Healthcare
Facilities management market to receive substantial gains from outsourced services segment by 2025
Stakeholders envisage facilities management market share to proliferate at a robust pace in the wake of unprecedented surge in smart city projects. Smart cities—integrated, powered and enabled by digital technologies—have propelled commercial spaces, transportation sector, namely. In recent years, awareness of facilities management has heightened owing to expanding tourism and hospitality industries.
Palpable surge in investments in construction and real estate is expected to underscore robust-looking facilities management market size. For instance, the Canadian government issued an additional funding of US$ 81.2 bn in 2017 across five main funding streams, including green infrastructure; public transit; social infrastructure; trade & transportation projects and meeting the ‘unique’ needs of rural and northern communities. Apparently, the unique needs include facilities to underpin food security, improved broadband connectivity and local access roads.
The Investing in Canada plan propounded in Budget 2016 and expanded on in Budget 2017, aims to build advanced economic cities. With burgeoning construction projects, demand for various services, including maintenance, construction, electric, operation and mechanical work has soared in recent times.
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Facilities management market size is projected to surpass US$ 2 trillion by 2025, according to the latest research report by Global Market Insights, Inc.
Despite companies in the late 2000s focused on insourcing, of late there has been notable surge in outsourcing consumption. Companies tend to streamline their operations by embracing outsourcing that reduces business risks, expands profitability, grows competitiveness, enhances productivity and lets companies focus on their major business and competitive advantage.
As such, the outsourced services segment is slated to expand profoundly during the forecast period. That said, seemingly tepid adoption of outsourced FM services may dent the growth of the industry. Meanwhile, given that outsourcing apparently enhances operational efficiency, the outsourced services will underscore facilities management market size.
Popularity of smart homes and offices, including HVAC systems, fire safety systems, elevators, mechanical equipment has augured well for hard services segment that is set to hold significant share during the forecast period. As such, potential dominance of hard service segment is slated to bolster facilities management market share by 2025.
North America facilities management market is anticipated to expand robustly against the backdrop of proliferating tourism industry. With huge revenue at stake, governments globally are vying to woo would-be travelers to their countries led by aggressive marketing and favorable policies.
According to International Trade Administration (ITA), the U.S. travel and tourism industry garnered an economic output of over US$ 1.6 trillion in 2017. The dramatic upsurge witnessed in the number of tourists has been instrumental in rendering facilities management services across shopping malls, airports, amusement parks, and large food centers.
Leading companies are grappling to secure a government deal for FM services to augment their profitability and expand facilities management market size. In Q1 2019, Madrid City Government inked a four-year contract worth 18.62 mn with the facility management company ACCIONA. Reportedly, the Madrid City picked ACCIONA to enhance energy efficiency in 400 municipal buildings, including sports centers, schools, social and cultural centers, among others.
Author Name : Sunil Jha
Data warehousing market share to be propelled by statistical analysis segment over 2019-2025
Growing demand for effective ways of storage and testing of enterprise big data will help to augment data warehousing market size by 2025. Data warehousing is rapidly substituting conventional database management systems and legacy Business Intelligence (BI) tools. Data warehouses enable storage of disparate data by transmuting and standardizing several data types into one common format. Data warehousing helps to store large data volumes, and which can be retrieved faster in comparison to other operational systems. Huge benefits offered by the technology are offering impetus to the growth of data warehousing industry share.Data warehousing market forecast report predicts that on-premise data warehousing industry trends will be enhanced owing to low network latency and improved security. On-premise data warehouses do not undergo network lags and provide quicker query processing. These systems provide enterprises with improved data security because critical enterprise data is instituted on in-house data centers. Unification of other services is easier with on-premise data warehouse due to the presence of a single server.
Size of statistical analysis segment in data warehousing market is predicted to expand exponentially over 2019-2025. Statistical analysis comprises of compilation and analysis of quantitative data stored in a data warehouse, to discover fundamental statistical relationships. Statistical analysis tools have been observing a surge in demand owing to the adoption of these tools among government and research companies for past data analysis and to regulate helpful data patterns. Statistical analysis provides superior data re-usability (data recycling) for various sets of conditions. These conditions enable enterprises to create forecast models and predictive analysis algorithms by making minimal changes in data set.
