Luxury Footwear Market Worth $49.01 Billion By 2027

The global luxury footwear market size is anticipated to reach USD 49.01 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.6% from 2020 to 2027. The rising number of millennials across the globe has been a prominent reason for fueling the market growth. According to the Wealth-X report, in 2018, the global high net worth millionaires hold over USD 61 trillion in combined wealth. Moreover, the population of millionaires rose by 1.9% in 2018 compared to the previous year to reach 22.4 million.

Formal shoe luxury footwear led the market and accounted for 58.3% share of the global revenue in 2019. With the growing demand for luxury shoes among the millennial population worldwide, many luxury footwear brands have started catering to the casual shoe category to gain the attention of the consumers. For instance, in 2018, KIZIK design, a luxury footwear brand, announced the launch of its patented hands-free technology that offers automatic fit to the wearer. The shoes come without shoelace and when worn, the technology ensures that shoes are flexibly opened to let the foot go in without the involvement of the hands.

The casual shoe segment is anticipated to be the fastest-growing segment with a CAGR of 5.8% from 2020 to 2027. New product launches in sustainable space, latest styles, fashion shows by famous personalities, and celebrity endorsements in luxury footwear are among the major reasons attracting varied set of consumers worldwide.

The COVID-19 (coronavirus) outbreak is likely to reduce the demand for luxury footwear across the globe. Store closures due to lockdown measures have resulted in grim consequences, with sales of footwear and accessories from both offline and online channels declining consistently. For instance, sales data reported for Amazon between mid-February and mid-March 2020 showed that apparel and footwear sales fell by an average of 40 percentage points. Consumers have become more conscious of their spending habits and tend to avoid buying frivolous or luxury products, which is a major challenge for the market.

The women segment led the market and accounted for 47.2% share of the global revenue in 2019. The increasing participation of women in corporate roles has raised the number of first-time buyers of luxury footwear across the globe. According to the data from the United States Department of Labor, in 2018, close to 45% of the workforce in the U.S. were women. A large number of women are opting for unique and luxury footwear to experience products of high quality and portray a certain image in the society.

Offline distribution channels dominated the market and accounted for a 75.9% share of the global revenue in 2019. Wide product range, offers, and discounts attracting a larger number of consumers are the key strategies opted by such channels to increase revenue and footfall in any store. In addition, consumers have the propensity of physically verifying the making, durability, and the uniqueness of the luxury footwear in person by visiting a store as these examinations offer them more confidence to buy the product.

The online distribution channel is expected to witness the fastest growth over the forecast period. The rising popularity of e-commerce channels among the manufacturers and high internet penetration has been driving the sales through this channel. In addition, an increase in the number of luxury private sales websites, such as gilt.com, ruelala.com, and hautelook.com, has been boosting the segment growth.

North America dominated the market for luxury footwear and accounted for 29.1% share of the global revenue in 2019. Growth in the market is powered by the strong presence of high net worth individuals (HNW) in the region. According to a report by Wealth-X, in 2018, New York was the home to the most HNW individuals in the world that is 65% larger than the second city in the world. The people in this region have high disposable income and affluence for luxury products, which is fueling the regional market growth.

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https://www.grandviewresearch.com/industry-analysis/luxury-footwear-market

Further key findings from the report suggest:

By product, formal shoe luxury footwear led the market and accounted for 58.3% share of the global revenue in 2019. The rising importance of luxury footwear as a reflection of one’s professionalism at the workplace, particularly in corporate and fashion industries, is expected to remain a prominent factor augmenting product demand
By distribution channel, the online segment is expected to witness the fastest growth throughout the forecast period. The increasing availability of a wide range of luxury footwear of different brands, free delivery, and seasonal discount on e-retailer platforms are among the major reasons driving the segment
Asia Pacific is expected to register the fastest CAGR of 6.0% from 2020 to 2027. Social media marketing campaigns, growing preference for luxury footwear by millennials, and increasing disposable income have been boosting the number of first-time buyers, thus driving the market in the region.

