Surge Protection Devices Market Size Worth $3.39 Billion By 2025

The global surge protection devices market size is expected to reach USD 3.39 billion by 2025, according to a new study by Grand View Research, Inc. The high costs incurred due to electrical equipment downtime are expected to surge the demand for these devices over the forecast period.

The need for protection against lightning and voltage fluctuations has triggered the implementation of surge protection devices (SPDs). These devices are available in various types, which are used in an electrical distribution system depending on location requirements. Surge protection devices also ensure the proper functioning of electrical equipment during surges caused by lightning strikes. Thus, the implementation of SPDs is of prime importance for any business or residential and commercial buildings.

The Asia Pacific region is one of the key regions for outsourcing services, owing to favorable government policies. This has led to significant growth in the number of data centers across the region. As these data centers store information of high importance to the user, any failure in their functioning, due to downtime caused by an electrical surge, would lead to heavy losses. Moreover, increasing renewable energy generation projects across rural regions are further expected to bolster the use of SPDs.   

The rise in disposable income has enabled the adoption of expensive consumer electronics. As these electronic products are subject to regular internal surges, it is essential to safeguard them. Furthermore, in developed regions, the well-established information technology industry is encouraging the use of surge protection devices on a large-scale for protecting electronic hardware such as data servers, desktops, and electrical supply equipment.

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Further key findings from the study suggest:

  • The type 2 SPD segment was valued at USD 610.1 million in 2016
  • The growing number of hospitals in developing economies, such as India and China, along with widespread healthcare network in developed countries, is anticipated to foster surge protection device market growth
  • Increased electrification of rail networks, coupled with the growing popularity of electric vehicles and their required infrastructure, is predicted to boost the growth prospects of SPDs in the near future
  • The North American region is expected to significantly contribute to the industry growth and represented the largest market size with USD 778.3 million in 2016, owing to the widespread awareness of the benefits of SPDs
  • The key industry participants include ABB Ltd, Advanced Protection Technologies, Inc., G Power, and Industrial Solutions Limited, Eaton Corporation PLC, Emerson Electrical Co., General Electric, Legrand S.A., Schneider Electric, Siemens AG, and Tripp Lite

Autonomous Ships Market Worth $13.4 Billion By 2025

The global autonomous ships market size is expected to reach USD 13.4 billion by 2025, registering a CAGR of 13.5% over the forecast period, according to a new study conducted by Grand View Research, Inc. Autonomous ships use several systems and components including sensors, propulsion systems, and intelligent navigation systems involving the use to Artificial Intelligence (AI) and Internet of Things (IoT). Use of such systems reduces the operational cost of ships, which is one of the key factors driving the market growth.

Autonomous ships offer several direct and indirect benefits. Direct benefits can be listed at the level of vessel that include more efficient use of crew and their skills, more efficient use of ship space, and increased fuel efficiency. Shipping companies would witness a positive effect in terms of revenue with autonomous applications as a result of reduction in cost of employing sailors along with the increased cargo space on the vessel. Moreover, autonomous shipping permits improved optimization of processes and operations. Real-time data is used for optimizing the operations thereby providing economies of scale at the company’s level. Additionally, service quality and safety during the fleet would be highly improved through the use of autonomous shipping.

Shipping companies are increasingly investing in developing and testing the practical applications of autonomous ships to gain insights on the possible lags in critical applications of these vessels, such as defense. Although huge amount of time would be invested in simulation and testing of unmanned vessels across critical applications, maritime system and service providers are developing advanced and intelligent maritime systems to be deployed in these unmanned ships. The growing acceptance of remotely controlled systems and software coupled with increasing investment in autonomous maritime environment is expected to provide several growth avenues for the autonomous ships market.

Furthermore, advent of autonomous shipping would pave the way for new suppliers, especially the suppliers of hardware and software system and technology suppliers in the maritime industry. Additionally, the unmanned ships require less reaction time in performance of systems as compared to systems used in cars and airplanes. Therefore, marine industry becomes more lucrative for system and software suppliers to enter. However, stringent regulatory environment pertaining to the use of autonomous vessels makes maritime industry a tough business environment to enter.

