Key Management as a Service Market Set to Flourish in Future

The Communications Security Establishment (CSE), Government of Canada, has established the Canadian Center for Cyber Security to defend the networks of the government, offer simple and effective tips of cybersecurity to the people of the country, and advise and assist government organizations, telecommunication companies, and banks in matters of cybersecurity. Likewise, the National Conference of State Legislatures introduced or considered over 280 bills or resolutions about cybersecurity in at least 38 states of the U.S. in 2020.

Thus, the soaring focus of governments on increasing cybersecurity in public and private sectors is expected to drive the key management as a service (KMaaS) market at a notable CAGR of 25.9% during the forecast period (2020–2030). According to P&S Intelligence, the market generated a revenue of $511.9 million in 2019. Currently, the rising demand for cloud encryption, owing to high data privacy and lower information technology (IT) expenditure associated with it, has become a prominent market trend.

Media and entertainment, education, manufacturing, aerospace and defense, healthcare, government, IT and telecom, retail and e-commerce, and banking, financial services, and insurance (BFSI) sectors use KMaas solution and services, such as managed and professional, to increase cybersecurity. Large enterprises and small and medium enterprises (SMEs) operating in these industries use KMaaS solutions for file/folder encryption, cloud encryption, disk encryption, database encryption, including application-level encryption and database-level encryption, and communication encryption, such as instant messaging encryption, email encryption, and voice encryption. 

In recent years, key players of the key management as a service market have engaged in mergers and acquisitions to consolidate their position. For example, in March 2020, NetApp Inc. completed the acquisition of Talon Storage to merge its Cloud Volume products with the Fast software of the latter to provide a centralized solution for cloud data management to end users. Other companies undertaking such strategic measures are Box Inc., CipherCloud Inc., Unbound Tech Ltd., Sookasa Inc., Druva Inc., McAfee LLC, Netskope Inc., Secomba GmbH, and ESET spol. s ro.

Over the last few years, the North American region has emerged as the dominant user of KMaaS solutions and services due to the rapid shift of enterprises toward multi-cloud, swift penetration of advanced technologies to mitigate cyber-attacks, strong presence of cloud service providers, and the large-scale deployment of data center services and analytical tools in the U.S. and Canada. Additionally, the high download rate of umpteen mobile applications, extensive focus on facilitating the digitization of the economy, and a massive focus on the adoption of digital medical records will also encourage the use of MaaS solutions in the region. 

However, the Asia-Pacific (APAC) region is expected to register the fastest growth in the key management as a service market throughout the forecast period, on account of the surging need for cloud technology, soaring public awareness about cyber-attacks and counter-attack methods, accelerating digitalization, and improving key management lifecycles processes in the region. For instance, the integration of the Cloud HSM service of Thales SA will secure the lifecycle management of cryptographic keys of customers of Fujitsu Limited, a Japanese multination IT firm.

Thus, the toughening laws on cybersecurity and increasing deployment of cloud encryption will create an enormous requirement for KMaaS solutions in the foreseeable future.  

Green Technology and Sustainability: What to Expect in 2022?

The major drivers for the green technology and sustainability market are the increasing focus on low-carbon electricity generation, rapid shift to renewable energy, volatility in the price of electrical power, favorable government initiatives, surging requirement to decrease operational costs, and swift adoption of building automation systems. As a result, the market revenue will increase from $8.3 billion in 2019 to $57.8 billion by 2030, at a 20.0% CAGR between 2020 and 2030. Green technologies are those that can be used to check the degradation of the environment.

Green Technology Market Report - P&S Intelligence 

The technology segment is categorized into the internet of things (IoT), cloud computing, artificial intelligence (AI) and analytics, digital twin, blockchain, and others. Among these, the IoT category held the largest share during 2014–2019 (historical period) because of the burgeoning utilization of this technology in smart domestic appliances, smart cities, smart mobility, smart factories, and smart healthcare. The technology allows one to monitor the performance of machines with respect to vibrations, heat, noise, and, most importantly, energy consumption and collect data on all these parameters, so their operations can be optimized.

On the basis of application, the categories of the green technology and sustainability market are green buildings, air quality management, environment management, water and wastewater management, climate change management, solid waste management, and others. In 2019, the green buildings category dominated the market as such structures save energy by using only what they produce on site. The fastest growth during the forecast period is predicted in the environment management category, on account of the rapidly degrading soil quality due to intensive farming, usage of chemicals, and pollution.

Presently, North America is the largest user of these technologies because of its advanced infrastructure, high public awareness on the issue, and robust government support. Asia-Pacific (APAC) will be the fastest-growing region in the green technology and sustainability market during the forecast period because of the rapid pace of urbanization, which is putting immense pressure on natural resources and leading to alarming levels of air pollution. Further, regional governments are taking initiatives to increase energy generation from renewable resources and use advanced technologies, such as AI and IoT, to mitigate environmental degradation.

Hence, the market will keep growing with the increasing concerns about the state of the environment.

DIY Enthusiasts in U.A.E. Opting for Automotive Aftermarket E-Commerce Platforms

According to the Ministry of Interior of the U.A.E. government, in 2020, road accidents accounted for 3.14 deaths per 100,000 people in the country. The surging number of road accidents in the nation is creating a huge requirement for aftermarket components, which are used to amend the normal wear and tear of vehicles involved in such unprecedented occurrences. As per the World Health Organization (WHO), safe vehicles help in averting crashes and curtailing the likelihood of serious injuries, and it is suggested that vehicle owners should regularly check the overall health of their automobiles.

To maintain the health of automobiles, vehicle owners are constantly replacing brake parts, suspension systems, oil and transmission fluids and filters, tires, and lighting systems, which helps in the prevention of road accidents. Thus, the soaring awareness about preventive maintenance and regular check-ups of cars, to curtail the number of road accidents and vehicle breakdowns, will fuel the U.A.E. e-commerce automotive aftermarket at a CAGR of 14.8% during 2020–2025. The market was valued at $318.2 million in 2020 and it is projected to reach $634.4 million by 2025.

Moreover, the increasing popularity of do-it-yourself (DIY) culture, owing to the rising preference for vehicle customization, will also encourage vehicle owners to purchase aftermarket automotive components from e-commerce platforms. Even though vehicle mechanics and service centers in the U.A.E. have been the core customers of aftermarket components traditionally, DIY enthusiasts of the country have lately become significant customers of e-commerce platforms offering such components. Moreover, huge discounts, convenience, and extensive information offered by such platforms are encouraging vehicle owners to take up the task of upgrading their automobiles themselves.

In recent years, the automotive aftermarket customers in the U.A.E. have been showing high preference for click-&-mortar retailing, owing to the rising online presence of retailers of such vehicle parts. As click-&-mortar retailing is a combination of brick-and-mortar stores and businesses and e-commerce platforms, it mutually eliminates drawbacks exclusive to either. The new culture of click-&-mortar retailing allows conventional retailers to reach out to more customers by enabling them to upload their inventory online.

U.A.E. E-Commerce Automotive Aftermarket

Nowadays, individual vehicle owners and businesses can procure tires, grease, engine oil, gear oil, brake oil, vehicle batteries, car parts, electronics, and accessories through third party retailers and direct-to-customer (DTC) channels. The U.A.E. e-commerce automotive aftermarket offers maintenance services through automobile dealerships, specialty shops, franchise general repairs, tire shops, and locally owned repair shops/body shops. These service providers are involved in offering services for passenger cars, light commercial vehicles, two-wheelers, and medium and heavy commercial vehicles (MHCVs).

