Warehouse Robotics Market Worth $6.46 Billion By 2025

The global warehouse robotics market size is anticipated to reach USD 6.46 billion by 2025, expanding at a CAGR of 11% over the forecast period, according to a new report published by Grand View Research, Inc. The rapidly growing e-commerce industry and intensifying pressure on warehouses from the consumers about quick and proficient deliveries are expected to drive the growth.

The market for warehouse robotics has gained prominence in the past decade, owing to the increasing need to automate the distribution centers so as to attain efficacy, reduce operational costs and time, and ease the labor-intensive tasks. Robots assist in reducing the time of order-to-delivery stretch, consignment packaging errors, and the need for the reverse supply chain. Businesses are continually investing in automation systems for their facilities to address concerns, such as high turnover of people and labor shortage.

The flourishing start-ups in the Asia Pacific-particularly in India and China-primarily involved in the e-commerce sector, are generating more demand for warehouse robotics owing to the growing consumer trend of online shopping and dynamic funds provided by the venture capitalists. Companies are expected to be highly inclined toward deploying mobile robots, owing to their inherent ability to navigate in the facility by deciding an optimum route without human supervision by using sensors.

The demand for robotic systems in material handling is expected to widen their application base. The continuous innovations which help them to enhance logistics processes, have greatly assisted in countering the lack of productivity associated with aging workforce. Moreover, robotic technologies are evolving in competencies and turning out to be more affordable. Hence, the warehouse robotics market is anticipated to witness substantial growth over the forecast period.

However, factors the growth of the global warehouse robotics industry, which include the threat of job replacement and safety-related concerns may hinder the market growth in the forthcoming years.

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https://www.grandviewresearch.com/industry-analysis/warehouse-robotics-market

Further key findings from the report suggest:

The mobile robots product segment is projected to expand at the fastest CAGR from 2019 to 2025, due to the growing deployment of Automated Guided Vehicles (AGVs) and autonomous mobile robots in the warehousing industry owing to their better capability of enhancing the facility throughput
The Warehouse Control Systems (WCS) and Warehouse Execution System (WES) software segments are anticipated to witness rapid growth over the forecast period to manage and control the flow of inventory on several automation systems in a real-time manner and manage most of the supply chain operations
Asia Pacific and Middle East and Africa are expected to witness a substantial CAGR in near future, owing to the focus of governments on digital revolution and next-generation technologies, hence, fast-paced progress by leveraging the skills offered by robotic systems
The warehouse operators require on-demand automation, real-time monitoring, and natural navigation of robots to ensure enhanced safety in their facilities

Digital Forensics Market Worth $4.24 Billion By 2026

The global digital forensics market size is expected to reach USD 4.24 billion by 2026, exhibiting a CAGR of 12.3% during the forecast period, according to a new report by Grand View Research, Inc. Rising internet penetration, advancements in computing technology, and instances of cyberattacks are some of the key growth driving factors. Additionally, increasing demand for sophisticated cybersecurity tools to detect and investigate cyberattacks and financial frauds among large as well as small and medium enterprises is expected to drive the market growth.

Digital forensic tools assist in lost data analysis, reconstruction, and evidence collection from digital devices. Enterprises across the globe focus on adopting these tools to identify and avoid cyberattacks. The enterprises have to follow several regulations and compliances regarding consumer data privacy, such as General Data Protection Regulation (GDPR), California Consumer Privacy Act of 2018 (CCPA), and Personal Information Protection and Electronic Documents Act (PIPEDA), among others. This is expected to encourage the adoption of digital forensic solutions and services.

The foremost application of digital forensics is found in private and criminal investigation. Factors, such as rising internet penetration, usage of electronic devices, and smart devices, among others have led to a surge in cyberattacks across the globe. Rising intensity of cyberattacks is anticipated to further propel the demand for digital forensic tools over the forecast period. Digital forensics tools are increasingly being used to resolve issues related to cyber threat in the enterprises. The tools aid in investigating data stored in digital devices, examine suspect data, and then use it as a digital evidence in the court.

