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 The product type segment of the photonics market is classified into laser, light-emitting diode (LED), optical component and system, and sensor and detector. Among these, the LED category is expected to exhibit the fastest growth throughout the forecast years as the integration of LED technology into intelligent digital lighting solutions will result in reduced energy consumption. Additionally, the energy efficiency and greater life span of LED lights will also contribute to the growth of this category in the forecast years. In contemporary times, the industrial sector utilizes the highest volume of photonics products due to the surging use of such products, such as lasers, in the manufacturing sector for cutting, drilling, welding, and laser marketing applications. Further, the consumer electronics industry is expected to adopt a considerable quantity of photonics products, on account of the booming demand for smart air conditioners, smart TVs, and smart refrigerators. Additionally,

The deployment segment of the AI in fintech market is bifurcated into cloud and on-premises. Under this segment, the cloud category accounted for the larger market share in 2020, because the cloud environment enables AI to learn from historical data, make suggestions, and detect current norms. AI and cloud can together deliver improved digital security, increased productivity, and excellent efficiency in terms of information handling and accuracy. Owing to these advantages, AI-enabled cloud solutions help avoid human errors during data analysis. In the recent past, North America was the largest user of AI-enabled fintech solutions, due to the presence of developed IT infrastructure and high fintech adoption rate in the region. Additionally, the mounting investments being made in the fintech sector and increasing penetration of 5G technology will also fuel the integration of AI solutions in the fintech sector. Besides, the mounting focus of the U.S. federal government on encouraging the

The rising public awareness about the rapid environmental deterioration and significance of energy conservation has made several governments enact stringent policies regarding the energy efficiency of lights. These regulations are aimed at increasing cost and energy savings in multiple sectors. For instance, the U.S. Energy Standard for Buildings, which is a national model code for commercial buildings and a crucial parameter for building various systems and designs, was enacted by the U.S. Department of Energy a few years ago. Such energy codes for commercial and residential structures are expected to massively reduce CO2 emissions by 841 MMT and lead to savings of nearly $126 billion in power costs. China, which is one of the world’s largest users of ambient lighting systems and solutions, has emerged as one of the largest consumers of energy in the world in recent years and the country accounts for as much as 14% of the global power consumption, with lighting being a major electrici

The global network telemetry market revenue stood at $300 million in 2020, and it is predicted to rise rapidly between 2021 and 2030 (forecast period). With the increasing penetration of the internet, the incidence of cyberattacks is rising sharply across the world. The servers and networks of several organizations are rapidly getting penetrated. The market is being propelled by the increasing digitalization rate, growing prevalence of network security attacks, rising use of network telemetry technologies by various service providers and organizations, including multiple telecom and consultancy providers, and burgeoning demand for the optimization of the network infrastructure around the world. Additionally, several businesses are recording the loss of critical information because of cyberattacks, which is also causing them huge financial losses. Hackers are stealing confidential and sensitive information from various sources in a workplace, such as the internet of things (IoT)-connect

Mobile cobots with varying payload capacities are used in the aerospace and defense, agriculture, automotive, construction, electronics, food and beverage, healthcare, manufacturing, mining and mineral, and retail industries. These end users use such robotic systems in assembling, machine tending, material handling, packaging, pick and place, quality inspection, and welding applications. To meet the needs of end users, Kawasaki Heavy Industries Ltd., Siasun Robot & Automation Co. Ltd., TECHMAN ROBOT INC., Diligent Robotics Inc., Robotnik Automation S.L.L., ABB Ltd., Aubo Robotics, and Shenzhen Yuejiang Technology Co. Ltd. (DOBOT) are focusing on facility expansions. The payload segment of the mobile collaborative robots market is categorized into <5 kg, 5–10 kg, and >10 kg. Under this segment, the <5 kg category generated the highest revenue in 2019, as <5 kg payload capacity mobile cobots are ideal for pick and place, assembly, and testing applications. Whereas, the 5