Data warehousing industry forecast report has projected that manufacturing data warehousing market share will expand with a CAGR of more than 15% over 2019-2025. The growth is attributable to advent of Industry 4.0 and intensifying trend of cyber-physical systems in manufacturing facilities to generate huge data. Also, the advancements in manufacturing sector and increasing adoption of data warehousing technology will expand data warehousing market share significantly.
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Huge investments are being made by manufacturing enterprises in IIoT and unifying data warehousing solutions with production management systems to plan for precise and data-driven manufacturing. For example, in February 2019, German automaker Daimler AG has reportedly deployed an in-house data warehouse known as eXtollo. This solution enabled Daimler to integrate IoT data with production planning systems. The integration helps to decrease material wastage, reduce production times, and cut down expense on product quality control. Demand for data warehousing is anticipated to escalate owing to efficient inventory planning and rapid production times in the manufacturing sector which will contribute to boost data warehousing industry outlook.
North America data warehousing market trends are projected to develop significantly by 2025 with a share of more than 40%. The growth can be accredited to strong ICT infrastructure, rapid adoption of cloud services, and augmenting prevalence of big data analytics. Companies in the region have been moving from traditional data warehouse tools to cloud-based solutions to raise scalability, cost-effectiveness, and to reduce hardware dependency. Presence of a number of key data warehouse vendors such as Oracle, IBM, Google, and Microsoft is also anticipated to drive North America data warehousing industry trends.
The main focus of the companies operating in data warehousing market have been on providing latest services and products to earn hefty revenue share. With the amplifying demand for data warehousing solutions, competitive landscape has been becoming more intense with major vendors have been focusing more on technology development and aggressive pricing to stay ahead of competition. A few of the key participants include IBM, AWS, Google, Oracle Corporation, Microsoft Corporation, etc. Reports predict that data warehousing industry size is slated to surpass $30 billion by 2025.
Author Name : Paroma Bhattacharya
Top 3 trends driving assembly machine market forecast over 2019-2025
Manufacturing units across developing economies will be adopting Industry 4.0 technologies like artificial intelligence, machine learning and robotics to transform operations with the help of semi or fully-automated assembly machinery for achieving cost efficiencies without quality compromises.
Need for automatic and semi-automatic assembly machines
Semi-automated assembly machines will be witnessing a major growth in forthcoming years owing to a steady increase in the production of new and greener automobiles, that will in turn stimulate the demand for automotive components like radiators made on use semi-automatic assembly lines.
TQC Automation & Test Solution offers semi-automatic assembly machines in order to allow a manufacturer to test automotive radiators and enable quality control. Semi-automatic machines are essentially preferred over manual machines owing to the time saving functions. These machines are mostly used by small or medium enterprises for improving the manufacturing process under decent budget, while raising productivity and reducing the operational costs.
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Fully automatic assembly machines will gain favorable traction and influence the business outlook due to use of smart technologies with the combination of cyber-physical systems that help factories become much more productive and energy-efficient. Automated assembly machines eliminate concerns for manual handling entirely and increases output in less time, fostering assembly machine market share globally.
Expansion of automobile and cosmetic manufacturing sectors
Major advances in the robotics technology have initiated the deployment of robotic automation in the automotive segment. Across automotive component plants, assembly machines comprising robots like high speed Delta machines help assemble small components such as motors and pumps. Car assembly involves windshield installation as well as wheel mounting that require automated assembling.
The European Union produced 19.2 million motor vehicles in 2018, which account for around 20% of the total motor vehicle production globally in the year. Companies in the region use advanced technologies for the manufacturing of automotive parts, considerably fueling Europe assembly machine industry size.
With regards to cosmetics packaging applications, equipment like pump priming and leakage testing machines, thin shape lipstick tube assembling machine, finish assembling machines and high-speed mascara bottling equipment run successfully in several multi-national companies. Several such automatic assembly machinery are imported by manufacturers based in Italy, United States, Switzerland and France that have helped the users to enhance their efficiency.
Surging consciousness among people about personal care and perception of beauty standards have increased the demand for cosmetics. Japan is one of the leading markets for beauty products and generated a revenue worth USD 36 billion in the year 2017.
Impact of growing demand in Asia Pacific region
Asia pacific region accounted for nearly 40% of global assembly machine market share in 2018, with countries like India and China reportedly looking to achieve lower manufacturing costs along with less technically skilled labor. Rapid digitization in the region has helped manufacturers expand and scale businesses economically.
