Digital Payments Market Worth $132.5 Billion By 2025

The global digital payments market size is expected to reach USD 132.5 billion by 2025, registering a CAGR of 17.6% from 2019 to 2025, according to a new report by Grand View Research, Inc. The ongoing technology and digital revolution led by the growing penetration of smartphones is driving the market. Furthermore, the entry of numerous non-banking institutions such as Amazon.com, Inc. and Alibaba, which are into offering payment solutions and services, is further expected to propel digital payment services market growth over the forecast period.

Various countries across the globe are making regressive changes in their regulatory framework favoring digital economy. This has led to an exponential growth of electronic monetary transactions. Various trends, such as the Internet of Things (IoT), cloud computing, tokenization, biometrics, and ubiquitous connectivity, are expected to shape the way consumers transact in future.

The advent of next-generation systems such as e-wallets and payment banks is expected to fuel digital payment systems market growth. In addition, various non-banking institutions are focusing on leveraging and innovating technology to simplify user experience and provide them with better financial and banking services. Technological advancements are allowing monetary transaction solution providers to offer personalized experiences that are more customer-centric.

The market is expected to witness significant growth owing to the growth of the e-commerce companies across the globe. Instead of selecting conventional offline retail, customers nowadays are more inclined towards online shopping. This, in turn, is expected to propel the market over the forecast period.

The growth of the North American regional market can be attributed to the existence of a large number of solution providers in the region as well as expansion of the mobile commerce industry. Proliferation of digitalization, coupled with supportive government initiatives in developing countries, is propelling the Asia Pacific market.

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https://www.grandviewresearch.com/industry-analysis/digital-payment-solutions-market

Further key findings from the report suggest:

Increasing customer demand for immediacy of monetary transactions is expected to fuel the monetary transactions processing segment over the forecast period
Point of sales terminals are widely used by various end-use industries to process card payments. It offers customers an easy and convenient way to pay their bills
Processing electronic monetary transactions in the cloud are more secure than on-premise methods. Also, cloud processing quickly identifies fraudulent transactions and avoids data theft
Electronic payments can deliver a substantial uplift to an SME’s growth and profitability by delivering better customer experience, transaction cost reduction, record retention, and competitive advantage by enabling access to the overseas digital payment solutions market
Various banks and financial consulting firms are focusing on transforming the existing operations of their banking clients to the digital ecosystem, thereby driving the adoption of digital monetary transaction solutions in the BFSI industry vertical
Asia Pacific is anticipated to register the highest growth rate owing to increasing demand for electronic monetary transaction solutions in emerging countries such as China and India
Key market players include Adyen N.V.; ACI Worldwide Inc.; PayPal Holdings Inc.; Novetti Group Limited; Global Payments Inc.; Wirecard AG; and Total System Services, Inc.

5G Services Market Size Worth $414.50 Billion By 2027

The global 5G services market size is estimated to reach USD 414.50 billion by 2027, registering a CAGR of 43.9% from 2021 to 2027, according to a new study by Grand View Research, Inc. Rapidly rising demand for ultra-reliable and low latency data networks capable of providing enhanced mobile connectivity is estimated to boost the market growth over the forecast period. The potential adoption of 5G services for remote patient monitoring and remote surgery applications is also anticipated to propel the market growth from 2021 to 2027.

The 5G wireless technology is expected to completely transform the transportation and logistics industry by providing seamless vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) connectivity. As such, the need to ensure a strong, seamless, and uninterrupted connectivity with autonomous vehicles is estimated to drive the adoption of 5G services. Furthermore, robust deployment of 5G network infrastructure is estimated to improve the operational efficiencies in several IoT use cases, including smart homes, smart cities, and industry 4.0. Hence, rising need for high bandwidth in order to provide reliable communication to IoT devices is expected to elevate the overall market growth over the forecast period.

In some countries such as U.S., China, and Japan, the trend of monitoring energy systems of buildings remotely is rising gradually. This is expected to open new opportunities for rolling out 5G services over the forecast period. As such, growing need for remote asset monitoring, drone control and coordination, and smart grid control is anticipated to fuel the growth of the ultra-reliable low-latency communications (uRLLC) segment over the forecast period.

