Market Research Blog – Page 3560 – New Product Development

Set-Top Box Market Projected to Reach US$ 57.7 Billion by 2032, Fuelled by a Robust 5.6% CAGR Growth

The global set-top box market is expected to reach a market valuation of US$ 33.4 Billion by the year 2022, accelerating with a moderate CAGR of 5.6% by 2022-2032. Set-top box market size is anticipated to be valued at about US$ 57.7 Billion by 2032 end.

The expansion of the set-top box market is anticipated to be aided by the increasing availability of high-definition channels and on-demand video content over the next few years. Technology advancements in the set-top box market, such as 4K and 8K support, and the incorporation of smart home services in STBs, are favourably impacting TV viewership trends.

New UHD and OTT boxes from established companies will also help the market grow. Set-top box market growth will be substantial as a result of government attempts to hasten the digitalization of TV services, especially in Latin America and Asia and the Pacific.

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The growing popularity of online video streaming on mobile devices such laptops, tablets, and smartphones have a negative impact on the demand for traditional television setup boxes.

The number of Indian OTT users increased by 30% from March 2020 to July 2020, according to data from the India Brand Equity Foundation (IBEF). There is speculation that the set-top box market may be affected by the cheaper subscription pricing of OTT platforms in comparison to TV channels, as well as by their many capabilities, including remote accessibility.

The COVID-19 pandemic of 2020 and 2021 was devastating to the economy. A considerable slowdown in new setup box installations occurred as a result of numerous difficulties faced by the business, such as the restriction of social movements and the product shortage brought on by the prohibition on transportation.

The pandemic had a devastating financial impact on set-top box market leaders like Broadband SAS, Mybox Technologies Pvt Ltd., Kaon Media Co., Ltd., and TechniSat Digital GmbH. But after the pandemic, the set-top box market should see stable demand as people transfer their attention to better TV viewing experiences.

Key Takeaways from the Set-Top Box Market Report:

The demand for set-top boxes is predicted to expand globally as a result of the rapid development of the digital broadcasting sector and the widespread use of smart television.
In order to stay competitive, major set-top box market players have introduced OTT set-top box devices to cater to the increasing demand for over-the-top (OTT) services, especially among millennials.
The introduction of the brand new COVID-19 also had a constructive effect on the expansion of the STB industry. Between 2020 and 2021, the worldwide market for set-top boxes (STBs) expanded by 11% annually.
The Chinese set-top box market is anticipated to hold a substantial share of 16.3% of the global market.
Key businesses are feeling pressure to provide set-top boxes with higher definition as demand for high-definition television increases among the younger demographic.
The need for HD setup box is predicted to increase with the release of 4K-high resolution android customised set-top boxes in major markets like the United States, India, and Australia.
The need for set-top boxes will increase in the next years, especially in emerging economies like India, China, and Malaysia. As more people share their lives on social media, there has been a rise in the need for high-resolution video.
The US set-top box market is expected to grow at rate of 5.4% throughout the forecast period.

Leading Market Key Players:

Humax Co. Ltd.
Huawei Technologies Co. Ltd.
Kaonmedia Co. Ltd.
Technicolor SA
ADB (Advanced Digital Broadcast) SA
Sagemcom SAS
Samsung Electronics Co. Ltd.
ARRIS Group Inc.
EchoStar Corporation
Texas Instrument
Broadcom

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Recent Developments:

During the month of March 2021, Discovery+ declared its alliance with the JioFiber set-top box. JioFibers customers can now access world-class content from Discovery+ in 40+ categories, including science, adventure, gastronomy, and lifestyle animation.

To facilitate the rollout of a whole-home connected entertainment environment incorporating multi-room DVR with the backing of the digital living network alliance, Broadcom has announced the release of high-definition satellite set-top box SoC solutions with integrated MoCA(R).

