Market Research Blog – Page 3738 – New Product Development

Global Water Source Heat Pump Market Poised to Exceed US$ 1,617.5 Million by 2033, Driven by Strong 4.9% CAGR, Reveals FMI Report

The global water source heat pump market projections indicate that the market will surpass a valuation of US$ 1,002.5 million in 2023 and is positioned to achieve an impressive US$ 1,617.5 million by 2033, driven by a substantial Compound Annual Growth Rate (CAGR) of 4.9%.

A pivotal catalyst behind this remarkable growth is the increasing adoption of bio-based infrastructure. This strategic response aligns with the global imperative to reduce carbon footprints across diverse industries. The transition towards sustainable practices goes beyond being a mere trend; it signifies a movement influencing the widespread adoption of water source heat pumps across various sectors, including industrial and residential applications. As the market continues to thrive, stakeholders can anticipate sustained momentum driven by the escalating demand for eco-friendly heating solutions.

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Driving Forces and Growth Prospects for the Water Source Heat Pump Industry:

Environmental Sustainability and Bio-based Infrastructure: The water source heat pump sector is set to experience a significant growth surge due to escalating concerns about environmental sustainability and energy security. The prevailing shift towards bio-based infrastructure further fuels this growth trajectory, aligning with the global push for eco-friendly solutions.

Carbon-Free Equipment Demand and Supportive Policies: The industry’s expansion is driven by a strong demand for carbon-free equipment, driven by both consumer preferences and regulatory policies. Favorable government initiatives aimed at reducing fossil fuel consumption add to the positive outlook for the industry.

Market Expansion through Construction and Residential Sectors: Amplified investments in the construction and residential domains are creating fresh growth avenues for water source heat pump suppliers. These sectors’ increased adoption of such technology contributes to the industry’s prosperity.

Challenges and Opportunities in the Forecast: While the market exhibits promising growth, the high cost associated with heat pumps could serve as a restraint throughout the projection period. Nonetheless, opportunities abound, particularly in the water-to-air segment, which is expected to yield attractive prospects for the global water source heat pump market.

Technological Developments in Emerging Economies: Emerging economies are making noteworthy strides in their technological sectors, presenting lucrative openings for market players to explore.

Key Insights from the Market Analysis:

In 2021, the global water source heat pump market’s valuation stood at approximately US$ 905 million.
Among the product categories, the water-to-air segment is projected to exhibit robust growth, with a anticipated growth rate of 4.5% between 2022 and 2032.
In terms of applications, the commercial water source heat pump sector is set to capture a substantial market share of 39% in 2022.
The European market is anticipated to reach a market value of around US$ 125.5 million by the year 2032.
North America is projected to contribute significantly to the global water source heat pump market, accounting for 38% of the total market revenue.
The Asia Pacific region is poised to emerge as a highly promising market, showcasing a Compound Annual Growth Rate (CAGR) of 4.3%.

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Competitive Landscape:

Key players in the global water Source heat pump market are Trane, Vaillant Group, Viessmann, Glen Dimplex Group, STIEBEL ELTRON GmbH & Co. KG, Bosch Thermotechnology Corp., Danfoss, Daikin, Carrier, Johnson Controls, Rheem Manufacturing Company, Modine Manufacturing Company, Aermec S.p.A., Bard HVAC, OCHSNER, Mitsubishi Materials Techno Co., WOLF GmbH, Weishaupt Group, and Swegon Group AB.

Key Segments Covered in the Water Source Heat Pump Industry Analysis:

Water Source Heat Pump Market by Product:

Water to Air Heat Pumps
Water to Water Heat Pumps

Water Source Heat Pump Market by Technology:

Open Loop Water Source Heat Pumps
Close Loop Water Source Heat Pumps
Hybrid Water Source Heat Pumps

Water Source Heat Pump Market by Application:

Water Source Heat Pumps for Residential Applications
Water Source Heat Pumps for Commercial Applications

Water Source Heat Pump Market by Region:

North America Water Source Heat Pump Market
Latin America Water Source Heat Pump Market
Europe Water Source Heat Pump Market
Asia Pacific Water Source Heat Pump Market
Middle East and Africa Water Source Heat Pump Market

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Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Soil Testing Market Positioned to Surpass US$ 5.15 Billion Valuation by 2033, Driven by Strong 4.9% CAGR, According to FMI Report

The soil testing market is primed for significant expansion, with revenues projected to surge from US$ 3.19 billion in 2023 to an impressive US$ 5.15 billion by 2033. This upward trajectory is supported by a robust Compound Annual Growth Rate (CAGR) of 4.9% over the course of a decade.