Key market players such as AT&T Inc.; China Telecommunications Corporation; and Verizon Communications are investing aggressively in rolling out 5G infrastructure to provide low-latency services for faster machine-to-machine (M2M) communication. However, these market players are expected to deliberate before making investments owing to the high 5G spectrum prices. Stringent governments’ regulations and policies pertaining to the 5G wireless technology are also expected to hinder the market growth. Moreover, due to the outbreak of the COVID-19 pandemic, the governments across key countries, such as U.S., Spain, U.K., and France, have postponed the auction for 5G spectrums. This is expected to hamper the market growth over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/5g-services-market

Further key findings from the report suggest:

In North America, U.S. is anticipated to reach nearly USD 145 billion by 2027 owing to rising demand for higher data speeds for several end-use applications, including M2M communications, energy and utility management, and smart mobility management
By communication type, the enhanced mobile broadband (eMBB) segment is anticipated to hold the largest market share by 2027 owing to the increased emphasis by key market players on rolling out high-speed and low-latency data networks for residential and commercial applications, such as video conferencing, virtual meeting, and VR/AR gaming
Based on vertical, the manufacturing segment is expected to register the fastest CAGR of 49.0% over the forecast period owing to rapidly increasing need for seamless connectivity to drive industrial devices, including robots, and actuators
Market incumbents are focusing on mergers and acquisitions for delivering 5G services in order to strengthen their market presence and expand their product portfolios.

Distributed Antenna Systems Market Worth $13.78 Billion By 2025

The global distributed antenna systems market size is expected to reach USD 13.78 billion by 2025, according to a study conducted by Grand View Research, Inc. It is anticipated to register a CAGR of 11.4% during the forecast period. Key factors driving the demand for Distributed Antenna Systems (DAS) include proliferation of connected devices in Internet of Things (IoT), mobile data traffic, and demand for extended network coverage and constant connectivity. Additionally, an increase in higher-bandwidth applications and in-building demand is also supporting the market growth.

Increasing use of wireless data has been accompanied by the development of newer and faster mobile networks, such as 4G and 5G. These networks have become affordable due to their wide usage and availability of smartphones at affordable prices. Moreover, since the switching cost from one service provider to another is low, mobile network operators have to be extra cautious of the penetration and quality of their network. Increased emphasis on improving network performance has propelled service providers to opt for solutions such as DAS, to ensure round the clock availability of their network, thereby driving market growth.

However, the high cost of manufacturing along with the complex installation process of the system is expected to hamper the market growth. Cellular network providers are working on extending their network coverage and bandwidth to take into account the substantial costs involved in the development of a DAS system, which may be attributed to the high cost of consultation, planning and implementation along with the high product price itself.

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https://www.grandviewresearch.com/industry-analysis/distributed-antenna-systems-das-market

Further key findings from the report suggest:

The hybrid DAS segment is expected to expand at a CAGR exceeding 14.0% over the forecast period. This system is an ideal fit for medium-sized spaces or areas with weak signals. It is cost-effective, easily expandable, and provides increased efficiency and broader coverage
The neutral-host ownership segment captured over 48.0% of the overall market share in 2018. This segment is projected to witness the highest growth on account of a large user base, third-party ownership, and a number of players providing a range of solutions
The public venues and safety segment is expected to emerge as the fastest-growing segment over the forecast period attributed to the high adoption of DAS solution in areas such as entertainment venues, sports stadiums, and shopping malls
North America accounted for over 30.0% of the market share in 2018. Meanwhile, Asia Pacific is expected to expand at the highest CAGR owing to the increasing sales of handheld devices and smartphones in China and India coupled with rising infrastructural growth
Key players in the DAS market include CommScope Inc.; Corning Inc.; Crown Castle International Corporation; and Boingo Wireless Inc., among others. These companies are engaging in collaborations with construction companies to sustain the competition.

IT Professional Services Market Size Worth $1.07 Trillion By 2025

Global IT professional services market size is expected to reach USD 1.07 trillion by 2025 with a CAGR of 8.4%, according to a new study conducted by Grand View Research, Inc. Growth in demand for knowledge-based services and preference for flexible and customizable professional services are driving the global market.

Enterprises across various end-use industries are under mounting pressures to reduce capital expenditures and increase operational efficiencies. The adoption of IT professional services has been growing as these services can help reduce the overall IT costs, and in turn, the capital expenditure. Benefits associated with these services, such as ease of deployment, lesser risk, and higher security, have also been aiding the market growth.

