Market Research Blog

The wood preservative coatings market in the U.S. is expected to be driven by the rise in the single family house building. Also, the consumers in the state are demanding engineered wood owing to its cost-effectiveness and reduction in the construction timelines. For instance, in April 2017, the University of Massachusetts Amherst (Umass) opened an engineered wood building, the first in the U.S. using a wood concrete floor system. The wood coatings, additives and adhesives play an important role in achieving the desired properties. It is expected that the wood structural systems for four-twelve story buildings would be dominant in the U.S., which will lead to an increasing demand for wood preservative coatings during the forecast period.

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In April 2017, Trump administration announced to impose a tariff of 20% on the soft woods which enter the U.S state from Canada. Earlier, the trade between U.S and Canada were easy and not strict. In 2016, according to the U.S Commerce Dept., imports of the soft wood were about US$ 5.7 Bn. However, the recent change in the trade affair between the two countries is expected to impose barrier to the consumption of wood preservative coatings. The consumers in the states would have to pay more in building or renovating their homes, owing to this tariff imposition. Hence, it is expected that the wood preservative coatings market in North America is expected to grow at a steady growth rate of 5.8% Y-o-Y till 2018, after which it is expected to fall.

The high solid technology involves less solvent use and more solids, which is currently a prominent trend in the North American wood coatings market. Also, the low odor and high durable coatings are more preferred by the consumers in North American wood preservative coatings market.

The trend of usage of water-borne coatings is significant in the North America wood preservative coatings markets. The increasing awareness among consumers about the usage of eco-friendly coating products is prevailing.  Also, the UV wood coatings are being used for industrial applications owing to its fast curing and high production efficiency.

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Global Wood Preservative Coatings Market: Segmental Forecast

Preservative coating type segment is further divided into the categories of water repellant, fire retardant and insect repellant, is expected to project a CAGR of 5.4% in terms of volume. In terms of value, fire retardant coating type segment is expected to project a CAGR of 6.0% during the forecast period. Stains, varnishes and shellacs, together account for 56% of the market share in coating type segment by 2017 end. Whereas, furniture segment is expected to decrease by 40 basis points in 2027 from 2017 to account for US$ 1,612.4 Mn by 2027 end.

The preservative coatings for the wood products are essential for increasing its life span. Among various preservatives, insect repellant is estimated to hold major share both in terms of value and volume owing to its inherent advantages of protection from decay. The borates, azoles, pentachlorophenol etc. type of insect preservatives dominate among others.

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The fire retardant are the chemicals which are impregnated by pressure process to reduce the flame spread and smoke development, in order to improve the wood safety. The fire retardants in terms of value, is expected to expand at 6.0% CAGR during the forecast period.

The market for stains, varnishes type wood coatings is quite fragmented with the presence of domestic players. The demand for protective as well as decorative purpose influences the stains and coatings type wood coatings. Also, the sales of these coatings are majorly dependent on construction type. In terms of volume, the varnishes segment of the coating type is expected to expand at 5.4% CAGR during the forecast period.

FMI delivers key insights on the global electric vehicle battery market in its latest report titled “Electric Vehicle Battery Market: Global Industry Analysis and Opportunity Assessment 2017-2027.” The long-term outlook on the global electric vehicle battery market remains positive with the market value expected to increase at a CAGR of 8.5% during the forecast period (2017-2027). Among battery types, the lithium ion battery segment in the electric vehicle battery market is expected to expand at a CAGR of more than 9% in terms of value over the forecast period. The global electric vehicle battery market for passenger cars is estimated to be valued at US$ 31.7Bn by the end of 2027.  APEJ is estimated to account for a value share of 24% in the global electric vehicle battery market by the end of 2017, and is expected to dominate the market during the forecast period as well. In this report, FMI throws light on the drivers and restraints likely to impact the electric vehicle battery market during this period.