Set-Top Box Market By Segmentation:

By Product:

Cable Set-Top Boxes
Satellite Set-Top Boxes
IPTV Set-Top Boxes
OTT (Over the Top) Devices

By Video Quality:

Standard-Definition Set-Top Boxes
High-Definition Set-Top Boxes

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa (MEA)

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On-Shelf Availability Solutions Market Set to Surge: Anticipated 8.4% CAGR, Expected to Reach US$ 6.02 Billion by 2028

The on-shelf availability solutions market is experiencing robust growth, boasting an impressive Compound Annual Growth Rate (CAGR) of 8.4%. Projections indicate that this market is set to reach a substantial value of US$6.02 billion by the year 2028.

This growth reflects the increasing importance of On-Shelf Availability Solutions in the retail industry. These solutions play a crucial role in ensuring that products are readily accessible to consumers on store shelves, reducing out-of-stock situations, and enhancing overall shopping experiences.

On-shelf availability solutions are the technological tools that help retailers maintain, analyze, and monitor the availability of various products in their stores. On-shelf availability solutions are generally based on RFID technology & Internet of Things (IoT) sensors and help in inventory management by monitoring the status of inventory and supply chain. On-shelf availability solutions help reduce out-of-stock situations by identifying potential issues and help in quickly resolving them to improve the overall profit margins.

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Increasing technological advancements in the retail sector, increasing collaborations between retailers & suppliers, accurate demand opportunity assessment, and the rising need for business automation are some of the major factors fuelling the growth of the on-shelf availability solutions market. However, the risk of unauthorized access to data, higher deployment costs, and operating in a dynamic environment are some of the major challenges that are hampering the growth of the on-shelf availability solutions market.

To understand and assess the demand and opportunities in the on-shelf availability solutions market, the on-shelf availability solutions market report is categorically split into five major sections: on-shelf availability solutions market analysis – by component, by deployment type, by application, by end-user, and by region.

On the basis of components, the on-shelf availability solutions market is segmented into software and services. The software segment of the on-shelf availability solutions market is expected to dominate the market throughout the forecast period with a market share of 75.0% and 75.7% in 2018 and 2028 respectively.

On the basis of deployment type, the on-shelf availability solutions market is segmented into on-premise and SaaS segments. The on-premise segment of the on-shelf availability solutions market is expected to dominate the market for the maximum duration of the forecast period owing to the high CAGR associated with it. The SaaS segment of the on-shelf availability solutions market is expected to grow from US$ 729.7 Million in 2018 to US$ 2,210.0 Million in 2028.

On the basis of application, the on-shelf availability solutions market is segmented into historical data analysis, response time analysis, vendor pattern analysis, potential risk analysis, and others. The response time analysis application segment of the on-shelf availability solutions market is expected to dominate the market throughout the forecast period and enjoy a market share of 27.6% % and 31.5% in 2018 and 2028 respectively.

Leading Key Players:

International Business Machines Corporation
Panasonic Corporation
SAP SE
Impinj, Inc.
Mindtree Ltd.
Retail Solutions Inc.
Retail Velocity
Market6, Inc.
Lokad
Verix
Frontier Field Marketing
NEOGRID
eBest IOT
Enterra Solutions LLC

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On-shelf Availability Solutions Market Segmentation:

By Component:

Software
Service

By Application:

Historical Data Analysis
Response Time Analysis
Vendor Pattern Analysis
Potential Risk Analysis

By Deployment Type:

On-premises
SaaS

By End User:

CPG Manufacturers
Retailers
Online Retailers
Suppliers
Warehouses

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa

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Weather Information Technology Market Soars: Projected 6.1% CAGR Growth Leading to US$ 7.2 Billion by 2029

The weather information technology market is anticipated to reach US$ 4,772.7 million in 2022 and grow at a CAGR of 6.1% to US$ 7,216.3 million by 2029. Nearly 5% of the global market for environmental technology is made up of weather information technology. Public weather services can be improved thanks to the emergence of new communication networks and prediction technologies such wireless communication, nowcasting systems, and digital database forecasting (PWS).

Meteorologists are visualizing data from weather radar and forecasting models using technologies like augmented reality to help viewers get ready for impending storms. The weather information technology market refers to the growing demand for advanced technologies and services that provide accurate and up-to-date weather information. It includes various solutions such as weather forecasting systems, climate monitoring systems, disaster warning systems, and others.

