Process Spectroscopy Market Size Worth $25.10 Billion By 2025

The global process spectroscopy market size is estimated to reach USD 25.10 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 7.5% during the forecast period. Growing efforts in the pharmaceutical industry to undertake advanced research and development is leading to increased adoption of various spectroscopy techniques over the forecast period.

The technology is anticipated to witness healthy growth owing to rising awareness regarding the importance of product quality among industries. Reducing operational expenditure is another factor expected to drive the market over the forecast period. Furthermore, significant R&D activities are undertaken, which have led to several drug discoveries. Increasing number of drug discovery processes is leading to a greater number of treatment options for various diseases. Treatment options include drugs as well as non-drug therapies such as surgeries and radiations.

Surging demand for spectroscopic techniques and related equipment installations across the globe are poised to augment the market over the forecast period. The process spectroscopy market is likely to witness tremendous growth over the forecast years, owing to increasing awareness of quality spectroscopic devices among end-use industries.

Technological advancements necessitate matching international quality standards, such as ISO or Six Sigma, and cost- & time-saving approaches of companies are encouraging adoption of process spectroscopic instruments. Increasing availability of counterfeit products in the market are mandating governments globally to educate masses about quality products and quality standards.

Molecular spectroscopy is a technology that is widely adopted across different application sectors including pharmaceuticals and food & agriculture. The molecular spectroscopy segment held the largest share in the market in 2017 and is projected to maintain its dominance over the forecast period.

Additionally, the Raman spectroscopy technology is gaining popularity across the agricultural sector owing to its ability to allow non-destructive extraction of chemicals and physical information about samples of fruits, vegetables, and food grains and it helps in rapid analysis of these food items. Hence, these advantages of spectroscopic techniques are attracting new applications across the food & agricultural sector, ultimately fostering the growth of the global process spectroscopy market.

Although, the considerable initial investment required for installation of spectroscopic equipment have forced industry players to pass the cost onto consumers, thereby increasing prices of process spectroscopic instruments. However, emergence of cost-effective technologies in the coming years can lead to reduction in prices of these instruments.

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Further key findings from the report suggest:

Several law enforcement authorities and government regulatory bodies imposed for betterment of product quality in the food & agriculture sector are encouraging the manufacturing & packaging industries to adopt measures to meet imposed specifications
The adoption of various spectroscopic techniques is expected to rise significantly over the forecast period in the pharmaceutical and food & agriculture segments
The Asia Pacific market is estimated to witness tremendous growth over the forecast period
The key industry participants include ABB Group, Buchi Labortechnik AG, Danaher Corporation, Shimadzu Corporation, and Sartorius AG
The prominent strategies followed by large market players include signing partnerships or distribution agreements and mergers & acquisitions along with enriching their portfolios by involving in intense R&D practices.

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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Artificial Lift Market Worth $26.5 Billion By 2025

The global artificial lift market is expected to reach USD 26.5 billion by 2025, according to a new report by Grand View Research, Inc. The industry is anticipated to gain traction owing to the increasing fossil fuel demand coupled with the rising number of mature reserves, which hold a high volume of crude oil. Furthermore, volatile oil prices are persuading oil companies to decrease the per barrel oil production cost, thereby driving the demand for EOR techniques, such as artificial lift systems, over the forecast period.

The robust demand for crude oil and natural gas has led to the depletion of onshore reserves. This has offered offshore deep-water opportunities for several companies, thus catapulting the artificial lift market size. Additionally, technological advancements have encouraged Exploration and Production (E&P) companies to increase the production of crude oil and natural gas in offshore reserves, which is anticipated to further propel demand over the coming years.

Lifting systems are used in offshore applications of deep-water gas lift wells and for subsea production to augment the productivity of wells. Thus, the rising deep-water oil production is anticipated to spur the market growth. Owing to rapid industrialization, conventional sources of oil & gas are depleting at the expense of future energy demands. This has forced companies to meet the end-user demand by focusing on unconventional gas resources. As such, unconventional gas production is considered to act as a key opportunity for players operating in the market.

