According to a new report published by Allied Market Research, titled, “Building Information Modeling Market," The building information modeling market size was valued at $7.9 billion in 2022, and is estimated to reach $34.2 billion by 2032, growing at a CAGR of 16% from 2023 to 2032 during the building information modeling market forecast.
Buidling Information Modeling (BIM) deals with the ability to create and manage digital representations of location's functional and physical attributes. Different technologies, tools and contracts support BIM. People use BIM computer files to manage buildings and various physical infrastructures, such as water, garbage, electricity, gas, communication utilities, roads, railroads, bridges, ports, and tunnels. Moreover, government and other businesses also use BIM software. BIM is a collabrative process that combines information. The goal of BIM is to improve the design, construction and the operation of infrastructure buildings.
Major market players adopted various strategies to increase the competition and offer enhanced services to their customers during the building information modeling market analysis. For instance, in December 2020, Nemetschek Group acquired DEXMA. DEXMA is a rapidly expanding supplier of cutting-edge software as a service (SaaS) solutions for energy data management that use artificial intelligence (AI) and machine learning (ML) capabilities. The organization facilitates efficient measurement, tracking, and administration of energy expenses and usage for more than 4,000 clients across 30 nations. In addition, in December 2021, Beck Technology Limited launched upgraded version of its product Destini estimator. The version includes ability to copy estimates and templates, support for multiple measurement systems (both Metric and Imperial), simplified user interface, track productivity data so teams can build more efficient estimating processes, and support for system-level quantities from BIM 360. Therefore, such strategies foster the growth of BIM market size in the ICT sector.
Based on component, the solution segment is dominating the building information modeling market share in the year 2022. This is attributed to the various features provided by the BIM software such as 3D visualization of buildings, reduced costs and time, and flexible design changing of construction models.
Based on deployment-mode, the on-premise segment is dominating the building information modeling market share in the year 2022. This is attributed to the feasibility of full control and accessibility provided to construction companies through on-premise BIM software.
Based on building type, the commercial segment is dominating the building information modeling market share in the year 2022. This is attributed to the increasing demand for BIM software by commercial sector as the software provides various features such as 3D visualization of buildings, reduced costs and time, and flexible design changing of construction models.
Based on application, the planning and modelling segment is dominating the building information modeling market share in the year 2022. This is attributed to the major role BIM software plays in the initiation stage of planning and designing, hence the use of BIM software is growing in this segment.
Based on end-user, the architects/engineer is dominating the building information modeling market in the year 2022. This is attributed to the heavy implementation of BIM software by engineers and architects to produce infrastructures.
Based on region, North America dominated the building information modeling industry in the year 2022. This is attributed to the increasing demand for modernization in the construction sector and increasing enforcement of sustainability measures and energy efficient operations in the construction sector.
By component, the solution segment led the BIM industry in terms of revenue in 2022.
By deployment mode, the on-premise segment led the BIM industry in terms of revenue in 2022.
By building type, the commercial segment led the BIM industry in terms of revenue in 2022.
By application, the planning and modelling segment led the BIM industry in terms of revenue in 2022.
By end-user, the architects/engineer segment led the BIM industry in terms of revenue in 2022.
By region, North America generated the highest revenue in BIM market in 2022.
The key players profiled in the building information modeling in ICT market analysis are Aveva Group Plc., Hexagon AB, Trimble Inc., Autodesk Inc., Beck Technolgy Ltd., Pentagon Solution Ltd., Nemetschek SE, Bentley Systems Inc., Dassault Systemes, and Asite Solutions Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the building information modeling industry.
