Market Research Blog – Page 9212 – New Product Development

China Wear Plates Market Is Expected To Increase At 7.3% CAGR By End 2031- FMI

China is expected to continue to dominate the global wear plate market in terms of production and growth. As per FMI, China is expected to hold a substantial market share owing to the increasing application in iron and steel market. The global wear plate market is expected to register year-on-year growth of 5.1% in 2021, reaching US$ 6.9 Bn by the end of 2021. Wear plates are used in a variety of end-use sectors to assure the long-term safety of the equipment.

China is considered to be the global leader in mining and ore processing, processed petroleum, cement, coal, chemicals, metals, and fertilizer production. Expansion of these industries will aid the wear plate demand over the coming decade. As per the study, demand in China wear plate market is expected to increase at a CAGR of 7.3% throughout the forecast period.

According to Future Market Insights (FMI), the wear plate market is projected to reach a valuation of US$ 6.95 Bn in 2021. Rise in mining and construction activities across the globe is expected to push the sales of wear plates. On account of this, the sales are expected to increase at 6.3% CAGR, surpassing US$ 12.82 Bn over the forecast period of 2021 and 2031.

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Wear plates are used in many industrial tools as they are used to prevent damage or abrasion to expensive equipment. Rise in industrialization and heavy use of wear plates in diverse end use sectors is one of the factor driving the sales of the wear plates.

Consequently, wear plates manufacturers are focusing on providing high quality products with long term warranty for these parts. This is accelerating the growth in wear plates market.

Regionally, North America is estimated to dominate the global wear plate market due to expansion of mining, power generation and off- road heavy equipment industries.

Growing safety concerns in mining, chemicals, and steel & aluminum mills sectors has also increased the use of wear plates across India, China, the U.S. and Germany.

“With advent of automation in the mining, chemicals, and other industrial equipment, several key players are aligning the production of advanced and sustainable wear plates to sustain their positions in the market. Besides this, increasing application of these wear plates in mining sector will boost the market” says an FMI analyst.

Key Takeaways:

Based on region, North America is expected to account for 22.8% share for wear plates market in 2021.
In terms of material, austenitic stainless steel segment is expected to hold the highest market share, exhibiting growth at a CAGR of 6.4% in the global wear plates market.
By thickness, 20- 25 mm sized wear plates are highly sought-after, expanding at a CAGR of 7.0% in the global market.
By end use, mining industry is expected to dominate the market, registering year-on-year (Y-o-Y) growth of 5.0% by 2021

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Competitive Landscape
Leading players operating in the wear plates market include ArcelorMittal, SSAB, Outokumpu, Nippon Steel Corporation, Thyssenkrupp, EMSCO, Ergotem USA, NeoNickel, Brown Mc Farlane, Hoverdale, Castolin GmbH, ASGCO, and PGI Steel among others.

To gain a competitive edge in the market, key players are focusing on research and development for enhancing their product portfolio. They are also focusing on expanding their production facilities for higher revenue.

Meanwhile, some of the other players are investing in strategic collaborations, mergers and acquisitions to expand their global footprint. For instance:

In Jan. 2021, Nippon Steel Corporation (Nippon Steel) has launched ZAM-EX, highly corrosion- resistant coated steel sheets for overseas markets. The company sells highly corrosion resistant coated steel sheets for overseas markets under the new brand name, ZAM®-EX
 In 2021, SSAB and Peab will collaborate on a high-quality, fossil-free steel. Peab is the first construction company to acquire fossil-free steel from SSAB for its projects as a result of this relationship. Together, the two firms will look into future possibilities for the fossil-free steel might help the building industry lower its carbon impact.

