Oracle Services Market is expected to grow at a CAGR of Approximately Over 2022-2029

Future Market Insights (FMI), in its new research study, offers an incisive analysis of the Oracle services market and lays bare actionable insights into growth prospects of the market during 2022-2029. According to the study, the oracle services market is estimated to be valued at US$ 13.8 Bn in 2022 and is estimated to grow by 13.6%, YOY, in 2022.

The research study opines that demand for cloud services among enterprises continues to see a significant uptick, with some of the key reasons being complex workloads, increased server functionality, and high component costs. This, in turn, is estimated to bring in new opportunities for the key service vendors to level up their sales performance in the global market space.
Oracle Cloud Services- The New Catalyst for Enterprise Growth

As Oracle solutions continue to embrace take the ‘customer-first’ approach, Oracle service providers are focusing on offering a comprehensive suite of services that would drive competitive advantages for their end users. According to the report, Oracle cloud services remains the most ‘in-demand’ service of all other available services, with global value estimated to reach US$ 4.3 Bn in 2022.

The upswing in investments in Oracle cloud services is a result of the sweeping transition of businesses toward cloud computing models in order to build, deploy, integrate, and extend applications in the cloud. Oracle cloud services are being extensively relied upon by enterprises to build their operational efficiency and reduce total cost of ownership, thereby making it a focal point for the market players to target in 2022 and beyond.

Oracle consulting services are, and will continue to be in high demand, for the fact that businesses seek top-notch consulting services to address complex integrated Oracle application portfolios and associated maintenance costs.

Sensing the aforementioned needs coming from enterprises, key providers active in the Oracle services market are offering a wide spectrum of services tailored exclusively to business needs, some of them being functional Services, implementation and upgrade, customization and integration, maintenance and support, and resale of Oracle products.

Though North America and Western Europe will continue being forces to reckon with in the Oracle services market, Asia Pacific excluding Japan (APEJ) is likely to reverse the game for the service providers by the end of 2029.

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As majority of economies in APEJ have started reflecting positive economic growth rates in the recent years, a new heap of opportunities is likely to emerge for the Oracle service providers to take advantage of. BFSI will continue to sustain high demand for Oracle services, followed by Retail & CPG, as the former and the latter are undertaking strategic customer service transformations and investing in advanced services to achieve the same.

According to the report, the Oracle service providers are shifting their focus toward opportunities springing up in the space of SMEs, as small and medium enterprises make up a significant percentage of the total number of businesses operating worldwide. The market players are also focusing on mergers and acquisitions to diversify their portfolio and grow with the ‘combined-expertise’ advantage.

Newer service offerings with umpteen benefits continue to be the kernel of the market players’ business strategies, unveils the FMI analysis. For instance, in February 2022, Wipro announced official launch of the ‘Quick Migration to Cloud (QuMiC)’, a platform that allows enterprises in smooth migration to Oracle Cloud.

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5G Security Market is expected to grow at a CAGR of Approximately Over 2022-2030

5G Security Market Overview

With rapid advancements in security functions across various technologies including Mobile Edge Computing (MEC), IoT networks, and mobility infrastructure is expected to set a new milestone in the 5G security market.

The demand for fast network connections is increasing rapidly for establishing real-time and quick connections between connected devices.Some of the leading telecommunication service providers, such as AT&T, Verizon and others, are rapidly adopting 5G networks with the help of 5G security.

These companies are partnering with the leading manufacturers of connected devices to use proactive security solution for 5G networks. The need for using 5G security is increasing as testing is an irreplaceable part of the network establishment, which is boosting the demand for 5G security market.

5G security solution controls new mutual authentication capabilities, additional security mechanisms, enhanced subscriber identity protection, advanced persistent threats and other sophisticated cyber threats.

Such proactive solutions can help security professionals to speed-up threat detection and response and also protect the organizations from such potential data breaches which can cost millions of dollars to recover.

Impact of COVID-19 Pandemic Outbreak on 5G Security Market

The COVID-19 pandemic outbreak has created disruption in many industries, including the 5G security market. Many private as well as government organizations have allowed their employees to work from home amid the lockdowns, which has created need for monitoring the network security proactively, as people are remotely connected consuming enterprise resources and sharing documents using collaboration tools.

Business are increasingly adopting 5G security solutions to manage such security risks in the new home-working environment. Many operator customers, including ISPs, cable, mobile and fixed-line service providers, are experiencing some strain to deployed 5G network capacity.

The impact of COVID-19 on Ericsson and Nokia will be high as the majority of these vendors have 5G contracts in the US and European countries.Several smartphone OEMs were supposed to launch 5G smartphones for mass consumers, which could have led to the aggressive deployment of base stations worldwide.

However, smartphone production has stopped temporarily. Hence, the smartphone shipment is declining month-on-month, with a 35% decline in January and another 55% in February 2020.

