According to a recent report published by Allied Market Research, titled, “Cloud POS Industry by Component, Service, Organization Size and Application: Global Opportunity Analysis and Industry Forecast, 2021-2028,” the global cloud POS market size was valued at $2.24 billion in 2020, and is projected to reach $13.24 billion by 2028, registering a CAGR of 24.5 % from 2020 to 2028.
Cloud-based POS systems are sometimes called POS applications (applications) instead of software, because they are commonly used on mobile devices. They are also called EPOS (electronic trading platform) to reflect the fact that the software works with electronic devices. Cloud POS market trends can be realistic while a business manager can view and process sales data from anywhere as it is updated in real time in the cloud. It also means lower equipment costs, because an existing iPad or mobile phone can be used as a virtual POS connector. Because data is stored on POS provider's Internet servers, a cloud-based POS system can usually only work if there is an Internet connection, although providers can provide offline functionality to minimize potential disruption to your customers.
POS software for mobile devices is usually made with cloud-based POS solutions. Cloud computing providers offer web-based financial services for POS systems, where data is adequately supported on remote vendor servers. For many companies, the full benefits of cloud-based POS are evident - security, data storage and many other software applications can be sent to vendors. However, it is important to check the service level agreement to specify the operating time and other features provided.
In 2020, the global Cloud POS market share was dominated by the solution, and is expected to maintain its dominance in the upcoming years, Cloud computing providers offer web-based financial services for POS systems, where data is adequately supported on remote vendor servers. Within the market, services is estimated to emerge as fastest growing segment, Increased solidarity among end users regarding the adoption cloud technology across all major domains is expected to be a key driver in the cloud POS market. The benefits associated with the adoption of cloud POS, such as improved flexibility, environmental flexibility, and continuous functionality help end users to embrace cloud POS throughout their vertical industry, thereby widening a positive scope for Cloud POS market analysis
The widespread COVID pandemic has had a significant influence on the growth of the global Cloud POS industry, which is predicted to rise following the COVID-19 pandemic. This is attributable to the fact that, due to the rapid spread of coronavirus around the world, retail shops and restaurants remained closed for in-person services. Due to this, business owners and management staff of such businesses had to depend upon home deliveries directly to their consumers and taking their orders through websites, smartphone apps, and phone calls; facilitating such services made these industries to adopt or upgrade their POS terminals during the COVID pandemic. This resulted in growth in the cloud POS industry globally
KEY FINDINGS OF THE STUDY
Some of the key companies mentioned within the report are Square, Inc., Cegid, UTC Retail, Shopkeep, PAR Technology, Shopify, B2B Soft, Intuit, Lightspeed and Oracle
According to a new report published by Allied Market Research, titled, “Superyacht Market Analysis," The superyacht market was valued at $10.3 billion in 2022, and is estimated to reach $25.7 billion by 2032, growing at a CAGR of 9.8% from 2023 to 2032.
The superyacht industry is undergoing dynamic transformations, shaped by evolving trends that reflect the changing preferences and demands of discerning clientele. As environmental consciousness becomes a more significant consideration, yacht designers and builders are incorporating innovative solutions such as hybrid propulsion systems, energy-efficient materials, and waste-reduction measures to minimize the ecological footprint of these luxury vessels. In addition, superyachts are now equipped with state-of-the-art entertainment systems, smart home automation, and advanced navigation and communication tools, providing owners and guests with unparalleled convenience and connectivity.
Furthermore, there is a rising demand for unique, customized designs that reflect the individual tastes and lifestyles of owners. Yacht owners are increasingly seeking bespoke features, from personalized interior layouts to one-of-a-kind amenities, making each superyacht a distinctive expression of luxury. Additionally, wellness and health-conscious features are gaining prominence, with onboard spas, fitness centers, and health-focused culinary options becoming standard offerings.
As the superyacht industry continues to evolve, these trends underscore a shift towards more sustainable, technologically advanced, and personalized luxury experiences for the elite clientele who indulge in the opulence of yachting. However, a key step in improving the industry's environmental footprint is finding effective ways to measure it. The International Maritime Organization (IMO) has introduced a range of tools to measure the environmental impact of ships in the commercial shipping industry. Energy Efficiency Existing Ship Index (EEXI) and Energy Efficiency Design Index (EEDI) refer to energy efficiency under specific single conditions. Condition (measured in CO2 emitted by carried out transport operations) and Carbon Intensity Index (CII) refer to the operational carbon intensity observed over a year, but these are not yet applicable to most yachts. However, in an active effort for the industry to take responsibility for reducing its environmental footprint, a variety of independent yachting environmental indicator tools have been developed.