Feminine Wipes Market Size Worth $2.07 Billion By 2027

The global feminine wipes market size is anticipated to reach USD 2.07 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.8% from 2020 to 2027. Demand for the product is driven by rising awareness among women worldwide regarding genital hygiene. At a macro level, increasing instances of early puberty are contributing significantly to the market growth.

The novel COVID-19 pandemic has contributed significantly to the market growth, with a sizable number of consumers worldwide keeping a stock of products (feminine wipes) that could last for months. Thus, panic buying is likely to create an unprecedented demand for the product throughout 2020. Though numerous leading retail outlets shut down operations due to the COVID-19 crisis during the first half of 2020, online sales of feminine wipes continue to remain healthy, most notably in the Asian markets.

Despite its rising popularity as a convenient feminine intimate care product, feminine wipes continue to face an increasing threat of substitution from a host of products, including washes, creams, and moisturizers. However, key market players are expected to offer products manufactured using sustainable raw materials to offset the threat of substitution for their products.

Asia Pacific emerged as the largest regional market for feminine wipes in 2019. Led by countries such as India and China, the Asia Pacific market is driven by an increasing number of health-conscious women. Southeast Asian markets, including Vietnam and Indonesia, have witnessed healthy gains across retail platforms over the years, thereby emerging as engines of growth. On the other hand, India is likely to emerge as the most lucrative market for feminine wipes in the foreseeable future, given the efforts being made by the industry and the government to promote hygiene practices among women countrywide.

The market is largely fragmented, with both domestic and international players sharing the market space. Market participants are expected to deploy mergers & acquisitions and product innovation as their key strategies to remain competitive in the coming years.

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https://www.grandviewresearch.com/industry-analysis/feminine-wipes-market

Further key findings from the report suggest:

In terms of distribution channel, the hypermarkets and supermarkets segment accounted for 37.2% share of the overall revenue in 2019
Asia Pacific held the largest share of 34.2% in 2019
Product innovation emerged as the key strategy deployed by the majority of market players to stay abreast of the competition.

Sugar-free Confectionery Market Size Worth $2.81 Billion By 2027

The global sugar-free confectionery market size is expected to reach USD 2.81 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.1% from 2020 to 2027. Rising awareness regarding health and wellness among millennials as a result of an increasing number of advertising campaigns aimed at fitness improvement is expected to increase spending on sugar-free confectionery. Furthermore, rising concerns over dental problems resulted from excess consumption of conventional candies are expected to compel the buyers to purchase alternative confectionery products, which lower the existence of oral health problems.

New manufacturing processes have been a major factor contributing to the market growth. In July 2020, Mondelez International, Inc. patented a process for manufacturing chocolate confectionery using soluble corn fiber to reduce the sugar and calorie content. This is expected to cut down the sugar content by over 50%. Along with this, it does not alter the composition of the chocolate significantly.

Sweet and candy confectionery is projected to witness the fastest growth with a CAGR of 5.8% from 2020 to 2027. Parents promoting the consumption of these among kids over the conventional confectionery in order to reduce the risks pertaining to decay and erosion of teeth is leading to rising demand for the product.

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https://www.grandviewresearch.com/industry-analysis/sugar-free-confectionery-market

Further key findings from the study suggest:

By product, chocolate confectionery accounted for the largest share of more than 40.0% in 2019. The popularity of chocolate, along with the adverse effects of sugar on the physique, has led to the popularity of chocolate confectionery
Based on the distribution channels, hypermarkets and supermarkets accounted for the largest share of more than 35.0% in 2019. This is attributed to the one-stop shopping experience these channels offer to their customers
The online and D2C segment is expected to witness the fastest growth with a CAGR of 6.4% from 2020 to 2027. The major advantage associated with the channel is that it offers the manufacturers an opportunity to break the physical barriers and establish a large consumer base
North America held the largest share of over 35.0% in 2019. Increased awareness among buyers regarding sugar-free alternatives among health-conscious consumers of the U.S. and Canada is expected to remain a favorable factor for the regional market growth
Asia Pacific is projected to foresee the fastest growth at a CAGR of 6.3% from 2020 to 2027. This growth is attributed to the increased willingness to pay a premium price for confectionery products among the middle-class population in emerging economies, such as China and India.

