SLAM Technology Market Projected to Gain Significant Value by 2030

Globally, in 2021, the simultaneous localization and mapping technology market generated revenue of around $157.5 million, and it is predicted to grow at a robust CAGR of 42.2%, ultimately reaching $3,747.8 million by 2030. The adoption of UAVs, surging number of AR applications, and emergence of autonomous vehicles are the key factors driving the market. The demand for autonomous vehicles is rising as customers are inclining toward safe and efficient driving options.

Essentially, these automobiles reduce human error, which causes the majority of road accidents. These vehicles are integrated with the SLAM technology, a laser rangefinder, an inertial navigation system, and radar. These features make the vehicle capable of navigating and sensing the environment itself. With the surging demand for autonomous vehicles, the adoption of the SLAM technology will grow in the automotive industry, ultimately propelling the market in the coming years. 

Of the bifurcations based on offering, the 2D category held the larger share in the SLAM technology market in 2021. It is attributed to the increasing use of the 2D technology in residential robots and for location mapping in industrial sectors. It is based on red–green–blue depth (RGB-D) mapping, and it can enable robots to use RGB data, along with the depth data, from Kinect sensors for location mapping. Location mapping in industries is majorly required by mobile collaborative robots, which travel around the factory floor without any human involvement.

Geographically, the APAC SLAM technology market will witness the swiftest advance around the world in the coming years. This will be because countries such as India and China are witnessing an increment in the usage of robots. Aided by government initiatives, the regional manufacturing industry is procuring robots, which use this technology. The expansion of manufacturing facilities, rapid economic growth, advance of the IT industry, and increase in the adoption of drones by the automotive industry are also propelling the market in the APAC region

Hence, the demand for the SLAM technology will surge sharply in the coming years due to the increasing adoption of autonomous vehicles, UAVs, and industrial robots worldwide. 

IoT in Manufacturing Market Likely to Enjoy Explosive Growth in Years to Come

From $62.1 billion in 2021, the global IoT in manufacturing market value is expected to witness a CAGR of 13.9%, to reach $200.3 billion by 2030. This can be ascribed to the need for enhancing inventory management, growing requirements for higher production efficiency, and rapid industrial automation. Various industries have started implementing IoT due to the rising awareness on the fact that it plays a significant role in industrial automation. IoT can create new technologies for solving problems, increasing productivity, and enhancing operations.

In addition, IoT devices are helping in improving inventory management, by allowing manufacturers to automate inventory tracking and reporting. This ensures transparency and the constant monitoring of the time between an inventory order and its delivery. It also saves the valuable time of officials in finding any inventory. IoT-driven inventory management solutions save inventory cost and help manufacturers take a tactical business decision. In this regard, government initiatives such as Making Indonesia 4.0, Made in China 2025, and Make in India, are playing an important role in the industry advance.

When the IoT in manufacturing market is segmented based on component, the solution category held the larger share in 2021. It was because most manufacturing companies are inclined toward deploying IoT solutions as they help enhance the manufacturing process and grow their business. In addition, the IoT solutions used for manufacturing offer better control over the supply chain and reduce infrastructure and operational costs. The solutions include an array of sensors and transceivers and other components that help establish an internet connection with the production machine.

In the coming years, APAC is expected to witness the fastest IoT in manufacturing market growth. It will be because of the surging demand for IoT solutions in the manufacturing industry for smart automation. One of the most-significant pillars of the APAC economy is manufacturing, and it is witnessing rapid transformation due to the benefits of IoT solutions. On the other hand, North America is predicted to hold the largest market share in the coming years. It can be attributed to the fact that many large, medium, and small manufacturing enterprises in the region are using IoT.

Therefore, the strong focus of manufacturing firms on automating their process and adopting technologies that can help in predictive maintenance will drive the market.

U.S. Manufacturing Analytics Market Expected To Reach Highest CAGR by 2030

The U.S. manufacturing analytics market attained a valuation of $2.5 billion in 2019 and is predicted to generate a revenue of $14.1 billion by 2030. Furthermore, the market is predicted to progress at a CAGR of 17.6% between 2020 and 2030. The growing requirement for greater organizational and operational visibility via big data and the increasing focus of companies on improving logistics and supply chain management are the key growth drivers of the market. 

Big data has revolutionized manufacturing operations around the world, with real-time insights and data collection for analysis becoming rapidly popular among the manufacturers based in the U.S. They can dice and slice the collected data in a way that allows them to gain a holistic understanding of the business activities. In addition to this, big data allows them to optimize operations, address issues and threats before their occurrence, and improve manufacturing. 