In addition, Yacht owners also seek connectivity and smart technology that gives a modern outlook in their onsite experience at sea. Sophisticated satellite and communications systems ensure internet access for people working and enjoying their stay aboard ships at sea. Lighting, air conditioning, security and entertainment are controlled by smart automation systems and thus improve comfort and saving in energy. Navigation is made safer and more effective through real time data and electronic charts. Such high-tech innovations ensure that the quality of life aboard increases while maintaining the lifestyle of the high digital standard of today’s luxury yacht owner resulting in increased market demands.
Moreover, the rising demand for super yachts and mega yachts. There is an increasing trend in wealthy customers looking for bigger ships, which in addition to opulence have more features and capabilities. This is with regard to the bigger yachts that have extra lavish things comprising of helipads, larger pools, two or more levels and the cinema on board. It shows an appetite by yacht lovers for unprecedented comfort, entertainment and long time’s running of their vessels while sailing with the highest level of comfort possible. This has seen several shipyards specializing in producing large and ultra expensive yachts for the exclusive elite markets.
The superyacht market is segmented based on size, application, propulsion and region. Depending on the size, the market is segregated into 30-80 meters and above 80 meters. By application, it is categorized into charter and private. Based on the propulsion, it is fragmented into motor, sailing and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY FINDINGS OF THE STUDY.
Key players covered in the superyacht market report include Damen Yachting BV, Azimut Benetti Group S.p.A., Burgess, The Italian Sea Group S.p.A., Ferretti SpA, Horizon Yacht USA, Ocean Alexander Yachts, Inc., Overmarine, San Lorenzo and Sunseeker.
According to a new report published by Allied Market Research, titled, “Free-to-air (FTA) Service Market," The free-to-air (FTA) service market was valued at $120.28 billion in 2022, and is estimated to reach $337.3 billion by 2032, growing at a CAGR of 11.2% from 2023 to 2032.
Free-to-air (FTA) services continue to be an approachable method for millions of viewers to view a range of media content by using a simple antenna, with or without a requirement for a Set Top Box (STB). They are available in an unencrypted format and provided by broadcasters exclusive of any subscription that is permitted by the government authorities. These TV channels are generally earned using advertisements.
They are typically available in residential and commercial areas through a range of methods, including terrestrial broadcasting, satellite broadcasting, and Internet Protocol television (IPTV). Further, the convenience of FTA services in commercial and residential areas varies depending on the location. In some areas, there may be a limited number of FTA channels available or only accessibility to terrestrial FTA services, however, in other areas, there may be a wider selection of channels or accessibility to both terrestrial and satellite FTA services. Hence, FTA services are gaining significant momentum in residential and commercial applications to provide a free and easy way to watch television and radio.
The rise in adoption of Internet Protocol Television (IPTV) and the increase in number of subscribers are expected to drive the growth of the market. In addition, the surge in the integration of government initiatives in digital broadcasting and FTA services fuels the growth of the free-to-air service market. However, a lack of content security and data piracy is expected to limit the market growth. Conversely, the emergence of Over-the-top (OTT) platforms with free streaming services is anticipated to provide numerous opportunities for the expansion of the free-to-air service market size during the forecast period.
Depending on the device type, the cable television segment dominated the free-to-air service market share in 2022 and is expected to continue this trend during the forecast period, owing to the increased smart TV usage, rising internet penetration, and surging consumer demand for better television distribution infrastructure. However, the mobile TV segment is expected to witness the highest growth in the free-to-air service industry, owing to the growing utilization of smart equipment, such as smartphones and tablets, along with the rise in the availability of affordable mobile business services (or “m-services”) across diverse telecommunication carriers
Region-wise, the FTA service market was dominated by North America in 2022 and is expected to retain its position during the forecast period owing to several government authorities and broadcasting agencies employing these FTA solutions to streamline media and content delivery, further contributing to the market growth within the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the surge in demand for cable TV and mobile TV, coupled with favorable government support to promote the use of digital television services among residential and commercial areas.