The Wi-Fi analytics market is expected to exhibit a CAGR of 24.2% during the forecast period (2020–2030), due to the increasing penetration of smartphones, escalating Wi-Fi deployment rate, and the rising proliferation of big data technology worldwide. The market generated a revenue of $5,210.0 million in 2019 and it is projected to generate $52,975.5 million revenue by 2030.  Wi-Fi analytics refers to the use of a Wi-Fi network to collect data from internet-enabled devices, such as smartphones and laptops. One of the major growth drivers for the market is the increasing deployment of public Wi-Fi hotspots, primarily on account of the burgeoning use of wearable devices, smartphones, tablets, and other internet-enabled devices.  Public Wi-Fi networks have emerged as one of the most viable solutions for meeting the burgeoning demand for high bandwidth. Furthermore, the rapid advancements being made in Wi-Fi standards, owing to the escalating use of connected devices, are encouraging publ

The global cloud and centralized radio access network (C-RAN) market was valued at $936.3 million in 2018, and it is predicted to reach a revenue of $2,159.2 million by 2024. According to the estimates of the market research firm, P&S Intelligence, the market will progress at a CAGR of 15.9% from 2019 to 2024 (forecast period).  The market is being propelled by the growing focus of industries on automation, increasing adoption of the 5G technology, rising digitalization rate, soaring use of smartphones, and mushrooming requirement for internet of things (IoT) services and solutions. Many telecom operators are increasingly shifting toward advanced technologies in order to scale up their operations and network capabilities.  Moreover, many service providers are increasingly focusing on transforming RAN in order to cater to the soaring consumer requirement for 5G solutions and services. According to various reports, telecom companies made an investment of more than $140 billion for ex

The International Energy Association (IEA) predicts that the sale of battery electric vehicles (BEV) (trucks) and plug-in hybrid electric vehicles (PHEV) (trucks) will reach around 96,555 units and 107,571 units, respectively, by 2025. The organization also forecasts that the global stock of BEV cars and PHEV cars will reach 29,626,576 units and 16,335,941 units, respectively, by 2025. The surging electric vehicle (EV) sales will create an extensive requirement for battery management systems (BMSs) in the coming years, as batteries are the most important component of such vehicles. Besides, the surging use of rechargeable batteries in consumer electronic products is expected to drive the battery management system market at a vigorous CAGR of 15.0% during the forecast period (2021–2030).   The market revenue is expected to surge from $5,661.0 million in 2020 to $22,279.6 million by 2030. BMSs are installed in consumer electronics to control the operation of batteries and manage recharg

In the last 100 years, the average annual temperature of Japan has risen by a whole degree (Celsius), says the World Wildlife Fund. Moreover, the number of hot days, when the maximum temperature is more than 35 °C, is higher now than before, while the cold has become less extreme. Even the instances and duration of snowfall and the extent of ice in the southern part of the Sea of Okhotsk are reducing.  With such rampant global warming, the Japanese population is suffering more than ever because it is simply not used to such hot conditions. Moreover, by 2050, the annual mean temperature in the country is set to rise by 3 °C and, further, by 5 °C by 2080. According to P&S Intelligence, due to such climate change, the Japanese heat stress monitor market , which valued $1.98 million in 2020, is expected to reach $3.96 million by 2030, at a 7.05% CAGR between 2021 and 2030.  This is because the changing weather conditions are leading to the rising number of heat stroke cases, which are

The growing deployment of electric and autonomous vehicles is also driving the demand for automotive electronics across the world. As per the International Energy Agency (IEA), 3 million new electric cars were registered around the world in 2020, recording a 41% growth from 2019. The organization also reported that the sales of electric cars reached 2.1 million in 2019, which boosted the global electric car stock to 7.2 million units. Apart from the aforementioned factors, the soaring incorporation of advanced driver assistance systems (ADAS) in automobiles, on account of the increasing prevalence of road accidents, is also creating growth opportunities for automotive electronic manufacturers across the world. The World Health Organization (WHO) reports that around 1.3 million deaths are caused every year because of road crashes.  As these systems massively mitigate the chances of human errors and driver negligence, they are being increasingly integrated in automobiles by automakers.T