The escalating demand for soil testing stems from its indispensable role in uncovering the intricate properties of soil and rock. These invaluable insights serve as foundational elements for a diverse array of end-use industries, including construction, agriculture, and environmental management. As the market undergoes transformation, stakeholders can anticipate steady and substantial growth, driven by the critical importance of soil testing in informed decision-making across various sectors.

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Expanding Horizons: Soil Testing Market’s Growth Propelled by Construction Industry Demand

The soil testing market has undergone significant expansion over the past decade, attributed not only to the construction sector’s fervent demand but also to its projected steady growth in the foreseeable future.

Market participants are strategically investing to develop novel products, broaden their product portfolios, and amplify their global footprint through mergers and acquisitions. These endeavors are aimed at effectively addressing the surging demand levels.

The utilization of soil testing by civil and geotechnical engineers plays a pivotal role, directly influencing critical decisions related to foundation systems, pavement materials, and design parameters for diverse infrastructures including buildings, bridges, roads, and dams. This instrumental application is pivotal in driving the market’s growth trajectory. Furthermore, the burgeoning global population’s increasing need for food is poised to fuel heightened demand for soil testing within the agriculture sector.

Competitive Landscape in the Soil Equipment Market:

In the current landscape, manufacturers have strategically pivoted towards utilizing acquisitions and product innovation as key marketing strategies. Notably, major industry players are focusing their efforts on developing tailor-made soil testing solutions that are not only swift but also cost-effective.

A noteworthy instance is Ele International’s recent introduction of an upgraded iteration of soil testing software. This software aligns with the stringent standards set by BS, ASTM, and AASHTO (UK). Specifically designed for geotechnical laboratories, this software is poised to enhance the precision and efficiency of crucial soil tests, encompassing triaxial, consolidation, permeability, and California Bearing Ratio tests.

In a parallel development, Agilent, based in the US, is strategizing to acquire Young In Scientific Co. Ltd (South Korea). This strategic move aims to bolster Agilent’s direct market presence within the South Korean landscape while simultaneously enhancing its environmental analytical capabilities.

Unveiling the Soil Testing Industry’s Challenges: Charting Paths to Overcome

Within the realm of the soil testing market, an array of challenges looms, exerting an impact on its expansion and efficacy. A significant hurdle stems from the lack of awareness and comprehension among farmers and stakeholders within the agricultural domain regarding the pivotal significance and advantageous outcomes of soil testing. Further complicating matters, limited availability of affordable and dependable testing services, particularly in rural regions, presents another formidable obstruction.

The intricate and ever-varying composition of soil adds layers of complexity, posing difficulties in the realm of precise testing and the accurate interpretation of outcomes. The elevated costs associated with cutting-edge testing technologies and equipment pose the potential to impede widespread adoption. Overcoming these hurdles necessitates collaborative endeavors to enlighten stakeholders, enhance accessibility, refine testing methodologies, and advocate for pragmatic and economical solutions.

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Soil Testing Market Key Players:

EIE Instruments
Controls S.p.A.
Humboldt Mfg. Co.
Gilson Company, Inc.
Aimil Ltd.
SGS SA
Eurofins Scientific
ELE International
ALFA | Testing Equipment
Matest S.p.A.
LaMotte Company
R J Hill Laboratories Ltd
Intertek Group plc
Geotechnical Testing Equipment
M&L Testing Equipment (1995) Inc.

Key Segments Profiled in the Soil Testing Market Survey:

By Location:

Laboratory testing equipment
On- site testing equipment

By End Use:

Agriculture
Construction
Institutional

By Region:

North America
Latin America
Asia Pacific
Middle East and Africa
Europe

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Author:

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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The Safety Relays Market Targets Impressive 8.3% CAGR, Aspires for Significant US$ 1.4 Billion Revenue by 2033

The safety relays market is poised for notable growth with a Compound Annual Growth Rate (CAGR) of 8.3% projected from 2023 to 2033. Insights suggest substantial revenue expansion, with the market expected to rise from US$ 630.3 million in 2023 to a commendable US$ 1.4 billion by 2033, an evident upswing from its 2022 valuation of US$ 575.6 million.

This robust growth trajectory is propelled by various factors, with workplace safety emerging as a central driver. In an era prioritizing safety, industries are making significant investments to ensure the well-being of their workforce. This proactive stance involves integrating advanced safety relay systems, not only as a preventive measure against accidents but also as a resilient defense against risks in industrial environments.