The effects of the COVID-19 crisis on the global economy have a mixed effect on the growth of the free-to-air service market analysis in the short run, i.e., 2020 and 2021. However, the pandemic led to an increase in TV viewership, as people have been staying at home, which has propelled the demand for FTA services. On the contrary, the pandemic led to a decline in advertising revenue, which is a key source of income for FTA broadcasters. This decline was witnessed due to the fact that businesses had been cutting back on their advertising spending during the pandemic. Further, the non-accessibility of fresh content on free-to-air TV channels as a result of disruption in shooting for prime-time soap operas in a bid to mitigate the impact of the COVID-19 outbreak is expected to limit the growth prospect of the FTA service market.
However, the free-to-air (FTA) service market is projected to gain significant traction in the long run, as the demand for FTA services remains robust in the upcoming years, due to the rising integration of new technologies, such as 5G, which are expected to make it easier for individuals to access FTA services. This factor creates the demand for free-to-air service, thus accelerating the growth of free-to-air service market forecast. Additionally, the rise in usage of digital services in FTA broadcasting to adapt to the changing landscape of the TV industry during the COVID-19 pandemic is anticipated to foster the demand for the free-to-air service industry worldwide.
KEY FINDINGS OF THE STUDY
The global free-to-air services market is dominated by key players such as AMC Networks, Inc., British Broadcasting Corporation, BT Group Plc, Deutsche Telekom AG, Eutelsat, ITV Plc, Mediaset S.p.A., ProSiebenSat.1 Media SE, RTL Group, and Sky Plc. 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, “Automation Testing Market Statistics ," The automation testing market was valued at $25.7 billion in 2022, and is estimated to reach $123 billion by 2032, growing at a CAGR of 17.1% from 2023 to 2032.
The adoption of agile and DevOps methodologies is reinforcing the importance of continuous testing and the integration of automation testing into the software development life cycle. Further, the increasing complexity of software applications and systems demands comprehensive and efficient testing is fueling the demand for automation testing market. Automation testing tools and frameworks have evolved to support a wide range of technologies, including web, mobile, cloud, and IoT applications. This adaptability has made automation testing indispensable, particularly in industries like healthcare, finance, and e-commerce, where stringent regulations and data security requirements necessitate rigorous testing and validation. Moreover, the integration of artificial intelligence (AI) and machine learning (ML) into automation testing is driving the automation testing market growth. These technologies are being used for test case generation, predictive analytics, and intelligent automation of repetitive testing tasks. AI-driven solutions enhance testing efficiency and help identify potential issues before they become critical, contributing to software reliability.
Furthermore, the global automation testing market is in its developing phase, and exhibits high growth potential, due to rise in implementation of advanced technologies such as artificial intelligence (AI) and machine learning (ML). In addition, increase in partnerships are expected to promote the automation testing market growth in future. For instance, in September 2023, GameDriver Inc., the premier automated testing solution for gaming and XR experiences, and Kobiton, Inc., the leading provider of mobile testing solutions, have announced a strategic partnership aimed at elevating the standards of game testing and quality assurance within the dynamic and ever-evolving gaming industry. The partnership will offer a unified solution that streamlines testing workflows by enabling mobile developers using game engines such as Unity and Unreal Engine to easily test their apps and games using GameDriver’s automated testing solution.
Moreover, many automation testing expanded their geographical presence to expand their customer base and gain more profits. For instance, in June 2023, Microsoft opens a test lab in Tallinn to ensure that the software at Microsoft works correctly across all the operating systems in use, it is necessary to constantly check that the new programs are working properly. Further, it allows developers can test code at different stages, whether it’s the beginning of a project or a finished user interface.
By component, the solution segment acquired a major automation testing market share in 2022. This is attributed to the fact that automation testing solutions are increasingly incorporating AI and machine learning capabilities. AI is used for intelligent test case generation, predicting potential issues, and self-healing tests, making the testing process more efficient and effective.