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

Further key findings from the report suggest:

The service segment is expected to expand at the highest CAGR of 13.1% over the forecast period, as the services provide broad reporting capabilities for authenticating the regulatory compliance with security policies for users
The cloud forensics segment is anticipated to expand at the fastest CAGR of 13.3% over the forecast period, attributed to rising adoption of cloud technologies in enterprises globally, which have led to a rise in number of cyberattacks
Review and reporting segment is expected to register highest growth over the forecast period as it provides effective evidence analysis and also helps jurists make fact-based decisions
In BFSI sector, digital forensics solutions and services are being widely adopted owing to increasing number of financial frauds and rising demand to investigate these frauds globally
North America dominated the market in 2018 and is expected to maintain its dominance over the forecast period, attributed to presence of large number of digital forensics solution and services providers and robust infrastructure for adopting these solution and services
Key players in the digital forensics market include Guidance Software Inc.; LogRhythm Inc.; Accessdata; Paraben Corporation; FireEye Inc.; Digital Detective Group Limited; MSAB; and Oxygen Forensics Inc.

Workplace Transformation Market Size Worth $41.5 Billion By 2027

The global workplace transformation market size is expected to reach USD 41.5 billion by 2027, registering a CAGR of 17.0% from 2020 to 2027, according to a new report by Grand View Research, Inc. The workplace transformation provides agility and flexibility to workers, improving their overall performance and productivity. Several organizations across the globe are acknowledging the need for transforming their workplace, which in turn is expected to boost the market. Further, the adoption of supporting technologies such as endpoint security and remote accessibility is allowing employees to cooperate more effectively, regardless of their location, is a major factor enabling market growth.

Workplace transformation is the mixture of real estate, human behavior, and latest technology resulting in overall cost optimization with the flexibility of cooperative environment facilitating innovation and efficiency. In the contemporary competitive and modern-day workstation, the workplace transformation ensures that applications are transferred from a centralized location to an isolated environment on the targeted device. By enabling a connected enterprise, the organizations ensure free environment, in which, shared data and knowledge is always accessible. This, in turn, is helping to increase business velocity and agility and is further propelling market growth.

The advancement in mobile technologies and changing workforce demographics is driving the market. Workforce satisfaction is increasingly becoming the focus area of organizational strategies. Companies across industries are adopting comprehensive workplace transformation services that enable virtualization, collaboration, mobility, employee productivity, and employee satisfaction. With these services, organizations are providing immediate access to business-critical data and enterprise applications on various devices, such as tablets, smartphones, and laptops, while preserving security constraints. Thus, with the growing technological advancements, the workplace transformation market is expected to experience significant growth.

In early 2020, due to the widespread outbreak of Coronavirus disease (COVID-19), governments across the globe initiated steps such as ‘self-quarantine’ and ‘social distancing’, due to which, organizations accentuated their focus on framing and adopting work from home policies to combat the spread of the pandemic. This necessitated organizations to provide secure and stable access to enterprise architecture and collaboration tools, subsequently driving market growth. Even beyond a pandemic, it is imperative that businesses should be supported by the latest technologies to streamline the processes and mitigate such risks proactively. Hence, enabling workplace transformation services becomes essential for ensuring business continuity.