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The market is expected to grow significantly in the coming years due to increasing demand for accurate weather information for various industries, such as agriculture, aviation, energy, and transportation, as well as increasing concern over the impact of extreme weather events and the need for disaster risk reduction and management. Additionally, advancements in data collection, processing, and analysis technologies are also driving growth in the market.

To ensure a steady supply of renewable energy, use weather information technology.
Extreme weather poses a serious threat to nuclear power facilities by interfering with the operation of equipment and processes that are essential for safe operation. To ensure that their consumers have access to energy, energy companies need accurate weather data. The direction and force of the wind have an impact on how much power is produced by wind turbines.

Weather monitoring is necessary to produce renewable energy in the form of solar and wind energy. This pattern predicts that weather forecasting will become more widely used, leading to a large expansion of the market for weather information technology.

Competitive Landscape:

Weather information technology providers are continuously focused on cost reduction of the product and improved services by implementing different strategies such as product innovation, partnership, acquisition and geographical expansion. With these strategies, key players expect to strengthen their presence in the global market and develop advanced weather forecasting technologies.

Leading Key Players:

Lockheed Martin Corporation
Vaisala OYJ
Sutron Corporation
Campbell Scientific Inc.
Coastal Environmental Systems, Inc.
Columbia Weather Systems Inc.
Met One Instruments Inc.
Morcom International Inc.
MUNRO INSTRUMENTS LTD
Skye Instruments Ltd
The Weather Company
Accuweather, Inc.

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Weather Information Technology Market Segmentation:

By Solution:

Weather Information Technology Systems
- Automatic Weather Stations
- Automated Weather Observing System (AWOS)
- Sounding Systems
- Weather Radar
- Others (Lightening, Air Quality)
Weather Information Technology Services
- Maintenance Services
- Consulting Services

By Application:

Air Quality Monitoring
Weather Monitoring
Weather Forecasting
Others

By Industry:

Utilities
Agriculture
Military & Defense
Transportation
Marine
Aviation
Others (Mining, Chemicals)

By Region:

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

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Gasket and Seal Market Size Anticipated to Reach US$ 152,911.56 million by 2034

The need for gaskets and seals is expected to skyrocket in the next years. This is because governments require strict standards and specifications to eliminate the danger of hazardous substance leaking. Furthermore, gaskets and seals are used by the automotive, machinery, electrical, and electronics industries to improve the performance efficiency of their industrial operations. These devices are used to manage emissions and reduce the possibility of unanticipated downtime.

According to FMI, the global gaskets and seals market will expand at a 2.10% CAGR during the forecast period. The value of the industry is expected to increase from US$ 87,012.9 million in 2024 to US$ 152,911.56 million by the end of 2034.

The automotive industry’s rigorous emission requirements are one of the primary factors driving demand for gaskets and seals. The industrial sector is projected to see an increase in demand for advanced power transmission seals. This is due to improved seals’ ability to drastically reduce power diversion. These seals are made using particular materials and novel designs to perform effectively in harsh environments.

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Key Takeaways from the Gaskets and Seals Market:

China is predicted to bag the largest market share in the course of the next 10 years. The revenue generation of the gaskets and sales market in China is estimated to stand at US$ 44.2 billion by 2033. The market is expected to trail at the fastest CAGR of 7.1% in the meantime.
The U.S. is expected to follow behind China and is assessed to witness sales of US$ 20.8 billion by 2033. The region is predicted to witness a CAGR of 3.9% over the forecast period. The growth in the country can be attributed to the growing demand for superior sealing solutions from multiple industries. The use of sealing materials helps safeguard the final products from any kind of contamination.
UK is a significant market for seals and gaskets in the European continent. The United Kingdom gaskets and seals market is anticipated to attain US$ 3.4 billion by 2033, expanding at a CAGR of 4.4%. Extensive use of seals in the oil and gas industry in the country is propelling market growth.
The demand for seals is projected to be high over the next decade. The segment is projected to grow at a CAGR of 4.8% over the forecast period. The application of seals is wide-ranging, constituting rockets, automobiles, industrial plant equipment, ships, and consumer devices. Therefore, the surging production of automobiles and electronics is projected to drive the sales of seals.