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Further key findings from the study suggest:

  • The fully autonomous ships segment is expected to register a CAGR of more than 17% over the forecast period, owing to the reduced manpower in autonomous shipping environment
  • The systems and solutions segment held the largest market share in 2018, primarily due to the increased deployment of these systems in multi-purpose vessels
  • The commercial segment dominated the autonomous ships market in 2018 and is expected to hold the largest revenue share by 2025, owing to the safety and ease in deployment of autonomous systems in commercial vessels
  • Asia Pacific is expected to account for the highest market share, followed by Europe, by 2025 owing to the high investments in R&D of autonomous maritime environment across countries, especially China
  • ABB, Rolls-Royce, Wartsila, Kongsberg Gruppen, Rh Marine, L3 ASV, and Siemens are some of the key players operating in the market

Intelligent Process Automation Market Size Worth $17.5 Billion By 2025

The global intelligent process automation market size is expected to reach USD 17.5 billion by 2025, registering a CAGR of 16.9% from 2019 to 2025, according to a new report by Grand View Research, Inc. The fast-paced development of Artificial Intelligence (AI) and its implementation is propelling the strategists to realign their business models with modern technologies. Intelligent process automation helps achieve flexible and intelligent automation by combining artificial intelligence, robotic process automation, and other emerging technologies. It can be used in a variety of scenarios, such as processes that have predefined rules and minimal human judgment involved. It primarily helps automate repetitive processes and in turn reduce manual efforts. Significant advantages such as improved customer experience and increased process efficiency are anticipated to drive the adoption of this technology in near future.

Machine learning, autonomics, natural language processing, and machine vision, among others are some of the building blocks of intelligent process automation. Machine learning refers to the ability of computer systems to improve its performance by exposure to data without the need to follow instructions. Autonomics relates to systems designed to perform routine tasks and operations by humans. It is used at back office centers performing rule-based, high volume tasks. Natural language processing refers to the ability of computers to identify objects and activities in the images. It makes use of sequences of image processing operations to analyze the images. Whereas, machine vision refers to the ability of computers to interpret human language and perform an appropriate action.

IBM Corporation, Accenture, Wipro Limited, Infosys Limited, Cognizant, KPMG, and Capgemini are some of the major service providers operating in the intelligent process automation market. IBM Corporation happens to be one of the leading providers in execution as it is pragmatically scaling out selected core technologies. Whereas, Accenture is one of the leading providers offering innovation-based AI solutions. The company’s intelligent automation platform integrates four essential parts, namely, intelligent automation, delivery management, business workflow management, and analytics and insights, with a neutral Enterprise Resource Planning (ERP) interface at the core. The platform permits seamless communication with client systems and external data sources, respectively. Accenture has also established a cross-company Artificial Intelligence Governance Committee, as well as a Growth and Strategy Working Group comprising seniors from each of the company’s five business groups. The Artificial Intelligence Lab located in Dublin is focused on promoting partnerships with accelerators, start-ups, and universities across the globe.

Intelligent process automation offers greater flexibility, is easy to implement, and has a shorter payback period, making it a better alternative to the traditional IT solutions. However, the implementation of intelligent process automation is raising concerns from skeptics owing to assumed job losses due to automation. However, the research is claiming that only 20% of people are saying that it is affecting human jobs in the long run. Implementation of intelligent process automation solutions shall provide companies with a competitive advantage by simplifying and fastening the business process operations, and hence saving a lot on operational costs.

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Further key findings from the report suggest:

  • Solution component segment held the dominant market share of more than 64% in 2018
  • Consulting services segment dominated the market in 2018 and is projected to reach USD 2.73 billion by 2025
  • Machine learning technology segment dominated the market with revenue share of 32% in 2018
  • North America region dominated with a market share of over 36% in 2018
  • Blue Prism; Capgemini; Cognizant; HCL Technologies Limited; IBM Corporation; Infosys Limited; Pegasystems Inc.; Atos Syntel Inc.; Tata Consultancy Services Limited; Tech Mahindra Limited; UiPath; and Wipro Limited dominated the market in 2018

Artificial intelligence in Agriculture Market Size Worth $2.9 Billion By 2025

The global artificial intelligence in agriculture market size is expected to reach USD 2.9 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 25.4% from 2019 to 2025. Artificial intelligence solutions in the agricultural industry are emerging in various forms, such as soil and crop monitoring, agricultural robots, and predictive analytics. Farmers and agribusiness corporations are increasingly using soil sampling and artificial intelligence -enabled sensors for data gathering for better analysis and processing. The availability of these processed data has paved the way for the deployment of artificial intelligence in agriculture and farming.

