Precision Farming Market Size Worth $24.09 Billion By 2030

 

Precision Farming Market Growth & Trends

The global precision farming market size is anticipated to reach USD 24.09 billion by 2030, registering a CAGR of 12.6% over the forecast period, according to a new report by Grand View Research, Inc. Precision farming, also known as site-specific crop management or satellite farming, is a farm management concept that uses information technology to ensure optimum health and productivity of crops.

The precision farming technique largely depends on specialized equipment such as sensing devices, antennas and access points, and automation and control systems. It also includes maintenance and managed services. The process also incorporates a broad range of technologies such as bio-engineering, robotics and automation, imagery and sensors, and big data.

The growing number of applications for telematics in agriculture is anticipated to supplement the growth of the market. Telematics services include tracking devices that deploy the Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes. Major agriculture equipment manufacturers are adopting telematics services for their equipment to improve farm efficiency, thereby reducing the cost of agricultural operations and maximizing profitability. Improved management can also help reduce environmental impact.

Telematics technology is used to capture and transfer data from the farm equipment through sensors installed on tractors and other field monitoring equipment. The increasing adoption of telematics systems by agricultural equipment companies is expected to drive the growth of the market during the forecast period.

Furthermore, with GPS guidance and automation advancements, drones are poised to transform the agriculture industry in the forthcoming years. The ability of drones to precisely analyze the soil at the beginning of the crop cycle and detect a plant infected with bacteria or fungus is anticipated to propel the growth of the drone segment.

However, the low rate of technology adoption among farmers is likely to hamper market growth during the study period. This may be due to factors such as the absence of stringent standards and limitations on the exchange of data. Furthermore, farmers lack independent consulting and advisory services owing to the absence of validated agronomic models for Variable Rate Technology (VRT) to make decisions on investments. In addition, independent services are not linked to co-operatives, government bodies, and farmer associations where farmers can get additional information to make better decisions.

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Precision Farming Market Report

Precision Farming Market Report Highlights

• Increasing government support for adopting modern agricultural techniques and the growing need for efficiently monitoring the health of crops are expected to drive market growth
• The cloud-based software model is anticipated to gain a significant share of the market over the projected period as it reduces energy consumption and provides storage for a large amount of data while facilitating cost saving
• Innovations in GPS mapping and related farming applications are enabling farmers to operate more efficiently and increase their profit margins
• Demand for drones is expected to grow in the agriculture field as they are increasingly used to monitor irrigation systems
• Yield monitoring is expected to continue leading the application segment in terms of revenue share. It is widely used in soil monitoring since it detects soil qualities that may be used to increase yields
• The digital revolution in the agricultural sector, along with government financial incentives to farms, is likely to drive demand for precision farming in Europe in the forthcoming years
• Asia Pacific is expected to showcase the fastest growth owing to the availability of the largest agricultural land, which provides growth opportunities in countries such as China, India, Australia, and Japan
• Key players in the precision agriculture market include AgEagle Aerial Systems Inc. (Agribotix LLC); Deere and Company; Proagrica (SST Development Group, Inc.); Farmers Edge, Inc.; and Granular, Inc.

Warehouse Management Systems Market Worth $13.34 Billion By 2030

 

Warehouse Management Systems Market Growth & Trends

The global warehouse management systems market size is anticipated to reach USD 13.34 billion by 2030, advancing at a CAGR of 19.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing transition towards cloud-based management systems in the warehouse industry is anticipated to boost the demand for WMS based on the Software-as-a-Service (SaaS) model.

Advancements in cloud-based technologies are estimated to fuel the adoption of WMS software, irrespective of the organization’s size and complexity where these solutions are used. Surging demand for cloud-based systems can primarily be attributed to medium and small-sized businesses that do not require the implementation of advanced warehouse technologies and high-speed automation.

Larger organizations are also switching to cloud-based warehouse management systems, as it allows organizations to offload exhausting tasks such as maintenance, infrastructure administration, and timely upgrades, among other tasks that are carried out on the on-premise software. Cloud enables businesses running on conventional on-premise technologies to transit to a platform that will support and cater to their clients’ needs more efficiently. Low upfront cost and shorter implementation time are the key factors encouraging companies to move toward cloud-based systems.

In the healthcare ecosystem, a warehouse management system (WMS) ensures that medical equipment and medicines are supplied in time. Also, WMS continuously updates the database of the inventory moving in and out of a warehouse, which prevents the shortage of inventory. Furthermore, in the healthcare domain, continuous sharing of information and transparency of all processes are the critical factors for efficient warehouse management.

WMS enables complete transparency of logistic activities and enables proper tracking of medical devices and medicines. Similarly, in the food & beverage industry, the WMS ensures optimized picking, directed put away, and rotation of stock based on its expiry date.

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Warehouse Management Systems Market Report

Warehouse Management Systems Market Report Highlights

• The market for warehouse management system is anticipated to witness substantial growth during the forecast period due to the changing supply chain models of product manufacturers and rapidly growing consumer demand, especially in the transport & logistics and retail sectors
• The software segment is expected to register the highest CAGR during the forecast period, owing to the increasing adoption of WMS software by small and mid-sized enterprises (SMEs) worldwide
• The cloud segment is expected to advance with the highest CAGR during the forecast years, owing to numerous functionalities that cloud-based WMS offers over the traditional on-premise WMS
• The transportation & logistics segment is expected to register the highest CAGR during the projection period, owing to the rising need for technologically advanced warehouse management systems that can help logistics companies to keep their operations aligned with the ever-demanding market
• Asia Pacific is expected to register the highest CAGR during the forecast period due to the high influx of e-commerce players in the region

Dashboard Camera Market Size Worth $7.64 Billion By 2030

 

Dashboard Camera Market Growth & Trends

The global dashboard camera market size is anticipated to reach USD 7.64 billion by 2030, registering a CAGR of 9.5% from 2022 to 2030, as per a new report by Grand View Research, Inc. Dashboard cameras are hardware devices used to record the front- and rear-view of vehicles. The main use case of this hardware device is for insurance claims, safety against vehicular theft, unsafe road conditions, etc. The key global manufacturers are focusing their efforts on the development of innovative dash cams that can be connected with various complementary technologies, such as telematics and vehicle data monitoring. Commercial users, such as taxi operators, delivery companies, and trucking companies, purchase dashboard cameras with the 2-channel (dual channel) variant as they also capture footage inside the vehicle.