News Featuring Market Developments by Companies Providing Gaskets and Seals:

In August 2022, Erith Group, a Dubai-based leading distributor of high-end and high-quality sealing products, announced an investment of Dh4 million in an industrial gasket and seal manufacturing factory in UAE. This is in line with UAE’s ‘Make it in the Emirates’ program to attract investments so as to reduce the country’s reliance on imported products.
In April 2020, Trelleborg AB announced the launch of the Next Generation Fire Seal, which finds application in the aerospace and automotive industry. With this launch, the company is projected to amplify its revenue generation.

Gaskets and Seals Market Survey by Category

By Product Type:

Gasket
- Jacketed
- Solid
- Spiral Wound
- Kammprofile
Seal
- Static
- Dynamic

By Material Type:

Metallic
Non-Metallic
- Elastomeric
- Others

By End-use:

Automotive
Aerospace
Machinery
Electrical and Electronics
Marine and Rail
Others

By Sales Channel:

OEM
Aftermarket

By Region:

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

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Model Based Manufacturing Technologies Market: A Pathway to a Projected US$ 104.3 Billion Milestone by 2033

The global model based manufacturing technologies market is expected to be valued at approximately US$ 46.4 billion in the year 2023. This market is anticipated to grow significantly and reach a value of around US$ 104.3 billion by the year 2033. This growth is expected to occur at an annual average rate of 8.4% from 2023 to 2033.

Several factors are anticipated to fuel the growth of the market. These include the availability of diverse applications for digital technologies in the development and production processes, along with the continually advancing features of the software utilized.

The emergence of viable model-based manufacturing techniques has encouraged industries like manufacturing to start implementing it into their operations, resulting in faster, more accurate, and less expensive production.

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Manufacturers’ performance expectations from new tool and equipment designs for increased efficiency are rising. This has prompted industrial manufacturers to prioritise the development of technology platforms and new operating models that enable connected products and services to be integrated into their customers’ operations.

This technological development trend is expected to support market growth. Furthermore, rapid technological advancements in the automotive industry have increased demand for model-based manufacturing technologies in order to improve economic competitiveness.

Key Takeaways: Model Based Manufacturing Technologies Market Report:

The cloud deployment segment will reflect relatively faster growth with a CAGR of 8.7%, owing to the benefits of remote access.
Large enterprises are estimated to contribute over 59% of the overall market. However, small and medium enterprises (SMEs) are likely to reflect a strong CAGR of above 8%.
Among end-use industries, the automotive segment is anticipated to hold the dominant share of 23.8% in 2021, backed by the rise of IoT connectivity opportunities.
The U.S. is projected to account for over 81% of North America owing to adoption of next-gen emerging technologies.
The market in India is expected to progress at a noteworthy CAGR of more than 13% through 2031, driven by an expanding automotive sector.
The U.K. market is expected to rise at a CAGR of close to 10% over the coming decade, with impetus from research and development programs.

Recent Developments

To achieve a competitive edge, market participants are concentrating on innovation and strategic collaborations.

Siemens Digital Industries Software launched the current version of its industry-leading NX software, which is part of the Xcelerator portfolio of services and products, in February 2022. The new NX Topology Optimizer assists in the creation of parts solely based on operational and architectural requirements, leading to entirely configurable convergent bodies that would make it nearly impossible to create and construct manually.
Bentley Motors, a division of Volkswagen Group, disclosed in February 2022 that it would double the additive manufacturing (AM) capacity at its factory in Crewe, England, which is liable for the assembly of all Bentley models.
Ford launched CAD files in February 2022, allowing consumers to 3D print models of their Maverick pickup truck components.

