Vision Transformers Market Emerging Trends, Application Scope, Size, Status, Analysis And Forecast To 2030

Vision Transformers Market by Offering (Solutions, Professional Services), Application (Image Segmentation, Object Detection, Image Captioning), Vertical (Media & Entertainment, Retail & eCommerce, Automotive) and Region - Global Forecast to 2028 published by MarketsandMarkets, the vision transformers market is expected to grow from USD 0.2 billion in 2023 to USD 1.2 billion by 2028 at a CAGR of 34.2% during the forecast period. Vision transformers, inspired by the success of Transformer models in natural language processing, have revolutionized the way machines perceive and understand visual data, including images and videos. The market encompasses a wide range of offerings, including hardware, software, and professional services, to support the adoption of Vision transformer solutions.The exponential growth of AI in machine vision and the increasing need for image recognition in the automotive industry are driving the market growth.

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The professional services segment will grow at the highest CAGR during the forecast period.

By offering segments, the vision transformers market comprises solutions and professional services. The professional services segment will grow at the highest CAGR during the forecast period. Professional services in the Vision Transformer market refer to specialized offerings provided by experts and firms to assist organizations and individuals in leveraging Vision Transformers technology effectively. These services facilitate adopting, integrating, and managing vision transformers, addressing specific needs and challenges. Professional services help organizations and individuals harness the full potential of vision transformers technology, reduce entry barriers, enhance competence, and stay competitive in a rapidly evolving technological landscape.

Image captioning segment to grow at the highest CAGR during the forecast period.

The various application segments we have captured in the scope are – Image Classification, Image Captioning, Image Segmentation, Object Detection, and Other Applications. The image captioning segment would grow at the highest CAGR during the forecast period. Image captioning is a computer vision and natural language processing task that involves generating descriptive textual captions for images. The goal is to teach a machine learning model to understand the content of an image and develop a coherent and contextually relevant description in natural language. Image captioning plays a significant role in the vision transformers market by combining visual perception with language understanding.

The healthcare & life sciences vertical will grow at the second-highest CAGR during the forecast period.

The healthcare & life sciences vertical is undergoing a significant transformation with the adoption of vision transformers in the market. ViTs can analyze medical images such as X-rays, MRIs, CT scans, and histopathology slides. These models can accurately identify diseases, anomalies, and lesions, potentially aiding in earlier diagnoses and treatment. They assist in detecting and diagnosing various medical conditions, including tumors, fractures, and abnormalities. They help detect and monitor diseases, such as diabetic retinopathy, where they analyze retinal images to identify early signs of the disease.

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North America segment to capture a significant market share during the forecast period.

The vision transformers market includes regional segmentation into Europe, Asia Pacific, North America, the Middle East and Africa, and Latin America. As per region, North America accounts for the largest market share in the global vision transformers market in 2023, and this trend will persist during the forecast period. North America has the most established vision transformers adoption due to several factors, such as large enterprises with sophisticated IT infrastructure and skilled technical expertise. The US and Canada are North America’s two most significant contributors in the vision transformers market. It is a region with strict regulations for several economic sectors and advanced technology. North America is known for its technological advancements and early adoption of innovative solutions. Major tech companies in North America, such as Google, Facebook (Meta), Microsoft, and Amazon, have invested heavily in AI and computer vision. They often develop and deploy vision transformers in their products and services. North America’s healthcare industry has incorporated vision transformers for medical imaging tasks, including diagnosing and analyzing radiological images. The retail sector in North America also utilizes vision transformers for applications like visual search, recommendation systems, and inventory management.

Key Players:

The key technology vendors in the market include Google (US), OpenAI (US), Meta (US), AWS (US), NVIDIA Corporation (US), LeewayHertz (US), Synopsys (US), Hugging Face (US), Microsoft (US), Qualcomm (US), Intel (US), Clarifai (US), Quadric (US), Viso.ai (Switzerland), Deci (Israel), and V7 Labs (UK). Most key players have adopted partnerships and product developments to cater to the demand for vision transformers.