Rapidly increasing global population is one of the key factors driving the need for artificial intelligence in agriculture. The global population is expected to reach 9.8 billion by 2050, according to the UN. Subsequently, food production must increase significantly as well. Artificial intelligence enables efficient and potential farming techniques for increased crop productivity and yield. For instance, the artificial intelligence Sowing App developed by Microsoft sends sowing advisories on the optimal date for crop sowing to farmers. It enhances the farmers’ efficiency in terms of planting and forecasting weather conditions.  

The Asia Pacific market is expected to witness substantial growth over the forecast period, owing to increasing adoption of artificial intelligence -enabled solutions and services by agriculture-technology-based companies in emerging economies. Emerging economies such as India and China have started implementing artificial intelligence technologies such as machine learning and computer vision to increase crop yield. Favorable regulations and standards in these countries encourage the implementation of modern techniques in farming and agriculture. For instance, in July 2019, the government of India began the use of artificial intelligence for yield estimation and crop cutting to cut down the cost of farming and increase productivity.

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Further key findings from the report suggest:

  • Surge in the deployment of predictive analytics solutions in the farming and agriculture industry has created massive potential for artificial intelligence solutions in the agricultural industry
  • Several benefits of artificial intelligence, such as prevention of cost overruns, weather forecasting, remote monitoring, weed detection, and irrigation management encourages the implementation of artificial intelligence in agriculture for increased productivity
  • Market players are focusing on providing advanced artificial intelligence and big data in the agricultural industry, which offers advanced features such as crop scouting, field mapping, and yield monitoring
  • Key market players are considering partnerships and acquisitions of startups providing innovative products to expand their range of artificial intelligence solutions for the agricultural industry
  • Key competitors in the market are IBM Corporation; Microsoft; Deere & Company; AgEagle Aerial Systems Inc.; The Climate Corporation; Granular, Inc.; Descartes Labs, Inc.; Prospera Technologies; Taranis; aWhere Inc.; GAMAYA; ec2ce; PrecisionHawk; VineView; and Tule Technologies Inc.; among others.

Cleaning Robot Market Size Worth $6.2 Billion By 2025

The global cleaning robot market size is expected to reach USD 6.2 billion by 2025, registering a revenue-based CAGR of 14.6% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. The rising penetration of technologies such as Artificial Intelligence (AI), and Virtual Reality (VR) is a major factor driving the market growth. In addition, the higher costs of mopping labors in emerging countries is boosting the demand for robotic vacuums. Proliferation of robotics technology for mopping purpose and technological advancements such as gesture controlled and voice based technology are likely to drive the market growth.

Vacuum robots have gained a wide reception in the past few years as consumers exhibit a constant demand for smart gadgets over traditional devices. Continuous improvement in software and hardware technology has enabled the industry to reveal enhanced robotic appliances for household mopping purposes. Pricing is another aspect for consumers to have a high preference for robotic vacuums since there are multiple variants available within reasonable price range. Also, the lack of manpower for household mopping purpose is driving the demand for robotic vacuums. Therefore, this trend is anticipated to boost the demand for automated and manual vacuums.

Recent innovations in the robotic cleaning technology such as voice command, Bluetooth tethering and VR features are driving the market. For instance, RX-V100 comes with a speech recognition AI engine that helps the end users to communicate with the device. It works in automatic mode and possesses a set of built-in messages. Bosch Roxxter is another example of AI enabled robotic vacuum that uses AI to draw collaborative maps of surroundings. Furthermore, the manufacturers are emphasizing on establishing partnerships with developers of virtual assistant systems for enhancing the performance of vacuum machines. For instance, ECOVACS has established a partnership with through which ECOVACS will make its Ecovacs DEEBOT N79S compatible with Amazon Alexa.

The Europe region is expected to grow significantly over the forecast period owing to the increasing adoption of robotic vacuums in various industries and sectors such as automotive, logistics and transportation, healthcare, and retail. The growing popularity of Robot as a Service (RaaS) through which companies such as Avidbots offer rental services for providing mopping solutions bodes well for the growth of the region. For instance, Avidbots offer rental services on hourly basis for commercial premises.

