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.

Edge Computing Market Worth $43.4 Billion By 2027

The global edge computing market size is anticipated to reach USD 43.4 billion by 2027, exhibiting a CAGR of 37.4% over the forecast period, according to a new report by Grand View Research, Inc. 5G technology is expected to act as a catalyst for market growth. Applications using the 5G technology are expected to change traffic demand patterns, enabling technology growth avenues for the telecom providers. The cloud leaders see this as a threat and have started investing in the edge ecosystem by engaging in partnerships with telecom companies. It’s quite evident that 5G and its probable benefits have the potential to create a powerful network based on the technology that is expected to reorganize the industry architecture.

The rise in the adoption of the technology by telecom companies is expected to embrace new opportunities in Multi-access Edge Computing (MEC) market space. MEC allows companies to mitigate network congestion and ensure higher application performance by bringing processing tasks and running applications closer to the cellular customer. Furthermore, the implementation of MEC at mobile base stations or edge nodes is expected to facilitate the rapid and flexible deployment of new services and applications for customers, which promises healthy market growth.

Furthermore, there has been an anticipated wave of micro Edge Data Center (EDC) capacity that differs from the large centralized data centers to support the centralization of hyperscale computing. These data centers are expected to range from small clusters of the edge cloud resources located on a streetlight to a few racks located in a shelter at the base of a cell tower or inside buildings. Additionally, the 5G networks use EDC to provide efficient local data services, which enables the EDCs to redirect edge traffic away from the carrier networks to local public internet networks. Also, various start-ups such as EdgeMicro is in the process of deploying commercial mini data centers for IT computing stack, redundant cooling, fire suspension, and biometric security.

The development of edge Artificial Intelligence (AI) is continually expanding due to the increase in the number of connected devices globally, which is expected to propel edge computing market growth over the next few years. Edge AI is expected to allow real-time operations, including data creation, reducing power consumption, and reduce the costs for data communications for wearable devices and self-driving cars. Various companies such as NVIDIA Corporation; Google Inc.; and Intel Corporation are developing processors specifically designed for the computing technology to accelerate the inferencing process. For instance, Atos SE launched AI-enabled high-performing server based on the technology to manage data. The installed BullSequana Edge Server steadily processes and manages IoT data, close to the source where it is generated.

North America dominated the market in 2019 and accounted for largest share in terms of revenue. The growth is attributed to rising adoption of the technology among manufacturers in U.S. Increasing number of startups developing advanced business solutions based on the technology is driving the market in the region. Asia Pacific is anticipated to witness highest CAGR over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/edge-computing-market

Further key findings from the report suggest:

The software segment is envisioned to witness the fastest growth due to large scale deployment of edge computing-based software stack platforms
The data center segment is expected to grow the fastest over the forecast period owing to the growing trend to shift from a centralized cloud server to edge server on account of reduced latency
The Asia Pacific region is expected to emerge as the fastest-growing regional market owing to the advent of 5G in the region and rising uptake of IoT-backed applications
Some of the key players in the edge computing market are Amazon Web Services (AWS), Inc.; Belden Inc.; Cisco Systems, Inc.; Digi International Inc.; Hewlett Packard Enterprise Development LP; Intel Corporation; Microsoft Corporation, and IBM Corporation.

Smart Manufacturing Market Size Worth $514.3 Billion By 2027

The global smart manufacturing market size is estimated to reach USD 514.3 billion by 2027, registering a CAGR of 11.8% over the forecast period, according to a new study by Grand View Research, Inc. The growing adoption of digital technologies such as industrial IoT, autonomous robots, and big data analytics, to enable the fourth industrial revolution are the prime driving factors for the market growth. Moreover, growing emphasis on increasing production efficiency and gaining visibility across the entire value chain will also boost the prospects of smart manufacturing. In addition, availability of advanced technologies such as 3D printing, manufacturing execution systems (MES), and plant asset management solutions to small and medium enterprises is further accelerating the market growth.

The positive impact of government initiatives and investments to promote smart manufacturing adoption has been one of the most influential factors driving the market. The fact that both industrialized countries and developing economies are aggressively pursuing this avenue is expected to further propel the growth. For example, China is reportedly investing over USD 3 billion for advanced manufacturing under the Made in China 2025 program. Similarly, SAMARTH Udyog Bharat, Industry 4.0, initiative is being promoted by Indian government to transform the manufacturing industry in the country.