The demand for energy is increasing globally. The escalating demand for primary energy in transportation, power generation, and household activities has led to increased oil & gas consumption in major economies across the globe. This has led the producers of oil & gas to dig deeper to meet the increasing energy demands, thus instigating the need for artificial lift. However, the fluctuating oil prices and impacted investments would affect market growth, owing to high equipment and capital costs.

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Further key findings from the report suggest:

The global artificial lift market exceeded USD 16 million in 2016 and is expected to grow at a CAGR of 5.7% from 2017 to 2025, which is primarily attributed to the increasing oil & gas production coupled with improving production efficiencies at mature fields.
Electrical submersible pumps are anticipated to emerge as the largest product segment over the forecast period owing to the rising demand for oil worldwide and exploration of newer onshore as well as offshore reserves.
The ever-rising population in Asia Pacific, particularly India and China, is anticipated to fuel the demand for oil & gas, which is further expected to instigate the adoption of artificial lift systems in this region.
Key players such as GE Oil & Gas, National Oilwell Varco, Weatherford Plc, Halliburton, Dover Corp., and Schlumberger Limited dominated the market in 2016 with their emphasis on expanding the market presence through mergers and acquisitions.

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Marketing Automation Software Market Size Worth $7.63 Billion By 2025

The global marketing automation software market is expected to reach USD 7.63 billion by 2025, according to a new report by Grand View Research, Inc. Marketing automation software help organizations in automating repetitive and monotonous tasks, such as emails, social media, and other website functions, to save time, costs, and efforts. The technology is helpful in generating quality leads and successfully implementing marketing campaigns. It aids a marketing team in optimal usage of time and channelize its effort in working on multiple online sources.

The email marketing segment accounted for the largest market share, in the solution category, in 2015. However, the reporting & analytics segment is expected to grow at the highest CAGR of 13.3% over the forecasted period. The technology is expected to be applied in discrete manufacturing and grow at an estimated CAGR of 11.8% from 2016 to 2025.

The manufacturing industry is benefitting from marketing automation solutions, as they help in aligning office processes (both front and back) with an ERP or CRM. North America dominated the overall market and accounted for 54% of the total market revenue in 2015, owing to the presence of a large number of leading players.

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Further key findings from the report suggest:

The email marketing segment accounted for 30% of the total market share in the year 2015
In 2015, cloud deployment was the most preferred way for deploying the technology and the segment is predicted to maintain its dominance over the next nine years.
The telecom & IT segment accounted for 23% of the total market revenue in 2015
The Asia Pacific region is expected to experience the highest growth over the forecast period, owing to the presence of emerging economies, such as India and China, which possess a large customer base. The regional market is expected to grow at a CAGR of 13.5% from 2016 to 2025.
The prominent players in the market are Act-On Software, Inc., Adobe systems, Inc., HubSpot, Inc., IBM Corporation, Salesforce.com, Inc., and Oracle, among others
A large number of vendors are acquiring other players to consolidate their market share and expand their existing portfolio

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Magneto Resistive RAM Market Worth $4.80 Billion By 2025

The global magneto resistive RAM (MRAM) market is expected to reach USD 4.80 billion by 2025, according to a new study by Grand View Research, Inc. Non-volatile memories, such as MRAM and Resistive random Access Memory (RRAM/ReRAM), are expected to replace the existing volatile memories such as Dynamic Random Access Memory (DRAM) and Static Random-Access Memory (static RAM or SRAM). The replacement would be possible due to different benefits offered by the advance non-volatile memories. The existing flash memories are facing technological limits; and their further advancements are expected to increase their costs, thus, leading to the invention of non-volatile memories that are capable of avoiding data loss on power discharge.

The standalone markets, such as wearables, embedded Multipoint Control Unit (MCU)s, smart cards, and storage class memories for enterprise storage, are expected to offer immense opportunities to the market.

The first generation MRAM and second generation Spin-Transfer Torque MRAM (STT-MRAM) are expected to replace traditional DRAMs and SRAMs. Initially, the prices associated with these memories are expected to be high, which would reduce with the increasing rates of developments.

Moreover, the increasing demand of these memories is predicted to promote the demand for equipment, used in their manufacturing. The manufacturing of these memories require specialized fabrication equipment, similar to those used in magnetic read sensors. Thus, promoting the growth of capital equipment required for manufacturing of non-volatile memories equipment.