The mushrooming usage of connected devices and smartphones, especially in emerging economies such as India and China, is driving the demand for AR applications. For instance, as per the estimates of the India Brand Equity Foundation (IBEF), the total number of smartphone users in India will rise from around 502 million in 2019 to 780 million by 2021. Furthermore, the organization found that the contribution of the country to the global smartphone industry grew from 9% in 2016 to 16% in 2019. Additionally, the soaring number of collaborations and partnerships among industry players is also fueling the growth of the market. Besides the aforementioned factor, the surging adoption of AR and VR solutions is also propelling the demand for extended reality across the world. The increasing usage of head-mounted displays (HMDs) for knowledge and education purposes and among several enterprises operating in various industries for providing a highly engaging and interactive customer experience i

Heat stress monitors are being increasingly deployed in manufacturing facilities to track the health of workers being exposed to heated conditions. To ensure the health of workers, ministries/departments of labor of the U.S., Saudi Arabia, the U.K., India, Germany, Japan, Australia, and South Korea have set stringent guidelines regarding heat stress management at workplaces. For instance, the Occupational Safety and Health Administration (OSHA) has set workplace safety standards and drafted workplace monitoring regulations to protect employees from being exposed to hazardous environments. Additionally, the rising application of heat stress monitors in military and sports sectors to monitor the health of sportspersons and military personnel in real-time will fuel the heat stress monitor market at a CAGR of 2.7% during 2020–2030. According to P&S Intelligence, the market was valued at $51.4 million in 2019, and it is expected to reach $62.5 million revenue by 2030. Intense training e

Business organizations across the world are creating a huge demand for scalability and flexibility in application development, owing to which they are increasingly deploying application platform as a service (aPaaS) solutions. Deployment of aPaaS helps enterprises avoid unnecessary expenditure on technicalities involved in modulating generic software for working for scratch and application-specific purposes. Such solutions provide a specialized software platform for developing business applications that assist organizations in saving cost and time. Moreover, the burgeoning demand for enterprise-level applications is expected to drive the aPaaS market at a CAGR of 14.2% during the forecast period (2021–2030). The market revenue stood at $6,023.3 million in 2020 and it is projected to reach $22,687.3 million by 2030.  Adoption of such solutions enables the customization of enterprise-level applications without reducing their affordability. Incorporation of aPaaS aids in solving problems

Constant technological developments are quintessential for the sustainability of any technology. This holds true for the lighting technology as well. As a result, the emergency lights manufacturing companies are making huge investments in research and development (R&D) activities to increase the lifespan and performance of their offerings. The incorporation of light-emitting diodes (LEDs) in red and green exit signs is one of the prominent technological advancements made in emergency lighting systems in recent years. These lights are more affordable and offer more energy efficiency than the traditional lighting sources. The declining prices of LEDs, owing to the continuous technological developments, will therefore help the emergency lighting market advance at a CAGR of 6.4% during 2021–2030. The market revenue stood at $5,386.0 million in 2020 and it is projected to reach $9,993.4 million by 2030. LED emergency lights are being increasingly used in residential, commercial, and in

A number of factors such as the surging demand for low-cost mobile services and penetration of mobile devices, increasing need for triple-play services in emerging economies, segment-targeted pricing and innovative distribution strategies, and rising requirement for high-speed internet connectivity across the world are expected to drive the growth of the mobile virtual network operator (MVNO) market at a CAGR of 7.1% during the foreseeable period (2021–2031). According to P&S Intelligence, the market size is projected to reach $139,663.0 million by 2031 from $66,582.0 million in 2020. The increasing need for triple-play services in emerging economies is one of the main factors boosting the growth of the MVNO market . Service providers offer triple-play services consisting of television, broadband internet access, and latency-sensitive telephone services.  The triple-play services concept is widely accepted in North America. Thus, telecom operators are progressively providing these

The increasing penetration of flexible electronic devices in the automotive, healthcare, and power and energy industries will amplify the usage of printed electronics in the coming years. Integrated circuits (ICs) are deployed in flexible devices on a flexible substrate, including metal or plastic, which can be wrapped, rolled, folded, or twisted, without affecting the function. Owing to the surging adoption of such electronic products, printed electronics suppliers are collaborating with technology providers to provide improved products to the end-use industries. Moreover, the rising shift from conventional printing to digital printing will fuel the printed electronics market at a CAGR of 22.4% during 2020–2030. The market revenue is expected to surge from $35.7 billion in 2019 to $363.1 billion by 2030. In recent years, digital printing has been gaining momentum due to soaring environmental concerns. Unlike conventional printing, digital printing does not involve the usage of volatil