Incumbents of the BFSI, retail, telecommunication, and IT industries prefer cloud-based services. As the number of enterprises opting for digital transformation continues to increase, vendors are finding it more convenient to deliver IT services through the cloud technology. It also allows providers to expand their geographic reach and offer scalable services, as well as on-demand support.

Tech companies, marketing firms, and consulting companies are the largest users of IT professional services. Digitization, big data analytics, and Business Intelligence (BI) are some of the key functionalities being outsourced to reduce the administrative costs and overheads. However, concerns over data security and protection of privacy and confidentiality are some of the factors that may hinder the market growth.

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https://www.grandviewresearch.com/industry-analysis/it-professional-services-market

Further key findings from the study suggest:

The market is significantly diverse and fragmented but led by a few well-established companies, including Accenture PLC, Capgemini SA, IBM Corp., and Microsoft Corporation
The ability of the vendors to provide cloud-based, tailored, and secured solutions would influence the customers’ buying decisions
The cloud segment is expected to witness the fastest CAGR over the forecast period
Technology and consulting companies have emerged as the largest adopters of IT professional services and would continue the trend in the years to come
The North America regional market led the global IT professional service market in 2017 and is expected to register a CAGR of 7.5% over the forecast period.
However, Asia Pacific is anticipated to be the fastest-growing regional market with a CAGR of 9.6% during the forecast period

Digital Twin Market Size Worth $26.07 Billion By 2025

The global digital twin market size is expected to reach USD 26.07 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to register a strong CAGR of 38.2% over the forecast years. Digital twin is a dynamic digital replica of a product, process, system, or facility, which can be used for various purposes including creating a sustainable environment and ensuring a better digital experience for customers. Such digital replicas can imitate real-world situations and help in optimizing systems and processes, examining products, and monitoring the performance and condition of machines, among others.

Digital twin technology is gaining traction owing to its potential to bridge the gap between the physical world and the virtual world. The global market is expected to grow significantly over the forecast period in line with the growing adoption of the Internet of Things (IoT) and big data analytics. Other factors responsible for this growth include rising need for cost-efficient operations, optimizing the processes, and reducing the Time to Market (TTM). At the same time, the way digital twins are created would continue to evolve in line with the innovations in the field of Virtual Reality (VR) and Augmented Reality (AR), thereby boosting the growth of the market.

Healthcare and life sciences, aerospace and defense, automotive and transport, manufacturing, and energy and utilities are some of the key end-use industries for the digital twin technology. Incumbents of these industries are particularly adopting the technology to enhance efficiency, augment productivity, ensure cost-efficient operations, and streamline the processes. For instance, hospitals can create a digital twin of their systems as part of the efforts to gauge the impact of any prospective changes to their systems and ensure a safer environment. Similarly, a surgeon can create a digital twin of the heart and study it before performing a surgery. The technology is also helping companies in adopting lean manufacturing.

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

Further key findings from the report suggest:

Growing adoption of the digital twin technology in various industries, such as automotive and transport and agriculture, is the major growth-driving factor for the global market
Digital twin incorporates Artificial Intelligence (AI), big data, Machine Learning (ML), and IoT, among others
This helps the end-use industries in accessing the technology more easily and implementing it cost-effectively, thereby supporting market growth
The manufacturing segment accounted for more than 20.0% of the global market share in 2017 and is expected to witness a strong CAGR over the forecast period
North America and Europe together accounted for more than 50% of the market share in 2017 on account of high adoption of industrial IoT and the presence of developed infrastructure in these regions
Prominent companies in the digital twin market include ABB Group; Hexagon Geosystems AG; PTC, Inc.; Dassault Systèmes; AVEVA Group plc; SAP SE; Schneider Electric SE; and Siemens AG. Most of these companies are investing in R&D to maintain their position in the global market

Smart Retail Market Size Worth $58.23 Billion By 2025

The global smart retail market size is expected to reach USD 58.23 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 23.9% during the forecast period. In the present day retail industry, conventional brick-and-mortar stores are facing intense competition from the rapidly expanding e-commerce sector. Therefore, traditional retailers need to incorporate smart retail technology to bring back their customers. The technology helps enhance the digital shopping experience in physical stores. Of late, customers demand personalized, high-quality assistance in a store as well as end-to-end connected experience to the internet environment.

