Predictive Analytics Market Worth $23.9 Billion By 2025

The global predictive analytics market size is expected to be valued at USD 23.9 billion by 2025, registering a CAGR of 23.2% over the forecast period, according to a study conducted by Grand View Research, Inc. Massive data dependence and adoption of advanced technologies such as AI, machine learning, and big data is expected to drive the demand for predictive analytics solutions over the forecast period. These solutions transform collected data into insights; for instance, they detect patterns to determine a suitable course of action. They have also been instrumental in the development of search advertising and recommendation engines. Growing awareness about the importance of available data and its analysis for predicting the future scenario is offering a competitive edge to end users, thereby driving the demand for these solutions.

Key factors driving the demand for predictive analytics solutions are enhanced product usability, adoption of new technologies, massive data deluge, and newer levers of differentiators. In addition, growing need for database management, data warehouses, forecasting, data mining, smart logistics, CRM, and data visualization in dashboards is supporting the growth of the market. These solutions help map the various stages of the buyer journey, which would help organizations adopt suitable marketing campaigns, subsequently leading to higher sales and customer retention. Increasing demand for these solutions from organizations to equip their business functions with analytical capabilities are also expected to drive the growth of the market over the forecast period.

Techniques for implementing predictive analytics include machine learning, deep learning, regression, regression modeling, mathematical, text mining, neural nets, genetic algorithms, clustering, decision trees, and data exploration techniques to gain insights from historical and present data. These techniques are increasingly being adopted by organizations for various applications such as CRM, direct marketing, risk management, portfolio management, fraud detection, underwriting, and credit scoring. These solutions therefore help organizations decide future strategies based on predicted outcomes for enhancing the overall performance in the coming years.

These solutions find applications in various end-use industries such as BFSI, healthcare, retail, manufacturing, government, sports, transportation and travel, IT, energy and utilities, and entertainment. These solutions help manage diversified applications across the aforementioned verticals. For instance, in the manufacturing industry, these solutions can be used for equipment maintenance management, workforce management, and cross-selling and up-selling. Moreover, the IT and telecom industry can adopt these solutions in sales, marketing, and CRM by implementing churn and pricing optimization.

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

Further key findings from the report suggest:

The customer analytics segment is anticipated to gain significant traction over the forecast period, supported by digitalization and positive outlook of the e-commerce sector
Training and consulting services are expected form the fastest-growing segment over the forecast period owing to rising need for experienced employees for decision making based on predictive outcomes
Demand for cloud deployment is likely to increase owing to cost-effectiveness, faster data-processing, and ease in data handling offered by cloud platforms
The small and medium enterprises segment is expected to register a significant CAGR over the forecast period owing to growing need for enhancing operational performance by reducing overall operational costs with the help of these solutions
The retail and e-commerce segment is predicted to witness a remarkable growth over the forecast period owing to increasing internet and smartphone penetration, along with digitalization across the globe
North America dominates the global market owing to technological advancements and presence of players in U.S. Financial funding to new players from venture capitalists is projected to intensify the competition in the market
Prominent players operating in the market include Microsoft Corporation; SAS Institute, Inc.; IBM Corporation; SAP ERP; Siemens AG; NTT Data Corporation; and Tableau Software, Inc.

Flexible Display Market Worth $39.19 Billion By 2025

The global flexible display market size is estimated to reach USD 39.19 billion by 2025, expanding at a CAGR of 28.1% over the forecast period, according to a study conducted by Grand View Research, Inc. Rising adoption of portable electronic devices is the major factor driving the growth. Flexible displays are lightweight, energy-efficient, and shatter-proof, which, in turn is driving their adoption for smartphone manufacturing.

Rising sales of consumer electronics, such as wearable devices, bendable TVs, and foldable laptops are expected to proliferate the demand for flexible displays during the forecast period. Furthermore, technological advancements in the manufacturing process of flexible Organic Light Emitting Diodes (OLED) has boosted the demand over the past few years.