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Fiber Optic Collimating Lens Market is projected at an 11.8% CAGR during the assessment period, garnering US$ 2.1 Bn

The global fiber optics collimating lens market is estimated at US$ 2.1 Bn experiencing a growth rate of 11.8% from 2022 to 2032. The industry is valued at US$ 554 Mn and US$ 677.4 Mn in 2021 and 2022 respectively. The growing awareness about the benefits offered by aspheric lenses over the traditional lenses is projected to be the key factor driving the market in the forecast period. The rising investment in fiber optics is anticipated to augment the demand for fiber components, such as collimating lenses. The North American broadband service providers are likely to invest about US$ 60 Billion in fiber-to-the-home (FTTH) projects in the coming time. Besides, telecommunication, BFSI, healthcare, and the healthcare sector are expected to be significant consumers of a collimating lens, thereby, driving the market in the forecast period.

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Also, the advent of 5G networks is expected to expand revenue methods, thereby, escalating the market growth in the coming time. In addition, the telecommunication industry and the growing demand for handling heavy data in logistics and manufacturing are likely to offer remunerative opportunities for expansion. On the contrary, the high manufacturing cost of aspheric lenses and the usage of cheap copper internet wire are estimated to hinder the market growth.

Key Takeaways:

The global fiber collimating lens market is estimated at USD 2.1 Bn expanding at a CAGR of 11.8% from 2022 to 2032
The global fiber collimating lens market to value USD 677.4 Mn in 2022
The Single Mode Segment to expand at 10.5% during the forecast period
The Fixed Segment to record 10.5% from 2022 to 2032
The U.S market to value USD 660 Mn, expanding at 11.1% during the assessment period
Market in China to Value USD 151.9 Mn exhibiting a 10.9% growth rate

Competitive Landscape

Key players in the global fiber optics collimating lens market include AMS Technologies, IPG Photonics Corporation, Fabrinet, Thorlabs, Coherent, and others.

Recent key developments among players are:

In 2019, the new Coherent HighLight FL-ARM with a fiber-to-fiber switch was launched which is a high-power (2-8 kW), dual-fiber output laser that can sequentially power two separate processes or workstations.
In April 2021, Thorlabs rolled out a new passively Q-Switched laser producing 500 ps pulses centered at 1030 nm. The microjoule-level pulse energies produced at kHz repetition rates allow multiple applications, LIDAR, laser-induced breakdown spectroscope, and material processing.

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Future Market Insights, in its new offering, presents an unbiased analysis of the global fiber optics collimating lens market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of by Type (Adjustable, Fixed), By Mode (Single Mode, Multi-Mode), By Wavelength (<1000 NM, 1000-1500 NM, 1500-2000 NM, >2000 NM), By Application (Communication, Medical Diagnostic & Imaging, Lasers and Detectors, Metrology, Spectroscopy and Microscopy, Others) By Lens Type (Aspheric Lenses, GRIN Lenses, Others) & Region (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa)

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Flight Data Monitoring and Analysis Market is projected to grow at a compound annual growth rate of 8.6% reaching US$ 2.7 Billion by 2032

The global flight data monitoring and analysis market is projected to grow from US$ 1.1 Bn in 2021 to US$ 1.2 Bn by 2022. The market is expected to reach US$ 2.7 Bn by 2032 while recording a CAGR of 8.6% during the forecast period from 2022 to 2032.

Growing demand for software to analyze flight data in the ground-based market drives the FDMA market. By utilizing FDMA, fuel consumption was improved, accident fatalities were decreased, maintenance costs were minimized, and aircrew training was enhanced.

Modern aircraft systems integrate software to boost performance, safety, and reduce maintenance costs. A growing number of data security concerns, along with an increasing number of blockchain systems and artificial intelligence and machine learning projects, are driving FDMA market growth.

FDMA has seen a further increase in market growth due to an increase in the demand for reducing fight accidents in order to save either material losses or insurance costs in the fight industry.

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Key Takeaways:

The global flight data monitoring and analysis market is currently valued at US$ 2.7 Bn, with a CAGR of 8.6% during the forecast period.
Japan is expected to record a CAGR of 11.4% between 2022 and 2032.
Civil flight data monitoring and analysis segment will grow at a CAGR of 9% during the forecast period
In China, the market is expected to reach US$ 35.4 million by the end of 2032 the forecast period.
The Brazilian market recorded a CAGR of 7.9% during the forecast period.