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https://www.grandviewresearch.com/industry-analysis/workplace-transformation-market

Further key findings from the report suggest:

The workplace automation service segment is anticipated to grow rapidly over the forecast period. Workplace automation services support organizations to better understand user requirements and organizational data to address business issues and improve workforce environment.
The small and medium enterprise (SME) segment is forecasted to witness phenomenal growth, owing to the rapid growth of SMEs in emerging economies such as India and China and the increasing proliferation of IT services.
The healthcare segment is expected to witness the highest CAGR from 2020 to 2027. This can be attributed to the increasing focus of the healthcare providers towards improving the patient care by implementing digital processes and technologies.
In Asia Pacific, the workplace transformation market is anticipated to grow at a significant rate owing to the growing demand for mobility solutions on account of robust adoption of smartphones and cloud-based solutions.
The key industry participants include Accenture PLC; Cisco Systems, Inc.; Atos; Hewlett Packard Enterprise Development LP (HPE); NTT Data Corporation; Capgemini; Unisys Corporation; IBM Corporation; Citrix Systems; and Intel Corporation.

Commercial Kitchen Appliances Market Worth $131.77 Billion By 2027

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

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

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

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

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https://www.grandviewresearch.com/industry-analysis/commercial-kitchen-equipment-appliances-market

Further key findings from the report suggest:

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

Immersion Cooling Market Worth $855.2 Million By 2027

The global immersion cooling market size is projected to reach USD 855.2 million by 2027, registering a CAGR of 22.8% during the forecast period, according to a new report by Grand View Research, Inc. Rising investments in data center infrastructure along with the increasing power consumption are expected to surge the product demand.

With the rapid development of internet of things (IoT), virtual reality (VR), 5G, artificial intelligence (AI) and the commercial application of the new cutting edge technologies, the demand for information interaction and data processing is increasing which has sped up the construction of new data centers resulting in creating opportunities for product manufacturers in recent times.

Rising investments in single assets and portfolios, increasing capitalization rates for stabilized data centers, an increase in the worldwide spending on public cloud services and infrastructure, and various government initiatives such as “Digital India” are expected to stimulate the demand for immersion cooling systems in the forthcoming years.

Single-phase is expected to maintain its dominance over the forecast period, on account of its low system, tank and coolant cost; high coolant heat capacity; high dielectric strength; high biodegradability, and low environmental impact or Global Warming Potential (GWP) in comparison to two-phase immersion cooling systems.

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https://www.grandviewresearch.com/industry-analysis/immersion-cooling-market

Further key findings from the report suggest:

In terms of revenue, the two-phase immersion cooling system is projected to expand at a CAGR of 23.4% owing to higher energy efficiency and energy savings, improved reliability, lower maintenance requirement, and deployment flexibility of the product
High-performance computing contributed 35.8% to the overall market share in 2019 as they provide advantages for organizations that need a vast amount of computing power from their cloud providers
Cryptocurrency mining application segment is expected to witness a CAGR of 24.6% over the forecast period, owing to enhanced transactional security, quick international transfers, decentralized system, and protection from fraud
Asia Pacific is projected to witness robust growth over the forecast period due to the increased demand for data centers, rising power consumption, and an increasing number of AI application-driven startups
The immersion cooling market has been witnessing key developments in terms of technological advancements and sustainability wherein the companies have been optimistic in developing strategies to gain a competitive advantage

CNC Machines Market Worth $117.17 Billion By 2027

The global computer numerical control machines market size is expected to reach USD 117.17 billion by 2027, registering a CAGR of 7.3% from 2020 to 2027, according to a new study by Grand View Research, Inc. The rising need for reducing the operating costs, manpower, and errors in the components has led to the growth of automation and demand for computer numerical control (CNC) machines. Technological advancements are driving the use of CNC machines for developing the most intricate models/components with a definitive finish. This has subsequently led to a rise in the implementation of CNC technology in lathe, milling, laser, grinding, and welding machines.

The integration of CNC machines with Computer Aided Manufacturing (CAM) is instrumental in reducing the time required for manufacturing of workpieces and enable hassle-free production of components. The commercial demand for advanced compact size CNC machines with automatic tool changers and multi axis machining technology, is on rise. Numerous large manufacturing units and plants are increasingly adopting CNC lathes to perform cutting, drilling, knurling, deformation, facing, and turning operations.

