ICT News World

Factors such as the surging focus of vendors on price reduction, increasing adoption of advanced technologies by enterprises, rising penetration of smartphones and tablets, and increasing need for gesture and haptic control devices in automation are expected to drive the growth of 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 $37.0 billion revenue in 2019, and it is expected to reach $1,274.4 billion by 2030. One of the prime factors aiding the AR and VR market growth is the surging focus of vendors on price reduction. Technological innovations in AR and VR solutions are curtailing their prices, as the revolution in the field of optics, such as light-field technology, is projected to drive the development of affordable, flexible, and compact displays for smart glasses and headsets. Presently, companies are providing software development kits at affordable pri...

The International Telecommunication Union (ITU) states that the number of internet users in the world surged from 3.7 billion in 2018 to 4.0 billion in 2019. The ITU estimates that nearly 51% of the global population had access to the internet in 2019. The rising internet penetration has increased the accessibility of video content, owing to which people are creating and consuming more content online. In contemporary times, the population of internet users in emerging economies, such as China and India, is increasing significantly, owing to the flourishing information technology (IT) and telecom industry and booming economies. Thus, the surging use of the internet will help the video streaming market advance at an exceptional CAGR of 19.1% during the forecast period (2019–2024). According to P&S Intelligence, the market revenue will grow from $245.3 billion in 2018 to $688.7 billion by 2024. Besides, the soaring popularity of social media platforms is also expected to contribute t...

Increasing utilization of 3D printing technology in the healthcare sector is one of the major growth drivers for the slicing software market . The healthcare industry uses this technique while manufacturing wearable devices and surgical equipment, image processing, tissue engineering, and creating 3D-printed prosthetics, as it offers lower operative risks during complex procedures, reduced anesthesia requirement, and minimized risk of infections associated with prosthetic devices. This will, therefore, help the market to grow from $422.2 million in 2019 to $2,202.5 million by 2030, witnessing a CAGR of 16.7% during the forecast period (2020–2030). In recent years, the end-use industries have shown high inclination toward cloud-based slicing software because it enables easy connection with 3D printers, remote printing of files, easy management of 3D printers from different locations, and quick sorting of files.  Owing to these advantages, most of the 3D printing service providers ar...

The RF transceiver market revenue is expected to decline from $3,892.1 million in 2019 to $3,384.5 million by 2030, because of the falling costs of RF transceivers, due to rise in economies of scale. Moreover, the surging adoption of mobile communication technologies, such as 5G and 4G, burgeoning demand for mobile devices, and increasing adoption of internet of things (IoT) technology will help the market exhibit a CAGR of 0.8% during the forecast period (2020–2030).  Currently, the booming demand for wideband transceivers, on account of the rapid technological advancements and escalating demand for seamless, reliable, and secure communication, is becoming a key market trend. The mounting demand for mobile devices in developed and developing countries, owing to the surging need to stay connected and increasing internet penetration, is a prominent growth driver of the market.  The International Telecommunication Union’s (ITU) World Telecommunication Database reveals that 7.98...

The global robotic process automation market generated a revenue of $2,078.3 million in 2020, and it is predicted to reach a value of $45,982.0 million by 2030, owing to the growing requirement for higher business efficiency and the ability of robotic process automation solutions to provide improved customer experience and increase the ease of handling various business processes.  In addition, the surging need for virtual workforces is also expected to propel the market at a CAGR of 36.3% from 2020 to 2030 (forecast period). The robotic process automation (RPA) software provides improved work efficiency by mechanizing the back-end processes. Moreover, the software can easily run in the background continuously, which allows human employees to focus on more important tasks, such as client handling.  For example, IBM Corporation and Automation Anywhere Inc. partnered with each other in 2017 in order to provide enterprises with a set of tools that automate and simplify data-intens...

The increasing focus of end-use industries on the adoption of automated solutions is also expected to propel the natural language processing market at a robust CAGR of 19.7% during the forecast period (2019–2024). According to P&S Intelligence, the market was valued at $8.3 billion in 2018, and it will generate $22.9 billion revenue by 2024. Automated solutions assist businesses in consolidating their position by enhancing human-machine interactions. Additionally, NLP-enabled automated solutions, such as chatbots, aid enterprises in improving customer interaction, as they can study the input from customers and automatically provide an appropriate response. Moreover, the surging volume of unstructured data being generated by business organizations will also propel the usage of NLP solutions, such as text analytics, optical character recognition, auto coding, speech analytics, pattern and image recognition, and interactive voice response (IVR). These solutions help enterprises deal w...

To mitigate such unprecedented instances and reduce financial and data loss incurred due to cybercrimes, end users are opting for AI-based cyber security solutions. Owing to this reason, the AI in cyber security market will accelerate at a healthy CAGR of 25.7% during 2020–2030. According to P&S Intelligence, the market revenue will surge from $8.6 billion in 2019 to $101.8 billion in 2030.  Cyber frauds, such as payment card and identity thefts, result in huge data and financial losses, which can be combated through AI-driven solutions as they assist in identifying threats, refining techniques to classify the intensity of threats, and reducing response time. Geographically, North America dominated the AI in cyber security market in the preceding years due to the increasing deployment of cyber security solutions, owing to the rising incidence of cyberattacks in the region. The increasing cases of cybercrimes, such as ransomware, is resulting in huge financial losses and interr...