Several countries have initiated Industry 4.0 projects for the improvement of manufacturing sectors, including Thailand, Malaysia and Indonesia, each having their own economic agendas.
Companies like Norwalt Design Inc., Hindustan Automation, FANUC Corporation, Kawasaki Heavy Industries Ltd, Humard Automation SA, Haumiller, Extol, Intec Automation and Bystronic Maschinen AG are some of the prominent equipment manufacturers comprising the competitive hierarchy of global assembly machine market.
Players are extensively involved in collaborations and look to acquire other companies to expand their portfolio. For instance, ABB had recently entered into a partnership with Cochin Shipyard, a government owned shipping corporation of India, to be able to provide automated assembly solutions.
Author Name : Riya Yadav
4 pivotal trends influencing global fraud detection and prevention market share
Fraud detection and prevention (FDP) market share is gaining immense momentum due to increasing cases of corporate economic theft and other financial crimes which lead to considerable revenue losses. Additionally, growing demand to track and secure real-time transactions is driving technological advancements in the field of digital payment, adding impetus to global fraud detection and prevention industry trends.Several government initiatives aim at securing online financial transactions carried out by the citizens and are spreading awareness about e-payment fraudulence along with levying stringent regulations.The burgeoning e-commerce sector is substantially driving the digital payments domain and providing opportunities to people involved in fraudulent activities. The e-commerce market in emerging countries is particularly ripe for the taking, with Indian e-commerce sector itself projected to surpass USD 120 billion by 2020. Rising penchant for online shopping and e-banking will certainly offer lucrative growth prospects for FDP industry.
Enumerated below is a summary of the top trends that are likely to be driving fraud detection and prevention market outlook over 2019-2025:
Increased deployment of fraud analytics
Growing number of cases of fraud in the banking, corporate, and e-commerce sectors is steering the demand for a reliable and accurate fraud detection systems in order to control the economic losses. Lately, fraud analytics has gained increasing demand as an effective FDP technology to help enterprises track or predict wrongdoings.
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Fraud analytics comprises an amalgamation of analytic technology coupled with human interaction that assists in the detection of possible fraud or theft. Fraud analytics help in identifying hidden patterns, facilitate data integration, harness the unstructured data, enhance the existing efforts and facilitates real-time alerts and reporting, thereby making them an integral component of fraud detection and prevention market.
Application in credit and debit card frauds
Rising dependence on plastic money globally is intensifying the global FDP market scope. According to reports, as of 2016, the total value of card payments recorded in the U.S. was estimated at USD 5.96 trillion. In terms of numbers, credit cards segment had recorded a remarkable growth rate at 10.2% while debit cards grew by 6%. Evidently, there has been a rise in the adoption of credit and debit cards among people, raising the probability fraud.
There are several forms of credit and debit card frauds such as:
- Counterfeit card fraud
- Card ID theft
- Fake card
- Card Not Present (CNP) fraud
- Manual or electronic card imprints
The government and many key industry players are undertaking initiatives to spread awareness among the people regarding card usage and precautions that must be followed. The Reserve Bank of India, for instance has laid down guidelines to strengthen electronic banking transactions with an aim to facilitate customer protection. Growing demand for debit and credit cards has led to an increased adoption of fraud detection and prevention solutions.
Growing adoption in the banking sector
Increase in employment levels have led to a rise in disposable incomes worldwide, propelling the banking industry globally. Banking sector is witnessing rising demand for online services and credit cards in Asian countries like Japan, China, India, among others, owing to the rise in industrialization and globalization.
As per reports, for the fiscal year 2017-18, the total bank deposits in India increased at a notable CAGR of 11.66% and was slated to increase rapidly in the forthcoming years. Rising demand for a robust digital banking infrastructure has given rise to technological innovations such as IMPS, NEFT, mobile banking and other forms of digital payment methods.
Suring bank fraudulence in terms of check tampering, credit and debit card fraud cases, cash transaction monitoring and incorrect accounts keeping may lead to huge economic losses to countries. A burgeoning banking sector will undoubtedly complement the global fraud detection and prevention industry forecast.
Financial market trends in North America
While the demand for FDP services has been rising across several regions such as Europe, MEA and APAC, North America is likely to emerge as one of the more profitable revenue terrains for fraud detection and prevention industry share.
The financial and insurance sector in the U.S. was valued at USD 1.5 trillion and represents one of the most liquid financial markets in the world.