Various milling tools are being introduced in the CNC machine market, for instance, the Poly Crystalline Diamond (PCD) tools and solid carbide tools. These tools offer increased efficiency and versatility while performing operations at the shop floor. The new tools also offer durability, resistance towards high temperatures, and enable better machining with reduction in vibrations, wear, and noise.

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https://www.grandviewresearch.com/industry-analysis/computer-numerical-controls-cnc-market

Further key findings from the report suggest:

Milling machines is anticipated to emerge as the fastest growing type segment over the forecast period, owing to features such as multi-functionality and reduced time requirements of these machines.
Automotive is anticipated to emerge as the fastest growing end-use segment over the forecast period, attributed to growing demand for components with fine finish and reduced production time
Asia Pacific is expected to continue its dominance in computer numerical control machines market over the forecast period, attributed to the increasing number of manufacturing units in the region
The key market participants are Amada Co., Ltd.; Fanuc Corporation; Amera Seiki; Dalian Machine Tool Group (DMTG) Corporation; Datron AG; Haas Automation, Inc.; Hurco Companies, Inc.; Okuma Corporation; DMG Mori; Shenyang Machine Tool Co., Ltd. (SMTCL); and Yamazaki Mazak Corporation

Webcam Market Size Worth $11.60 Billion By 2027

The global webcams market size is expected to reach USD 11.60 billion by 2027, expanding at a CAGR of 8.2% from 2020 to 2027, according to a new report by Grand View Research, Inc. Webcams can be connected to laptops and desktops for real-time recording at any given location. Growing need for security and surveillance systems to capture intruders, trespassers, and miscreants in commercial as well as residential premises is expected to drive the product demand over the forecast period.

These devices are widely being deployed in the corporate sector for video conferencing and telecommuting for more accessible communication with counterparts at distant locations. Hence, key market participants are emphasizing on new model launches and technological advancements to cater to the demand for devices with higher recording, streaming, microphone, and zoom quality.

For instance, in December 2019, Logitech launched a 4K Ultra HD webcam for Mac Pro with Right Light 3 technology, enabling automatic adjustment of lightening conditions for better video quality. Moreover, emergence of advanced video cameras with the capability of connecting the entire conference of people to a single user is propelling market growth.

Furthermore, multiple attributes of webcam technology have extended its scope in the healthcare sector to assist the patients suffering from chronic diseases and emergency situations. These devices are highly being utilized for the telehealth consulting services as they provide simplified connectivity between patients and healthcare professionals through video conferencing on mobile devices or laptops.

Owing to the COVID-19 pandemic, governments of the profoundly affected countries have already announced national lockdowns and are mandating the public to maintain social distancing. Webcams are being used for communication and live virtual events due to in-home isolation worldwide for minimizing the social and economic impact of the outbreak. For instance, leaders of the G20 countries held a video conference summit for a discussion on preventive measures to be undertaken to reduce the impact of the current global pandemic.

Furthermore, governments are using Unmanned Aerial Vehicles (UAVs) for surveillance purposes as mobility restrictions are tightening worldwide owing to the COVID-19 pandemic. For instance, the State Police of Western Australia announced the deployment of drones for remotely monitoring recreational sites to ensure if people are following social distancing guidelines. In the light of the current scenario, market demand is expected to boost over the forecast period.

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

Further key findings from the report suggest:

By technology, analog webcams accounted for over 60.0% share of the total revenue in 2019
Based on distribution channel, e-commerce is expected to expand at the highest CAGR of 11.9% in terms of revenue from 2020 to 2027
In 2019, North America accounted for the largest revenue share of over 35.0%
Asia Pacific is expected to witness a significant increase in the product demand during the forecast period.

Digital Transformation Market Size Worth $1,392.91 Billion By 2027

The global digital transformation market size is expected to reach USD 1,392.91 billion by 2027, registering a CAGR of 22.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The growth is attributed to the increasing necessity for introduction of innovative solutions that are capable of engaging customers or employees to integrate process, data, IT, and business. Furthermore, the increasing demand for the adoption of Internet of Things (IoT) and other advanced technologies is propelling the growth.