The market may face challenges due to its complex structure and high costs of manufacturing of memories. However, these challenges can be circumvented by technological advancements and increased production.

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Further key findings from the study suggest:

The North American region dominated the market, accounting for more than 36% of the total market revenue, owing to the presence of leading players and growing R&D activities
STT-MRAM is expected to maintain market dominance due to its wide application, higher performance, thermal stability, and greater compatibility
The Asia Pacific region is predicted to emerge as the fastest-growing market due to the increased penetration of cloud computing and improvements in the present infrastructures of data centers, in developing nations
Strategic partnerships accompanied, by the increasing innovation and research & development activities, are being observed in the industry
The prominent vendors operating in the market include Avalanche Technology, Inc., Everspin Technologies, Inc., Spin Transfer Technologies, Toshiba Corporation, and Crocus Nano Electronics LLC

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Smart Cities Market Size Worth $237.6 Billion By 2025

The global smart cities market is expected to reach USD 237.6 billion by 2025, expanding at a CAGR of 18.9% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Smart cities encapsulate an overwhelming number and variety of domains and application areas that are enhanced with technological advancements and their effective use to provide services to people. Be it a major tourism hub or a small community striving to become sustainable, smart city solutions have found their way in diverse areas of urban lifestyle. Demand for city solutions is anticipated to be on the rise, owing to a number of factors such as growing urban population and need to better manage limited natural resources and environmental sustainability. Rapid urbanization, aging infrastructure, and adoption of new technology, coupled with need for improved quality of life, are also driving the industry.

The market presents a diverse set of advantages, such as efficient mobility, enhanced buildings and homes, optimum energy utilization, and better administrative services. Growing adoption of novel technologies that complement management of cities of the future is also a major catalyst in industry growth. The market also stands to benefit from initiatives taken by national and regional governments, residents, and local businesses to implement projects and tend toward cities’ problems.

The smart cities market encompasses myriad sectors such as healthcare, transport, water, assisted living, security, and energy and their implementation varies from city to city due to technological penetration in a specified region. The high amount of initial financial investments, need for consolidation of different departments and sectors, and lack of a systemic approach may have a negative impact on industry growth. Yet, the market is anticipated to grow at a rapid rate in the coming years, driven by industries’ renewed interest, availability of technology, and all-inclusive participation of industry stakeholders.

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Further key findings from the study suggest:

Communication infrastructure and web-based services are anticipated to play a major role in the industry’s stride toward global adoption. Inevitable consolidation of services, infrastructure, data, and sensors will help in the creation of truly smart cities of the future
Major hindrances in the adoption and implementation of these technologies include concerns regarding privacy and security of data
Attempts have also been made at developing consortiums to support and standardize the smart city market. However, this has been limited to certain regions and application areas due to lack of a systemic approach
The industry is witnessing different forms of investment scenarios, such as Build Operate Transfer (BOT), Build Operate Manage (BOM), and Build Operate Own (BOO), which are gaining traction as major financial funding measures for smart cities. The BOM model for investment and management is gaining popularity due to ease of operation and a combined control over infrastructure that it offers to interested parties
Key industry participants include ABB Limited; Accenture; Cisco Systems, Inc.; Schneider Electric SE; Siemens AG; IBM Corporation; and Microsoft Corporation. Other prominent players include Hitachi, Ltd.; Honeywell International Inc.; Intel Corporation; Oracle Corporation; and Huawei Technologies Co. Ltd. The industry is marked with growing number of collaborations between governments and companies to develop and implement pilot projects.

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Immersive Virtual Reality Market Worth $1.88 Bn By 2020

The global immersive virtual reality market is expected to reach USD 1.88 billion by 2020, according to a new study by Grand View Research, Inc. The industry is expected to witness profound growth over the next five years, as more consumer devices hit the market. Immersive VR headsets came into prominence during 2013 with the arrival of the Oculus Rift Developer Kit. The device is widely credited with giving the consumer VR space a kick start and creating anticipation & hype among consumers. Over the past two years, the industry has witnessed arrival of several consumer version VR headsets such as the VRTX One, Durovis Dive, Homido, and the low-cost Google Cardboard, thereby popularizing the technology.