Closure of retail stores and self-isolation has further impacted the sales of 5G smartphones. Consumers and enterprises are expected to show a lack of interest in the adoption of 5G technology due to financial instability as the technology comes with a cost.

Such facts and trends are going to impact the security solutions adoption to protect the 5G network and devices, as well.

5G Security Market: Drivers and Restraints

The global 5G Security market is expected to witness significant growth during the forecast period, which can be attributed to the increasing adoption of 5G security solution for identity management, differentiated security protection, privacy protection and growing demand for data protection worldwide.

The 5G Security technology offers various benefits such as diversified system level protection of IT-aware infrastructure, security as service, and rapid detection and response.

The growing demand for a security monitoring and threat analysis to help the business to protect the integrity of systems and data is expected to create a huge opportunity for the global 5G Security market.

In addition, the need for E2E security for vertical industries from protection to detection and increasing importance of a unified security view across enterprise, are anticipated to drive the 5G Security market growth.

However, as the complexity in network deployment and latency issues, 5G Security solution providers are integrating new technologies within the existing infrastructure, which could poses a bigger challenge.

Lack of technical expertise and low spending on research & development, among other factors, are anticipated to restrict the growth of the 5G security market over the forecast period.

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5G Security Market: Competition Landscape

Some of the prominent players in 5G security market are –

  • AT&T Inc.
  • Blackberry
  • CISCO Systems Inc.
  • DigitCert Inc.
  • F5 Networks Inc.
  • Gemalto N.V.
  • Qualcomm Incorporated
  • VMware Inc., among others.

5G Security Market: Regional overview

Based on the region, 5G Security market has been segmented into North America, Europe, East Asia Latin America, South Asia & Pacific, and Middle East & Africa. Among these regions, North America, and Europe have held comparatively higher market shares in the global 5G security market due to surging demand for 5G security for implementing 5G networks, in this regions.

The East Asia region is predicted to grow at the highest CAGR due to increasing investments in telecommunication infrastructure and digital transformation, in China, Japan and South Korea.

The 5G Security market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.

The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with 5G Security market attractiveness as per segment.

The 5G Security market report also maps the qualitative impact of various market factors on 5G Security market segments and geographies.

The report covers exhaustive analysis on:

  • 5G Security Market Segments
  • 5G Security Market Dynamics
  • 5G Security Market Size
  • Supply & Demand Analysis
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Impact of COVID-19 on market growth
  • Value Chain Analysis
  • 5G Security Market Drivers and Restraints

Regional analysis includes:

  • North America (U.S., Canada)
  • Latin America (Mexico, Brazil, Rest of Latin America)
  • Europe (Germany, Italy, U.K, Spain, France, BENELUX, Russia, Rest of Europe)
  • East Asia (China, Japan, & South Korea)
  • South Asia & Pacific (India, ASEAN, Australia & New Zealand, Rest of South Asia)
  • Middle East and Africa (GCC Countries, Turkey, South Africa, Rest of MEA)

5G Security Market: Segmentation

The 5G Security market has been segmented on the basis of component, application, industry and region.

basis of component:

  • Solutions
  • 5G Network Security Testing
  • 5G App Testing
  • 5G IoT Device and Platform Testing
  • Others
  • Services
  • System Integration
  • Security Consulting
  • Support & Maintenance

basis of applications:

  • Virtual & Augmented Reality
  • Connected Automotive
  • Smart Manufacturing
  • Wireless eHealth
  • Smart Cities
  • Others

basis of industry:

  • Banking, Financial Services, and Insurance (BFSI)
  • Consumer Goods and Retail
  • Telecommunication
  • Healthcare
  • Aerospace and Defense
  • Energy and Utilities
  • Manufacturing
  • Others

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Access Control Market is expected to grow at a CAGR of Approximately Over 2022-2031

According to newly released data on the access control market analysis by Future Market Insights (FMI), the market will grow at a CAGR of 12.6% from 2021-2031, with revenue totaling US$ 15,371.0 Mn by the end of 2021. Growth has been attributed to rapid technological advancements in the IT & telecom industry. Advanced technologies have become essential in improving economic competitiveness, thereby propelling market growth.

The adoption of access control systems in various industry verticals is expected to propel the market. Information and data security is becoming a top priority for industrial organizations to secure their information and other digital assets from threats.

The latter goal largely depends on guaranteeing safety for visitors, plant managers, workers, and more. The growing necessity of integrated access control solutions to create secure environments across industrial areas that layer several technologies in conjunction with contingency plans for human and asset protection will drive demand.

Therefore, access control is the ideal way to seamlessly fuse such solutions without compromising on productivity, safety, and security with greater efficiency. Several industrial organizations such as IT & telecom, healthcare, BFSI, and manufacturing, are adopting access management solutions to ensure the protection of resources.