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Key Drivers and Trends Shaping the Global Safety Relays Industry:

Drivers:

Industrial Automation Demand: The escalating adoption of industrial automation systems across various sectors is a significant driver. Safety relays ensure employee safety, contributing to the growth of the industry.
Government Regulations: Stringent safety regulations enforced by governments worldwide are propelling the industry. Safety relays play a pivotal role in meeting safety standards, boosting their demand.
Automotive Sector Growth: The automotive industry’s expansion is fueling the need for safety features in vehicles. Safety relays contribute to passenger safety, thus driving their sales.

Trends:

Integration with Safety Devices: Integrating safety relays with other safety devices is a prevailing trend. This integration minimizes errors and enhances glitch detection, fostering safety relay growth.
Wireless Safety Relays Adoption: The increasing adoption of wireless safety relays offers flexibility and ease of installation, contributing to sales growth.
Shift to Programmable Safety Relays: A shift towards programmable safety relays, known for their simple installation and maintenance, is further driving demand within the industry.

Key Players and Innovative Strategies in the Safety Relays Industry:

Prominent manufacturers are adopting a customer-centric approach by providing customization options for their safety relay solutions. This strategy enables them to meet the unique requirements of diverse industries, expanding their reach to a wider customer base. These advancements encompass self-monitoring features, advanced diagnostics, enhanced connectivity choices, and improved fault tolerance.

Leading Contributors in the Safety Relays Market:

Schneider Electric
Siemens AG
ABB Ltd.
Rockwell Automation
Omron Corporation
Eaton Corporation
Pilz GmbH & Co. KG
Phoenix Contact
Mitsubishi Electric Corporation

These companies design, produce, and offer a diverse array of safety relays tailored to varying customer needs and specifications.

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Recent Notable Developments:

In March 2019, Pilz unveiled PNOZmulti, a graphics setup software application that simplifies the operation of complex tasks. This innovative offering allows intuitive configuration using the Programmable Logic management system PSS, enhancing the automation systems’ capabilities.
In January 2019, Rockwell Automation, Inc. acquired Emulate3D, a pioneering technical software company specializing in digitally simulating and emulating automation systems. This strategic acquisition bolsters Rockwell Automation’s industry presence and technological capabilities.

Safety Relays Market by Category:

By Type:

Electromagnetic Safety Relays
Solid-state Safety Relays

By Application:

Emergency Stop (E-stop) Safety Relays
Safety Gate Safety Relays
Two-hand Control Safety Relays
Light Curtain Safety Relays

By End-user:

Manufacturing
Oil & Gas
Pharmaceuticals
Power Generation
Mining

By Region:

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

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Author:

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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Service Integration and Management Market to touch US$ 16 Billion by 2027 – FMI

Future Market Insights has undertaken a thorough research on the service integration and management market and the deep dive in this sector has enabled FMI to surface new insights pertaining to the various trends, opportunities, drivers and restraints influencing the growth of the global service integration and management market and also has included regional analysis, competitive scenario and future market projections in the “Service Integration and Management Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)” research report. The analysis on each segment of the global market has made the research more fact based and analytical giving in-depth foresight into the global market for service integration and management.

Global Service Integration and Management Market: Dynamics

Increasing expectations from users, increasing service targets, rise in multi-vendor and selective sourcing, rising supply network for delivery services, improvisation in IT performance, rising infrastructure services, increasing complexity of service management, rise in outsourcing of service integration, need for better IT delivery, rising customers and requirement changes and need for fast and seamless transition of new services have supported the growth of the global service integration and management market. However, factors such as cultural gap, high cost of IT, challenges faced by small organizations, lack of key performance indicators, lack of proper implementation and challenges related to process and interface standards are interfering with the growth of the global service integration and management market.

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Global Service Integration and Management Market: Forecast Projections

According to the fact based research report, the global service integration and management market is anticipated to grow at a meteoric growth rate to register a high CAGR of 9.2% during the period of forecast. The global service integration and management market is valued at about US$ 6.8 Bn in 2017 and is estimated to reach a valuation of more than US$ 16 Bn by the end of the assessment period.

Global Service Integration and Management Market: Segmental Highlights

The global service integration and management market is segmented by IT solutions, by enterprise type, by industry and by region.