Presently, immersive VR headsets are only partly commercialized and several consumer versions are anticipated to be launched in 2015–2016, including the Oculus Rift, HTC Vive, Sony PlayStation VR, and FOVE. GTDs and other motion tracking peripherals have also gained significant acceptance as an accessory to the HMD. Virtual reality PDWs have evolved in technology and resolution. Development and provision of CAVE systems and VR rooms for consumers are expected to boost demand for PDWs.

Technological development triggers a plethora of VR solutions with varied capabilities that allow users to experience utmost immersion. Making the VR experience more real serves as a key driver towards market penetration and adoption. Most of the available solutions are limited to head tracking leaving tremendous opportunities for the development of new technologies that increase the user’s sense of immersion and presence.

VR devices may pose inconvenience to certain users owing to their ergonomics and weight. Bulky devices offer render users with a sense of fatigue and discomfort after prolonged use. Simulation sickness is one of the greatest hurdles to be overcome, while designing VR experiences. Key stakeholders have been focusing on the issue aggressively and tackling it with extreme precision, keeping sensitivity and user comfort at priority.

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Further key findings from the study suggest:

Fully immersive technologies are expected to be the largest and fastest growing technology segment over the forecast period owing to growing popularity of wearable devices among consumers. The segment accounted for over 75% of the revenue in 2014.
HMDs dominate the global immersive VR market share. Mobile VR headsets make use of smartphones for the screen, for example, Google Cardboard, whereas integrated HMDs have inbuilt screens, for example, Oculus Rift. The segment accounted for over 60% of the revenue in 2014.
Demand in retail and medical sectors is expected to witness exponential growth over the next five years. Consumer electronics application accounted for the largest share of 45% in 2014, and this trend is expected to continue over the forecast period.s
North America immersive virtual reality market accounted for about 50% of the overall share in 2014 owing to the presence of key vendors in the region coupled with a myriad of technology giants. Affordability and availability of consumer VR continue to drive growth across regions.
Several start-ups and individuals with technological expertise have raised funds through Kickstarter and promoted their solutions through online campaigns. Consumer electronics manufacturers such as Sony, HTC, and Samsung, and technology giants such as Google, Facebook, and Microsoft have also ushered into the market with VR solutions.

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Strapping Machine Market Size Worth $6.4 Billion By 2025

The global strapping machine market is expected to reach USD 6.4 billion by 2025, growing at a CAGR of 4.9%, according to a new report by Grand View Research, Inc. globally increasing demand from Asia Pacific region has been a major factor driving market growth. In addition, significant growth in various application industries such as food & beverage, packaging, and consumer goods is further boosting the market growth.

Strapping machines are extensively used in the packaging industry for the strapping or wrapping of goods as packages held tight & together have a longer shelf life. Growing need for safe shipping of the various products from applications such as food & beverages, consumer appliances, household appliances, newspaper and other merchandises goods are fueling the demand for the strapping machines over the forecast period.

Semi-automatic was the largest category in 2016 and the trend is expected to continue over the forecast period. Semi-automatic strapping machines are extensively used owing to its reduced maintenance cost, adjustable height, strap variety, and high tension control.

Asia Pacific is expected to continue its domination over the forecast period primarily driven by the presence of major economies such as India, China, Japan, and others. Asia Pacific expected to experience the fastest growth over the forecast period with an estimated CAGR of 5.6% from 2017 to 2025.

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Further key findings from the report suggest:

Globally, polypropylene (PP) as a strapping material is projected to experience significant growth in terms of revenue growing at a rate of 5.5% between 2017 and 2025. The growth can be attributed to rising demand from the packaging industry and growing need for increasing shelf life of goods.
Asia Pacific accounted for the largest market in 2016 with an estimated revenue of USD 1.4 billion and the growth is expected to be fueled significantly owing to the presence of major economies such as India, China, and Japan. China held the largest market share in 2016 and is expected to witness higher growth rate for strapping machines due to increasing purchasing power parity and growing packaging industry.
Key players in the market includes Dynaric Inc., Samuel Strapping Systems, Signode Packaging Systems Corporation, Fromm Holdings AG, Messersì Packaging S.r.l., Mosca GmbH, Polychem Corporation, MJ Maillis S.A., StraPack Inc., Strapex Group, Transpak Equipment Corp., and others. The major players in the market are working together to form joint venture, partnerships, collaborations which would enable them to maintain the market share over the forecast period.

