News Market Insights

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 compon...

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 wi...

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...

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.,...

The booming demand for automated salesforce solutions, increasing adoption of digital marketing strategies, and surging focus of the e-commerce industry on improving its operations are expected to drive the field force automation market at a vigorous CAGR of 20.9% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue will surge from $1,196.9 million in 2019 to $9,033.0 million by 2030.  Currently, the rising preference for cloud-enabled field force mobile applications, owing to their high storage capacity and flexibility of data sharing and retrieval, is becoming a market trend. In contemporary times, the demand for these solutions is driven by the increasing adoption of digital marketing strategies among enterprises to consolidate their position.  Business organizations are using such strategies to expand their clientele and meet their customized needs. Besides, the increasing deployment of state-of-the-art technologies, such as robotic...

The surging focus of international agencies and government organizations on preventing online financial frauds and cyberattacks will drive the anti-money laundering market growth during the forecast period (2021–2030). According to P&S Intelligence, the provision of such solutions generated $3 billion revenue in 2020. Additionally, the surging use of digital payments will complement the market growth globally. Financial institutions across the world are implementing AML solutions to reduce payment frauds and money laundering, which are rising in incidence due to the increasing traffic on the internet, surging volume of digital payments, and technological developments. Nowadays, AML solution providers are introducing new products to reach out to a greater number of customers.  For example, in August 2020, Comarch SA launched a fraud detection system for corporates and small and medium-sized banks to automatically flag suspicious transactions. Similarly, in November 2020, Oracle...

A number of factors such as booming requirement for high bandwidth, escalating need for effective cable management, and surging data center sector are expected to drive the Indian structured cabling market at a CAGR of 11.5% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at $508.0 million in 2020 and it is projected to reach $1,504.9 million by 2030. Moreover, the market is witnessing a trend of rapid digitization in India. One of the primary factors for the market growth is the burgeoning demand for high bandwidth, owing to the surging penetration of internet in Indian. Structured cabling enables high bandwidth, which has become a necessity for smooth operations in business organizations. This demand is rising at a rapid pace, owing to the high data transfer capability, flexibility, and low cost of the structured cabling. As it is the basis of efficient IT infrastructure, this type of cabling is getting attention from the government...

With the increasing availability of e-cigarettes on various distribution channels, their sales are rising sharply across the world. Moreover, the producers of various vaping devices are increasingly focusing on advertising and selling their products via dedicated in-store hubs at bigger grocery shops and retail outlets and kiosks. Many e-cigarette providers are also opening their own outlets and stores to provide customers with a vaping experience which is similar to the one offered in a club.  Conventional smokers usually prefer these stores, as they can get a diverse range of vaping devices and flavors there. Besides the aforementioned factor, the increasing social acceptance of e-cigarettes, on account of the rising public awareness about the consequences of tobacco smoking on human health and environment, is also fueling the growth of the e-cigarette market all over the world.  Additionally, the governments of many countries are focusing on creating a more-sustainable and ...

Business organizations around the world are leveraging gamification technology in product exploration, interactive communication, loyalty programs, and game-based marketing to improve their engagement with customers. Enterprises are using personalized recommendation quizzes and games to build brand loyalty and enhance customer engagement. By offering personalized avatars, progress indicators, and reward-based promotions to users under loyalty programs, businesses encourage them to refer the brand to others. Thus, the surging emphasis of enterprises on enhancing customer experience is encouraging the adoption of the gamification technology. Moreover, the increasing focus of businesses on level progress monitoring will accelerate the gamification market at a healthy CAGR of 24.2% during 2020–2030. The market was valued at $7,841.5 million in 2019, and it is expected to generate $76,298.9 million by 2030.  Enterprises are leveraging progress bars, in-house competitions, and activity ...

P&S Intelligence considers all these advantages while forecasting a 6.6% CAGR for the CAD software market between 2020 and 2030, at which the revenue generated from the licensing and subscription of such programs will rise to $18.7 billion by 2030 from $9.3 billion in 2019. Seeing this, software vendors have started offering this software for beginners, intermediates, and professionals. Among these, intermediate-level versions are sold the most as they offer a fine balance between functionality and cost. Moreover, with the increasing product complexities and requirements for skilled CAD professionals, software versions that offer the highest degree of functionality are witnessing a surging licensing and subscription rate. In the coming years, the usage of this software will burgeon in the healthcare sector on account of the increasing complexity of medical issues, which is creating the need for cutting-edge devices and equipment.  For instance, for the purpose of implants, data...

The surging number of commercial and residential projects, on account of the mushrooming population and increasing industrialization, is driving the demand for heating, ventilation, and air conditioning (HVAC) systems in Australia and New Zealand. According to various estimates, the value of the construction industry in New Zealand is predicted to rise from $34 billion in 2016 to more than $41 billion by 2023. For example, in New Zealand, the Commercial Bay in Auckland, which consists of office tower with 39,000 square meters and 120 retail shops covering a space of 18,000 square meters is currently under construction and the project is predicted to be completed by April 2020. Moreover, the project would cost nearly $690 million. Apart from this factor, the increasing implementation of government standards and regulations aimed at reducing greenhouse gas emissions and developing HVAC systems are also driving the expansion of the Australia and New Zealand HVAC market.   The Governme...