is slated to register the highest CAGR during the forecast period. The growth of the segment is attributed to the increasing demand for sensors for monitoring weather conditions.

 

Based on range type, the weather monitoring systems market is segmented into short-range and long-range. In 2023, the short-range segment is estimated to account for the largest share of the weather monitoring systems market. The short-range segment is slated to register the highest CAGR during the forecast period. The segment's growth is attributed to the increasing demand for weather monitoring solutions to provide highly accurate information such as air quality, temperature, humidity, and wind speed in case of adverse weather conditions to reduce the damage.

 

Based on monitoring type, the weather monitoring systems market is segmented into temperature monitoring, humidity monitoring, air quality, pressure monitoring, and other monitoring types. In 2023, the temperature monitoring segment is estimated to account for the largest share of the weather monitoring systems market. However, the air quality segment is slated to register the highest CAGR during the forecast period. The growth of the segment is attributed to the increasing need to monitor air quality to collect data on air pollution in the outdoor environment.

 

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Based on end-use industry, the market is segmented into agriculture, transportation, media & telecommunication, government, renewable energy, and other end-use industry. In 2023, the transportation segment is estimated to account for the largest share of the overall weather monitoring systems market. Also, the segment is slated to register the highest CAGR during the forecast period. The segment's growth is attributed to the increasing demand for weather monitoring systems to gather weather data to enhance flight safety and increase trade traffic.

 

Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is estimated to account for the largest share of the weather monitoring systems market. Also, the region is slated to register the highest CAGR during the forecast period. The growth of the segment is attributed to the increasing demand for advanced weather monitoring sensors and data services for the aviation industry in the region. Also, the region is experiencing a significant shift toward renewable energy, thus increasing the adoption of weather monitoring systems.

 

The report also includes an extensive assessment of the key growth strategies adopted by leading market participants between 2020 and 2023.

 

The weather monitoring systems market is dominated by a few major players, namely, Vaisala (Finland), Baron Services, Inc. (U.S.), Aeron Systems Private Limited  (India), Earth Networks (U.S.), Boltek Lightning Detection Systems (Canada), Trafitek Solutions Private Ltd. (India), Campbell Scientific, Inc. (U.S.), Columbia Weather Systems, Inc. (U.S.), AnythingWeather Communications, Inc. (U.S.), Hoskin Scientific (Canada), Airmar Technology Corporation (U.S.), Intermountain Environmental Inc. (U.S.), Free Spirits Green Labs Private Limited (India), MORCOM International (U.S.), and Davis Instruments (U.S.).

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“Electronic Design Automation”: Technology and Trend in Automation Industry

 

According to a new market research report titled, 'Electronic Design Automation Market by Offering (Solutions, Services), Deployment Mode (Cloud-based deployment, On-premises deployment), Tool Type (Design tools, Verification Tools, Simulation Tools), and Geography - Global Forecast to 2030', the global electronic design automation market is expected to register a CAGR of 10.7% from 2023 to 2030 to reach $17.47 billion by 2030.

 

Electronic design automation (EDA) is the use of computer programs to design, simulate, verify, and manufacture electronic systems such as integrated circuits (IC), IC packaging, and printed circuit boards (PCB). EDA software (also known as electronic computer-aided design or ECAD software). EDA has become essential for the development, testing, and production of electronic systems due to the rise of large-scale integration (VLSI) systems and the ever-increasing complexity of ICs and PCBs, including millions of transistors, diodes, and other individual components.

 

The growth of this market is driven by the growing need to reduce the complexity of integrated circuit designing, the increasing adoption of connected devices, and the rising demand for EDA solutions in the aerospace & defence sector. However, the availability of open-source EDA software restrains the growth of this market. The growing adoption of cloud technologies across SMEs and the increasing integration of machine learning technology are expected to create growth opportunities for the players operating in this market. However, constant technological changes are a challenge for market growth. Additionally, the emergence of domain-specific electronic product designs and the growing adoption of AI & ML technologies are major trends in the electronic design automation market.

 

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Increasing integration of machine learning technology is expected to create strong growth opportunities during the forecast period in the electronic design automation market.

 

In today's modern connected world, most organizations and government bodies are inclined toward cloud deployments and reshaping their approach to digitalization. Small and medium-sized enterprises (SMEs) are shifting their workloads to the cloud due to various benefits such as mobility, flexibility, security, cost savings, and accessibility. SMEs are increasingly deploying cloud-based technologies due to the convenience of storing files on the cloud and accessing or retrieving them through any connected device. Also, there is no need to employ technical personnel or maintain on-premises IT infrastructure.

 

Also, the demand for cloud-based technologies is rising in the electronics & semiconductors industries, especially IC manufacturing, as EDA workloads, such as simulations, are computationally intensive and require a lot of space to run on the design software. Market players are collaborating to offer EDA software with cloud-based technologies to help electronics & semiconductor companies implement large-scale modeling and simulation grids. For instance, in August 2020, Amazon Web Services (U.S.) partnered with Arm Limited (U.K.) to develop rapid silicon design using Electronic Design Automation (EDA) software. Also, cloud-based electronic design automation tools can reduce human error, replace manual methods for circuit board and semiconductor design, and improve the construction of electronic components. These factors are expected to create growth opportunities for the electronic design automation market.

 

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Based on offering, the global electronic design automation market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the larger share of the global electronic design automation market. The growing demand for complex integrated circuits and increasing adoption of connected devices boost the growth of this market. However, the services segment is projected to register the highest CAGR during the forecast period. The rising need to ensure smooth and efficient system roll-out and optimize operations is expected to drive the growth of this segment.

 

Based on deployment mode, the global electronic design automation market is segmented into on-premises deployment and cloud-based deployment. In 2023, the cloud-based deployment segment is expected to account for the larger share of the overall electronic design automation market. The growth of this segment is attributed to the increasing demand for complex integrated circuits and technological advancement in consumer electronics. Also, this segment is projected to register the highest CAGR during the forecast period.

 

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Based on tool type, the global electronic design automation market is segmented into design tools, verification tools, and simulation tools. In 2023, the design tools segment is expected to account for the largest share of the electronic design automation market. The growth of this segment is attributed to the rise of very large-scale integration (VLSI) systems. Also, this segment is projected to register the highest CAGR during the forecast period.

 

Based on geography, Asia-Pacific accounted for the largest share of the electronic design automation market in 2023. The large share of this region is primarily attributed to the rising number of electronic manufacturing companies and increased demand for consumer devices.

 

Some of the key players operating in the electronic design automation market are Cadence Design Systems, Inc. (U.S.), Synopsys, Inc. (U.S.), Siemens AG (Germany), ANSYS, Inc. (U.S.), Keysight Technologies, Inc. (U.S.), Xilinx, Inc. (U.S.), eInfochips (U.S.), Altium Limited (U.S.), Zuken (Japan), Silvaco, Inc. (U.S.), Altair Engineering Inc. (U.S.), Autodesk, Inc. (U.S.), EnSilica (U.K.), EMWorks, Inc. (Canada), and Aldec, Inc. (U.S.). to Reach $17.47 billion by 2030

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