The robust financial sector in North America is experiencing increasing attempts at financial frauds and thefts. Reportedly, over 74% of the financial institutions based in North America have reported online or mobile fraud losses. It was estimated that by 2022, the financial organizations would spend over USD 9.3 billion annually on tools for fraud detection and prevention.
The presence of global financial multinationals as well as leading security service providers in North America will significantly amplify fraud detection and prevention industry size in the years ahead.
Author Name : Shreshtha Dhatrak
How will the penetration of 5G technology stimulate Intent-based networking (IBN) market outlook?
The increasing demand for commercialization of the next-generation 5G technology will propel Intent-based networking (IBN) market size. Given the extreme data speeds of the 5G technology, the commercialization will enable the service providers to launch several customized virtual private networks (VPNs) targeted toward specific applications and customers.
Additionally, intent-based networking technology allows the enterprises to have software defined control over many aspects of the network including the segmentation, content filtering, Quality of Service (QoS) and malware detection. This AI-based smart technology also allows enterprises to automate the configuration of these network devices according to the changing business objectives.
How will networking hardware segment perform during the forecast period?
Networking hardware segment is expected to grow at a CAGR of over 30% during the forecast timeframe . Networking solution providers foresee expansion of their support for 5G technology owing to the increase in data-centric applications. This will create immense demand for networking components such as routers and switches. Rapidly changing business requirements in accordance with technology change is slated to drive IBN market share from networking hardware segment.
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How will the cloud computing trend influence cloud deployment-based IBN market outlook?
The cloud deployment model is anticipated to achieve a steady growth rate of more than 32% over 2019-2025. The growth is mainly attributed to the growing adoption of cloud computing services across the enterprises. Network solution providers have been looking forward to developing cloud data center supporting IBN solutions that will accelerate the demand for cloud deployment model over the years ahead.
How will digitalization across SMEs impact APAC intent-based networking market forecast?
Enterprises across APAC region have been increasingly deploying NFV technologies to support rapid deployment of services and applications. The APAC intent-based networking market is projected to record a CAGR of more than 31% over 2019-2025, owing to the increasing digitalization across small and medium scale enterprises (SMEs). Growing deployment of virtual network across the region will further augment the product demand over the estimated timeframe.
Author Name : Amol Kothekar
Power over Ethernet solutions market growth to be influenced by rising commercial smart buildings
The global PoE solutions market share is on the rise, a trend that is expected to continue over 2019-2025. PoE solutions industry outlook will be augmented by widespread adoption of VoIP solutions, IP cameras, smart office buildings, access control systems etc. PoE solutions are estimated to make huge strides in various sectors owing to the new wave of technology and digital advancements that are transforming security operations.
APAC Power over Ethernet (PoE) Solutions Market Share, By Region, 2018
The healthcare ecosystem is increasingly coming to include smart technologies that will significantly contribute to Power over Ethernet solutions market growth in the forecast years. For instance, use of IP cameras in the hospitals and healthcare facilities is anticipated to become ubiquitous in the times to come. Hospitals have started deploying IP cameras to monitor when a patient sits up in bed, gets out of bed, or is tossing and turning in a restless effort to get to sleep. These cameras have enhanced patient care to a greater extent. Use of IP cameras has been growing in hospitals to observe high risk patients efficiently. Adoption of IP cameras will in turn augment PoE solutions market outlook in the coming years.
Another utilitarian device which will supplement growth of PoE solutions industry is increasing use of VoIP phones. By deploying VoIP phones, enterprises have been incessantly improving communication and collaborations among employees and remote users to increase business productivity. Leveraging the benefits of converged voice and data services, companies have enhanced their performance and communication. The convergence of unified communication services and enterprise VoIP to enable video-conferencing, live-chat, and other calling capabilities is expected to fuel VoIP market size and invariably expand PoE solutions industry trends.
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Several technology companies have been toiling to develop PoE solutions and devices to support innovation. For instance, IP-COM has reportedly rolled out the G3210P, an 8-Port gigabit PoE switch with 2-Port SFP. The G3210P has been designed independently to satisfy the need of building a high-performance Gigabit Ethernet network. It can source electricity to high-power PDs and also can transmit data and supply electricity at the same time to IP Phone or IP Camera, AP via Cat.5e twisted-pair cables. Companies launching such devices in the market will remarkably contribute to foster PoE industry share by 2025.
