Tag: Artificial Intelligence

Cash Management System Market Size Worth $25.37 Billion By 2027

The global cash management system market size is expected to reach USD 25.37 billion by 2027, registering a CAGR of 12.6% from 2020 to 2027, according to a new report published by Grand View Research, Inc. The growth can be attributed to the increasing adoption of cash management systems by organizations to accurately predict their flow of money. These systems help businesses prevent and mitigate any fraudulent activity using fraud prevention strategies, which is expected to further fuel the demand.

The substantial traction in digital transformation has impacted the way organizations interact with their network banks and manage cash. The digital cash management systems allow businesses to gain high visibility into their financial health. The growing focus on managing business profits has accelerated market growth.

The advanced money management systems offer businesses with a connected experience. These systems help businesses automate and streamline the financial functions of an organization and offer extensibility and real-time integration of business operations. Moreover, they allow organizations to optimize their working capital, which is instrumental in driving market growth over the forecast period.

The money management systems are easy to use and have intuitive user interfaces, which allows the programming of risk management and process integration points. These systems, coupled with the intuitive user interfaces, permit multi-channel access to users. These systems are widely adopted, owing to various benefits such as transparency, lower operational risk, and effective predictability.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/cash-management-system-market

Further key findings from the report suggest:

  • The solution segment is expected to continue its dominance over the forecast period owing to the wide usage of the component in businesses for managing liquidity, mitigating risks, and ensuring payment security
  • The cash flow forecasting segment is expected to register the highest CAGR over the forecast period. These type of operations automate the collection of money flow data from all sources and provide real-time visibility and forecasts through a suite of dashboards, reports, and analytical tools
  • Cloud is expected to witness significant growth over the forecast period. This deployment type offers various benefits, such as a virtually infallible computer support network and independent data-mining, and reporting capability
  • The large enterprises segment is expected to continue its dominance over the forecast period. These enterprises are widely adopting cash management systems to improve their liquidity management
  • As cash volume continues to grow across the globe, cash management systems are expected to gain significant traction in the banking sector
  • Increased spending on the establishment of SMEs in Asia Pacific is expected to fuel the cash management system market growth over the forecast period
  • Key market players include Intacct Corporation, NTT Data Corporation, Sopra Banking Software SA, Giesecke & Devrient GmbH, and Oracle Corporation

Hydroponics Market Size Worth $5.68 Billion By 2025

The global hydroponics market size is estimated to reach USD 5.68 billion by 2025, exhibiting a CAGR of 22.52% from 2019 to 2025, according to the new study conducted by Grand View Research, Inc. The adoption of smart farming technologies, such as vertical farming, which has helped the evolution of hydroponics, is expected to spur the market growth. Continuous improvements in hydroponics technologies and the introduction of innovative, state-of-the-art technologies, including environmental and temperature sensing, remote growth monitoring, and automatic nutrient reading, is likely to fuel the demand.

Food production method in hydroponic plant system. Growing lettuce in greenhouse using mineral salt solution.

Based on type, the hydroponics market is segregated into aggregate systems and liquid systems. The aggregate systems segment is projected to continue holding the largest market share over the forecast period. The liquid systems segment is expected to expand at a high CAGR over the forecast period. Aggregate hydroponics farming encompassed multiple technologies, namely, drip, wick, and ebb and flow. Herein, the plants are grown with the presence of a medium such as rock wool, perlite, and others. It is essential for the farmers to choose the right kind of media for certain crops, as they vary in terms of pH and thickness, which may hinder the smooth growth of roots. However, the liquid systems eliminate the use of such media and provide the nutrients directly to the roots, reducing the time required for yield. Hence, the adoption of liquid systems, such as deep-water culture and Nutrient Film Technique (NFT) is expected to witness significant growth over the forecast period.

