Electronics and Media
Global Wi-Fi hotspot market revenue to surpass USD 23 billion by 2024, growing adoption in cafes to offer substantial a boost to the industry growth
The global Wi-Fi hotspot market has expanded at an unparalleled pace lately owing to the rapid adoption of smartphones and other Wi Fi-enabled smart devices. It was reported that the number of smartphone users has crossed the 2 billion mark and with new, more advanced products being offered consistently the smartphone market will observe remarkable growth. The number people using portable devices like laptops and tablets have increased, encouraging commercial and private sectors to install hotspots across various infrastructure, boosting the Wi-Fi hotspot industry revenue. As most of the public services have become available online throughout the world, governments are undertaking initiatives to develop the Wi-Fi hotspot market in their respective regions.
U.S. Wi-Fi Hotspot Market Revenue, By Component, 2017 & 2024, (USD Million)
U.S. has been at the forefront of innovations and is one of the key nations attempting to promote and develop smart cities. The country already has a vast network of hotspots at transport facilities, hospitals, restaurants and cafes, as well as at schools and residential buildings, proving to be a significant Wi-Fi hotspot industry hub. Europe, consisting of many developed nations, has also witnessed a tremendous growth in the use of Wi-Fi hotspots and is looking to propagate its services like eGovernance, eTourism and eHealth by giving seamless internet services. Recently, the European Union (EU) secured funds for launching free Wi-Fi hotspots at public places and will allocate EUR 120 million (around USD 136.96 million) to local governments across Europe over the coming three years.
Providing a major propulsion to the Wi-Fi hotspot industry, EU has called for applications from local authorities and will grand vouchers to about 2,800 municipalities for installing public hotspots. Even India, which is one of the fastest growing technology consumers in the world, is embracing the notion of offering easy access to the internet. In October this year the Bharat Wi-Fi project was announced which would involve installing nearly 1 million hotspots in the country by the end of 2019. Other developing nations can also be expected to pursue similar strategies to bolster their technology infrastructure and access to information, proliferating the Wi-Fi hotspot market.
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In terms of the application scope of the Wi-Fi hotspot industry, cafes have contributed substantially to the adoption of Wi-Fi for enabling customers enjoy free or subscribed internet connections with ease. Having a considerably good quality Wi-Fi connection has found to be a strong customer attraction and retention strategy, driving global brands and local cafes towards the Wi-Fi hotspot industry. Starbucks, a prominent coffee shop chain, offers free Wi-Fi to its customers by registering their information and getting authorization details on their smartphone. It also has one click, unlimited Wi-Fi services at all company-owned stores in Canada and with a worldwide presence, the brand represents the enormous prospects existing for the Wi-Fi hotspot market.
The overall potential of the cafes segment can be understood by studying the expansion strategies of key brands, as it indicates the projected need or demand for their services. Starbucks operates around 28,720 outlets spread in 77 markets globally and does seem like halting its growth anytime soon. It is planning to open 100 cafes in Japan, which is quite advanced in technology implementation, bringing the brand’s total outlets to 1,700 in the country. Costa Coffee, a well-known name throughout U.K. and Europe, also offers Wi-Fi services to customers through a collaboration with O2 and is gradually expanding.
Elaborating further on the massive opportunities existing for the Wi-Fi hotspot market, Dunkin Donuts has over 9,100 cafes in the U.S. and has recently expressed its intentions to add nearly 1,000 new locations in the country. Dunkin Donuts customers utilize the internet services for browsing, using social networks, gaming and watching videos, all the while consuming their favorite donuts and coffee. The incredible size of the coffee market is demonstrated by the fact that almost 63% Americans drink coffee every day and a considerable number of this population consumes products from cafes.
It must be noted that most of the cafes belonging to global brands or local players offer other food items as well, such as sandwiches, pizzas and bakery items, invariably creating a wide range of customer base. With increasing population, rising consumer spending and growing affordability of required hardware, the café segment will experience a notable rate of Wi-Fi hotspot implementation. Comprising of key industry participants like Alcatel-Lucent, Aruba Networks, Cisco Systems, Ipass, Motorola Solutions, Nokia Networks and Ericsson, the Wi-Fi hotspot market is anticipated to register more than USD 23 billion in revenue by 2024.