Rising demand from industries, such as healthcare and automotive has opened new growth avenues for the flexible display market. Automotive manufacturers are focusing on integrating flexible displays in automotive interiors. For instance, in May 2019, Samsung Corporation and Audi AG formed a strategic partnership to push Audi’s concept car, Audi Prologue A9 Prototype. The proposed car is expected to house a flexible, high-resolution Samsung OLED display near the gear stick helping driver control vehicle settings.

Flexible display manufacturers are investing huge amounts in R&D in a bid to develop energy efficient products. In 2018, a total of 20,590 individual patents/applications were filed by the companies such as Sony Corp., Philips, Samsung Corporation and others. In October 2018, Royole Corporation, a flexible display and smart devices manufacturer, launched FlexPai, a foldable device which can be bent, rolled, and operated as a smartphone as well as tablet.

Thus, technological advancements in the field of displays are anticipated to provide sound growth opportunities to manufacturers and offer customers high-quality touch screen displays. However, huge capital investment requisite to manufacturing flexible substrate is expected to hamper the market growth during the forecast period.

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

Further key findings from the report suggest:

The OLED display segment is expected to register significant CAGR of more than 20.0% by 2025. The significant rise in adoption of OLED technology on account of its ability to reproduce full range picture without a stacked structure, keeping the picture quality intact, is expected to bode well for the segment growth
The plastic material segment accounted for over two-third of the total market share in terms of value in 2018 and is expected to expand at a CAGR exceeding 22.0% from 2019 to 2025. The dominance is majorly driven by the properties, such as durability and flexibility offered with respect to size and shape
The smartphone application segment is expected to expand at a noteworthy CAGR of 25% over the forecast period. Flexible displays are lightweight and shatter-proof, which is anticipated to drive the demand
Asia Pacific is expected to witness substantial growth in the forthcoming years, owing to the huge base of consumer electronics manufacturers along with the escalating demand for compact and light-weight electronic devices
The flexible display market is characterized by high competition with the presence of established players, such as BOE Technology Group Co., Ltd.; Corning Incorporated; Innolux Corp.; AU Optronics Corp.; E Ink Holdings, Inc.; Japan Display Inc.; LG Display Co., Ltd.; Royole; Samsung Electronics Co., Ltd.; and Sharp Corp. (Foxconn) among others
These players are making huge R&D investments in R&D to develop cost-effective material substrates for use in flexible displays. Companies are aggressively patenting technologies to get competitive advantage

Heat-not-Burn Market Size Worth $68.3 Billion By 2027

The global heat-not-burn market size is expected to reach USD 68.3 billion by 2027, registering a CAGR of 32.8% from 2020 to 2027, according to a new report by Grand View Research, Inc. The growth is driven by rising demand for Reduced Risk Products (RRPs) as they are considered less harmful to health. The rise in marketing campaigns coupled with growing approvals by the governing bodies such as U.S. Food and Drug Administration (FDA) and other governing bodies from Asia and Europe is anticipated to fuel the heat-not-burn (HNB) device market growth. The growing advertising campaigns, rising number of tobacco shops, and improved marketing strategies are anticipated to create growth opportunities for the market.

The growing purchasing power of consumers is expected to drive the acceptance of heat-not-burn products over the forecast period as these products are marketed as premium products. Leading manufacturers operating in Italy, Germany, U.S., South Africa, and Croatia are involved in product launches with focus on specialty and premium heat-not-burn products. However, numerous countries, such as Uruguay, and Singapore have banned the distribution and sale of heat-not-burn products, which is hindering the heat not burn devices market growth.

The usage of HNB device is believed as an effective technique to quit smoking, as it is less harmful, toxic, and generates vapor instead of smoke. The acceptance of the device is likely to increase, mainly among individuals willing to quit smoking or willing to smoke just for recreation purposes. Hence, the launch of innovative and new heat-not-burn devices, such as IQOS MESH, and PLOOM Tech is expected to increase the popularity of these devices, which would further propel the growth of the market.