The global emergency lighting market reached a value of $5,386.0 million in 2020, and it is expected to attain a revenue of $9,993.4 million by 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market will exhibit a CAGR of 6.4% from 2021 to 2030 (forecast period).  The market is being driven by the surging number of construction projects, falling prices of LED lights, rapid technological innovations in the lighting industry, and increasing implementation of government initiatives aimed at promoting the use of energy-efficient lighting solutions across the world. In recent years, the prices of LEDs have plunged sharply.  This has consequently pushed up the use of these lights in several application areas, such as residential, commercial, and industries. Moreover, the companies manufacturing lighting products have focused on broadening their portfolio of LED emergency lights in recent years, owing to the mushrooming need fo...

Owing to the increasing use of smart devices, such as smartwatches, smart TVs, and smartphones, mushrooming penetration of the internet, and growing public awareness about personal fitness, the global online fitness market is expanding rapidly. According to the estimates of the market research company, P&S Intelligence, the market will exhibit rapid expansion from 2021 to 2030 (forecast period). In recent years, the internet has become affordable for the masses, primarily due to rapid technological advancements. As per Our World in Data, the total number of internet users in India, the U.S., and China is 391 million, 245 million, and 765 million, respectively. Furthermore, according to the World Bank, around 57.0% of the global population had access to the internet in 2019.  With the help of the internet, people can easily use connected fitness devices for measuring various health parameters, such as calories burnt and heart rate, and achieve their fitness goals. Further, as th...

A number of factors, such as the mounting investments being made by governments in the geographic information system (GIS) technology, increasing availability of spatial data and the cloud technology, and rising use of these solutions in enterprises are projected to drive the GIS market at a robust CAGR of 12.1% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at $7.5 billion in 2019, and it will reach $25.6 billion by 2030. The growing usage of spatial data and the cloud technology is one of the key contributors to the market growth globally. The surging use of geospatial information has resulted in the wide adoption of GIS solutions across new application areas, such as advertisement and marketing. Furthermore, the rising penetration of mobile devices and increasing advancements in data capturing technologies, such as software-as-a-service (SaaS)-based model, will drive the demand for the GIS technology worldwide. Moreover, the heft...

Factors such as the toughening government regulations on water treatment, expanding chemical industry, and increasing oil and gas production are expected to fuel the metering pump market at a CAGR of 3.9% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue will grow from $4.4 billion in 2019 to $6.8 billion by 2030. In recent years, the soaring demand for energy-efficient metering pumps, to reduce energy wastage, has become a major market trend. One of the key growth drivers of the market is the increasing implementation of strict water treatment laws in many countries. Water treatment plants use metering pumps to feed chemical additives to the wastewater to remove toxic microorganisms, slurry, and pollutants, thereby improving the water quality. For example, the U.S. government amended its Water Infrastructure Act (AWIA) in 2018 to focus on all water that is theoretically intended for drinking. This act empowers the Environmental Protection Ag...

Augmented reality (AR) and virtual reality (VR) technologies are making their way into the masses through smartphones and tablet computers. Therefore, owing to the increasing tablet and smartphone penetration, AR and VR technology providers are tapping on the resourcefulness of these media to launch their products through numerous mobile application stores. Furthermore, leading technology-providing companies are introducing their AR and VR hardware for their existing and potential customers. Additionally, the plunging cost of these solutions owing to the constant technological advancements in the software and hardware will help the AR and VR market progress at a robust CAGR of 42.9% during 2020–2030. According to P&S Intelligence, the market revenue will rise from $37.0 billion in 2019 to $1,274.4 billion by 2030. For example, technological advances in the field of optics are facilitating the development of flexible, affordable, and compact displays for headsets and smart glasses. ...

A number of factors, such as the mounting information technology (IT) expenditure, burgeoning demand for drones, soaring focus on developing advanced drones, rising preference for flight intelligence, and increasing need for gathering real-time information on a specific building and area, are expected to accelerate the drone analytics market at a robust CAGR, of 32.1%, during 2020–2030. According to P&S Intelligence, the market revenue is projected to surge from $2,815.6 million in 2020 to $45,575.9 million by 2030. In recent years, the surging preference for beyond-visual-line-of-sight (BVLOS) drone operations has become a key trend in the drone analytics market. The BVLOS operations allow drones to fly beyond the sight of the user and offer high-quality data and reduced technology costs. BVLOS-enabled drones allow controllers to conduct complicated operations and monitor extensive areas without any manual intervention. Owing to these reasons, drone manufacturers across the world ...

The surging use of collaborative modular robotics systems is one of the major factors driving the demand for modular robotics across the world. Collaborative modular robotics systems, or cobots, as they are popularly called, are revolutionizing robot and human relationships across the logistics and manufacturing industries. Operators can directly provide the components to the cobots, so that they can perform the rest of the task easily, thereby causing a sharp reduction in cost, floor space, and time. The versatile nature of cobots makes them suitable for various tasks. For instance, in the logistics sector, cobots are deployed in large numbers for transporting and carrying loads and inspecting fragile times. Besides, the soaring requirement for automation in the manufacturing industry is also expected to fuel the modular robotics market in the coming years. This will subsequently cause the revenue of the market to jump from $5.6 billion in 2019 to $15.1 billion by 2030. Furthermore, ...