Identity As A Service Market Size Worth $14.89 Billion By 2027

The global identity as a service market size is expected to reach USD 14.89 billion by 2027 expanding at a CAGR of 22.0% over the forecast period, according to a new report by Grand View Research, Inc. The rapid growth in IT infrastructure, ease of scalability, and cost-effectiveness of the Identity as a Service (IDaaS) solutions are anticipated to be the key factors driving the market. Rising threats and vulnerabilities across crucial organizational data have compelled companies to enhance their cybersecurity stand and focus on managing identities. This will support market growth.

Moreover, strict regulatory compliance and mandates pertaining to data security are likely to fuel the demand further. For instance, the EU’s General Data Protection Regulation (GDPR), which came into force in May 2018, applies to all businesses worldwide that collect and process the data of EU citizens. The stringent compliance by the government agencies to curb theft of identity information has compelled the organizations to improve their spending on IT security substantially.

The proliferation of Bring Your Own Devices (BYOD) trend and adoption of cloud services within the organizations have potentially opened new avenues for threat actors. The deployment of IDaaS would reduce the risk and complexities of identity access with the help of cloud deployment and subscription as a services business model to its user. The adoption of cloud deployment in the organization is proliferating, owing to the flexibility and cost-effectiveness in the implementation of the business functions. Moreover, it also provides the opportunity to transform IT infrastructure digitally.

The average number of cloud-based applications that are used in an organization ranges from 900 to 1200 services. Each service involves its set of user credentials, which rely on vulnerable combinations of passwords. An organization may find it challenging to maintain the authentication credentials for its end-users. The capabilities provided by IDaaS solutions, such as Single Sign-On, Multi-Factor Authentications, help enable transparent authentication and improve the end-user experience for cloud-based services managed within the enterprise network.

Identity as a Service allows the organizations to enhance the security aspects making it more indulgent for employees to leverage the broad array of cloud services at their disposal. It also helps organizations by strengthening the identity and access parameter by enforcing policies about credential management and implementing more robust levels of authentication.

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https://www.grandviewresearch.com/industry-analysis/identity-as-a-service-market

Further key findings from the report suggest:

The market was valued at USD 3.34 billion in 2019 and is anticipated to grow at a CAGR of 22.0% over the forecast period
Multifactor authentication component segment is anticipated to witness the highest CAGR of 25.6% over the forecast period owing to the integration of features, such as biometric, voice recognition, and smart cards
BFSI end-use segment is anticipated to witness the highest CAGR of 23.4% over the forecast period owing to the rising adoption of IDaaS solutions to increase productivity and ensure compliance
Asia Pacific is projected to be the fastest-growing regional market over the forecast period owing to the rapid transitioning towards the mobile, cloud, and new generation technologies

Electric Ship Market Size Worth $14.64 Billion By 2027

The global electric ship market size is expected to reach USD 14.64 billion by 2027, registering a CAGR of 11.2%from 2020 to 2027, according to a new report by Grand View Research, Inc. Growing sensitivity of various international maritime authorities towards a cleaner environment has supported the demand for a zero-emission marine electric vessel. Additionally, rising adoption of an electrically-propelled ship for inland cargo and passenger transportation is anticipated to boost the market growth over the forecast period.

The marine vessels with conventional internal combustion engine-based propulsion systems and propellers are directly connected to the engine with the shaft, which creates a high level of friction and vibration, thereby decreasing the overall efficiency of the vessel. Moreover, the vibrations created by this connection generate structural fatigue in the vessel structure and discomfort to the crew/passengers.