Competitive Landscape

Key Players that have been profiled in the report are Flight Data Services Ltd., Scaled Analytics Inc., Aerobytes Ltd, Curtiss-Wright Corporation, Teledyne Controls. LLC. Developing innovative products and technology will allow customers to get the most out of new technologies.

In September 2021, FLYHT Aerospace Solutions Ltd. announced the acquisition of the Water Vapor Sensing System product line from SpectraSensors Inc. A license for SpectraSensors’ TDLAS technology, for use in the weather and aviation markets, is included in the acquisition, along with manufacturing assets, inventory, and aviation-specific intellectual property.
Acrouzet and Safran Electronics & Defense have joined forces under the European program to foster innovation in aeronautics to develop a new mini-control grip that will meet both the current and future needs of fixed-wing and rotorcraft pilots. The firm has developed a demonstrator and completed tests and delivered the prototype to Safran Electronics & Defense in November 2021. The new technology will assist pilots in knowing what to do in an emergency situation so they can take the appropriate action.

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More Valuable Insights Available

Future Market Insights, in its new offering, presents an unbiased analysis of the global flight data monitoring and analysis market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights By Aircraft Type (Fixed Wing, Rotary Type) By End-Use Vertical (Civil, Military) By Civil (Commercial Aviation, General Aviation) & By Region (North America, Europe, Asia Pacific, Middle East, and Africa, Latin America

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Identity Verification Market is to reach a value of nearly US$ 40 Bn by 2032

The worldwide identity verification market is anticipated to grow at a CAGR of 14.8%. The valuation of the verification market is anticipated to increase from US$ 10 Bn in 2022 to US$ 40 Bn by 2032.

Increased digitization ambitions, a surge in fraudulent activities and identity theft over the previous decade, and rising use cases of digital identities among verticals are all driving the identity verification market.

Furthermore, initiatives by governments and businesses focusing on digitalization and the use of new technologies in identity verification systems, such as AI, machine learning, and automation, would present lucrative prospects for identity verification suppliers.

Growing digitization initiatives, identity theft, an increase in fraudulent activities over the last decade, and an increase in the adoption of digital IDs among verticals are all pushing the global identity verification industry.

Moreover, governments and businesses have taken a number of steps to focus on digitalization and the adoption of new technologies such as machine learning, artificial intelligence, and automation in identity verification solutions, which are projected to provide lucrative opportunities for identity verification vendors and lead the identity verification market adoption trends.

As per the market study by Future Market Insights, the major hurdle impeding the growth of the identity verification market are financial constraints during the deployment of identity verification systems.

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According to Jumio Corporation, the total cost of ownership for online identity verification is roughly USD 853,750 per year, based on specific estimates. Identity verification solutions are easier to obtain for large businesses. However, for SMEs, it becomes a problem owing to a lack of budgetary resources.

The high initial expenditures and ongoing upkeep of identity verification make it difficult for startups to get off the ground. SMBs usually have limited access to bank-grade technology and security solutions due to budget constraints, making them an easy target for cybercriminals and thus also hindering the growth of the global market.

Price per verification, languages, data storage, and technical support are all elements that go into determining the cost of identity verification solutions and services. The majority of organizations charge per verification, as well as per month and year, with a limited number of ID verification checks provided. In some circumstances of a yearly package, some providers additionally offer variable pricing per verification. The issue is the disparity in prices charged by ID verification suppliers.

