ICT & Media

IoT in Manufacturing Market Ogling $994 billion Billion

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The IoT in manufacturing global market is in its growth phase and is expected to witness an average growth rate of 13.1% during the forecast period, due to technological advancements and various machine-to-machine communication and cloud computing initiatives.

Allied Market Research recently published a report, titled, IoT In Manufacturing Market. According to the research, the IoT in manufacturing market was valued at $424 billion in 2016, and is expected to register a CAGR of 13.1% in the period of 2017-2023. The report is an essential tool to understand the current market trends and future market potential.

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The research offers an in-depth study of the overall market size, sales, and forecast of the market trends. It analyzes the scope of the market, regional analysis, key segments, revenue comparisons, and company profiles. The report is an essential source of information for stakeholders, business analysts, and entry-level organizations to understand the market growth.

The recent developments in technology and deployment of IoT technologies such as virtual reality and augmented reality have boosted the growth of the IoT in manufacturing market. Moreover, increased number of internet users, reduced costs of powerful controller & sensors, and rise in the government funding to develop new IoT-based applications supplemented the growth of the IoT in the manufacturing market. The rapid growth in communication & technology and bandwidth & connectivity drives the IoT in manufacturing market. The rise in smartphone usage in the developing countries in the Asia-Pacific regions will create lucrative opportunities in the near future.

The report includes in-depth analysis of segmentation and sub-segmentation of the IoT in manufacturing market. The market is divided into component, application, and geography. Based on component, the market is bifurcated into software and services, of which, IoT services has made remarkable growth in the recent years. Based on application, the market is divided into predictive maintenance, asset performance management, quality management, cognitive process & operations management, and supply chain management. According to the report, the market has shown an inclination toward cognitive process & operations management, which in turn boosted its CAGR of 16.9% in the period of 20172023. The report includes the detailed analysis of the market with respect to regions such as North America, Europe, Asia-Pacific, and LAMEA. The report compares the revenue generated in each region to understand the region-wise growth of the market. The countries showed the inclination toward IoT, which boosted the IoT in manufacturing market by a CAGR of 14.1%.

The IoT in manufacturing market report profiled the active leading companies to understand the strategies required to maintain the top position in the market. The key market players in the IoT in the manufacturing industry are Cisco Systems Inc., IBM Corporation, PTC Inc., SAP SE, Texas Instruments, Hitachi Ltd., Microsoft Corporation, Robert Bosch GmbH, Software AG, and Zebra Technologies. The report analyzes the revenue generated by each market player. In addition, these market players adopted various strategies such as mergers & acquisitions, new product launches to expand their business in the IoT in manufacturing market.

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Artificial Intelligence Market: Size, Share and Industry Analysis 2025

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The artificial intelligence market accounted for $4,065.0 million in 2016, and is expected to reach $169,411.8 million by 2025, growing at a CAGR of 55.6% from 2018 to 2025.

AI is associated with human intelligence with similar characteristics such as language understanding, reasoning, learning, problem-solving, and other. Manufacturers in the market witness enormous underlying intellectual challenges in the development and revision of such a technology. The market for artificial intelligence is primarily driven by the improved productivity, diversified application areas, increased customer satisfaction, and big data integration. However, lack of skilled workforce and threat to human dignity & other threats are some of the restraints of the market. Nonetheless, the impact of these factors is expected to be minimal due to the introduction of new technologies in the market.

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Artificial Intelligence Market

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The machine learning segment secured the highest share of about 52.0% in the artificial intelligence market in 2016 and is expected to grow at a CAGR of 56.4% during the forecast period. In terms of industry vertical, IT & telecom sector is expected to contribute the highest market share in the coming years, as various new startups are investing in artificial intelligence solutions. Moreover, the rapid urbanization, technological advancement, and increase in demand for cloud applications has fueled the demand for AI technologies in developing economies.

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The major players, such as Alphabet (Google Inc.), Apple Inc., Baidu, IBM, IPsoft, Microsoft Corporation, MicroStrategy, Inc, NVIDIA, Qlik Technologies Inc., Verint Systems Inc (Next IT Corp), have focused on developing new products as well as these companies expanded their business by acquiring small businesses to deal with competitors.

Cloud Services Market to Make Massive Moves by 2020

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Cloud Services Market Report published by Allied Market Research, forecasts that the global market is expected to garner $555 billion by 2020, registering a CAGR of 17.6% during the period 2014 – 2020. In 2014, the overall cloud services market revenue will reach $209.9 billion, led by public cloud services. The community cloud services segment is gaining momentum and is expected to garner revenue of $1 billion this year, thanks to its adoption in healthcare segment.

