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.

Music Composing Software Market Expected to Experience Attractive Growth through 2030

The increasing number of online music tutorial platforms has raised the adoption of music composing software for the simulation and training of workflows. The software is gaining popularity among new musicians on a budget, as these tutorials are often free. For example, LinkedIn Corporation's online learning platform, Lynda.com, offers music composing tutorials and training that make use of music composing software, such as Finale and Sibelius. Likewise, the online learning platform of Udemy Inc. offers several music creation courses utilizing composing software.

Additionally, musicians have increased the application of such software in their music events and live concerts to enhance their performances. Apart from individual concerts, organizations including the American Society of Composers, Authors, and Publishers (ASCAP) are promoting musicians by hosting conferences, concerts, and music contests. Thus, the rising number of music events is expected to drive the size of the music composing software market at a massive CAGR of 23.8% during 2020–2030. The market was valued at $177.4 million in 2019, and it is projected to reach $1,871.5 million by 2030.

A surge in the number of corporate events and live concerts is amplifying the demand for composing software for simulating a full orchestra. Additionally, the increasing focus on virtual orchestra and the utilization of digital technologies such as extended reality (XR) will escalate the usage of music composing software in the future. Moreover, musicians employ such software for simulating many other instruments like a pipe organ, piano, drums and percussions, and guitar.

Additionally, P&S Intelligence forecasts that the Asia-Pacific region will generate the fastest-growing demand for such software in the coming years. This can be ascribed to the increasing number of live concerts and developing media and entertainment industry in South Korea, China, Australia, India, and Japan. The media and entertainment industry of China employs such software in video games, music albums, and movies. Moreover, associations such as the Music Composer Association of India (MCAI) and Federation of Music Producers Japan (FMPJ) are increasing the awareness regarding this software through music summits, conferences, and live music concerts.

Thus, the rising number of online music tutorials and music events will fuel the demand for music composing software in the years to come.

AI in Retail Market Set for Prosperity in Future

Factors such as the increasing focus of retailers on improving the shopping experience of customers, booming e-commerce sector, mounting investments being made in the AI domain, increasing proliferation of digital marketing strategies, and soaring online retail sales will help the AI in retail market demonstrate a robust CAGR of 40.5% between 2021 and 2030. Additionally, the rising number of complementary supportive government policies will also contribute to the market growth. The industry was valued at $1,714.3 million in 2021, and it is projected to generate $36,462.5 million revenue by 2030.

The growth of the e-commerce sector will supplement the market growth in the foreseeable future. A surge in the e-retailing sector can be primarily attributed to the rising internet penetration, mounting investments being made in the logistics industry, growing usage of smartphones, and surging use of alternate payment methods. To predict customer behavior and provide personalized services, e-retailing companies across the globe are deploying AI-enabled solutions for multiple applications and making huge investments in the AI field.

In recent years, the surging use of AI for multi-channel marketing has become a key trend in the AI in retail industry. Analysis of high-volume data generated through e-mail marketing, campaign management, and in-store customer behavior helps in the development of personalized campaigns and identification of consumption patterns, owing to which retailers can improve their decision-making process. To achieve these goals, retailers are using AI solutions for automating repetitive tasks, such as product labeling and data entry. 

According to P&S Intelligence, the North American region accounted for the largest share in the AI in retail market in the preceding years. This is credited to the booming e-commerce sector and the increasing dependence of enterprises on digital marketing in Canada and the U.S. In addition, the high penetration of the internet and smartphones and the greater convenience offered with online shopping will also propel the market growth in the region. 

Whereas, the APAC AI in retail market is projected to demonstrate the fastest growth throughout this decade. This will be on account of the rapid adoption of ML technology by online retailers in regional countries, especially China. Online retailers such as Amazon.com Inc., Alibaba Group Holding Limited, and JD.com Inc. are observing high sales in the region, due to the increasing use of price optimization solutions, AI-driven recommendation engines, and supply chain management solutions. 

Thus, the booming e-commerce sector will fuel the demand for AI solutions from the retail sector, globally.  

Boom Expected in Automated Machine Learning Industry in Future

A number of factors, such as the rising need for effective fraud detection solutions, surging demand for personalized product commendations, and growing importance of projecting lead scoring, are expected to drive the automated machine learning (AutoML) market in the foreseeable period (2020–2030). According to P&S Intelligence, the market generated revenue of $346.2 million in 2020, which is expected to reach $14,830.8 million by 2030, growing at a CAGR of 45.6% in the coming years. Moreover, the market is witnessing a trend of rising fondness toward cloud-based AutoML platforms.

One of the major factors boosting the demand for AutoML solutions is the rising need for effective fraud detection solutions. The prevention and detection of frauds are a massive challenge for all companies across the world. For example, according to the U.S. Government Accountability Office, payments that were completed in an inappropriate amount and not have been made (improper payment) totaled around $151 billion in 2018, as compared to $141 billion in 2017. Moreover, according to the Reserve Bank of India, over 6,800 incidences of bank frauds were reported in 2018–2019, which cost around $10,079 million.