Another important factor propelling the growth of the U.S. manufacturing analytics market is the growing focus of organizations on improving the supply chain management process. This is becoming really important in the U.S. manufacturing ecosystem, because of the increasing public awareness about supply chain management, rapid improvements in customer satisfaction levels, increasing control and visibility over inventory, and reducing operational costs. Supply chain management solutions help companies address production needs in various areas such as logistics and manufacturing optimization.

The U.S. manufacturing analytics market will exhibit rapid advancement in the South region in the future, as per the estimates of PS Intelligence, a market research company based in India. This would be a result of the existence of numerous manufacturing firms in the region. The abundant availability of manufacturing land and highly-skilled workers for supporting manufacturing operations and the presence of pro-business laws and improved infrastructure are the main factors driving the progress of the market in this region.

Hence, it can be said without any hesitation that the market would demonstrate huge expansion across the world in the coming years, mainly because of the rising adoption of big data by manufacturing companies and the increasing demand for better supply chain management from companies around the world. 

XR Market Highly Favorable To Growth Rate By 2030

The increasing penetration of smartphones and usage of augmented reality (AR) applications on these devices are leading to the rising deployment of the extended reality (XR) technology. Additionally, the wide-scale adoption of AR and virtual reality (VR) in head-mounted displays (HMDs) contributes significantly to the demand for XR. HMDs are being used for entertainment and knowledge purposes, to provide interactive and engaging experiences. The increasing application of AR and VR in these devices will boost the extended reality market, which was valued $18.6 billion in 2019, at a CAGR of 48.3% between 2020 and 2030, according to P&S Intelligence.

XR includes three independent yet related technologies: AR, VR, and mixed reality (MR). AR devices and applications find substantial use in industries such as retail, healthcare, and e-commerce. Additionally, AR and VR devices are being employed in the manufacturing, media and entertainment, aerospace and defense, and education industries for education and training purposes. These technologies also find application among business organizations, which use them for employee training and development. Businesses are also using XR technologies for solving business issues and creating innovative solutions to meet the needs of clients.

The growing popularity of the XR technology in different industries is also a result of the reducing cost of hardware components and increasing penetration of smart devices. The availability of low-cost hardware components, including displays, position trackers, sensors, and cameras, will, in turn, increase the demand for the three XR technologies. The rising adoption of the technology can also be attributed to the introduction of several AR/VR devices, such as Lenovo Mirage Solo, HTC Vive Focus, and Oculus Go.

Further, the growing proliferation of AR/VR mobile applications, along with the increasing use of immersive technologies for media and entertainment and gaming, will drive the adoption of XR solutions in the Asia-Pacific (APAC) region. Moreover, a surge in investments for the development of immersive technologies will enhance the usage of AR/VR/MR solutions in APAC nations. APAC, especially China, Japan, and South Korea, are home to tech-savvy youth and a large population of gamers, which has been driving the sale of XR solutions here at a high pace.

All these developments in different parts of the world will, therefore, lead to the rising demand for the XR technology in the coming years.

Virtual Fitting Room Market Likely to Enjoy Explosive Growth in Years to Come

With the rapid rise in the popularity of e-commerce, the demand for virtual fitting rooms is growing rapidly across the world. As per the findings of the trade and development body of the United Nations, the United Nations Conference on Trade and Development (UNCTAD), a revenue of $25.6 trillion was generated by total online sales across the world in 2018. Moreover, the revenue generated by online sales grew by nearly 8% from 2017 to 2018.

Furthermore, as per the UNCTAD, the total revenue generated from e-commerce sales in 2018, including the business-to-business (B2B) and the business-to-customer (B2C) sales, was nearly 30% of the global gross domestic product (GDP) of that year. Additionally, according to the findings of the UNCTAD, in 2018, as many as 1.45 billion customers, which was approximately one-quarter of the global population in the age group— 15 years and older, purchased services/products online. 

Besides the aforementioned factor, the increasing usage of mobile phones in various countries is also propelling the demand for virtual fitting rooms. As per the GSM Association, there were nearly 5.2 billion unique mobile phone subscribers across the world by the end of 2019. This number accounted for around 67% of the worldwide population and is predicted to grow to 5.8 billion by 2025. Most of these subscribers will be from Pakistan, China, Nigeria, and India. 