According to a new report published by Allied Market Research, titled, “Threat Intelligence Market," The threat intelligence market size was valued at $13.5 billion in 2023, and is estimated to reach $43.3 billion by 2033, growing at a CAGR of 12.4% from 2023 to 2033. Threat intelligence facilitates security teams in adopting a proactive approach, thereby empowering them to implement impactful, data-centric measures to preclude cyber-attacks prior to their occurrence. Moreover, it can aid an organization in enhancing its capabilities to identify and counteract ongoing attacks. Security analysts produce threat intelligence by gathering unprocessed threat data and security-related information from diverse sources. Thereafter, they correlate and examine the data to reveal trends, patterns, and connections that enable a holistic understanding of the current or potential threats. For instance, in September 2024, Mastercard acquired Recorded Future, a global threat intelligence company, from Insight Partners for $2.65 billion. This acquisition strengthens Mastercard's cybersecurity capabilities by enhancing its insights and intelligence to protect the digital economy, both within the payments ecosystem and across broader digital landscapes, which drives the threat intelligence market size
Furthermore, major global threat intelligence market players have undertaken various strategies to increase the competition and offer enhanced services to their customers, for instance, in July 2022, Cyble entered into a threat Intelligence contributor partnership with VirusTotal, integrating its SaaS-based enterprise solution, Cyble Vision, into the broader cybersecurity community. This partnership enables security researchers globally to access Cyble’s unique threat indicators, derived from its comprehensive threat monitoring of over 200 billion dark web records and more than 400 million digital assets. By coordinating this actionable threat intelligence with VirusTotal's database, organizations can enhance their threat intelligence and digital risk protection frameworks, improving their ability to detect and respond to emerging cyber threats.
Furthermore, in October 2023, ThreatQuotient, a leading security operations platform innovator, launched enhancements to its ThreatQ and ThreatQ TDR Orchestrator platforms. These products integrate automation, artificial intelligence (AI), and threat intelligence with new capabilities leveraging generative AI and natural language processing (NLP), continuing the company’s focus on simplifying security operations for SOC analysts and advancing beyond traditional process-driven SOAR platforms. These strategies reflect efforts of the threat intelligence market, which helps to expand its global footprint and leverage technology to deliver better threat intelligence services to customers.
In addition, the threat intelligence market is experiencing substantial growth due to the increasing incidence and sophistication of cyberattacks globally. Organizations across industries are prioritizing cyber security intelligence to safeguard sensitive data, leading to rise in demand for threat intelligence solutions. The growth of the Internet of Things (IoT) has increased the number of potential vulnerabilities or entry points for cyberattacks, making threat intelligence solutions critical for managing vulnerabilities in connected devices. For instance, in April 2024, Broadcom Inc. expanded its collaboration with Google Cloud to optimize VMware workloads for Google Cloud, integrating advanced generative AI capabilities and IoT-driven innovations. This partnership includes collaborative marketing efforts, the availability of Broadcom’s offerings on the Google Cloud Marketplace, and the adoption of Google’s foundational platform features and Vertex AI. By leveraging IoT data and generative AI technologies, the transition aims to enhance workload performance and deliver improved customer experiences, reflecting the growing synergy between cloud solutions and connected ecosystems in modern enterprises.
Region-wise, North America dominated the threat intelligence market in 2023. This is attributed to the growing frequency and sophistication of cyberattacks, including ransomware, data breaches, and DDoS attacks, across sectors such as finance, healthcare, and government, have further fueled the demand for threat intelligence tools. However, Middle East and Africa is expected to be the fastest-growing region during the threat intelligence market forecast period. This is attributed to the region ongoing digital transformation, rising internet penetration, and an increasing reliance on cloud technologies, which have expanded the attack surface for businesses and government entities, which have fuels the adoption of threat intelligence in the region.
By component, the solutions segment held the largest share in the threat intelligence market in 2023.
By application, the security information and event management segment held the largest share in the global threat intelligence market in 2023.
By deployment mode, the cloud segment is expected to show the fastest market growth during the forecast period.
By organization size, the large enterprise segment held the largest share in the threat intelligence industry in 2023.
By vertical, the IT and telecom segment held the largest share in the threat intelligence industry in 2023.
Region-wise, North America held the largest threat intelligence market share in 2023. However, Middle East and Africa is expected to witness the highest CAGR during the forecast period.
The key players profiled in the threat intelligence market analysis are Cisco Systems Inc., McAfee, LLC, Broadcom, Juniper Networks, Inc., CrowdStrike, Inc., Palo Alto Networks, Inc., IBM Corporation, Anomali, Inc., Check Point Software Technologies Ltd., and Microsoft Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in threat intelligence industry.