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Electric Vehicle Battery Market Overview

[288 pages Report] The electric vehicle battery market is valued at nearly US$ 8 Bn in 2021. The market is likely to grow at a CAGR of 8.5% CAGR through 2027 to reach US$ 13 Bn.

Attribute	Details
Estimated Market Size of Electric vehicle battery market by 2027	US$ 13 Bn
Market Size of Electric vehicle battery market in 2021	US$ 8 Bn
CAGR during 2021-2027	8.5%

Hybrid electric vehicle is the most lucrative in the application segment holding 70% of the market share by the end of 2027.

Passenger cars are leading in the product type segment in the global electric vehicle battery market.

Along with this, ongoing research in the field of lithium ion batteries to enhance its range and will allow electric vehicle to have longer range. It is projected that lithium ion batteries will continue to lead the Electric Vehicle Battery market and will grow at a CAGR of 9.4% in terms of value during the forecast period.

The demand for other type of batteries such as lead acid and nickel hydride battery are growing at a slow pace as compared with lithium ion battery and it is projected that the combine market size of all other battery types will reach more than US$ 13 Bn by 2027 in the electric vehicle battery market.

Global textile auxiliaries sales are projected to reach 2.58 million tonnes in 2017, up from 2.49 million tons in 2016. In terms of value, the global textile auxiliaries market will reach US$ 7.76 Bn in 2017.

The global automotive garage equipment market is estimated to be valued US$ 24.4 Bn in 2022, increasing at a CAGR of 4.3% during the projected period of 2022 and 2029. This growth is significantly driven by stringent emission and other regulations of vehicle diagnostics equipment in the automotive industry.

Future Market Insights’ new market research study on the automotive garage equipment market contains global industry analysis 2014 – 2021 and opportunity assessment 2022 – 2029. The report investigates the automotive garage equipment market and provides critical insights for the forecast period of 2022 – 2029.

As per the key findings of the report, the global automotive garage equipment market is anticipated to experience substantial growth over the forecast period due to increase in the demand for replacement and maintenance of automotive components.

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FMI’s study opines that growing popularity of independent garages among consumers is one of the key trends that is shaping the global automotive garage equipment market. However, the onset of innovative technologies and R&F activities is expected to enhance the functionalities and capabilities of modern automotive garage equipment.

Significant Growth Opportunities in the APEJ Automotive Garage Equipment Market

Asia Pacific Excluding Japan is projected to show heavy upsurge in the automotive garage equipment market owing to increasing penetration of new franchises and up gradation in independent repair shops and garages particularly in India and china. The region accounts for largest two wheeler fleet and higher density of light and heavy vehicles.

China is projected to witness heavy growth owing to increase in number of light and two wheelers and India is projected to hold significant share in the automotive garage equipment market owing to growth in independent garages and repair shops. Propensity of these countries towards technological advancements in the garage equipment’s is creating an opportunity for the market during the forecast period.

High Demand for Garage Equipment from Independent Garages Propelling the Market Growth.

The global automotive garage equipment market has been segmented based on vehicle type, equipment type, garage type and regions, such as North America, Latin America, Western Europe, Eastern Europe, APEJ, Middle East & Africa, and Japan.

• Shifting consumer preference towards independent garages in comparison to franchise garage is one the major factors driving the growth of garage equipment’s in the market. Independent garages offer similar services and capabilities as franchise garages along with economical price bands as OEMs. According to primary surveys about ~80% of the consumers in Asia prefer independent garages over OEM dealerships due to the maneuverability, ease, and flexibility offered by them at a reduced cost and time. As a result, the growing demand for independent repair shops is in turn expected to drive the need for garage equipment.
• Majority of OEMs are planning strategic initiatives to expand dealerships and after sales service capabilities in rural areas. The strategy lies in establishing repair & maintenance dealerships and for franchised garage operators to expand their service presence and portfolio. Vehicle manufacturers have now shifted their focus towards the rural market as it seems to be significantly more opportunistic. This in turn, will drive automotive garage equipment during the forecast period.
• Light vehicles garages are projected to emerge as the major contributor to the demand for garage equipment, reason being demand for new and advanced garage equipment products. This will in turn create significant demand for advanced garage equipment, such as vehicle diagnostics & testing equipment, wheel & tire alignment equipment, etc.

