Smart Parking Systems Market Size Worth $14.3 Billion By 2027

The global smart parking systems market size is expected to reach USD 14.3 billion by 2027, registering a CAGR of 17.4% over the forecast period, according to a new report by Grand View Research, Inc. An anticipated upsurge in demand for these systems for transport transit and commercial applications is expected to drive the growth in the market. Rising demand for hassle-free parking coupled with the advances in technology are anticipated to propel market growth over the forecast period.

Favorable government initiatives and increasing public sector funding to roll out solutions aimed at addressing traffic congestion issues are anticipated to drive the market. Furthermore, the inclusion of sophisticated features, such as voice guidance and auto-payment options enabled through smartphone apps, are also projected to fuel the growth of the market. Various parking lots are integrating Automatic Number Plate Recognition (ANPR) systems to effectively manage vehicle at parking areas and access control systems.

Ensuring adequate parking space is turning out to be a challenge for civic administrations as the number of automobiles continues to increase. The demand for intelligent systems is rising across the globe as a result. These systems can effectively address traffic congestion issues and space-related concerns. They can also open potential opportunities for reusing commercial and municipal areas and garages, thereby reducing fuel consumption, curtailing vehicular emissions, and subsequently making the cities cleaner and greener.

However, a looming lack of funding initiatives as well as organizational awareness about the advantages associated with smart parking, particularly in underdeveloped regions, is anticipated to restrain the growth of the market over the forecast period. Moreover, the non-availability of supporting infrastructure in these regions is further hampering market growth. The high implementation cost of these systems is anticipated to act as a challenge for smart parking systems industry growth over the forecast period.

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

Further key findings from the report suggest:

The hardware segment is expected to continue its dominance over the forecast period due to the decisive role various hardware components play in detecting the presence of the vehicles in parking slots
The signage segment is expected to grow significantly over the forecast period, as signage can help in preventing confusions and the resultant mishaps by guiding drivers in appropriate directions.
The parking guidance system uses communication, traffic monitoring, and processing and variable message sign technologies to guide vehicle drivers to available spaces
The consulting services segment is expected to witness significant growth over the forecast period. Consulting services envisage providing an analysis of the volume of traffic that needs to be managed and recommending potential solutions according to the need
Off-street segment dominated the market as it offers easy and swift pay-and-park solutions, which can distribute tickets automatically, thereby reducing congestions at entrances.
The government segment is expected to witness phenomenal growth owing to the increasing need for managing on-road vehicles and minimizing fuel emissions
The European region is anticipated to continue its dominance over the forecast period. The continued interest of automobile manufacturers in the region in developing intelligent parking systems is anticipated to drive the growth of the regional market.
On-demand valet parking coupled with the increasing demand for parking management systems at public venues,including shopping malls and sports complexes, in countries, such as Japan and China, is expected to fuel the demand for these systems in the Asia Pacific region.
The key players in the market include Amano McGann, Inc.; SKIDATA AG.; Parkmobile LLC; ParkMe, Inc.; Robert Bosch GmbH; and Nedap N.V.

Commercial Vehicles Market Size Worth $2.27 Trillion By 2025

The global commercial vehicles market size is expected to reach USD 2.27 trillion by 2025, according to a study conducted by Grand View Research, Inc. The market is projected to expand at a CAGR of 7.1% during the forecast period. Increased urbanization, coupled with rising spending on infrastructure development in emerging economies such as China, India, and Turkey, are expected to drive the market over the forecast period. Several suppliers are shifting their focus on improving R&D capabilities while enhancing operational efficiency, which is also projected to play a pivotal role in boosting market growth.

In addition, increasing penetration of electric commercial vehicles is also anticipated to contribute toward market expansion over the coming years. Adoption of electric vehicles (EVs) is primarily driven by need to meet emission reduction standards and regulations enforced by government bodies worldwide. Commercial vehicle telematics is another trend that is gaining traction and is anticipated to have a positive impact on the market over the forecast period.

To meet changing market needs, original equipment manufacturers (OEMs) across the globe are focusing on integrating innovative technologies, such as keyless entry/ignition, engine diagnostics, mobile connectivity, and an array of novel applications that assist in vehicle control. All these efforts by OEMs are expected to significantly contribute to global market growth over the coming years.