Currently, companies such as Amazon.ae, Al Mizan Auto Spare Parts LLC, Ubuy.com, Barma Auto Parts LLC, Souq.com, SSG Asia, Noon.com, AKSA Trade LLC, GiveMeAutoParts.com, Al Mizan Auto Spare Parts LLC, Ebay.com, Dbsouq.com, AutoPlus Dubai, Carbox Auto Parts, UniWorld Auto Spare Parts, Auto Parts East FZCo. (APEC), Carrefouruae.com, Ourshopee.com, and Erosdigitalhome.ae are offering the aforementioned automotive aftermarket components and services for customers in the U.A.E. These companies have been entering into strategic partnerships to increase the number of their clientele.

Therefore, the mounting cases of road accidents and increasing awareness regarding vehicle safety among people of the U.A.E. will encourage them to procure aftermarket automotive components from e-commerce platforms in the forthcoming years.

Government Cloud Demand To Rise Substantially in Future

In recent years, the adoption of cloud by government agencies across the world has increased massively and this trend is predicted to continue in the coming years as well owing to the rising internet penetration, rapid digitization of business operations, and mushrooming popularity of cloud computing. The adoption of cloud is helping government agencies reduce capital expenditure (CAPEX) and the total cost of ownership (TCO), without undercutting important public services. In addition, the demand for labor optimization, facility consolidation, asset utilization, and measured services is fueling the adoption of cloud by government agencies around the world. 

Besides, the burgeoning need for sophisticated network solutions is also fueling the expansion of the global government cloud market. According to the estimates of the market research company, P&S Intelligence, the value of the market will grow from $20.8 billion in 2017 to $49.2 billion by 2023. Furthermore, the market is expected to exhibit a CAGR of 15.4% from 2018 to 2023. With rapid technological advancements, many government information and communications technology (ICT) executives are increasingly seeking sophisticated and agile network solutions, which would assist them in efficiently reacting to various public concerns. 

These executives are leveraging government cloud for adapting to the changing technology landscape with minimal expense and hassles. Further, government agencies are adopting cloud to improve their adaptability and agility and also to enhance flexibility and ensure faster deployment of services. Platform as a service (PaaS), infrastructure as a service (IaaS), and software as a service (SaaS) are the most widely used types of cloud models by governments across the world.

Out of these, the demand for SaaS models was observed to be the highest during the last few years. This was because of the high requirement for SaaS among government agencies, on account of the low cost and pay-as-you-go capability of the solution. Furthermore, many government agencies are using the SaaS model for renting software applications from cloud service providers (CSP), who remotely host these services. Geographically, Asia-Pacific (APAC) is predicted to be the fastest-growing region in the government cloud market in the coming years.

This is credited to the growing government focus on advancements in citizen services and soaring investments being made in the information and communication technology (ICT) departments in government set-ups and the launch of promotional campaigns in the region. In addition, the growing need for implementing cloud-based security services for efficient decision making and accessibility is also propelling the demand for cloud among government agencies in the region. 

The industry is currently witnessing the trend of rapid advancements in the technology. E-government initiatives are further boosting the use of cloud computing. This is assisting governments in advancing their business flexibility and improving the penetration of their services. Departments in the education, insurance, and defense sectors have been the early adopters of cloud computing in the public sector, while others are following their lead, thereby accelerating the progress of the industry. 

Hence, it can be safely said that the use of cloud solutions by government agencies will surge sharply in the coming years, mainly because of the rapid digitization of operations and increasing internet penetration across the world. 

Increasing Internet Penetration Driving Marketing Automation Market Expansion

From $4,438.7 million in 2020, the global marketing automation market revenue is predicted to surge to $14,180.6 million by 2030. As per the forecast of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 12.3% from 2020 to 2030 (forecast period). The market is being propelled by the growing adoption of digital marketing, soaring use of social media platforms, and increasing adoption of the marketing automation software by small and medium enterprises (SMEs) across the world. 

Marketing Automation Market Report by P&S Intelligence 

With the growing penetration of the internet, both large and small and medium enterprises are increasingly focusing on adopting digital marketing to stay ahead of the competition. Moreover, they are incorporating automation tools for advertising their products and services on various channels, such as social media, web, and email, and improving the lead nurturing process. Additionally, the global digital ad spending is predicted to surpass $450.7 billion by the end of 2021, accounting for over 50% of the total ad expenditure. Germany, the U.K., Japan, China, and the U.S. are some of the top digital marketing investors around the world. 

Another major marketing automation market growth driver is the growing adoption of the automation software by SMEs. Currently, SMEs, whose number stand at 4 million across the globe, hold a large number of shares in various enterprises around the world. As per the World Bank, they represent around 90% of the businesses and over 50% of the employees. The mushrooming number of SMEs is predicted to push up the requirement for automated marketing operations. Depending on deployment, the market is divided into on-premises and cloud categories.

Between these, the cloud category held the larger share in the market in the past, and it is predicted to retain its lead in the coming years as well. The growing adoption of public cloud services is majorly contributing toward the ballooning cloud spending. Hence, it is providing a lucrative opportunity to the players for introducing cloud-supported marketing automation solutions providing data analytics and insights, which will, in turn, fuel the expansion of the market in the coming years.

Geographically, North America contributed the highest revenue to the marketing automation market in the past. This was because many market players were actively focusing on partnerships, client wins, and mergers and acquisitions, which propelled the regional market to new heights. For example, Pipedrive Inc., which is a U.S. based customer relationship management (CRM) company, completed the acquisition of Mailigen International Limited, which is a provider of email marketing automation solutions, in March 2020. The acquisition was done to support Pipedrive Inc. in providing an improved email marketing experience to customers through better communication and more effective lead generation.

Whereas, Asia-Pacific (APAC) is predicted to be the fastest-growing region in the marketing automation market throughout the forecast period. This is ascribed to the increasing penetration of the internet, growing adoption of social media platforms, booming retail and e-commerce industry, rapid advancements in the information technology (IT) sector, and rising focus of companies based in the region on marketing their products and services on various online and social media platforms. 

Thus, it can be safely said that the demand for marketing automation solutions will surge sharply in the coming years, primarily because of the growing internet penetration and rising adoption of digital marketing across the world. 

Enterprise Asset Management Market to See Huge Growth & Profitable Business

Factors such as the surging deployment of enterprise asset management (EAM) solutions for effective utilization of assets, increasing need for the reduction of procurement and maintenance expenses, improved return on assets (ROA), growing internet of things (IoT) sector, rising number of construction projects, and mounting alertness regarding predictive analytics among large enterprises are expected to drive the enterprise asset management market in the foreseeable period (2020–2030) at a CAGR of 14.2%. According to P&S Intelligence, the market size stood at $5,682.1 million in 2020, which is expected to reach $21,471.3 million in 2030. 

One of the prime factors aiding the enterprise asset management market is the surging need for the reduction of procurement and maintenance expenses. EAM can help in minimizing maintenance costs by providing better information on capital investment, closely tracking of operations, and effectively controlling of equipment. Furthermore, it can reduce operating costs by mounting project return on investment (ROI), minimizing procurement cost of materials, and reducing maintenance cost. Further, the surging need of enterprises to optimize their operation costs by a significant number results in high demand for EAM solutions.

The offering segment of the enterprise asset management market is categorized into solution and service. Between the two, the solution category accounted for a larger market share in 2020. This is ascribed to the increasing need for better ROI on assets, rising demand for effective management of enterprise assets and resources, mounting need for streamlined business operations, and growing industries, such as retail, manufacturing, telecommunications, and healthcare. Whereas, the service category is projected to record faster growth in the coming years, owing to the increasing need for professional and managed services from businesses for smooth business operations.

Geographically, the North American enterprise asset management market accounted for the largest share in 2020. This is ascribed to the existence of several market players, increase in adoption of EAM services and solutions in several industries, presence of a large number of end users, rise in need to meet strict regulatory compliances, and high public and private investments for better management of equipment and assets, in the region. Moreover, companies focusing on safeguarding supply chain management (SCM), asset utilization, and predictive utilization, to streamline business operations, are also driving the regional market growth.  