However, in electric ship propulsion, there is no physical connection of power source to the propeller, which reduces noise, vibration, and friction generated from this link. Moreover, increased focus of international maritime authorities to limit the noise and vibration in the vessel has compelled the shipbuilders to invest and adopt alternative technologies in accordance with the environmental regulations. Furthermore, high adoption of low vibration propulsion system in luxury passenger cruise and yachts is expected to significantly boost the market growth over the forecast period.

The conventional internal combustion engine encapsulates a lot of space as compared to an electric propulsion system owing to its physically connected machines from power source and propeller through a shaft. The shift from conventional engines to the electrical propulsion system can save a lot of space in the vessel, which further can be used to carry extra cargo and passengers to earn more profit in this competitive era. Moreover, the internal combustion engine of big marine vessels runs on bunker fuel owing to its low cost, although it generates a high volume of sulfur emission. However, increased focus of the shipbuilders on reducing sulfur emissions, along with higher effectiveness and efficiency, is expected to positively impact the market growth over the forecast period.

Moreover, increasing adoption of the electric-based defense technology in the naval defense, such as laser gun and rail guns, is expected to boost the electrically propelled vessel. Energy requirement of the technologies, such as laser gun and medium to large-caliber rail guns, is in millions of amps. These systems cannot be installed on the conventional ships owing to their huge power requirement and none of the vessels can generate or store such amount of energy. Besides, in an electric boat, the energy generated can be diverted to these new technology weapons, which has led to the adoption of these ship in the naval defense forces.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/electric-ship-market

Further key findings from the report suggest:

By power source, the hybrid segment is expected to exhibit the highest CAGR over the forecast period owing to presence of additional propulsion option, which reduces the risk during the long route voyages
Based on power output, the less than 75 kW segment is expected to witness the fastest growth throughout the forecast period owing to its adoption in maritime tourism, border patrol, and specialized purpose vessels
On the basis of autonomy level, fully autonomous ship is expected to be commercialized by the year 2020. Owing to this fact, the market is majorly driven by semi-autonomous technologies
Asia Pacific is anticipated to register the second highest CAGR over the forecast period owing to high manufacturing rate and industrialization, coupled with huge trade volume from this region across the globe.

Commercial Kitchen Appliances Market Worth $131.77 Billion By 2027

The global commercial kitchen appliances market size is expected to reach USD 131.77 billion by 2027, expanding at a CAGR of 6.7% from 2020 to 2027, according to a new report by Grand View Research, Inc. Rising popularity of Quick Service Restaurants (QSRs) and Full Service Restaurants (FSRs) and expanding travel and tourism are some of the key factors driving the market. Other factors impacting the market growth are rising demand for drive-through meals, development of railways, fast-paced life in metros and cosmopolitans, surge in the number of working women and nuclear families, and increasing disposable income of individuals.

Emergence of smart kitchen equipment is expected to favorably contribute to the market growth. Smart technologies can keep track of the performance of kitchen equipment as well as increase food preparation consistency. Hence, key market participants are focusing on technological advancements pertaining to ventilation, temperature control, and automated techniques for maintenance and cleaning of the equipment to reduce operational time and capital in the long run.

Moreover, the Internet of Things (IoT) is taking over commercial kitchens worldwide by integrating the appliances with other electronic devices owned by the consumers, which, in turn, increases efficiency and saves time. For instance, Monnit Corporation designs remote monitoring solutions for commercial refrigerators that are built with temperature and humidity sensors to ensure food quality, monitor cold inventory, and optimal inventory storage. Prominent end-use industries of commercial kitchen appliances are equipping multi-functional equipment with such state-of-the-art solutions as they are more efficient and they combine several functions in a single device to accommodate different pre-cooking programs as well as prepare multiple dishes in relatively less time.