Automotive and aerospace and defense industries are the leading growth avenues for solution providers with industries such as oil and gas and industrial equipment manufacturing rapidly scaling their digitalization efforts. Moreover, by implementing smart technologies such as 3D printing, American auto manufacturer General Motors (GM) claims to save more than USD 300,000 in 2019. To drive this technology, GM has entered into a partnership with Autodesk Inc. to produce economical and lighter vehicle parts using 3D printers. With the proliferation of 3D printing, simulation, and modeling in manufacturing and design, these industries are expected to continue to maintain a significant growth rate over the forecast period. Though numerous solutions are available in the market, digital twin and real-time analytics are anticipated to spearhead the penetration of digitalization in these industries.

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

Further key findings from the report suggest:

The software segment is likely to emerge as the fastest growing segment over the forecast period. Increasing demand for factory automation software for varied uses such as factory control, connectivity, quality check, and testing and inspection will foster the segment growth
The MES, 3D printing, and machine vision technology segments are likely to grow rapidly owing to production of industrial goods with high speed, increased precision, and improved quality. Companies that offer consumer products, automotive components, and medical devices are likely to benefit from the utility of 3D printing with machine vision and Artificial Intelligence
The automotive end-use segment is expected to emerge as the fastest growing segment over the coming years
The Asia Pacific regional market is likely to grow at a substantial rate during the forecast period owing to rapid industrial growth, increasing foreign direct investments, and establishment of large multinational companies in the sector
Smart manufacturing is supported by various organizations and consortiums including Industrial Internet Consortium (IIC), Smart Manufacturing Leadership Coalition (SMLC), Industrie 4.0, and MESA International
Key players in the smart manufacturing market include General Electric; Siemens AG; Rockwell Automation Inc.; Honeywell International Inc.; Schneider Electric; Emerson Electric Co.; and Fanuc Corporation
Major companies such as John Deere, Harley Davidson, and General Motors have successfully implemented smart manufacturing in a bid to achieve greater efficiency and effectiveness.

Digital Health Market Size Worth $509.2 Billion By 2025

The global digital health market size is expected to reach USD 509.2 billion by 2025, expanding at a CAGR of 27.7% over the forecast period, according to a new report by Grand View Research, Inc. Growing adoption of mHealth technologies by physicians to prescribe for self-management of chronic illness, such as diabetes, has propelled the growth of the market. For instance, Glooko is specifically used for management of diabetes. Availability of such apps in smartphones makes it easier for healthcare professionals to access patient information and diagnose diseases. Furthermore, increase in penetration of smartphones and internet connectivity are the key factors driving the market.

Growing need for improving workflow efficiency in hospitals and other healthcare centers is propelling the demand for mHealth services in healthcare administration. For instance, Results SMS in Uganda is an open source SMS-based platform providing appointment reminders. It gives appointment reminders as SMS to patients. In addition, mHealth services are disseminating essential medical information to healthcare professionals, which, in turn, is driving their adoption in healthcare communities as these help in training, updating, and educating about diagnosis and treatment.

Additionally, increasing pressure from the governments to reduce cost and rising demand for improved patient care are resulting in an increase in the demand for electronic health record (EHR) system. Recent advancements in EHR technology with the inclusion of interoperability, mobile, cloud, and big data are propelling the demand for advanced EHRs in the market. Companies are increasingly investing in developing innovative technologies in EHRs, which, in turn, is expected to boost demand in the market. For instance, in 2018, Allscripts launched Avenel, which is a mobile-first, cloud based EHR that uses machine learning to reduce time in clinical documentation and works more like an app.

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

Further Key Findings from the Study Suggest:

In 2018, the mHealth technology segment held the largest revenue share owing to rising adoption of mHealth technologies among physicians and patients, increasing trend of preventive healthcare, and rising funding for mHealth startups
Digital health systems occupied the second largest revenue share in 2018 owing to rising government initiatives to promote digital health, resulting in an increased adoption of digital systems among healthcare systems
North America held the largest revenue share in 2018 owing to rapid growth in adoption of smartphones, advancements in coverage networks, rise in the prevalence of chronic diseases, and increase in geriatric population
Asia Pacific is expected to expand at the fastest CAGR over the forecast period owing to increasing penetration of smartphones and smart wearable devices and rising adoption of mHealth services
Key players operating in the digital health market include Apple Inc.; AirStrip Technologies; Allscripts; Google Inc.; Orange; Qualcomm Technologies Inc.; Mqure; Samsung Electronics Co. Ltd.; Telefonica S.A.; Vodafone Group; Cerner Corporation; and McKesson Corporation.