Leading Key Players:

Oracle Corporation
SAP SE
Dassault Systèmes
Honeywell International, Inc.
Siemens Digital Industries Software
Rockwell Automation, Inc.
PTC
Autodesk, Inc.
Aspen Technology, Inc.
iBASEt Inc.
Schneider Electric
ABB
General Electric
Sepasoft, Inc.
Hexagon AB

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Model Based Manufacturing Technologies Market Segmentation:

By Solution:

Software
- Manufacturing Execution Systems (MES) Software
- Material Requirements Planning (MRP) Software
- Product Lifecycle Management (PLM) Software
- CAD/CAM Software
- Manufacturing ERP Software
- Others
Services
- Professional Services
- System Integration & Implementation
- Security Consulting
- Support & Maintenance
- Managed Services

By Deployment:

Cloud
On-premises

By Enterprise Size:

Small and Medium Enterprises (SMEs)
Large Enterprises

By Industry:

Automotive
Electronics and Semiconductors
Aerospace and Defense
Oil & Gas
Healthcare & Pharmaceuticals
Food & Beverages
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa

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Mobile Application Market’s Growth Projected at 8.6% CAGR, Anticipated to Reach Over US$ 170.2 Billion by 2033

The mobile application market is poised for significant growth, projected to achieve an impressive 8.6% CAGR from 2023 to 2033. By 2033, it is expected to exceed a market share of $170.2 billion, building upon its 2023 revenue of $74.3 billion.

As disposable incomes increase, the propensity of consumers to invest in paid mobile applications for various purposes such as entertainment, social networking, subscriptions, e-commerce, and gaming also rises. This upward trend in consumer spending on mobile apps is poised to drive an uptick in sales within the mobile application market.

Start-ups and Government Agencies Launch Innovative Smartphone Apps to Increase Demand

Aspiring mobile application service providers are expected to focus mostly on issues related to the existing mobile market. It is expected to open up significant economic opportunities for these firms. Several small-scale enterprises have already emerged as market leaders in the mobile application market.

With the growing popularity of Wear OS and other smartwatches, the market is likely to rise at a quick pace during the specified time range. The growing use of virtual reality and augmented reality in smartphones is also expected to benefit the global market.

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Key Constraints Facing Market Participants

The increased focus of organizations on developing in-house apps and the device diversity of mobile applications are projected to impede the growth of the global market over the forecast period.

The lack of high-speed Internet access in underdeveloped nations, as well as firms developing applications to run commercial operations, are some of the constraints limiting the growth of the mobile application market.

Regional Outlook

The North American mobile application market is expected to grow rapidly during the forecast period, followed by Europe. With sales during the forecast period, North America retains the second-highest share of the market for mobile applications.

The market is being driven by a strong presence of mobile application makers, as well as substantial R&D spending in North America. During the epidemic, the average weekly time spent on mobile apps grew, as did the user base of mobile apps.

The Asia Pacific mobile application industry is expected to grow at a rapid pace due to the region’s increasing smartphone and Internet adoption. Advances in networking and the availability of low-cost mobile data use packs are projected to drive the market in APAC during the forecast period.

China is Asia Pacific’s most appealing market. China has a substantially bigger incremental opportunity because it dominates the mobile application industry. For instance, TikTok generated an estimated revenue of US$ 4.6 Bn during the covid-19 pandemic.

Key Takeaways

By store type in the market, the Apple store is to grow at a moderate CAGR of 8% during the forecast period.
The market for games is expected to grow at a CAGR of 7.8% over the forecast period.
The U.S. market is expected to increase at 5% CAGR to US$ 18.6 Billion by 2033.
The U.K. market is expected to expand at a CAGR of 5.4% to US$ 5.6 Billion by 2033.
The China mobile application market is expected to increase at 5.7% CAGR to US$ 21.3 Billion by 2033.
The Japanese market is expected to expand at a CAGR of 5.1% to US$ 4.5 Billion by 2033.
The India mobile application market is expected to increase at 19.7% CAGR to US$ 59.3 Billion by 2033.