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Automotive Garage Equipment Market: Vendor Insights

The report highlights some of the prominent market players, who have established themselves as leaders in the global automotive garage equipment market. Few examples of key players in the market are Symach Srl, Nussbaum Automotive Solutions, SAMVIT GARAGE EQUIPMENTS, MAHA Maschinenbau Haldenwang Gmbh & Co. KG, Snap-on Incorporated, Robert Bosch GmbH, Continental AG, and Forward Lift Company (Dover Corporation), and Standard Tools and Equipment Co., among others.

The global automotive garage equipment market is significantly dominated by some players holding prominent shares of the market. Tier-1 players are focused on mergers, acquisitions and joint ventures with local market players and launch of technically advanced garage equipment’s in order to achieve the ongoing trend thereby gaining a competitive edge over its peers.

Explore FMI’s Extensive ongoing Coverage on Automotive Domain

Aircraft Transparencies market: According to latest study, aircraft transparencies market is set to witness steady growth during 2021-2031.

Aerospace Accumulator Market: According to latest research, aerospace accumulator market is set to witness steady growth during 2021-2031.

Aero Engine Coatings Market: According to latest research, the aero engine coatings market is set to witness steady growth during 2021-2031.

Active Spoiler Market: As per the ongoing study, active spoiler market will grow at a positive rate during 2021-2031.

Camshaft Lifters Market: According to the research, the Camshaft Lifters market is anticipated to exhibit healthy growth between 5% and 6% during the assessment period of 2021 to 2031.

Aircraft Refueling Hose Market: According to latest research, the aircraft refueling hose market is projected to expand between 4.0% and 6.0% CAGR during the 2020-2026 assessment period.

Boat Hook Market: According to recent study, the global boat hook market is predicted to develop at a CAGR of 3% to 5% between 2021 and 2031.

Bus Flooring Market: According to the study, the bus flooring market is projected to exhibit a marginal growth rate between 3% and 4% during the assessment period of 2021 to 2031.

Crankshaft Position Sensor Market: According to research, the crankshaft position sensor market is expected to increase multi-fold during 2021 to 2031, reflecting a CAGR of 8%-10% over the said period.

Automotive Convertible Top Market: According to study, the convertible top market is projected to witness growth of over 6% CAGR during the forecast period 2021- 2031.

According to a new report published by Future Market Insights titled “Automotive Repair and Maintenance Services Market: Global Industry Analysis & Opportunity Assessment, 2016 – 2026”, the global automotive repair and maintenance services market is estimated to reach a market valuation of US$ 441.3 Bn by 2016 end, witnessing a 5.6% CAGR between 2016 and 2026. Automobile dealership owners will continue to hold dominant share in the global automotive repair and maintenance services market accounting for over 25% share of the total market by the end of 2016.

Demand for automotive repair and maintenance services is driven by the increase in vehicle age. With the improvements in material and technology used for automotive manufacturing, the mean age of passenger cars in the U.S. increased from 9 years in 2000 to 11.6 years in 2015. With the rising vehicle sales in the U.S. and Western Europe, the demand for automotive repair and maintenance services is expected to rise exponentially. Also, a reduction in gas and oil prices has led to an increase in the total miles driven by vehicle owners and this being related to vehicle parts wear and tear, there is a growing need for vehicle maintenance and repairs – this is another factor driving the growth of the global automotive repair and maintenance services market.