According to a new report published by Allied Market Research, titled, “Retail Logistics Market," The retail logistics market size was valued at $238.5 billion in 2022, and is estimated to reach $809.7 billion by 2032, growing at a CAGR of 13.5% from 2023 to 2032.
Retail logistics refers to the processes, strategies, and activities involved in managing the movement and distribution of products from manufacturers or suppliers to the final consumers within the retail industry. It encompasses various aspects of supply chain management that are specifically tailored to meet the demands of the retail sector.
The globalization of supply chains in the retail industry has been driven by various factors. Efficient international logistics solutions are indeed crucial for retailers to effectively manage their global operations. Furthermore, globalization opens up new markets for retailers. By sourcing products from different parts of the world they can cater to diverse customer bases and expand their reach. Efficient logistics enable them to serve these markets effectively.
Moreover, retailers that can streamline their global supply chains through efficient logistics gain a competitive edge. Quick and reliable delivery of products can lead to an increase in customer satisfaction and loyalty. Furthermore, retailers are increasingly conscious of their environmental footprint. Efficient logistics can help reduce carbon emissions by optimizing transportation routes and modes and contributing to sustainability goals. By diversifying suppliers and sourcing from different regions, retailers can reduce the risk of disruptions in their supply chains. Efficient logistics ensure that they can quickly adapt to changing circumstances.
However, retail logistics relies on having an adequate number of skilled workers to handle various tasks simultaneously. Labor shortages can lead to delays in order processing and delivery which can negatively impact the customer experience. In the competitive retail landscape, customer satisfaction is crucial, and any disruptions caused by labor shortages could result in customer dissatisfaction and potential loss of business.
Furthermore, skilled labor shortages can lead to inefficiencies in various aspects of retail logistics. For example, a shortage of truck drivers can result in delayed shipments and longer lead times. Warehouse worker shortages can lead to difficulties in managing inventory, picking & packing products, and maintaining organized storage systems. Supply chain manager shortages can lead to disruptions in coordination and planning.
The use of data analytics and artificial intelligence can provide valuable insights into consumer behavior, inventory management, demand forecasting, and route optimization. Retailers can make more informed decisions and optimize their logistics operations for efficiency. With real-time data analysis, retailers can gain better visibility into their inventory levels across various locations. AI can predict which products are likely to sell quickly and adjust inventory accordingly. This minimizes the costs associated with excess inventory while ensuring that popular products are readily available.
Furthermore, AI can optimize last-mile delivery by considering variables like package size, delivery location, and real-time traffic conditions. Retailers can offer more precise delivery time estimates to customers and even explore options like autonomous or drone delivery. Data analytics and AI can provide real-time insights into the entire supply chain and from raw materials to end-customer delivery. This transparency allows retailers to identify potential bottlenecks, anticipate disruptions and make proactive adjustments. These factors are anticipated to boost the market expansion in the upcoming years.
The retail logistics market share is segmented on the basis of type, solution, mode of transport, and region. By type, it is classified into conventional retail logistics and e-commerce retail logistics. By solution, it is classified into commerce enablement, supply chain solutions, reverse logistics & liquidation, transportation management, and others. By mode of transport, it is classified into railways, airways, roadways, and waterways. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the retail logistics market report include XPO Logistics, Inc., DSV, Kuehne + Nagel International, C.H. Robinson Worldwide, Inc., Nippon Express, FedEx, Schneider, United Parcel Service, APL Logistics Ltd, and DHL International GmbH.
The report offers a comprehensive analysis of the global retail logistics market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of COVID-19 on the Global Retail Logistics Industry
Key Findings of the Study
According to a new report published by Allied Market Research, titled, “Strategy Consulting Market," The strategy consulting market was valued at $38.4 billion in 2021, and is estimated to reach $111.4 billion by 2031, growing at a CAGR of 11.6% from 2022 to 2031.