Competitive Landscape

The global mobile application industry is highly competitive, with established and large market players. In addition, some new players, including Xiaomi and OnePlus, have recently gained a prominent presence.

The companies are mostly concerned with providing user-friendly applications with increased experiences. In addition, they added sophisticated technologies such as augmented and virtual reality into the new application to meet the needs and expectations of the customers.

Key Players:

Apple Inc.,
Google LLC
Microsoft Corporation
Amazon Inc.
Gameloft SE
Netflix Inc.
Practo
Cure. fit
Ubisoft Entertainment
Xiaomi Corp.

Recent Development

Acquisition – MobileIron Inc.

In May 2020, MobileIron Inc. acquired incapptic Connect GmbH, a mobile application creator, with the intention of building and implementing secure mobile business apps.

Investment – GOQii

Mitsui & Co., Ltd., a Japanese firm and notable healthcare investor, announced funding in GOQii in November 2018. Following the completion of the project, GOQii focused on growing its footprint in India and entering the Japanese market through its health shop.

Acquisition – Google LLC

Google LLC acquired AppSheet, a provider of a no-code development platform for application software, in January 2020

Investment – Qualcomm Inc.

Qualcomm Inc., a U.S.-based semiconductor and telecom equipment business, invested US$ 150 million in Indian startups in September 2015.

Such expenditures are likely to assist market enterprises by expanding their product portfolios, strengthening their market presence, and gaining a competitive advantage.

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Key Segments

By Store Type:

Apple App Store
Google Play
Others

By End Use:

Games
Media & Entertainment
Healthcare
Education
Travel
Shopping
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
APEJ excl. Japan
Japan
MEA

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Event Management Software Market Set to Skyrocket with Projected 14.3% CAGR, Exceeding US$ 33,347.9 Million by 2033

The global event management software market is expected to grow rapidly at a rate of 14.3% per year throughout the forecast period. In 2023, the market is currently valued at US$ 8,736.6 million.

It is projected that the market value for event management software will reach a peak of US$ 33,347.9 million by the year 2033. Experts from Future Market Insights have analyzed historical data and found that the market has shown an average annual growth rate of 12.1% over time.

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COVID-19 Paved Way for Growth:

Due to the ongoing COVID-19 epidemic, health worries are growing throughout the world and having a huge influence on business, especially when it comes to hosting events. Most events have been cancelled or moved since the epidemic’s start. The pandemic scenario has even forced the cancellation of important conventions including Mobile World Congress and the HIMSS Global Healthcare Conference & Exhibition.

Key Takeaways of Event Management Software Market Report:

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:

Every day that goes by, more and more people are using apps, and many of them are now thought to be essential for most organisations. The event sector is benefiting from the event applications by making processes quicker, simpler, and more interactive. One of the biggest event trends has been the rise in popularity of interactive mobile event applications. As a result, customers are calling for more event applications with more features.

Competitive Landscape:

To diversify their product offering, businesses are forming partnerships with major technological organisations. They are concentrating on forming partnerships with companies that provide complementary goods, services, and technology in order to expand their market reach and technological prowess. Through the use of its best-in-class solutions and end-to-end capabilities, this strategy has helped the business quickly expand into a global provider with the goal of providing high-quality services.

Leading Key Players:

Cvent Inc.
InEvent, Inc.
Ungerboeck
Eventzilla
Certain, Inc.
Eventbrite
Arlo
XING Events
Eventsforce
Aventri Inc.
Hubilo Technologies Inc.

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Event Management Software Market Segmentation:

By Deployment:

Cloud
On-premise

By Enterprise Size:

Small & Medium Enterprises (SMEs)
Large Enterprises

By End User:

Event Management Companies
Travel & Hospitality Companies
Corporates
Government
Academic Institution
Others

By Region:

North America
Latin America
Asia Pacific
Middle East & Africa (MEA)
Europe

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Building Connections and Well-being: Social Tourism Market US$ 79.8 Billion Projection by 2032 | FMI

The social tourism market is estimated to reach US$ 54.79 Billion in 2022. As per the report, sales are forecast to increase at a robust 3.88% CAGR, with the market valuation reaching US$ 79.8 Billion by 2032.