In March 2020, Waylens, Inc. entered into a partnership with Hygealeo, a provider of internet-of-things (IoT) solutions, to provide a security solution via the Secure360 dashboard camera for cold chain transportation, which includes vehicle location & data monitoring and the ability to record front, rear, and cabin footage. The industry is growing as vehicular traffic is increasing around the world, which has caused a rise in accidents, false insurance claims, scams, etc. Since these cameras are switched on in the driving mode, they also have a feature to record the cases that happen in the parking mode.The camera starts recording video after detecting movement in its vicinity to capture as much evidence as possible. Manufacturers offer multiple features in their products, such as GPS, night vision, real-time alert notifications, live streaming, and more, to increase product sales.

As high-quality video recording hardware becomes widely available and more affordable, technologically advanced dash cams with high-resolution video recording capabilities have become popular. The majority of devices are programmed to start recording as soon as the ignition is turned on. This technology makes it possible for dash cams to remain in continuous recording mode, which may be a requirement for insurance companies. These devices assist fleet owners in monitoring their drivers’ driving behavior. These cameras are also used by car rental companies to monitor customer driving habits. Furthermore, viewing one’s driving footage can aid in the improvement of driving skills, which is propelling the product demand in personal vehicle applications.

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Dashboard Camera Market Report

Dashboard Camera Market Report Highlights

• The basic technology segment accounted for the maximum revenue share in 2021 owing to the increased demand for dash cams with basic features for personal vehicles
• The personal vehicle segment is expected to witness the fastest growth rate in the forecast period as a direct result of low prices and ease of installation
• The 1-channel segment accounted for the largest revenue share in 2021 and is likely to continue dominating the industry over the forecast period
• The Asia Pacific region is projected to register the fastest CAGR from 2022 to 2030 due to the increase in vehicular traffic and complex insurance claim procedures

Automotive Brake System Market Worth $72.70 Billion By 2030

 

Automotive Brake System Market Growth & Trends

The global automotive brake system market is expected to reach USD 72.70 billion by 2030, registering a CAGR of 5.4% during the forecast period, according to a new report by Grand View Research, Inc. Factors such as the increasing number of road accidents have led to the rising demand for the safety features such as traction control system, anti-lock braking system, advanced driver system, etc. Passengers are concerned about the rising fatality which is prompting automotive manufacturers to install more efficient automotive systems.

Furthermore, the demand for semi-luxury and luxury high-performance automobiles has increased significantly in recent years. As a result, the demand for effective brake systems in vehicles such as passenger cars, large and light commercial vehicles, and two-wheelers continue to increase. These factors are driving the growth of the automotive brake system market significantly, throughout the forecast period.

In addition, due to increased demand and the production of vehicles, Asia-Pacific has been the leading market for automotive brake systems and is expected to maintain its dominance during the forecast period. Factors actors such as government regulation in countries such as India, Japan, and China and measures to improve vehicle safety are likely to boost the growth of the automotive brake system market during the forecast period.

However, the advanced braking technology contains complex electronic and mechanical system. An anti-lock brake system has components such as controllers, valves, and sensors which makes ABS more expensive than a conventional brake system. Therefore, they have high development and maintenance costs.

Improvements in two-wheeler braking systems and augmentation in previously unexplored markets, within developing countries, present significant growth opportunities for the players. New technical advancements such as ABS and regenerative braking are expected to boost the global market for automotive brake systems. Furthermore, based on the technology type anti-lock braking system has gained the highest market share. Its growth can be attributed to the mandatory deployment of anti-lock brake systems in key automobile market regions.

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Automotive Brake System Market Report

Automotive Brake System Market Report Highlights

• The Automotive Brake System Market is expected to reach USD 72.70 billion by 2030 with a CAGR growth of 5.4 % during the forecasted period
• The growth of the automotive brake system market is linked to the demand for both passenger and commercial vehicles
• The disc brake segment is expected to grow at rapid pace because of their capacity to work in inclement weather without overheating or fading
• Factors such as government regulation and measures to improve vehicle safety are likely to boost the growth of the automotive brake system market during the forecast period
• High repair and maintenance costs of technologically advanced brake are anticipated to hinder the growth of the automotive brake system market

IoT Microcontroller Market Size Worth $12.94 Billion By 2030

 

IoT Microcontroller Market Growth & Trends

The global IoT microcontroller market size is projected to reach USD 12.94 billion by 2030, registering a CAGR of 12.7% from 2022 to 2030, according to a new study by Grand View Research Inc. Increase in adoption of smart home devices integrated with mobile applications and advancements in low power Microcontroller (MCU) are expected to drive the market growth. The surge in the number of enterprise IoT connections across industries such as manufacturing, healthcare, and energy and power is also expected to drive the growth of the market over the forecast period.

Advancements in short-range wireless connectivity such as Zigbee, Bluetooth, and KNX technologies, notably in Europe and North America also expected to drive IoT adoption over the next few years. Advancements in disruptive technologies such as big data analytics, Artificial Intelligence (AI), and industrial IoT are further expected to propel the adoption of IoT-connected devices. Increasing investments through funding in start-ups such as Hypervolt, HIXAA, SmartRent, and other SMEs that help to gain new IoT-based projects in industries likely to create the need for a high-performance, low-power IoT MCUs market over the forecast period.

Key IoT MCU manufacturers such as RENESAS Electric Corporation, NXP Semiconductors, and STMicroelectronics are innovating high-performance MCUs to meet the demand. For instance, in 2022, Renesas Electric Corporation launched the 32-bit RA Family of microcontrollers (MCUs). The launched product is based on the Arm Cortex-M23 core, which offers shallow power consumer MCUs developed explicitly for IoT endpoint applications, including industrial automation, medical devices, intelligent home appliances, and wearables.

The COVID-19 outbreak positively impacted the IoT MCU market in 2020. Government-imposed restrictions and stay-at-home mandates increased the demand for smart wearables, including fitness trackers, health-based wearables, and other consumer IoT devices. Due to a sudden increase in demand for consumer IoT devices and a temporary halt of production units, the market experienced a shortage of MCUs in 2021, creating an imbalance in supply and demand. In light of these factors, device manufacturers are expected to hike the connected product prices in 2022, which is likely to continue until 2023.