Strategy consulting is a subset of management consulting services that primarily assist a company with effective business strategies and assist them in implementing the strategies into practice to boost revenue. Strategy consultants provide in-depth industry knowledge and impartial advice to provide organizations with the best outcomes for major decisions. In addition, consultants do not offer a one-size-fits-all solution. Their value comes in learning about each client’s business and goals and tailoring advice and strategy consulting to the specific challenges that the business faces.
Furthermore, the proliferation of digital-driving business models offered by strategy consulting is driving the growth of the strategy consulting market trends. In addition, the increasing globalization in consulting projects and the growing focus on risk sharing through strategic partnerships and M&A recommendations are fueling the growth of the strategy consulting market. However, the presence of huge alternatives related to strategy consulting services as well as security concerns and data privacy issues associated with online consulting constraints limit the growth of the strategy consulting market forecast. Conversely, the rising technology integration in consulting services is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
Depending on the organization’s size, the large enterprise segment dominated the strategy consulting market share in 2021 and is expected to continue this trend during the forecast period, owing to the increase in dependence on strategy consulting solutions on account of its support in developing and implementing business strategies. However, the SMEs segment is expected to witness the highest growth in the upcoming years, owing to the increase in investments by the market players to develop strategy consulting for SMEs.
Region-wise, the strategy consulting market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the presence of prominent leaders across the region is the primary aspect supporting the growth of the market, and the rise in demand of strategy consulting services in e-commerce, government, and healthcare to improve businesses and customer experience aiding the growth of the strategy consulting market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to the expansion of new technology advancements in the region allows for a rise in automation in the production of many different products means a higher growth rate over the region, which is expected to fuel the growth of strategy consulting industry in this region.
The rapid spread of COVID-19 and global health concerns relating to this outbreak have had a severe negative impact on the overall consulting businesses including strategy consulting services. The impact of the COVID-19 pandemic on the overall economic environment is still being recovered. Any risks arising on account of COVID-19 such as a lockdown, slowdown of economic activities, loss of life, and debilitation of key personnel can have an adverse effect on business, resulting in a considerable impact on operations, cash flows, and financial condition. Moreover, the consulting industry has been significantly affected by the global pandemic in a number of ways as companies that require travel and the on-site presence of consultants working on operational improvements would be severely hampered due to travel restrictions and remote working.
KEY FINDINGS OF THE STUDY
The global strategy consulting market is dominated by key players such as Accenture, AT Kearney, Bain & Company, Inc, Boston Consulting Group, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited (EY), KPMG International, McKinsey & Company, Oliver Wyman Inc., PwC. These players have adopted various strategies to increase their market penetration and strengthen their position in the strategy consulting industry.
According to a new report published by Allied Market Research, titled, “Mobile Biometrics Market Trends," The mobile biometrics market was valued at $24.6 billion in 2021, and is estimated to reach $184.8 billion by 2031, growing at a CAGR of 22.5% from 2022 to 2031.
Mobile biometric solutions can help in multi-factor authentication (MFA) by leveraging a mobile device as a first factor and that device to authenticate a unique biometric identifier as a second factor. The biometric authentication mechanism can rely on fingerprint recognition, face recognition, voice recognition, or a combination of these. Furthermore, biometrics can be used as a substitute for (or in addition to), a regular text-based password. Furthermore, key factors that drive growth of the mobile biometric market include growing number of cyber threats and attacks on business enterprises. In addition, various government regulations and industry standards for safeguarding user data are promoting the use of mobile biometric devices. However, high implementation cost of mobile biometric solutions can hamper the growth of the mobile biometric market. On the contrary, increasing penetration of IoT solutions are expected to offer remunerative opportunities for expansion of the mobile biometric market during the forecast period.
On the basis of authentication mode, the single factor authentication segment dominated the overall mobile biometric industry in 2021, and is expected to continue this trend during the forecast period. This is attributed to easily deployable timekeeping and employee monitoring applications of single factor authentication solutions. However, the multi factor authentication segment is expected to witness highest growth, owing to rise in number of cyber-attacks and privacy concerns, which is expected to fuel growth of the multi factor authentication segment of the global mobile biometric market.