Author Name : Pankaj Singh
APAC electronic manufacturing services (EMS) market to gain tremendous proceeds over 2018-2024, rising consumer electronics demand to fuel the industry growth
With increasing need for cost-effective production of automobiles and consumer electronics, the electronic manufacturing services (EMS) market has gained enormous momentum over the last twenty years. Consistent rise in the consumption of mobile phones, portable electronics and connected devices overall has helped the growth of several small EMS players to meet the global demand. Vast opportunities in the aerospace, industrial and medical devices segment have also boosted the electronic manufacturing services industry. More recently, the communication and consumer electronics segment have driven EMS providers to pursue key expansion strategies and technological developments.
U.S. EMS market, by application, 2017 & 2024 (USD Billion)
Boasting revenues of more than USD 450 billion in 2017, the global electronic manufacturing services market will eventually witness increased returns from the aforementioned sectors. EMS providers have enhanced manufacturing facilities and expertise, also offering additional services like testing and logistics to help OEMs and major consumer brands achieve better profit margins, lesser time-to-market and flexibility. Labor costs in developing economies, especially in the Asia-Pacific (APAC) region are considerably low, reinforcing the electronic manufacturing services industry expansion in countries like China, India and most South East Asian nations.
With EMS companies taking care of the frugalities involved in product manufacturing, OEMs like Apple, Intel, Dell and Sony are able to concentrate their resources more towards research and development, as well as marketing campaigns. Consequently, the APAC electronic manufacturing services market has grown tremendously owing to continuous introduction of new products by OEMs, particularly smartphones. As mobile technologies are evolving at a rapid pace and becoming cheaper, smartphones are expected to constitute almost 48% of the global consumer electronics segment by the end of 2018, and it is a well established fact that most of these devices are manufactured by EMS providers in Asia.
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Elaborating further, Taiwanese company Foxconn, which is the world’s largest EMS provider, manufactures smartphones for Apple, computer equipment for Dell, Intel, HP and Microsoft, along with electronic devices for Sony, Google and Amazon. The company has set an example in the electronic manufacturing services industry for adopting innovative business models and creating a global presence. It had recorded a 50% growth in earnings during December 2017, mainly driven by the shipment of Apple’s flagship smartphone model, iPhone X. Simultaneously the APAC electronic manufacturing services market experienced accelerated growth due to increased production of smartphones launched by Chinese OEMs, such as Xiaomi.
The massive growth potential for consumer electronics in APAC can be surmised from Foxconn’s recent announcement according to which it is planning to expand its semi-conductor production operations in China. Demand for these small equipment is rising exponentially and an expansion effort by a major EMS provider indicates the same, signaling growth prospects for upcoming EMS firms who wish to penetrate the segment. Foxconn is also demonstrating the trend among companies in the electronic manufacturing services industry shifting from a single key income source to producing more diverse consumer electronic products.
Almost 50% of Foxconn’s revenue comes from Apple, which is a huge dependency on a single entity for a manufacturer of this magnitude. Keeping this in mind, the company earlier this year decided to join forces with camera maker RED Digital Cinema to produce affordable and professional quality film cameras with 8K resolution. It is also in the process of building manufacturing facilities in China and U.S. to make large-screen display panels. It is predicted that globally, nearly 2 million televisions with 8K display would be shipped by 2020 itself, and with a number of EMS players located in the region, the segment will generate additional remunerations for the APAC electronic manufacturing services market.
All in all, with unprecedented growth in the demand for consumer electronics over the next few years, the electronic manufacturing services market will witness tremendous inflow of capital for expanding production capacities. Constant innovations, for instance EMS company New Kinpo Group’s AI-powered manufacturing robots and autonomous manufacturing capabilities, will further attract OEMs towards Asian companies. Key players dominating the global EMS market share include Foxconn, Integrated Microelectronics, Inc., Benchmark Electronics, API Technologies Corp., Celestica, Inc., New Kinpo Group, Venture Corporation and Sanmina Corporation.
Author Name :Pankaj Singh
Automated optical inspection (AOI) system market to witness a double-digit CAGR over 2018-2024, automation applications to drive the industry expansion
Rapid industrialization and increased demand for electronic components has propelled the automated optical inspection (AOI) system market expansion, with rise in consumption of automotive and consumer electronics. AOI systems have gained immense momentum for fast and accurate inspection of electronics assembly lines to facilitate the production of only the highest quality PCBs and surface-mount devices. Constant innovations in smartphone technologies and automotive electronics has reinforced the need for lowering time and cost of production, necessitating the involvement of the AOI system industry. Estimated to have recorded earnings of more than US$500 million in 2017, the global AOI system market will experience an accelerated growth rate from augmented industrial automation.