Proliferation of Internet of Things (IoT) is among major drivers that will lead to PoE solutions market size expansion in the coming years. Adoption of IoT among enterprises has increased rapidly to support advancements in business infrastructure. Around 85 percent of organizations who acquire deep expertise with IoT have succeeded in propelling revenue share faster than rivals.
Nearly 68% of enterprises are using IoT to track security of physical assets, making this use case the most common across enterprises today. Approximately, 34% of global businesses are using IoT in daily operations, up from 29% in 2018, with 95% of IoT adopters already recording appreciable benefits. Rapid deployment of IoT among organizations is going to considerably increase PoE solutions market share as PoE has the potential to power the network ecosystem of the future that will enable global digital transformation.
Businesses have also increased focus on infrastructure security to protect sensitive data. Office spaces these days are being equipped with various security systems that require considerable investments. For instance, Euromicron AG has reportedly secured the contract for a major building technology project worth €3.6 million. The building will be completely equipped with access control. Transponder readers will be installed at all entrances and doors on floors, at the entrances to stairways, in the underground car park and basement, and at the doors to the IT technical rooms. PoE solutions industry outlook will be positively influenced by the rising deployment of security and access control systems throughout technologically advanced office spaces.
Smart lighting is yet another feature that is being widely integrated into the smart buildings of tomorrow. Typically, lighting is responsible for 40 percent of a building’s electricity use. To develop smart office spaces with minimal electricity use, smart lighting industry players have been striving to adopt various strategies.
For instance, in the year 2015, Philips and Cisco had announced a global strategic alliance to create new value in energy savings, building efficiency and employee productivity by promoting connected lighting system. Both the companies had intended to deliver a consistent PoE-powered LED lighting solution utilizing a highly secure IT network. Close to 80% in energy savings and decreased building maintenance expenses can be achieved by operating, integrating and regulating a Philips LED connected lighting system via a network with Cisco. Instances of such efforts are in plenty and are anticipated to propel Power over Ethernet solutions market share.
Significantly, commercial sector has contributed to a market share of nearly 30% to PoE solutions industry in 2018 and the trend of integrating smart solution will help to maintain similar growth patterns over 2019-2025.
With growing adoption of smart solutions in office and commercial space, PoE solutions will be much in demand for enabling these smart solutions. Global Market Insights, Inc., has estimated that global PoE solutions market share is anticipated to exceed $2 billion by 2025.
Author Name : Anchal Solanki
Asia Pacific network as a service market to witness remarkable growth over 2019-2025
Network as a Service market (NaaS) outlook is slated to demonstrate considerable transformation over the forecast years due to the rising demand for latest cloud-based services and integration of new technologies into business networks. Reportedly, enterprises had estimated in 2018 that they would invest on an average $3.5 million on clouds apps, platforms, and services in the year, suggesting the massive need for network products. NaaS has evolved to a new level with the proliferation of communication technologies and innovative cloud applications, driving the expansion of network as a service industry trends.
Europe Network as a Service (NaaS) Market Share, By Region, 2018
In order to keep pace with the competitive pressure of a rapidly changing network environment, service providers need to innovate promptly. Network services are not only providing business opportunity to IT & telecom segment but also encouraging customers to make the best possible use of the provider’s primary services. With rapid advancements in NaaS network services, businesses can easily eliminate all the hassle of maintaining and managing the network themselves.
To keep growing their market share, tech and telecom giants are extensively adopting network services to simplify their architecture through virtualization and incorporating disparate software solutions onto common hardware. In this modern era, the telecom sector is accelerating global presence by addressing customer needs to better serve an ever increasing population base. Consistent growth and enhancement of telecommunication services over the coming years will propel network as a service market size.
Telus, a Canadian telecommunications company, had unveiled its partnership with Nuage Networks in 2017 to initiate Telus NaaS, a software defined wide area network platform. Apparently, several other telcos like Telia, Telefonica, China Telecom and BT had teamed with Nuage for advancing and automating their WAN connections. The prevalence of such collaborations will impact the future of NaaS globally and will propel NaaS industry size in the years to come.
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In terms of the regional landscape, Asia Pacific NaaS market is expected to register a CAGR of over 40% from 2019 to 2025. Growing preference for cloud services and the need to lower operational costs can be accredited to the massive shift in business priorities. Subsequently, IT & telecom companies are opting for high-quality managed and security services to raise their business proficiency. NaaS industry in the region could reach a commendable presence across the tremendously large small and medium sized business environment in APAC.