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https://www.grandviewresearch.com/industry-analysis/commercial-vehicle-market

Further key findings from the study suggest:

Expanding e-commerce industry and availability of easy finance options are anticipated to play a key role in boosting the commercial vehicles market growth
Increasing spending on infrastructural development and efforts taken by OEMs to provide value-added services focused on enhancing in-vehicle experience are projected to drive market demand
The global market is expected to register a volume-based CAGR of over 6.0% from 2018 to 2025, primarily as a result of sustained economic activity in emerging markets
The light commercial vehicles (LCVs) segment recorded consistent growth from 2014 to 2017 and this trend is expected to continue over the forecast period due to expansion into newer markets such as Africa and Southeast Asia
The logistics segment is anticipated to witness high demand for commercial vehicles, primarily due to rise in trade and e-commerce activities across the globe
Rapid urbanization and improving road infrastructure in Asia Pacific are projected to drive the region to register a revenue-based CAGR of more than 8.0% from 2018 to 2025
The market is marked by the presence of numerous participants such as Tata Motors, Volkswagen AG, Ashok Leyland, Volvo Car Corporation, and General Motors. These players implement various inorganic and organic growth strategies to maintain their presence and withstand intense competition.

Business Intelligence Software Market Worth $48.5 Billion By 2025

The global business intelligence software market size is expected to reach USD 48.5 billion by 2025 at a CAGR of 10.1%, according to a new report by Grand View Research, Inc. Proliferation of internet technology and growing demand for data-driven models across various organizations is expected to boost the market growth. Business intelligence (BI) forms a crucial component for success of any organization and leads them towards accessing information to enhance their work processes. BI is instrumental in identifying the opportunities and threats by enabling the organizations to adapt to the dynamics of operations, thus helping to survive in the corporate world.

Business intelligence concept man pressing selecting BI

BI tools are essential for smooth functioning of BI software, as such tools have a huge impact on possibilities and functionalities of BI applications. BI software is increasingly being used in various end-use industries to streamline operations, reduce costs, minimize risks, and strengthen the relationships between suppliers and customers. These factors are expected to drive the market over the forecast period.

Inception of novel technologies and rise in number of BI vendors in domains such as machine learning and analytics is expected to stimulate the market growth. In addition, data sets need organizations to invest in advanced technologies such as artificial intelligence, machine learning, and big data to strengthen the analysis of enormous data sets. The software can help employees in claiming the responsibility of their respective work areas by using the operating numbers and facts, and making data-driven decisions. Additionally, adoption of BI tools helps in improving visibility across the organization by helping employees in understanding the organization-wide decisions and gauging the impact of their respective decisions against the enterprise as a whole.

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https://www.grandviewresearch.com/industry-analysis/business-intelligence-software-market

Further key findings from the report suggest:

The cloud BI segment dominated the market in 2018 and is expected to maintain its dominance over the forecast period. The segment covers the cost for hardware and software problems and offers feasible solutions without any major alteration
The executive management segment is expected to gain traction as BI software is widely used in large organizations to implement strategic decisions
BI software is majorly used in the banking sector due to technological advancements and customer oriented way of working
The small and medium enterprises segment is expected to exhibit the highest CAGR of 10.7% over the forecast period. Increasing number of small and medium enterprises globally and rising demand to modernize their operations is driving the small and medium enterprises segment
In the manufacturing sector, BI software is being widely adopted, since data-driven models have replaced the process-oriented models
The Asia Pacific regional market is expected to register highest growth over the forecast period. Rising volume of data and the growing need for competitive insights across end use industries is expected to drive the growth of BI market in the region
Key players in the market include Cloud9 Analytics; Google, Inc.; IBM Corporation; Informatica; Microsoft Corporation; Oracle Corporation; SAP SE; SAS Institute, Inc.; and Tableau Software.