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Cloud computing market surged during recent economic slowdown; with the fact that over 35% of the IT cost can be saved with the adoption of the technology. Since then cloud services segment has greatly emerged as companies in cash crunch required cost-effective solutions with minimum to zero investment and reduced management of IT resources. Although, the cost and functional benefits such as scaling ability and multi-tenancy still driving much of the cloud services market growth, evolution of much value-creating productive solutions has become the current growth function of the market. The cloud, from an exploratory potential option, has now grown to become the undeniable part of organizations’ overall IT portfolio. However, data security has still concerned a number of sensitive potential end users to opt for the cloud services.

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Cloud services Market

Strong growth is anticipated within the varied segments of cloud services market such as infrastructure as a service (IaaS), software as a service (SaaS), platform as a service (PaaS), business process as a service (BPaaS), cloud advertisement services, and cloud management & security services. Cloud advertising services will be the largest segment followed BPaaS with about 47% and 28% market share respectively in 2013. The cloud management & security services will be the fastest growing segment at a CAGR of 28.4% during the forecast period.

On the basis of cloud type the market is categorized as public cloud, private cloud, hybrid cloud and community cloud. Public cloud hold prominent share of the market through 2020 and is expected grow at a CAGR of 16.4% during the forecast period. The reduction of the total cost of ownership on deployment of cloud services acts as the major driver for the adoption of public clouds. The market attracts numerous new entrants due to liberal government regulations. Private cloud will have fastest growth during the analysis period whereas hybrid and community cloud services will gain gradual momentum with steady adoption within specialized end use segments.

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Based on end users, cloud services market can be segmented into government utilities, private organizations, healthcare, academics & education and supply chain management. Private organizations lead the end user market due to the rapidly growing IT sector, which is contributing largely to the revenue streams of the private organizations segment. The segment is expected to grow at a CAGR of 24.1% during the forecast period and it is anticipated to register revenue of$86.8 billion by 2020. Cloud services promote sector-specific services, which are customized for specific end users. One such example is the implementation of ERP in the healthcare sector.

Varied market dynamics has been observed within the geographic market segments for cloud services.North America region being the early adopter of these services holds the highest market share throughout the analysis period. The fastest growing market is the Asia Pacific which is growing with a CAGR of 23.5% during the forecast period while representing a smaller market. Economic benefits from cloud services acts as the key driving factors in developing countries of Asia Pacific.

Global Machine Learning Chips Market Size (Value and Volume) -(2014-2022)

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Summary: “Machine Learning Chip Market” by Type (GPU chip, Neuromorphic Chip, Flash Based Chip, and FPGA Chip), and Application (Consumer Electronics, Automotive, Healthcare, Robotics Industry)

Machine learning chip is widely used across the applications such as robotics, healthcare, automotive, and consumer electronics. At present, rising demand for automated electronic devices and trending Artificial Intelligence (AI) are some factors that majorly drive the market. Moreover, popularity of Internet of Things (IoT) is expected to provide lucrative opportunities to market players.

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The Neuromorphic Chip segment is projected to maintain its lead in the global machine learning chip market, as this type is used in various electronics applications such as gaming, driverless vehicles, drones & air transport, security & cyber security, speech, and image recognition. Moreover, Flash based Memory Chip is expected to grow owing to its stability and enhanced performance.

Among applications, robotics industry segment dominated the global market in 2015, accounting for about 52% share. Trending artificial intelligence (AI), diversified application areas, and improved productivity fuel the market growth. However, consumer electronics segment is expected to grow at the highest CAGR of 13.1% during the forecast period due to increase in demand for automated electronic devices.

North America was the major revenue contributor in 2014, and is expected to maintain its dominance throughout the forecast period. This is attributed to the increase in number of automated medical devices and automated robots. Moreover, developments in consumer electronics and aerospace & defense is projected to boost the growth of the machine learning chip market, especially in the Asian countries, such as China, Japan, South Korea, and India.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Digital Map Market Expected to Expand at a CAGR of 12.5% between (2017-2023)

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According to a new report by Allied Market Research, titled, Digital Map Market by Usage, by functionality: Global Opportunity and Forecast, 2017-2023, the digital map market is projected to grow at a CAGR of 12.7% from 2017 to 2023. This is attributed to increase in the use of geospatial information and rise in use of smartphones.