The primary crops cultivated through the hydroponics method are tomatoes, lettuce, cucumber, and herbs. The majority of indoor farmers use hydroponic systems to grow tomatoes. As a result, the tomatoes segment dominates the entire market in 2018 and is estimated to continue its dominance over the forecast period. Europe held the largest share of the hydroponically grown tomatoes market in 2018 owing to the high cultivation rate in the Netherlands and Italy. Rising demand for organically grown, pesticide-free, and highly nutritious vegetables is expected to drive the adoption of hydroponics for the cultivation of lettuce and other leafy vegetables along with other indoor farming techniques. Among all the leafy vegetables, green leaf lettuce is increasingly gaining popularity among the growers owing to its high consumption rate and worldwide demand. However, owing to the changing and favorable regulations pertaining to the growth of legalized marijuana, the cannabis farmers across the globe are increasingly adopting the hydroponic farming method.

The Asia Pacific held the largest market share in 2018, as countries such as China, South Korea, and Japan are finding lucrative opportunities in hydroponics farming to cater to the rising food demand. However, Europe is expected to register the fastest CAGR over the forecast period owing to the favorable government scenario regarding the development and adoption of alternative farming technologies.

AeroFarms (U.S.); AMHYDRO (U.S.); Argus Control Systems Limited (Canada); Emirates Hydroponics Farms (UAE); Freight Farms (U.S.); Green Sense Farms Holdings, Inc. (U.S.); Heliospectra AB (Sweden); LumiGrow (U.S.); Signify Holding (the Netherlands); and Terra Tech Corp (U.S.) are some of the eminent providers and vendors of hydroponic equipment and solutions. These companies, along with other local or global market players, continually emphasize geographic expansion and product development. They have realized the lucrative opportunities in the urban regions of developed countries, such as the U.S., China, the U.K., and Japan.

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

Further key findings from the report suggest:

  • Middle East, South America, and the Asia Pacific are anticipated to witness a lukewarm rise in terms of adoption of hydroponics, on account of lack of government incentives to set up the infrastructure
  • Increasing demand for cannabis for medical and recreational uses is expected to boost the adoption among indoor farmers from Canada, Georgia, South Africa, and other such countries
  • NFT in the liquid hydroponic systems is one of the highly adopted methods used by indoor farmers. However, state-of-the-art NFT technique is gaining more popularity amongst the growers
  • The Asia Pacific held the largest market share in 2018 owing to the substantial demand from countries, such as South Korea, China, India, and Hong Kong
  • European regional segment is likely to emerge as the prominent segment, holding the largest market share by 2025. The countries such as the Netherlands, Turkey, and Spain witness a high adoption rate of hydroponics
  • Mexico is projected to portray lucrative opportunities in near future, owing to the presence of market players, such as Hydroponic Systems, Cultura H, and General Hydroponics. Also, the drylands spread over 100 million hectares in the country restrict the agricultural expansion, driving the adoption of hydroponics and other vertical farming technologies

Influencer Marketing Platform Market Size Worth $23.52 Billion By 2025

The global influencer marketing platform market size is anticipated to reach USD 23.52 billion by 2025, exhibiting a CAGR of 26.8% over the forecast period, according to a new report published by Grand View Research, Inc. Technological proliferation in marketing practices is expected to offer significant growth opportunities to the market. Advanced technologies such as Artificial Intelligence (AI), Artificial Neural Networks (ANN), Natural Language Processing (NLP), and Machine Learning (ML) provides better search results and analytics, which is expected to guide marketers in taking better decisions.

Increasing adoption of AI-enabled influencer marketing platforms is expected to create an automated environment for marketers to establish efficient collaborations. ANN and NLP can be leveraged to offer essential insights to influencers by analyzing several image attributes, posts, and thus helping brands in simplifying workflow process. Furthermore, adoption of these technologies assists marketers in choosing which influencer to collaborate with, thus contributing to the market growth. For instance, CurationEngine offered by IZEA uses ML to process high volumes of information for programmatic analysis on influencer networks within the company database to improve network quality and identify influencers who meet brand safety requirements.