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IoT Microcontroller Market Report

IoT Microcontroller Market Report Highlights

• 32-bit captured more than 40% market share of the overall IoT MCU market in 2021, with the market size expected to register a CAGR exceeding 13% over the forecast period. An increase in the adoption of smart utilities and industrial robotics is expected to drive market growth over the forecast period
• By 2030, the wearables segment is expected to surpass USD 700 million with a CAGR exceeding 13%. It is ascribed to increasing awareness for health and fitness among individuals, significantly contributing to the adoption of wearable technology, supporting market growth
• Asia Pacific led the market in 2021, a trend expected to continue over the mid-term. The regional CAGR is expected to exceed 13.6% from 2022 to 2030. Adding to this, increasing government initiatives to develop innovative and connected infrastructure signifies market growth

Cognitive Computing Market Size Worth $225.33 Billion By 2030

 

Cognitive Computing Market Growth & Trends

The global cognitive computing market size is projected to reach USD 225.33 billion by 2030, registering a CAGR of 27.6% from 2022 to 2030, according to a new study published by Grand View Research, Inc. The surge in demand for cognitive computing technology comes from an increased need for making better decisions, transforming industries, and democratizing expertise. The technology has become sought-after among decision-makers to handle the massive amount of data and iterative analytics. Industry leaders anticipate the use of cognitive computing systems will gain ground from the rising prominence of machine learning and natural language processing.

Cognitive computing enables business organizations to incorporate advanced data analytics technology in their business processes to measure the risk associated with strategic initiatives. Industry players are progressively investing significantly in adopting modern cognitive solutions through profound research and development. The adoption of Artificial Intelligence and the Internet of Things that enables automated integration between software, hardware platform, and the consumer, has spurred industry growth.

Cognitive computing systems which use real-time analysis, machine learning, and natural language processing (NLP) have become sought-after to provide better results. Some of the prominent attributes, including voice recognition, text analytics, image & visual analytics, and clustering & deep learning, have encouraged leading companies to expedite investments in cognitive computing.

A notable uptick toward data analysis is expected to complement the development of cloud computing platforms and on-premises hardware equipment. Besides, advancements in cognitive technologies have augured well for market growth. For instance, cognitive systems have become the go-to technology for accurate data analysis and boosting customer interaction across industry verticals.

The healthcare industry has exhibited a profound inclination for cognitive systems to collate and assess data, including diagnostic tools, past data, medical journals, and reports. The prevalence of data-powered treatment recommendations has gained ground across emerging and advanced economies.

With companies striving to enhance customer experience, the cognitive computing process has garnered immense popularity. It has also leveraged end-users to provide valuable, contextual, and relevant inputs to the customers. It has the potential to identify strange behavior in the data by inspecting usage patterns to block cyber-attacks.

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Cognitive Computing Market Report

Cognitive Computing Market Report Highlights

• The natural language processing technology segment dominated with a revenue share of over 42.3% in 2021 due to the surging demand for pattern recognition and optical character recognition
• Cloud systems are expected to gain momentum as they facilitate secure and integrated data storage solutions according to the business requirements
• The Asia Pacific region is predicted to emerge as the fastest growing market owing to the rise in small and medium enterprises in emerging countries, such as India and China
• Prominent vendors operating in the market include Google, IBM, Microsoft Corporation, Oracle Corporation, SAP, Statistical Analysis System (SAS), and Saffron Technology
• Increased focus on research and development activities and adoption of artificial intelligence are being observed in the industry

Advanced Driver Assistance System Market To Reach $58.7 Billion By 2030

 

Advanced Driver Assistance System Market Growth & Trends

The global advanced driver assistance system market size is projected to reach USD 58.7 billion by 2030, registering a CAGR of 18.2% from 2022 to 2030, as per the study conducted by Grand View Research, Inc. The growing government initiatives toward deploying driver assistance systems to mitigate road accidents are anticipated to contribute to the market growth. The surge in the adoption of advanced driver assistance system (ADAS) in small cars is anticipated to further boost the growth of the market over the forecast period.

Increasing levels of technological innovation and surge in the initiatives undertaken toward self-driving cars and vehicle automation have elevated the demand for driver safety and assistance systems over the past decade. For instance, the European Union has mandated automotive manufacturers to fit ADAS systems, including Autonomous Emergency Braking Systems (AEBS) and Lane Departure Warning Systems (LDWS), in all heavy commercial vehicles that weigh over 7,000 kilograms.

The demand for ADAS technologies such as road sign recognition systems, drowsiness monitoring systems, and night vision systems is expected to increase considerably over the forecast period. Tire pressure monitoring systems are also projected to have substantial penetration in the overall market due to their easy aftermarket availability and low prices. Adaptive cruise control offers better driver safety and aids in avoiding fatal road accidents. All these factors are expected to propel market growth by 2030.

The sensor segment accounted for the largest market share of more than 30% in 2021. The automotive industry is witnessing an increase in self-driving vehicles on road. These vehicles demand a blend of a large number of sensors such as Lidar, cameras, ultrasonic sensors, and radar for accomplishing different operations accurately. Thus, the demand for sensors is projected to increase significantly over the forecast period. Among the various sensor types, Lidar sensors are expected to gain high traction by 2030 owing to their crucial function in self-driving cars.

The key players operating in the ADAS market include AISIN SEIKI Co., Ltd.; Autoliv Inc.; Continental AG; Denso Corporation; Garmin Ltd.; and HARMAN International. These players emphasize adopting various strategies, including business expansions, mergers and acquisitions, and product expansions. These strategies assist the companies in expanding their business and product portfolio. For instance, in February 2020, Continental AG established a new production plant for advanced driver assistance systems in Texas, U.S. The company invested USD 109 million.

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Advanced Driver Assistance System Market Report

Advanced Driver Assistance System Market Report Highlights

• The autonomous emergency braking system segment is estimated to expand at a CAGR of 21.0% over the forecast period
• The response for ADAS processors is predicted to grow at a considerable rate over the forecast period
• The Asia Pacific market is anticipated to witness substantial growth over the forecast period owing to several developments across major economies, especially China. The regional market is projected to expand at a CAGR of 19.6% from 2022 to 2030
• Key players dominating the market are Hyundai Mobis; Continental AG; Autoliv Inc.; Mobileye; and Magna International among others

Non-destructive Testing Market To Reach $34.15 Billion By 2030

 

Non-destructive Testing Market Growth & Trends

The global non-destructive testing market size is anticipated to reach USD 34.15 billion by 2030, registering a CAGR of 7.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to experience substantial growth during the forecast period. This growth can be attributed to the increasing manufacturing activities in both developing and developed nations.