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MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

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Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

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AI Industry: Rising Demand, Future Scope, Market Status, and Forecasts, 2023-2030

The global Artificial Intelligence Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 36.8% during the forecast period, to reach USD 1,345.2 billion by 2030 from USD  150.2 billion in 2023, according to a new report by MarketsandMarkets™. The adoption of artificial intelligence (AI) technology has been remarkable since its introduction, leading to significant growth in the global market. This growth attributed to the increasing demand for artificial intelligence technologies across diverse industry verticals.

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Artificial Intelligence Market Dynamics:

Drivers:

1. Growth in adoption of autonomous artificial intelligence.
2. Rise in technological advancements and innovations
3. Advancements in deep learning and growth of data-based artificial intelligence

Restraints:

1. Shortage of skilled artificial intelligence professionals.
2. Issues related to data availability and quality

Opportunities:

1. Rapid growth in digital data from various sources.
2. Rise in investment in research & development by businesses and governments

List of Key Players in Artificial Intelligence Market:

• Google (US)
• Microsoft (US)
• IBM (US)
• Oracle (US)
• AWS (US)
• Intel (US)
• Salesforce (US)
• SAP (Germany)
• Cisco (US)
• Meta (US)
• HPE (US)
• Siemens (Germany)
• Huawei (China)
• NVIDIA (US)
• Baidu (China)

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This growth attributed to the increasing demand for artificial intelligence technologies across diverse industry verticals. Organizations are recognizing the transformative potential of artificial intelligence in improving operational efficiency, enhancing customer experiences, and driving innovation. Artificial Intelligence technology such as machine learning, natural language processing, computer vision, and others are revolutionizing various sectors, including healthcare, finance, manufacturing, and retail. The advancements in AI algorithms, computing power, and data availability are further fueling the growth of the AI market, as businesses seek to leverage the potential of AI to gain a competitive edge in the digital era.

As per verticals, the healthcare & life sciences segment to grow at highest CAGR during the forecast period

The artificial intelligence market is segmented on verticals into retail & eCommerce, BFSI, Government & Defense, Healthcare & Life Sciences, Telecom, Energy & Utilities, Manufacturing, Agriculture, IT/ITeS, Media & Entertainment, Automotive, Transportation and Logistics and other verticals (Construction, education, and travel and hospitality). As per verticals, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. This industry is experiencing significant growth and is poised to contribute significantly to the global artificial intelligence market. Artificial intelligence applications in healthcare & life sciences includes patient data and risk analysis, medical imaging and diagnostics, precision medicine, drug discovery, and much more. The use of electronic medical records has led to the expansion of patient data, while the risk analysis market benefits from artificial intelligence systems' risk management and predictive analytics capabilities for payers and healthcare providers. These advancements in artificial intelligence technology are driving innovation and transformation within the healthcare sector.

By business function marketing and sales accounts to hold the largest market size during the forecast period

As per business function, marketing and sales segment to hold the largest market size for the artificial intelligence market during the forecast period. With the aid of AI-powered algorithms, businesses personalize their marketing campaigns, target the right audience, and deliver relevant content at the optimal time. Artificial intelligence also enhances sales processes by providing predictive analytics, lead scoring, and automated customer support through chatbots. Furthermore, artificial intelligence enables advanced data analytics and segmentation, optimizing sales funnels and improving conversion rates. The adoption of artificial intelligence in marketing and sales is reshaping how businesses engage with customers, optimize their strategies, and drive revenue growth.

As per region, Asia Pacific is anticipated to growth at the highest CAGR during the forecasted period

As per region, Asia Pacific is anticipated to grow at the highest CAGR during the forecasted period. The adoption of artificial intelligence (AI) in the Asia Pacific region is experiencing significant growth. With advancements in technology, increased digitalization, and a focus on innovation, businesses and governments in Asia Pacific are embracing artificial intelligence solutions across various sectors. Additionally, the availability of skilled talent and robust infrastructure further fuels the growth of artificial intelligence across the region. As a result, Asia Pacific is emerging as a hub for AI innovation and implementation.