Social tourism refers to tourism organised for people with modest income and the travellers who cannot afford to travel on their own. Social tourism is done for various social purposes which intend to uplift the emotional and mental state of certain community. Lately, Governments of several countries are taking active interest in social tourism and

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Due to international travel limitations, health concerns, and financial difficulty, many locations will enjoy a domestic tourism boom when limits start to loosen in some regions of the world. Despite the short-term rise, domestic tourism will face difficulties once the pandemic’s impacts start to fade because many visitors would want to travel abroad once more.

People from disadvantaged or vulnerable groups are given the chance to take benefit of tourism through social tourism, which offers a long-term sustainable solution. Resulting in long-term social advantages for society at large and stable revenue streams for domestic service providers.

Key Takeaways:

By booking channel, the online booking segment is anticipated to hold a noteworthy share of nearly 65%.
Based on packages, Social tourists will continue to opt for group tour deals over the normal travel deals.
In terms of age group, 36-45 years and 46-55 years will be the major participants of Social Tourism.

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Key manufacturing Companies

Eurostar
SNCF
Deutsch Bahn
FlixTrain
Trenitalia
Renfe
Intrepid
Explore Tours
Exodus Travels
G. adventures
On-the-go Tours
Maharashtra Tourism

Social Tourism Market by Category

By Tour Type, Social Tourism Market is segmented as:

Socio-educational tours
Socio-cultural tours
Socio-recreational tours
Socio-adventure tours
Others

By Booking Channel, Social Tourism Market is segmented as:

Phone Booking
Online Booking
In Person Booking

By Tourist Type, Social Tourism Market is segmented as:

Domestic
International

By Tour Type, Social Tourism Market is segmented as:

Independent Traveler
Tour Group
Package Traveller

By Age Group, Social Tourism Market is segmented as:

15-25 Years
26-35 Years
36-45 Years
46-55 Years
56-65 Years
66-75 Years

By Region, Social Tourism Market is segmented as:

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Smart Agriculture Solution Market on the Rise: Projections Point to US$ 28.31 Billion Value by 2033

The global smart agriculture solution market was expected to reach US$ 13.75 billion in 2022 and is projected to grow to US$ 14.48 billion in 2023. This growth is driven by the increasing demand for smart agriculture solutions, especially in the context of cultivating crops within controlled environments like greenhouses.

According to reports from Future Market Insights, the smart agriculture solution market is forecasted to expand at a compound annual growth rate CAGR of 6.9% from 2023 to 2033. This growth trajectory is expected to result in a market size of approximately US$ 28.31 billion by 2033.

In essence, the demand for smart agriculture solutions is on the rise, particularly due to the advantages offered by controlled environments like greenhouses. This market is poised for substantial growth in the coming years, making it an attractive sector for investment and innovation.

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As per FMI, the global market registered a year-on-year growth of 6.8% between 2020 and 2021. Medium-sized specific agriculture solution suppliers are creating and presenting answers for precision farming with the help of imaging drones and technologies. Higher integration of smart technology in agriculture will create a conducive environment for the growth of the market.

North America is considered to be one of the most lucrative markets for smart agriculture solutions with a market share of 27.7% whereas the United States is estimated to account for 16.9% of the market share.

Leading Key Players:

Dirt Road Data Inc.
Iteris Inc.
CropMetrics LLC
Agribotix LLC
AgriSight Inc.
SemiosBio Technologies Inc.
Granular Inc.
Trimble Navigation Ltd.
Site-Specific Technology Development Group Inc.
AgJunction LLC
John Deere
Trimble
TopCon Positioning Systems
DeLaval
AKVA
Antelliq
Afimilk
InnovaSea Systems
Heliospectra
LumiGrow

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Some of the important developments of the key players in the market are:

In February 2023, LumiGrow has announced the worldwide release of the Pro Series E, a horticultural lighting product line that combines optimized spectrum LED technology with cloud-based wireless control. Each Pro Series E fixture comes with a wireless control module included, so you can get up and running with the most modern lighting controls quickly and easily. You can manage your lights from any phone, tablet, or computer via the SmartPAR Wireless Control System.
In March 2023, HERE Technologies, the world’s leading location data and technology platform, and Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced a multi-year agreement to integrate a broader suite of location-based services and user capabilities from HERE Technologies into Iteris’ ClearMobility® Platform, including HERE Traffic Products, HERE Maps and HERE platform services.