The application of non-destructive testing (NDT) plays a crucial role in precise fault detection, effectively reducing the probability of product/component failures and associated repair costs. NDT also accelerates the manufacturing process by eliminating potential faults beforehand. The market is expected to be driven by the advancements in non-destructive testing methods, as these technological improvements ensure accurate fault detection and significantly reduce the complexity of testing procedures.

The ultrasonic testing segment is projected to experience substantial growth, which can be attributed to factors such as the equipment’s user-friendly nature, the presence of skilled technicians, and the precise detection of faults. Furthermore, the manufacturing segment is anticipated to extensively adopt NDT techniques during the forecast period due to the growing awareness of their benefits and applications.

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Non-destructive Testing Market Report

Non-destructive Testing Market Report Highlights

• The market is expected to exhibit a CAGR of 7.9% over the next eight years owing to a rise in manufacturing-related activities, globally
• The services segment accounted for the largest revenue share of over 75.0% in 2022. The high upfront cost of non-destructive equipment coupled with technical complexities involved in their deployment/installation is the major reason influencing end-users to outsource their non-destructive testing operations
• Rapid industrialization, especially in developing economies has significantly contributed to the growth of the market
• The ultrasonic testing segment is expected to witness a significant CAGR of 8.6% over the forecast period owing to the benefits such as ease of handling and precise results
• The automated ultrasonic testing (AUT) segment is expected to witness a significant CAGR of 10.7% over the forecast period owing to the aggressive efforts being pursued by NDT equipment and service providers to devise innovative inspection technologies and serve their customers more efficiently
• The manufacturing vertical segment was the dominant segment in 2022 and is expected to witness a healthy CAGR of 9.3% over the forecast period owing to the increased manufacturing activities primarily in Asia Pacific.
• North America dominated the market in 2022 and accounted for the largest revenue share of more than 36.0%, owing to the extensive adoption of NDT techniques in the region

Non-destructive Testing Market To Reach $34.15 Billion By 2030

 

Non-destructive Testing Market Growth & Trends

The global non-destructive testing market size is anticipated to reach USD 34.15 billion by 2030, registering a CAGR of 7.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to experience substantial growth during the forecast period. This growth can be attributed to the increasing manufacturing activities in both developing and developed nations.

The application of non-destructive testing (NDT) plays a crucial role in precise fault detection, effectively reducing the probability of product/component failures and associated repair costs. NDT also accelerates the manufacturing process by eliminating potential faults beforehand. The market is expected to be driven by the advancements in non-destructive testing methods, as these technological improvements ensure accurate fault detection and significantly reduce the complexity of testing procedures.

The ultrasonic testing segment is projected to experience substantial growth, which can be attributed to factors such as the equipment’s user-friendly nature, the presence of skilled technicians, and the precise detection of faults. Furthermore, the manufacturing segment is anticipated to extensively adopt NDT techniques during the forecast period due to the growing awareness of their benefits and applications.

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Non-destructive Testing Market Report

Non-destructive Testing Market Report Highlights

• The market is expected to exhibit a CAGR of 7.9% over the next eight years owing to a rise in manufacturing-related activities, globally
• The services segment accounted for the largest revenue share of over 75.0% in 2022. The high upfront cost of non-destructive equipment coupled with technical complexities involved in their deployment/installation is the major reason influencing end-users to outsource their non-destructive testing operations
• Rapid industrialization, especially in developing economies has significantly contributed to the growth of the market
• The ultrasonic testing segment is expected to witness a significant CAGR of 8.6% over the forecast period owing to the benefits such as ease of handling and precise results
• The automated ultrasonic testing (AUT) segment is expected to witness a significant CAGR of 10.7% over the forecast period owing to the aggressive efforts being pursued by NDT equipment and service providers to devise innovative inspection technologies and serve their customers more efficiently
• The manufacturing vertical segment was the dominant segment in 2022 and is expected to witness a healthy CAGR of 9.3% over the forecast period owing to the increased manufacturing activities primarily in Asia Pacific.
• North America dominated the market in 2022 and accounted for the largest revenue share of more than 36.0%, owing to the extensive adoption of NDT techniques in the region

Interactive Kiosk Market Size Worth $52.74 Billion By 2030

 

Interactive Kiosk Market Growth & Trends

The global interactive kiosk market size is expected to reach USD 52.74 billion by 2030, registering a CAGR of 7.1% over the forecast period, according to a new study conducted by Grand View Research, Inc. Increasing consumer involvement in the purchase process and an extensive focus on customized service delivery by industry players are the major factors driving the adoption of interactive kiosks. The geographical expansion and service enhancement using interactive kiosks enable companies to offer convenient, swift, and hassle-free service to customers with enhanced safety and security. The North American regional market dominated the global market in 2021.

The region’s growth can be attributed to incumbents of the retail and BFSI verticals, who continue to deploy interactive kiosks as part of their efforts to enhance the consumer experience. However, the Asia Pacific regional market is expected to register the fastest CAGR over the forecast period as the retail, hospitality, BFSI, and healthcare verticals continue to grow. Incumbents of these industries continue to emphasize customer engagement. Based on end uses, the market has been further segmented into BFSI, retail, food & beverage, healthcare, government, travel & tourism, and others. Manufacturers have developed multiple self-service kiosks solutions for segments, such as travel & tourism, and healthcare.

These interactive kiosks enable customers to carry out self-check-in/-out in hotels, carry out self-baggage check-in, book tickets, view product information, book appointments, and so on. Stringent regulatory and legal standards, such as the General Data Protection Regulation (EU GDPR), Americans with Disabilities Act (ADA), and UL standards, are the significant challenges impacting the broader adoption of interactive self-service kiosks. GDPR compliance focuses on protecting customers’ private data to enhance safety and prevent unauthorized access to private information. The ADA standards provide access specifications to any public access system for disabled individuals. However, the threat of cyber-attacks and high costs of installation, maintenance, &support may hinder the market growth.