Key Takeaways

The US identity verification market is expected to advance at a CAGR of 14.2% during the forecast period.
The market is divided into BFSI, Energy & Utilities, Healthcare, Retail & eCommerce, Government & Defense, IT & Telecommunication, and Others, based on the end user. During the forecasted period, the BFSI sector is anticipated to have the greatest identity verification market size. As it becomes technologically prepared through the early adoption of new technologies, Asia Pacific is predicted to contribute to the fastest-growing region with the greatest CAGR during the forecast period.
The China identity verification market size is projected to reach a valuation of US$ 2.9 Bn by 2032.
Due to the increasing intrinsic demand from consumers for seamless onboarding, compliance management, and fraud prevention, the biometric solutions industry is expected to expand rapidly.
The application of identity verification technologies in major organizations is likely to expand as internet penetration, and eCommerce operations grow.

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Competitive Landscape

With several competitors and competing technologies, the identity verification market is highly fragmented, resulting in fierce competition among the participants. Large firms are likely to make purchases and collaborate with startups that are focused on innovation in the future.

Acuant, Applied Recognition, Au10Tix, Authenteq, Equifax, Experian, GB Group plc (GBG), Idemia, and Idfy are some of the major players in the global identity verification market.

Recent Developments

SimpleNexus, a homeownership platform for loan officers, borrowers, real estate agents, and settlement agents, announced a partnership with Finicity’s Mortgage Verification Service on June 20, 2021. (MVS). Using a single embedded service, lenders would likely be likely to expedite the verification of applicants’ assets, income, and employment.

May 2021 – Acuant and Airside teamed up to prioritize privacy in the processing of biometrics and personal data for mobile identity verification processes, enabling the convenient and cost-effective reopening of travel and public areas.

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Identity Governance and Administration Market is projected to reach US$ 23.9 Bn by 2032

According to Future Market Insights (FMI), the  identity governance and administration market  would increase at a CAGR of 13.5% by 2022-2032. The identity Governance and Administration Market is projected to be valued at US$ 6.7 Bn in 2022 and is anticipated to reach US$ 23.9 Bn by 2032. Globalization and an increase in regulatory compliances are two major development factors for the identity governance and administration market.

The increasing attention of organizations toward meeting administrative compliances, the demand to improve the operational effectiveness of identity procedures, and the globalization and growing utilization of data are some of the factors that are likely to drive the growth of the identity governance and administration market during the forecast period.

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However, the high cost of implementing identity governance and administration solutions, as well as a lack of understanding about identity governance and administration, are the factors most likely to stymie the growth of the identity governance and administration market. The high costs and limited demand among small and medium-sized organizations (SMEs) are also projected to stymie the growth of the identity governance and administration market throughout the forecast period.

Furthermore, the rising adoption of hybrid deployment types by companies, as well as the increasing requirement to manage security risks and threats across enterprises, may provide further chances for the expansion of the identity governance and administration market in the future years. Managing identities across diverse operational settings, on the other hand, is anticipated to provide further challenges to the expansion of the identity governance and administration market shortly.

The regions covered in the identity governance and administration market report are the United States, Canada, and Mexico in North America, Brazil, Argentina, and the Rest of South America as part of South America, Germany, Italy, the United Kingdom, and the Rest of Europe in Europe, Japan, China, India, South Korea, Asia-Pacific (APAC), Sa (MEA).

North America’s market size dominates the identity governance and administration market due to the presence of a large number of significant merchants and a stringent identity management administrative environment.  Furthermore, the rapid acceptance of identity governance and administration solutions and services by organizations, in turn, drives the growth of the region’s identity governance and administration market.

Asia Pacific is expected to experience significant growth in the identity governance and administration market due to the rapidly increasing number of businesses and the increasing need for cyber security solutions. These factors are expected to drive the growth of the identity governance and administration market in the region during the forecast period.