Smart Agriculture Solution Market Segmentation:

By Component Type:

Hardware
- Sensor Monitoring System
- Smart Detection System
- GPS Enabled Ranging System
- Drones
Software
Services
- Climate Information Service
- Supply Chain Management Service
- Others (System Integration, Maintenance and Consulting Service)

By Application:

Automated Machinery Guidance Control
Tractor Collision and Obstacle Detection
Machinery Safety and Parameter Monitoring
Variable Rate Technology
Building and Premises Surveillance

By Region:

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

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Nandini Singh Sawlani

Social Media’s Surge Drives Travel Advertising Market Towards a 9% CAGR, Targeting US$ 15 Billion by 2032 | FMI

The travel advertising market is estimated at US$ 9.7 Billion in 2022 and is projected to reach US$ 15 Billion by 2032, at a CAGR of 9%.

The Travel Advertisement market is forecasted to grow at a consistent growth rate during the forecast period. This is majorly attributed to the growing popularity of global content and the trend of cultural integration. People interested in understanding culture from different regions and experiencing them are likely to visit these places. The natural beauty and the landscapes around the regions are attracting adventure seeking tourists and nature lovers.

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Overall, the Travel Advertisement is attracting more and more tourists each year and make them come back for experiencing more. the services provided by local businesses and the tour companies are leaving positive impression on tourists about the Travel Advertisement market.

Key Trends in the Travel Advertising Market

1. Digital Dominance: Digital channels continue to dominate the travel advertising space. The rise of online platforms, social media, and mobile apps has reshaped how travelers plan and book their trips. Advertisers are increasingly allocating budgets to targeted digital campaigns, leveraging data analytics and artificial intelligence to reach specific audiences with personalized content.
2. Influencer Marketing: Influencer marketing has become a powerful tool in the travel industry. Collaborations with travel influencers provide brands with authentic and relatable content, influencing potential customers’ decisions. As travelers seek genuine experiences, partnering with influencers who align with a brand’s identity has proven to be an effective strategy for building trust.
3. Sustainable Travel Promotion: Sustainability is a growing concern among travelers. Advertisers are capitalizing on this trend by promoting eco-friendly and socially responsible travel options. Messages emphasizing reduced carbon footprints, conservation efforts, and community engagement resonate with environmentally conscious consumers, shaping their choices and influencing the market.
4. Augmented Reality (AR) and Virtual Reality (VR): AR and VR technologies are transforming the way travelers explore destinations before booking. Advertisers are incorporating immersive experiences into their campaigns, allowing potential customers to virtually tour accommodations, attractions, and travel destinations. This trend enhances the decision-making process, providing a more interactive and engaging way to showcase offerings.

Key Takeaways from the Travel Advertisement Market Study:

The North America, Europe and Asia Pacific regions hold a market share of 27%, 24% and 20% respectively.
Brochures and Newspaper, magazine advertisements are the key marketing means for tourism advertisements.
The travel agency businesses in USA increased by 5.2% in 2022.

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Key Players

Amadeus travel advertising,
Accord
MMGY Global
DANA
DCI
Digitalcoconut
OP Worldwide
LLC
EchoVME
D cube Technologies
TheBeGlobal

The Travel Advertising Sector by Category

By Advertisement Media:

Magazines
Newspapers
Television
Emails
Others

By Travel Type:

Business Travel
Backpacking
Family Travel
Others

By Tourist Type:

Domestic
International

By Age Group:

15-25 Years
26-35 Years
36-45 Years
46-55 Years
66-75 Years

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Nandini Singh Sawlani