Wireless Display Market Size Worth $6.3 Billion By 2025

The global wireless display market is expected to reach USD 6.3 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 11.2% during the forecast period. Wireless display solutions are mainly used for streaming and mirroring multimedia content through hardware electronic devices, software suites, managed services, and operating systems. Streaming devices include dongles, modems, adapters, and various other over-the-top (OTT) devices that use wireless connectivity technologies, such as Bluetooth, Wi-Fi, and Wi-Max.

Availability of advanced display technologies, low switching costs of consumer electronics, and changing consumer preferences are fueling the demand for consumer electronics used for streaming data. Furthermore, increasing popularity of on-demand digital multimedia content and affordability of wireless connectivity & mobility solutions are expected to boost market growth over the forecast period.

Additionally, streaming devices used in enterprise ecosystem are opening new opportunities for collaborations and interactions with various stakeholders. Different commercial sectors including retail, banking, government, healthcare, and media & entertainment are investing in visual marketing, innovative customer engagement programs, and immersive & interactive support services across the ecosystem. Thus, digital transformation involving the adoption of various display technologies in commercial applications across the globe is anticipated to augment the wireless display market over the forecast period.

Over the past few years, high-speed internet connectivity to display content wirelessly has proven to be a key performance indicator to evaluate user experience in the market. Also, technical factors including lag ratio, waiting time to access data online, and transfer & display high bit-rate content volumes are likely to stir up the demand for streaming devices over the coming years.

Moreover, government initiatives across the globe are positively influencing the implementation of evolving technologies related to wireless display solutions. For instance, Made in China 2025, U.K. Digital Strategy 2017, and Digital India, among others, propose different policies and guidelines, thus offering massive growth potential to the wireless display market.

However, incompatibility among different brands of display technologies, such as Apple- and Android-based streaming devices, is likely to challenge the growth of the wireless display market. Other factors such as availability of low-cost wired display options and insufficient awareness regarding selection of ports and cables can hamper the sales of wireless display solutions.

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https://www.grandviewresearch.com/industry-analysis/wireless-display-market-analysis-market

Further key findings from the study suggest:

Widespread availability of wireless connectivity coupled with growing smartphone penetration and increasing spending capabilities of consumers in emerging economies is benefitting the growth of the market
A few other prominent trends such as adoption of streaming devices in commercial applications and soaring need for on-demand content services are poised to boost the sales of wireless display solutions over the forecast period
The software & services segment is likely to exhibit the highest CAGR over the forecast period. This growth can be attributed to spiraling demand for low-cost solutions suitable for dynamic business environments internationally
The commercial segment is expected to expand at a CAGR of approximately 13.0% over the forecast period as technological innovations support high-quality content streaming, which is ideal for diverse applications such as communication and collaboration, interactive and support services, and marketing & advertising services
The Google Cast segment accounted for a significant share in the market in 2018. It is estimated to experience the highest CAGR over the forecast period. It’s being increasingly acknowledged for the compatibility that it offers to multiple brands across the globe at a low cost
North America accounted for the largest regional market in 2018 as most of the wireless display providers are headquartered in this region
The key industry participants include Apple Inc.; Google LLC; Marvell Semiconductor Group Ltd.; Intel Corporation; MediaTek Inc.; and Roku, Inc.
Companies focus on investing in product innovation and market expansion to withstand competition and maintain their position.

Video Analytics Market Size Worth $9.4 Billion By 2025

The global video analytics market size is expected to reach USD 9.4 billion by 2025, according to a new study by Grand View Research, Inc., registering a 22.8% CAGR over the forecast period. Increasing demand for intelligent security surveillance systems, which can be used for estimating key trends and deriving patterns, is the key factor driving the market growth. In addition, increasing concerns over public safety and the use of video analytics in criminal investigations are positively impacting demand for video analytics solutions.

Apart from surveillance, video analytics solutions have also found increasing applications in the retail sector for estimating average footfall, gender bifurcation, display effectiveness, and attractiveness of shelf space. Furthermore, superstores and mega marts have started implementing these systems to gain insight into consumer behavior.

The use of advanced algorithm technology in video analytics enables the examination of captured videos frame by frame, irrespective of light exposure, thereby making video analytics a reliable and efficient choice for ensuring security. Furthermore, industries such as transportation, retail, and healthcare are witnessing a significant increase in the adoption of video analytics, owing to rising application of intrusion detection, license plate recognition, crowd management, and congestion detection in these industries.