Food Service Equipment Market Size Worth $44.66 Billion By 2025

The global food service equipment market size is expected to reach USD 44.66 billion by 2025, at a CAGR of 5.0% over the forecast period, according to a new report by Grand View Research, Inc. Expansion of food service industry and demand for high-end technologies is creating new growth avenues for the market. Changing lifestyle of the working population coupled with high demand for ready-to-cook food is boosting the sales of refrigeration equipment. Moreover, increasing disposable income and the need to upgrade kitchen equipment are also contributing to the growth.

The kitchen purpose segment led the market in 2018. The segment is further categorized into cooking equipment and food and beverage preparation equipment. This equipment are an essential part of producing food for a large number of customers. The equipment is used to carry out different operation ranging from cooking, cutting, baking, and others to improve the productivity of food production operation.

The market for quick service segment is expected to expand at the highest CAGR over the forecast period and is expected to reach over USD 13.17 billion by 2025. Food service equipment are extensively used in restaurants for food processing and handling. Substantial growth of the quick-service restaurant, especially in Asian Countries such as China and India is expected to boost overall market growth in the forthcoming years.

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https://www.grandviewresearch.com/industry-analysis/food-service-equipment-market

Further key findings from the report suggest:

Full service equipment emerged as the largest segment in 2018 and is expected to expand at a CAGR of 4.4% over the forecast period
Cooking equipment is expected to expand at the highest CAGR of 5.8% over the forecast period
North America led the market in 2018. Technological advancements in cooking processes is providing avenues for new requirements and opportunities of restaurant equipment. The food industry in this region is also witnessing an urgent need for increased efficiency to deliver larger outputs along with lesser preparation cost
Key players operating in the food service equipment market include AB Electrolux; Ali Group; ITW; Middleby Corporation; and Dover Corporation Manitowoc Company Inc. among others

External Ventricular Drain Market Worth $9.5 Billion By 2027

The global external ventricular drain market size is anticipated to reach USD 9.5 billion by 2027, expanding at a CAGR of 7.6%, according to a new report by Grand View Research, Inc. High incidence of hydrocephalus and subsequent increase in the number of surgical procedure to treat this condition is driving the market. An external ventricular drain is also known as ventriculostomy is a medical procedure performed to remove excess cerebrospinal fluid from the ventricles of the brain to maintain intracranial pressure. It is used for conditions such as severe head injury, hydrocephalus, intracranial hypertension, subarachnoid hemorrhages, and inflammatory diseases of the cerebrospinal space.

The rising prevalence of cerebrovascular disorders and traumatic brain injuries globally is leading to the increased demand for external ventricular drain, thereby propelling the market growth. According to the Stroke Statistics 2018, over 100,000 people suffer from strokes in the U.K. every year. Out of which around 85.0% are ischemic strokes and 15.0% are hemorrhagic, which results in the blocking of blood flow to the brain.

Furthermore, the incorporation of various modern technologies, and the introduction of new products by market players, are likely to boost the market during the forecast period. For instance, in September 2017, Arkis BioSciences received U.S. FDA approval for its “CerebroFlo”- an external ventricular drainage catheter. It is used for insertion into the ventricular cavity for external drainage of cerebrospinal fluid.

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https://www.grandviewresearch.com/industry-analysis/external-ventricular-drain-market

Further key findings from the study suggest:

Based on applications, the traumatic brain injury segment dominated the market with a share of 33.7% in 2019 owing to the increase in the prevalence of Traumatic Brain Injuries (TBI). As per the CDC, in 2014, TBI was responsible for 2.8 million hospitalizations, emergency department visits, and deaths in the U.S.
North America dominated the market with the highest revenue share of 35.6% in 2019 owing to the high incidence rate of cerebrovascular disorders, well-established healthcare infrastructure coupled with rising approvals by the U.S. FDA for new products
In the Middle East and Africa, the market is expected to witness the highest CAGR of 8.2% from 2020 to 2027 owing to untapped opportunities in the region, growing incidences of neurological illnesses, and increased incidences of brain injury in this region.

Healthcare Insurance Market Worth $4.0 Trillion By 2027

The global healthcare insurance market size is expected to reach USD 4.0 Trillion by 2027, expanding at a CAGR of 6.7%, according to a new report by Grand View Research, Inc. Growing cost of healthcare, increasing prevalence of various chronic diseases as well as the rise in government initiatives for health cover schemes to improve healthcare are boosting the market growth.