According to the U.S. Environmental Protection Agency (EPA), commercial kitchens roughly consume 2.5 times more energy per square foot than any other commercial spaces. Thus, growing concerns regarding the energy consumption of equipment used and shift towards more energy-efficient appliances are expected to significantly contribute to the industry growth. Furthermore, rising government initiatives to spread awareness about energy consumption and increasing electricity cost are expected to drive the demand for eco-friendly and energy-efficient equipment over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/commercial-kitchen-equipment-appliances-market

Further key findings from the report suggest:

In North America, the dishwasher segment is expected to reach USD 4.09 billion by 2027
The rail, cruise and airways catering segment is expected to expand at the highest CAGR during the forecast period
The Average Selling Price (ASP) of kitchen equipment is higher in U.S. owing to greater variation in prices and availability of a diverse product range
MEA is expected to witness the fastest growth during the forecast period
Key participants in the market include Bakers Pride, G.S. Blodgett Corporation, Garland Group, Vulcan, Bonnet International, Ali Group, and True Manufacturing.

Passive & Interconnecting Electronic Components Market Worth $257.3 Billion By 2027

The global passive and interconnecting electronic components market size is estimated to reach USD 257.3 billion by 2027, registering a CAGR of 5.3% from 2020 to 2027, according to a new study by Grand View Research, Inc. Electronic components play an essential role in several verticals, including IT and telecommunication, consumer electronics, automotive, aerospace and defense, and healthcare. These components form an indispensable part of an electronic system and helps it to function automatically. Moreover, the rapidly surging demand for consumer electronic goods and household appliances such as smartphones, laptops, digital cameras, and air conditioners is expected to fuel market growth over the forthcoming years.

The rising need for enhanced data speed among consumers, businesses, and industries has enabled key telecom operators such as AT&T Inc., Verizon Communications, China Mobile Limited, and KT Corp. to install 5G network infrastructure in order to deliver seamless connectivity to their customers. With a significant surge in demand for telecom equipment and network devices to build 5G network infrastructure, it is anticipated to augment the adoption of passive and interconnecting electronic components during the forecast period. Moreover, rapidly building data centers across worldwide has stimulated the demand for network devices. As a result, it is expected to boost market growth from 2020 to 2027.

The rapidly evolving technologies such as robotics and sensors-based systems for industrial applications to improve the overall productivity and operational efficiencies is further estimated to augment the demand for passive and interconnecting components. Furthermore, wearables such as smartwatches, virtual reality (VR) headsets, and fitness bands are gaining popularity among consumers. Also, consumers are spending a massive amount on their health and entertainment. As a result, it has accelerated the demand for aforementioned wearable devices among consumers. This, in turn, is anticipated to surge the adoption of passive and interconnecting electronic components from 2020 to 2027. Additionally, voluminous patient data, coupled with investments made by the governments and private players worldwide for establishing state-of-the-art healthcare facilities, has augmented the adoption of high-tech medical equipment and connected devices. As a result, the demand for passive and interconnecting electronic components is expected to surge globally over the forecast period.

Furthermore, the Covid-19 outbreak has affected the production and trade (imports and exports) in many countries across the globe, therefore, it is anticipated to restrict market growth over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/passive-interconnecting-electronic-components-industry

Further key findings from the report suggest:

In India, the market is expected to exhibit a CAGR of 8.3% from 2020 to 2027, owing to the soaring capital spending by key electronic goods and home appliances manufacturers in view of setting up their manufacturing facilities in the country
The capacitors segment attained the highest market size, approximately USD 30.0 billion in 2019. The significant market size is attributed to the robust rise in the demand for several types of capacitors to be fabricated in numerous electronic devices such as vehicle automation systems, robotics, and consumer electronic devices
Significantly growing deployment of 5G network infrastructure coupled with surging adoption of network devices for data centers is estimated to boost the IT and telecommunication segment during the forecast period
The connectors/sockets segment is anticipated to showcase a considerable growth from 2020 to 2027, owing to its proliferating demand across various applications, including data processing, infotainment, and automation
Various prominent players in the market are strategically focusing on introducing new products to intensify their market share and expand their product portfolios.