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Segmentation analysis

Future Market Insights’ report on the global automotive repair and maintenance services market offers useful insights on market performance of the various segments of the global automotive repair and maintenance services market. Some of the highlights of our research reveal the following vital points:

• Demand for various services and parts in the automotive aftermarket such as tires, engine oil, and wear and tear parts will continue to gain traction in the coming years
• The tires segment is forecast to register a CAGR of 7.9% during 2016 – 2026
• The wear and tear parts and engine oil services and parts segments are expected to represent 14.1% and 8.6% shares of the total incremental opportunity in the coming decade
• The automobile dealerships service provider segment is anticipated to be valued in excess of US$ 100 Bn by this year end, witnessing a CAGR of 4% during the forecasted period
• The passenger cars vehicle type segment was the maximum value generating segment in terms of vehicle type in 2015 and is projected to gain significant market share over the forecast period. This segment is anticipated to gain 200 BPS between 2016 and 2026 due to higher sales of passenger cars in the coming years

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How have we segmented the market?

To understand and assess opportunities in the global automotive repair and maintenance services market, we have divided the report into four sections based on market segmentation as under:

By Services and Parts

• Engine Oil
• Gear Oil
• Brake Oil
• Grease
• Tires
• Batteries
• Wear and Tear Parts
• Air Filter
• Cabin Filter
• Oil Filter
• Wiper Blades
• Collision Body
• Starters and Alternators
• Lighting
• Exhaust Components
• Spark Plugs

By Service Provider

• Automobile Dealerships
• Franchise General Repairs
• Specialty Shops
• Locally Owned Repair Shops/Body Shops
• Tire Shops
• Others

By Vehicle Type

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Regional analysis

North America is the largest market for automotive repair and maintenance services accounting for over 26% market share in terms of revenue in the global automotive repair and maintenance services market by the end of 2016. The APEJ automotive repair and maintenance services market is projected to hold significant market share in terms of value in the global automotive repair and maintenance services market over the forecast period, exhibiting a CAGR of 8.6% over the forecast period. This is attributed to increasing vehicle parc in this region and an under developed road infrastructure in many countries of APEJ.

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Vendor insights

The global automotive repair and maintenance services market report analyses the business performance including short-term and long-term strategies, service offerings, and other developments of a few of the top market players operating in the global automotive repair and maintenance services market. The companies profiled in the report are Asbury Automotive Group Inc., Jiffy Lubes International Inc., Monro Muffler Brake Inc., Driven Brands Inc., and Belron International Ltd. Mergers and acquisitions seems to be the most preferred strategy adopted by several market players to expand their global presence and increase market share.

Top Reports Related To Automotive Market Insights

Advanced Driver Assistance System (ADAS) Testing Equipment Market : As per a recent market survey by ESOMAR-certified consulting firm Future Market Insights (FMI), the global ADAS testing equipment market reached US$ 222,486 Thousand in 2021.

Electric Bike Market : FMI delivers key insights on the global electric bike market in its latest report titled “Electric Bike Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027.” The long-term outlook on the global electric bike market remains positive with the market value expected to increase at a CAGR of 3.1% during the forecast period (2017-2027).

According to Future Market Insights (FMI), sales in the automotive wires are projected to rise at a 5.9% CAGR over the assessment period, reaching a valuation of US$ 9.8 Bn in 2021. Increasing sales of electric vehicles, along with growing adoption of digital modules in commercial vehicles are expected to propel sales of automotive wires at 5.1% CAGR in terms of volume.

To curb greenhouse emissions, governments in various countries have imposed stringent regulations. In response to this, consumers are preferring fuel-efficient and lightweight vehicles. This has resulted in high demand for aluminum-based automotive wires.

Aluminum automotive wires have low surface gravity and are cost-effective. Owing to these benefits, sales of aluminum and aluminum alloy-based automotive wires are projected to remain high in the forthcoming years.

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Besides this, growing popularity of autonomous and electric vehicles is expected to provide impetus to growth of the automotive wires market. These vehicles comprise complex interconnected systems, comprising sensors, digital displays, cameras, and internet connectivity, which require efficient automotive wires.

Improvements in connective technology used in autonomous vehicles will continue fueling sales of automotive wires. In addition to this, efforts to reduce weight on the engine body will also boost sales of aluminum automotive wires, further augmenting growth of the market.