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The global digital map market is segmented on the basis of usage, functionality, and region. Usage covered in this study include indoor and outdoor applications. By indoor applications, the market is classified into airports, malls, and departmental stores. By outdoor applications, the market is divided into automotive navigation, mobile & the internet, public sector agencies, and enterprises. Based on the functionality, the market categorized into computerized, scientific, and GPS navigation.

Increase in the use of geospatial information, growth in use of smartphones, and advancements in technology drive the growth of the global digital map market. However, availability of free crowdsourcing digital maps and legal challenges restrict the growth of the market.

The outdoor segment dominated the market in 2016. Digital map companies across the globe have focused on calculation, accurate & reliable navigation, ease of convenience by transfer information and valuable insights to the user. In addition, easy & efficient operations, cost reduction, better connection with the communities, transparent nature, gain in competitive edge, improved decision making are fueling the growth of digital maps in outdoor use. Real-time mapping of the physical world represents lucrative opportunity for the market.

Usage wise the indoor segment is expected to grow at CAGR of around 15% followed by outdoor segment.

The global digital map market is characterized by the presence of international market players. These companies tend to expand their market presence by adopting strategies, such as product development. Some of the key players operating in the digital map include Apple Inc., Google Inc, HERE, Micello, Inc., TomTom International BV, MiTAC International Corporation, ARC Aerial Imaging Limited, Esri, Nearmap Ltd., and MAPQUEST.

Key Findings of the Digital Map Market:

  • The usage segment is expected to grow at the highest CAGR during the forecast period.
  • The GPS type segment dominated the market in 2016.
  • North America was the highest contributor in the overall digital map market size in 2016; however, in terms of growth, the market in Asia-Pacific is estimated to grow at the highest rate.

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Digital Asset Management Market Type and Applications Forecasted by 2023

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Summary: “The global digital asset management market was valued at $1,928 million in 2016, and is projected to reach at $5,287 million by 2023, growing at a CAGR of 13.7% from 2017 to 2023”

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Digital Asset Management

Increased need for collaborative digital workflow especially for marketing applications has encouraged end-user industries to invest on enhanced digital asset management solutions and services. Furthermore, rise in need to meet the regulatory compliance and efficient data integration are estimated to fuel the market growth during the forecast period. However, high initial cost associated with the deployment of digital asset management solutions and lack of skilled professionals are some of the factors that are expected to hamper the market growth.

The service segment is projected to grow at the CAGR of around 18% during the forecast period. Increase in demand for enhanced content management solutions and rise in competition among end-user organizations globally are anticipated to boost the segment growth during the forecast period.

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The IT segment dominated the market in 2016, whereas the marketing segment is projected to witness the highest CAGR of 15% during the forecast period. This is attributed to growth in adoption of real-time digital asset management solutions among marketing departments of end-user industries to assist sales department with up-to-date content.

Region wise, North America dominated the market, in terms of expenditure on digital asset management solutions and services, owing to high penetration of digital technologies among end-user industries. Moreover, the market in Asia-Pacific is projected to grow at the highest CAGR of around 16%, owing to increase in awareness among end-user industries about benefits of adoption of digital asset management solutions.

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Research Report Explores the Video Analytics Market

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Summary: “The global video analytics market was valued at $2,745 million in 2016, and is projected to reach at $13,381 million by 2023, growing at a CAGR of 25.7% from 2017 to 2023.

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The video analytics market provides solutions that are implemented across public places such as a stadium, local markets, and at the time of events such as music concerts, sports tournaments, and business campaigns for better management of crowd, traffic & parking management, facial recognition, and object detection.

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The traffic & parking management and others, including motion detection, object recognition, and camera tampering detection, segments are expected to be the major revenue contributors to the global video analytics market, due to increase in investment in building smart cities and need for surveillance in transportation industry to increase public safety & security. Moreover, the retail segment has witnessed high adoption of video analytics across various regions, owing to the associated benefits of advanced business insights related to customer engagement.

Surge in ICT expenditure and increase in cloud adoption across several industry verticals, including transportation, BFSI, retail, government, manufacturing, energy & utilities, critical infrastructures, and others, are anticipated to augment the penetration. The prominent markets, such as Asia-Pacific and Europe, with developed cloud infrastructure, high adoption of Internet of Things (IoT) technology, and surge in demand for IP-based security systems are anticipated to fuel the video analytics market growth in the near future.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.