U.S. automated optical inspection (AOI) system market, by end-use, 2017 & 2024 (USD Million)
Automation has been a trending process among manufacturers around the world, and more factories are expected to be completely automated in the near future with advancements in communication and robotics. As the field of electronics production get more competitive, achieving the balance between manufacturing speed and quality through automation is considered to be a major factor for success. The AOI system industry is crucial in providing powerful solutions to help manufacturers monitor processes and greatly improve their overall quality. AOI systems can now be integrated with robots, pneumatics and other process components to offer precision quality control.
Increasing focus on consumer protection and the need for reducing the costs involved in 100% inspection process will further bolster the AOI system market. 100% inspection is critical for segments where a human life could be put at risk, for instance medical devices, portable electronics and automobiles. A while back, certain smartphone product launched by Samsung was under scrutiny due to exploding batteries which endangered the users while being charged or operated. It was found out that the leading cause of explosions was improper assembly of batteries, stressing the importance of inspection in automation. Experts believe the company could have avoided this fiasco by adopting quality inspection systems, such as AOI, for inspecting all batteries and not just samples.
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Speaking further on the significance of the AOI system market, electronic components are becoming smaller in size, making it difficult to perform accurate and fast checks manually. PCBs for different applications require hundreds of parts to be soldiered or mounted on them in a short period of time, needing AOI systems to inspect each and every part, either in pre-manufacturing stages or post-production. Many global industries are adopting fully-automated manufacturing processes for not only PCB production but also cars and consumer electronics. Subsequently, the AOI system industry will witness robust demand over the coming years.
To elaborate, Volkswagen recently announced that it would be construction its electric vehicle manufacturing facility near Shanghai, China, where fully-electric SUVs and other e-vehicles will be made. The company said the new facility will consist mainly of robots, around 1,400 of them, and will be operational by 2020. The expected 300,000 per year capacity of the factory represents extremely high
levels of automation that will be implemented and signifies a key application area for the AOI system market. Government rules and international standards regarding vehicle quality and safety have boosted the demand for advanced AOI systems, as they can match the complexity and speed of automated manufacturing.
Over the years, AOI systems have been optimized to collect data and provide feedback so that the manufacturing process can be improved, and any suitable adjustments are made. When used during the assembly or soldering process, AOI helps to inspect the quality of the product as it is being made, which considerably lowers the need for post-production inspections. The AOI system industry can benefit from the tremendous development in optical sensors and miniaturization of inspection cameras. The enormous opportunities for the implementation of AOI can be surmised from industry estimates which peg the global process automation segment to be valued at nearly USD 50.3 billion by 2020.
As more companies look towards AOI for ensuring a fast, reliable and cost-efficient quality control in manufacturing and process automation, the AOI system market is anticipated to register a 12% CAGR between 2018 and 2024. Viscom AG, Cyberoptics Corporation, AOI Systems, Nordson, ASC International, Omron Corporation and Kurtz Ersa, are some key players outlining the AOI industry dynamics. Compliance with evolving engineering standards and demand for higher quality of products will drive innovations in AOI technology.
Author Name :Pankaj Singh
A brief overview of the global reed sensor market with respect to the geographical landscape: APAC to emerge as a potential regional contender by 2024
The global reed sensor market is lately witnessing an exponential growth rate, driven by the rapidly rising demand for advanced sensor technologies across industries such as military, aerospace, medical, security, transportation, smart grid & utilities and telecommunications. Attributing to a widespread application spectrum, the global reed sensor market was valued at over $1 billion according to a 2017 estimate. Reed sensors are basically devices made up of reed switches that incorporate a pair of flexible magnetic reeds and can be used in various applications ranging from flow and liquid level measurement to motion detection and sensing, proximity sensing and metal detection. One of the major factors behind the sensor’s rapidly growing demand is its robust and reliable nature and the low power consumption that allows for the device to be used in a plethora of battery operated applications.
China reed sensor market size, by application, 2017 & 2024 (USD Million)
It is anticipated that the expansion of the smart home market in developed nations across the world would be further fueling the growth of the reed sensor market. Moreover, the incredible rate of production that the consumer electronics market is witnessing across developing nations would also be responsible for propelling global reed sensor market further.