Region-wise, Asia-Pacific is expected to grow significantly in automation testing market during the forecast period. This is attributed to the fact that the growth of e-commerce platforms and mobile applications in Asia-Pacific has driven the need for specialized testing solutions for web and mobile. Automation testing is crucial for ensuring a seamless user experience. Further, automation testing providers are increasingly integrating artificial intelligence (AI) and machine learning into their solutions. AI is used for test automation script generation, predictive analytics, and intelligent test case selection.
While the pandemic led to economic uncertainties and budget constraints, businesses realized that automation testing could help reduce operational costs in the long run by minimizing manual testing efforts and improving software quality. As a result, organizations in various sectors have increased their investments in automation testing to ensure business continuity and better prepare for future challenges. Further, the pandemic exposed the vulnerabilities in global supply chains, prompting the manufacturing and logistics sectors to reevaluate and enhance their operations. Automation testing played a key role in optimizing supply chain processes, validating the performance of logistics software, and enabling predictive maintenance of equipment, thereby increasing efficiency and reducing disruptions. Thus, these factors promoted the growth of the automation testing industry during the pandemic.
The key players operating in the automation testing market analysis IBM, Apexon, Accenture, Cigniti Technologies, Capgemini, Microsoft, Tricentis, Keysight Technologies, Sauce Labs Inc., and Parasoft. These players have adopted various strategies to increase their market penetration and strengthen their position in the automation testing Industry.
According to a new report published by Allied Market Research, titled, “Digital Twins in Automotive Market," The digital twins in automotive market size was valued at $2.2 billion in 2022, and is estimated to reach $34.6 billion by 2032, growing at a CAGR of 32.6% from 2023 to 2032.
North America currently dominated the digital twins in automotive market in 2022. The region is home to numerous key automotive manufacturers and technology companies, which has contributed to the rapid adoption of digital twin technology. Europe is the second largest market for the green logistic in 2022. Europe is known for its robust automotive manufacturing base, including major players in the industry. This foundation provides a conducive environment for the adoption of digital twin technology, as companies strive to enhance their competitive edge and operational efficiency.
Europe, particularly Germany, has been at the forefront of Industry 4.0 and smart manufacturing initiatives. Digital twins play a vital role in these efforts by enabling real-time monitoring, predictive maintenance, and data-driven decision-making across the automotive value chain. To offer these beneficial features, Germany-based digital twins developers joined forces with tech companies. For instance, in October 2022, SAP SE announced a partnership with Otonomo Technologies Ltd. for integration of Otonomo Smart Mobility Data Platform with SAP Digital Vehicle Hub. The integration enables the creation of digital twins of vehicles or vehicle components, offering a comprehensive view of vehicle lifecycle data. This collaboration between Otonomo and SAP may empower businesses to gain valuable insights and optimize their operations in the mobility sector. In addition, the collaboration aims to personalize the user experience by adapting to frequently visited destinations, including EV charging stations. Thus, numerous software and automotive companies in Europe expanded their presence globally and increased revenue from digital twins in automotive market.
System digital twin is a major segment of digital twins in automotive market. One of the primary drivers for the system digital twin segment of the digital twins in automotive market is increase in adoption of connected and autonomous vehicles, which enable real-time monitoring, diagnostics, and predictive maintenance of complex automotive systems.
Moreover, software providers focus on the development of digital twins for virtual testing. For instance, in April 2022, rFpro, a software specialist based in the UK, announced that it started development of a precise digital replica of the handling track of Nardò Technical Center in Italy. This virtual model aims to provide a realistic representation of the track, allowing vehicle manufacturers to expedite the development of next-generation electric vehicle platforms. By utilizing the digital twin, manufacturers may conduct comprehensive virtual testing and simulations within a fully representative virtual environment.
Furthermore, AI-powered digital twins enable predictive maintenance capabilities in the automotive industry. By analyzing real-time data from sensors embedded in vehicles, AI algorithms may detect anomalies, predict potential failures, and schedule proactive maintenance. This approach helps automotive manufacturers and service providers optimize maintenance schedules, reduce downtime, and improve overall operational efficiency.
Moreover, digital twin solution provider expanded product portfolio powered by AI. For instance, in October 2022, Altair Engineering Inc., a prominent global provider of computational science and AI solutions, launched a comprehensive digital twin solution. This solution offers highly connected and cross-functional capabilities, making it suitable for deployment at any stage of a product's lifecycle. Digital twin solution by Altair is designed to enhance product development and optimization by providing advanced simulation and AI-driven capabilities.