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Interactive Kiosks Market Report

Interactive Kiosk Market Report Highlights

• The market is technology-driven and rapidly evolving market due to continuous advancements in communication and payment technologies
• This, in turn, has widened the scope of application in various industries, such as retail, banking, hospitality, entertainment, and government
• The declining prices of hardware and improved transaction safety features have led to increased product adoption by various businesses
• Mandatory government regulations regarding data privacy/protection and regulatory standards, such as ADA and UL, will have a major impact on the adoption of interactive kiosks as a service delivery tool
• Asia Pacific regional market is expected to witness the fastest CAGR over the forecast period

Computer Aided Engineering Market Worth $23.41 Billion By 2030

 

Computer Aided Engineering Market Growth & Trends

The global computer aided engineering market size is expected to reach USD 23.41 billion by 2030, registering a CAGR of 12.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Rapid growth of the wearable industry is likely to increase the use of CAE software in the electronics industry. The major players in the market are in search of new sources of revenue as the smartphone market is in the maturity stage. As a result, the demand for wearable technology has increased the demand during the forecast period.

The growing penetration of IoT, tablets, and smartphones is expected to boost the CAE market growth. Owing to the growth of IoT, wearable devices, used in the fields of medicine, fitness, transportation, education, entertainment, and gaming, are increasing; paving way for the growth of the CAE market. Miniaturization of electronic devices and sensors and persuasive connectivity with lowered costs have immensely contributed to the growth of wearable technology devices.

Government regulations, mandating applications, such as collision avoidance, parking assistance systems, wireless communication technology, and interactive infotainment systems, in the upcoming car technologies to increase driver safety, are anticipated to raise the demand for CAE software. Additionally, technological advancements in the automotive sector, including driverless cars and semi-autonomous cars, are further anticipated to boost the industry demand.

The emerging new engineering modes such as 3D printing, building information modeling, and concurrent engineering is likely to influence the market. 3D printing is a form of additive manufacturing that allows users to print any object as a 3-D image. The technology helps in reducing production costs and developing new methods of production. Ease of use and unlimited customization capabilities are the key factors driving the 3D printing market which is further expected to positively impact the computer aided engineering market demand.

The prevailing open-source software is anticipated to restrain the market growth over the projected period. They are available for free on the web; however, the vendors charge for support, customization, and maintenance services. Linux has been leading the open architecture software market. Open-source software has been a boon for small software vendors, due to which, the large enterprises have been facing negative impacts. The major drivers of open-source technology are the minor flaws and bugs that can be tested and fixed immediately.

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Computer Aided Engineering Market Report

Computer Aided Engineering Market Highlights

• The intellectual property protection of software is crucial, as most of the modern manufacturing organizations rely on computer technology
• The computational fluid dynamics segment is anticipated to witness a high growth rate during the forecast period
• Testing and simulation are the important aspects of a design cycle that help the end-users in achieving profitability and faster time-to-market
• The On-premise segment dominated the market in terms of revenue in 2022 and is anticipated to remain dominant over the projected period
• Simulation software is used to analyze the effect of casing materials on IC performance, thermal management, and electrical signal performance
• The increasing adoption of lithium-ion batteries in consumer electronics applications will also enhance the industry demand during the projected period
• Asia Pacific and South America are poised to emerge as lucrative regional markets over the forecast period with high compounded annual growth rates

Internal Combustion Engine Market Worth 370,693.0 Thousand Unit By 2030

 

Internal Combustion Engine Market Growth & Trends

The global internal combustion engine market is expected to reach 370,693.0 thousand units by 2030 registering a CAGR of 9.3% during the forecast period, according to a new report by Grand View Research, Inc. Rising disposable income in various nations and increased automobile use throughout the world are a major factor driving the market.

A spike in technological advancement in internal combustion engine (ICE) in terms of pollution, fuel efficiency, and performance is expected to boost demand by 2030. Additionally, the lack of electric vehicle charging infrastructure worldwide coupled with increasing output of shale gas and growing demand for ICE in defense vehicles such as submarines and ships is further driving the market growth. The demand for ICE is also experiencing enlargement due to the application in end use sectors such as mining and construction.

Due to rigorous legislative requirements for fuel efficiency, manufacturing companies are trying to produce high-speed and high-power engines with maximum customer satisfaction along with minimal environmental consequences and exhaust emissions. Despite these efforts, governments throughout the world, notably in the automobile sector, are raising the alert for IC engines.

For instance, the France, United Kingdom, India, Norway, and the Netherlands plan to prohibit the sale of ICE by 2025. Similarly, countries such as Germany and China are also planning to ban sale ICE but, they have not defined timeline. The petroleum segment is expected to develop by a steady growth rate due to the increasing automotive industry in the developing countries. Moreover, gasoline engines are also pushing the market growth as these engines produce less noise and vibration.

IC engines are now combined with hybrid electric power trains to improve fuel efficiency, owing to the advancement of electric vehicle technology. To increase the plug-in hybrid electric vehicle offering, these engines are also paired with plug-in hybrid electric systems.

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Internal Combustion Engine Market Report

Internal Combustion Engine Market Report Highlights

• The internal combustion engine market is expected to reach 370,693.0 thousand units by 2030 with a CAGR of 9.3% during the forecasted period owing to the increase in passenger and commercial vehicle sale
• The petroleum segment is expected to grow at a steady growth rate owing to the increasing automotive industry in the developing countries
• Additionally, growing technical developments, modernization of production processes, and increased research and development efforts in the industry will generate new possibilities for the IC engine market during the upcoming years
• The increasing price of crude oil, stringent emission norms, fuel supply security, and noise pollution have compelled OEM to shift their focus toward the natural gas and hydrogen-based engines

Legal Process Outsourcing Market To Reach $117.89 Billion By 2030

 

Legal Process Outsourcing Market Growth & Trends

The global legal process outsourcing market size is estimated to reach USD 117.89 billion by 2030, registering growth at a CAGR of 31.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. A legal process outsourcer provides legal support to law firms and legal organizations at a lesser cost. Even though the work outsourced to legal process outsourcing (LPO) providers is primarily process-oriented, there are several niche LPOs that carry out legal services with considerably high levels of analytical skills. These tasks include patent application drafting, and legal research, subject to training imparted by the clients.

The LPO industry has developed significantly over the years as the number of LPO providers has grown considerably. Currently, the services are delivered from the LPOs with staff in England, the U.S., South America, the Philippines, and Canada. Moreover, the players have expanded from small boutique providers to business process outsourcing, global consulting, and technology firms. As the LPO players enter the market and the existing players expand their capabilities, it becomes more crucial for the customers to choose an LPO provider best suited to their requirements.

Furthermore, offshore outsourcing has been employed to a large extent, and demand for onshore outsourcing is expected to increase during the forecast period; the segment is expected to grow at a CAGR of around 34.0% over the forecast period. On-shore outsourcing is an attractive solution for companies that prefer to collaborate with organizations in the same country. Outsourcing to companies in the same country also provides advantages such as a shared regulatory framework.