Unveiling global reed sensor market trends through a regional frame of reference:
Asia Pacific (APAC):
Home to nations such as China, India, Japan, South Korea and Taiwan – some of the world’s biggest consumers as well as manufacturers of automotive and consumer electronics, APAC presently holds the largest share in reed sensor market. According to a report by Standex Electronics, the device’s high demand is attributed to its availability in hundreds of different shapes and sizes and its ability to survive billions of operations without experiencing much wear and tear.
The aforementioned features have made reed sensors the go-to solution for the established automotive and consumer electronics markets in the APAC region. Moreover, government initiatives that support and encourage the growth of these industries are also likely to augment reed sensor demand further. Additionally, demands for remote home monitoring systems from the smart home markets of South Korea, Japan and China is projected to be another major contributing factor that will impel the APAC reed sensor industry growth.
Driven by a highly established manufacturing sector and robust industrialization trends, it is projected that APAC reed sensor market will grow at an impressive CAGR of 12.5% over 2018-2024 in terms of unit shipment.
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A significant contributor toward the global industry, the North America reed sensor market is primarily driven by the booming smart home industry as the sensors are witnessing wide-scale adoption across a plethora of connected home systems such as voice controlled temperature modulating systems and automated intrusion-detecting smart home systems. The regional market is also simultaneously receiving a considerable boost from the automotive industry as more and more automobile manufacturers are implementing the systems in their vehicles to facilitate a number of features like power windows, fuel and oil level measurement.
The U.S. reed sensor market size, had been pegged at over $350 million according to a 2017 estimate. It is expected however, that the anticipated rise of the autonomous vehicle market in the region would be fueling reed sensor market growth as well. Furthermore, with major domestic companies unveiling new products and expanding their respective distribution networks to improve their capabilities of quenching the growing demands of reed sensors across various key application sectors, the North America reed sensor market has positioned itself on a lucrative path towards future growth.
Attributing to the extensive regional growth, the revenue graph of the reed sensor market is projected to etch out an exponential growth trajectory in the years ahead. According to a report by Global Market Insights, Inc., the global reed sensor market is anticipated to surpass $2 billion by 2024.
Author Name :Akshay Kedari
OSS/BSS market to accumulate significant returns from the BFSI sector, rising product adoption by telecom service providers to fuel the industry expansion
Over the last few years, the revenue graph of OSS/BSS market has been depicting an exponential growth, on account of the surging digitization across the telecommunication, BFSI, and IT industries which have been deploying new communication technologies to accelerate the organizational workflow. The lure for inexpensive, safe, and time-saving operations has been encouraging companies to implement OSS and BSS solutions at the workspace. In addition, for empowering intelligent network management and automation, most of the industries have been giving preference for operational support services on a large scale.
The noteworthy transformation across the IT, transportation, telecom, and BFSI sectors with the emergence of next-generation technologies such as blockchain, IoT (Internet of Things), and AI (artificial intelligence) will thus have a considerable impact on the OSS/BSS industry share over the years ahead.
Europe BSS Market Share, 2017 & 2024 (USD Million)
In line with the implementation of 5G networks across the telecom sector, players in the OSS/BSS market have been observing lucrative business opportunities. In fact, some telecom industries have been looking forward to strengthening their networking portfolio by automating working processes with regards to the use of 5G networks. For instance, recently, the Swedish multinational and telecommunication company, Ericsson acquired CENX to enhance its Operations Support Systems facilities. The acquisition will improve Ericsson’s service assurance and closed-loop automation capabilities which will help it to leverage network visualization and automate the telecom network to serve enterprise customers effectively. The surging use of 5G networks with the assistance of OSS for improving the connectivity in service assurance, resource-inventory management, order management, product management, customer management, network management, and revenue management will strongly fuel the OSS/BSS market size.
Over the last few years, the increasing popularity of blockchain for decentralizing Network-as-a-Service (NaaS) for securing web wallets and wallet servers has also contributed toward the expansion of OSS/BSS industry. Leading technology companies have been deploying public blockchains to monetize their network resources that allow companies to analyze their operational and financial data. Considering the capability of OSS/BSS systems to secure financial data, BSFI companies have been shifting their focus toward the automation and digitization of financial processes, consequently demanding OSS/BSS technologies on a large scale. Powered by the surging adoption of modernized network security services, OSS/BSS market size from the BFSI sector will grow at an annual growth rate of more than 11% over 2018-2024.