Cord-cutting is another important factor driving the influencer marketing platform market. The declining TV viewership and increased screen time provide an opportunity for marketers to focus more on social media marketing. Further, as more users have joined different social media platforms in the last few years, marketers are investing heavily to cater to the online masses by facilitating the next wave of brand deals.

The sports and fitness segment is expected to provide growth opportunities to the influencers over the next few years. The growth can be attributed to the need for better loyalty and increasing merchandise and ticket sales. Additionally, the rising trend of adopting a healthy lifestyle amongst sports enthusiasts and players is expected to provide an impetus to the growth of the market for influencer marketing platform. Furthermore, product innovations and access to affordable equipment have made sports more attainable to consumers. The integration of fashion and beauty into sports and fitness is promoting companies to venture out new lines of businesses, such as athleisure production, which is expected to further stimulate the growth.

The emergence of hybrid influencer is expected to promote market growth. Hybrid influencer enables brands to put social media ad spend on influencer posts either via social media or a branded content tool to get deeper insights and better interactions. For instance, Scrunch, a media and advertising firm, assists marketing teams to scale businesses using a hybrid influencer marketing platform.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/influencer-marketing-platform-market

Further key findings from the report suggest:

  • Influencer management is expected to be the fastest-growing segment over the forecast period owing to greater demand of brands to maintain efficient influencer relationships for longer and healthier collaboration
  • Small and Medium Enterprises (SMEs) are expected to benefit from the adoption of influencer marketing platform owing to cost-effectiveness and higher engagement rates
  • The sports and fitness segment is expected to witness significant growth over the forecast period, attributed to the rising consumer awareness regarding the benefits of maintaining a healthy and active lifestyle
  • Asia Pacific is expected to dominate the market by 2025, owing to increasing mobile penetration, which makes it easier to reach out to a larger number of people via social media
  • The key players dominating the influencer marketing platform market are AspireIQ Inc.; Grapevine Logic Inc.; Upfluence, Hypetap Pty Ltd.; and Speakr Inc.

Endpoint Security Market Size Worth $27.05 Billion By 2024

The endpoint security market size is expected to reach USD 27.05 billion by 2024, according to a new report by Grand View Research, Inc. The endpoint security market is expected to witness a substantial growth over the forecast period, due to the increasing deployment of various security solutions with rising security risks across several applications including BFSI, IT & telecom, and retail.

The rising number of enterprise endpoints and mobile devices having access to critical enterprise data have created a huge demand for endpoint security solutions in the market, which is anticipated to drive the market. 

Moreover, emerging trend of virtualization is projected to affect endpoint security. Virtualization separates physical systems into several virtual machines, which will require similar endpoint protection as physical servers. Hence, escalating the demand for more efficient and comprehensive solutions over the forecast period.

Several companies in the industry are spending on different technologies to improve capabilities, secure internet protocols, test software and analyze vulnerabilities. The evolution of cloud storage has increased the adoption of cloud-based security services; the as significant amount of data is stored in one place. This has led to increased threat of data breaches and enforcement of various regulations to curb the risk of placing the data on the cloud.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/endpoint-security-market

Further key findings from the report suggest:

  • The mobile device security segment witnessed revenue share of over 17% in 2015, which is anticipated to grow at a CAGR of nearly 16% over the forecast period. The increasing adoption of BYOD trend have led the employees in organizations to access corporate data on their personal mobile devices. However, it creates security challenges, which requires advanced endpoint security solutions to safeguard sensitive business information resulting in high demand.
  • Enterprises dominated the market in 2015, and is estimated to grow at a CAGR of over 13% from 2016 to 2024. SMBs are also anticipated to witness substantial growth over the forecast period due to the rising adoption such safety solutions to prevent crucial information. Organizations of all sizes are transitioning their business-critical operations and workloads to cloud computing to decrease the burden on their IT support staff, reduce costs and provide advanced services. The increasing adoption of cloud technology have led security vendors to develop cloud-based security solutions on a large scale.
  • IT & Telecom industry dominated the market with the revenue share of nearly 25% in 2015 and is anticipated to witness significant growth over the next eight years. The industry has evolved through significant expansion phase and have stringent legal and information security requirements. Further, rising acceptance of BYOD trend is anticipated to drive the industry demand.
  • Moreover, the BFSI sector offers substantial potential for the market as it is continuously visualizing the regional; instability, terrorism, physical risks, criminal networks and modern threats originating from cyber sabotage and opaque sources. The rising regulation in the finance sector is further contributing towards the industry growth.
  • The North America is estimated to dominate the market with a share of over 32% in 2015 growing at a CAGR of nearly 11% over the next eight years. Asia Pacific regional market accounted for over 19.0% of the global market share in 2015 and is expected to grow with a CAGR of 13.2% over the next eight years. Stringent regulations across Asia Pacific are expected to fuel the demand for efficient endpoint security solutions driving the demand in this region. Countries including China, India, Malaysia and Australia are investing heavily in endpoint security to fight against cyber threats and attacks.
  • The key industry participants include Microsoft Corporation, Kaspersky Labs, Panda Security SL, Symantec Corporation, Sophos Ltd, Cisco, Bitdefender, ESET, IBM Corporation, F-Secure, Intel Security Inc. (McAfee) and Trend Micro Incorporated. The vendors involve in frequent merger & acquisitions to increase their geographical presence and product portfolio to gain competitive advantage.

Connected Enterprise Market Size To Reach $1.94 Trillion By 2025

The global connected enterprise market size is expected to reach USD 1.94 trillion by 2025, according to a new report by Grand View Research, Inc. The increasing need for automation and the proliferation of connected devices is providing new growth avenues for the connected enterprise market.

Enterprises are moving toward digital technologies to transform their business operations, improve customer experiences, and rapidly respond to emerging threats and opportunities. Industry collaborations with connected technology are gaining prominence for improving agility, productivity, and business process management. Although the Internet-of-Things (IoT) and connected technologies are becoming adept, several organizations have not included their collaboration with smart technologies in business strategies.

The implementation of intelligent networks has improved the optimization of assets including equipment reliability, and energy usage, and has expanded the capacity of existing assets. Enterprises are integrating people, tools, processes, and platforms comprising infrastructure and applications to disrupt business productivity with next-generation solutions.

Moreover, organizations are looking for innovative ways to differentiate themselves from their competitors and overcome threats from new entrants. Connected solutions are increasingly adopted for generating new revenue streams and improving profit margins. These solutions help enterprises in increasing their operational efficiency by enabling real-time monitoring of assets. However, fragmented technology standards and growing security concerns are expected to deter industry growth.

Click the link below:
http://www.grandviewresearch.com/industry-analysis/connected-enterprise-market

Further key findings from the report suggest:

  • Customer experience management is expected to be the fastest-growing segment owing to its transition from being transactional to a more interactive and informative solution
  • The managed services segment is expected to grow at a CAGR of over 35% from 2016 to 2025. due to the increasing need for outsourcing IoT-related capabilities
  • The device management platform is anticipated to account for over 25% revenue share by 2025; the need to drive connected products assessment, reduce operational costs, and improve service quality is propelling the demand for a device management platform
  • The healthcare sector is expected to reach a valuation of over USD 150 billion by 2025 on account of its transition from providing provider-centric to patient-centric solutions
  • The Asia Pacific region is expected to be the fastest-growing regional market as the enterprises in the region are deploying connected infrastructure in new areas to improve their revenues.
  • The key industry players include IBM Corporation, Rockwell Automation, Inc., IBM Corporation, Honeywell International, Inc., and PTC Inc.

Distributed Acoustic Sensing Market Size Worth $775.8 Million By 2025

The global distributed acoustic sensing market size is expected to reach USD 775.8 million by 2025, according to a new report by Grand View Research, Inc. It is anticipated to exhibit a CAGR of 11.5% from 2019 to 2025. The use of fiber optic sensors is progressively increasing in the oil and gas industry since they provide a data-rich perspective on micro-seismicity and fracturing process. Also, with the increasing importance of border surveillance, distributed acoustic sensing systems are being highly used in the security and surveillance industry since they provide high-reliability and low-cost surface crossing and tunnel construction detection. Due to the high potential of intrusion detection, the adoption of DAS systems is growing in several asset protection-related applications, such as railways, high-value facility perimeters, and oil and gas pipelines.