Region wise, the mobile biometric market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to high concentration of mobile biometric solution vendors in the region, which is expected to drive the market for mobile biometric technology during the forecast period. However, LAMEA is expected to witness significant growth during the forecast period, owing to its growing digital and economic transformation and the developing communication network infrastructure in the region, which is expected to fuel growth of mobile biometric solutions in the region in the coming few years.
Biometric systems have been brought into the spotlight during the period of the pandemic as a key technology for early detection, patient screening and public safety monitoring, in an effort to contain the spread of COVID-19, surveillance, border control, law enforcement, healthcare and biotechnologies sectors were few of the key markets that were rapidly introducing the use of biometrics devices to properly and hygienically secure healthcare and patient care facilities. In addition, new advancements in the field of artificial intelligence were being developed to try to counter-balance any identification problems due to partial face concealment (with face masks), which remains a prevalent challenge for face recognition, thus aiding the growth of mobile biometric market forecast during the period.
KEY FINDINGS OF THE STUDY
The key players profiled in the mobile biometric market analysis are 3M, Apple, Inc., Aware, Inc., BIO-Key International, HID Global Corporation, M2SYS Technology, NEC Corporation, Nuance Communication, Precise Biometrics AB, and Safran, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
According to a new report published by Allied Market Research, titled, “Specialty Tire Market Trends," The specialty tire market was valued at $12.9 billion in 2022, and is estimated to reach $19.4 billion by 2032, growing at a CAGR of 4.3% from 2023 to 2032.
Specialty tires refer to tires designed for specific applications or vehicles that have unique requirements beyond the standard tires used in everyday passenger cars. These tires are engineered to meet the demands of particular vehicles or conditions. Specialty tires are a diverse category of tires designed for specific vehicles, terrains, and applications beyond the standard tires commonly used on everyday passenger cars. These specialized tires are engineered to meet the unique demands of particular driving conditions, providing enhanced performance, safety, and durability.
Specialty tires encompasses a spectrum of designs, each meticulously crafted to meet the unique demands of specific applications, terrains, and weather conditions. One prominent category within specialty tires is off-road tires. These rugged companions are the go-to choice for enthusiasts and professionals who traverse challenging terrains. With their aggressive tread patterns, off-road tires provide exceptional traction on mud, rocks, sand, and other uneven surfaces. Whether you're navigating the untamed trails in an off-road vehicle, powering through the wilderness on an ATV, or taming the dunes in a sand rail, these tires are designed to endure and conquer.
Specialty tires have different specifications and are manufactured according to the desired application. For instance, special tires for trailers, construction equipment, & mining vehicles require higher stiffness and durability than the tires utilized for passenger vehicles. Hence, all these vehicles are typically manufactured to carry heavy load; and hence, specialty tires play a very crucial role in such vehicles. Moreover, the specialty tires are manufactured with minimum trade depth, which provides better cooling of tires and offers better stability while driving.
In addition, increase in focus by entrepreneurs in the agriculture industry is likely to fuel the demand for specialty tires during the forecast period. The continuous change in demand from various users is prompting tire manufacturers to focus on new products that incorporate advanced technology. The expansion of the agriculture sector, a rise in usage of material handling equipment and an increase in mining activities are key factors that are likely to drive the growth of the specialty tire market during the forecast period. The increased development carried out by tire manufacturers across the globe has offered a wider range of products and services to numerous OEMs operating across the globe by offering a wider range of products and services which creates ample opportunities for the growth of the market across the globe.
In November 2023, The Carlstar Group, LLC. launched Carlstar branded tires at the Agritechnica Expo 2023 in Germany. This strategy enables to promote a brand exclusive to the specialty tire and wheel space. The Carlstar Group display a diverse selection of specialty tires bearing the Carlstar name, including the Versa Turf, Turf Master, Fairway Pro, Turf Trac R/S, AT 489, and All Trail tires. Similarly, in March 2023, Bridgestone Corporation, through its subsidiary Bridgestone Americas, launched V-Steel Port Container Straddle (VPCS) radial tire. It is designed for straddle containers used in ports terminals and intermodal yards. The new VPCS is engineered with enhanced load capacity, speed rating, and durability for more efficient operations and extended service life. Such factors have created ample opportunities for the growth of the market across the globe.