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Taking into account the vast expanse of OSS/BSS market, most of the software companies have been acquiring firms involved in the development of the operational support systems environments. For instance, recently, the U.S. based leading supplier of telecommunication equipment, software, and services, Ciena acquired DonRiver which provides service inventory management software for OSS environments. This acquisition has helped Ciena improve its business process through network resource planning and utilization of closed-loop automation. The software control and programmable infrastructure of DonRiver will further optimize the Ciena’s inventory control solutions.
The shifting focus of end-use sectors toward the adoption of Software as a service (SaaS) and Cloud-based digitized deployment platform for fueling the use of automation and the effective network management has been augmenting the OSS/BSS industry outlook remarkably. The integration of Machine Learning and Artificial Intelligence technologies in the network services will transform the future of OSS/BSS market with its capability to manage complex network issues and improve the customers’ experience.
The transition of companies towards automated operations from traditional manual processes to improve the working efficiency and accuracy is likely to stimulate the product demand over the years ahead. Indeed, the rising concerns among financial institutions, IT and telecom companies about data security and operational breaches are poised to increase the valuation of OSS/BSS market, slated to accumulate more than USD 50 billion by the end of 2024.
Author Name : Sunil Hebbalkar
Automated infrastructure management (AIM) solutions market to accrue hefty returns from the IT & telecom sector, global industry to depict a double-digit growth rate over 2018-2024
Automated infrastructure management (AIM) solutions market has been experiencing considerable growth lately with the increasing need for automated documentation in data centers and commercial buildings. With the implementation of AIM solutions at the workplace, network administrators can improve the monitoring and provisioning of network connectivity. Prior to the advent of AIM solutions, myriad companies dealing with data management had been using manual tools which were prone to human errors. In addition, network technicians had to spend more time for updating and maintaining these documents, making the entire process time-consuming and expensive.
Considering the difficulties associated with cumbersome documentation processes, the need to obtain cost-effective returns and operational benefits became all the more rampant, leading companies in IT, telecommunication, banking, and manufacturing sectors to preferably deploy automated infrastructure management systems on a large scale. The increasing acceptance for AIM systems for speeding up operations in the workplace is thus slated to fuel automated infrastructure management solutions industry size.
UK Automated Infrastructure Management Solutions Market, by end-use, 2017 & 2024 (USD Million)
As of now, most of the businesses are becoming digitally dependent and have been striving to transform their technology infrastructure. The initiatives taken by companies to develop digitized products and services will thus emerge to be one of the driving forces of automated infrastructure management solutions market. It is noteworthy to mention that the shifting focus of companies toward enhancing their operational efficiency by reducing the number of manual tasks with the help of automation is also certain to fuel the product demand over the years ahead.
Taking into account the increasing acceptance of AIM systems, most players in the automated infrastructure management solutions industry have been continuously harnessing new technology trends such as IoT, AI, and AR. In 2016 for instance, BMC, New Relic, and Splunk incorporated artificial intelligence (AI) features in their IT monitoring tools to analyze data very effectively. The launch of application-centric advanced data management systems will thus lead to more companies wanting to use AIM solutions to resolve several IT infrastructural related issues, thereby propelling automated infrastructure management solutions market trends.
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The IT sector has constantly been on the lookout for simplifying their everyday tasks and saving copious amounts of time, on the grounds of which they have been looking forward to harnessing suitable problem-solving solutions. Validating the aforementioned fact, recently, the American multinational information technology company, Dell Technologies recently revealed a new IoT solution that can automate and provide scalable solutions for computing and IoT use cases. In cooperation with Intel, Dell has strengthened its computer vision and analytics technologies which will turn out to be beneficial for customers to support the workload through cloud services. The incorporation of artificial intelligence has also made AIM solutions more cost-effective, actionable, and efficient.
Countries like the U.S. and Canada which have been prominently preferring automation for enhancing productivity will experience operational simplicity with the development of such IoT and cloud computing solutions, further advancing AIM solutions market growth. Incidentally, in 2017, North America held an appreciable 40% of the overall automated infrastructure management solutions market share on account of the robust digitalization and adoption of colocation services across both the aforementioned nations.
Nowadays, the effectiveness of AIM systems to modify network security is making it highly popular across the globe. Companies operating across the BFSI sector have also been deploying AIM systems to restrict malicious and unauthorized users from accessing the server. In fact, it will be easier to locate any unusual remote activity on the system network with the help of automated infrastructure management (AIM) solutions. In this regard, for mitigating security issues related to the leakage of vital information and data storage, most of the financial institutions have been adopting AIM solutions.