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Key Takeaways:

The services from the identity governance and administration market are expected to grow at the fastest CAGR of 14.1% during the forecast period in the component sector.
        Cloud is expected to grow at a high rate in the deployment sector of the identity governance and administration market, with a CAGR of 13.6% during the forecast period.
        China’s identity governance and administration market is expected to be worth US$ 1.7 Billion by 2032, with a CAGR of 13.3% over the forecast period.
The market size for identity governance and administration in the United States is expected to reach US$ 8.5 billion by 2032, growing at a CAGR of 13.3% during the forecast period.
        UK is expected to reach a market size of US$ 1 Billion in the identity governance and administration market by 2032, with a CAGR of 12.6% during the forecast period.
        Japan is expected to have a market size for identity governance and administration of US$1.4 Billion by 2032, with a CAGR of 12% during the research period.
By 2032, South Korea is expected to reach a market size of US$ 802 Million in the identity governance and administration market, with a CAGR of 11.2% during the research period.

Competitive Landscape:

The identity governance and administration market are somewhat fragmented, with multiple global and regional competitors. The market, however, is evolving toward the consolidation of numerous smaller competitors. Several industry participants are getting a competitive edge in the identity governance and administration market through innovation. The major players covered in the identity governance and administration market report are Oracle, IBM, Sailpoint, SAP, CA Technologies.

Okta, Inc. introduced New Native Identity Integration with Amazon Web Services in May 2020 to improve security, simplify the user experience, and increase automation possibilities for large, complex companies. The new capability, which is immediately available through the Okta Integration Network, allows Okta clients to furnish identities to AWS SSO for permission management, offering automated synchronization of user identities and groups to avoid significant complexity.
May 2020 – SAP SE stated that GEA had signed a strategic agreement with SAP to drive enterprise-wide digital transformation. The collaboration centres on the implementation of a worldwide ERP system based on SAP S/4HANA, with which GEA intends to realize the full potential of intelligent data utilization inside a firm.

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Key Segments

By Component:

Solution
Services
- Managed Services
- Professional Services

By Organization Size:

Large enterprises
Small and Medium-sized Enterprises (SMEs)

By Deployment Type:

On-Premises
Cloud

By Vertical:

BFSI
Government and Defense
Telecom and It
Healthcare and Life Sciences
Energy and Utilities
Retail and Consumer Goods
Manufacturing
Others (Education, Transportation and Logistics)

By Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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Market Value Of Industrial Air Compressor Is Expected To Reach US$ 46.6Million | FMI

With the increasing use in end-use industries the demand for industrial air compressors is projected to grow at a CAGR of 3.8% between 2022 and 2032, totaling around US$46.6 Billion by 2032. The global industrial air compressor market is expected to be valued at US$ 33.3Billion in 2022.

Industrial air compressor producers are putting a lot of effort into creating digitally controlled systems, like automated and digitalized compression solutions. It is anticipated that this will increase the demand for industrial air compressors.

Additionally, the oil and gas industry’s expanding demand will continue to be a major growth driver. During the forecast period, the oil and gas, automotive, and transportation industries will account for the majority of market sales, according to the report. As these industries expand, attractive opportunities for growth will emerge in the near future.

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Key Takeaways from the Industrial Air Compressor Market Study

Industrial air compressor market will register a CAGR of ~4.6% over the forecast period of 2021-2031
Expansion of oil exploration activities have placed the U.S. as a chief market, which accounts for over 70% sales within North America
Improving production in the automotive sector will fuel demand in the U.K., enabling above 6% y-o-y growth in 2021 in terms of value
Application across diverse sectors will drive growth in industrial air compressor market in Germany and France
Rising demand for power generation will push growth in Japan and China

“The main catalyst behind the growing popularity of air compressors is the innovation that goes into newer models in the market. In economic downturns, sales of air compressors are less likely to witness significant gains in some of the world’s more developed markets. Nonetheless, the technology will always have thriving markets as long as there are developing countries are eager to compete with the industrialized world.” says a Future Market Insights analyst.

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The industrial air compressor market is expected to be a high-opportunity market in the forecast period owing to increasing demand from various manufacturing and production industries as well as investments in oil & gas and power generation sectors, which are expected to drive the demand through the forecast period. Moreover, manufacturers are emphasizing on developing digitalized and customized products as per customer demands along with improved technology, life cycle, higher efficiency and less maintenance cost. These factors are expected to positively influence growth in demand for Industrial air compressors during the forecast period.