The rapidly growing usage of mobile devices has shifted the focus of corporate sectors towards enterprise mobility practices. The major types of smartphone door access control systems include IP systems, control panel systems, and mobile access credentials.

The use of mobile-based credentials is the organic evolution from conventional physical security in the access control industry. Mobile credentials offer superior security and convenience. Smartphone access encompassed with cloud-based systems make such solutions an economical choice for long-term applications, although local systems only require one-time investments.

Key Takeaways from the Access Control Market Study

  • Iris recognition access control systems will witness the highest growth rate at over 16%, owing to investments into new biometric security solutions through 2031.
  • The healthcare sector is anticipated to capture the largest share of 19.8% in 2021, backed-up by security concerns in healthcare facilities associated with the use of EMR.
  • The U.S. will remain dominant in North America with a 84.5% share in 2021, supported by faster access to tech developments in end use verticals.
  • The market in Japan is expected to progress at a noteworthy CAGR of close to 17% through 2031, supported by a tech-driven economy.
  • In the U.K., sales are expected to increase at a CAGR of more than 15% over the next ten years, driven by favorable government investments and policies.

 “Access control systems have become a fundamental part of enterprise security departments for applications including the protection of perimeter and high-level data and assets. Frequently changing sources of threats, mandatory compliance, and increased liability issues are the key elements fueling the demand for access control systems for enhancing security,” says the FMI analyst.

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COVID-19 Impact Analysis on Access Control Market

The COVID-19 pandemic has impacted every sector with social distancing norms pushing organizations towards digitalization to ensure data and asset safety. Businesses that invested in digital transformation initiatives in the past have proved to be more resilient during the crisis.

The outbreak of the covid-19 virus has presented a challenge to communities and businesses, where the use of physical security systems has become more than a means to prevent criminal activity.

Part of the new post-covid normal is managing a location’s occupancy levels to ensure social distancing or allowing hands-free entrance. The demand for access control systems is projected to further continue to rising with a rapid shift towards enhanced verification systems and digital identity management. Consequently, the access control market is estimated to grow around 7.6% to 10.8% Y-o-Y from 2019 to 2021.

More Valuable Insights on Access Control Market

FMI’s report on the access control market is segmented into four major sections – component (hardware, software, and services), system type (Fingerprint Access Control Systems, Face Recognition Access Control Systems, Iris Recognition Access Control Systems, Card-based Access Control Systems, and others), industry (IT & telecom, BFSI, military & defense, healthcare, government, education, manufacturing, transportation & logistics, others) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, India, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the access control market.

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Salesforce Services Market is expected to grow at a CAGR of Approximately Over 2022-2029

FMI’s new analysis values the global Salesforce services market at US$ 13 Bn in 2022, with revenues set to grow at 12.6% y-o-y in 2022. The research study remains bullish on the growth prospects of Salesforce services market through 2029. However, lack of flexibility in pricing models and budgetary considerations among end-users can create challenges for wider adoption. The study by FMI analyzes the global Salesforce services market for the period 2022-2029.

As Salesforce services defy the ‘one-size-fits-all’ concept, service providers are offering end-to-end assistance to help end-users get services that are best-suited to their requirements. With thousands of Salesforce implementations across multiple enterprises, the Salesforce service providers are extensively focusing on creating impactful experiences to generate substantial profits. Opportunities galore for manufacturers with the increasing focus of businesses on improved customer engagement and interaction – key imperative driving growth and profitability amid competitive spaces. Some of the highly-effective Salesforce offerings- marketing cloud, commerce cloud and community cloud to name a few- have gained immense popularity over the years, which is further nudging businesses to choose Salesforce services for long-term returns.

According to the FMI report, implementation continues to remain a highly-preferred service, which is broadly categorized into integrated services, application modernization & data migration, custom application development, and testing services. Enterprises will continue to sustain high demand for Salesforce managed services, wherein these businesses get assistance from a whole team of experienced Salesforce administrators as well as consultants for effective management of their Salesforce functions.

Salesforce Services Demand Analysis (2014 to 2021) Vs Market Outlook (2022 to 2029)

“Sales Software Flourishing Due to Adoption of Advanced IT Technologies”

The salesforce services market expanded at a CAGR of 12.2% from 2014 to 2021. Use of salesforce services in the banking sector has increased substantially over the past few years. Support for third-party salesforce has also been rising rapidly.

There is a shortage of skilled workforce to plan, design, implement, and manage salesforce services. Dearth of highly skilled workforce for advanced salesforce services is one of the major challenges for market growth. Moreover, adoption of powerful new technologies such as artificial intelligence and automation by salesforce has surged demand for highly skilled consultants for providing implementation services and other advisory services to end users.

Salesforce services have transformed consumer engagement and are widely used in the financial services industry. BFSI services assist insurance agents and bankers by allowing firms to improve services and make educated decisions by offering a complete 360-degree view of consumer data, such as accounts and service enquiries.