In addition, automotive manufacturers adopt digital twins to improve performance of electric vehicle (EVs). For instance, in May 2022, Hyundai Motor Group conducted a pilot program in partnership with Microsoft Korea to validate the efficacy of digital twin technology in enhancing the performance of EV batteries. The collaborative initiative aims to demonstrate the capability of digital twins to accurately predict the service life of individual EV batteries and optimize their overall performance. This project incorporates advanced technologies such as artificial intelligence (AI), machine learning (ML), and physical models to analyze driving data and other pertinent factors that influence battery longevity. Thus, the digital twins in automotive market is expected to witness steady growth as digital twins offer automobile manufactures advanced monitoring and performance testing features.
COVID-19 Pandemic Impact
In the automotive industry, the COVID-19 pandemic has therefore presented obstacles as well as opportunities. Even though it momentarily hampered supply chains, R&D efforts, and on-site operations, it sped up the adoption of digital technology and highlighted the benefits of virtual solutions, data analytics, and preventative maintenance.
KEY FINDINGS OF THE STUDY
The key players profiled in the digital twins in automotive market report include Altair Engineering Inc., ANSYS, Inc, Bosch Rexroth AG, General Electric Company, IBM Corporation, PTC Inc., Rockwell Automation, Inc., SAP SE, Schneider Electric SE., and Siemens.
According to a new report published by Allied Market Research, titled, “Used Cars Market," The Used Cars Market Size was valued at $857.50 million in 2023, and is estimated to reach $2 billion by 2033, growing at a CAGR of 8.9% from 2024 to 2033.
A used car is a vehicle that has been used previously or owned by one or more owners. It is known as a pre-owned vehicle or secondhand car. Used cars are sold through traditional walk-in used car stores, online platforms, and independent vehicle dealers. Furthermore, franchises, including social media and online used-car companies, help people buy and sell used cars.
The global used car market growth is driven by high price of new vehicles & affordability concerns and surge in Used Cars Market Demand for off-lease cars & subscription service by the franchise, leasing offices, & car dealers. However, unorganized used car sales and lack of regularization hamper the growth of the global market.
Moreover, the advent of e-commerce & online technologies, steady increase in organized/semi organized sales in emerging countries, growth in electric vehicle business across the globe, and demand for car sharing services are expected to offer lucrative opportunities for the expansion of the global used car market.
The global used car market is evolving rapidly, driven by technological advancements, shifting consumer behavior, and regulatory changes. One of the most notable trends in the industry is the increasing digitization of used car sales. Over 95% of car buyers now conduct online research before purchasing a vehicle, and more than 70% use third-party platforms to compare prices, vehicle history, and financing options. The rise of AI-driven pricing algorithms, blockchain-based ownership verification, and virtual vehicle inspections has further enhanced transparency and consumer trust in the pre-owned car sector.
Another key trend shaping the market is the growing demand for fuel-efficient and eco-friendly vehicles. With stricter emission norms being enforced globally, there is a rising preference for hybrid and electric vehicles (EVs) in the used car market. In 2023, sales of pre-owned EVs surged by approximately 30%, reflecting increasing consumer confidence in battery technology and longer-lasting EV components. Additionally, government incentives for EV adoption, such as tax credits and subsidies, are encouraging more people to consider used electric cars as a viable alternative to traditional gasoline-powered vehicles.
Consumer preferences are also shifting towards SUVs and crossovers in the pre-owned vehicle segment. SUVs accounted for nearly 45% of total used car sales in 2023 due to their versatility, higher resale value, and growing popularity among families and urban drivers. This trend is expected to continue as manufacturers introduce more fuel-efficient and compact SUV models, making them a desirable option in the secondary market.
Subscription-based ownership models and shared mobility trends are also impacting the used car market. Car subscription services, which allow users to switch between vehicles without long-term commitments, have gained popularity among younger consumers who prioritize flexibility over ownership. Additionally, ride-sharing and car rental companies are increasingly integrating high-quality, low-mileage used cars into their fleets to reduce costs and maximize profitability.