The economic benefits of distributed acoustic sensing are anticipated to create growth opportunities for the market in the forthcoming years. The key drivers include the prevention of construction damages and pipeline thefts. DAS systems can perform the early detection of leakages, corrosion, erosion, and malicious third-party intrusion, which offer economic benefits to the industry. Also, they provide real-time monitoring of assets and perimeters, which provides improved security. Therefore, distributed acoustic sensors are used in various end-user industries for long-distance tracking of the acoustic signals generated by external interferences.

The Asia Pacific distributed acoustic sensing market is expected to witness substantial growth over the forecast period, owing to the emerging trends, such as increasing penetration of seismology. According to the U.S. Energy Information Administration, the region accounted for approximately 10% of the world’s crude oil production in 2018. China alone contributed approximately 5% of global crude oil production in the same year. Due to the presence of substantial oil and gas industries, the region is expected to demonstrate significant growth in distributed acoustic sensing shortly.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/distributed-acoustic-sensing-market

Further key findings from the report suggest:

  • The significant surge in the deployment of optical fiber sensors in oil and gas industries will create a massive potential for the distributed acoustic sensing market
  • Market players are focusing on providing optical fiber acoustic sensors for wellbores, which offers long-distance data transmission for subsea and downhole
  • Key market players are considering partnerships and acquisitions of startups providing innovative products to expand their outreach in the market
  • The key competitors in the market are OptaSense; Halliburton; Schlumberger Limited; Baker Hughes, a GE Company LLC; Future Fibre Technologies; Northrop Grumman Corporation; Fotech Solutions Ltd.; Omnisens; Silixa Ltd; and Ziebel; among others

Active Electronic Components Market Size Worth $495.2 Billion By 2025

The global active electronic components market size is estimated to reach USD 495.2 billion by 2025, registering a CAGR of 9.6% from 2019 to 2025, according to a new study by Grand View Research, Inc. Growing demand for active electronics components for manufacturing smart home appliances such as refrigerators, air conditioners, and washing machines among others, is estimated to boost the market growth. Moreover, the anticipated adoption of active electronic components in networking devices and telecom equipment requisite for developing 5G infrastructure is further expected to elevate the growth.

Wearables such as smartwatches, Virtual Reality (VR) headsets, and fitness bands among others are gaining popularity among consumers. Consumers are increasingly willing to spend a significant amount on health and entertainment, which in turn it has accelerated the demand for wearable devices among consumers worldwide. This is further anticipated to increase the adoption of active electronic components in the coming years. In addition, voluminous patient data coupled with investments made by the governments and private players worldwide for setting up state-of-the-art healthcare facilities has augmented the adoption of high-tech medical equipment and connected devices. Thus, with rising demand for these devices, the demand for active electronic components is expected to surge globally over the forecast period.

Demand for connected cars is fast transforming the automotive industry. This has increased the use of advanced electronics in automotive for multiple applications, such as parking, safety, telematics, and navigation among others. Thus, growing demand for advanced electronics in automotive is expected to drive demand for active electronic components over the forecast period. Also, the rising demand for advanced microcontrollers or modems in order to provide robust connectivity to autonomous cars and other critical applications is further expected to surge the adoption of active electronics components from 2019 to 2025.

With the rising trend of industry 4.0, the adoption of the Internet of Things (IoT) devices in the manufacturing sector is gradually increasing worldwide. Key manufacturers are opting for new technologies to augment their overall productivity and operational efficiency in order to ensure profitability. Therefore, the rising adoption of IoT technology for smart manufacturing applications, such as machine-to-machine communication is estimated to augment the adoption of active electronic components over the forecast period. Furthermore, the escalating trade war between U.S. and China is anticipated to restrict the overall market growth over the forecast period.