Salesforce services help bankers engage with clients, provide great customer care, and fulfill financial goals through customer-centric models. Financial institutions are increasingly using salesforce services to improve their business operations as a result of these advantages. As a result, use of salesforce services in the BFSI sector is an important driver for overall market growth.

Integrating salesforce with third-party applications will undoubtedly broaden CRM users’ horizons. The value of the demand-supply phenomenon is emphasized by a third-party application available on AppExchange. They are created to satisfy the specific needs of salesforce users and to assist them in improving the quality of their business. Salesforce integration with third-party applications, on the other hand, must be a meticulously controlled process with frequent quality checks.

Salesforce services demand is expected to progress at an impressive CAGR of 14.4% from 2022 to 2029. This projected growth rate of the salesforce services market is estimated to net US$ 33.5 Bn by 2029.

salesforce services market

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North America – A Hub of Opportunities for Service Providers

According to the report, increasing adoption of Salesforce services in the BFSI sector is likely to continue, making it one of the most lucrative verticals for the Salesforce service vendors. Over the years, the focus of BFSI is shifting toward fruitful customer engagement in real time and across any device. This, in turn, is pushing the demand for adoption of Salesforce services in BFSI, thereby giving new opportunities for the Salesforce service vendors to reap profits from. Growth prospects for the Salesforce services, as the report opines, are high in North America, particularly in the US. In addition, the adoption of Salesforce services in Western Europe is estimated to intensify by the end of 2029, which is likely to encourage the vendors to solidify their service capabilities.

As far as growth and expansion are concerned, strategic business partnerships and acquisitions will continue to be the best way forward for vendors. Those alliances will lay the foundation for bespoke innovations to come to the fore, thereby creating a ‘win-win’ for both the parties involved. Considering the challenges enterprises face in terms of Salesforce deployment, key service providers active in the market will continue to focus on offering unmatched support and assistance in a bid to ensure client satisfaction and engagement. In addition, Salesforce service providers will also continue to center on getting ‘Salesforce service certifications’ to reap benefits in the long-run, as these certifications will not only help them strengthen their core competencies but also expand their client bases.

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Key Segments of Salesforce Services Industry Survey

Salesforce Services Market by Type of Service:

  • Planning
    • Advisory Services
    • Change Management
  • Implementation
    • Integrated Services
    • Custom Application Development
    • Application Modernisation and Data Migration
    • Testing Services
  • Manage
    • Monitoring
    • Upgrade
    • Governance
    • Helpdesk
    • Training
    • BPO

Salesforce Services Market by Application:

  • Sales Cloud
  • Service Cloud
  • Marketing Cloud
  • App Cloud
  • Commerce Cloud
  • Analytics

Salesforce Services Market by Vertical:

  • Salesforce Services in BFSI
  • Salesforce Services in Healthcare and Life Sciences
  • Salesforce Services in Media and Telecom
  • Salesforce Services in Retail and CPG
  • Salesforce Services in Government
  • Salesforce Services in Manufacturing
  • Salesforce Services in High Technology
  • Salesforce Services in Energy & Utilities

 Salesforce Services by Region:

  • North America Salesforce Services Market
  • Latin America Salesforce Services Market
  • Europe Salesforce Services Market
  • East Asia Salesforce Services Market
  • South Asia & Pacific Salesforce Services Market
  • Middle East & Africa (MEA) Salesforce Services Market

Photo Printing and Merchandise Market is expected to grow at a CAGR of Approximately Over 2022-2028

According to a recent market report published by Future Market Insights, titled “Photo Printing and Merchandise Market: Global Industry Trend Analysis 2013 to 2017 and Forecast 2018 – 2028,” the US$ 16.9 Bn photo printing and merchandise market is expected to register a CAGR of 2.6% through the forecast period. Emergence of 3D printing technology and elevating use of smartphone applications will however manage to sustain the market growth at a passive pace, through 2028.

The latest trends in the photo printing and merchandise market include Ecommerce companies focusing on offering online photo printing services and a majority of manufacturers focusing on introducing photo printing kiosk with enhanced connectivity features. While these trends are likely to uplift the market scenario slightly, the overall growth of the photo printing and merchandise market will reportedly remain sluggish throughout the projection period.

Photo printing currently accounts for a major share of the total market revenue, owing to continued popularity of printed photographs among consumers. However, it is most likely that the photo printing segment will lose its market share to merchandise printing, predominantly attributed to bolstering demand for merchandise printing products such as mugs, pillows, cushions, photo books, and others. By the end of 2028, the revenue contribution through merchandise printing to the global photo printing and merchandise market value is anticipated to reach around 25%. The report projects merchandise segment to witness a steady CAGR of 4.4% over 2018-2028.