Thus, the surging need for the reduction of procurement and maintenance expenses and the increasing deployment of EAM solutions for effective utilization of assets are expected to propel the market growth during the forecast period.

Off-Highway Electric Vehicles Market Will Hit Big Revenues in Future

The revenue of the off-highway electric vehicles market in 2030 will be $97,754.1 million, compared to an estimated $16,908.6 million in 2021, and it will witness a massive 21.5% CAGR between 2021 and 2030. The key reason behind it would be the technological advancements in electric propulsions, which have already been widely tested and adopted in on-road vehicles.

Key advancements in this regard include a higher battery capacity and power output, both of which are essential for the success of EVs. Moreover, all this must happen without an increase in the price of batteries, which remains a key concern for those switching or seeking to switch to electric mobility for on- and off-road purposes.

Another major driver for the sale of such vehicles is the growing demand for low-emission and -noise machines in the construction sector, as they can operate in densely populated areas and even indoors.

Thus, the BEV category dominates the off-highway electric vehicles market in the propulsion segment. The absence of the diesel engine not only makes BEVs emission-free, but also extremely quiet.

This is also consistent with construction being the largest application area of off-highway electric vehicles. The global population boom is making the construction of civic, industrial, commercial, and residential infrastructure necessary.

In this regard, the stringent emission regulations being implemented on conventional vehicles around the world are playing a major part, by making these automobiles increasingly expensive.

During the COVID-19 pandemic, the sale of such equipment witnessed a massive downfall due to the closure of construction sites, mines and oil & gas projects, and many manufacturing plants, including of these vehicles themselves.

However, the race to finish the delayed infrastructure projects as soon as possible is benefitting the off-highway electric vehicles market in the post-lockdown era, with many OEMs launching new vehicle models suited to different purposes.

APAC continues to witness the highest demand for off-highway machines with fully electric or hybrid-electric propulsion. The region is the world's largest construction market and also the most-polluted, led by China and India in both these aspects. Therefore, the focus on integrating electric drivetrains in off-highway vehicles has become really strong here in the recent past. Additionally, APAC is the largest manufacturer of EVs, thus leading to their easy availability.

This presents lucrative opportunities for key off-highway electric vehicles market players, including Hyundai Doosan Infracore Co. Ltd., Komatsu Ltd., AB Volvo, Caterpillar Inc., LIEBHERR-International Deutschland GmbH, J.C. Bamford Excavators Limited, Sany Heavy Equipment International Holdings Company Limited, DEERE & COMPANY, Epiroc AB, and Hitachi Ltd. Thus, they have begun entering into partnerships and collaborations, merging with and acquiring similar firms, and expanding their geographical presence, apart from launching new vehicle models.

Health-Conscious People Generating Demand for Wearable AI Devices

The increasing public awareness about fitness level and surging public focus on healthy lifestyle, owing to the hectic work schedule and the sedentary life of people, are propelling the usage of wearable devices worldwide. People use wearable devices to track vitals, such as heartbeat, calorie intake, and calories burnt. The real-time information displayed by these devices helps reduce diabetes cases and encourage people to exercise regularly. Owing to the various benefits of artificial intelligence (AI)-powered wearable devices, electronics manufacturers are increasingly adopting AI technologies in their products.

Additionally, the mounting per capita income of people will also help the wearable AI devices market propel at a whopping CAGR of 29.0% during 2019–2024. According to P&S Intelligence, the market was valued at $11,182.8 million in 2018, and it will generate $49,240.6 million revenue by 2024. For instance, the World Bank states that the per capita gross national income (GNI) of China, Australia, and France grew from $10,390 in 2019 to $10,610 in 2020, $48,660 in 2018 to $50,540 in 2019, and $47,600 in 2018 to $50,400 in 2019, respectively. 

Currently, wearable device manufacturers are integrating AI technology in wristwear, such as fitness bands and smartwatches, earwear, and eyewear. In earlier times, AI-enabled wristwear was preferred over other wearables as they are equipped with AI functionalities, such as heart rate monitoring, sleep tracking, and personal voice assistance. All the above-mentioned AI-supported wearables consist of displays, sensors, memory devices, processors, power management systems, and connectivity integrated circuits (ICs). These advanced wearable devices are used in the gaming, healthcare, and consumer electronics industries.

 In recent years, AI-enabled wearable device manufacturers are predominantly focusing on partnerships to facilitate the adoption of their products among a greater number of people. For example, in January 2018, Xiaomi Corporation partnered with Oculus to introduce standalone VR headsets, such as Xiaomi Mi and Oculus GO VR Standalone. Both these headsets use Snapdragon mobile VR platform to meet high-processing requirements. Companies such as Fitbit Inc., Google LLC, BRAGI GmbH, Apple Inc., Fossil Group Inc., and Huawei Investment & Holding Co. Ltd., are also entering into partnerships to lure more customers.

Globally, North America dominated the wearable AI devices market in the recent past due to the presence of numerous consumer electronics manufacturers, the high per capita income of people, and hefty investments that were made to encourage AI integration in wearable devices in the region. For instance, the World Bank states that the per capita GNI of the U.S. was $66,060 in 2019. The organization also estimates that the per capita GNI of Canada grew from $49,430 in 2018 to $49,990 in 2019. 

In the upcoming years, the Asia-Pacific (APAC) region will emerge as a significant user of AI-enabled wearable devices, owing to the surging disposable income of people, booming population, and increasing adoption of advanced technologies, such as AI. For example, the Reserve Bank of India (RBI) data reveals that the gross national disposable income of India rose from INR 1,73,15,933 crore in financial year (FY) 2017–2018 to INR 1,92,37,943 crore in FY 2018–2019. 

Thus, the rising public focus on a healthy lifestyle and escalating per capita income of people are encouraging the usage of wearable AI devices worldwide. 

BFSI Security Market Set to Exhibit Tremendous Growth in Coming Years

The increasing digitization of banking and financial operations all over the world is pushing up the demand for banking, financial services, and insurance (BFSI) security solutions. This is because the rising adoption of personalized and digital banking is augmenting the threat of data breaches and cyber-attacks. Moreover, with banking operations moving to cloud networks and adopting digital technologies, the threat of data theft, including breach of sensitive and confidential information, is rising rapidly.

Because of these risks, banks and other financial organizations are increasingly adopting advanced security solutions. For example, InvestBank P.S.C. adopted a security solution developed by Cisco Systems Inc. in May 2018 for supporting its digital transformation strategy. The security solution included Cisco’s advanced malware protection (AMP) for end points, for the detection and prevention of advanced threats. Banks are also adopting the internet of things (IoT) for enhancing the security of their operations.

This technology assists in the identification of the devices and systems used for transmitting vulnerabilities, tracking of the location of financial crimes, and remote monitoring of surveillance devices for the early detection of various fraudulent activities. Besides this technology, financial institutions are also adopting smart security solutions for detecting potential cyber-attacks, assessing risks, automating operations, and centralizing management systems. In many countries, intelligent security solutions are quickly becoming popular among the organizations operating in the BFSI industry.

The growing deployment of such security solutions by banks and other financial organizations is positively impacting the growth of the global banking, financial services, and insurance (BFSI) security market. Due to this reason, the market is predicted to witness a massive surge in its valuation, from $31.3 billion to $175.1 billion, from 2019 to 2030. Furthermore, the market is predicted to advance at a CAGR of 16.9% between 2020 and 2030.

Depending on security type, the BFSI security market is divided into information security and physical security categories. Between the two, the information security category is predicted to exhibit higher growth rate in the market in the future years. The category is further divided into data loss prevention, antivirus, unified threat management, encryption, risk and compliance management, and identity and access management categories. Amongst these, the encryption category recorded the highest growth in the BFSI security market in the past.