The development of specialty tires continues to evolve with advancements in technology, materials, and manufacturing processes. Whether conquering challenging terrains, supporting agricultural operations, handling heavy loads in industrial settings, or ensuring the safety of flights, specialty tires exemplify the intersection of precision engineering and specific-use applications in the world of transportation and machinery.
Furthermore, due to rising fuel efficiency norms encouraging the development of alternative energy-driven vehicles; automobile manufacturers are leaning toward electric and alternative fuel automobiles. The increase in commercial and passenger automobile production as well as more advanced technology, creates a demand for specialty tires across the globe.
KEY FINDINGS OF THE STUDY
The leading players operating in the specialty tire market are CEAT Ltd., Michelin, GRI Tires, Maxam Tire, Specialty Tires of America, Inc., The Carlstar Group, LLC, Bridgestone Corporation, Continental AG, Nokian Tyres plc., and Zhongce Rubber Group Co., Ltd.
According to a new report published by Allied Market Research, titled, “Enterprise 2.0 Technologies Market," The enterprise 2.0 technologies market was valued at $22.6 billion in 2021, and is estimated to reach $223.3 billion by 2031, growing at a CAGR of 26% from 2022 to 2031.
Enterprise 2.0 is termed as the as the strategic integration of technology related to Web 2.0 into the intranet, extranet and in business processes of the enterprise. Enterprise 2.0 implementations in general use a combination of the social software and collaborative technologies for various example blogs, RSS, social bookmarking, social networking and wikis. Most of the enterprise 2.0 technologies, whether homegrown, free or purchased, emphasize employee, partner and consumer collaboration. Such technologies may be web based or in-house.
Furthermore, the rise in awareness about benefits of enterprise 2.0 and the rising penetration of smartphones and the internet boost the growth of the global enterprise 2.0 technologies market. In addition, increasing trends in online shopping positively impact the growth of the market. However, the risk of security incidents on networks and lack of technical proficiency, and lack of awareness hampers the enterprise 2.0 technologies market growth. On the contrary, the increase in technological advancement is expected to offer remunerative opportunities for expansion during the enterprise 2.0 technologies market forecast
Depending on enterprise size, the large enterprise segment holds the largest enterprise 2.0 technologies market share as large enterprises are adopting enterprise 2.0 technologies to protect all their infrastructures. However, the SMEs segment is expected to grow at the highest rate during the forecast period, owing to increase adoption of cloud computing in the past few years.
Region-wise, the enterprise 2.0 technologies market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, large scale adoption of IoT and cloud services. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing economies such as India and China and cloud native countries like Japan.
The COVID-19 outbreak negatively impacts the growth of the market, the industry is expected to recover by the third quarter of 2022. This is attributed to significant investment in advanced technologies such as IoT and smart technologies and various government initiatives, such as smart cities, across Asia-Pacific countries, including China and India. Furthermore, adopting technologies such as cloud, Artificial Intelligence (AI), and IoT. With the considerable control achieved over the pandemic, various sectors such as retail, manufacturing, and automotive, are expected to witness rising investments as enterprise 2.0 technologies solutions grow in prominence across different business functions offered several opportunities to digitize and expand the business across regions. Moreover, various public and private entities are expected to come together to create ecosystems to share data for multiple use cases under a common regulatory and cybersecurity framework, which, in turn, is expected to provide lucrative opportunity for the growth of the global enterprise 2.0 technologies industry.
KEY FINDINGS OF THE STUDY
The key players profiled in the enterprise 2.0 technologies market analysis are are Accenture, Capgemni SE, Cisco Systems Inc, Fujitsu, Cognizant, Delloite, IBM Corporation, Infosys, Tata Consultancy services, Tech Mahindra Limited, Oracle Software, HCL Technology, Tesco Controls, Burrow Global, INTECH, Crystalloids Inc, and Mangrovia Blockchain Solutions. These players have adopted various strategies to increase their market penetration and strengthen their position in the enterprise 2.0 technologies industry.