Healthcare gets more expensive with the growing population and rising average life expectancy. Also, 50.0% of the increase in healthcare spending comes from the increased costs for services, particularly inpatient hospital care. Furthermore, increasing incidences of chronic conditions such as heart disease and diabetes have had a direct impact on the increasing cost of medical care. Both the diseases alone are responsible for 85.0% of the healthcare costs and almost half of the Americans have a chronic illness.

Moreover, the current pandemic of COVID-19 has been an eye-opener for many people, reinstating the need for health cover at all times. The market has seen rapid growth in the past 3 months due to the outbreak of the coronavirus pandemic. In India, the health and specialized health insurers have been rolling out focused on health cover against COVID-19 in the past six months. There has been a significant rise in the demand for health coverage with the government lockdown and coronavirus pandemic.

Besides, to meet the changing preferences of customers, health insurers are offering value-added services and are using AI-driven chatbots to create a more engaging experience. They are reacting to the evolving business environment by shifting their value proposition to improve customer-centricity along with operational efficiency and flexibility.

The adult segment dominated the market and accounted for the largest revenue share in 2019. This is attributed to rising cases of lifestyle diseases among adults, which is likely to increase health issues in the future. Adults are more prone to cardiovascular disorders, thereby driving the segment. The senior segment is expected to witness significant growth over the forecast period. This is owing to increasing cases of hospitalization of people over 65 years of age due to chronic diseases.

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

Further key findings from the study suggest:

The private segment is anticipated to register the fastest CAGR of 7.0% over the forecast period. This is owing to the fact that a large number of private players are present in the market
The life insurance segment accounted for the largest share of 53.3% in 2019 due to the advantages it offers such as permanent coverage and guaranteed death benefit
North America held 41.0% of the market share in 2019. This growth can be attributed to increasing awareness regarding various health policies in the region
In the Asia Pacific, the market is expected to witness the fastest CAGR of 8.9% over the forecast period due to the increasing penetration of insurance services in urban and rural centers and favorable government policies.

Fire Safety Equipment Market Size Worth $105.92 Billion By 2025

The global fire safety equipment market size is expected to reach USD 105.92 billion by 2025 at a CAGR of 8.8% over the forecast period, according to a study conducted by Grand View Research, Inc. Strict government regulations and mandates concerning workplace safety are expected to be the key factors driving the market. Increasing awareness about the benefits of installing fire safety and security equipment and demand for state-of-the-art fire protection equipment are also expected to fuel the market growth.

Transition towards the installation of technologically advanced fire detection systems, and eco-friendly fire suppression agents is also expected to support the market development over the forecast period. Advent of smart fire suppression and detection systems, proliferation of Internet of Things (IoT) for the wireless integration of such systems, enforcement of various safety and building codes, and increasing fire safety expenditure by enterprises are several other factors responsible for market growth.

Increasing accidents and loss of property owing to fire breakouts has alarmed the need for installation of smart systems, such as wireless sensor networks, across the industrial, commercial, and residential sectors. Therefore, regulatory bodies across various countries are framing new regulations focusing on mandating the installation of fire protection systems. For instance, in U.S., fire sprinkler systems are mandatory for hostel premises. North America led the market in 2018 and is expected to continue the dominance over the forecast period. Rapid growth of the construction industry in Canada and U.S. is driving the demand for fire safety equipment.

Increasing automation in buildings and preference for smart homes along with rising demand from the mining and manufacturing industries in the region is expected to bolster the demand further. Asia Pacific is expected to exhibit the highest CAGR over the forecast period. Growing need for mass transportation, such as airport security, including intelligent transportation systems, due to rapid industrialization and urbanization in emerging economies like India, China, and Japan, is anticipated to offer lucrative growth opportunities for the market.