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Further key findings from the report suggest:

  • The floor cleaning robots segment is expected to exhibit high CAGR over the forecast period owing to increasing adoption in mopping residential and commercial buildings
  • Growing labor charges for household mopping and consumer inclination towards automation in home appliances is expected to drive the growth of the in-house segment
  • The automatic charging segment is expected to grow significantly over the forecast period due to the increasing adoption of robotic vacuums for scheduled cleaning in residential applications
  • The adoption of Radio Frequency Identification (RFID) technology in autonomous vacuums has enhanced the performance of autonomous machines that bode well for the growth of self-drive robots
  • The commercial segment is anticipated to grow significantly over the forecast period owing to increasing adoption in commercial buildings such as shopping malls, movie theatres, and hotels
  • The key players operating in the market include Ecovacs Robotics, Inc.; ILIFE Robotics Technology; iRobot Corporation; LG Electronics; Maytronics; Milagrow Business and Knowledge Solutions (Pvt.) Limited; Neato Robotics, Inc.; Nilfisk Group; Pentair plc; and Samsung Electronics Co., Ltd.

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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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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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.

BFSI Security Market Size Worth $74.3 Billion By 2025

The global BFSI security market size is estimated to reach USD 74.3 billion by 2025, expanding at a CAGR of 13.1%, according to a new report by Grand View Research, Inc. Increasing risk of data loss owing to cyberattacks on banks and insurance companies is anticipated to propel the growth. Data related to the banking, financial services and insurance security (BFSI) industry is highly sensitive in nature as it contains personal or financial credentials. Thereby, cyber threats have prompted financial institutions to deploy reliable safety solutions at their premises.

Frequent emergence of new malware variants is driving demand for advanced safety solutions in the banking, financial services and insurance security market. For instance, in 2016, a mobile malware, masked as an application upgrade, was discovered. The malware displayed fake sites over authentic banking homepages for filching banking credentials of consumers. A generic solution would not have been enough to track this malware and that would have led to loss of large amounts of sensitive financial data.

Banking and insurance payment gateways require robust safety solutions to prevent breaches and enable secure transactions. Financial databases stored on cloud create need to verify safety systems of the cloud service provider. The market is lucrative in developing regions, such as Asia Pacific, owing to digitalized business operations in the BFSI industry.

Financial companies are stressing on consumer data protection and are implementing solutions such as firewall and threat management software. It has caused various companies to make huge investments in cybersecurity. Furthermore, governments across the globe have laid down stringent regulations to protect digital data related to BFSI. Such regulations have mandated response testing of threat management systems used in banks and insurance companies.

The industry includes a large number of Tier 1 companies that account for a majority share in the market. Industry giants acquire or collaborate with smaller players for sharing expertise and resources. Collaborations among big and small market players enable development of innovative products and services. The market is highly competitive in nature owing to the presence of major market players offering advanced safety solutions to the BFSI industry. Companies invest in R&D to develop innovative products for financial institutions. In addition, they adopt business strategies such as mergers and acquisitions to expand their product portfolio and gain a competitive edge.

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Further key findings from the report suggest:

  • The Physical Security Information Management (PSIM) segment is expected witness the CAGR of 18.7% over the forecast period owing to increasing cybercrimes in financial institutions
  • The encryption software segment is anticipated to exhibit the highest CAGR of 17.5% over the forecast period owing to rising need for preventing unauthorized access and hacking of data
  • Asia Pacific is estimated to be the fastest-growing regional market due to growth of fintech companies encouraging implementation of threat management solutions
  • Key market players in the BFSI security market include DXC Technology Company; Axis Communications; Honeywell International, Inc.; McAfee, Inc.; Sophos Ltd.; Symantec Corporation; IBM Corporation; Dell EMC; Bosch Security Systems; and Booz Allen Hamilton, Inc.

Voice Picking Solution Market Size Worth $3.0 Billion By 2025

The global voice picking solution market size is expected to reach USD 3.0 billion by 2025, registering a CAGR of 14.7% from 2019 to 2025, according to a new report by Grand View Research, Inc. The number of warehouses and distribution centers operating across the world is increasing rapidly in line with the growing online groceries sales; policies, such as next-day delivery, being pursued by retailers; and the subsequent growth of the eCommerce and retail industries. As a result, organizations are aggressively adopting various solutions, such as voice picking solutions, to meet the customers’ requirements. Changing consumer behavior and the growing emphasis on customer satisfaction is also prompting enterprises to opt for a voice picking solution.