GaN Semiconductor Devices Market Size Worth $5.85 Billion By 2027

The global GaN semiconductor devices market size is expected to reach USD 5.85 billion by 2027, registering a CAGR of 19.8% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The market growth can be attributed to the increasing applications of gallium nitride (GaN) in a wide range of semiconductor devices. Additionally, rapid technological advancements in GaN-based semiconductors are also anticipated to promote market growth. The demand for wireless communication devices, primarily in defense communication, is expected to drive the demand. Gallium nitride technology is being widely implemented in the development of amplifiers used in wireless communication, such as Class E, Class F, and Class C power amplifiers.

Aerospace and defense technology companies such as L3Harris Technologies, Inc.; Northrop Grumman Corporation; and BAE Systems are collaborating with government agencies for incorporating gallium nitride semiconductors in the military and radar applications. For instance, in February 2012, Northrop Grumman Corporation opened its Advanced Technology Laboratory for developing gallium nitride semiconductors for critical military programs. The company, along with the U.S. government, has invested over USD 300 million for developing and integrating GaN semiconductors in military systems for enhancing the capabilities of space, aircraft, and ground defense communication systems. These factors are expected to drive the demand for GaN semiconductors across wireless applications.

In recent years, the demand for gallium nitride semiconductor devices has increased in electric vehicle supply equipment such as onboard charging stations and EV charging kiosks. The lower switching frequency range of GaN devices makes them suitable for use in GaN-based DC-to-DC converters that are used in onboard charging stations, which bodes well for the market growth. Furthermore, the ongoing research and development activities worldwide aimed at the increased adoption of GaN devices in electric vehicles are anticipated to positively impact market growth. For instance, in October 2019, Nagoya University launched an electric car that entirely uses gallium nitride semiconductor devices and named it All GaN Vehicle. This vehicle is 20% more efficient than the current electric vehicles developed using SiC-based devices. On the contrary, the ongoing COVID-19 pandemic has largely impacted the sales and deployment of gallium nitride semiconductor devices in 2020. This impact is further anticipated to be witnessed in the coming years.

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https://www.grandviewresearch.com/industry-analysis/gan-gallium-nitride-semiconductor-devices-market

Further key findings from the report suggest:

The gallium nitride radio frequency devices segment is expected to record the highest CAGR from 2020 to 2027 as a result of the growing demand for these devices in military applications such as Electronic Warfare (EW) systems and Active Electronically-Steered Array (AESA) radars
The power ICs segment is anticipated to record a high CAGR over the forecast period as a result of the increasing demand for power converters used in data centers that run on high-voltage DC power distribution architecture
The 8-inch wafer segment is anticipated to experience high traction owing to the rising use of these wafers in automotive applications such as Infotainment Head Unit (IHU) and Advanced Driver Assistance Systems (ADAS)
The growing popularity of autonomous vehicles is boosting the demand for LiDAR sensors in driverless navigation systems, which is anticipated to be a major factor driving the growth of the automotive segment over the forecast period
Asia Pacific is expected to emerge as the fastest-growing regional segment, owing to the increasing demand for efficient and high-performance RF components and a surge in electric vehicle production in countries such as China, Japan, and South Korea

IPTV Market Size Worth $67.6 Billion By 2027

The global internet protocol television market size is anticipated to reach USD 67.6 billion by 2027, exhibiting a CAGR of 7.1% over the forecast period, according to a new report by Grand View Research, Inc. The integration of Artificial Intelligence (AI) with IPTV is expected to offer lucrative growth opportunities to service providers. AI-based voice-enabled search and discovery function enables users to explore the desired programs using natural language even when users do not know the name of an application. Further, the launch of AI-enabled IPTV set-top-boxes featuring voice assistants is expected to help service providers gain a larger subscriber base over the forecast period.

Advancements in video coding technology also offer significant growth prospects to the IPTV market. Owing to the high network bandwidth requirement of IPTV services, suitable video coding technology enables broadcasters to distribute content in multiple formats efficiently. Video coding has allowed users to access video-based content on diverse platforms such as smartphones and tablets, PCs, and media players, thus ensuring increased market penetration. Advancements in video coding technology have further led to improvements in dynamic encoding style, resolution encoding, and frame rate encoding, which helps in increasing the quality and leverages the resolution and movement, thereby improving user experience.