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Voice & Speech Recognition Software Market Worth $31.82 Billion By 2025

The global voice and speech recognition software market size is anticipated to reach USD 31.82 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 17.5% during the forecast period. The market is anticipated to witness an upsurge in the adoption of voice activated systems, voice-enabled devices, and voice-enabled virtual assistant systems owing to the rising application in the banking and automobile sectors. The escalating need to counter fraudulent activities and to enhance security in the banking sector is projected to boost the adoption of voice biometrics for user authentication.

Automobile sector is expected to gain momentum owing to advancements in technology and emergence of innovative concepts such as autonomous and connected cars. Integration of voice-activated software in future cars is anticipated to drive demand for technologies such as noise abatement for selectively ignoring driving and passenger noises for providing an error-free and seamless experience to the operator.

Voice recognition is also a core technology widely used in healthcare sector to enhance the Electronic Health Record (EHR) systems by providing an ease to the doctor to speak and keep the records instead of manual typing or writing. In 2018, the healthcare vertical held the largest market share and is expected to grow significantly over the forecast period.

Artificial Intelligence (AI)-based voice and speech recognition software is expected to expand at a high CAGR owing to the continuous development of machine learning techniques and integration of connected devices with personal assistants. For instance, Dragon Drive is a personal assistant developed by Nuance Communication Inc. that integrates various household appliances, cars, and smartphones that can be connected to a hub through the internet. Thus, an individual can get alerts about daily chores, work schedules, traffic updates, and many more alerts through the Dragon Drive.

However, the lack of accuracy of these technologies in recognizing the regional accents and dialects is expected to limit the growth of the voice and speech recognition software market. Additionally, sentiment analysis using the changes in the pitch of the voice is anticipated to provide growth opportunity to the market in the forthcoming years.

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Further key findings from the report suggest:

Rising trend in development of artificial intelligence-based system is expected to be the key factor driving the market over the forecast period. Leveraging deep learning algorithm in voice and speech solutions for better search results is expected to be the key growth driver for AI-based technology segment
Deployment of speech recognition solutions in consumer and retail verticals is anticipated to lead to the high market growth, attributed to the changing lifestyle in several countries including U.S., Germany, and U.K. Growing adoption of smart electronics in India, China, Japan, and Brazil is also likely to drive growth in consumer vertical
North America led the market, in terms of revenue, representing over 36% of the total market share in 2018. Additionally, North America and Asia Pacific are anticipated to witness a considerable growth owing to the presence of several U.S.- and China-based players, such as Apple, Inc.; Facebook, Inc.; Baidu, Inc.; Amazon.com, Inc.; and Alphabet, Inc.; working toward the development of this technology
Key companies operating in the voice and speech recognition software market include Advanced Voice Recognition Systems, Inc.; Agnitio S.L.; Amazon.com, Inc.; Api.ai; Apple, Inc.; Anhui USTC iFlytek o., Ltd.; Baidu, Inc.; BioTrust ID B.V.; CastleOS Software, LLC; Facebook, Inc.; Google, Inc.; International Business Machines Corporation; JStar; LumenVox LLC; M2SYSLLC; Microsoft Corporation; MModal, Inc.; Nortek Holdings, Inc.; Nuance Communications, Inc.; Raytheon Company; SemVox GmbH; Sensory, Inc.; ValidSoft UK Limited; VoiceBox Technologies Corporation; and VoiceVault, Inc. These players focus on integrating the artificial intelligence technology, to build superior products that would increase their user customer base.

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IoT Market is expected to grow at 15.2% CAGR from 2015 to 2022

The Internet of Things (IoT) market was worth USD 605.69 billion in 2014 owing to rising requirement for internet connectivity worldwide coupled with technological advancements. The emergence of start-ups in different industries to satisfy growing need of consumers is anticipated to result in increasing venture capital investments. The market is estimated to grow at 15.2 % to reach over USD 1.88 trillion by 2022.