Globally, the BFSI security market would exhibit lucrative growth in Europe and North America in the upcoming years, as per the forecast of P&S Intelligence, a market research company based in India. This is credited to the implementation of strict data policies aimed at enhancing data security in these regions. Additionally, the growing focus of financial organizations on digitization and the rising popularity of cloud-based data storage solutions will further propel the market growth in these regions in the future.

Hence, it can be said with full surety that the adoption of security solutions by BFSI organizations will rise enormously all over the world in the coming years, mainly because of the rising digitization in this domain and the growing prevalence of data breaches and cyber-attacks in banking and financial operations.

E-Commerce Automotive Aftermarket Demand To Rise Substantially in Future

The e-commerce automotive aftermarket size is expected to increase from an estimated $78,631.4 million in 2021 to $191,545.7 million by 2030 at a robust 10.4% CAGR. According to the market research study published by P&S Intelligence. Both repair shops and vehicle owners are now procuring replacement vehicle parts online, of which garages, or B2B customers, have been more significant till now. They generally buy the components in bulk, to fit in the vehicles of owners.

In the coming years, B2C customers, which include the vehicle owners themselves, will become rapidly significant for companies offering automotive aftermarket parts on online channels. This will be because of the growth in the DIY culture and shopping convenience that e-commerce offers people, in terms of doorstep delivery, special discounts, and product comparisons.

Key Findings of E-Commerce Automotive Aftermarket Report

E-Commerce Automotive Aftermarket Outlook 2022-2030

Replacement engine parts are being bought the most widely off e-commerce platforms because of the rise in the number and average age of vehicles around the world.

From 1.28 billion in 2015, the number of vehicles in operation had risen to 1.73 billion by 2020-end, thus driving the e-commerce automotive aftermarket by leading to the rising requirement for replacement parts.

Another key driver for the industry is the rising rate of digitization, which is offering an increasing number of people access to the internet. As per the World Bank, 56.7% of the global population had internet access in 2019, compared to 28.8% in 2010.

Moreover, the click-and-mortar concept is becoming popular as it allows customers to look the product up and pay for it online and pick it up at the physical store.

In the industry, third-party retailers are the dominant channel because they offer parts by a large number of manufacturers at discounted prices, thereby making the experience better for buyers.

APAC has the largest regional e-commerce automotive aftermarket size as it is home to the largest number of vehicles. Moreover, almost all established automotive component manufacturers have factories and sales presence here.

The key reason for the rising automobile sales in APAC is the increase in the disposable income of people, which is accompanied by industrialization and urbanization. Additionally, with technological advancements and strong safety regulations, the average age of automobiles has risen here. Similarly, with the government efforts to enhance their communications infrastructure, more inhabitants here now have access to the internet.

This is why the key e-commerce automotive aftermarket players, including both component manufacturers and online shopping portals, are entering into partnerships or acquiring each other. Major companies in the industry are Robert Bosch GmbH, Amazon.com Inc., Meritor Inc., eBay Inc., Genuine Parts Co. Inc., AutoZone Inc., CarParts.com Inc., Advance Auto Parts Inc., BUYAUTOPARTS LLC, and Alibaba Group Holding Ltd.

Technological Advancements Propelling Geospatial Imagery Analytics Market Growth

Technological innovations in geospatial imagery analytics solutions are widening their application base. The integration of artificial intelligence (AI) and big data in these analytics solutions for an efficient and faster analysis of data has led to the delivery of meaningful insights about the happenings on the earth, in less time. The need for the extraction of meaningful data and classification of its large volumes has led to the widescale adoption of these solutions in the healthcare, defense, retail and e-commerce, disaster management, and banking, financial services, and insurance (BFSI) sectors.

Moreover, the soaring demand for geospatial analytics solutions from business organizations to ensure demographic and geospatial support for their investment plans is driving the market growth. Firms are utilizing these solutions to design their business strategies, to stay ahead in the competition.

Currently, an increasing number of nano and small satellites are being launched by numerous countries to offer an array of services to the public, including TV channels and weather updates. These satellites are smaller and lighter than the traditional satellites, usually less than 500 kg, and therefore, easier to launch. Organizations such as the National Aeronautics and Space Administration (NASA) and Space Exploration Technologies Corp. are investing heavily in these satellites because they offer frequent, quicker, low-cost, and broader access to space.

The collection medium segment of the geospatial imagery analytics market is categorized into geographic information systems (GIS), unmanned aerial vehicles (UAVs), satellites, and others, which include airships, helicopters, balloons, and helikites. Amongst these, the GIS category accounted for the largest market share in 2017 due to the widescale utilization of GIS systems in the government, oil and gas, aerospace and defense, and water and wastewater treatment sectors. Moreover, the UAVs category is predicted to grow the fastest in the forecast period. This can be ascribed to the increasing adoption of UAVs by government agencies to collect geospatial information.

Geospatial imagery analysis is used for network analysis, geo visualization, and surface analysis, for various purposes, such as surveillance and monitoring, energy and resource management, conservation and research, exhibition and live entertainment, construction and development, and disaster management. These industries are mostly using network analysis solutions to cut down the additional cost incurred and time used due to inefficient networks. These solutions are most suitable for analyzing definitive paths, such as roads, drains, canals, and rivers, with pinpoint precision.

Geographically, Europe made the most use of geospatial imagery analytics in 2017 due to the integration of machine learning and AI in these solutions and growing commoditization of geospatial data. Apart from this, government organizations in European nations are adopting geospatial analytics for public safety and security, as technological developments have led to the introduction of numerous such solutions. During the forecast period, the Asia-Pacific (APAC) geospatial imagery analytics market will register the fastest growth. This can be attributed to the increasing number of connected devices and rising penetration of the internet in the region.

Therefore, advancements in geospatial imagery analysis solutions are encouraging governments and private companies to go for them.

Why Can Advanced Vehicles Not Be Serviced without Automotive Repair Software?

With the booming population, which is witnessing an increase in its purchasing power, the sale of automobiles is rising rapidly. Between 2015 and 2018, the number of vehicles in operation around the world rose sharply to 1.57 billion from 1.28 billion. Along with just the number of vehicles, even their quality is rising, as automakers are competing for a larger share in the market. As a result, people are using their automobiles for longer than before, which is leading to brisk business for vehicle repair and servicing entities.

Moreover, with the changing customer demands, vehicles are becoming more complex and more dependent on advanced technology. P&S Intelligence says that all these factors will together propel the automotive repair software market from $1,264.2 million in 2019 at a healthy 10.3% CAGR between 2020 and 2030. This is because with automobiles becoming more complex, auto repair and maintenance are moving beyond mechanical and electrical maintenance, to encompass software updates and cybersecurity as well.

Moreover, software also allows repair and maintenance entities to save time, which is crucial for answering customers’ demand for quick service. Apart from servicing and overhauling, such software helps repair personnel in inventory tracking, back-office operations, parts management, and appointment scheduling. Further, software enables garages to keep a track on their employees, drive productivity, and focus on areas that need improvement, in terms of the service quality or task duration. Similarly, companies that have garages in multiple places can integrate data from several locations at one place and share real-time information for smoother communication.

With time, as sales of connected, autonomous, and electric vehicles burgeon, so will the demand for automotive repair software. Compared to conventional automobiles, they have more electronic systems, including an electric powertrain, various sensors and cameras, and digital instrument clusters, which cannot be repaired without adequate technical know-how and advanced software. In 2019, 2.1 million electric cars were sold around the world, which brought the number of all such vehicles in operation to more than 7.2 million, says the International Energy Agency (IEA), thereby reflecting a rising demand for automotive repair software.