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South Korea Intellectual Property Market is is valuation reaching US$ 4,657.2 Mn by 2032

According to the South Korea Intellectual property (IP) market analysis by Future Market Insights (FMI), demand in the market will increase at an impressive CAGR of 17.8% from 2022-2032. The market valuation will reach nearly 4,657.2 Mn by 2032.

The report states that the market is expected to reach a valuation of US$ 0.9 Bn in 2022. Increasing adoption of IP in the digital economy and growth of new business models are anticipated to drive the market in the forthcoming years.

Adoption of IP in emerging nations encourages research and development, thereby uplifting of ideas and innovations to foster fast implementation of new technologies and economic development of the country. Domestic firms in emerging economies rely heavily on trademark protection, which will spur demand.

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Legislative measures, evidence gathering procedures and with its introduction of k-discovery that will create opportunities for growth in the market. Many universities and large organizations have established offices for Intellectual Asset Management (IAM), which is also offered as a service by consulting and law firms for protection of the IP.

Large enterprises are investing in IP for the protection of products. This enables organizations to enjoy benefits such as venture capital funding, license sales and using their trade secrets for revenue and creation of valuable IP assets.

The negative effects of free riding on innovation is one of the main reasons for protection of IPR and for the required funding from investors. Management of IP also serves organizations with the necessary economic benefits through legal rights to authors and inventors for the determining the way in which inventions and innovations are used.

Key Takeaways:

By solution, the intellectual property (IP) management software segment is anticipated to expand at a 21% CAGR through 2032.
By end user, sales in the law firms segment are forecast to increase at a CAGR of 19.4% between 2022 & 2032.
Total demand in the south Korea intellectual property market is slated to rise at an impressive 17.8% CAGR through 2032.

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Competition Landscape

Leading players operating in the South Korea intellectual property market are investing in technological advancements to improve the performance of solutions and software to gain a competitive edge. For instance:

In December 2019, Dennemeyer Group completed the acquisition of the Italian IP law firm De Simone & Partners. The acquisition will help company to expand their business in Italy.
Anaqua, provider of innovation and intellectual property management solutions announced the launch of a new innovative unit which aims to address needs of today’s global law firms. The firm is also investing in its leadership and law firm platforms, AQX Law Firm and PATTSY WAVE which highlights the anaqua’s commitment to firm as an essential part of the IP ecosystem and meets the needs of the market.

South Korea Intellectual Property Outlook by Category

By Solution:

Intellectual Property (IP) Management Software
- Cloud-based
- On-Premises
IP Search and Analysis Software (Web-based)
Intellectual Property Services
- IP Consulting and Analytics
- Law Firm Services
- IP Maintenance
- Others

By End-user:

Corporations
Government & Academic
Law Firms
Others

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Legal Transcription Market is to reach a valuation of US$ 3,267.7 Mn by 2029

The increasing preference for automation in the jury process is one of the important reasons driving the demand for legal transcription services. The adoption of legal transcription solutions is expected to grow at a significant rate over the forecast period, due to the increasing preference for more secured and reliable operations.

From the past few decades, technological evolutions are increasingly contributing to different industry verticals, and law firms are one of them. With the constant increase in crime scenes, the need for more advanced, fast, and secure ways of courtroom data recording is increasing rapidly. The interest of law firms has grown regarding the conversion of traditional courtrooms into high-tech courtrooms.

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Global Legal Transcription Market: Drivers and Restraints

One of the major factors driving the market for legal transcription software as well as services is the recent boom in legal practice and different types of law firms. Rising crime scenes on a global level are making it crucial to have quick and proficient legal transcription services available on a real-time basis.

In addition to this, the availability of different options such as interrogations, on-time transcription of data, phone calls, training sessions, announcements, and others for legal transcription users is also an important factor driving the growth of the legal transcription management solutions market.