The growing importance of AIM for security, asset management, and problem-solving across commercial business spheres is likely to impel the product demand in the future. More importantly, the transformation of a physical infrastructure into data centers aided by software intelligence will help companies to commendably enhance their operations. The surging deployment of AIM systems across myriad domains for improving data management facilities is poised to stimulate automated infrastructure management (AIM) solutions market size, which is expected to surpass a revenue collection of USD 3.5 billion by the end of 2024.
Author Name : Sunil Hebbalkar
An intrinsic outline of infrared (IR) LED market in terms of the end-use landscape: automotive applications to drive the global demand over 2018-2024
Driven by the rapidly surging deployment of IR LEDs across a plethora of application verticals, the global infrared (IR) LED market has emerged one of the most transformative business spheres over the last few years. Companies forming a part of the automotive, consumer electronics, medical equipment, and myriad other industrial sectors are increasingly using IR assisted products. The use of IR LED helps to maintain working stability, accuracy, improve security, and reliability. The emerging technology trends such as automated driving assistance system, IoT, augmented reality, and artificial intelligence have also had a positive influence on the product demand.
Japan infrared LED market size, by application, 2017 & 2024 (USD Million)
In most of the countries, in order to control the chances of accidents, automakers have been developing connected cars in which IR LEDs have been used prominently. It is thus rather overt that the advent of technically advanced features in every end-use sector will stimulate the infrared (IR) LED industry share. In line with the surging use of sensors in the various products, equipment, and vehicular systems, giants in infrared LED market have been investing in the enhancement of their product ranges.
A summary of the IR LED market trends from the automotive and consumer electronics sectors has been outlined below:
In the last few years, the automotive industry has witnessed a remarkable transformation with the advent of electric vehicles, connected cars, and self-driving cars. In addition, the growing concern among the automakers about the safety of occupants and the driver has encouraged them to bring new sensor assisted technologies such as excellent night vision, parking assistance, and blind spot detection. One of the renowned German automakers, Mercedes has implemented the Night View Assist system in its newly launched vehicle models that have full-LED headlamps incorporated with anti-dazzle infrared technology. The deployment of such IR LED technologies helps drivers bypass animals and pedestrians at night.
In addition, the company has also deployed a thermal imaging and IR camera which could enhance the chances of spotting the objects ahead of the vehicle effectively. The use of IR technologies and innovative features in the recently developed automobiles for improving the safety, driving efficacy, and comfort is poised to propel infrared LED industry share. For the record, in 2017, the automotive sector accounted for 30% share of the infrared LED industry.
Speaking more about innovations, it is prudent to mention that in order to gain competitive benefits, many companies are striving to launch new products in the automotive industry that could have a significant influence on IR LED industry outlook. For instance, recently, in January 2018, the Taiwan based company, Innolux Corporation has launched the first active matrix (AM) based Mini LED technology that has been used in automotive backlight panels. In addition, they are planning to develop a free shaped LCD for improving the appearance and design of future concept vehicles.
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With the deployment of next-generation technologies such as IoT, AR, and AI, consumer electronics sector has emerged as one of the revenue generating business areas lately. In this regard, the giants in the infrared LED market have already increased their focus on research and development activities. Currently the leading smartphone makers and security system providers are innovating a new range of sensor technologies for deploying the same in smartphones and security cameras. As on today, for attracting more customers, smartphone makers are adopting new product designs like the multiple camera setup where they are extensively using sensors and LEDs. Recently, Nokia has unveiled its plan to develop a new smartphone having five rear cameras that could be incorporated with IR focusing apparatus, five lenses, and LED flash.
In another instance, a multinational lighting manufacturer, Osram is planning to invest 1 billion euros to expand an LED chip factory across Malaysia, the products of which will be used in phones, laptops, drones, fitness watches, security cameras, and automobiles. Moreover, Osram has been continuously involved in the invention of infrared LED chip for optimizing the effectiveness of security cameras. The Increasing requirement of CCTV cameras across the Asia Pacific region will further generate lucrative opportunities for the players in the infrared LED industry.
The extensive deployment of technology across the automotive and consumer electronics industries will have a favorable influence on the infrared LED market. The involvement of many industries in digitalization for improving work efficiency, product performance, and consumer comfort also will fuel the product demand over the years ahead. In line with the shifting trends toward digitalization, infrared (IR) LED market will generate a revenue of more than USD 1 billion by the end of 2024.
Author Name :Sunil Hebbalkar