Such software can be installed on mobile phones, tablets, and computer systems. Currently, computers are the most-preferred interface for such programs because they offer larger storage, which is important for the heavy software. However, the usage of mobile phones for deploying automotive repair software is rising rapidly, as such devices offer convenience to repair personnel, who no longer have to shunt between their computer and working area to check technical service bulletins (TSBs), colored wiring diagrams, and commonly replaced parts data. This quickens up the process and makes it more efficient and allows repair entities to service more vehicles in a given time, thereby letting them boost their earnings.

Since such software is a result of modernization, North America has been the most-productive automotive repair software market till date. Many regional garages possess the technical know-how regarding advanced vehicles and the software required for their repair and maintenance. Moreover, people are using their vehicles for longer than before, and they also want more mileage out of them, for which a stronger focus is mandated on repair and servicing. In the coming years, such software is expected to find widespread adoption in other parts of the world too, especially Asia-Pacific (APAC), which is the largest auto market anywhere and witnessing rapid technological advancements.

Hence, as vehicles become more complex with the integration of electric propulsion and numerous connected technologies, repair shops will become more dependent on advanced software for their day-to-day operations.

How Is Retail Sector Augmenting Self-Checkout Systems Demand?

Retail stores around the world are focusing on reducing operational expenses and checkout time by deploying self-checkout systems. Additionally, the incorporation of such systems also increases the in-store productivity of retail outlets and saves labor costs by automating the work of cashiers and clerks. Moreover, these systems also assist retailers in maintaining overall output and efficiency of the purchasing process, while fulfilling the expectations of customers. Thus, the surging focus of retail store owners on providing a better customer experience will accelerate the adoption of self-checkout systems in the foreseeable future.

 Contactless payment is usually done through smartphones and near-field communication technology (NFC)-enabled payment options. In recent years, the integration of NFC and radio frequency identification (RFID) in self-checkout systems has become a major market trend. 

In the coming years, retail stores will show a high inclination toward wall-mounted and countertop cashless and cash-based self-checkout systems to offer a better customer experience, owing to the availability of limited space in small stores. Additionally, healthcare facilities, hotels, restaurants, retail stores, entertainment arenas, and travel spaces can also opt for standalone cash and cashless systems to improve their operations and enhance customer experience. In the preceding years, cashless self-checkout systems were preferred over cash variants due to the rapid digitization of end use industries.

The retail store segment of the self-checkout systems market is classified into convenience stores, supermarkets and departmental stores, hypermarkets, and others, such as pharmacies, grocery stores, and other small-sized stores. Under this segment, the hypermarkets category accounted for the largest market share in 2017, due to the large footfall of customers in these stores. Whereas, supermarkets and departmental stores and convenience stores are expected to exhibit significant growth throughout the forecast period, owing to the surging focus of these stores on reducing waiting time for shoppers and tackling labor shortage.  

In recent years, self-checkout system manufacturers, such as ITAB Group, International Business Machines (IBM) Corporation, Pan-Oston, Diebold Nixdorf Incorporated, Olea Kiosks Inc., PCMS Group Ltd., Fujitsu Limited, NCR Corporation, and Toshiba TEC Corporation, have opted for product introduction, partnerships, and facility expansions to meet the needs of the travel, retail, healthcare, hospitality, and entertainment industries. For example, in May 2018, NCR Corporation introduced a web-based analytics system, named Horizon, for the retail sector. This system allows retail store owners analyze data generated from self-checkout queues and provide recommendations for improvement of operations. 

According to P&S Intelligence, the North American region accounted for the largest share in the self-checkout systems market in 2017 due to the early adoption of advanced technologies and the presence of major players in the U.S. and Canada. Whereas, the Asia-Pacific (APAC) market is expected to register the fastest growth during the forecast period. This will be on account of the increasing focus of retail stores of India, China, and Japan on advanced technologies to allow human-free checkouts. 

Therefore, the surging focus of the retail sector on providing improved customer experience and the rising popularity of contactless payment will facilitate the adoption of self-checkout systems in the upcoming years.  

Salesforce Services Market to Record CAGR of 18.9% and Increase in Revenue by 2030

In today’s world of fierce competition, just coming up with unique products and creative marketing campaigns is not enough for companies. They also need to implement a strong focus on client satisfaction and retention and analysis of how well their marketing campaigns are faring. Moreover, with the rising penetration of smartphones and the internet, more people are using mobile and computer applications to interact with companies, which is why app development has become such a lucrative occupation.

According to P&S Intelligence, the increasing awareness of companies on all these areas is the key factor that will drive the salesforce services market to $55,307.6 million by 2030 from $9,124.2 million in 2019, at an 18.9% CAGR between 2020 and 2030. Salesforce refers to customer relationship management (CRM) solutions that help firms manage their customer service, sales, marketing, e-commerce, application development, and analytics processes. They allow companies to monitor the customer behavior and offer personalized recommendations, analyze the impact of their marketing activities, forecast sales, manage leads, store and process internet of things (IoT) data, and automate repetitive tasks.

Salesforce service solutions are being widely used in the retail & e-commerce, banking, financial services, and insurance (BFSI), IT & telecom, healthcare, government, and manufacturing sectors. Among these, these solutions find the highest adoption in the BFSI industry, which is constantly making efforts to connect with the young and tech-savvy customers digitally. Moreover, companies in the industry are deploying salesforce solutions to get an in-depth insight into customers’ accounts and queries and engage with the latter better.

The burgeoning adoption of the cloud is one of the biggest reasons the salesforce services market generates the highest revenue from North America. In addition, the continent is home to the world’s largest IT industry, which results in both the easy availability and high demand for such solutions. North America is also generally the first region to adopt emerging technologies, especially those related to the IT field. In the coming years though, the fastest rise in the adoption of salesforce services would be seen in Asia-Pacific (APAC), owing to economic growth, increasing preference for cutting-edge technologies, and expanding BFSI sector.

Therefore, as enterprises across industries indulge in even fiercer competition, they will likely procure software and apps that help make their business process smoother and more efficient.

How Do Automation Services Help in Managing Data?

AaaS enables business organizations to form a virtual workforce that can perform multiple tasks with improved efficiency, at a low cost. With the deployment of virtual workforces, the need for human intervention is eliminated.

Moreover, the surging adoption of new-age technologies in the banking, financial services, and insurance (BFSI) sector has led to the increasing utilization of automation solutions. The BFSI sector generates a large amount of data, which is now being documented and analyzed with accuracy by utilizing automation software. Moreover, the adoption of AaaS in this sector reduces the time taken for documenting, accounting, invoicing, calculations, and other important but daily and routine functions. These advantages result in the streamlining of BFSI operations and improvements in the efficiency of the overall system.

The type segment of the automation as a service market is bifurcated into rule-based and knowledge-based. In 2017, the rule-based bifurcation held the larger market share due to the deployment of automation programming solutions to automate various tasks that do not need high cognitive abilities and are least complex. Moreover, the knowledge-based category is exhibiting rapid growth in the market owing to the better ability of knowledge-based automation solutions to deal with high volumes of unstructured data.

This is why the BFSI sector is generating a high demand for automation in compliance, credit card approval, customer service, fraud detection, invoice digitization, mortgage processing, report build-up, know your customer (KYC) integration, account closing, and ledger update processes. Additionally, the AaaS software finds wide application in the retail and consumer goods industry, as it offers better customer service and curtails lead times for products. Besides, these solutions provide better cost control, higher productivity, and enhanced process control.

In 2017, the North American automation as a service market generated the highest revenue due to the advanced service industry, high IT expenditure, presence of large enterprises, and technological developments in the region. According to P&S Intelligence, the Asia-Pacific (APAC) region is expected to showcase the fastest growth in the market in the forecast years. This can be attributed to the expanding service industry, particularly in India and China, economic development, growing digitalization, and rising adoption of novel technologies.

