According to a new report published by Allied Market Research, titled, “Automotive Carbon Wheels Market," The automotive carbon wheels market was valued at $626.00 million in 2021, and is estimated to reach $1.5 billion by 2030, growing at a CAGR of 9.9% from 2022 to 2030.
Automotive carbon wheels are designed for use in high-performance vehicles such as sports cars and SUVs, where wheel strength, weight, and vibration dampening capabilities are critical. People's disposable income has increased, increasing their purchasing power and increasing their preference for luxury items such as performance vehicles. Automobili Lamborghini S.p.A., a German performance car manufacturer, saw a 43% increase in sales in 2019 with a total of 8,205 units sold globally, up from 5,750 units sold the previous year. As a result, the global automotive carbon wheel market is being propelled by an increase in the sale of performance vehicles.
Automotive carbon wheels are also lightweight and strong wheels made of carbon fibre reinforced polymers. These wheels are commonly used to improve speed efficiency in luxury and premium vehicles. Rising premium and luxury vehicle ownership, as well as an increase in the number of Ultra-High and High Net Worth Individuals (HNWI), will drive industry growth. Furthermore, vehicle owners' ongoing efforts to improve efficiency, performance, and aesthetic appeal will drive up demand for aftermarket automotive carbon wheels. As a result, all of these factors are expected to gain traction for automotive carbon wheels.
The global automotive carbon wheels market is segmented on the basis of vehicle type, distribution channel and region. By vehicle type, the market has been divided into passenger cars, commercial vehicles, and two-wheelers. By distribution channel, the analysis has been divided into OEM and aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Carbon Revolution, Dymag Group Limited, ESE Carbon, ROTOBOX d.o.o., Litespeed Racing LLC, HITACHI METALS, LTD., Phoenix Wheel Company, Inc., Rolko Kohlgrüber GmbH, Thyssenkrupp AG, and Ronal Group.
The report focuses on the global automotive carbon wheels market. It further highlights numerous factors that influence the market growth, such as forecast, trends, drivers, restraints, opportunities, and roles of different key players that shape the market. The report focuses on the overall demand for automotive carbon wheels in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices.
IMPACT OF COVID-19 ON THE GLOBAL AUTOMOTIVE CARBON WHEELS MARKET
Key Findings of the Study
According to a new report published by Allied Market Research, titled, “AI Powered Storage Market, By Component (Hardware, Software), By Storage System (Direct Attached Storage, Network Attached Storage, Storage Area Network), By Storage Architecture (File And Object Based Storage, Object Storage), By Storage Medium (Hard Disk Drive, Solid State Drive), By End User (Enterprises, Government Bodies, Cloud Service Providers, Telecom Companies): Global Opportunity Analysis And Industry Forecast, 2022-2031". The ai powered storage market size was valued at $15.6 billion in 2021, and is estimated to reach $162.5 billion by 2031, growing at a CAGR of 26.7% from 2022 to 2031.
Rising demand of secured data storage and real-time updating from different sources has increased the adoption of AI powered storage. AI powered storage optimizes and automates the workflow making it easier for enterprises to store huge amount of critical data. Moreover, the scalability offered by AI can easily fulfill the rising demand of real-time data processing. This further propels the Artificial Intelligence Powered Storage Market growth.
Furthermore, rise in adoption of cloud-based application and services and adoption of robotics in warehousing is boosting the growth of the global AI powered storage market. However, lack of professionals in AI hardware and irregularity of AI algorithms is hampering the AI powered storage market growth. On the contrary, increase in demands of Al for high performance computing data is expected to offer remunerative opportunities for expansion during the AI powered storage market forecast.
Depending on storage architecture, file and object storage segment is dominating the AI Powered Storage Market Share in 2021 and is expected to do so during the forecast period, as owing to increase in amount of data in developing economies in Asia-Pacific including China, Japan, and India.
However, object-based storage segment is anticipated to have the highest growth in the forecast period due to, owing to rise in complexity, data organization, threat in business system, and demand of smooth technique, which leads to excessive opposition throughout industries..
Depending on region, North America dominated the market in 2021. This is attributed to growing developments in technology and digitalization of market in this region leading to adoption of AI powered storage to protect critical data of organizations. However, Asia-Pacific is expected to witness highest growth in the upcoming years, owing to increased cyber threats and rapid shift toward cloud-based platforms in this region.
COVID -19 outbreak has significantly impacted the AI powered storage market. COVID-19 outbreak has significantly impacted the AI powered storage market for good. It led to complete shutdown of manufacturing and production across the globe. The global economy was also severely impacted by this pandemic which further generated hurdles for many industries and businesses globally.
However, the demand for advanced technologies to ease the remote working conditions increased. This further propelled new innovative approaches of utilizing machine learning and artificial intelligence. Further, many enterprises extensively adopted AI powered storage for real-time data storage to enhance their business model and reduce the turnaround time. Moreover, this upsurge has driven significant investments in this market globally.
KEY FINDINGS OF THE STUDY
By component, the hardware segment dominated the AI powered storage market in 2021. However, the software segment is expected to exhibit significant growth during the forecast period.