By region, the service integration and management market in Asia Pacific excluding Japan (APEJ) region is projected to grow at the highest pace in the coming years to register a CAGR of 13.0%. North America is considered to be an attractive and the largest market. The service integration and management market in North America is poised to reflect a higher value of more than US$ 5 Bn by 2027 end and thus expected to dominate the global market
By IT solution type, the IT infrastructure management segment is the largest segment with respect to value and is poised to grow at a significant pace. The compliance and risk management segment is projected to be the fastest growing segment to register an exponential CAGR of 11.4% throughout the period of assessment
By enterprise type, the small and medium enterprise segment is expected to gain high traction in the coming years and is poised to grow at a higher rate. The large enterprises segment is the largest and is estimated to reflect a higher market value of more than US$ 8.9 Bn by the end of the assessment year

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Global Service Integration and Management Market: Key Players

The analytical research report on global service integration and management market has included profiling of key players involved in service integration and management. Key companies such as Capgemini, HCL Technologies Limited, Oracle Corporation, Wipro Limited, Fujitsu Limited, Cisco Systems, Inc., Accenture PLC, ATOS SE, ServiceNow Inc., Capita PLC, Tata Consultancy Services, CGI Group Inc., Quint Group, NTT Data Corporation, DXC technology and Sofigate Oy are included in this research report.

Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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The Optical Waveguide Market is Expected to Surpass US$ 13 Billion by 2033 with a Strong 5.3% CAGR, According to FMI Projections

The optical waveguide market aiming for an impressive valuation of US$ 13.0 billion by 2033, demonstrating a substantial Compound Annual Growth Rate (CAGR) of 5.3% from 2023 to 2033. The market is currently on a robust trajectory, with an estimated value of US$ 7.8 billion in 2023.

This expansion not only reflects the flourishing state of the optical waveguide market but also underscores the influential role of North America in shaping the industry’s trajectory. Driven by continuous innovation, the region is strategically positioned to lead the global optical waveguide market, promising a dynamic and inventive future.

North America, recognized as a focal point for technological advancements, emerges as the driving force behind the exceptional growth in the optical waveguide market. Serving as a global center for innovation and cutting-edge technology, North America leads in adopting and seamlessly integrating optical waveguide solutions across various industries. The region’s proactive approach to embracing these technologies solidifies its leadership position in the ongoing evolution of the industry.

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Key Drivers Fueling the Global Optical Waveguide Market:

Rapid Increase in Electronic Device Usage: The widespread adoption of electronic devices is a primary driver, resulting in augmented data flow and substantial data traffic, boosting the demand for optical waveguides.
Growing Internet Popularity: The rising popularity of the internet, coupled with the emphasis on low power consumption, is anticipated to drive the demand for optical waveguides.
High-Speed Cloud Computing: The emergence and increasing prominence of high-speed cloud computing techniques are contributing to heightened sales of optical waveguides.
Optical Interconnect Advantages: The demand for optical waveguides is driven by their ability to efficiently convert signals from electrical to optical forms, offering reduced frequency-dependent loss and enhanced bandwidth.
Data Handling in Data Centers: Optical waveguides play a pivotal role in managing the substantial data generated by data centers and cloud computing. Their unique features, including distributed sensing and resistance to electromagnetic interference, bolster their adoption during the forecast period.

Key Players:

Sumitomo Bakelite Co. Ltd.
Waveguide Optical Technologies,
DigiLens, Inc.
Himachal Futuristic Communications Ltd.
Corning Incorporated
LEONI Fiber Optics, Inc.
Prysmian SpA
Yangtze Optical Fiber and Cable Co. Ltd.
Sterlite Technologies Limited
Fujikura Limited
Other

Key Developments Shaping the Optical Waveguide Market:

In December 2019, DigiLens Inc., a pioneer in holographic waveguide display technology for augmented reality, marked its expansion into China by partnering with Crystal Optech. This collaboration introduced Crystal Optech as its first Chinese licensee and appointed Xiaoshu Lin as the Country Manager. This strategic move aimed to enhance the market presence of DigiLens Crystal waveguides.

In January 2020, Sterlite Technologies Ltd. made a notable announcement regarding the acquisition of a 12.8% stake in ASOCS, an Israel-based on-premise cloud solutions provider. This joint venture aimed to empower network operators in constructing exceptional networks, enabling them to develop vendor-neutral, independent networks utilizing cutting-edge technologies such as 5G, software-defined networking, and AI.

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Key Segments Covered:

By Type:

Planar Waveguide
Channel Waveguide

By Material Type:

Semiconductor Waveguides
Electro-optic Waveguides
Glass Waveguides
Silicon Waveguides
Polymers Waveguides
Others

By Fabrication Process:

Microreplication Method
Lithography Method
Photo-address Method

By Application:

Tablet PC
Inspection Devices
Super High Vision
High-performance Server, Computing, Router
Printers
Medical Equipment
Aircraft & Automobiles
Others

By Optical Interconnection:

Chip to Chip Optical Interconnection
Board to board Optical interconnection
On-chip Optical Interconnection
Optical Back Plane
Inter Board
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East & Africa

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Author:

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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Global Cyber Crisis Management Market Surges, Valued at US$ 3,975.2 Million in 2023, Set to Reach US$ 53,344.1 Million by 2033

The worldwide cyber crisis management market is estimated to develop at a compound annual growth rate (CAGR) of 7.3% and reach a projected value of US$ 3,975.2 million in 2023. This indicates that the market is about to enter a dynamic growth phase. By 2033, this rapidly expanding market is projected to be worth US$ 53,344.1 million. The increasing likelihood of cybercrime has driven the market’s growth and forced businesses to give robust cyber incident response plans top priority.