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

Further key findings from the study suggest:

  • The active electronic components market in India is anticipated to register a CAGR of 12.8%, attributed to the rising investments by prominent smartphone manufacturers in view of establish their own manufacturing facilities in the country
  • The Integrated Circuits (ICs) segment held a market size exceeding USD 80 billion in 2018, attributed to the robust increase in the demand for ICs integrated with state-of-the-art devices such smartphone, laptops, vehicle automation systems, and network devices among others
  • Significantly growing demand for active electronic components across next-generation devices such as 5G-enabled smartphones, gaming consoles, and other consumer electronics is estimated to fuel the consumer devices segment growth from 2019 to 2025
  • Several key market players are focusing on mergers and acquisitions in order to strengthen their market presence and expand their product portfolios
  • Prominent market players include Infineon Technologies AG; NXP Semiconductors NV; Texas Instruments Incorporated; Toshiba Corporation; STMicroelectronics; Semiconductor Components Industries, LLC; Intel Corporation; Maxim Integrated; Renesas Electronics Corporation; Broadcom Inc.; Qualcomm Inc.; Analog Devices, Inc.; Advanced Micro Devices; Microchip Technology Inc.; and Monolithic Power Systems Inc.

Sound Recognition Market Worth $4.42 Billion By 2025

The global sound recognition market size is expected to reach USD 4.42 billion by 2025, exhibiting a CAGR of 75.8% over the forecast period, according to a new report published by Grand View Research, Inc. Sound recognition runs on inexpensive microcontrollers that result in a low bill of materials, thereby providing an economical solution. It is highly flexible since it can detect various sounds and allows users to add their sound event classifiers, thereby providing easy customization of sound event. Thus, high flexibility and low cost are expected to propel the market growth.

Sound recognition technology is used for various purposes, such as music recognition and speech recognition among others. Increasing adoption across applications such as for monitoring and surveillance system for automatic alarm detection and rising use in smart safety solutions are the factors expected to drive the market growth. Other factors, such as increasing adoption of advanced technologies including Artificial Intelligence (AI), machine learning, Internet of Things (IoT), and others, are anticipated to further drive the adoption of sound recognition in the forthcoming years.

The artificial intelligence-based sound recognition technology is expected to register a high CAGR over the forecast period. This is due to increasing involvement of market vendors in developing sound recognizing products integrated with intelligent technology to provide customers with ease and flexibility. In the application segment, the automotive section is expected to gain moderate traction. This is due to factors such as integration of sound recognition technology in autonomous cars to recognize sounds inside and outside the car and improve safety.

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

Further key findings from the report suggest:

  • Increasing adoption of sound recognition technology for emergency vehicle detection condition monitoring and wear detection, amongst others are factors driving growth of the automotive segment
  • Benefits such as high efficiency due to edge processing and high control and awareness with the help of real-time analytics are driving the sound recognition market growth
  • Vendors in the Europe market are gaining a competitive edge in the market by receiving substantial investments from companies such as Cambridge Innovation Capital plc and IQ Capital for enhancing their exiting sound recognition technology
  • Wavio, OtoSense, abilisense, Reality AI, and Audio Analytic Ltd. are some of the key plyayers operating in the market

U.S. CRM Market Size Worth $64.2 Billion By 2025

The U.S. customer relationship management market size is expected to reach USD 64.2 billion by 2025, registering a CAGR of 14.0% from 2019 to 2025, according to a new report by Grand View Research, Inc. CRM solutions with data-driven insights offer enhanced functionality apart from their traditional role of information gathering, activity tracking, and passive data repository generation. Therefore, these solutions enable companies to analyze buying behavior of customers and simultaneously provide relevant information to augment their sales efforts. Hence, business and organization of all sizes are investing heavily in customer relationship management solutions.