Furthermore, digital printing is expected to take over the film printing module, whereas mobile printing mode is foreseen to win a major market share over desktop printing. The market progression in this direct has been attributed to rapid digitalization that has been evidently impacting the industries worldwide, since the past decade. Regional analysis of the global photo printing and merchandise market reveals continued dominance of North America with more than 27% share of the market value. Decent growth prospects have been estimated for the market, in North America and Western Europe.

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As indicated by the competition landscape assessment provided in the report, the tier 1 companies currently account for a majority revenue share of around 45%, followed by the share of around 40% contributed by tier 3 companies participating in the global market for photo printing and merchandise. The tier 2 players are responsible for generating nearly 15% share of the total market revenue. Key players are increasingly focusing on the growing demand for merchandise products and innovation in the photo printing technology.

The report highlights a few key developments in the market, including a recent launch of a process-free technology portfolio by the Eastman Kodak Company, which has been named as ‘KODAK SONORA UV Process Free Plate.’ This plate is capable of delivering longer run lengths (up to 30,000 impressions) compared to any other process-free plate, and offers a range of benefits of UV technology, flexibility, high print quality, and faster drying times. With this technology, the company has introduced a range of new applications, delivering more efficient, faster, and more sustainable results.

Key Segments Covered

By Mode of Printing

  • Desktop
  • Mobile

By Module

  • Film Printing
  • Digital Printing

By Product Type

  • Photo Printing
  • Merchandise Printing

By Distribution Channel

  • Instant Kiosk
  • Over the counter
  • Retail
  • Online

Key Regions covered

  • North America
    • U.S.
    • Canada
  • Latin America
    • Mexico
    • Brazil
    • Rest of Latin America
  • SEA and other APAC
    • India
    • Australia & New Zealand
    • ASEAN
    • Rest of APEJ
  • China
  • Western Europe
    • Germany
    • France
    • U.K.
    • Spain
    • Italy
    • BENELUX
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • Rest of Eastern Europe
  • Japan
  • Middle East & Africa
    • GCC Countries
    • Northern Africa
    • South Africa
    • Rest of MEA
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Document Management Software Market is expected to grow at a CAGR of Approximately Over 2022-2028

Future Market Insights has analysed various facets of the global market for document management software in a new research publication titled “Document Management Software Market: Global Industry Analysis (2013-2017) and Opportunity Assessment (2018-2028).” The raw data obtained from secondary research has been filtered, well-furnished and arranged in a systematic format with the assistance of which key insights have been derived. The market is thoroughly analysed to gain intelligence on the various market trends changing the course of the market, the drivers that push the growth of the market, the opportunities that shape the future of the document management software market and the restraints that hinder the growth process of the global market. These various aspects have been analysed across key regions in the globe including North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, China and Middle East and Africa (MEA) to gauge the intensities of these facets and their impact on the overall market expansion. Based on historical data and current scenario, future insights on the market based on value projections for a period of ten years have been included in this research report across each segment of the global document management software market.

Future Market Insights Observes– the growth of the global document management software market is triggered by increasing demand for the software as it reduces the time needed for file location and retrieval. Moreover, it also covers additional functionalities such as storage, editing and making corrections, efficient consolidation of information, eliminates misfiling and enhances overall productivity and efficiency. The global market for document management software is projected to expand at a value CAGR of 12.3% during the period of assessment 2018-2028 and is estimated to reach a valuation of more than US$ 11 Bn by 2028 end.

Growing Demand for Automated Workflow to Facilitate Market Expansion

Automation has facilitated reduction in errors, improvement in quality and reduction in time in various processes. Document management software with automated workflow offers efficient operational workflow. Moreover, it reduces costly paper handling with smart routing of documents and saves time and money by reducing the need of photocopying, hand delivery and repetitive dropping. It also enables automated distribution, printing and overall document control. By centralizing documents and using automated workflow technology, it can timely route documents to stakeholders. The migration to automated workflow from manual workflow is pushing the demand of document management software.

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Disaster Recovery and Better Backup to Spur Demand for Document Management Software

Document management solution includes disaster recovery and data backup plan. With digital archiving, paper documents are protected from various types of disasters. In addition, with this software, documents are easily traceable and can be conveniently tracked within different ranges of criteria. Moreover, since the documents are stored centrally, they do not get misplaced after viewing. They can be digitalised as well as archived during their entry point into the system.

Segmental Snapshot of the Global Document Management Software Market

By component, the software segment is expected to grow at a higher rate and is expected to lead the global document management software market in the coming years. With respect to services, professional services are gaining high traction.

With respect to deployment, cloud is gaining high steam owing to ease of access and convenience at any point in time. Cloud based deployment is expected to showcase revenue sales of over US$ 6 Bn by end of the assessment period.