The Cyber Crisis Management Market has had a notable upsurge over the last five years, with a strong compound annual growth rate (CAGR) of 6.7% from 2018 to 2022. This steady development trend emphasises how urgently strong crisis management procedures are needed in light of the ever-volatile cyber threat environment.

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Key Phrases:

Cyber Crisis Management Market size: Valued at US$ 3,975.2 million in 2023, projected to grow to US$ 53,344.1 million by 2033.
Cyber Crisis Management Market Share: Demonstrated a robust CAGR of 6.7% from 2018 to 2022.
Cyber Crisis Management Market Demand: Escalating risk of cyber crises driving demand for effective crisis management strategies.
Cyber Crisis Management Market Trends: Companies adopting proactive cyber crisis management plans to bolster incident response.

Demand Analysis, Drivers and Opportunities: The escalating frequency and sophistication of cyber-attacks have emerged as pivotal drivers in the expansion of the Cyber Crisis Management Market. As businesses increasingly rely on digital platforms, the risk of cyber incidents continues to surge, necessitating preemptive crisis management strategies.

In addition, the implementation of stringent regulatory frameworks has mandated organizations to fortify their cyber security measures. This regulatory landscape has spurred a higher adoption of cyber crisis management solutions to ensure compliance and protect sensitive data.

Competition Analysis – Regional Trends, Region-wise Insights, and Category-wise Insights: The global Cyber Crisis Management Market exhibits a diversified competitive landscape, with numerous players vying to provide comprehensive crisis management solutions. Regional trends underscore varying degrees of market penetration and adoption, with certain regions showing higher propensity to embrace advanced cyber crisis management protocols.

Region-wise insights reveal that North America and Europe hold significant market shares, attributed to their robust technological infrastructure and proactive approach to cyber security. However, emerging economies in Asia-Pacific are rapidly catching up, driven by increasing digitization and the need for cyber resilience.

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Category-wise insights highlight the proliferation of innovative cyber crisis management solutions, including incident detection, real-time response, and comprehensive threat assessment tools. These categories collectively contribute to the market’s overall growth and resilience.

In the face of escalating cyber threats, the Cyber Crisis Management Market is poised for sustained expansion, fueled by growing demand, regulatory imperatives, and innovative solutions. Organizations worldwide are recognizing the imperative of effective cyber crisis management to safeguard their digital assets and maintain business continuity.

Key Segments Profiled in The Cyber Crisis Management Industry Survey

Cyber Crisis Management Market by Type:

Cloud Based
On-Premise

Cyber Crisis Management Market by Application:

IT & Telecommunications
Healthcare & Life Sciences
Retail & Consumer Goods
Media & Entertainment
Automotive
Aerospace & Defence
Others

Cyber Crisis Management Market by Verticals:

Cyber Crisis Management for Government and Financial institutions
Cyber Crisis Management for IT and Telecom
Cyber Crisis Management for Healthcare and life sciences
Cyber Crisis Management for Retail and consumer goods
Cyber Crisis Management for Media and Entertainment
Cyber Crisis Management for Automotive
Cyber Crisis Management for Aerospace and Defence
Cyber Crisis Management for Other Verticals

Cyber Crisis Management Market by Region:

North America Cyber Crisis Management Market
Latin America Cyber Crisis Management Market
Europe Cyber Crisis Management Market
Asia Pacific Cyber Crisis Management Market
Middle East & Africa Cyber Crisis Management Market

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Cloud Communication Platforms Market Surges: Exponential Growth Forecasted 2020-2030

The global cloud communication platform market will experience a double-digit CAGR over the forecast period, 2020-2030. Upsurge in investments in IT infrastructure for cloud service providers (CSPs), internet service providers (ISPs), and hyperscalers have been critical in driving market growth. Further, the coronavirus (COVID-19) pandemic has compelled several organizations to turn to work from home (WFH) model, thereby, resulting in increasing deployment of cloud communication platform solutions.

Digital collaboration tool providers, including Zoom, and Microsoft, are witnessing a remarkable upswing in usage across continents due to lockdowns and stay-at-home orders. Given the shortage of on-site IT personnel, companies are utilizing cloud-based solutions to maintain and monitor their storage, and server installations in data centers. Enterprises are leveraging full potential of cloud to establish resilient and disaster-immune models to satiate the remote workforce, as well as ensure data security and enterprise application integrity.