“Rising adoption of advanced driver assistance systems (ADAS) in passenger and commercial vehicles is expected to propel sales of automotive wires. Along with this, product developments supporting application of new materials such as alloys for automotive wires manufacturing will complement growth of the market over the forecast period,” says an FMI analyst.

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Key Takeaways:

• Based on material type, demand for copper automotive wires is expected to surge at a steady pace through 2031.
• In terms of vehicle type, sales of automotive wires in the electric vehicles segment are projected to remain high.
• Applications of automotive wires in the chassis and safety segment are expected to gain momentum over the assessment period.
• The U.S. is expected to dominate the North America automotive wires market, with sales growing at a 4.0% CAGR across the region.
• Germany will emerge as a lucrative pocket. Demand for automotive wires in Europe is projected to soar at a 5.0% CAGR through 2031.
• China will account for a dominant share of the East Asia automotive wires market, due to easy availability of raw materials.
• South Korea and Japan will collectively account for 5.2% of the total automotive wires market share in 2021.

Key Segments Covered in Automotive Wires Market Report

On the basis of material type, the Automotive Wires market can be segmented into:

• Copper
  • Oxygenic Copper
  • Pure Copper (Oxygen Free)
  • Copper Silver (CuAg)
  • Copper Magnesium (CuMg)
  • Copper Tin (CuSn)
• Aluminum
• Others (Nickel, etc.)

On the Basis of vehicle type, the Automotive Wires market can be segmented into:

• Conventional Fuel Vehicles
  • Passenger Vehicle
  • Commercial Vehicle
• Electric Vehicles
• Hybrid Vehicles

On the Basis of application, the Automotive Wires market can be segmented into:

• Chassis and Safety
  • Conventional Chassis
  • Semi-forward Chassis
  • Full-forward Chassis
• Body
  • Facia
  • Roof
  • Door & Window
  • Seat
  • Interior
• Heating Ventilation & Air-Conditioning (HVAC)
• Engine
• Sensors

On the Basis of Region, the Automotive Wires market can be segmented into:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Excluding Japan (APEJ)
• Japan
• Middle East & Africa (MEA)

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Competitive Landscape

LEONI AG, Sumitomo Electric Industries, Ltd., Fujikura Ltd., Delphi Automotive Plc., PKC Group, Furukawa Electric Co., Ltd, Yazaki Corporation, General Cable, Lear Corporation, Draka (Subsidiary of Prysmian Group, Samvardhana Motherson Group, Allied Wire & Cable, Inc., Coroplast Fritz Müller GmbH & Co. KG., Kromberg & Schubert, Acome, Yura Corporation, and Kyungshin Corporation are among the leading manufacturers of automotive wires.

As per FMI’s analysis, top 5 automotive wires players comprising Yazaki Corporation, Sumitomo Electric, Aptiv plc, Leoni, and Lear Corp. are projected to account for 75% of the total automotive wires market share.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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A recent market study published by Future Market Insights on the event management software market includes a global End-user analysis for 2016-2020 and opportunity assessment for 2021-2031, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical as well as current growth parameters, growth prospects of the market are obtained with maximum precision.

Future Market Insights (FMI) has stated that the global event management software market is expected to rise steadily at a CAGR of 14.1% during the forecast period of 2021 to 2031. Event data is indispensable for event organizers since it helps them monitor social media engagement, attendance, and measure the overall success of any event.

Key Takeaways of Event Management Software Market Study

• The cloud based deployment to grow 4.0x of the current market value by the end of 2031
• Increasing penetration of IoT and real-time analytics will drive growth in U.S., enabling it to account for a little below 65% of North America market in 2021
• Double-digit y-o-y growth at over 10% will seal U.K.’s position as a lucrative market within Europe
• Increasing number of events organized in Germany and France, will drive Europe event management software market
• Within East Asia, Japan and South Korea are expected to emerge as strong markets, exhibiting double-digit growth

Rising Demand for Mobile Event Management Applications

The usage of applications is increasing at a tremendous rate with each day passing, and various apps are being considered crucial for most businesses. The event apps are making things quicker, easier and more interactive to the event industry. The increase in the engagement of interactive mobile event applications has been emerging as one of the biggest event trends. Thus users are demanding more event applications offering better quality and services.