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https://www.grandviewresearch.com/industry-analysis/video-analytics-market

Further key findings from the study suggest:

Facial recognition is expected to emerge as the fastest-growing application segment with a CAGR of 25.9% from 2017 to 2025. This can be attributed to the widening scope of facial recognition solutions for surveillance purposes at malls, events, airports, and public transport, among others
By type, the services segment is projected to register the highest CAGR of 24.0% for the next eight years. This can be attributed to increasing demand for and installation of video analytics solutions, which are, in turn, propelling demand for related managed and professional services
The cloud segment is anticipated to emerge as the most preferred deployment option for video analytics solutions as it offers flexibility and convenience, allows remote access, and provides easy maintenance
North America accounted for the largest share in 2016 and is driven by the presence of prominent market players who consistently work on developing new and innovative technologies in video analytics
The retail end-use segment is anticipated to register the highest CAGR of 25.6% over the forecast period. This may be attributed to the use of video analytics in applications such as people counting, display and promotion effectiveness, product placement and store layout, and customer preference pattern analysis
Asia Pacific is expected to experience the highest growth from 2017 to 2025, driven by emerging economies such as India and China. These nations are expected to augment their expenditure on intelligent and security surveillance systems
Key industry participants include Cisco Systems, Inc.; Axis Communications AB; Bosch Security Systems GmbH; Agent Video Intelligence Ltd.; Honeywell International Inc.; IBM Corporation; AllGoVision Technologies Pvt. Ltd.; Genetec Inc.; Aventura Inc.; and i2v System Pvt. Ltd.

Unified Threat Management Market Size Worth $10.09 Billion By 2025

The global unified threat management market size is expected to reach USD 10.09 billion by 2025 at a CAGR of 14.5% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Unified threat management (UTM) solutions eliminate the need for enhanced technical support and require fewer updates and contracts to manage network. This helps the end users to increase IT staff productivity and minimize operational costs. Latest trends, such as Bring-Your-Own-Device (BYOD), web applications, and virtualization, have compelled enterprises to prepare for emerging security risks in their networks, in addition to the growing concerns of internal and external threats. Growing number of such threats is impelling enterprises to adopt UTM solutions.

Moreover, these solutions are cost-effective and also have the ability to perform application-aware network tracking, scanning, and control. In addition, the solutions are easy to install & maintain and require lesser human intervention, which leads to further reduction in operational costs. All these factors are expected to drive the UTM market over the forecast period. Moreover, these solutions have multiple functionalities that allow consumers to reduce energy consumption and space. These benefits are further expected to contribute to the market growth. The key companies in the UTM market are focusing on developing advanced solutions that are aligned with the requirements of end users.

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https://www.grandviewresearch.com/industry-analysis/unified-threat-management-utm-market

Further key findings from the study suggest:

Virtual component segment is anticipated to register the highest CAGR of 15.2% from 2019 to 2025 due to increasing number of SMEs requiring virtual infrastructure to securely run a wide range of applications
Managed UTM segment is anticipated to register significant growth over the forecast period as these solutions eliminate the need to buy multiple appliances for enterprises and offer complete network protection
The cloud segment is projected to expand at the highest CAGR during the estimated period. It is the most preferred deployment method of UTM solutions as it allows users to remotely manage the appliance
Large enterprise is projected to be the fastest-growing segment from 2019 to 2025 due to increasing adoption of UTM solutions, which are cost-effective and easy to install & maintain in large enterprises
BFSI segment is expected to register a significant growth in future. High demand for remotely managing security system, owing to increasing number of online hacks and cyberattacks in banks, is expected to drive the segment
North America is expected to continue to dominate the global UTM market over the forecast period owing to the presence of major companies in the region
Prominent industry participants include Barracuda Networks, Inc.; Cisco Systems, Inc.; Check Point Software Technologies Ltd.; SonicWall; Fortinet, Inc.; Huawei Technologies Co., Ltd.; Untangle, Inc.; Juniper Networks, Inc.; Sophos Ltd.; and WatchGuard Technologies, Inc.

3D Printing Market Worth $35.38 Billion By 2027

The global 3D printing market size is estimated to reach USD 35.38 billion by 2027, according to the new report by Grand View Research, Inc. It is expected to witness a CAGR of 14.6% over the forecast period. 3D Printing (3DP) is also referred to as Additive Manufacturing (AM), as it involves successive addition of layers of materials in various 2D shapes using an additive process. These layered 2D shapes build upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of material and the unnecessary material is ground out to obtain the desired object.