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https://www.grandviewresearch.com/industry-analysis/heat-not-burn-market

Further key findings from the report suggest:

The loose-leaf component segment is anticipated to grow rapidly over the forecast period as it is a natural substance offering a superior experience
The online distribution channel is forecasted to witness phenomenal growth, as the vendors are using e-commerce and social media platforms, such as Facebook and Instagram to promote their devices
The newsstand retail store segment is expected to witness the highest CAGR from 2020 to 2027. The newsstands are easily accessible to customers as they are present at every road corner. Hence, they can be considered as ideal locations to vend heat-not-burn devices
The market demand in Europe region is anticipated to grow at a significant rate. This can be attributed to the presence of major manufacturers such as Philips Morris International, Japan Tobacco International, and British American Tobacco in major European countries such as U.K., Italy, Poland, Croatia, and Germany.

Audiobooks Market Size Worth $15.0 Billion By 2027

The global audiobooks market size is expected to reach USD 15.0 billion by 2027, expanding at an estimated CAGR of 24.4% from 2020 to 2027, according to a new report by Grand View Research, Inc. Owing to the flexibility of the audiobooks to cater to the varied audiences, including non-English speaking, physically-abled, multi-taskers, and people who prefer reading over watching television, the market has gained enormous traction over recent years. Furthermore, the technological advancements in publishing industry, such as email distribution of manuscripts, digital editing and the use of smartphones or tablets instead of hard copy scripts, and reduction in distribution costs are some of the other driving factors for this market.

The versatility of audiobooks is anticipated to create opportunities as the target audience is able to listen to the content during commute times and while performing daily chores or along their hobbies. According to an annual survey conducted by Audio Publishers Association (APA) in 2018, 74.0% of people listen to paperback content in their cars during their travel time using in-dash or infotainment systems. Also, the survey determined that the proliferation of smart speakers or personal digital assistants thrives well for the market growth in future.

Furthermore, the emergence of digital transformation technologies is anticipated to likely harness innovations. For instance, key market participants are now incorporating Artificial Intelligence (AI) for recommending personalized results to their users based on their listening history. The other attributes offered by AI, such as automating narrations of recorded contents to upgrade the text-to-speech technologies and creating summaries of files with key takeaways, are likely to propel the market growth during the forecast period.

Furthermore, the ongoing COVID-19 outbreak has led to stringent lockdowns in various countries where most of the people worldwide are maintaining social distancing. Shutting down public libraries and schools indefinitely to reduce community gatherings has majorly impacted the conventional print & publishing industry, thereby benefiting the audiobooks market. On account of the ‘stay-at-home’ orders issued by governments worldwide due to this pandemic, public and private libraries are opting for audio as well as video digital resources, including audiobooks and e-books to ensure the active engagement of their audiences.

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https://www.grandviewresearch.com/industry-analysis/audiobooks-market

Further key findings from the report suggest:

In 2019, fiction genre accounted for over 65.0% of the total revenue share
The kids segment is anticipated to witness the fastest expansion with an expected CAGR of over 25.0% over the next seven years
U.S. and China accounted for the largest revenue share in 2019 and are anticipated to continue their dominance in the market from 2020 to 2027
The subscription-based model is expected to grow at a faster rate as compared to the one-time download model as the one-time tariff system is more expensive

Virtual Client Computing Software Market Worth $46.85 Billion By 2027

The global virtual client computing software market size is expected to reach USD 46.85 billion by 2027, registering a CAGR of 23.0% from 2020 to 2027, according to a new report by Grand View Research, Inc. The need to increase employee productivity, cost saving to ease economic pressure on businesses, and need to enhance security and simplify management are some major factors driving the market. Virtual Client Computing (VCC)solves various issues related to security by providing data management capabilities, securing the network from cyber-attacks, and faster processing speeds, necessary for the IoT adoption in devices. Furthermore, the adoption of BYOD policy in the organizations is anticipated to drive the market growth for VCC.