Digital transformation allows organizations to tackle disruptive changes such as marketplace fluctuation and corporate restructuring, occurring in their markets and customer base by designing new products, services, and business models leveraging digitalization. These newly designed solutions are generally a mix of digitally stored historical information about business activities and the customers Furthermore, they facilitate the transformation of traditional processes, business activities, and models to take advantage of the upcoming changes and opportunities of digital technologies.

Due to rising digitization and urbanization across the world, businesses are switching to using technology driven solutions to meet the rapid pace of business growth. The use of cloud technology enables various Small and Medium Enterprises (SMEs) to adopt modern Digital Experience Platforms (DXP) at affordable prices without the need to constantly upgrade or replace the systems. Moreover, factors such as optimization of end-to-end customer experience and improvement in operational flexibility are promoting the growth of digital transformation along with the recognition of new revenue sources.

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

Further key findings from the report suggest:

The social media solution segment is anticipated to expand at a rapid CAGR of above 20% over the forecast period. The advent of mobile technology, has transformed the social media, is driving the growth
Post the implementation of digital transformation solutions, organizations require support and maintenance services from their vendors. This is expected to increase the demand for the professional services over the forecast period
The hosted deployment segment is anticipated gain momentum owing to advantages such as convenience, lower cost, and better security
The large enterprises segment is expected to witness significant growth over the forecast period as large enterprises are focusing on increasing productivity and efficiency of workers by using digital transformation solutions
The healthcare segment is expected to witness phenomenal growth from 2020 to 2027. This can be attributed to the increasing focus of the healthcare providers towards improving the patient care by implementing digital processes and technologies
The demand in Asia Pacific region is anticipated to expand at a significant CAGR and reach USD 379.95 billion by 2027, owing to the growing demand for the application of IoT

Cyber Security Market Size Worth $326.4 Billion By 2027

The global cyber security market size is expected to reach USD 326.4 billion by 2027, registering a compound annual growth rate (CAGR) of 10.0% from 2020 to 2027, according to the new study conducted by Grand View Research, Inc. The rising number of cyber-attacks across networks, applications, and endpoints severely impact organizations in terms of both losses of sensitive data and costs associated with it. Moreover, the increased usage of Internet of Things (IoT), cloud computing environment for improved data sharing and storage, and the rising trend towards the digital business transformation expose cases of cyber espionage, phishing, and other security incident breaches. The magnitude of such sophisticated cyber threats is compelling every industry and businesses to secure their networks, protect their data, and enhance their systems to detect threats in advance.

The cyber threat landscape is continuously evolving with the advancement in technologies such as blockchain technologies, online payment transaction models, digital file-sharing platforms, and digital collaboration and marketing tools. Such technologies increase the potential risk factors for cybersecurity threats. This is due to the influx of the high volume of user traffic that shares sensitive data such as transaction information, demographics, and psychographic information across the web. According to Verizon’s Data Breach Investigations Report published in 2020, 86% of the overall breaches were financially motivated, and 22% of the overall breaches involved phishing. On the other hand, 37% of the overall breaches involved were of stolen or used credentials. With rising cases of data breaches, cybersecurity vendors are increasingly investing in analytics, data science models, and predictive machine learning technologies to detect, block and quarantine device vulnerabilities at real-time.