The surging adoption of the internet of things (IoT) technology in the banking, financial services, and insurance (BFSI) industry is expected to drive the BFSI security market at a CAGR of 16.9% during the forecast period (2020–2030). The market was valued at $31.3 billion in 2019 and it is projected to reach $175.1 billion revenue by 2030.  IoT plays a vital role in enhancing the security of banking and financial institutions by helping such organizations in tracking the crime location, monitoring surveillance systems from remote areas, and detecting and identifying the devices used for data breaches. In recent years, security solution providers have been emphasizing on partnerships, mergers and acquisitions, and product launches to reach out to more customers.  For instance, in August 2019, McAfee LLC, a U.S.-based security service provider, announced the acquisition of NanoSec Co. With this acquisition, the former aims to strengthen the container security capabilities of McAfee MVI

The rising adoption of underwater robots in offshore oil and gas exploration & production (E&P) activities for drilling, maintenance, and repair purposes to overcome the limitations of human subsea divers, will drive the underwater robotics market growth during the forecast period (2020–2030). Moreover, the surging adoption of such robotic systems in the military and defense industry will also supplement the market growth in the coming years.  According to P&S Intelligence, North America will account for the largest share in the underwater robotics market during the forecast period. Whereas, the Asia-Pacific (APAC) market is expected to register the fastest growth in the coming years, due to the mounting investments being made in the development of autonomous marine vehicles in China, Australia, India, South Korea, and Japan. Furthermore, the European region will also showcase notable growth over the forecast period, owing to the increasing oil and gas exploration activiti

The global 5G infrastructure market revenue stood at $1.5 billion in 2020, and it is predicted to increase significantly during 2021–2030 (forecast period). The market is being driven by the growing adoption of technologies that require fast internet connection, such as artificial intelligence (AI), burgeoning requirement for low-latency internet, increasing adoption of virtual networking architecture in the telecommunications sector, and surging number of mobile data users across the world. Furthermore, the adoption of machine-to-machine (M2M) connections in several industries is driving the installation of 5G network across the world. Apart from the above-mentioned factor, the ballooning adoption of 5G-enabled devices is also fueling the expansion of the 5G infrastructure market. 5G network has been developed for matching the surge in data storage and catering to the robust connectivity requirements. Moreover, with the growing sales of 5G subscriptions, on account of the increasing

With the growing incidence of cyberattacks and data breaches, the demand for cyber insurance solutions is rising rapidly across the globe. As per several reports, due to data breaches during January 2019– April 2020, around 8 billion records including credit card number, phone numbers, home addresses, and other sensitive and confidential information were exposed. The increasing penetration of the internet and the rapid digitization of enterprise operations are the main factors fueling the incidence of these attacks. Additionally, many companies are increasingly adopting cyber insurance solutions as a risk mitigation strategy, thereby driving the expansion of the global cyber insurance market . Due to the above-mentioned factors, the value of the market is expected to rise from $5,573.2 million in 2019 to $70,671.9 million by 2030. The market is also predicted to exhibit a CAGR of 26.3% from 2020 to 2030. Depending on type, the market is categorized into integrated and standalone.  Betw

According to the International Trade Administration, China is the largest manufacturer and buyer of automobiles in the world. Moreover, domestic manufacturing in the country is predicted to rise to 35 million vehicles by 2025. Furthermore, as per the data released by the country’s Ministry of Industry and Information Technology, more than 25 million vehicles were sold in the country in 2019, including 4.32 million commercial vehicles and 21.44 million passenger vehicles. Another major factor propelling the worldwide demand for position sensors is the booming packaging industry in several countries. For example, in India, the plastic packaging industry surged at a CAGR of more than 14% between 2010 and 2017. Moreover, due to the surging pharmaceutical and food packaging sectors and the increasing exports, the industry will continue expanding in the coming years. As position sensors are extensively used in packaging machines, the growth of the industry is positively impacting the sales o