In recent years, key AaaS solution vendors have started to adopt measures such as geographical expansion, product launches, and mergers and acquisitions to gain a competitive edge over each other. For example, in May 2018, Micro Focus International plc introduced Vertica 9.1, a new variant of Vertica, with additional features including the separation of computer resources from data storage and simplified operations, to enable clients to curtail costs of their cloud infrastructure. Further, in July 2018, Accenture plc acquired Kogentix to strengthen the Accenture Applied Intelligence services in North America by utilizing the AI and big data services and solutions offered by Kogentix.

Thus, the advancements in technology and quick digitalization of several industries have augmented the demand for AaaS solutions globally.

Residential Security Market: What are the Key Growth Factors?

Crimes such as murder and theft are as old as human civilization itself. The unfortunate thing is that though people are becoming more educated with time, the crime rate is increasing in many places, instead of going down. For instance, the number of burglaries registered in various states in India rose from 99,940 in 2018 to 100,897 in 2019, as per the stats published by the National Crime Records Bureau (NCRB). With the incidence of such crimes also high in developed countries, people have begun taking measures to protect their homes.

To ensure better safety of people and their belongings, residential security systems are being technologically advanced. For instance, wireless solutions have emerged that allow users to put a sophisticated security system in place without the hassles of too much wiring. In addition, as they are free from wires, these systems can have more access and scanning points around the house.

Moreover, many burglars cut the wires to deactivate the system, which won’t be the case if the system has no wire, to begin with. Along with the wireless technology, residential security systems are also being integrated with internet of things (IoT) sensors to make them smart and connected. The functioning of such systems can be controlled by users even if they are far away from their house, via any internet-connected device, such as a laptop or smartphone. Additionally, many such smart systems include automation features, whereby gates and locks, for instance, activate on their own if they detect a potential intrusion.

To make these systems even better, several residential security companies are integrating them with predictive intelligence. This artificial intelligence (AI)-based technology has the potential to make residential security systems more responsive and scalable and faster, thereby offering improved safety for homes. Moreover, these systems learn from every event they observe and act in a better way every subsequent time. This can be a boon, as with time, even criminals are becoming more intelligent and finding new ways to breach security and break into houses.

Presently, security cameras, sensors, smart locks, security alarms, and fire sprinklers & extinguishers are being offered to keep residential units and those inside safe and secure. Among these, security cameras are the most popular among users, as they capture everything that happens in their field of vision and keep track of it for investigative and legal purposes. The high sales of security cameras are also the reason that among the various residential security solutions, viz. access control & management, audio-visual surveillance, alert system, fire protection, intercom system, and home integrated security, audio-visual surveillance is the most-widely deployed.

As all such systems and solutions are highly technologically advanced, hence quite costly, the most-productive residential security market till now has been North America. The people here are not only tech-savvy, adopting any new technology before it makes inroads in other parts of the world, but they also enjoy a higher spending power. In the coming years, the demand for such solutions is expected to witness a quick rise in Asia-Pacific (APAC), which accounts for the highest absolute crime incidence, since it is home to the most people on earth.

Therefore, technological advancements and the rising burglary incidence will keep making residential security systems popular around the world. 

Deep Learning Market to Record CAGR of 35.2% and Increase in Revenue by 2030

The adoption of cloud computing solutions has increased rapidly over the past few years. Companies these days are looking for solutions that can facilitate cost savings. This can be done by making use of cloud computing, since it offers hosted data storage solutions. Owing to this, the use of deep learning technology has also increased significantly. The architecture of cloud computing supports scalability and virtualization, along with offering storage for a huge amount of data, thereby making it ideal for deep learning algorithms. 

Deep learning is essentially a part of the machine learning (ML) technology, and deals with exploring and building algorithms which allow computers to adapt and learn continuously. Due to the complex relationship of data sets, implementation of analysis methods including, regression analysis and hypothesis testing becomes hard. Deep learning technology, however, allows systematic coding and categorization of data sets, which enhances visibility when it comes to errors in datasets. This further decreases the requirement for humans to analyze every set for comparison manually. 

Owing to these factors, the global deep learning market is predicted to generate a revenue of $102.4 billion by 2030, increasing from $3.7 billion in 2019, exhibiting a 35.2% CAGR during the forecast period (2020–2030), as stated by a P&S Intelligence report. The major components of the deep learning technology are service, hardware, and software, out of which, the demand for hardware components has been higher in the past. 

Hardware components, such as storage devices and graphics processing units, help in storing a vast amount of data for deep neural networks and training deep learning models. Other than this, the demand for deep learning software is also projected to rise considerably in the coming years, as enterprises are adopting these software for several applications, including signal recognition, voice assistance, and image recognition. Retail, BFSI, manufacturing, automotive, and healthcare are the key industries that make use of the deep learning technology. 

Among these, the automotive industry made the most use of deep learning in the past, however, its adoption is also projected to grow substantially in the healthcare industry in the coming years. The healthcare industry is not only widely adopting deep learning but other AI technologies, including ML and big data, for supporting researchers and medical professionals in analysis and data extraction for better medical outcomes. The growing of the healthcare industry will further drive the demand for deep learning in the near future. 

Geographically, the deep learning market was dominated by North America in 2019 because of the enhanced IT infrastructure and technological advancements. Moreover, the demand for deep learning in the region is growing for a number of applications, including image recognition on social networks, product recommendation, and voice assistance. Other than this, the Asia-Pacific region is also projected to make wide adoption of deep learning, owing to the rising investments in AI technologies by industries and governments. 

Hence, the market is being driven by the increasing adoption of cloud computing and need for reducing costs in businesses. 

Machine Translation Use To Shoot Up in Asia-Pacific in Coming Years

The generation of large volumes of data across several industries is one of the major factors fueling the need for machine translation solutions. The shift from analog to digital technologies and the surging number of mobile devices and applications are propelling the generation of data across the globe. Big data is pushing up the requirement for high-speed and cost-efficient translation. According to research, human translators around the world can address less than one-millionth part of the content created every day. 

As machine translation can cope with extremely high volumes of data, reduce the costs associated with translation, and perform at high speeds, several language service providers (LSPs) are rapidly adopting machine translation tools with human translation for providing an improved customer experience. Additionally, with burgeoning requirement, the machine translation industry has been adopting advancements, such as custom machine translation (CMT). The digital universe is predicted to reach zettabytes of data by 2020, which will further boost the demand for machine translation in the coming years.

Currently, around 36% of the global data is generated in emerging economies, and this share is predicted to rise to nearly 62% by 2020, which will consequently support the expansion of the global machine translation market. 

Hence, it can be safely said that the demand for machine translation tools will soar in the upcoming years, owing to the generation of large volumes of data, on account of the increasing internet and mobile device penetration and rapid digitization of business operations across the world. 

Self-Checkout Systems Market Set for Prosperity in Future

With the escalating concentrate on cashless financial system, American nations, such because the U.S. and Canada, are adopting an ample variety of self-checkout techniques of their eating places, airports, metro stations, and retail shops. With the rising variety of digital transactions within the Americas area, market gamers are introducing self-checkout providers that present digital funds for hassle-free buying.

The market progress will even be propelled, as a result of labor shortage, excessive penetration of web providers, and existence of numerous smartphone customers within the area. Presently, the Americas self-checkout techniques market is witnessing a pattern of widespread adoption of cell scan and go techniques. These techniques permit prospects to make use of their smartphones to scan merchandise they need to purchase from a retail retailer at a service point-of-sale (POS) terminal earlier than exiting the store and make funds digitally. These techniques additionally allow customers to make funds with out coming into contact with any machine, thus, saving their total buying time.