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Key questions answered in the report

• How will event management software market expand until 2031?
  FMI projects the global event management software market to register a CAGR of 14.1% between 2021 and 2031.
• What are the major challenges to event management software market growth?
  Integrating event management software with customer relationship management tools or other business functionalities is a complicated process and requires high technical expertise, which is a significant factor, restraining growth of the market.
• Who are the leading players in event management software market?
  Prominent players operating in the global event management software landscape include InEvent, Inc., Ungerboeck, Eventzilla, Certain, Inc., Hubilo Technologies Inc. and Eventbrite among others.
• What are the major trends, impacting the event management software market growth?
  Education institutions are increasingly adopting cloud-based event management solutions for organising alumni events, educational conferences and recruitment fairs. Thus cloud-based solutions adoption is gaining traction in the education sector.
• Which is the leading event management software market?
  North America currently dominates the global event management software market. Within North America, the U.S. is expected to remain the leading market over the coming decade.

According to a new market study by Future Market Insights (FMI), the HVDC transmissions system market is forecasted to witness healthy growth between 2018 and 2028.

Growing demand for HVDC transmission systems among power transmission industries and emerging economies is forecasted to serve as a major growth driver to the market. Furthermore, augmenting adoption of HVDC transmission systems in offshore wind projects, coupled with rising demand for these systems for long-distance transmission will equally complement market growth.

Furthermore, the Line Commutated Converter (LCC) technology used in HVDC transmission is highly economical and results in minimal power losses. The growing adoption of HVDC transmission systems for long-distance transmission is ascribed to the low expense of total current transmission line over large distance as compared to alternating current lines for the same distance.

“The installation of a transmission system involves various components, such as converters, smoothing reactors, and harmonic filters, which increases the cost. As this holds back the growth of the market, manufacturers are focusing on entering partnerships with component suppliers to lower the installation cost”, opines FMI analyst.

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HVDC transmissions system market – Key Trends

• The rising number of government initiatives related to HVDC transmissions systems is offering substantial revenue opportunities to the market.
• A growing number of offshore wind farms and the substantial adoption of HVDC transmission systems will continue to drive the market on a positive trajectory.

HVDC transmissions system market – Regional Analysis

• North America is forecasted to maintain hegemony over the regional landscape owing to a high preference for renewable energy.
• Asia Pacific excluding Japan (APEJ) and Japan are collectively expected to grow at a value CAGR of 19.7%, which represents a growth of nearly 2.3x as compared to the overall market.

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HVDC transmissions system market – Competitive Landscape

Some of the key players operating in the market include ABB Ltd., Siemens AG, Toshiba Corporation, General Electric, Mitsubishi Electric Corporation, Prysmian SpA, TransGrid Solutions Inc., Abengoa S.A., ATCO Ltd., and LS Industrial Systems Co., Ltd. among others. Market players are focusing on launching new products, acquisitions & mergers, and expansions to sustain in the market. On this premise,

• In April 2018, ABB Ltd. announced the launching of ABB Ability – the first combined solution for digitally enabled power transformers at the Hanover Fair in Germany.

HVDC Transmissions System Market – Taxonomy

System Component:

1 – Solution

• AC & DC Harmonic Filters
• Converters
• DC Lines
• Circuit Breakers
• Others

2 – Services

Technology:

• LCC (Line Commutated Converters)
• VSC (Voltage Source Converters)
• Others

Deployment

• Overhead
• Underground
• Subsea
• Combination

Power rating:

• Below 1000 MW
• 1000 – 2000 MW
• 2000 MW & above

Region:

• North America
• Latin America
• APEJ (Asia Pacific Excluding Japan)
• Japan
• Eastern Europe
• Western Europe
• MEA (Middle East & Africa)