“While the COVID-19 pandemic is having a detrimental impact on the global economic order, it is having a mildly positive impact on cloud communication platform market. Although the pandemic is troubling cloud service providers, in uncertain times, the public cloud infrastructure is delivering flexibility and safe house for organizations striving to maintain normal operations” says the FMI study.

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Cloud Communication Platform Market – Key Takeaways

The healthcare industry would remain key revenue generator, given rising trend of bring your own device (BYOD), and increasing need for mobility in the industry.
Benefits such as low costs, and greater functionality are bolstering the adoption of Unified communications as a service (UCaaS).
Large enterprises would remain the primary customer of cloud communication platform services.
Market in North America continues its positive trend, backed by increasing adoption of UCaaS and IVR solutions.

Cloud Communication Platform Market – Key Driving Factors

Rising preference for online backup and database solutions has boded well for market.
Increasing shift towards cloud-based unified communication services to push adoption rate.
Swelling demand for high-speed data transfer mediums in developing regions to offer growth potential to market players.

Cloud Communication Platform Market – Key Constraints

Security and privacy risks associated with shared communication networks are restricting widespread adoption.
Redesigning the network for cloud requires high initial cost.

Anticipated Market Impact of Coronavirus Outbreak

The COVID-19 pandemic has hampered the revenue growth of almost every industry, including the cloud communication platform market. Alerted by the situation, several private, and government organizations have transitioned to remote working, thus, translating into swelling adoption of cloud communication platform solutions. In addition, customers are significantly banking on video streaming services as they strictly following self-isolating regulations. Such evolving trends are auguring well for the cloud communication platform market. The Software-as-a-Service (SaaS) market expanded by nearly 1.4X in 2019 and will see a surge in demand amidst the COVID-19 crisis, as remote working becomes the new normal.

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Competition Landscape

Key players in the cloud communication platform market are Cisco Systems Inc., IBM Corporation, Microsoft Corporation, Huawei Technologies Co. Ltd., Avaya Inc., Ozonetel Systems Pvt. Ltd., and Dialogic Inc. Players are focusing on collaborations and new service launches in order to expand their presence further during the COVID-19 recession and extend their customer base.

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Securing Tomorrow: Physical Security Equipment Market Set to Surpass US$ 60 Billion by 2022, Reveals Future Market Insights Study

Recent research by Future Market Insights (FMI) has estimated the global physical security equipment market to reach nearly US$ 64,000 Mn in revenues by 2022-end. Over the forecast period (2017-2022), the global market for physical security equipment is projected to exhibit a staggering expansion at over 10% CAGR.

Emergence of Thermal Cameras – A Major Trend Observed in the Market

A major trend being discerned in the market is the emergence of thermal cameras. As these cameras are water & heat resistant, and use infrared radiation for taking images, they have evolved an indispensable part of physical security equipment in observing unique/large-scale outdoor environments.

Several institutions and critical infrastructures are being offered grants by governments for purchasing efficient surveillance equipment. The requirement for sophisticated security systems that help in ensuring safety of data has led the organisations to adopt data analytics, along with cloud-based data storages.

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The nature of the global physical security equipment market is highly fragmented, with presence of various large- as well as small-scale vendors competing for gaining larger market share.

These vendors are concentrating on providing innovative and highly-efficient security solutions coupled with customized security services for sustaining their presence in the market. In addition, they are also providing integrated security systems, which ensure optimum security. Global leaders in the market are adopting key strategies such as M&A, and are acquiring niche players, in a bid to enhance their product portfolio.

Organisations Adopting Physical Security Equipment for Safeguarding their Personnel & Property

It has become pivotal for different institutions around the world to adopt physical security equipment on the back of surging threats related to physical damage and attacks. Various organisations from end-use sectors including transportation, commercial, utilities & energy retail, residential, government, manufacturing, education, healthcare and BFSI are adopting physical security equipment for safeguarding their property as well as personnel.

The elevation in threats pertaining to terrorism across the globe has led the organisations and governments to spend more on latest and highly advanced security solutions, for ensuring safety of physical sites and people working there. Increasing incidences of espionage and thefts, particularly in banking sector and commercial buildings, are further driving adoption of physical security equipment worldwide.