Global Legal Transcription Market: Segmentation

The global legal transcription market is segmented on the basis of end user, deployment, and region.

Segmentation Based on End User:

Legal transcription solutions are available for different types of end users. The segmentation on the basis of end users includes law agencies/firms, legal attorneys, legal prosecutors, legal court reporters, insurance investigators, and others.

Segmentation Based on Deployment:

Legal transcription solutions are available based on two types of deployment models. The segmentation is performed on the basis of deployment as on-premise and cloud-based.

Segmentation Based on Region:

On the basis of region, the global legal transcription market is segmented into North America, Latin America, Western Europe, Eastern Europe, the South East Asia and Others of Asia Pacific, Japan, China, and Middle East & Africa.

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Global Legal Transcription Market: Key Players

Examples of some of the key players in the global legal transcription market include Voxtab, Focus Forward, Indoswift, Winscribe, Flatworld Solutions, NCH Software, Tech-Synergy, Voice Products Inc., and others. Legal transcription solution vendors are continuously focusing on product innovations to sustain in the increasing global competition, and are also focusing on delivering outstanding services to the end users.

Global Legal Transcription Market: Trends

Legal transcription vendors are continually focusing on delivering customer-centric products with advanced flexibility for software users. The deployment of legal transcription over the cloud is a significant trend. Cloud deployment is expected to contribute to significant growth over the forecast period. In addition to this, the availability of mobile applications for smartphones and tablets is creating new market opportunities, as smartphones allow flexibility to track data from any remote location. These market trends are creating potential market opportunities for software vendors.

Global Legal Transcription Market: Region Wise Outlook

North America holds a significant market share regarding revenue generation from the sale of legal transcription solutions, due to the rapid adoption of legal transcription solutions in this region by private law firms. Also, to sustain in the changing global scenario in terms of maintenance of transparency in jury actions, European countries are adopting advanced solutions, such as legal transcription solutions.

The SEA and Other APAC region is expected to grow at a high CAGR over the forecast period, due to the increasing digitalization and smartphone usage in this region. MEA is expected to grow at moderate CAGR, due to the slow adoption rate of the software.

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High Performance Message Infrastructure Market is surpassing a valuation of US$ 3.37 Bn by 2029

A new research report by Future Market Insights on the high performance message infrastructure market provides significant insights, which consist of the global industry analysis 2014–2021 and forecast 2022 – 2029. According to the market research report, the overall market is projected to expand at a prolific CAGR of 14.4% between 2022 and 2029, surpassing a valuation of US$ 3.37 Bn by 2029.

Furthermore, the global high performance message infrastructure market is anticipated to experience notable growth during the forecast period, due to various driving factors, such as growth in the cloud computing industry, increasing IT infrastructure investment, and rising demand for Big Data and Software Development and Information Technology Operations (DevOps).

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Primary trends in the global high-performance message infrastructure marketplace include inclination towards interconnectivity between applications, sites, partners, providers, employees, customers, all devices.

Adoption of Integration Platform-as-a-Service (iPaaS) and event-driven architecture continues to broaden in developing and developed countries all over the world. It is expected that various opportunities will be found for key players in the high performance message infrastructure market over the forecasted period.

According to Future Market Insights’ report, the Big Data use case is anticipated to generate an incremental opportunity of ~US$ 520 Mn for the high performance message infrastructure market during the forecast period of 2019-2029.

Moreover, the event-driven architecture segment is likely to experience high growth rates during the forecast period, owing to growing demand for packaged applications and IT services.

Furthermore, the world is witnessing a significant rise in search-based analysis, predictive model markup language, and text & entity analysis, which, subsequently, is initiating potential growth opportunities for the high performance message infrastructure market.

Key Players Focus on Expanding their Business in APAC

Leading players in the high performance message infrastructure market are focusing on extending their businesses across Asian Pacific countries such as India and China. Increasing investment in digitalization infrastructure by the governments attracts various high performance message infrastructure providers to extend their business in these countries.