Along with the retail and hospitality sectors, self-checkout techniques are additionally put in within the healthcare and leisure industries of the Americas. These sectors deploy cash-based and cashless self-checkout techniques to enhance buyer expertise. Each these techniques can be found as standalone machines or small machines that may be mounted on partitions and counter tops. The countertop and wall-mounted machines are primarily adopted in retail shops and eating places, owing to their small dimension. Whereas, the standalone self-checkout machines are largely put in in hypermarkets and supermarkets, as these require massive area for his or her deployment.

Additional, classes underneath the providing segment of the Americas self-checkout systems market embrace providers, {hardware}, and software program. Amongst these, the {hardware} class held the most important market share in 2018. That is attributed to the rising adoption of self-checkout terminals within the hospitality and retail sectors of Canada and the U.S. With the growth of those industries, the demand for self-checkout units will surge within the coming years. Furthermore, massive retailers within the Americas are additionally investing large quantities in interactive kiosks to enhance buyer expertise, thereby, supporting the market progress on this class.

In accordance with P&S Intelligence, the U.S. adopted the best variety of self-checkout techniques, as a result of elevated induction of those units at supermarkets, departmental shops, and hypermarkets within the nation. Furthermore, eating places within the U.S. are additionally putting in numerous self-checkout techniques to supply a greater expertise to their prospects. For instance, quick-service eating places (QSRs), corresponding to KFC, deploy self-order kiosks to enhance buyer satisfaction and scale back buyer wait time.

The Mexican self-checkout techniques market within the Americas is projected to display the quickest progress through the forecast interval, as a result of surging demand for self-checkout techniques from massive retailers corresponding to S.A.B. de C.V. Retail gross sales and Wal-Mart de México. These retail chains set up these techniques to curtail billing time and improve buying expertise for patrons. Moreover, self-service kiosks are being more and more put in at airports and metro stations to assist passengers to check-in in lower than 2.5 minutes.

Thus, the rising variety of digital transactions and the rising concentrate on buyer expertise will gasoline the set up of self-checkout techniques in numerous sectors within the Americas.

Robotic Process Automation Market to Witness Robust Growth in Coming Years

Robotic process automation (RPA) software helps enterprises enhance work efficiency because it can run in the background round the clock, which enables the mechanization of back-end processes. The increasing adoption of this software, therefore, allows human employees to engage themselves in more-important tasks, such as client handling. Thus, the rapid digitization of businesses to enhance productivity and product and service quality will facilitate the deployment of the RPA software in the coming years. Additionally, businesses are also opting for training, professional, and implementation services for RPA solutions due to the high digitization rate.

Additionally, the burgeoning demand for virtual workforces is expected to drive the RPA market at a robust CAGR of 36.3% during the forecast years (2020–2030). According to P&S Intelligence, the market was valued at $2,078.3 million in 2020, and it will generate $45,982.0 million revenue by 2030. In recent years, hefty investments have been made in emerging RPA companies and startups in order to cater to the needs of the expanding customer base. This became a prominent market trend.

Presently, the robotic process automation market is highly fragmented, due to the presence of umpteen players, such as Automation Anywhere Inc., Blue Prism Ltd., Celaton Ltd., IBM Corporation, IPsoft Incorporated, NICE Ltd., Pegasystems Inc., Redwood International Business Group B.V., UiPath Inc., and Xerox Corporation. Nowadays, the market players are focusing on product launches and partnerships to consolidate their position. For instance, in March 2020, Blue Prism Ltd. collaborated with Red Hat Inc., a U.S.-based multinational software company, to create state-of-the-art intelligent automation solutions.

In recent years, the North American region has emerged as the largest user of RPA solutions due to the high penetration of process management and automation solutions in the U.S. and Canada. In addition, the presence of numerous offshore customer service providing companies and major vendors is also accelerating the adoption of RPA solutions in the region. Moreover, the rapid adoption of the latest technologies, high IT investment, and the existence of developed IT infrastructure also offer a conducive environment for adopting such solutions.

Therefore, the mounting focus of business organizations on improved productivity and quality and rising demand for virtual workforce will accelerate the adoption of the RPA software in the forthcoming years.

AI in Fintech Market Set for Prosperity in Future

A number of factors, such as the increasing adoption of the artificial intelligence (AI), machine learning (ML), and internet of things (IoT) technologies across financial institutions, burgeoning demand for cloud services, surging focus of enterprises on cost cutting and efficiency improvement, and rising penetration of the 5G technology, are expected to drive the AI in fintech market at a vigorous CAGR of 19.8% during 2020–2030. According to P&S Intelligence, the market revenue will rise from $7,702.7 million in 2020 to $46,881.9 million by 2030.

The increasing focus of financial institutions on improving efficiency, enhancing productivity, and reducing operational costs will encourage them to integrate AI solutions. Financial organizations across the world are using AI chatbots for several tasks, such as sales, online chats, and customer care, to improve customer experience. Additionally, the incorporation of AI chatbots in financial institutions helps in minimizing or eliminating human errors.

The application segment of the AI in fintech market is categorized into chatbots, credit scoring, fraud detection, quantitative and asset management, and others. Under this segment, the quantitative and asset management category accounted for the largest market share in 2020 as AI is changing the asset management sector by enabling fundamental analysts to extract information rapidly and conduct a large number of research studies. Additionally, AI solutions allow fundamental analysts to discover effective investment ideas.

In 2020, the North American AI in fintech market generated the highest revenue due to the presence of developed information technology (IT) infrastructure, deep penetration of the 5G technology, and hefty investments in advanced technologies. Moreover, the increasing focus of the U.S. government on integrating the AI technology in the financial sector will catalyze the market growth in the region. For instance, the American AI Initiative of the U.S. government aims to develop an AI workforce, establish AI technical standards, unleash federal AI computer and data capabilities, and increase AI expenditure with international allies.

Whereas, the Asia-Pacific (APAC) AI in fintech market is expected to demonstrate the fastest growth throughout the forecast period (2021–2030), owing to the mounting investments being made in the IT infrastructure, booming economy, soaring number of government initiatives for the deployment of the AI, IoT, and other advanced technologies across verticals. Additionally, the hefty investments by market players in the untapped markets of APAC are contributing to the market growth in the region.

Thus, the surging focus of financial institutions on improving customer experience and enhancing productivity will facilitate the adoption of the AI technology among them.

Webgame Market to Grow at a Healthy 5.7% Value CAGR Throughout 2030

The rising popularity of social media, growing usage of tablets and smartphones, and increasing penetration of the internet are expected to increase the webgame market revenue from $3.5 billion in 2019 to $6.5 billion by 2030. The market is expected to advance at a CAGR of 5.7% during 2020–2030 (forecast period). Currently, smartphones and tablets come with better processors, higher speeds, larger screens, and high-definition (HD) displays, which allow users to play as per their convenience, without being bound to a laptop or computer. Moreover, the high configuration of these devices supports several games.

Furthermore, the increasing usage of social media has led to growth in the number of gamers. Social networking platforms, such as Instagram, Twitter, and Facebook, have introduced new forms of social interaction. To reach the maximum number of people, various browser game developers are offering games on these platforms. For example, Zynga Inc. offers browser games, such as 101 Okey Plus, Spades Plus, Farmville, and Hit It Rich, on Facebook, to increase its reach.

The gameplay segment of the webgame market is categorized into scenario-based, real-time, and turn-based. Amongst these, the real-time category accounted for the largest share during the historical period (2014–2019), and it is projected to demonstrate the fastest growth during the forecast period. This can be ascribed to the real-time interaction feature offered by this gameplay. Real-time games, such as Ikariam, FusionFall, Kantai Collection, and Habbo Hotel, have become more popular than turn-based and scenario-based ones due to their thrill of on-the-spot strategy making and fast pace.