On the basis of storage system, the direct attached storage segment dominated the AI powered storage market in 2021.However, the network attached storage segment is expected to witness the highest growth rate during the forecast period.
On the basis of storage architecture, the file and object based storage segment dominated the AI powered storage market in 2021.However, the object storage segment is expected to witness the highest growth rate during the forecast period.
On the basis of storage medium, the hard disk drive segment dominated the AI powered storage market in 2021.However, the solid state drive segment is expected to witness the highest growth rate during the forecast period.
On the basis of end-user, enterprise segment dominated the AI powered storage market in 2021.However, the government bodies segment is expected to witness the highest growth rate during the forecast period.
Region-wise, the AI powered storage market analysis was dominated by North America in 2021. However, Asia-Pacific is expected to witness significant growth in the coming years.
This report gives an in-depth profile of some key AI Powered Storage Industry players in the AI powered storage market include Advanced Micro Devices, Amazon Web Services, CISCO, Dell Technologies, Fujitsu, Google, Hitachi, HPE, Intel Corporation, Lenovo, Micron Technology, Microsoft, NetApp, IBM, Pure Storage, Samsung Electronics, and Toshiba. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel growth of the AI powered storage industry globally.
According to a new report published by Allied Market Research, titled, “Automotive Ethernet Market," The automotive ethernet market was valued at $2.1 billion in 2021 and is estimated to reach $8.8 billion by 2031, growing at a CAGR of 14.4% from 2022 to 2031.
The widespread use of advanced driver assistant systems (ADAS), infotainment, the quick advancement of autonomous vehicle technology, and the low cost of ethernet have all contributed to the enormous growth of automotive ethernet because it connects in-vehicle electronic systems more effectively than traditional harness does. Vehicle ethernet provides connectivity for a variety of automotive applications, including ADAS, infotainment systems, body and comfort, powertrain, and chassis. The difficulties that designers and engineers encounter when integrating various systems are addressed by providing high bandwidth applications that operate at either high or low speed. All car components can connect using thinner, more efficient wires thanks to Ethernet's propensity to forego conventional cabling for communication. In a connected car, the system must be kept "always on" due to the high-performance navigation systems, high-end entertainment, and telematics. The market for ethernet deployments has been driven by the growing amount of bandwidth available for in-vehicle data connections.
Globally, the development of electric vehicles (EVs) has shown potential during the past few years. Automobile original equipment manufacturers (OEMs) have made large financial investments in the development of EVs. The government has launched several efforts to speed up the manufacture of EVs for the consumer and business markets. The proliferation of EVs around the world has been fueled by technological developments and the growth of the complete ecosystem, including improvements in chipsets and modules, the accessibility of lithium-ion batteries, and the modernization of charging infrastructure. The main factors promoting EV production are, in brief, government legislation, consumer economy growth, OEM investments, and technological developments. These aspects are anticipated to fuel the automotive ethernet market size during the forecast period.
In the in-car infrastructure, connectivity is crucial. The in-vehicle communication market has been dominated by Controlled Area Network (CAN), Local Interconnect Network (LIN), FlexRay, and Radio Frequency (RF) for the past few decades. Traditional technologies are frequently used by automotive OEMs and Tier 1 suppliers for the in-car network. These discrete protocols provide end-to-end connectivity for the vehicle's Engine Control Units (ECU). Some technologies, like MOST and FlexRay, were created to support brand-new ADAS and infotainment application areas. However, technologies are insufficient to provide high bandwidth and low latency for infotainment applications.
The development of sophisticated IoT applications that need high bandwidth is now possible thanks to the standardized high bandwidth ethernet. The demand for high bandwidth connectivity for in-vehicle computer systems is anticipated to rise further as these applications proliferate. In 2015, the establishment of the 100BASE-T1 Physical Layer (PHY) standard by the Institute of Electrical and Electronics Engineers (IEEE) for high-speed 100Mbps ethernet. Application developers have a lot of opportunities thanks to high-speed ethernet. It can also provide in-vehicle real-time connectivity with the outside world and has an impact on the vehicle's functional design. The ability to access the outside world in a connected car allows the user additional freedom to select programs from OEMs, partners, or third-party application providers.
The global automotive ethernet market is segmented based on component, vehicle type, application, and region. By component, it is classified into hardware, software, and services. By vehicle type, it is classified into passenger cars and commercial vehicles. By application, it is classified into chassis, infotainment, driver assistance, power train, body & comfort, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the automotive ethernet market report include Vector Informatik GmbH, NXP Semiconductors N. V., Marvell Semiconductor, Inc., Molex, Broadcom Inc., Microchip Technology Inc., Aukua Systems, Keysight Technologies, Cadence Design Systems, Inc, and Texas Instruments Incorporated.
The report offers a comprehensive analysis of the global automotive ethernet 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 sheds light on the present scenario and upcoming trends & developments that are contributing to 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 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 the emergence of substitutes in the market.
Impact of Covid-19 on the Global Automotive Ethernet Industry
Key Findings of the Study
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.