Moreover, the healthy economic growth of countries in the region, together with the continuous adoption of advanced technology, including the Internet of Things (IoT), Platform-as-a-Service (PaaS), are creating substantial growth opportunities for the high performance message infrastructure market.

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For instance, in August 2019, The Apache Software foundation organized Hadoop community meet up at Beijing, China, with 200 spots available for registration to attend this meet up in person. Participants introduces recent trends in the storage field, such as better scalability and moving towards cloud in the Asia Pacific region.

For instance, in June 2019, TWILIO INC. announced its expansion in the Japanese market. The company also announced new partnerships with seven regional consulting partners.

Cloud-integrated Solutions Playing an Essential Role in Market Growth

There are increasing scope of applications related to software-as-a-service (SaaS) or cloud-based data storage. Such factors have promoted the high performance message infrastructure market players to adopt expansion and product differentiation strategies to gain a distinct competitive edge as well as enhance their market presence, catering to each specific end-use industry.

For this, high performance message infrastructure providers are frequently increasing their investments on product developments and research & development activities to enhance their product offering awareness to the end-user industries.

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Legal, Risk and Compliance Solution Market is estimated to grow at a CAGR of ~7% during the forecast period of 2019-2029

A Future Market Insights market research study on the legal, risk, and compliance solution market offers important insights and examines the market for the projected period of 2019–2029. According to the report’s findings, the market for legal, risk, and compliance solutions is expected to produce global revenues of about US$ 8.4 billion in 2019.

The market for legal, risk, and compliance solutions is also anticipated to develop significantly in the future years. It is caused by a number of variables, including the mandatory use of GRC solutions in businesses and the growing use of big data and IoT in legal, risk, and compliance solutions.

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Adoption of legal, risk and compliance solution in the industrial sector helps in dealing with the top labor and employment issues, thereby enhancing various operational processes. Introduction of new technologies and driverless cars along with rapid digitization and automation is further likely to augment the growth of the legal, risk and compliance solution market.

On the basis of FMI report, the component of legal, risk and compliance solution is projected to generate an incremental opportunity of ~US$ 8.2 Bn during the forecast period of 2019 to 2029. As compared to services, the legal, risk and compliance solution software is anticipated to witness prominent growth rate during the forecast period, owing to the increasing demand for policy management and enterprise risk management.

Furthermore, the software supports an organization risk management processes, which include internal audit, internal control, business continuity, vendor/3^rd party management, information security, enterprise and operational risk management, which in turn, is accelerating the legal, risk and compliance solution market growth.

Increased Number of Risk Factors and Business Complexities

The legal, risk and compliance solution effectively manages, monitors, and defines the external and internal business environments. Increasing business complexities and changing regulatory requirements in recent years, are expected to drive the legal, risk and compliance solution market growth.

The solutions are also used to provide higher quality information to management, process optimization, better capital allocation, improved effectiveness, protected reputation, and reduced costs for all industry verticals. Furthermore, the rising number of risk factors against business data is generating potential growth opportunities for the legal, risk and compliance solution providers.

Managing Policies and Regulations in the Government Sector

Implementing a transparent and uniform process in government organization is expected to bolster the demand for legal, risk and compliance solutions. These solutions help in managing environmental, health & safety (EH&S), liquidity and credit risks along with managing quality and stakeholder expectation and controlling high cost for aging infrastructure. Further, the need for managing policies, regulation, and business performance effectively in the government sector due to increased regulatory pressures is likely to accelerate the market growth.

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Demand for Legal Document Management Solutions to Reduce Paper Work

Importance of maintaining historical company records coupled with rising adoption of paperless solutions are significant factors that are driving the growth of the legal, risk and compliance solution market. Multiple organizations are going paperless to pursue new ways of making business and new opportunities to reach across various channels and bring new customers, partners, and revenue. Cloud-based computing solutions have been developed as the key enablers of the document management system (DMS).

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