Telecom sector throughout APAC has been leveraging new NaaS models and enjoying greater flexibility and agility in a quickly changing environment. In addition, several telecom companies have been encouraged to come up with innovative offerings that could potentially change network as a service market dynamics. In terms of the regional dominance, countries including China, Japan, and South Korea could lead other nations owing to the extensive deployment of NaaS platforms, driven by technologies like NFV and SDN.
Japan is ranked among the top Asian countries in terms of cloud readiness, network services and broadband quality. In 2016, NEC Corporation, a Japanese multinational provider of information technology services and products, had collaborated with Netrounds and other partners to accelerate agile deployments of assured network services to increase efficiency and reduce operational expenditures. Similar moves by telecom firms, domestically and internationally, would create tremendous demand for NaaS market players around the globe.
Adopting open and standard technologies like network service enables telecom companies to virtualize their networking solutions by recognizing more advanced ways to operate and manage their networks, with minimal or no dependency on underlying hardware. The variable network connectivity and cloud access through NaaS becomes equally vital for power redundancy and to provide security benefits as per Tier 3 data center specifications.
IT & telecom sector is seemingly a prime target for advanced and innovative strategies for improving network services, that would provide them with agility, flexibility, and facilitate efficient expansion with new application workloads. Upsurge in cloud-based services coupled with the augmented growth in data traffic is certain to fuel NaaS industry share. Global Market Insights, Inc. has projected that global network as a service market will surpass a valuation of USD 50 billion by 2025.
Author Name : Deeksha Pant
3D rendering market to garner profits from healthcare sector over 2019-2025
Rising demand for real-time rendering has created an expansive growth scope for 3D rendering market which has witnessed increasing investment in recent times. As technology advances and companies become increasingly digitalized, the complexity of the business process will also increase. To address these challenges, organizations are looking for more efficient, faster, and real-time rendering solutions, adding impetus to 3D rendering market trends.
Canada 3D Rendering Market Revenue, By Component, 2018 & 2025
3D rendering is the process of fabricating an image based on 3D data stored within a computer. As the construction and real estate industries are witnessing exponential growth, real-time visualization and use of 3D rendering software have become integral part of the designing process, offering huge efficiencies to architects and engineers.
Architects, engineers and designers use architectural rendering software to transform their ideas into real-time design by exploring multiple options. In architecture, three dimensional images offer architects to review interiors and construction decisions before starting the project. This results in dramatically lowering costs, as expensive changes do not have to be made during the construction stage. Customers also get to view what the building may look like, including its interiors, before investing in it.
The healthcare sector is increasingly adopting advanced technologies, such as 3D medical animation and virtual reality, to create patient-specific surgical replication and personalized 3D printed medical devices. 3D medical modeling helps to understand the functions of body parts, the support of veins to muscles, internal organs and their functions, and its consistent adoption is also likely to fuel 3D rendering industry outlook.
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3D biomedical image rendering provides a clear view of the complex process of the human body. By gathering data via 3D imaging from patients and integrating it with virtual rendering technologies, doctors are enabled to pre-plan the best approach for surgical intervention. 3D modeling platforms will allow medical scientists to generate high-quality models from complex data sets and integrate scan data with CAD product designs for research purposes and teaching. Deploying 3D rendering services in healthcare will positively impact the 3D rendering market share. As per Global Market Insights, 3D rendering market size from healthcare will grow at a CAGR of 25% over 2019-2025.
The gaming industry is expanding rapidly due to high internet connectivity and growing popularity of virtual reality games to bring immersive experiences to users. A trend has been witnessed where major gaming companies are investing both time and capital to provide their customers with the most absorbing gaming experience. Mounting developments in interactive graphics software, especially in the gaming industry will augment 3D rendering market share.
3D rendering industry is also gaining significant momentum from the growth of automotive industry and rapid growth of emerging economies of Asia Pacific region. In Asia Pacific automotive industry, 3D product modeling has gained momentum, as it helps to minimize the time associated with end-product development and allows designers to visualize the product and test it thoroughly before it is built. The mounting growth of the automotive industry has resulted in the adoption of 3D visualization and rendering services to save both time and cost associated with the manufacturing of a vehicle parts.
Asia Pacific 3D rendering market is estimated to grow at a CAGR of over 24% over 2019-2025. Rapidly expanding urbanization and industrialization will play crucial roles in the growth of 3D rendering industry.