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Key Insights from FMI’s Report on Global Physical Security Equipment Market

Asia-Pacific excluding Japan (APEJ) is anticipated to remain the fastest-growing market for physical security equipment. By the end of forecast period, APEJ will become the second most lucrative region for growth of the market. Government agencies in APEJ are increasingly deploying physical security equipment in public and transportation security, especially in China and India. In addition, soaring IT sector, coupled with rapid industrialisation in APEJ countries will further drive the market growth.
Sales of physical security equipment in government vertical segment are projected to register the highest CAGR through 2022. In addition, although healthcare vertical currently accounts for relatively lower revenue share of the market, it will exhibit an impressive expansion over the forecast period. BFSI is expected to remain the second largest vertical in the global physical security equipment market.
Consumer video surveillance will continue to be the most attractive physical security equipment, followed by thermal cameras and wireless infrastructure. Revenues from consumer video surveillance, thermal cameras and wireless infrastructure will collectively account for nearly two-third share of the market throughout the forecast period.

Competitive Landscape

FMI’s report has listed key players that are actively operating in the global physical security equipment market, which include Montaplast GmbH, Valeo SA, The Chamberlain Group, Inc., Siemens AG, Bosch Security Systems, Inc., United Technologies Corporation, Zhejiang Dahua Technology Co., Ltd., Hangzhou Hikvision Digital Technology Co., Ltd., Axis AB, Hanwha Techwin Co., Ltd., Johnson Controls International Plc, and Schneider Electric SE.

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Market Taxonomy

Region:

North America
Latin America
Europe
Japan
APEJ
MEA

Security Equipment:

Video Surveillance
Access Control
Intruder Alarms
Entrance Control
Consumer Video Surveillance
thermal Cameras
Wireless Infrastructure

Vertical:

BFSI
Education
Healthcare
Government
Manufacturing
Retail
Residential
Transportation
Utilities & Energy
Commercial

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Nandini Singh Sawlani

Revolutionizing Security: RFID Locks Market Projected to Reach US$ 36.4 Billion by 2033, Says Future Market Insights

During the forecast period, the global RFID locks market is anticipated to have a compound annual growth rate (CAGR) of 14.1%. As of 2023, the market is to have a market value of US$ 9702.8 million. It is anticipated to end the forecast period in 2033 with a market value of US$ 36393.0 million.

From a CAGR of 12.0% in the historical period, Future Market Insights expects it to expand even more rapidly during the forecast period, at a CAGR of 14.1%. The reasons for this excellent growth are as follows

The RFID locks market is driven by a convergence of factors that present immense opportunities for growth and innovation. The escalating need for heightened security across various industries, such as healthcare, banking, and retail, fuels the demand for advanced access control systems.

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As businesses seek robust solutions to combat security breaches and data theft, RFID locks emerge as a reliable and efficient choice. Additionally, the increasing adoption of smart homes and smart cities further propels the market, as consumers prioritize convenience and seamless integration of security systems.

The ongoing technological advancements, including IoT integration and cloud-based solutions, create enhanced functionality and scalability opportunities, driving the RFID locks market to new heights.

The North American market stands as a dominating contributor to the RFID locks market, with a significant market share of 27.5% in 2022

Key Takeaways:

The RFID Locks market in North America showcased its dominance, securing a commendable market share of 27.5% in 2022.
Meanwhile, Europe also exhibited a robust presence in the RFID Locks market, capturing a notable market share of 21.2% in 2022.
Within the United States, RFID Locks gained popularity, accounting for a substantial market share of 18.6% in 2022.
Germany, a leading European nation, staked its claim in the RFID Locks market with a commendable market share of 9.4% in 2022. The country’s reputation for embracing innovation and emphasis on robust security practices drove the adoption of RFID-based locks across various sectors.
The RFID Locks market in Japan exhibited a noteworthy market share of 7.3% in 2022. Renowned for its penchant for precision and technology-driven advancements, the Japanese market witnessed an upswing in demand for RFID-based access control systems.
Australia secured a notable 3.1% market share in 2022, signifying the growing acceptance of RFID Locks in the region. As businesses and institutions seek modern and reliable security solutions, RFID technology presented an attractive proposition.
Shifting the focus to future growth prospects, China’s RFID Locks market displayed an impressive compound annual growth rate (CAGR) of 17.5% in 2022.
Meanwhile, India showcased a promising CAGR of 15.7% in the RFID Locks market in 2022.
Not to be outdone, the United Kingdom displayed a robust CAGR of 14.4% in 2022 for RFID Locks, exemplifying the nation’s keenness to embrace cutting-edge security technologies.

In conclusion, the RFID Locks market witnessed substantial market shares across different regions, with North America and Europe leading the way.