Companies operating in several industry verticals are implementing some or the other kind of voice picking solution to enhance their warehouse operations. A voice picking solution is particularly used to assist in the picking process, among other tasks. It can also be integrated with RF scanning to overhaul the entire process. A typical can work efficiently even in the noisiest warehouse environments. Moreover, it is also offered with software to support multiple languages, thereby eliminating the communication barrier. Such a flexible nature is widening the application portfolio of these solutions to cover diverse industry verticals, including transportation & logistics, retail, and food & beverage, among others.

A voice picking solution can facilitate real-time communication between the warehouse management system and the distribution system. The use of voice-based technology can particularly help distribution centers in improving accuracy and productivity, reducing employee training time, and subsequently optimizing the warehouse operations. As such, a voice picking solution can help warehouses in augmenting revenues, increasing the number of customers served, and managing the inventory efficiently. All these factors are expected to contribute significantly to encourage the adoption of voice picking solutions and drive the market growth over the forecast period.

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Further key findings from the report suggest:

  • The software segment dominated the voice picking solution market in 2018 as large e-commerce companies emphasized on speeding up product delivery and realizing a higher return on investment
  • Benefits, such as increase worker satisfaction, enhanced customer service levels, and higher throughput, associated with voice-directed solutions are driving the market growth
  • Several retail companies and manufacturing and distribution companies are deploying a voice picking solution to reduce the cost of operations and augment the profitability
  • The Asia Pacific regional market has been gaining traction over the past few years in line with the growing emphasis on enhancing the efficiency of the warehouses in the region
  • Key players in the market include Bastian Solutions, Inc.; Dematic; Ehrhardt + Partner Solutions Limited; Honeywell International Inc.; Ivanti; Lucas Systems; Voiteq; Voxware; Zebra Technologies Corp.; and ZETES, among others.

Carry Cases Market Size Worth $9,011.3 Million By 2025

The global carry cases market size is estimated to reach USD 9,011.3 million by 2025, registering a CAGR of 5.9% from 2019 to 2025, according to a new study by Grand View Research, Inc. The increase in the level of disposable income has enabled consumers to spend on gadgets such as notebooks and tablets. Furthermore, the growth of the e-commerce industry has stimulated the sale of accessories such as backpacks, sleeves, and other carry cases.

The introduction of multiple models of laptops is expected to promote the market growth since devices of different sizes and designs require different cases. Moreover, the introduction of smart cases is expected increase customer adoption as it improves the functionality of the cases. For instance, carry cases are available that are made of special material that blocks RFID signals to protect credit cards and passport from wireless identity theft.

The market is lucrative in developing regions such as Asia Pacific due to emerging businesses that implement BYOD. The adoption of BYOD improves work flexibility in terms of flexibility of employee work hours and work access from anyplace. Moreover, it helps increase productivity and reduce operation costs for the organization. Thus, it increases the usage of wireless connected devices such as tablets and laptops, which in turn increases the usage of products such as sleeves and messenger bags. Furthermore, innovative product design is expected to enhance the aesthetic value and protection capability of carry cases, thereby, increasing their adoption.

The usage of backpacks and sleeves for marketing and promotional purposes is expected to increase the scope for commercial applications at educational institutions and workplaces. Furthermore, the recent trend of customization whereby customers can get their names printed on the cases or get personalized designs is expected to boost the demand for carry cases.

The market comprises a large number of players including local manufacturers and authorized retailers. The market competition is high and mainly price-based. The presence of counterfeit products is expected to restrain the market growth and affect the profitability of market participants.

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Further key findings from the study suggest:

  • The introduction of various electronic devices such as tablets and laptops are anticipated to foster the growth of the global carry cases market.
  • Carry cases serve to protect devices and are widely adopted for their aesthetic value and functionality.
  • The commercial segment is the fastest-growing consumer type segment with a CAGR of 9.1% over the forecast period.
  • The sleeves segment is the fastest-growing product segment, registering a CAGR of 7.3% over the forecast period owing to increasing demand for slim and compact personal computers that are convenient to travel.
  • The key industry participants include Targus, Torg, Fabrique Ltd., Lenovo, Swissgear, Thule Group, AsusTeK Computer Inc., Case Logic, North Face, and Incase Design Corp., among others.