Some of the major artificial intelligence market vendors are Google (US), Microsoft (US), IBM (US), Oracle (US), AWS (US), Intel (US), Salesforce (US), SAP (Germany), Cisco (US), Meta (US), HPE (US), Siemens (Germany), Huawei (China), NVIDIA (US), Baidu (China), SAS Institute (US), OpenAI (US), H2O.ai (US), iFLYTEK (China), Alibaba Cloud (China), General Vision (US), Darktrace (UK), Blackberry Limited (Canada), DiDi Global (China), Face++ (China), Inbenta (US), Anju Software (US), Butterfly Network (US), Atomwise (US), AIBrain (US), SK Hynix (South Korea), Progress (US), PrecisionHawk (US), AgEagle Aerial System (US), Neurala (US), Twitter (US), Aurea Software (US), Persado (US), 8x8 (US), Appier (Taiwan), GumGum (US), IPRO (US), Graphcore (UK), Preferred Networks (Japan), Applied Brain Research (Canada), Pilot AI (US), Iris Automation (US), Gamaya (Switzerland), ec2ce (Spain), Descartes Labs (US), Mythic (US), Ada (Canada), Mostly AI (Austria), Sentient.io (Singapore), Lumen5 (Canada), AI Superior (Germany), Fosfor (India), Intrinsic (US), Jasper (US), Soundful (US), Writesonic (US), One AI (Israel).

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Smart Cities Market – Detailed Analysis Of Current Industry Figures With Forecasts Growth By 2030

Smart City Platforms Market enable the integration of various software, devices, sensors, machines, routers, controllers, gateways, and edge-computing systems to streamline business processes and increase operational efficiency.  The growing mobile subscriber base, broadband penetration, and the adoption of advanced technologies across businesses drive the smart city platforms market.

The global Smart City Platforms Market size is estimated at USD 191.6 billion in 2023  and is projected to reach USD 292.1 billion by 2028, at a CAGR of 8.8% from 2023 to 2028, according to report published by MarketsandMarkets. 

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By offering, platforms are estimated to account for the largest market share in 2023.

Smart city platforms enable connectivity between objects or platforms and consist of a variety of important building blocks, such as connectivity and normalization, device management, database, processing and action management, analytics, visualization, and external interfaces. Rising urbanization resulting in increasing demand for space optimization and asset management is encouraging vendors to enhance the capabilities of their platforms.

Managed services are expected to register the fastest growth rate during the forecast period.

Managed service providers (MSPs) assist clients in efficiently managing key operations of smart city infrastructure. MSPs handle end-to-end deployment and after-sales services for the deployed smart city platforms. Smart city platforms and systems need to be upgraded regularly to detect physical attacks on smart city infrastructure and counter newly introduced cyber threats, attacks, ransomware, and sophisticated cybercriminals. As a result, companies are rapidly handing over their smart city infrastructure and asset security to specialized service providers, such as Managed Security Service Providers (MSSPs), who help secure data generated from the infrastructure and ensure data confidentiality, integrity, and availability.

Asia Pacific is likely to emerge as the fastest-growing market during the forecast period

Asia Pacific is anticipated to have highest CAGR for the forecasted period. Asia Pacific is an emerging smart city platforms market. China, Japan, and Australia are the major countries contributing to the growth of the market in the region. Asia Pacific also houses other major economies, such as Singapore, South Korea, and India. Japan has already declared completion of most of its smart city projects, while the other countries in the region are still in the initial development phase. China is the biggest marketplace in the Asia Pacific region in terms of developing IoT technology for smart cities. In Asia Pacific, around 311 cities were selected for transformation into smart cities in 2013; significant progress has been observed in nearly 80 cities.