According to a new report published by Allied Market Research, titled, “Computer Vision Market," The computer vision market was valued at $15 billion in 2022, and is estimated to reach $82.1 billion by 2032, growing at a CAGR of 18.7% from 2023 to 2032.
Artificial Intelligence (AI) with computer vision technology is becoming increasingly popular in different use-cases, such as computer vision solutions in consumer drones and autonomous and semi-autonomous vehicles. Also, the recent advancements in computer vision comprising image sensors, advanced cameras, and deep learning techniques have widened the scope for computer vision systems in various industries, including education, healthcare, robotics, consumer electronics, retail, manufacturing, and security & surveillance, among others. Computer vision is a field of artificial intelligence (AI) that enables computers and systems to derive meaningful information from digital images, videos and other visual inputs and take actions or make recommendations based on that information. If AI enables computers to think, computer vision enables them to see, observe and understand. .
Furthermore, factors such as faster processing and better accuracy coupled with economic advantage of computer vision system are one of the major factors that is striking the market growth during the forecast period. However, intense requirement of highly skilled and experienced professional and user data privacy and safety concerns is primarily restraining the market growth. Moreover, growing application of computer vision in non-industrial applications and advancements in the field of computer vision and AI is expected to create a lucrative opportunity for the market growth during the forecast period.
On the basis of component, hardware segment dominated the computer vision market in 2022 and is expected to maintain its dominance in the upcoming years owing to growing industrial workloads and rising demands for industrial automation propels the market growth significantly. However, the software segment is expected to witness the highest growth, owing to offer custom image processing applications such as facial detection, object identification, text recognition, color, and pattern recognition, and others.
Region-wise, the computer vision market size was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to rise in number of IoT applications hosted on cloud and increasing investments in emerging technologies such as big data, social media, and due to artificial intelligence supporting a smarter and safer mobility aiding the growth of the computer vision market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to rapid shift in accelerating inspection procedures and increasing application efficiency and operating efficiencies which is expected to fuel the market growth in this region.
During the pandemic there was a rapid adoption of advanced technologies such as automation, artificial intelligence, machine learning and deep machine learning. This is attributed to the increase in need for computers and systems to derive meaningful information from digital images, videos and other visual inputs and take actions or make recommendations based on that information. For instance, in January 2022, Texas Instruments Incorporated expanded its computer vision services and automotive offerings that can help automakers improve how advanced driver assistance systems sense objects during the pandemic period. Furthermore, key players in the market adopted strategies such as product launch and product development to enhance their services during the pandemic period. For instance, in April 2020, Cognex Corporation upgraded its computer vision services and launched the in-sight D900 embedded vision system. The system is designed to solve applications including optical character recognition (OCR), assembly verification, and defect detection. Such developments helped the computer vision market to witness growth during the pandemic period.
Several technological advancements are influencing the computer vision's development and opportunity. The development of deep learning algorithms and neural networks is one important trend. By improving photo recognition, object detection, and pattern analysis accurate and efficient, these technologies have completely changed computer vision. Large datasets can be used to train deep learning algorithms, which enables computer vision systems to continuously improve their efficiency and precision over time. Applications like driverless vehicles, facial recognition, and quality control in manufacturing have become new avenues to explore due to the current trend. Further, the combination of computer vision with other cutting-edge technologies, such as augmented reality (AR) and virtual reality (VR), is a significant technological development in the computer vision sector. Businesses are able to provide users with immersive and engaging experiences by fusing computer vision with AR and VR. The user's perception of and engagement with their surroundings can be improved by using AR applications, which, for instance, can overlay virtual information over real-world locations. In sectors such as gaming, retail, and healthcare where computer vision is being employed to create more realistic and immersive experiences, this integration is fuelling innovation.
The key players profiled in the computer vision industry are as Intel Corporation, Texas Instruments Incorporated, Cognex Corporation, Keyence Corporation, Sony Corporation, Basler AG, Omron Corporation., Mediatek Inc., National Instruments Corporation, Teledyne Technologies Incorporate. These players have adopted various strategies to increase their market penetration and strengthen their position in the computer vision industry.