Healthcare and BFSI sectors are showcasing high demand for document management software. Owing to high and ever increasing volume of documents, the need for subtle document management systems has risen. This has accelerated the use of document management software in these sectors. Healthcare, however, tops the table with respect to higher adoption and valuation, comparatively.

North America is the largest region, followed by Europe. The market valuation in these regions is expected to go above or near US$ 3 Bn by 2028 end. China also has shown increased inclination towards use of document software. Document software market in China is projected to expand at a significant rate in the coming years.

Competition Tracking

The key players profiled in the report are Toshiba Corporation, IBM Corporation, OpenText Corp., Asite, Ideagen, Alfresco Software, MasterControl, Computhink, eFileCabinet, OfficeGemini, Adobe Systems Incorporated, SmartFile, Lucion Technologies, Intranet Connections, FOLDERIT and LogicalDOC.

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Communications Platform as a Service (CPaaS) Market is expected to grow at a CAGR of Approximately Over 2022-2031

Communications Platform as a Service (CPaaS) is a platform that enables businesses to integrate real-time communication channels into their existing web and mobile applications. Future Market Insights (FMI) in a new study has forecast the CPaaS market to exhibit exponential growth between 2021 and 2031. The market is projected to reach US$ 5.28 Bn by the end of 2021.

CPaaS is a cloud-based delivery platform which enables businesses to add real-time communication channels including SMS, voice, Email, chat apps and more to their Industries with the use of APIs. It also offers different features such as cost savings, improved employee efficiency, access to the latest technology, increase sales, and better customer service.

Uptake of CPaaS is expected to be considerably high among small and medium enterprises (SMEs). FMI has in fact forecast SMEs to account for over half of the CPaaS market by 2031.

Key Takeaways of CPaaS Market Study

  • CPaaS market is set to exhibit nearly 18.1% Y-o-Y growth in 2021. The rising demand from diverse industries guarantees exponential growth of the market in the coming years
  • The U.S. will remain a highly lucrative market for CPaaS, accounting for nearly 86% of the market in North America
  • Growth in U.K. will happen at an impressive pace. In 2021, the market is expected to register 15.7% Y-o-Y growth in the U.K.
  • Germany and France will also exhibit considerably high demand for CPaaS
  • Japan and South Korea will emerge as attractive markets for CPaaS services and solutions in East Asia

“Key players are focusing on continuous developments and implementation of new solutions such as cloud communication technology and Next-Gen CPaaS solution for improving workflows & business applications, and real-time communications features. This is creating growth opportunities for the CPaaS market”. Says the FMI analyst.

Demand for CPaaS Rose Considerably Amid COVID-19

The COVID-19 pandemic outbreak has disrupted many industries, including the communications platform as a service (CPaaS) software market. Many private, as well as government organizations, have transitioned to remote working, due to which there is a sudden surge in demand for communications platform as a service (CPaaS) solutions. The demand for collaborations tools, communications platform as a service (CPaaS) software, conferencing software, UCaaS, remote desktop software and remotely managed IT services is increasing during the lockdown resulted by COVID-19 outbreak. This is driving an increase in the demand for communications platform as a service (CPaaS) solutions.

CPaaS market is estimated to grow by 1.4X from 2019-2020 and would see a surge in demand amid the COVID-19 outbreak, as remote working becomes the new norm. The worldwide spread of COVID-19 pandemic in Q1, 2020 has impacted the lockdown across the globe, nearly 80% of the IT workforce were moved to home offices and continue to work from home. This paradigm shift to remote working has created a huge demand for online platform, cloud services and remote access to important projects. Increasing adoption of cloud-based CPaaS such as communications platform as a service (CPaaS) software, web conferencing, cloud storage, unified messaging and others, due to global lockdowns, would further drive the CPaaS solution demand.

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CPaaS Uptake to Increase across Diverse Industries

CPaaS can be utilized for streamlining transactional messaging that include reminders and notifications. For instance, hospitals and clinics can send automated appointment reminders to patients and reduce the cases of missed appointments. In turn, it can help them run a more efficient practice.

Hospitals across the globe are using remote diagnostics, virtual patient-doctor visits, appointment reminders or rescheduling, and provides updates of waiting times in busy clinics such as outpatient departments. Several schools and educational institutions in regions such as North America, Europe and Asia Pacific are using embedded video, voice, and messaging for real-time online tutoring and allowing students to collaborate (among themselves and with teachers) remotely.

Who is Winning?

Cloud deliveries offered by some of the leading organizations operating in the market are transforming the way enterprises are managing their communication networks. Market players are offering various innovative solutions to cater to the dynamic consumer requirements. For instance, Voximplant launched a one-click integration with Google Dialogflow in July 2020.

Some of the leading players operating in the market are Avaya Inc., Twilio Inc., Mitel Networks Corporation, Bandwidth Inc., TeleSign Corporation, and Microchip Technology Inc.