Competitive Landscape:

The Mobile Phones category is anticipated to experience the highest Compound Annual Growth Rate (CAGR) of over 17.4% between 2022 and 2032. There is a notable surge in the popularity of RFID locks that can be conveniently accessed via mobile phones. Leveraging smartphones or voice commands as alternative methods for unlocking and securing doors without traditional keys is gaining traction. As smartphone adoption continues to rise, end users are expected to increasingly embrace RFID locks, further driving their usage.

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Some of the leading companies in the market:

ASSA ABLOY AB Hospitality
Dormakaba Group
MIWA Lock
Samsung

Key Companies Covered

ASSA ABLOY AB
Bai Fu Co., Ltd.
Digilock
Dormakaba Group
Euro-Locks SA NV
Godrej & Boyce Manufacturing Company Limited
Onity Inc.
Samsung
SenseOn

More Insights Available

Future Market Insights, in its new offering, presents an unbiased analysis of the RFID Locks Market, presenting historical market data (2016-2021) and forecast statistics for the period of 2022-2032.

The study reveals extensive growth in RFID Locks Market in terms of Access Device (Key Cards, Mobile Phone, Wearables and Key Fobs), Application (Hospitality, Automotive, Aerospace & Defense, Residential, Manufacturing, BFSI, Retail, Transportation & Logistics and Others), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

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Market Segments Covered in RFID Locks Market Analysis

By Access Device:

Key Cards
Mobile Phone
Wearables
Key Fobs

By Application:

Hospitality
Automotive
Aerospace & Defence
Residential, Manufacturing
BFSI
Retail
Transportation & Logistics
Others

By Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

Author:

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Artificial Intelligence Systems Spending Soars: Market Set to Reach US$ 516.2 Billion by 2027

The global “artificial intelligence systems spending market” is anticipated to soar with a staggering 46.1% CAGR throughout the projection period between 2017 and 2027. The coronavirus pandemic benefits from the coronavirus outbreak as businesses are remodelling operations to allow employees to work from home. Further, increased spending on online communications and cloud technologies will generate lucrative opportunities during the pandemic.

Artificial Intelligence Systems Spending Market – Key Takeaways

Banking solutions for artificial intelligence systems are gaining strong demand, owing to automated customer service, and fraud analysis applications.
Pharmaceutical research applications are likely to witness rapid growth aided by the recent spurt in growth of digital patient and formulation databases.
Asia Pacific is displaying major growth in artificial intelligence system spending, supported by investments in hardware and infrastructure for artificial intelligence development.

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Artificial Intelligence Systems Spending Market – Critical Driving Factors

Growing use of artificial intelligence in ERP and manufacturing solutions and applications drive adoption rates.
Sustained automated transport and logistics investments are a key factor contributing to revenues.
Artificial Intelligence Systems Spending Market – Major Constraints

Lack of adequate infrastructure to handle vast databases, setup processes, and manage workforce remains a key challenge to market players.
High capital required for artificial intelligence system development holds back market growth.
The Anticipated Impact of Coronavirus

The covid-19 pandemic is likely to benefit the artificial intelligence systems spending market. This can be attributed to high investments in cloud and internet infrastructure, for remote working operations around the world during the pandemic. Centralization of corporate data during the crisis will help companies to build on AI capabilities.

AI systems are being used to identify and track vulnerable populations, and generate warnings for potential outbreaks in the future. Further, these systems are proving useful in administration applications in healthcare facilities. Also, increased use of online shopping. However, concerns over privacy, bias and job loss will limit gains during this period.

Competition Landscape

Prominent developers in the artificial intelligence systems spending market include but are not limited to IPsoft Inc., Google Inc., Salesforce.com Inc., Microsoft Corp., Wipro Ltd., Facebook Inc., Infosys Ltd., IBM Corp., Intel Corp., Apple Inc., and Amazon.com Inc.

Artificial intelligence systems spending market players are widely investing in strategic acquisitions to bolster their AI capabilities, and expertise in AI development workforce.

For instance, in early 2020, Apple Inc., announced the acquisition of Xnor.ai for AI-based image recognition tools. Further Amazon has announced the acquisition of Zoox, a startup focused on AI-based autonomous driving developments. Similarly, Snap has revealed its acquisition of Ukraine-based AI-Factory for developing augmented reality functionalities.

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Market Taxonomy

By Industry Type :

-BFSI
-Discrete & Process Manufacturing
-Healthcare
-Retail
-Wholesale
-Professional & Consumer
-Service
-Transportation

By Technology :

-Deep Learning
-Machine Learning
-Natural Language Processing
-Machine Vision
-AGI
-ASI

By Market :

-Hardware
-Software
-Services

By Region :

-North America
-Asia-Pacific excluding
-Japan
-Western Europe
-Eastern Europe
-Latin America
-Middle East and Africa
-Japan

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Nandini Singh Sawlani