IoT market is projected to increase at a significant pace on account of its ability to improve efficiency and enable new services. IoT connects devices including industrial equipment and consumer electronics through a network that allows users to gather information and manage devices via software. Key factors that are expected to propel future growth include improving connectivity and internet access, data processing requirements and decreasing costs of internet enabled sensors. In addition, the market is likely to witness significant growth opportunities over the forecast period owing to increase in demand for gadgets such as wearable devices and futuristic elements including connected homes, vehicles, and cities coupled together with industrial internet of things (IIoT)

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The absence of universally accepted standards that give rise to security and privacy issues are expected to hamper growth in the industry. Moreover, the introduction of stringent rules and regulation in the U.S and Europe to tighten data security and privacy for internet users are anticipated to restrict further market growth.

The global IoT market was dominated by device segment comprising of sensors and modules and contributed to over 30.0% of the overall market in 2014. The device segment is projected to witness significant growth opportunities through introduction of innovative IoT platforms as a substitute for competitor devices such as HomeKit by Apple Inc and Brillo by GoogeInc

A significant revenue share in the IoT market is anticipated to be occupied by the consumer electronics application segment followed by manufacturing and retail. The introduction of new concepts such as connected cars in the transportation sector is expected to propel demand for IoT over the forecast period. In 2014, about 25.0% of the overall industry was acquired by this segment.

Emerging economies such as Japan, India and China are expected to be the key drivers of IoT industry on account of manifestation of major component and technology manufacturers such as Huawei and Samsung coupled with the potential for the high-speed broadband internet. Asia Pacific is thereby projected to grow at a CAGR of approximately 16.0% over the next seven years.

IoT is a dynamic market majorly fuelled by new product developments and enhancements in technology. Organizations are focussing on investing in IoT divisions, innovation labs, and R&D to obtain the first-mover advantage to expand globally and mark their presence. Key companies include major telecom and technology giants such as Alcatel-Lucent, Accenture PLC, Google Inc., Apple Inc., General Electric, IBM, Freescale Semiconductors, SAP SE and Samsung Electronics.

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Wealth Management Software Market Size Worth $5.80 Billion By 2025

The global wealth management software market size is expected to reach USD 5.80 billion by 2025, registering a CAGR of 15.3% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Growing need for digital tools that can automate the wealth management process is expected to drive the global market over the forecast period. Banks, trading houses, brokerage firms, forex traders, and asset management firms are some of the major end users of wealth management software. Apart from being cost-effective, these platforms can benefit end users by helping in wealth management and workflow automation. These platforms can also enhance digital engagement by providing omnichannel access and an open architecture, which can integrate seamlessly across various wealth management applications.

Such benefits bode well for the market growth. Wealth management software can also serve as advisory tools that ensure compliance with local and international regulatory requirements, help in tracking the market, and capture the investment opportunities for the users. Such capabilities are expected to drive their demand further. A wealth management software can typically provide the infrastructure necessary to support all the processes and operations asset managers have to undertake. Moreover, advances in technology are allowing financial advisors to introduce chatbots, intuitive client portals, biometrics, and enhanced mobile apps as part of the efforts to improve the customer experience as well as to attract new clients.

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Further key findings from the study suggest:

Robo advisory mode is anticipated to record the highest CAGR of 16.0% from 2019 to 2025 as it is cost-effective and can potentially help investors by providing information on assets in real time
The cloud segment is expected to emerge as the largest segment over the forecast period as cloud-based deployment helps in minimizing the operational costs and ensures easy access to the data
The financial advice and management segment is anticipated to expand at the highest CAGR of 16.0% from 2019 to 2025 due to growing demand for tools to manage finances
The trading and exchange firms segment is anticipated to reach USD 1.01 billion by 2025 as individuals are increasingly investing in equity and forex to augment their financial gains
North America is expected to be the dominant market over the forecast period and is anticipated to reach USD 2.09 billion by 2025 as advisory firms in the region are increasingly adopting wealth management software
Some of the key industry participants include Fiserv, Inc.; Temenos Headquarters SA; Fidelity National Information Services, Inc.; Profile Software; SS&C Technologies Holdings, Inc.; SEI Investments Company; Finantix, Comarch SA; Objectway S.p.A.; and Dorsum Ltd.

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