Another major development is the integration of connected vehicle technology into the used car market. Vehicles equipped with advanced telematics, real-time diagnostics, and over-the-air software updates are retaining higher resale values compared to conventional cars. Consumers are now looking for pre-owned vehicles with smart features such as adaptive cruise control, lane departure warnings, and integrated infotainment systems, further driving demand for modern Used Cars Market Size.
The Used Cars/Second Hand Cars Market is also witnessing an increase in cross-border trade of used vehicles. Many developing nations, including those in Africa and Southeast Asia, are seeing a rising influx of imported used cars from markets such as Japan, the U.S., and Europe due to affordability and reliability. In some regions, nearly 60% of all vehicle sales come from pre-owned imports, highlighting the global interconnectedness of the used car trade.
As the used car market continues to expand, organized dealerships and certified pre-owned programs are gaining prominence, addressing long-standing concerns regarding transparency, vehicle condition, and warranty coverage. With AI-driven inspection tools and digital transaction platforms becoming more prevalent, the industry is moving towards a more structured, consumer-friendly ecosystem. This shift is expected to enhance trust, improve resale values, and drive sustained growth in the used car sector over the coming years.
The used car market is segmented into vehicle type, fuel type, distribution channel, and region. On the basis of vehicle type, it is divided into hatchback, sedan, and SUV. On the basis of fuel type, it is classified into petrol, diesel, and others. On the basis of distribution channel, it is fragmented into franchised dealer, independent dealer, and others. On the basis of region, the Used Cars Industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players included in the Used Cars Market Analysis are Asbury Automotive Group, Inc., AutoNation, Inc., Big Boy Toyz Ltd, CarMax Business Services, LLC, Cars24 Services Private Limited, Group1 Automotive Inc., Hendrick Automotive Group, Lithia Motors, Inc., Mahindra First Choice Wheels Ltd., and TrueCar, Inc.
Key Market Findings
According to a new report published by Allied Market Research, titled, “Enterprise Asset Management Market Analysis ," The enterprise asset management market was valued at $3.4 billion in 2021, and is estimated to reach $9.9 billion by 2031, growing at a CAGR of 11.5% from 2022 to 2031.
Enterprise asset management (EAM) involves the management of the maintenance of physical assets of an organization throughout each asset's lifecycle. EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information.
Increase in use of IoT devices across almost all industrial verticals, integration of drone & AI-based asset management, and surge in need for cloud-based enterprise asset management system solutions are propelling the global enterprise asset management market trends. Furthermore, increase in acceptance of advanced technologies for asset lifespan extension, the advent of disruptive digital technologies across industrial verticals, and technological advancements in asset management contribute toward the growth of enterprise asset management market. However, one of the key restraints for the EAM industry is finding effective and exact solutions for an organization's business demands.
Depending on deployment model, the on-premise segment holds the largest market share, as large organizations with a vast amount of assets or organizations with sensitive data may prefer to use an on-premise enterprise asset management set-up to meet compliance requirements or relevant legislation. However, the cloud segment is expected to grow at the highest rate during the enterprise asset management market forecast period, as most cloud-based enterprise asset management software offers state-of-the-art security tools and supports General Data Protection Regulation compliance. Vendors have experts in place to combat cyber-attacks, and many provide 24/7 security monitoring, which reduces the negative impact on the asset management for enterprises. Therefore, these factors are the major drivers of cloud-based enterprise asset management industry.
Region wise, the enterprise asset management market size was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to the introduction of additional and new technologies. Furthermore, the demand for EAM software has increased as the penetration of industrial Internet of Things (IIoT) has grown. IoT helps with data monitoring and retrieval from remote sites. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to increased need for strict regulatory compliance pertaining to asset management, increase in number of EAM suppliers, and reduced government aid towards asset management are all contributing to the market growth in the region.
The COVID-19 pandemic has posed major problems for the global economy and a variety of economic sectors. Organizations throughout the world have accelerated the usage of cloud-based solutions and services to construct robust and disaster-averse systems to meet the needs of remote workers. The need for public cloud services for industry-specific applications, such as collaboration and other productivity and business continuity solutions, has risen as a result of this. Multiple businesses, including manufacturing, BFSI, automotive, and transportation, have faced major hurdles as a result of the pandemic. The majority of EAM platforms offer modules for facilities management, reporting & analytics, and inventory control, which assist businesses prevent costly network downtime. Businesses have suffered tremendous losses as a result of the lockdowns implemented to contain the pandemic. Several major EAM businesses see this crisis as a chance to restructure and reassess their present strategies and sophisticated product portfolio. Assets, machines, structures, IT, and other project resources are being managed using EAM solutions and services to avoid system failure downtime, increase efficiency, and manage assets, machines, structures, IT, and other project resources. During the pandemic, several firms began implementing cloud-based EAM solutions and incorporating predictive analytics into EAM solutions.