The expanding construction industry will support the HVAC market in witnessing a CAGR of 4.8% during the forecast period (2020–2030). As a result, the market revenue is expected to rise from $240.8 billion in 2019 to $358.1 billion in 2030. India, Qatar, China, the U.S., Saudi Arabia, and the U.A.E. are generating a high demand for HVAC systems due to the soaring number of hotels, shopping complexes, and skyscrapers in these countries. The construction of new structures is attributed to the booming number of tourists and upcoming events, such as FIFA World Cup 2022 and Dubai Expo 2020. At present, a majority of customers are showing a preference for smart HVAC systems that have intelligent thermostats, better controls, and advanced monitoring systems. These systems also produce cleaner air, emit lesser noise, and offer better temperature variability than conventional systems. Additionally, smart HVAC systems enable customers to monitor their performance in real time. Users across the

The global technical illustration software market is set for lucrative growth in the coming years, as per the forecast of P&S Intelligence, a market research company based in India. One of the major factors driving the market expansion is the changes being made in product demonstration for ensuring greater customer awareness.  Nowadays, several companies are showing interest in the storyboard demonstration of a service or a product, that gives a concise, detailed, and clear information rather than simply text-heavy content. Technical illustration software is used for designing and creating visual representations of services and products provided by a company.  The software helps companies accurately convey information to clients via visual communication. It can be either raster-based or vector-based. While vector-based software draws shapes, lines, and paths on the basis of mathematical principles, the raster-based software generates images from pixels. Depending on component, the

The surging sales of biotech drugs and biologic products, on account of the growing prevalence of chronic and infectious diseases, will result in the large-scale adoption of industrial refrigeration systems in pharmaceutical companies in the coming years. Pharmaceutical companies use special logistics solutions to maintain the quality of such temperature-sensitive products while transporting them from production units to pharmacies, patients, clinics, and hospitals.  Additionally, pharmaceutical companies also deploy such systems in their warehouses to store biologic products and biotech drugs. Moreover, the increasing usage of refrigeration systems in pharmaceutical manufacturing units for cold sterilization of medical devices, tissue samples, and biologics is also expected to fuel the industrial refrigeration systems market at a CAGR of 5.0% during the forecast period (2020–2030).  According to P&S Intelligence, the market revenue stood at $26.8 billion in 2019 and it will reach

The rising adoption of the GIS technology in government organizations for emergency management is expected to drive the GIS in disaster management market at a high CAGR of 13.7% during the forecast period (2020–2030). The market stood at $2.3 billion in 2019, and it is projected to reach $9.4 billion by 2030. These organizations are deploying advanced technologies for the effective management of disaster situations, assisting communities in preparing for such mishaps, forecasting emergencies, handling search and rescue operations, and estimating the overall damage. At present, the adoption of GIS-supported applications is escalating at a significant pace due to the digital transformation of the organizations dealing with disaster and emergency management. GIS aids disaster management agencies in the easy collection of updated data on vulnerable locations and evacuation needs. For example, in September 2019, Esri Inc. introduced an application, named Hurricane Aware, which is compatible

The global digital twin market value stood at $3,210.1 million in 2020, and it is predicted to surge to $184,517.4 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will advance at a CAGR of 50.0% from 2020 to 2030 (forecast period).  The ballooning adoption of machine learning (ML), 5G, artificial intelligence (AI), and the internet of things (IoT) technologies, growing popularity of Industry 4.0 standards, and the burgeoning requirement for cloud services are the major factors propelling the advancement of the market across the globe. With the rising penetration of the internet, the adoption of the IoT is surging sharply, with more than 41 billion IoT-connected devices predicted to be in usage by 2025.  To ensure the successful functioning and implementation of IoT, growing the throughput for every component is critical, which can be done by the adoption of the digital twin technology. As the performance and behavior of a sys

The industrial sector is undergoing rapid digital transformation to counter the increasing complexity of production processes and achieve higher productivity, which is subsequently fueling the demand for industrial automation solutions. Additionally, the surging need for reducing labor costs in the manufacturing sector is also facilitating the adoption of such solutions. Thus, the burgeoning demand for industrial automation solutions will result in the large-scale adoption of mobile collaborative robots (cobots) in the foreseeable future. Additionally, the surging use of mobile cobots in the automotive sector will drive the mobile collaborative robots market at a robust CAGR of 26.3% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at $543.3 million in 2019 and it will reach $6.8 billion by 2030. Automotive original equipment manufacturers (OEMs) use mobile cobots for welding, material handling, and assembling applications to offer im