Notable industry trends include preference towards on-shore outsourced solutions for better control and security. In addition to enhanced control and security, on-shore outsourcing also provides the advantage of a shared regulatory framework. Furthermore, increased demand by stakeholders for delivering efficient, cost-effective services with the help of unique and innovative methods has resulted in the use of advanced service delivery models, including the use of on-shore locations to deliver LPO services. A majority of LPO service providers have automated solutions that enable efficient language processing and searching within documents. As the legal departments of several corporate organizations lack automation and integrated technology solutions, critical legal tasks, which require detailed document verification, are outsourced to LPOs.

With technology penetrating deeply in internal operations, Artificial Intelligence (AI) is another factor taking the legal industry to a new level. The software solutions enabled with AI capabilities have garnered the utmost importance among law firms to enhance their efficiency and reduce timelines. Document production and proofreading of documents are efficiently done with the help of automation software. Team collaboration software is further streamlining the execution of all documentation processes. The significance of all these developments and technologies has attributed to a greater value to the LPOs by decreasing their costs and increasing convenience.

Several companies operating in the market is focusing on introducing innovative solutions powered by data science and AI. In October 2022 UnitedLex, launched a first-ever Contract Data as a Service (CDaaS). It combines data science, technology, and expert review, for converting tedious contract legalese into organized data that facilitates business decisions, ensures compliance, increases profitability, and reduces risk. Based on the company’s own Contract Data Model, this new solution consists of over 1,400 structured contract positions, which offers mission-critical insights and data mining capabilities.

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Legal Process Outsourcing Market Report

Legal Process Outsourcing Market Report Highlights

• Outsourcing agreements are expected to be placed under increased scrutiny owing to the potential for rule changes in the U.S., U.K., and India
• In terms of location, on-shore segment is estimated to record a CAGR of over 34.0% from 2023 to 2030 as this outsourcing types serves as an attractive solution for companies that prefer to collaborate with organizations in the same country
• In terms of service, patent support segment had accounted for a revenue share of nearly 23.0% in 2022. This can be credited to the growing awareness among organizations to hire legal services to protect their technology and inventions
• LPO providers primarily focus on the establishment of back offices or centers in emerging markets of India, the Philippines, and South Africa, among others
• Law firms have started deploying document automation and NLP (Natural Language Processing) capabilities to cater significantly to the reinvention of the legal industry
• Legal regulations differ geographically, which is viewed as a barrier by cautious organizations considering the outsourcing of legal services

Learning Management System Market To Reach $70.83 Billion By 2030

 

Learning Management System (LMS) Market Growth & Trends

The global learning management system market size is expected to reach USD 70.83 billion by 2030, expanding at a CAGR of 19.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. Key factors driving the market growth are big data, artificial intelligence (AI), e-learning, blended learning, and mobile learning; these new e-learning trends offer substantial opportunities. Advanced technology, such as 3D pictures of organs and live interaction with experts, have increased clinical and medical e-Learning performance.

The learning management system (LMS) is also used in retail for product marketing, sales development, product training, recruitment, and communication. Education systems must improve engagement between students, teachers, and parents to make learning delightful. For instance, in June 2021, PowerSchool, a provider of a cloud-based learning management system (LMS) for K-12 education, launched PowerSchool Unified Classroom 2021, The K-12 LMS software, which helps in reporting tools, student assessment, behavior management, and more programs that improve the teaching and learning.

Due to COVID-19, the mass lockdown positively impacted the market due to increased demand for e-learning across several countries. Several governments and educational institutions began using learning management systems like google classroom, zoom meetings, and many more platforms during this time to bridge the education and knowledge transfer gap. Following the lockdown, these investments and support for online classes have continued to grow, as many nations have seen the massive benefits of e-learning platforms such as LMS solutions for the future of education.

For instance, in March 2023, KlickData AB (publ), an IT and services company, announced the release of a business-class version of the AI-bot ChatGPT within their KLMS platform. The new version offers several benefits, including boosting productivity for content producers, enhancing the user experience of ChatGPT for C-level executives, modifying, fact-checking, personalizing, enhancing, and Grammarly correcting the AI-bot responses and follow-up requests without the botheration of copy-pasting and waiting.

Virtual reality (VR) and augmented reality (AR) in education gives a fabricated reality; AR gives a genuine picture with a better view. These technologies broaden the scope of learning surroundings from K-12 classrooms to medical colleges by reducing walls enhancing collaboration, physical space, and hands-on learning, and providing personalized learning approaches to help students of all levels. Technologies have now opened doors for new knowledge, and AR & VR technology gives some virtual live experience; the technology understands the concepts more clearly. To stay competitive, the major competitors in the LMS industry are improving EdTech technology. For instance, in October 2021, Blackboard Inc. merged with Anthology Inc., a player in offering higher education software solutions to support their entire learning lifecycle. The aim of this initiative is the combination will produce the most intact and up-to-date EdTech ecosystem at a global scale for education.

The cloud segment has acquired a significant market. The increased mobile and distributed workforce users encourage the demand for e-learning or online training in the academic and commercial sectors. Further, the cost benefits and availability of technological advancements in e-learning platforms have encouraged users to upgrade from the traditional LMS to a further contemporary LMS. Most industries are increasing the adoption of e-learning on their own devices, which is a growing inclination toward the cloud deployment model, and growing usage of machine learning (ML) and artificial intelligence (AI) in LMS. The LMS market will witness massive success soon due to several governments’ increased spending on IoT technology.

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Learning Management System Market Report

Learning Management System (LMS) Market Report Highlights

• The solution segment dominated the market with over 67% in 2022. Learning management system solutions can be personalized to meet the specific needs of learners, providing a more engaging and practical learning experience
• The on-premise segment dominated the market with over 49% share in 2022. With an on-premise LMS, all the data related to learners, courses, and activities are stored locally on the organization’s servers. This provides greater control over the data and ensures that sensitive information is not exposed to external threats
• The corporate segment is expected to show significant growth over the forecast period. LMS provides a centralized platform for managing all training activities, including course creation, delivery, and learner progress tracking. This can save time and improve efficiency by eliminating the need for multiple systems and manual processes
• North America accounted for the highest share, with more than 38% of the global revenue in 2022 owing to the increasing use of mobile devices and the need for mobile learning solutions in the region

Latin America Reverse Factoring Market To Reach $62,697.6 Million By 2030

 

Latin America Reverse Factoring Market Growth & Trends

The Latin America reverse factoring market size is expected to reach USD 62,697.6 million by 2030, registering a CAGR of 18.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. Rising initiatives by international associations, governments, and market players to improve reverse factoring services in the region are supporting the growth of the reverse factoring market. Furthermore, the growing demand for working capital requirements from small and medium enterprises is expected to drive the demand for the Latin American reverse factoring market during the forecast period.