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Green Ammonia Market is expected to grow at a CAGR of Approximately Over 2022-2032

According to a recent green ammonia market report by Future Market Insights (FMI), the green ammonia market is anticipated to advance at a phenomenal rate of 90% over the forecast period 2022-2032. At the regional level, the green ammonia market share has a small number of manufacturers.

The study on green ammonia market finds that the solar and wind energy have advanced at a higher pace than other renewable energy, thanks to rising investment and reduced power generation costs. The switch to renewables, productivity, and automation, and per the Global Renewables Outlook 2020, will drive socioeconomic development. As a consequence, rising green ammonia production and underlying storage requirements will push the green ammonia market forward.

The capital-intensive nature of green ammonia plants is a major hindrance to the market’s advancement. General ammonia manufacturers will not be able to move from traditional ammonia production to green ammonia production unless the cost of renewable energy and electrolyzers drops further, hampering green ammonia market growth.

The marine industry is undergoing a major transformation. The maritime industry is under pressure to reduce emissions by switching to cleaner energy sources, which is likely to be a pathway for green ammonia producers to capture more revenue.

The green ammonia market is segmented on the basis of technology into alkaline water electrolysis, proton exchange membrane, and solid oxide electrolysis. Amongst these green ammonia technology segments, the solid oxide electrolysis segment is anticipated to hold the largest market revenue of USD 496.38 Mn by the end of 2028, up from USD 7.89 Mn in 2019.

The main problem with the adoption of green ammonia is a lack of awareness among chemical manufacturers. For the green ammonia production process, the largest chemical companies in China, Japan, and Russia continue to use natural gas steam methanation technology. With increased knowledge of electrolysis technology and lower costs of renewable energy generation, the market for green ammonia is likely to rise throughout the forecast period.

KEY TAKEWAYS:

  • By the end of 2028, the European green ammonia market is expected to have the largest market share and generate revenue of US$ 558.03 million, up from US$ 7.49 million in 2019, thanks to an estimated CAGR of 65.37% over the forecast period.
  • The Netherlands is likely to have the largest market revenue of US$ 227.12 million in 2028, while Germany’s market is expected to grow at the fastest rate of 86.35% over the forecast period.
  • In 2028, Asia Pacific is expected to hold the second-largest market share, with revenue potential of US$ 190.69 million.
  • As per the green ammonia market trends during the forecast period, the alkaline water electrolysis segment in the Netherlands is expected to grow at the highest rate of 57.2%.
  • In Europe, the solid oxide electrolysis segment is expected to generate the most revenue in 2028, with US$ 323.67 million, up from US$ 4.51 million in 2019.

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Competitive Landscape:

Several globally established green ammonia companies, including Siemens (Germany), NEL Hydrogen (Norway), ThyssenKrupp (Germany), ITM Power (UK), and McPhy Energy (France), lead the green ammonia market.

  • MAN Energy Solutions, a mechanical engineering firm, announced plans to build an ammonia-fueled two-stroke engine for the marine industry in late 2019, and is in talks with Siemens for green ammonia supply.
  • Equinor ASA, Norway’s state-owned oil firm, inked a deal with Eidesvik Offshore in January 2020 to modify its Viking Energy supply vessel so that it may travel long distances using carbon-free renewable ammonia.

MISC Berhad of Malaysia, Samsung Heavy Industries of South Korea, Lloyd’s Register of the United Kingdom, and MAN Energy Solutions of Germany announced a project to build an ammonia-fueled tanker in the next three to four years in January 2020.

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Smart Factory Market is expected to grow at a CAGR of Approximately Over 2022-2030

Witnessing stupendous growth in the recent past, smart factory projects have been performing well on the back of rising adoption of analytics and cyber security tools. The global smart factory market value surpasses US$ 127.2 Bn in 2022. A new Future Market Insights (FMI) study has projected a solid double-digit growth for the market during forecast period, 2022 – 2030.

The worldwide coronavirus (COVID-19) pandemic has triggered considerable downturn across industries, particularly smart factory market. Deployment of smart technologies could be beneficial in breaking the pattern of the virus. However, massive slowdown in the manufacturing sector, especially in Asia, has strained economic activities across various industrial domains.

These factors are constantly putting pressure on smart factory market and would adversely affect the market supply chain.

Key Takeaways of Smart Factory Market Study

  • Software demand will grow at a significant CAGR throughout the forecast period.
  • Among software components, distributed control systems hold a leading market share as they are widely used in factories for monitoring and controlling various processes.
  • Discrete industry remains key revenue generator in smart factory market and would maintain the trend through 2030.
  • Business partnerships help increase revenue, and new innovations in IT domain are enabling smart factory solution providers reach new potential customers, globally.