The main components of a smart retail system are integration, connectivity, and big-data analytics. This allows retailers to provide their customers with products and services tailored to their preferences and help in effective client communication, which further improves customer experience and retention. The hardware segment held a significant share in the market in 2017. On the basis of application, the others segment, which includes robotics and analytics application, is estimated to gain traction over the forecast period and is expected to reach over USD 12.14 billion by 2025.

The growing use of big data analytics in order to understand the need of customers, improve customer engagement, and their shopping experience is anticipated to contribute to the growth of the market. Surging use of advanced technology such as BLE beacons, near field communications (NFC), and mPOS retailers can help enhance the customer experience as well as increase in-store data collection. This collected data can be further utilized to provide customers with products and assistance in a better manner.

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https://www.grandviewresearch.com/industry-analysis/smart-retail-market

Further key findings from the report suggest:

The visual marketing segment emerged as the largest market in 2017 and is estimated to reach USD 16.01 billion by 2025
The software segment is anticipated to witness the highest CAGR of 26.1% over the forecast period
The Asia Pacific smart retail market is expected to experience the highest CAGR during the same period. Growing adoption of smart retail solutions such as RFID, facial recognition, and big data analytics by retailers in China and Japan in order to provide ease of online shopping experience within a physical store
Key players include Intel Corporation; IBM; Samsung Electronics; Amazon; Google, Inc.; Microsoft Corporation; Softbank Robotics Holdings; Ingenico S.A.; Verifone Systems; NCR Corporation.

Payment Monitoring Market Worth $31.05 Billion By 2027

The global payment monitoring market size is anticipated to reach USD 31.05 billion by 2027, registering a CAGR of 16.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. The payment monitoring market growth trends include increase in digital payments and need for reducing money laundering, managing Know Your Customer (KYC) compliance, and Counter Terrorism Funding (CTF) activities. Hence, various organizations are focusing on deploying payment monitoring solutions to constrain illegal activities, which shuts off the cash flow and help reduce such activities.

People are becoming more digitally connected, which is driving the adoption of online transactions, hence, data control and personal identity theft have become a major concern for online retailers. Furthermore, the cyber thefts by hackers and cybercriminals are growing at an alarming rate, which costs companies several billion dollars each year. The high-level risk of identity theft and data loss can be reduced with the usage of payment monitoring solutions. Thus, the rising need for protection against cyber frauds will drive market growth during the forecast period.

The transaction monitoring market is witnessing the development of innovative technologies that aim to improve these solutions. Vendors are incorporating Artificial Intelligence (AI) in payment monitoring to create services more secure and smarter. Smart AI enabled payment monitoring solutions are equipped with features such as intrusion detection, network threat detection, behavioral analysis, and object classification. Thus, the integration of blockchain and AI technologies with payment monitoring solutions will propel market growth over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/payment-monitoring-market

Further key findings from the report suggest:

The watch list screening segment is forecasted to witness remarkable growth over the next eight years, as it enables organizations to efficiently and effectively screen their customers to successfully meet anticorruption, export control, anti-bribery, and other legal regulations as well as all AML and CTF legislation
The support and maintenance service helps clients understand their solutions and related processes. With the evolving business requirements, clients are looking for innovative solutions and services to manage their IT infrastructure and hence the companies require support and maintenance. Hence, it is anticipated to expand at a healthy CAGR by 2027
The cloud management segment is forecasted to witness a higher adoption over the forecast period, as it helps to avoid the costs associated with software, storage, hardware, and technical staff. It is also helpful for organizations with stringent budgets for security investments
The Small and Medium Enterprise (SME) is forecasted to witness a higher growth rate during the forecast period, owing to the increasing data protection regulations. SMEs are small in terms of their size, but are swiftly catering to large customer base globally
The fraud detection and prevention segment is forecasted to witness a higher adoption over the forecast period, owing to the increasing use of electronic transactions and increasing level of cyber-attacks across all the regions
The retail segment is expected to grow at a rapid rate over the forecast period, owing to rise in trend of online shopping, which has increased online payments
Asia Pacific is anticipated to grow remarkably by 2027, owing to the presence of emerging economies such as India and China that have become more aware of the payment monitoring process and its benefits and started adopting them for security
The key industry participants include ACI Worldwide Inc.; BAE Systems; Fair Isaac Corporation; Fiserv Inc.; FIS; Nice Ltd.; Oracle Corporation; SAS Institute; Software AG; and Thomson Reuters Corporation