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Get Valuable Insights into the HVDC Transmissions System Market

Future Market Insights, in its new offering, provides an unbiased analysis of the HVDC transmissions system market, presenting historical demand data and forecast statistics for the period from 2018-2028. The study divulges compelling insights on the HVDC transmissions system market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

According to FMI, the global social business intelligence solutions market worldwide is estimated to be worth US$ 17 Bn by 2017 end, vis-à-vis revenue from worldwide deployment. Rising at a CAGR of 6% from 2016 to 2026, the market and is predicted to reach a valuation of US$29 Bn by the end of 2026.

Some of the prominent players operating in the market are SAP SE, SAS Institute Inc., Logi Analytics, Inc., TIBCO Software, Inc., Alteryx Inc., MicroStrategy, Inc., Microsoft Corporation, Qlik Technologies, Inc., and Tableaue Software, Inc., notes Future Market Insights (FMI). A number of these players are focusing on big data applications emerging from various end-use industries, notably healthcare to consolidate their shares. They are exploring prospects in the development of social media tools and software. Several companies in the market are substantially investment in research and development aimed at wearable technologies based on social business intelligence to gain a competitive edge over others.

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The various end-use verticals for the social business intelligence market are BFSI, healthcare and life sciences, consumer goods and retail, travel and tourism, IT and telecommunication, media and entertainment, and government. Of these, the BFSI sector is the leading segment as it held a major market share of 20.2% of all the verticals in 2016. The segment is anticipated to retain its dominance throughout the assessment period. However, the travel and tourism segment is anticipated to rise at higher year-over-year growth from 2017 to 2026.

Rising Ubiquity of Social Media to Bolster Demand

The growing demand for big data analytics tools for the analysis of social media, coupled with the rising ubiquity of social networks world over, is a key factor driving the market. The pressing need for next-generation analytical data generation technologies and management systems across modern enterprises is a primary factor driving the market in various regions. The robustly rising popularity of social media among product and customer service teams, largely on account of benefits that percolate beyond marketing and promotion, is a key trend accentuating the market. The growing demand for various big data tools such as Hadoop in managing vast sets of unstructured data emanating from online and social media sites and CRM conversations is a notable trend catalyzing the demand for social business intelligence tools. This is motivated by the intensifying needs to garner data-driven insights into customer taste and preference across enterprises.

The pressing need for gaining customer insights in real-time for accelerating time-to-market is a key aspect of a fast-growing modern enterprise, necessitating the demand for social business intelligence tools. The rising adoption of cloud-based technologies and services will expectedly create exciting opportunities for market players in the coming years.

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Data Security Major Concerns, Advanced Enterprise Data Operating Systems to Open up Exciting Avenues

The concern of privacy of data and their enterprise security are key factors likely to hamper the demand for social business intelligence to an extent. Nevertheless, the marked shift of enterprises workloads from on-premise to cloud is expected to allay these mounting concerns, thereby bolstering the demand for social business intelligence. In addition, the advent of advanced enterprise data operating systems has led players overcome the constraints associated with traditional database systems, notably SQL servers.

The growing popularity of Hadoop for building large-scale database has enabled enterprises manage large operational requirements. This is a welcome trend in the global social business intelligence market. Furthermore, the introduction of YARN and MapReduce has substantially expanded the capabilities of Hadoop, thereby creating lucrative avenues for market players.

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The study presented here is based on a report by Future Market Insights (FMI) titled, “Social Business Intelligence Market: Global Industry Analysis and Opportunity Assessment, 2016–2026.”

The global social business intelligence market is segmented based on:

By Deployment Type

• On-premise
• Cloud-based

By Size of Enterprise

• Small Enterprise
• Medium Enterprise
• Large Enterprise

By Vertical

• BFSI
• Healthcare and Life Sciences
• Consumer Goods and Retail
• Travel and Tourism
• IT and Telecommunication
• Media and Entertainment
• Government
• Others

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