Various associations, such as FCI, International Factoring Association, Chilean Factoring Association, and The Peruvian Factoring Association are focusing on initiatives to enhance the scalability and efficiency of reverse factoring. For instance, FCIreverse, the SCF solution by FCI, allows FCI members to deploy, start, and participate in various reverse factoring or SCF programs worldwide. FCI developed this platform jointly with the supply chain finance platform, Demica Limited.

The FCIreverse platform offers benefits such as no minimum limit on factoring volume, automated supplier onboarding, and minimum time and costs for setting up. This platform is compliant with ISAE 3402 type 2 and ISO 27001 certifications and is available in more than ten Latin American countries. Further, the growing popularity of reverse factoring in Latin America is creating robust opportunities for regional market players. Several global players are also expanding their footprints in Latin America to monetize the highly profitable market.

The rising usage of e-invoicing systems in various countries such as Brazil, Peru, Chile, and Mexico plays a vital role in the rise of SCF and open account trade. Financial institutions rely on digital platforms and fintech to provide risk mitigation and finance solutions to clients. With digital technologies integrated into digital platforms, financial institutions can improve supplier onboarding, supervising functions, regulatory compliances, and other servicing functions. This assists financial institutions in risk control and evaluation in reverse factoring services at a lower cost. This factor is driving the growth of the Latin American reverse factoring market.

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Latin America Reverse Factoring Market Report

Latin America Reverse Factoring Market Report Highlights

• The international segment is expected to expand at a considerable CAGR of 21.5% over the forecast period. International reverse factoring enables smooth trading operations by offering cross-border supply chain financing facilities. It provides suppliers with continuous cash flow facilities, helps in increasing production volume, and offers competitive discounting rates
• The non-banking financial institution segment is expected to advance at a substantial CAGR of 19.2% over the forecast period. Non-banking financial institutions are adopting the latest technologies and following the latest trends in the reverse factoring market to gain a competitive advantage, by offering industry-leading reverse factoring services with competitive discount rates. Such developments are expected to boost the growth of reverse factoring in the NBFIs segment over the forecast period
• The healthcare end-use segment is expected to expand at the highest CAGR of 20.6% during the projection period. Manufacturers in the healthcare industry require smooth cash flow for continuous research and development activities, expansion, and growth of the industry. Supply chain financing provides a multi-funder approach for the healthcare industry, allowing companies to benefit from multiple mid-tier relationships and provide continuous liquidity
• The reverse factoring market in Argentina is expected to progress at a CAGR of 26.7% through 2030. The emergence of new businesses and startups, along with the growing presence of supply chain factoring service providers, is propelling the growth of the reverse factoring market in the country

E-cigarette And Vape Market Size Worth $182.84 Billion By 2030

 

E-cigarette And Vape Market Growth & Trends

The global e-cigarette and vape market size is expected to reach USD 182.84 billion by 2030, registering a CAGR of 30.6% from 2023 to 2030, according to a new study by Grand View Research, Inc. Since people of all ages have become more concerned about traditional cigarettes, the desire for substantially less hazardous e-cigarettes and vape goods has grown. E-cigarettes and e-liquid products are available in various flavors and types, and advances in e-cigarette technology have enabled users to choose their device and flavor of interest, helping the industry expand. The increased awareness of healthier alternatives to tobacco use has prompted the global uptake of e-cigarettes.

As high-capacity e-cigarettes have emerged that produce substantial amounts of vapor and flavor, vapor enthusiasts’ preference for these products has increased. E-cigarettes are a natural smoking cessation therapy since vaping has helped a significant percentage of smokers stop. In addition, former smokers think that smoking e-cigarettes have made their breathing better. The increasing cost of traditional cigarettes has contributed to the adoption of e-cigarettes. Strict laws in some nations have hindered the e-cigarette industry’s growth. However, e-cigarette sales have kept rising due to the technology’s growing popularity. Consumer awareness of smokeless, safe, and ashless tobacco is predicted to drive industry growth.

Post-pandemic, sales through digital channels and COVID-19-based marketing techniques are expected to drive industry growth. Furthermore, as vaping is less harmful and produces vapors rather than smoke, there is a growing understanding that it is an effective way to stop smoking traditional cigarettes. As a result, it is anticipated that more people will start using vape devices throughout the projection period, especially smokers who smoke for fun and those trying to quit completely. The COVID-19 pandemic has caused indoor smoking to rise in various nations worldwide. However, vape shops continued to open and operate during the closure in countries like Italy.

Many retailers use marketing techniques and offer their goods online to take advantage of the growing demand for vape items. For instance, the British company MyVapery/Xyfil sells flavored nicotine e-liquids in bottles containing freehand sanitizers. The industry is dominated by well-known companies with large market shares. Most of these businesses invest in e-cigarettes because they are considered to be an effective alternative to tobacco. However, the industry is also dominated by several smaller niche players who provide effective vape products and e-liquids, gradually building up a sizable consumer base. China is a popular destination for small businesses to outsource their e-cigarette production to keep prices low.

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 E-cigarette And Vape Market Report

E-cigarette And Vape Market Report Highlights

• The modular device segment is expected to register a significant CAGR over the forecast period. Modular devices are advanced gadgets that competitors mostly employ in professional vape competitions
• These technologically sophisticated devices offer programmable features like temperature control and variable wattage control
• The online platform segment accounted for the highest revenue share in 2022. Users can now buy e-cigarettes online through recently developed online vape stores. E-cigarettes’ smaller packaging also results in lower shipping costs, which increases consumer preference
• North America is anticipated to register considerable growth over the forecast period
• This is owing to a strong presence of prominent players, such as Philip Morris International Inc. and Altria Group, Inc., in the North America region

Internet Of Things In Retail Market To Reach $297.44 Billion By 2030

 

Internet Of Things In Retail Market Growth & Trends

The global internet of things in retail market size is expected to reach USD 297.44 billion by 2030, growing at aCAGR of 28.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the adoption and implementation of connected technologies, such as Bluetooth Low Energy (BLE) and Near-Field Communication (NFC), for enhanced shopping and payment experience. Furthermore, with the reduced cost of IoT sensors and hardware, the demand for a seamless shopping experience is expected to fuel the adoption of IoT in the retail market. The growing acceptance of smart payments in the retail sector is also one of the major factors that will drive the industry’s growth over the forecast period.