Insurance Fraud Detection Market Size Worth $9.7 Billion By 2025

The global insurance fraud detection market size is expected to reach USD 9.7 billion by 2025, registering a CAGR of 13.7% over the forecast period, according to a new report by Grand View Research, Inc. Detecting and preventing fraudulent activities is a global challenge for insurers. However, the emergence of advanced solutions such as the use of automated business rules, self-learning models, text mining, predictive analytics, image screening, network analysis, and device identification is expected to deliver actionable insights to improve claims processes. As a result, insurance organizations are adopting fraud detection solutions that not only recognize the genuine claims process but also reduce the number of false positives.

The prevention and detection of fraud capabilities are increasing with the growing awareness of perpetrators and sophisticated crimes. Global concerns about the ever-increasing cases of insurance frauds coupled with sophisticated organized crime, have signaled a need for coherent action by all insurance companies. As per a research conducted by the Federal Bureau of Investigation (FBI), the total estimated cost of insurance fraud in the U.S. is expected to be more than USD 40 billion per year. As a result, in the U.S., it has led to an increased premium of approximately USD 420 to 700 per year for the average earning family. Similarly, according to the Association of British Insurers in the U.K., insurer unearthed more than 113,000 fraudulent claims and 449,000 dishonest insurance applications, valued at USD 1.3 billion. Thus, to curb fraudulent claims coupled with the various stringent regulations set by the government, enterprises are expected to adopt these solutions in the near future. These solutions are expected to enable an enterprise to identify fraudulent activities with higher speed and accuracy, thereby improving the consumer experience by realizing fast payouts.

In the insurance sector, fraudulent activities are primarily categorized as criminal and cultural. In criminal type, professional perpetrators habitually try to identify a weak system to attack. While in cultural type, a genuine claimant is opportunistic by exaggerating a claim. With the help of data analytics, insurance companies can analyze and detect the possibility of fraudulent activities. The user can enter data, and claim applications are automatically given a score to indicate the likelihood that scam has occurred. Thus, the use of predictive modeling can potentially produce a quantified score that helps a company to understand the propensity of a scam. Monitoring the arrived score through the use of advanced solutions is expected to show more accurate and effective results than that of traditional fraud detection methods. However, relying solely on technology for suspecting the fraudulent activities to be flagged is expected to be a key challenge for the insurers. Thus, to overcome such challenges, analysts are required to initiate immediate action and follow appropriate measures to help the company reduce losses.

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https://www.grandviewresearch.com/industry-analysis/insurance-fraud-detection-market

Further key findings from the report suggest:

Solutions segment held the leading market share in 2018 and is expected to continue leading over the forecast period
Managed services segment is anticipated to exhibit the fastest CAGR of 15.6% over the forecast period
Large enterprise segment dominated the market with highest revenue share in 2018
The Asia Pacific region is anticipated to witness the fastest CAGR over the forecast period

Plant Biotechnology Equipment Market Worth $18.35 Billion By 2025

The global plant biotechnology equipment market size is estimated to reach USD 18.35 billion by 2025, according to the new report by Grand View Research, Inc. it is likely to expand at a CAGR of 12.8% over the forecast period. High demand for transgenic crops and biofuel is driving the market growth. Demand for transgenic crops has been rising owing to various benefits, such as improvement in yield, productivity, and quality of output and development of insect-resistant cultivars in crops.

In transgenic plants, one or more species are introduced in the genome using genetic engineering processes. Inserting a combination of genes in a plant makes it more productive. Transgenic plants are also produced to cater to the particular needs of the pharmaceutical sector. The advent of various genetic engineering processes is expected to drive market growth over the forecast period.

Advanced techniques, such as next-generation DNA sequencing, can be availed by breeders to boost the rate of genetic improvement by molecular breeding. Plant cell culture methods can also be used for enhancing food grain quality and increasing food production. These methods are also useful for postharvest applications of food materials. Plant biotech equipment, such as plant phenotyping equipment, cell culture equipment, and smart farm equipment, can play an instrumental role in these methods.