Increasing network infrastructure complexity and requirement of huge capital investment to set up new network infrastructure are boosting the demand for virtual client computing software. The growing data bandwidth requirements and the increasing usage and adoption of hand-held devices for the enterprise use are boosting the demand for more virtual cloud-based solutions. VCC software allows access to enterprise’s data to authorized users without restrictions of user location and makes it an ideal platform for authorized access of data on personal devices.

In this competitive environment, companies are focusing on enhancing employee productivity at workplaces by using various software and tools, particularly virtualization solutions. Employees who use such tools can safely access their corporate virtual data and desktops from a remote location. Such solutions offer host of benefits such as boost in productivity for organizations, less labor-intensive work for IT administrators for system management, and better accessibility for employees.

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https://www.grandviewresearch.com/industry-analysis/virtual-client-computing-software-market

Further key findings from the report suggest:

The Virtual Desktop Infrastructure (VDI) solution segment is anticipated to grow at a faster pace over the forecast period. There is an increasing trend of using apps, mobile devices, and various collaboration tools to connect with other teams across platforms, geographies, and devices
Post the implementation of VCC software solutions, it is required in virtual solutions to regularly update the solutions. This is expected to drive the demand for the support and maintenance services over the forecast period
The hosted deployment segment is anticipated gain momentum as it offers businesses with benefits such as increased efficiency, cost benefits, and improved productivity, and allows to set up virtual office, while giving the flexibility of connecting to business anywhere
The small and medium enterprises segment is expected to witness significant growth over the forecast period as they are largely adopting cloud-based solutions at affordable prices without the need to constantly upgrade or replace the systems
The healthcare segment is expected to witness phenomenal growth from 2020 to 2027 owing to the ongoing trend of digitalization of healthcare processes, which drive the demand for VCC
The market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period. The presence of emerging economies and increasing adoption of VDI in BPOs and data centers are fueling the adoption of VCC solutions and services across several verticals

Payment As A Service Market Size Worth $25.7 Billion By 2027

The global payment as a service market size is expected to reach USD 25.7 billion by 2027, expanding at a CAGR of 16.9%, according to a new report by Grand View Research, Inc. Digital disruption in the money transfer ecosystem, combined with the rise in need for quick money transfer methods, has transformed the payment gateway model. As a result of digital money transfer methods, consumers now demand secure digital transaction processing systems to transfer money to their merchants and individuals. With the rising digital financial transactions, a need for secure cloud-based architecture has increased among platform providers. The cloud-based money transfer platforms allow industry participants to manage higher volumes of transactions at high speed and low cost.

Business Technology Internet and network concept . Young business man working on the tablet of the future select the virtual screen: Payroll

The retail and ecommerce segment held the largest market share in 2019. The growth of the segment is attributed to growing trend of online shopping among consumers across the globe. While doing online shopping, consumers always prefer safe and secure platform to pay for their purchases, thereby driving segment growth. In addition, retailers are also adopting advanced technologies including Artificial Intelligence (AI) and digital retail stores to improve their presence in the market. Increasing use of credit cards, e-wallets, debit cards, and online banking by consumers to do shopping has reduced operating cost, thereby driving segment growth.

The market is poised to grow with the change in regulatory initiatives. The changing regulatory frameworks and policies have encouraged alternative money transfer platform providers, fintech providers, and Managed Service Providers (MSPs) to enter the market. For instance, the implementation of the Payment Services Directive 2 (PSD2) standard by the European Commission in 2018 promoted new players in market to provide integrated money transfer platform while making transactions secure and faster. Further, stringency in regulations to provide 24*7 real-time customer support and Account Clearing House (ACH) money transfer environment is influencing the platform providers to outsource their activities to MSPs. These MSPs handle customer queries, provide support 24*7, and ensure platform providers to remain compliant with the regulatory environments.