Product marketing has been revolutionized by the advent of 3D rendering services. Marketers of hardware products have always been placed in a challenging position when it came to communicating functions, value and differentiators of their product. The challenge has been almost insurmountable for startups due to their tight marketing budgets. However, 3D rendering of products has helped in greater engagement of consumers on limited marketing expenditure. 3D rendering industry is expected to record 23% CAGR over 2019-2025 from product design & modeling segment.
As 3D visualization is becoming a crucial part in various industries including architecture, IT, healthcare, gaming, etc., 3D rendering market is projected to witness exponential growth over the forecast timeline.
Author Name : Aakriti Kakkar
International voice over internet protocol (VoIP) market to account for 50% industry share by 2025
Rising demand for affordable and reliable communication services worldwide will be one of the key trends driving voice over internet protocol (VoIP) market growth over the forecast period. VoIP is a rapidly advancing technology that uses internet to make phone calls rather than conventional telephone systems. The cost of using a VoIP service is relatively low, especially for long-distance communication. Companies are increasingly leveraging VoIP solutions to improve their productivity and enhance mobility.
APAC VoIP Market Size, By Country, 2018 & 2025 (USD Billion)
The voice over internet protocol (VoIP) market has garnered major share in developed nations owing to presence of high-speed broadband infrastructures which eliminate the need for maintaining a separate telecommunications network. In addition to making voice calls, VoIP can also conduct video conferencing calls, eventually allowing businesses to visually communicate with co-workers and clients to discuss deals, files, documents and agendas more effectively.
VoIP makes recording calls more efficient and easier, further enabling companies to integrate different communication services into a single device or software. With rapid technological advancements and recent innovations, VoIP market outlook has witnessed an immense transformation lately. For instance, in 2019, caller ID app Truecaller announced the beta-testing of its new app feature that allows users to make voice calls over IP. With such advancements, VoIP market trends are likely to expand and the industry players may garner a huge customer base, thereby augmenting business growth over the forecast period.
Voice over Internet Protocol (VoIP) market share is slated to record significant gains from the international VoIP call segment. Demand for international VoIP calling services is estimated to increase exponentially over coming years, on account of its low-cost service offering. Several affordable international calling plans are being offered by VoIP service providers that allow organizations to conduct business across borders at low calling rates. Credible reports also estimate international VoIP calls market to hold major share of over 50% by 2025.
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VoIP providers also allow users to make calls to landline and mobile phone numbers without any restrictions. Being internet-based, the technology can effectively handle media types such as images, videos and texts along with voice. Rising technological advancements will propel VoIP industry growth. For example, VoIP service plans come with advanced features like caller ID with name, call waiting, conference calls and call forwarding among other.
An instance of initiatives that will effectively generate new growth opportunities in VoIP market include the one made by North Dakota Department of Human Services which recently awarded a $3.3 million worth call center contract to Noridian Healthcare Solutions. The grant will support North Dakota’s Medicaid providers and customers by answering queries associated with Medicaid claims payment, submission of claims, and prior authorization.
Europe voice over internet protocol (VoIP) market will witness commendable growth over the coming years. Especially across Germany, the VoIP industry is recording lucrative growth on account of the region’s strong telecommunication infrastructure. Consumer demand and adoption of broadband high-speed Internet services is also considerable within the nation. With rising demand for cheaper communications service and increasing use of VoIP solution, the region is forecast to be a major ground for VoIP market growth over the coming years.
Supportive government initiatives are also likely to expand Europe VoIP market size over coming years. For instance, as per Europe 2020 strategy, all Europeans are expected to own fast broadband services (over 30 Mbps) by 2020, a mission for which EU has implemented a series of regulatory measures and policies and has made around €15 billion available to Member States in the period 2014-2020.
Voice over Internet Protocol (VoIP) is an advanced communication technology that enables organizations to cost-effectively streamline different communication platforms to improve business productivity. International call centers are increasingly using VoIP to reduce cost expenditure and facilitate voice calls at affordable prices.
With growing traction in European countries and extensive use of internet-based voice communication apps worldwide, demand for VoIP solutions will increase significantly over coming years. Report from Global Market Insights, Inc., estimates voice over internet protocol (VoIP) market size to exceed USD 55 billion by 2025.
Author Name : Mateen Dalal
Global Market Insights Inc. 