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Market Players

The major vendors covered in the smart city platforms market include Alibaba Group Holding Limited (China), Amazon Web Services, Inc. (US), Bosch.IO GmbH (Germany), Quantela, Inc. (US), Cisco Systems, Inc. (US), Ericsson (Sweden), Fujitsu Limited (Japan), Fybr (US), Google LLC (US), Hitachi, Ltd. (Japan), Huawei Technologies Co., Ltd. (China), IBM (US), Intel Corporation (US), KaaIoT Technologies (US), Microsoft (US), NEC Corporation (Japan), Oracle Corporation (US), SAP SE (Germany), Schneider Electric (France), SICE (Spain), Siemens AG (Germany), Sierra Wireless Inc. (Canada), SIRADEL SAS (France), Smarter City Solutions (Australia), Thethings.Io (Spain), Ubicquia, Inc (US), Verdigris Technologies, Inc (US), Softdel (US), Igor, Inc (US), Telensa Inc (UK), Enevo Inc. (US), Confidex Ltd (Finland), 75F (US), Ketos (US), and Cleverciti Systems GmbH (Germany).

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are moulded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit MarketsandMarkets™  or follow us on Twitter, LinkedIn and Facebook.

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MarketsandMarkets™ INC 
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Email: sales@marketsandmarkets.com 

Security Service Edge Market 2023 | Overview, Growth, economics, Demand and Forecast Research Report to 2030

The SSE market is expected to reach USD 2.8 billion by 2028 from USD 0.8 billion in 2023, at a CAGR of 25.4 % during 2023–2028. The adoption of SSE has experienced a remarkable surge in recent years, driven by integration of a cloud access security broker (CASB) into an organization's security framework. This integration plays a pivotal role in addressing the challenges brought about by the widespread adoption of Software as a Service (SaaS) applications, often referred to as the "SaaS explosion." CASBs are purpose-built to provide organizations with the necessary tools to monitor, control, and secure data in the cloud. They offer visibility, data protection, and compliance enforcement for cloud-based applications, which is crucial in a landscape where data resides both on-premises and in the cloud.

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Security Service Edge Market Drivers:

• Rising need for unified network security architecture.
• Integration of a Cloud Access Security Broker (CASB).
• Zero Trust Access Driving Security Service Edge (SSE) Adoption.

Security Service Edge Market Restraints:

• Integration Complexity.
• Interoperability issues may arise during integration.

Security Service Edge Market Opportunities:

• Cost savings by combining multiple security and network access.
• By consolidating various security and networking tools into a single SSE platform.

Security Service Edge Market Challenges:

• Traffic Aggregation and User Experience.

By integrating CASBs with SSE or Secure Access Service Edge (SASE) solutions, organizations create a holistic security ecosystem. This comprehensive approach extends uniform security policies and controls across the entire network, encompassing remote work scenarios and cloud resources. CASBs excel in safeguarding data, offering features like data loss prevention (DLP), encryption, and threat detection. Moreover, they ensure compliance with industry regulations, enabling organizations to navigate complex data privacy and security requirements. CASBs also provide real-time visibility into cloud application usage, enabling proactive security measures based on user behavior and context. As the SaaS landscape continues to evolve, CASBs remain adaptable, accommodating new services and threats to maintain the security and compliance of organizations in the dynamic digital environment.

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The Cloud Access Security Broker (CASB) registers the second highest market size in the SSE market during the forecast period.

Cloud Access Security Brokers (CASBs) are vital security solutions that help organizations manage and safeguard their data as it traverses multiple SaaS applications and cloud environments, whether within their on-premises data centers or accessed by mobile workers. CASBs serve as intermediaries between an organization's security policies and the cloud resources, ensuring that authorized users can securely access and consume these resources while consistently enforcing security, governance, and compliance measures. There are two primary types of CASBs available: traditional CASBs and integrated CASBs.

The BFSI segment is projected to register highest CAGR during the forecast period.

The BFSI industry deals with sensitive financial data and customer information and demands rigorous security measures to safeguard against data breaches and cyber threats. In this context, financial institutions and insurance companies must implement robust SSE solutions encompassing secure access controls, encrypted communications, and continuous monitoring.

With the ever-increasing reliance on digital platforms for financial transactions and customer services, SSE ensures the protection of sensitive financial data and maintains compliance with stringent industry regulations. It enables secure online banking, safeguards against cyber threats such as fraud and data breaches and ensures the continuity of essential services. Moreover, SSE supports the secure remote access of financial professionals and the seamless integration of new fintech applications, bolstering the industry's agility and competitive edge. As cybersecurity remains a paramount concern in the BFSI sector, SSE provides a robust defense against evolving threats while facilitating the delivery of secure and efficient financial services to customers.

Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

APAC countries are highly concerned about the increase in security spending due to the ever-growing threat landscape. The region comprises emerging economies, such as China, Japan, and India. With effective government regulations and technological advancements, SSE is witnessing high growth opportunities in this region. The Asia Pacific SSE market is experiencing substantial growth, primarily driven by the increasing acceptance of remote work, cloud adoption, and the imperative for enhanced security in remote work environments. The COVID-19 pandemic, which necessitated rapid remote work adoption, prompted significant investments in security control systems to protect remote employees. While the pandemic played a pivotal role in driving the SSE market, a surge in highly sophisticated cyberattacks targeting critical infrastructure and government entities has further compelled organizations in the region to bolster their investments in SSE technologies.

Top Key Players:

The report profiles key players such as Netskope (US), ZScaler (US), Palo Alto Networks (US), Cisco (US), Broadcom (US), Forcepoint (US), Lookout (US), iBoss (US), Skyhigh Security (US), Cloudflare (US), Trend Micro (Japan), Akamai (US), Fortinet (US), Aruba Networks (US), Citrix (US), Cato Networks (Israel), Perimeter81 (Israel), Open Systems (Switzerland), Menlo Security (US).

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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MarketsandMarkets™ INC.

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Social and Emotional Learning Market 2023 is Evolving Rapidly with Economic Growth, Demand, and Forthcoming Opportunities

The global Social and Emotional Learning Market size is projected to grow from USD 3.6 billion in 2023 to USD 10.3 billion by 2028, at a CAGR of 23.6% during the forecast period, according to a new report by MarketsandMarkets™. SEL has been rising among educators internationally to assist children and adults in their personal and professional lives to overcome anxiety, despair, and aloofness. Educational stakeholders proactively include SEL in their curricula to deal with student’s emotions, stress, anxiety, and hostile conduct.

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Social and Emotional Learning Market Dynamics:

Drivers:

1. Increasing focus on overall development of students.
2. Growing implementation of distance education solutions
3. Need for social and emotional well-being in educational institutions

Restraints:

1. Absence of appropriate infrastructure in emerging economies.
2. Lack of education budget in emerging countries

Opportunities:

1. Demand for new learning models with advancements in technologies.
2. Emergence of AI, AR, and VR learning trends in K-12 sector

List of Key Players in Social and Emotional Learning Market:

Committee for Children (US), EVERFI (US), Illuminate Education (US), Nearpod (US), Panorama Education (US), SchoolMint (US), Newsela (US), Playworks (US), Wings of Kids (US), Rethink ED (US)

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Despite the outdated idea, SEL is becoming more popular among educators, parents, and the healthcare industry. SEL is essential to education and human development. It involves equipping youth and adults with the skills, knowledge, and attitudes to understand and manage their emotions, build healthy identities, foster empathy, establish positive relationships, make responsible decisions, and achieve personal and collective goals.

Based on offering, the service segment is expected to grow with the highest CAGR during the forecast period

Building relationships with peers, instructors, and others is more accessible for pupils through social-emotional learning. Through SEL, children and adults learn how to control their emotions in challenging circumstances. Students acquire these skills through SEL, which helps them maintain their social connections and demonstrate empathy for others. Certain service providers assist learners in individual professional development for career path planning and professional development. These service providers implement solutions tailored to business processes, such as network services. Services refer to the support offered by SEL providers to assist educational stakeholders in efficiently using SEL solutions.

North America is expected to have the largest market size during the forecast period.

The demand for social and emotional well-being in educational institutions, expanding government support and awareness programs. The early deployment of cloud and mobile technology in North America has also been a significant factor in accepting SEL solutions to increase worker effectiveness and productivity. The most prominent market vendors, including Committee forCommittee for Children, EVERFI, Nearpod, Illuminate Education, and Panorama Education, are present, and their presence is a significant growth driver for the North American SEL industries.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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MarketsandMarkets™ INC.