Advances in biotechnology and the rising use of biotech equipment for biofuel production are anticipated to further drive the growth of the plant biotech equipment market over the forecast period. Biofuel is gaining popularity due to rising crude oil prices and uncertainty in fuel supply stemming from depleting natural resources. Biofuel is considered as one of the alternatives to fossil fuels owing to its various benefits.

Biofuel can be produced domestically, can be cheaper than fossil fuels, and is also environment-friendly. Technological challenges associated with biofuel production can be addressed using biotech solutions and equipment, which in turn, is expected to boost the demand for plant biotech equipment over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/plant-biotechnology-equipment-market

Further key findings from the report suggest:

Rapidly rising global population has boosted demand for agricultural produce
Advances in technology coupled with increasing government funding have enabled the plant biotechnology industry to grow at a significant growth rate in recent years
Agriculture sector has witnessed tremendous developments in terms of advanced technologies in recent times. Usage of electronic sensors, smart devices, and other biotechnological methods have transformed conventional farming into innovative and sustainable farming
Benefits, such as high-quality crops and increased yield, facilitated by biotech equipment are expected to drive the growth of plant biotech equipment market over the forecast period
Advancements in imaging techniques are facilitating a better assessment of plant characteristics, thereby helping in developing better plant breeds.

Mining Automation Market Size Worth $6.2 Billion By 2025

The global mining automation market size is expected to reach USD 6.2 billion by 2025 at a CAGR of 7.3% during the forecast period, according to a report by Grand View Research, Inc. Increasing need to enhance accuracy and productivity of mining operations is expected to drive market growth.

Need for optimizing production costs, reducing human intervention, and changing the mining landscape are key growth-driving factors for the market. Increasing investment in digital technologies, including analytics and human-machine interactions, is also expected to be one of the key factors boosting industry growth. Furthermore, complex stages involved in supply chain activities and growing sophistication in mining operations are driving the need for automation and robotics technology in this sector.

Growing automation has led to adoption of drones as a step toward the evolution of unmanned and aerial data collection technology in mines. Automated drone systems are expected to become an essential technology in future mining automation and digitization activities.

Several companies such as Tata Steel, Rio Tinto Group, and Komatsu Ltd. are the early adopters of drone technology. Usage of these systems enables quick data collection by enhancing accuracy in designing mine plans and making necessary changes, thereby boosting operational productivity.

Changing mining landscape across the globe along with dependence on specific technologies is expected to create growth opportunities over the next few years. Such changes in operations are challenging the viability of traditional exploration and drilling technologies and processes, thereby providing opportunities for the adoption of new technologies.

Rising need for Geographic Information Systems (GIS) in mineral exploration activities has boosted market growth. GIS enables professionals to perform in-depth analysis of insights related to mineral exploration, mining conditions, and geochemical or hydrological data.

Several economies including India, Africa, and Brazil lack the potential for growth owing to use of conventional exploration techniques and equipment. Increased need for exploration in these economies with the adoption of advanced technologies is expected to accelerate demand for automated solutions over the forecast period.

Rising investments and government support, along with ongoing initiatives such as Digital Transformation Initiative (DFT) for a digital transition in the mining sector, would significantly boost the adoption of automated solutions. For instance, in 2017, the Government of Australia announced its plans to invest approximately USD 79 million to encourage medium- and small-sized miners to carry out exploration activities.

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

Further key findings from the report suggest:

The equipment automation segment is projected to expand at a CAGR of 7.5% over the forecast period. Retrofitting existing equipment with automated technology is expected to substantially contribute to segment growth
The autonomous trucks sub-segment is expected to dominate the equipment automation segment over the forecast period, on account of their increased deployment to boost productivity and safety
The metal mining application segment is expected to grow at a significant rate over the forecast period, which can be attributed to increased gold exploration activities globally
The revenue share of Asia Pacific is expected to surpass 40.0% by 2025, owing to growing penetration of automation solutions in economies including Australia and India
Prominent market players include Rockwell Automation, Inc.; Komatsu Ltd.; Rio Tinto Group; and Caterpillar Inc.
Increased investments in developing automated solutions by either launching new products or retrofitting existing equipment are some of the growth strategies adopted by key players.