The advent of 5G technology offers significant growth aspects owing to the increased capability of network slicing and enhanced content distribution networking abilities. 5G technology leveraged Multiple Input Multiple Output (MIMO) and formed beam techniques ensure maximum utilization network, thus providing reduced distortion and greater precision in signal transmission. Furthermore, heavy traffic from cloud-based content libraries can easily be distributed due to the high bandwidth capability of the 5G delivery model, thus offering an impetus to the market growth. Additionally, the ability of the 5G delivery model to provide UHD viewing experience to the users at affordable rates provides a boost to the market growth.

Increased penetration of smart TV and enhanced functionality offered due to the integration of IPTV technology offers impressive market growth opportunities owing to its ability to interconnect with smartphones and tablets. Recent updates by Google Inc. in the distribution of content via set top boxes provide more control to operators, such as start-up, the UI, the application, set-up procedure, and prioritization of content, which is expected to enhance internet protocol television delivery by operators. Furthermore, service providers are offering hybrid IPTVs, which has mitigated the need to implement a separate set top box. Additionally, hybrid IPTVs integrate the functionality of traditional TV services with IPTV, thus featuring enhanced service offerings, which is expected to promote wide-scale adoption of IPTV services.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/internet-protocol-television-iptv-market

Further key findings from the report suggest:

The subscription-based IPTV segment is expected to showcase the fastest growth over the next few years. The growth is attributable to an emerging need amongst individuals to indulge in the ad-free and personalized viewing experience
Growing internet infrastructure development is offering significant prospects to the market growth
Asia Pacific is expected to emerge as the fastest-growing regional market due to the growing penetration of affordable internet-based services and rising acceptance of the internet as a utility

Facial Recognition Market Size Worth $9.93 Billion By 2027

The global facial recognition market size is expected to reach USD 9.93 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 14.5% from 2020 to 2027.

Facial recognition is a contactless biometric solution that is a critical factor contributing to the market growth. Contactless solutions enable easy deployment in consumer devices. It is also very simple and convenient to use, further contributing to rising adoption. Apart from individual identities, the technology has an ability to gather demographic data on crowds; thus, increasing its usability. Such factors are anticipated to drive the growth.

Increasing security needs in government sectors for employee attendance and identification is expected to be a key driver for the facial recognition market over the forecast period. Technology advancements such as cloud-based services and 3D recognition systems are further expected to fuel the overall adoption of facial recognition technology. Rising demand for data security has driven the adoption of technology across various organizations. Increased usage of personal devices as part of the BYOD policy in the IT sector has furthermore contributed to this growth.

Face recognition technology is less prone to security breaches as compared to traditional authorization methods as it requires human in physical form to provide any kind of access, thereby providing high level of security. For instance, In February 2020, Aware, Inc. announced that its software solution, Knomi, had been chosen by several leading banks in Latin America. The software solution aims to enhance the authentication and security for their mobile applications for clients all over the world. Clients will then be able to gain access to using facial recognition and authentication, replacing passwords, by logging onto their mobile banking application.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/facial-recognition-market

Further key findings from the report suggest:

Face recognition is very easy to deploy and implement. It also provides a quick face detection and match process for identification/verification. These factors have substantially contributed to rapid adoption
The facial analytics segment is expected to portray high CAGR of 20.8% over the projected period. Face recognition by using facial analytics provides high accuracy because this technology is relatively insensitive to changes in expression thereby providing accurate results
Asia Pacific is expected to witness significant growth over the forecast period, owing to the rapid adoption of the technology in developing economics
The key facial recognition market players are Aware, Inc.; FacePhi.; NEC Corporation; IDEMIA; TECH5; Onfido; Ayonix Corporation; Gemalto NV; Cognitec Systems GmbH; Precise Biometrics; NtechLab; and Fujitsu