IoT devices also help in the back-end operations for retailers, such as organizing effective logistics operations. The GPS trackers, RFID tags, and IoT-connected sensors help track the movement of goods in real-time, providing seamless supply chain management. This also prevents damage, spoilage, or loss of goods during transportation, which is significantly valuable for perishable food items. This, in turn, is expected to drive the IoT in retail market growth. For instance, in November 2022, Microsoft Corporation launched its Microsoft Supply Chain Platform, which is expected to help organizations make the most of their supply chain data domain investment. This would be aided by the Microsoft ecosystem, which includes Microsoft Cloud, Azure, and Dynamic 365, among others.

The pandemic has had a significant impact on worldwide spending, including the retail industry. Retailers had put several new projects on hold as their primary focus was the continuation of business operations during the economic crisis. Moreover, the technology roadmap for IoT has been delayed by the companies due to remote working limitations. However, IoT adoption in retail is expected to increase in the coming years. Retailers are implementing mobile payment systems, autonomous cleaning robots, and contactless checkout kiosks to reduce human interference and curb the spread of the coronavirus. Advanced technologies, such as AI, cloud services, and automation, are further augmenting the growth of the retail industry post-pandemic.

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Internet Of Things In Retail Market Report

Internet Of Things In Retail Market Highlights

• The services component segment is expected to grow at a CAGR of 31.1% from 2023 to 2030 owing to the significant adoption of IoT in the retail sector, which has augmented the demand for infrastructure and application management services
• The NFC technology segment accounted for a significant revenue share of over 32% in 2022 owing to innovation in payment methods via mobile wallets
• The customer management application segment is expected to grow at the highest CAGR of 33.1% from 2023 to 2030 as it enables retailers to deliver a customized, personalized, and engaging experience to their customers
• The on-premise deployment segment accounted for a considerable revenue share of over 48% in 2022 owing to the advantages offered to retailers, such as control over data security & privacy, reliability, cost savings, and customization options
• Asia Pacific is expected to grow at the fastest CAGR of 32.7% during the forecast period as a result of rising investments in the retail sectors of developing countries in the region

Interactive Display Market Size To Reach $75.06 Billion By 2030

 

Interactive Display Market Growth & Trends

The global interactive display market size is expected to reach USD 75.06 billion by 2030, according to a recent analysis from Grand View Research, Inc. Furthermore, the industry is expected to expand at a CAGR of 7.8% over the forecast period. The interactive or touchscreen display is a display unit that accepts user commands with the help of a finger or stylus in place of peripheral devices, such as a mouse or keyboard. Additionally, these display includes screens that project information, such as texts, images, and videos. These display screens are used in various industries, such as retail, healthcare, hospitality, and education. Rapidly increasing adoption of touchscreen tables as well as video walls in the hospitality and corporate sectors is expected to drive the market during the forecast period. The touchscreen table acts as a menu board to indicate the waiting time of the orders taken from the customer, along with prices and ingredients. Furthermore, the use of touchscreen tables in corporate meetings has been observed to provide a better experience for the clients as well as employees. The use of such technology in offices allows better engagement between employees, management, and clients.

The banking, financial services, and insurance (BFSI) industry has seen rapid growth in the adoption of interactive displays in recent years. Interactive displays are becoming more popular in the BFSI industry due to their ability to improve customer engagement, enhance the customer experience, and increase the efficiency of business operations. One of the main reasons for the growth of interactive displays in BFSI is the increasing demand for digital transformation. With the rise of digital banking and online transactions, customers are looking for more convenient and user-friendly ways to interact with their financial institutions. Interactive displays provide an intuitive and engaging interface for customers to navigate through banking services and products, making the customer experience more enjoyable and personalized.

The COVID-19 pandemic has had a significant impact on the interactive display industry, both in the short and long term. With the shift to remote work, remote learning, and virtual meetings, the demand for interactive displays has increased as they offer an immersive and engaging way to communicate and collaborate from a distance. In the short term, the pandemic caused significant disruptions in the supply chain, which in turn led to production delays and increased costs for interactive display manufacturers. With the global spread of the pandemic, many countries implemented lockdowns and restrictions on movement, which had a significant impact on global trade and transportation. This, coupled with the closure of factories and warehouses, led to supply chain disruptions, causing delays in the delivery of raw materials and components necessary for the production of interactive displays. As a result, manufacturers were forced to either delay production or source materials at a higher cost, which ultimately increased the cost of these displays for consumers.

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Interactive Display Market Report

Interactive Display Market Report Highlights

• The retail segment is anticipated to observe the fastest growth, growing at a CAGR of 9.1% throughout the forecast period. Demand for touch-enabled displays is anticipated to increase in the retail sector over the coming years owing to the growing trend of touch-based devices and increased usage of the interactive kiosk and tables. For instance, several big retail store chains, such as Walmart, have started to use kiosks to display products, along with their pricing and specifications, thereby easing the in-store experience of the customers
• In February 2023, SMART Technologies unveiled its latest interactive displays designed for educational purposes at the TCEA Convention & Exposition held in San Antonio, Texas in 2023. The newest release comprises the SMART Board GX (V2) series and the SMART Board MX (V4) series. With this launch, these new displays are part of the SMART Board 6000S as the first interactive displays that enable multiple users to write, erase, and gesture simultaneously, on any platform and application
• The video wall segment is anticipated to observe the fastest growth, growing at a CAGR of 11.2% throughout the forecast period. An interactive video wall typically refers to a large display, consisting of multiple screens or projectors tiled together to form a single large visual display. The display can be used to showcase various types of media, including videos, images, and animations
• Asia Pacific is expected to witness the fastest growth, growing at a CAGR of 10.2% throughout the forecast period. Interactive displays have seen tremendous growth in Asia Pacific in recent years, driven by increasing demand from various sectors such as education, corporate, and healthcare. The Asia Pacific region is home to some of the fastest-growing economies in the world, and the adoption of interactive displays is driven by factors such as technological advancements, increasing investments in education, and growing demand for interactive communication tools