Across the world, the Asia-Pacific (APAC) region contributed the highest revenue to the microdisplay market in the years gone by, and it is predicted to be the fastest-growing region in the upcoming years as well. This is attributed to the existence of numerous original equipment manufacturers (OEMs) and consumers and rapid industrialization in the region. Industrial, consumer, military and defense, aerospace, and automotive are the leading consumers of microdisplays in the region. Thus, the surge in these industries is contributing massively toward the boom of the regional market. The rising incidence of road accidents is pushing up the requirement for ADAS, especially in China, Japan, and the U.S. According to the World Health Organization (WHO), around 1.3 million deaths are recorded every year because of road accidents. According to the Federal Motor Carrier Safety Administration (FMCSA), the U.S. launched a project in order to promote the incorporation of ADAS in the trucking ind

The global automated machine learning (AutoML) market reached a value of $269.6 million in 2019, and it is predicted to generate a revenue of $14,511.9 million by 2030, exhibiting a CAGR of 43.7% from 2020 to 2030 (forecast period). The burgeoning requirement for efficient fraud detection solutions, personalized product recommendations, and growing significance of predictive lead scoring are the major growth drivers of the market. With the increasing internet penetration, the incidence of fraudulent activities is soaring, thereby fueling the requirement for fraud detection and prevention solutions. According to the World Bank, around 57.0% people all over the world had access to the internet in 2019. Moreover, several organizations are adopting conventional machine learning methods and big data for detecting and preventing fraud. However, the dataset tends to be highly skewed and imbalanced in terms of negative and positive classes. Thus, in order to obtain accurate results, several pr

The surging use of social media, owing to the increasing internet and smartphone penetration, also help the webgame market progress at a CAGR of 5.7% during 2020–2030. According to P&S Intelligence, the market was valued at $3.5 billion in 2019 and it is expected to generate $6.5 billion revenue by 2030. Webgame developers are using social media platforms, such as Instagram, Twitter, and Facebook, to market their products and lure more customers. For instance, Zynga Inc. offers Spades Plus, Farmville, Crazy Kitchen, Hit It Rich, and 101 Okey Plus on Facebook. Currently, players are opting for sports games, arcade, MMORPG, first-person shooter, and real-time strategy games, which are available in free-to-play and pay-to-play models. In the coming years, the free-to-play model will be preferred over the pay-to-play model as developers do not charge customers for such games and instead, monetize their products through advertisements. For example, Tencent Holdings Ltd., one of the lead

The global wireless charging market revenue stood at $4 billion in 2020, and it will rise significantly between 2021 and 2030 (forecast period), as per the estimates of P&S Intelligence, a market research company based in India. The major factors driving the expansion of the market are the burgeoning requirement for wireless charging in headphones, smartwatches, smartphones, and various other consumer electronic devices, integration of wireless charging features in medical instruments, and surge in the electric vehicle (EV) industry. The popularity of this technology is surging in the EV industry, as it is being explored in order to replace the conventional method of charging the vehicle by connecting it to a power source with the help of a cord. Moreover, this charging technology is being incorporated in electric vehicles for reducing the requirement for human involvement. Several international organizations, such as the Society of Automotive Engineers (SAE), International Electro

Factors such as the growing construction sector, increasing government initiatives to support the installation of heating, ventilation, and air conditioning (HVAC) systems, rising global surface temperature, and surging demand for energy-efficient systems are expected to drive the growth of the HVAC market at a 4.8% CAGR during the forecast period (2020–2030). According to P&S Intelligence, the market size will increase from $240.8 billion in 2019 to $358.1 billion by 2030. One of the key factors propelling the HVAC market is the growth in the construction sector. As per the World Bank, the industry will witness a year-on-year (Y-o-Y) growth of 4.2% during 2018–2023. This can be due to the expanding tourism industry and major upcoming events, such as the FIFA World Cup 2022. Moreover, the increasing investment in construction projects, such as residential and commercial units, malls, and industrial complexes, in countries including India, China, the U.S., Saudi Arabia, the U.A.E.,