Geographically, the North American AutoML market accounted for the largest share in 2020, and it is also expected to lead the global market during the forecast period. This is ascribed to the rising venture capital (VC) funding of AI organizations in research and development (R&D) activities to improve their offerings. For example, U.S. companies raised $99.5 billion in 2018 through VC funding for AI. Moreover, technological advancement, presence of key AutoML platform providers, developed IT infrastructure, and well-developed BFSI, healthcare, and IT & telecom industries are the key reasons for increasing the demand for AutoML solutions in the region.

Thus, the surging need for effective fraud detection solutions and the rising demand for personalized product commendations across the globe are expected to propel the market growth during the forecast period.

How Are Technological Improvements Driving Virtual Fitting Room Demand?

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.

Demand for Telecom Consulting Booming Globally

Factors such as the surge in need for strong network connectivity and the rapid adoption of advanced technologies by enterprises will help the telecom consulting market advance at a robust CAGR of 11.8% during 2021–2030. According to P&S Intelligence, the industry was valued at $5,307.2 million in 2021, and it will generate $14,519.6 million revenue by 2030. In recent years, the rapid digital transformation of business entities has become a major market trend, as digitization has transformed the way enterprises interact with customers and carry out their internal processes.

The rising need for strong network connectivity is one of the key growth drivers of the market, as improved connectivity is vital to the smooth functioning of large enterprises. The prominent role of strong network connectivity can be credited to the effective communication offered by it. Additionally, stable connectivity helps business organizations access enterprises data from anywhere with robust security standards.  To achieve these objectives, businesses are increasingly opting for telecom consulting services and solutions. 

Currently, the telecom consulting industry is consolidated, due to the presence of several key players, such as Bain & Company Inc., Accenture PLC, Boston Consulting Group Inc., Tata Consultancy Services Limited, Wipro Limited, KPMG International Limited, Deloitte Touche Tohmatsu Limited, and IBM Corporation. Nowadays, these companies are involved in partnerships and collaborations to consolidate their position. For instance, in October 2021, Stellants, TIM, and Accenture PLC agreed to implement a private 5G network pilot project at a manufacturing plant of Stellants in the Automotive Centre of Goiana, in northeastern Brazil.

Globally, the North American telecom consulting market is expected to generate the highest revenue throughout this decade. This will be due to the presence of prominent market players, rapid deployment of mobile networks, rise in need for high bandwidths, and surge in adoption of cloud services in the region. However, the APAC market is expected to exhibit the fastest growth in the coming years, owing to the mounting investments being made by businesses in data security and cloud-enabled solutions.

Thus, the surging requirement for strong network connectivity and the increasing deployment of new-generation technologies will supplement the market growth.   

OTT Services Market Set to Exhibit Tremendous Growth in Coming Years

The over-the-top (OTT) services market will grow at a significant growth during the forecast period (2020–2030), on account of the rising internet speed; the increasing usage of smart devices, such as smartphones, smart TVs, laptops, and internet-connected gaming consoles; and the surging number of internet users. Moreover, the market growth can be credited to the soaring popularity of video-on-demand (VoD) services in developing countries. According to P&S Intelligence, the market was valued at $92 billion revenue in 2020.

The ballooning demand for OTT services can be majorly ascribed to the surging internet and smart device penetration, as the lowering prices of smart devices and the ability of set-top boxes, smart TVs, laptops, desktops, gaming consoles, and tablets to access high-speed internet has bridged the gap between smart device owners and online content. Moreover, the increasing amount of time being spent by people on their devices, on account of the improving network coverage and expanding 4G/LTE, 5G, and optical fiber networks, will also complement the market growth, worldwide.

In recent years, players of the OTT services market have launched numerous platforms and services and engaged in mergers and acquisitions to stay ahead of their competitors. Some of the major players involved in product launches, and mergers and acquisitions are Kakao Corp., Netflix Inc., Google LLC (YouTube), Apple Inc., Amazon.com Inc., Telstra Corporation Ltd., Facebook Inc., The Walt Disney Company, Roku Inc., and Rakuten Inc. For example, in July 2020, The Walt Disney Company announced the acquisition of Hotstar, an Indian OTT giant, and renamed Hotstar to Disney+ Hotstar to compete against Amazon Prime Video and Netflix.

Globally, the North American OTT services market generated the highest revenue in 2020, due to the high internet penetration and extensive use of smart devices, such as tablets, laptops, smart TVs, and smartphones, in the region. For instance, the World Bank stated that 89.43% of the U.S. population were internet users in 2019. Additionally, the intense competition among market players, owing to the availability of flexible packages and regional content, is also a key contributor to the market growth in the U.S. and Canada.

Whereas, the Asia-Pacific (APAC) OTT services market is expected to display the fastest growth during the forecast period. This will be on account of the booming population, surging number of internet users, and expanding smartphone user base in developing countries, such as China and India. According to the United Nations Population Fund (UNFPA), the APAC region is home to nearly 4.3 billion people, accounting for around 60% of the global population. Furthermore, the World Bank estimated that 86.545% of the people in Australia were using the internet in 2017.

Therefore, the escalating popularity of VoD services and the growing usage of smart devices will catalyze the market growth in the upcoming years.