3D printing is widely adopted in the industrial sector owing to the growing need for enhanced product manufacturing and a shorter time to market. The industrial vertical happens to be the most significant adopter of the 3DP technology and eventually leading to the highest market share of 3D printers for industrial applications over the forecast period. The additive manufacturing is anticipated to evolve with rising R&D and technological advancements.

3D printing continues to gain popularity among hobbyists and innovators. While individuals are using the technology for domestic and personal purposes, universities and educational institutes are using 3DP for conducting technical training. The market is subject to witness a considerable economical appearance rather than being just a labor-intensive industrial manufacturing technique. Particularly in developing economies, such as Brazil, South Africa, and India; machining shops have managed to adopt alternative business models by installing 3D printers and offer related services, such as 3DP materials, software, filaments, and 3D modeling.

Based on application, the 3D printing market has been segmented further into prototyping, tooling, and functional parts. Automotive, healthcare, and aerospace and defense verticals are among the leading adopters of 3D printing technology. Incumbents of these verticals have an emphasis on accuracy, enhanced product designing, reliability, shorter time to market, and economical production processes. Given that the additive manufacturing possess can offer all these benefits, the adoption of three-dimensional printers by the automotive, healthcare, and aerospace and defense verticals is expected to gain traction over the forecast period.

The 3D printing and related technologies are evolving continuously in line with the intensive R&D activities being undertaken and the aggressive investments being made by the private sector as well as the public sector. Government funding and encouraging initiatives being undertaken in developed economies are prompting manufacturers to pursue improvements in technology and the adoption of new technologies.

North America accounted for the largest market share of more than 35% in 2019 as a result of the extensive adoption of 3D printers for 3D designing, modeling, and manufacturing in various industries. On the other hand, Asia Pacific has emerged as a manufacturing hub owing to an expanding consumer base as well as the continued rise in foreign investments. Hence, the regional market is expected to witness remarkable growth over the forecast period.

The 3D printing technology happens to be a capital-intensive technology. At the same time, manufacturers are holding to their misconception about prototyping rather than realizing the advantages associated with 3D printing. Moreover, the market lacks the standard process controls and a skilled workforce required for 3D printing. These are some of the factors expected to restrain the market growth. However, government initiatives aimed at increasing the awareness and promoting the benefits of adopting 3D printers are expected to help counter the market restraints.

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https://www.grandviewresearch.com/industry-analysis/3d-printing-industry-analysis

Further key findings from the report suggest:

3D printing technology is gaining traction owing to the ability of the technology to offer accurate and rapid prototyping and optimize the time to market
Increasing adoption of 3D printers in healthcare, automotive, and consumer electronics verticals is likely to drive the market growth significantly
Demand for desktop 3D printers is expected to increase over the forecast period, as 3D printing is gaining popularity among hobbyists for domestic, household, and personal usage as well as in education sector for training purposes
Prototyping segment dominated the market in 2019 and is expected to expand its market share to more than 50% by 2027.
The polymer segment contributed to almost half of the entire industry share. However, the metal segment is expected to dominate the market in the next seven years. This is attributed to the increasing demand for metal 3D printing from industrial verticals such as automotive and aerospace & defense
The desktop 3D printing segment is expected to adopt the 3DP technique aggressively over the forecast period. It has been segmented further into educational purpose, fashion and jewelry, objects, dental, food, and others
Asia Pacific 3D printing market, which is emerging as a manufacturing hub for several industry verticals, is anticipated to grow significantly as the continued urbanization triggers the need for infrastructure and prompts the automotive, consumer electronics, aerospace and defense, and healthcare verticals to adopt 3DP, particularly in countries, including China, Japan, and South Korea
The prominent players in the market include Stratasys Ltd.; 3D Systems, Inc.; 3D Ceram; GE Additive; HP Inc.; Tiertime; EnvisionTec, Inc.; and Dassault Systemes

Maritime Satellite Communication Market Size Worth $4.74 Billion By 2025

The global maritime satellite communication market size is expected to reach at USD 4.74 billion by 2025, registering a CAGR of 8.9% over the forecast period, according to a new report published by Grand View Research, Inc. The rising need for reliable and cost-effective maritime communication services at sea is driving the market growth.Rising adoption of satellite communication for additional user-oriented services, such as entertainment, tracking and monitoring services is also expected to fuel revenue growth in the forthcoming years.