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https://www.grandviewresearch.com/industry-analysis/fire-safety-equipment-market

Further key findings from the report suggest:

Fire detection segment is expected to lead the market owing to the advent of advanced technology, such as wireless detection and wireless networking, thus reducing the installation costs
Fire detectors is expected to lead the fire detection segment with a CAGR of 8.3% from 2019 to 2025 due to stringent government regulations across different countries
Smoke detectors will dominate the fire detectors segment on account of their increasing usage in commercial buildings since they are cost-effective and have a longer lifespan
Industrial sector led the fire suppression market in 2018. Oil & gas and mining industries are highly prone to fire accidents due to involvement of flammable materials; thus, account for the maximum demand for suppression systems
North America led the global market in 2018 and is expected to continue the dominance over the forecast period due to stringent fire safety regulations and rapid infrastructural developments
Prominent companies in the fire safety equipment market include Bosch GmbH; Eaton Corp., Inc.; United Technologies Corp.; Honeywell International, Inc.; and Johnson Controls International plc

Connected Retail Market Worth $53.75 Billion By 2022

The global connected retail market size is expected to reach USD 53.75 billion by 2022 according to a new report by Grand View Research, Inc. Increasing adoption of Internet of Things (IoT) across retail sector is expected to drive the connected retail market over the forecast period. IoT offers retailers opportunities in three important areas, the supply chain, customer experience, and new channels & revenue streams. Several retailers have successfully embraced IoT to help customers connect with the next-generation consumers, sophisticated technology, and leveraging connected devices.

Emerging retailing formats such as omni channel retailing are anticipated to fuel industry growth over the next seven years. Omni channel retailing offers a seamless and flexible shopping experience to customers by integrating and aligning channels. It creates opportunities for retailers to capture more sales and increase loyalty and brand awareness.

The widening presence of mobile devices and the expanded use of mobile networks such as e-commerce engines are expected to serve as facilitators for a unified online/offline retailing experience.

However, possibilities of unauthorized access to various IoT applications or breaking into the device connectivity system are expected to challenge the IoT connected devices industry.

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http://www.grandviewresearch.com/industry-analysis/connected-retail-market

Further key findings from the study suggest:

The hardware segment is expected to grow at a CAGR of over 19% over the forecast period. The software segment is expected to witness highest growth over the next seven years owing to increasing number of applications for retail industry. Emerging app-driven hardware and embedded software into connected devices and the capability to monetize such device features and functions may contribute to industry growth. Hardware segment comprises sensors, RFID and gateway components.
Bluetooth LE is expected to witness substantial growth, with a CAGR of over 25% over the forecast period due to significantly low power consumption. Bluetooth Low Energy has a very low transmission frequency, which greatly improves the power consumption. Wi-Fi technology dominated the market with the revenue share of over 32% in 2014.
Managed services segment is contributed to over 40% of the overall global revenue shares in 2014. Implementing these services reduces the IT costs and enables retailers to gain the technical advantage. Retailers are increasingly outsourcing services to reduce risks and focus on its core competencies.
Asia Pacific regional market is expected to grow at a CAGR of nearly 25% over the forecast period. Major manufacturers in the industry are based in China, owing to cheap labor and higher production capacities. Further, China is making heavy investments in IoT industry, which may contribute to market growth.
Key industry participants include Atmel Corporation, ARM Holdings PLC, Cisco Systems, Inc., IBM, Google, Inc., Intel Corporation, NXP Semiconductors N.V.,Microsoft Corporation, PTC, Inc., Softweb Solutions, Inc., SAP AG and Zebra Technologies Corporation.

Data Center Power Market Worth $10.77 Billion By 2025

The global data center power market size is expected to reach USD 10.77 billion by 2025, expanding at a CAGR of 6.9% from 2019 to 2025 according to a study conducted by Grand View Research, Inc. The market is majorly driven by the shift in focus of end-users towards hyper-scale and colocation data centers. Rising establishments of such data center facilities is anticipated to result in an increasing demand for data center power equipment over the forecast period.

Globally, data centers consume around 3% of the total energy generated. Thus, various data center designers are currently adopting advanced power distribution and management solutions to attain energy efficiency at lesser Power Usage Effectiveness (PUE) ratios. This goal to reducing the PUE ratio is expected to further fuel the demand for intelligent and advanced data center power products over the forecast period.