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Industry 4.0 and Technological Advancements Boost Adoption of Smart Technologies

Advantages such as cost efficiency and enhanced productivity have led to upsurge in adoption of smart factory technologies. In addition, technological advancements have diminished the boundaries between the digital (cyber) and physical factory infrastructure. Intelligent interconnected systems seamlessly support activities along the entire value chain in factories.

Governments worldwide are promoting and supporting the Industry 4.0 revolution. Further, they are encouraging entrepreneurs and small & medium enterprises (SME) to create innovative products by using robotics, AI and big data analytics.

A comprehensive view of the smart factory market reveals that the market is escalating at a significant rate owing to growing demand for real-time analytics to deliver personalized ads.

Smart factory market in regions such as East Asia and Europe is anticipated to grow at high rates during the forecast period, owing to increased adoption of smart factory solutions and tools across various industries. Alliances with other providers, along with regional expansion, are some strategies opted by key players in these regions to fuel market growth.

More Valuable Insights on Digital Marketing Analytics Market

In its latest report, Future Market Insights offers an unbiased analysis of the global digital marketing analytics market, providing historical data for period of 2015-2021 and forecast statistics for the period of 2022-2030.

To understand opportunities in the digital marketing analytics market, the market is segmented on the basis of component (hardware, software, services), end-user (discrete industry, process industry), and industry vertical (automotive, aerospace & defense, electrical & electronics, food& beverages, energy & utilities, healthcare & pharmaceutical, others), across six major regions.

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Structural Health Monitoring Market is expected to grow at a CAGR of Approximately Over 2022-2025

The global structural health monitoring market is expected to register a global CAGR of 14.2% during 2017 – 2025, with APEJ, North America and Western Europe accounting for significant market value shares by the end of the forecast period.

FMI delivers key insights on the global structural health monitoring market in its report titled “Structural Health Monitoring Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2025.” Growth in the value of the global structural health monitoring market will remain attractive as the market is expected to grow continuously at a CAGR of 14.2% in terms of value during the forecast period 2017 – 2025. On the basis of component, the services segment is expected to register attractive growth over the forecast period in the global structural health monitoring market. Based on type, the wired structural health monitoring systems segment is expected to gain a higher market share during the forecast period in the global structural health monitoring market. In terms of generation of revenue, bridges & dams are the major contributors among all the application sub-segments in the structural health monitoring market.

The global annual revenue of the structural health monitoring market was valued at US$ 1,903.9 Mn by the end of 2017, which is expected to grow at a steady pace over the coming years. Apart from the APEJ region, the developed economies of North America and Western Europe are expected to collectively account for a majority share of the global structural health monitoring market. The North America structural health monitoring, Western Europe structural health monitoring and APEJ structural health monitoring markets are likely to dominate the global structural health monitoring market over the forecast period, with APEJ expected to grow with the highest CAGR during the forecast period.

Since past few years, the adoption of structural health monitoring has been increasing considerably, especially in the bridges and dams segment. These structural health monitoring technologies are expected to facilitate the overall monitoring process of critical engineering structures as they are required for the safety of human lives. The implementation of structural health monitoring technologies helps guard these engineered structures from various damages.

On the basis of FMI analysis, the hardware sub-segment of the component segment is expected to dominate the structural health monitoring market, with sensors being the major revenue generators in the hardware segment of the structural health monitoring market. On the basis of type, the wired structural health monitoring system segment will be a dominating segment in the global structural health monitoring market.

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The APEJ structural health monitoring market is expected to dominate the global structural health monitoring market due to high growth in the overall revenue generated by the hardware segment owing to the significant application of structural health monitoring in bridges and dams. Moreover, the cost and size of various sensors utilised in structural health monitoring have decreased over the last decade due to rapid technological advancements in the semiconductor industry along with intense competition among various manufacturers, especially in the APEJ region. Reduction in the cost of sensors, which are critical components in structural health monitoring systems, is driving the overall market in the APEJ region. The APEJ structural health monitoring market is expected to be a target market for market participants owing to the high growth opportunities in countries such as India and China.

Advancements in wireless technology are estimated to be among major factors driving the global structural health monitoring market in the North American region. Furthermore, major hardware manufacturers are laying emphasis on enhancing DAQ platforms for structural health monitoring systems, which is also boosting the market.

The structural health monitoring market in Western Europe has high potential owing to the implementation of these systems in critical infrastructure. In addition, local players lay emphasis on deploying wireless monitoring systems and sensors to monitor various complex structures in the Western Europe region, which is propelling the structural health monitoring market.

According to FMI analysis, some of the key market participants in the global structural health monitoring market report are National Instruments, Sixense Systems, Digitexx Data Systems Inc., Acellent Technologies Inc., COWI A/S, Kinemetrics Inc., Hottinger Baldwin Messtechnik GmbH, Geocomp Corporation, Nova Metrix LLC and Strainstall UK Ltd.

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