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https://www.grandviewresearch.com/industry-analysis/payment-as-a-service-market

Further key findings from the report suggest:

Increasing demand for contactless transaction is the major driving factor of the market
The platform segment held the largest share of the market in 2019 owing to growing adoption of online shopping
Travel and hospitality sector is expected to witness the highest CAGR of 20.5% over the forecast period owing to the increasing online travel bookings by the consumers
North American held the largest share of the market in 2019. U.S. and Canada are the most prominent countries adopting the new technology platform for money transfer practices

Data Center Construction Market Size Worth $308.7 Billion By 2027

The global data center construction market size is anticipated to reach USD 308.7 billion by 2027, according to a study conducted by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2020 to 2027. The growth is attributed to the growing need for data storage processing capacity as digital transformation continues to gain pace across small as well as large enterprises. The demand for cloud computing and virtualization along with rise in digital transformation has increased data consumption and volume of information processed. The growing preference for contactless payments and remote working amid the COVID-19 outbreak is driving the need for high-speed information processing and storage capacity across various industries and industry verticals. All these factors bode well for the growth of the market.

The continued rollout of 4G and 5G high-speed networks and the gradual emergence of quantum computing are expected to encourage the adoption of connected vehicles and smart appliances among individual consumers as well as enterprises. Subsequently, the demand for adequate storage capacity and high-speed information processing capability is also expected to increase. The growing demand for storage and high-speed information processing capacity is prompting IT infrastructure companies to opt for the latest, advanced storage solutions, including flash memory and Solid-State Drives (SSD).

While the use of social media shows no signs of abating, the preference for online shopping and OTT platforms is also growing as the emergence of 5G technology is ensuring high-speed internet access in both urban and rural areas and is subsequently driving data volumes. The growing preference for using social media platforms and online shopping portals among individuals is particularly expected to drive the market.

The IT infrastructure providers focus on appropriate management of power distribution and cooling as part of the efforts to control power consumption, enhance operational efficiencies, and ultimately reduce the carbon footprint. As a result, innovative cooling techniques, such as liquid cooling and liquid immersion, are being deployed at data center facilities. Furthermore, in a bid to reduce power consumption, data center providers are migrating toward the construction of edge and colocation data centers.

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

Further key findings from the report suggest:

The IT infrastructure segment is expected to register a CAGR of 6.3% over the forecast period as a result of the increasing demand for high-performance computing servers, storage capacity, and sophisticated networking infrastructure
In Asia Pacific, the market is expected to witness high growth over the forecast period in line with the rapid development of IT and communication infrastructure and the continued rollout of 5G networks
Key players focus on product innovation and introduction of new technologies to their portfolio. For instance, in June 2018, Huawei Technologies Co. Ltd. released Smart DC 3.0, a solution that leverages AI technology to manage cooling and the utilization of power and resources

LiDAR Market Size Worth $3.7 Billion By 2027

The global LiDAR market size is expected to reach USD 3.7 billion by 2027, expanding at a CAGR of 13.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing acceptance in environmental mapping, automobile safety application, construction and architectural sectors for monitoring, and 3D-modeling applications arenas is expected to boost the market growth. Furthermore, increasing development and adoption of self-driving cars and trucks is expected to boost the market growth, as Light Detection and Ranging (LiDAR) is one of the key sensing technologies that is required to enable hybrid to full autonomous driving.

The advanced driver assistance systems (ADAS) application segment is expected to grow at a remarkable pace owing to surging incorporation in automotive safety and forward-collision avoidance systems. In U.K., the regulatory authorities have mandated installation of certain automotive safety technologies such as the collision avoidance technologies. The Euro NCAP Advanced aims to provide buyers with clear guidance regarding the safety benefits offered by technologies such as blind spot monitoring, lane support, Autonomous Emergency Braking (AEB), speed alert, attention assist, vision enhancement, and pre-crash sensing. Rising developments in 3D scanning solutions is anticipated to boost the market growth over the forecast period. For instance, in October 2018, Faro Technology, Inc. introduced new airborne LiDAR scanning in partnership with STORMBEE, in order to provide cost effective airborne 3D scanning solution.