According to P&S Intelligence, the Asia-Pacific (APAC) webgame market generated the highest revenue in 2019, and it is expected to demonstrate the fastest growth during the forecast period. This would be due to the growing usage of tablets, personal computers, and laptops, increasing penetration of the internet, and presence of a large number of gamers in the region. Besides, the changing lifestyle of the people, rising income, and increasing expenditure on leisure activities are propelling the market growth.

To cater to the increasing demand for new and improved games, several companies, such as InnoGames GmbH, Travian Games GmbH, Altigi GmbH (Goodgame Studios), and Ubisoft Entertainment, have emerged. For instance, Gameforge 4D GmbH, in November 2019, announced the launch of Kingdom Under Fire 2 in Europe and North America. This massively multiplayer online roleplaying game (MMORPG) is a combination of real-time strategy games and MMRPGs, wherein gamers can dictate the fate of the world, individually or with allies.

Thus, multiple offerings by software companies and increasing penetration of technologically advanced devices are enhancing the online gaming field.

Exploding Demand Expected for Next-Generation Firewall in Near Future

Cybercrimes reported in the U.S. increased from 2.5 million in 2017 to 2.9 million in 2018. With an increasing amount of data on the internet, criminals are exploiting the limitations of traditional cybersecurity measures to access that data or stop legit entities from accessing it. Such crimes lead to billions of dollars of losses each year, which is forcing enterprises that own huge volumes of sensitive data to upgrade their cybersecurity measures.

As a result, P&S Intelligence expects the next-generation firewall market value to increase to $5,188.8 million by 2025 from $2,706.9 million in 2019, at an 11.9% CAGR during the forecast period (2020–2025). A firewall, one of the most-common cybersecurity features in a computer system, tracks the internet traffic that comes into and goes out of a system. Based on a set of pre-defined rules, it allows the data packets to pass or blocks them. Here lies the limitation of traditional firewall; it either blocks or allows all the traffic, on account of being unable to differentiate between different types of traffic.

Thus, with the rising demand for enhanced cybersecurity measures owing to the increasing usage of virtual machines and the internet of things (IoT), the adoption of NGFW is surging around the world. These solutions deploy intrusion protection, application-level protection, and many other layers and use protocol protection to make traditional firewalls more efficient. Moreover, they feature secure shell, transfer protocols, and internet protocols to protect the network, as well as devices.

Presently, the demand for NGFW solutions is the highest in North America, which is home to a huge number of large corporations that need to protect mammoth volumes of data. For the same reason, the incidence of cyberattacks is among the highest in the U.S., which necessitates advanced cybersecurity measures. Further, the IT infrastructure of North America is better, which allows for the easy adoption and usage of NGFW solutions. Moreover, the stringent data protection guidelines of the government impel companies in the region to have NGFW and other improved solutions for data security.

Hence, with the increasing cyberthreats, the demand for NGFW solutions will grow

WiGig Market its Future Outlook and Trends

The WiGig market is growing on account of the rising demand for faster internet connectivity and increasing adoption of portable consumer electronic devices, such as mobile phones, tablets, and laptops. Due to these factors, the revenue generation by the sale of such solutions will witness a 27.9% CAGR during 2019–2024 (forecast period), surging from $1,078.7 million in 2018 to $4,386.1 million by 2024. WiGig is a set of protocols for wireless internet connections working at a frequency of 60 Hertz (Hz).

The product segment of the wiGIg market is categorized into networking devices, consumer electronics, and others. Among these, the consumer electronics category held the largest share in the WiGig market in 2018, and it will also witness the highest CAGR during the forecast period. This is attributed to the increasing demand for smartphones, laptops, and tablets around the world, owing to the rising disposable income of people, especially in emerging economies. Moreover, with these devices now serving as virtual personal assistants, the need for high-speed internet connectivity in them is high.

Banking, financial services, & insurance (BFSI), government, healthcare, retail, residential, information technology & telecommunications (IT & telecom), and others are the divisions under the industry segment. During the historical period (2013–2017), the market was dominated by the IT & telecom category, as this industry makes the highest usage of the WiGig protocols for offering internet connectivity. During the forecast period, the highest CAGR is expected in the healthcare category due to the rising rate of digitization in this industry.

The adoption of various standards of communication to deal with network congestion is one the most-significant WiGig market trends. With the increasing adoption of smartphones and tablets, the number of active internet users is booming, which is making the existing 2.4–5-Hz Wi-Fi dual bands increasingly congested. As a result, new communication standards, such as 60 GHz 802.11ad, are being developed by the market players. The unlicensed 60-Hz band offers faster transmission of data, at speeds of up to 7 Gigabits per second (Gbps).

In addition, the rapid adoption of the bring-your-own-device (BYOD) culture is leading to the deployment of docking stations enabled with WiGig. As employees are more comfortable on their personal systems and this approach also allows companies to save on operational costs, it is becoming popular. However, the individual devices of employees still need to be connected to the internet. Thus, to avoid having individual connections for all the devices, which can lead to an increase in the operational costs, companies are using WiGig-enabled docking stations to connect multiple devices simultaneously.

The strongest factor driving the growth of the WiGig market is the increasing demand for high-speed internet connections. With the rising penetration of the internet in developing countries, the consumption of high-definition video and online music, news, and games is rising. Moreover, with the adoption of autonomous and connected vehicles, the internet of things (IoT) in various industries, intelligent personal assistants, and location-based services, faster data transmission is required than presently. As a result, updated wireless communication standards are being implemented around the world.

North America generated the highest revenue in the WiGig market in 2018 on account of the existence of numerous semiconductor companies and usage of new wireless communication standards in the U.S. and Canada. The highest growth rate is expected to be witnessed in the Asia-Pacific (APAC) region during the forecast period because of the heavy government investments in the advancement of the IT and telecom infrastructure. Moreover, due to the increasing number of internet users in China and India, the existing wireless standards are becoming overloaded and congested.

Therefore, the increasing internet usage will continue to drive the implementation of WiGig solutions across the world.

Marketing Automation Market Set to Exhibit Tremendous Growth in Coming Years

 From $4,438.7 million in 2020, the global marketing automation market revenue is predicted to surge to $14,180.6 million by 2030. As per the forecast of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 12.3% from 2020 to 2030 (forecast period). The market is being propelled by the growing adoption of digital marketing, soaring use of social media platforms, and increasing adoption of the marketing automation software by small and medium enterprises (SMEs) across the world.

With the growing penetration of the internet, both large and small and medium enterprises are increasingly focusing on adopting digital marketing to stay ahead of the competition. Moreover, they are incorporating automation tools for advertising their products and services on various channels, such as social media, web, and email, and improving the lead nurturing process. Additionally, the global digital ad spending is predicted to surpass $450.7 billion by the end of 2021, accounting for over 50% of the total ad expenditure. Germany, the U.K., Japan, China, and the U.S. are some of the top digital marketing investors around the world.

Another major marketing automation market growth driver is the growing adoption of the automation software by SMEs. Currently, SMEs, whose number stand at 4 million across the globe, hold a large number of shares in various enterprises around the world. As per the World Bank, they represent around 90% of the businesses and over 50% of the employees. The mushrooming number of SMEs is predicted to push up the requirement for automated marketing operations. Depending on deployment, the market is divided into on-premises and cloud categories.

Geographically, North America contributed the highest revenue to the marketing automation market in the past. This was because many market players were actively focusing on partnerships, client wins, and mergers and acquisitions, which propelled the regional market to new heights. For example, Pipedrive Inc., which is a U.S. based customer relationship management (CRM) company, completed the acquisition of Mailigen International Limited, which is a provider of email marketing automation solutions, in March 2020. The acquisition was done to support Pipedrive Inc. in providing an improved email marketing experience to customers through better communication and more effective lead generation.

Thus, it can be safely said that the demand for marketing automation solutions will surge sharply in the coming years, primarily because of the growing internet penetration and rising adoption of digital marketing across the world.