The increasing malware attacks, cybercrimes, and online threats across public and private organizations have increased emphasis on data protection, privacy, and compliance. Governments and regulators are setting new rules and standards for the enterprises to adhere to industry risk and compliance regulations such as the GDPR, the California Consumer Privacy Act, the HIPPA, and the Electronic Communications Privacy Act on account of data privacy and protection. Companies failing to adhere to such obligations can potentially face hefty fines and penalties, as well as the risks of tarnishing their reputation. Additionally, regulators and government authorities are also actively collaborating with cyber security vendors to implement safety standards and data protection guidelines. For instance, in January 2020, the Dubai Financial Services Authority in collaboration with Palo Alto Networks, Kaspersky, Cofense, and Dubai Electronic Security Center, and Computer Incident Response Centre Luxembourg set up a special platform to help financial services combat the rising risks of cyber threats.

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

Further key findings from the report suggest:

The services segment accounted for the largest market share in 2019, owing to the growth in managed security services that help delivering security protection as security-as-a-service model
The infrastructure protection segment growth can be attributed to the increasing cyber breaches in physical infrastructures and the need to protect IT networks
Large enterprise segment is expected to account for the largest revenue of USD 219.29 billion by 2027 owing to the presence of increased cloud computing network infrastructures, IoT endpoints, and the need to comply industry standards.
The Healthcare industry vertical is expected to emerge as the fastest-growing segment over the forecast period.
The North American regional market accounted for the largest revenue share in 2019 and is anticipated to dominate the market over the forecast period.

Data Monetization Market Worth $7.34 Billion By 2027

The global data monetization market size is expected to reach USD 7.34 billion by 2027, registering a CAGR of 24.1% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Data monetization is a strategy used by several organizations to increase their revenue. It is the process of utilizing data to obtain quantifiable economic benefits. There are two types of data monetization techniques, direct data monetization, and indirect data monetization.

There are several types of data monetization methods wherein organizations use data to discover new customers and business opportunities. These data monetization methods are data as a service, insight as a service, analytics-enabled platform as service, and embedded analytics. The analytics-enabled platform as a service method is anticipated to witness significant growth as it provides real-time access to data on the cloud along with consistent triggers/alerts.

Data monetization is expected to be a catalyst for several brands as it enables them towards becoming a pioneer in data-driven principles. It creates new revenue streams for organizations. Additionally, it also promotes companies to reduce operating costs and overall general expenses and enables them to take adequate actions in improving their sales. Several end-use industries have leveraged the benefits of data monetization, and many more are moving towards data monetization.

For instance, data monetization offers geofencing and geotargeting in the retail and tourism industries. For the healthcare sector, government, and advertisement agencies, it ensures density planning and traffic flow. Similarly, it provides fraud detection for credit card companies and financial institutes. It offers smart targeting, Internet of Things (IoT), click-stream insights for digital and brand advertisers, and several other companies. Such factors are anticipated to power market growth over the forecast period.

However, factors such as data security and privacy, rising complexities in data structures, and varying regulatory policies are anticipated to hinder the market growth over the forecast period. Nevertheless, data monetization is capable of identifying and mitigating risk, improving compliance, streamlining planning and decision making, and creating a competitive advantage in the market. It has significantly shadowed market hindering factors and has enabled organizations to take adequate measures.

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https://www.grandviewresearch.com/industry-analysis/data-monetization-market

Further key findings from the study suggest:

SMEs are anticipated to expand at a CAGR of over 30% from 2020 to 2027. Rising demand for BI has significantly impacted the adoption of data monetization amongst SMEs
The insight as a service segment is anticipated to expand at a CAGR of over 20% from 2020 to 2027. This is attributable to the ability of the method to combine external and internal data sources and use analytics to provide insights to customers
The manufacturing segment was valued at over USD 200.0 million in 2019 and is expected to exceed USD 1,300.0 million by 2027, expanding at a CAGR of over 24% from 2020 to 2027. This is attributed to the rising usage of data monetization in the automotive industry
For instance, in the automotive industry, data monetization ensures several benefits, such as tracking in case of real-time diagnostics and predictive maintenance. Technological advancements and increased digitalization resulted in easy tracking of vehicle performance. The implementation of IoT, telematics, and automation is also expected to increase the market demand in the industry