The key players that operate in the enterprise asset management industry are ABB Ltd., AssetsWorks, LLC, CGI Group Inc., IFS, International Business Machine Corporation, Infor, Oracle Corporation, SAP SE, SSG Insights and UpKeep Technologies, Inc.
According to a new report published by Allied Market Research, titled, “Artificial Intelligence (AI) Market," The artificial intelligence (ai) market was valued at $153.6 billion in 2023, and is estimated to reach $3636 billion by 2033, growing at a CAGR of 37.3% from 2024 to 2033.
Artificial intelligence or AI market makes it possible for machines to learn from previous experiences and adjust to new inputs to perform tasks like humans. Such capabilities of artificial intelligence technology enable machines to automate much more complex tasks such as driving cars (self-driving cars), holding conversations (conversational bots), and filtering e-mail (spam and fraud detectors). Furthermore, key factors that drive the growth of the artificial intelligence market include surge in demand for improving operational efficiency and the rise in cost of manual labor. However, high implementation cost of artificial intelligence solutions hampers AI market growth. On the contrary, increasing digital dependence and Industry 4.0 trends are expected to offer remunerative opportunities for expansion of the artificial intelligence market during the forecast period.
Furthermore, the global artificial intelligence (AI) market is in its developing phase, and it exhibits high growth potential, due to rise in its adoption across various industry verticals. In addition, a surge in the number of partnerships is expected to promote artificial intelligence (AI) market growth in future. For instance, in November 2021, Amazon Web Services, Inc. partnered with Workato, a leading global enterprise automation platform enable domain experts without technical backgrounds to harness artificial intelligence (AI) and machine learning (ML). As part of the launch, Workato released an AI/ML Connector, which allows for seamless integrations from any data source into Amazon SageMaker, and AI/ML Accelerator, which provides packaged Recipes and reference architectures to address key AI/ML use cases like customer churn. Moreover, many companies providing artificial intelligence (AI services expanded their geographical presence to expand their customer base and gain more profits. For instance, in January 2020, Apple Inc. acquired Xnor.ai, to enhance process for making machine learning algorithms highly efficient — so efficient that they could run on even the lowest tier of hardware out there, things like embedded electronics in security cameras that use only a modicum of power.
On the basis of industry vertical, the IT & telecommunication segment dominated the overall AI industry in 2023 and is expected to continue this trend during the forecast period. This is attributed to the surge in need for improvement and optimization of network infrastructure among telecom operators and continuous innovation in the IT & telecom sector. Artificial intelligence further makes it easier for telecommunication companies to automate customer services and provide a personalized experience to customers. Furthermore, implementing artificial intelligence helps telecom business leaders make effective data-driven decisions.
Region wise, the artificial intelligence market forecast market was dominated by North America in 2023, and is expected to retain its position during the forecast period, owing to high concentration of artificial intelligence solution vendors in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its ongoing rapid digital transformation trends that are expected to increase the scope for AI industry in the region.
The pandemic accelerated digital transformation initiatives across industries. Many businesses had to adapt quickly to remote work and online operations, leading to increased investment in AI technologies to automate processes, enhance customer experiences, and optimize operations resulting in boostongthe growth of artificial intelligence industry. Further, the education sector adopted AI for online learning platforms, personalized education, and automated grading systems as schools and universities shifted to remote and hybrid learning models. Furthermore, AI played a significant role in accelerating drug discovery and vaccine development processes. AI models were used to analyze vast datasets and identify potential treatments and vaccine candidates. Thus, these factors propelled the growth of the artificial intelligence industry during the pandemic.
The key players operating in the artificial intelligence market analysis include Amazon Web Services, Inc., Apple Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Nvidia, Oracle Corporation, SAP SE, Siemens, and OpenAI. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.