Furthermore, growing environmental concerns have enforced governments to establish regulations over the past decade. The authorities have been implementing strategies, activities, and policies to tackle the concerns. The ability to store large LiDAR point files has been a stumbling block for new users however, the technological advancements in spatial resolution of LIDAR-based digital terrain models are providing incredible accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways.

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https://www.grandviewresearch.com/industry-analysis/lidar-light-detection-and-ranging-market

Further key findings from the report suggest:

The LiDAR market is estimated to grow significantly due to automation in industries, leading to reduced human efforts and increased efficiency. Technological superiority of LiDAR in engineering projects of large magnitude is estimated to trigger the demand further
Airborne systems are expected to remain the dominant product segment over the forecast period on account of the surging adoption of aerial mapping devices
North America is expected to emerge as one of the leading regional markets owing to rising R&D spending coupled with high adoption in the automotive sector and environmental scanning and modeling operations
Growing demand in emerging economies, such as India, Japan, and China, is driving the industry growth in the Asia Pacific region. The surge in the demand across the automotive industry is one of the reasons boosting the market demand
The key industry participants include Velodyne LiDAR, Inc.; Leica Geosystems Holdings AG; Faro Technologies Inc.; Trimble Navigation Limited; and RIEGL USA Inc.
The current market environment is witnessing an intense competition between the key players for achieving the market domination via product differentiation and enhancement of quality.

Image Recognition Market Worth $109.4 Billion By 2027

The global image recognition market size is expected to reach USD 109.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 18.8% from 2020 to 2027. Image processing and recognition have evolved with numerous powerful applications, such as security and surveillance, and medical imaging that have created a great value from a business perspective. Functions of figure identification, such as facial or object recognition, visual geolocation, barcode reading, and automated driver assistance, among other industrial automation-related functions, have demonstrated the versatility of this technology. When combined with AI, this technology has begun to create valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.

The advent of digital cameras, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital data is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this online content to deliver better and smarter services to their customers, with the use of digital image processing. For instance, in October 2019, SnapPay Inc., a U.S. based payment platform provider, has launched facial recognition payment technology in the North America region. By using this thechnology in its payment solution, the company has aimed at allowing its customers a new level of convenience for payments at retail outlets.

However, data cleaning and hardware processing power remain as the two significant challenges involved in building areliable technology. Also, considering the time, complexity, and cost associated with software development for image identification, many companies may not have the resources who can produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business with the help of image processing and recognizing techniques. For instance, in July 2019, Star Alliance, a global airline, announced a partnership with NEC Corporation to develop a biometric data-based identification platform for the pass-through areas at the airports, such as boarding gates and check-in kiosks. This AI-based platform and biometric passport would help the passengers to get through passport control without the need to show documents to the border officials.

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https://www.grandviewresearch.com/industry-analysis/image-recognition-market

Further key findings from the report suggest:

Automated image organization offered by cloud-based applications and telecom companies is one of the most popular uses of the technology that has improved user experience and drawn the customers’ attraction toward this technology
Several benefits, such as better security and automation of identification, are the factors encouraging the implementation of facial recognition at major public spaces or events
Advent of large-scale cloud-hosted AI and machine learning platforms offered by tech giants, has led to the development of image processing software with multiple functions such as facial and object recognition, and landmark detection
Growing integration of digital image processing and mobile computing platforms in various applications such as digital shopping and document verification are propelling the image recognition market growth
Key players in the market are Attrasoft, Inc.; Google; Catchroom; Hitachi, Ltd.; Honeywell International Inc; LTUTech; NEC Corporation; Qualcomm Technologies, Inc.; Slyce Acquisition Inc.; and Wikitude GmbH; among others.

CNC Machines Market Worth $117.17 Billion By 2027

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

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

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

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

Further key findings from the report suggest:

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