Uninterrupted Power Supply (UPS) is the backbone of data centers and are deployed for the smooth working of servers and other networking devices. Moreover, the cost of UPS is significantly higher than any other data center power products. Furthermore, most datacenters use smart UPS systems, battery monitoring devices, and intelligent Power Distribution Systems (PDU) to reduce the PUE ratio. Thus, increasing penetration of these new devices is expected to boost the demand for UPS over the forecast period.

Many mega data centers in North America engage in procuring renewable energy sources for data center operations. Tier 1 and Tier 2 facilities are anticipated to witness the espousal of basic PDUs. However, adoption of intelligent infrastructure with power monitoring ability is expected to witness growth owing to rising concerns about power consumption, particularly in U.S. However, rise in complexity of data center design, high initial investment costs, and interoperability issues are expected to hinder growth of the data center power market.

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

Further key findings from the report suggest:

The UPS segment held the largest market share in 2018, accredited to the increasing demand for energy in data centers and adoption of co-location data centers globally
North America accounted for around 38.0% market share in terms of revenue in 2018 and is expected continue the dominance over the forecast period, owing to the increasing number of data centers in U.S. Additionally, the region has emerged as the hub for operators and cloud service providers owing to affordable utility rate and tax incentives
The data center power market is highly consolidated and is characterized by high competition with the presence of key players such as ABB, Black Box Corporation, Eaton, Generac Power Systems, and Huawei Technologies Co., Ltd., among others
These players engage in mergers and acquisitions to withhold strong market presence. For instance, in March 2016, Generac Power Systems, Inc. announced the acquisition of PR Industrial S.r.l (PRAMAC), a manufacturer and supplier of mobile, portable, and stationary generators. Through this acquisition, the former aimed at propelling product sales and elevating its market presence in Europe.

Network Access Control Market To Grow At 30.2% CAGR From 2015 To 2022

The global network access control market is expected to be worth USD 4.39 billion by 2022. Rising demand for endpoint intelligence and risk mitigation have led to a high demand for NAC solution. Also, technological proliferation is also expected to augment the demand for NAC solution. Rising use of Internet of Things (IoT) and machine to machine networks is projected to fuel growth over the next seven years. Network access control is capable of addressing dynamic enterprise and regulatory scenario.

Several vendors in North America are investing in network access control solution due to which the market is likely to gain traction. The market is expected to present a lucrative opportunity for manufacturers as it attracts several large-scale investments. These investments are likely to contribute significantly to the industry growth in the region.

Countries in Asia Pacific including India and China have a tremendous potential for growth. Growing demand for cloud-based social and mobile technologies are extensively being used in the region which in turn is expected to propel demand over the forecast period. As a result, NAC solutions are projected to witness substantial growth over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/network-access-control-market

Further key findings from the report suggest:

Web-based businesses are implementing security solution to save themselves from malware, cyber-attack and online fraud which affect organizational functioning and hamper business continuity.
Government run organization and agencies are adopting NAC solution to filter unauthorized users, networks and device connections. Regulatory compliance policies including Payment Card Industry Data Security Standard (PCI DSS) and Control Objectives for Information and Related Technology (COBIT) are likely to propel market growth.
The growing demand for secure network infrastructure is expected to drive NAC solutions growth primarily due to its ability to provide real-time tracking. Moreover, the substantial growth experienced by web based businesses and e-commerce websites, have led to increasing demand for secure infrastructure for carrying out e-transactions.
The online banking system is expected to present positive growth opportunities for BFSI vertical. The constant demand for high-end technology to combat hackers and malware by these institutions would augment the growth of NAC industry in this vertical. IT, financial institution and telecommunication companies have emphasized on endpoint intelligence and risk management efforts.
Vendors are focussing on adding functionalities such as post-connect and pre-connect to these solutions. Major steps are being taken in resolving the interoperability issues of NAC and making it more reliable. Key industry players include StillSecure, Portnox, Juniper Networks, Bradford Networks, Check Point Software Technologies, Aruba Networks, ForeScout, Cisco, Sophos, Bradford Networks, Aruba Networks, Pulse Secure, and Trustwave.