Because of the above-mentioned reasons, the popularity of virtual fitting rooms is rising rapidly throughout the world. This is driving the advancement of the global virtual fitting room market. The market value is predicted to grow from $3,128.6 million in 2019 to $19,250.4 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 18.5% from 2020 to 2030. Depending on application, the market is classified into beauty and cosmetics, footwear, apparel, jewelry and watches, and eyewear.

Hence, it is safe to say that the demand for virtual fitting rooms will shoot-up all over the world in the upcoming years, primarily because of the rising digitization in retail operations and the increasing popularity of e-commerce, on account of the surging penetration of the internet and the growing usage of smartphones.

Digital Transaction Management Popularity Set to Boom in Saudi Arabia in Future

According to the Household Income and Expenditure Survey released by the General Authority for Statistics, the average household monthly income and average monthly per capita income of Saudi Arabia was 14,823 Riyal and 7,940 Riyal, respectively, in 2018. The survey also reveals that the per capita monthly expenditure of the country was 2,857 Riyal in 2018. The rising spending power of people, owing to the soaring income, will increase the penetration of digital transaction platforms in Saudi Arabia.

Thus, the surging income of people is expected to drive the Saudi Arabian digital transaction management market (DTM) at an exceptional CAGR of 35.7% during 2020–2030. According to P&S Intelligence, the market was valued at $60.88 million in 2020, and it will generate $1,288.27 million revenue by 2030. Additionally, ongoing technological advancements and the increasing focus of enterprises on digital platforms for business operations will also propel the demand for DTM solutions in Saudi Arabia.

Moreover, the soaring focus of the government on digital transformation will also encourage the use of DTM solutions in the country. The government aims to establish information and communication technology (ICT) as a central pillar of the development of the country under its Vision 2030 strategy. Likewise, the National Transformation Programme (NTP) has laid the foundation for digital-transformation-led innovation in the country. Both these initiatives are an outcome of the constant efforts of ministers to strengthen the ICT ecosystem of the nation.

Geographically, the central region accounted for the largest share in the Saudi Arabian digital transaction management market in 2020, and it is expected to demonstrate the fastest growth during the forecast period (2021–2030) as well. The growth of this region can be credited to the mounting IT expenditure, the growing focus of business entities on business expansion and improvement, and increasing government support for small and medium-sized enterprises (SMEs). Besides, the rapid adoption of digital services by corporates will also contribute to the market growth in the region.

Therefore, the surging focus of the government on digital transformation will augment the use of DTM solutions in Saudi Arabia.    

MVNO Demand Expected to Shoot Up in Europe in Coming Years

A number of factors such as the increasing adoption of segment-targeted pricing and innovative distribution strategies, escalating need for triple-play services in developing countries, mounting demand for low-cost mobile services, rising penetration of mobile devices, and surging use of cloud-enabled solutions are expected to drive the European mobile virtual network operator (MVNO) market at a CAGR of 5.8% during 2020–2030. The market was valued at $27,748.1 million in 2020, and it is projected to generate $48,762.8 million revenue by 2030. 

One of the primary growth drivers of the market is the surging focus of MVNOs on innovative distribution and segmented-targeted pricing strategies. As the success of MVNOs largely depends on unique brand positioning and value proposition, they are focusing on adopting unique strategies to attract target customers, such as tourists, ethnic groups, and migrant workers. MVNOs cater to varied customer needs through the optimal use of the existing telecom infrastructure of mobile network operators (MNOs).

Currently, the European MVNO market is fragmented in nature, due to the presence of multiple players, such as AT&T Inc., CITIC Telecom International Holdings Limited, Giffgaff Limited, Verizon Communications Inc., Red Pocket Inc., Voiceworks BV, T-Mobile US Inc., Truphone Limited, ASDA Stores Limited, Lycamobile Group, Consumer Cellular Inc., and BT Group plc. Nowadays, these players are focusing on service launches to consolidate their position. For instance, in April 2021, Verizon Communications Inc. deployed network repeaters from SureCall and FRTek. The expanded service would provide the 5G ecosystem, including business and home internet, to a larger clientele.

According to P&S Intelligence, Germany will account for the largest share in the European MVNO market during the forecast period (2021–2030). This will be due to the presence of a significant number of unique mobile subscribers, existence of a large number of portable broadband providers, extensive demand for mobile data, and availability of easily accessible LTE networks in the country. However, the market in Norway is expected to demonstrate the fastest growth in the forecast years, due to the rising number of MVNOs and increasing shift of enterprises toward new technologies in the country.  

Therefore, the rising focus of MVNOs on segmented targeted-pricing strategies and the burgeoning demand for self-service portals will drive the demand for MVNOs in the European region.