Maritime satellite communication is a crucial part of naval, commercial, leisure and oil rig and support vessels. Its services include voice calling, weather and oceanographic data access for navigation and fishing, data services for email and internet access as well as for tracking the location of the marine vessel.

Timely delivery has become a dynamic factor for the shipping industry. The industry is striving to achieve it by making high investments in R&D activities. The shipping industry uses satellite vessel tracking service to keep the shore-side operations informed about the location and to achieve timely delivery. Maritime communication services also provide distress warning whenever necessary, which is also one of the most influential factors driving the adoption of maritime satellite communication.

Technological innovation such as reduction in dish size and cost of data usage is expected to drive demand for installation of new VSAT services in place of MSS services. The adoption of VSAT with KU and KA band frequencies, will also provide immense growth opportunity for the market. Also, huge investments which are made by key manufacturers of maritime communication equipment, to introduce new comparatively cheaper satellite communication equipment is expected to boost the market. However, the high cost of equipment and satellite communication services may hinder the growth.

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https://www.grandviewresearch.com/industry-analysis/maritime-satellite-communication-market

Further key findings from the report suggest:

Naval vessel in end use segment is anticipated to register a high CAGR over the forecast period ascribing to modernization of legacy systems such as close in air defense systems, radar, and communication systems in the naval fleet
VSAT sub-segment the type segment is expected to witness higher growth than MSS owing to high data speeds, global coverage, and efficient maritime satellite communication
Asia Pacific is anticipated to witness high CAGR over the forecast period owing to increasing adoption of VSAT technologies in the merchant and cruise ships in the region
The maritime satellite communication market is oligopolistic and is dominated by companies such as, Inmarsat Global Limited; Iridium Communications Inc.; Leonardo S.p.A.; Thuraya Telecommunications Company; ViaSat Inc.; Orbcomm Inc.; KVH Industries, Inc.; Singapore Technologies Engineering Ltd; and EchoStar Corporation.

Physical Security Market Worth $292.40 Billion By 2025

The global physical security market size is expected to reach USD 292.40 billion by 2025 growing at a CAGR of 9.4%, according to a new study by Grand View Research, Inc. Increased spending on security products, equipment, and services is one of the key factors driving the market. Moreover, rapid infrastructure development across major regions is anticipated to boost the demand for premises security, thereby propelling market growth.

Increasing convergence of IT and OT technologies has increased concerns about inbuilt security operations that are added into a network. As Network Video Recorders (NVRs) and IP-based surveillance camera are network devices, they are vulnerable to becoming a target vector to get into a system. Furthermore, camera and biometrics offer robust physical security benefits. However, these devices are expected to evolve to enable safety for deployment in a critical infrastructure asset’s network. Thus, securing the converged IT & OT network is emerging as one of the top priorities for several companies.

Technological advancements in physical security systems, such as video analytics and machine learning, are also driving the market. Moreover, security hardware is also witnessing high demand on account of significant advancement in the legacy surveillance camera system. For instance, CCTV cameras that are often blurry and offer lesser features are increasingly replaced by Ultra-High Definition (UHD) cameras. The UHD cameras provide a range of advanced functionalities and features, such as 4K image resolutions, motion detection, and night vision modes, which broaden the scope of their abilities and application. Due to rising awareness about the advantages of multiple connected UHD cameras for security operation will fuel market growth.

Leveraging IoT technology to enhance physical security is anticipated to be a potential factor in driving market growth. IoT offers several ways to improve physical security and access control system. Connected sensors and devices and automated alert systems enhance the effectiveness of security products and provide robust abilities, such as intelligence monitoring, tampering alert, perimeter protection, and automobile tracking. Thus, technological development and its exponential growth are anticipated to positively impact the market dynamics over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/physical-security-market

Further key findings from the study suggest:

The services component segment is expected to continue its dominance registering the highest CAGR of 9.6% over the forecast period
Video surveillance is projected to be the largest hardware segment by 2025. However, access control is said to be the fastest-growing segment from 2019 to 2025
The system integration services segment led the global physical security market in 2018 and is likely to maintain the dominance throughout the forecast years
Government was the largest end-user segment in 2018. It projected to expand further at a healthy CAGR from 2019 to 2025
Key companies in the market include Hangzhou Hikvision Digital Technology Co., Ltd.; Honeywell International, Inc.; Johnson Control International Plc; Robert Bosch GmbH; and ADT LLC

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