There is a growing demand for these solutions from small and medium sized business. This is likely to present promising growth opportunities for customer relationship management solutions based on software-as-a-service (SaaS) and on-demand models in the U.S. market. This is owing to the fact that these models can minimize the need for upgrading or investing in new hardware infrastructure and can consecutively bring down maintenance and support costs. Presence of major CRM solution providers in the country is also a major factor that drives the adoption of customer relationship management solutions over the forecast period.

CRM software has already gained significant attention from various industries due to its changing nature in terms of growing functionalities and feature set. CRM suites also offer the capability to measure business performance and keep a track of sales trajectory, which have been some of the key factors encouraging businesses to use them. The U.S. market is also witnessing significant growth in cross-sales to existing customers with installed base (in terms of add-ons and upgrades).

Presently, large customer relationship management solution providers such as Salesforce.com, SAP SE, Oracle Corporation, and Microsoft Corporation dominate the U.S. customer relationship management market and have focused on augmenting their collective market share in the U.S. Other key players are trying to access the market by offering identical CRM solutions at a competitive price. This has led to a notable rise in intensity of competition across all sub-segments in the U.S. market.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/us-customer-relationship-management-crm-market

Further key findings from the study suggest:

  • Cloud deployment has been the dominant segment since 2018 and is likely to witness more traction in the upcoming years owing to rising preference and increased awareness regarding its benefits in terms of cost and flexibility
  • Large enterprises have been at the forefront in deploying cloud-based CRM solutions for their businesses, which is resulting in effective customer engagement. SMEs in the U.S. market are also deploying customer relationship management solutions to improve business processes, which is likely to result in high revenue generation
  • Some of the key participants in the market are Salesforce.com; SAP SE; Zoho; Oracle Corp; Nimble; SugarCRM Inc.; and Verint Systems Inc.

Aerospace and Defense Springs Market Worth $377.7 Million By 2025

The global aerospace and defense springs market size is expected to reach USD 377.7 million by 2025 and register a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. Rising demand for commercial aircraft owing to increasing passenger traffic is expected to fuel the market growth. Furthermore, increasing need for fighter jets due to growing security concerns of the nations and increasing border conflicts among Asian countries is also expected to boost the growth of the market over the forecast period.

Springs are small but a crucial part in almost all the major aerospace equipment and some of their major applications are engine controls, aircraft cabin parts, landing mechanism, flow control nozzles, and fuel filtering systems. On the basis of type, the market is segmented into flat spiral/power; coil; and torsion, torque coil, and clutch. Each spring has its own specific design and application, for instance, constant force flat springs are used to help deploy and retract the main entry door, stairs, and cargo doors while torsion springs are used in rocker switches of the aircraft.

Springs improve the performance of the equipment and also help reduce wear and tear of the system. They play an important role in efficient working of the equipment, leading to fuel saving and also facilitate easy operations of many components, especially where space is a constraint. This becomes an important factor in the aerospace and defense sector, where a lot of technological devices are to be fitted in less space.

Equipment used in the aerospace sector should have the ability to endure harsh environments. They need components that are durable and sturdy, and require minimal replacements, upgradation, or maintenance, while being highly precise in dimensions. Springs are highly resistant to pressure, require less maintenance, and have longer work life, which is why they are widely used in aerospace antennas, radar, probes, and satellites that help in navigation and are crucial for the ground service teams.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/aerospace-defense-springs-market

Further key findings from the study suggest:

  • The market is anticipated to reach USD 377.7 million by 2025 and witness a CAGR of 5.2% on account of increasing demand for commercial aircraft and fighter jet
  • By type, coil springs segment is anticipated to witness high CAGR over the forecast period ascribing to its application in wide range of components in aerospace and defense sector
  • Asia Pacific is anticipated to witness high CAGR over the forecast period owing to expanding aerospace sector and MRO facilities in the region
  • The aerospace and defense springs market is fragmented in nature and is dominated by companies such as, Argo Spring Manufacturing Co., Inc.; M. Coil Spring Manufacturing Company; Myers Spring Co. Inc.; Ace Wire Spring & Form Co., Inc.