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5G NTN Market Latest Trend, Growth, Size, Application & Forecast 2030

The global 5G NTN Market size is expected to reach USD 23.5 billion by 2028 from USD 4.2 billion in 2023, at a CAGR of 40.7 % during 2023–2028, according to a new report by MarketsandMarkets™. The adoption of 5G NTN has experienced a remarkable surge in recent years; government initiatives worldwide are recognizing the significance of effective 5G NTN, investing heavily in infrastructure, and supportive policies.

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5G NTN Market Dynamics:

Drivers:

1. Adoption of software-centric approach.
2. Need to address extreme coverage extension
3. 3GPP evolution toward NTN interworking and integration

Restraints:

1. Need for radio components to be grounded.

Opportunities:

1. Impact of NR-NTN integration on 5G connectivity.
2. Need for NTN in evolution toward 5G and 6G
3. 5G NB-IoT NTN to contribute to global high speed

List of Key Players in 5G NTN Market:

Qualcomm Technologies, Inc. (US), SoftBank Group Corporation (Japan), Thales Group (France), Rohde & Schwarz GmbH & Co KG (Germany), Keysight Technologies, Inc (US), MediaTek Inc. (Taiwan), SES S.A. (Luxembourg), EchoStar Corporation (EchoStar) (US), SpaceX (US), AST & Science, LLC (US), ZTE Corporation (China), OneWeb (UK), GateHouse SatCom A/S (Denmark), Omnispace, LLC (US), Nelco Limited (US), Inmarsat Global Limited  (UK), Skylo Technologies (US), Globalstar, Inc  (US), Spirent Communications (Spirent) (UK), Telefonaktiebolaget LM Ericsson (Sweden), Nokia Corporation (Finland), Intelsat US LLC  (US), and Telefonica S.A. (Spain), Viasat Inc, (US), Telesat (Canada), Satelitiot (Barcelona), Kuiper Systems LLC (US ), and SpaceIoT (China).

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This includes spectrum allocation, subsidies for rural deployment, and research initiatives. The Federal Communications Commission (FCC) has auctioned off several mid-band and high-band spectrum licenses suitable for 5G NTN, encouraging private companies to invest in infrastructure and services.

By location, rural areas contributed the largest market share in the 5G NTN market during the forecast period.

The growing demand for 5G and broadband services in rural areas effectively narrows the digital divide by offering high-speed internet access to consumers in these regions. Prominent industry players are actively engaged in connecting rural areas, recognizing significant opportunities to extend their reach as Internet service providers.5G NTN solutions play a pivotal role in supporting multicasting broadcasting, IoT communication, the Internet of Vehicles, and the Internet of Remote Things in rural areas where terrestrial network coverage is limited. Key applications of 5G NTN in rural settings include fixed wireless access, network resilience, wide-area connectivity, disaster management, and emergency response, collectively contributing to comprehensive and robust digital connectivity solutions for rural communities.

By application, the mMTC segment is projected to register the highest CAGR during the forecast period.

mMTC is designed to efficiently support an extensive number of online devices with high-density and extended-range capabilities. In mMTC connections, devices can intermittently broadcast small amounts of traffic to communicate with each other. The utilization of LEO satellites is favored for delivering mMTC services due to their reduced path loss and lower transmission delays. Anticipated as a key application area for 5G, mMTC holds significant promise in the realm of Internet of Things (IoT) and Machine-to-Machine (M2M) communication. The broader concept of IoT involves connecting objects, sensors, appliances, and various devices for data collection, control, and analysis. This encompasses applications in smart homes, security systems, logistics and tracking, energy management, healthcare, and diverse industrial operations. The integration of mMTC in the 5G framework is poised to play a crucial role in advancing connectivity for a myriad of IoT and M2M applications across various sectors.

Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

Anticipated as the fastest-growing market, Asia Pacific's ascent in 5G NTN solutions is attributed to the region's embrace of new technologies, heightened investments in digital transformation, and a rising GDP. Major revenue drivers include China, South Korea, and India, which are witnessing a substantial increase in smart device users. The Ericsson Mobility Report from June 2022 forecasts a remarkable surge in 5G subscriptions, expected to reach approximately 50 million by the end of 2023. Asia Pacific, with its vast population, holds the title of the largest contributor to global mobile subscribers, poised to attract even more subscribers in the forthcoming years. The region's commitment to improving public safety, especially in disaster and emergency scenarios, further propels the adoption of 5G NTN solutions.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com

 

Hosted PBX Market Outlook, Recent Trends and Growth Forecast 2023-2030

 The global Hosted PBX Market size is estimated at USD 11.5 billion in 2023 to USD 24.9 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 16.8%, according to a new report by MarketsandMarkets™. The integration of artificial intelligence (AI) features within hosted PBX systems has emerged as a pivotal driver fueling the growth of the market. hosted PBX providers have strategically incorporated AI functionalities, including virtual assistants, chatbots, and predictive analytics, to revolutionize communication efficiency and enhance the overall user experience.

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Hosted PBX Market Dynamics:

Drivers:

1. Rising demand for enterprise mobility.
2. Driving force behind the adoption of hosted PBX systems

Restraints:

1. Compatibility and Interoperability issues.

Opportunities:

1. WebRTC and 5G networks enhancing real-time communication.
2. Offering a plug-in-free environment for voice calling, video chat, and file sharing within web browsers

List of Key Players in Hosted PBX Market: AT&T (US), Verizon Communications (US), Cisco Systems (US), BT Group (US), RingCentral (US), Comcast Corporation (US), 8x8 (US), Sangoma Technologies (US), Lumen Technologies (US), Nextiva (US), Fusion Connect (US), Avaya (US), Mitel Networks (US), Lingo Telecom (US), TPx Communications (US), Telesystem (US), Ozonotel Communications (India), OneConnect (US), InterGlobe Communications (US), CloudTalk (US), Datavo (US), Nexge Technologies (US), NovoLink Communications (US), 3CX (Cpryus), AstraQom International (US)

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These AI-driven capabilities contribute significantly to the automation of routine tasks, streamlining communication processes and boosting operational efficiency for businesses. Virtual assistants and chatbots facilitate seamless interactions, enabling users to access information and perform tasks with greater ease. Predictive analytics, on the other hand, empowers businesses with data-driven insights into communication patterns, allowing for proactive decision-making. As organizations increasingly prioritize intelligent, automated solutions, the incorporation of AI within hosted PBX systems not only elevates the quality of communication services but also positions these solutions at the forefront of technological innovation, thereby driving the sustained expansion of the hosted PBX market.

“Based on Services, the managed services segment to hold the largest market size during the forecast period.”

An instrumental driver within the Hosted PBX market is the provision of Managed Services, offering businesses invaluable access to specialized technical support teams. These teams are equipped with profound expertise in the intricate workings of the system, ensuring swift and effective issue resolution. The availability of dedicated support ensures that businesses leveraging Hosted PBX Managed Services benefit from comprehensive assistance tailored to the specific nuances of their communication infrastructure. This strategic emphasis on expert support serves as a catalyst for the adoption of Managed Services in the Hosted PBX market, assuring businesses of responsive assistance and contributing to the overall reliability and user satisfaction of their communication systems.

“By Offering, Services segment is expected to hold a higher growth rate during the forecast period.”

The services segment, particularly the emphasis on comprehensive training programs and onboarding services, stands as a pivotal driver in propelling the growth of the hosted PBX market. A seamless integration process becomes paramount as businesses transition to cloud-based communication solutions. Professional services that offer tailored training programs ensure that users quickly adapt to the newly hosted PBX system, minimizing disruptions and maximizing the platform's potential.

This commitment to user education reduces the learning curve and enhances overall user satisfaction and productivity. As a result, businesses can efficiently harness the full capabilities of hosted PBX, leading to widespread adoption and market expansion. The focus on user-centric services underscores the industry's commitment to providing technology and a comprehensive solution that empowers businesses to leverage advanced communication tools with confidence and proficiency.

The Hosted PBX Market comprises major providers, such as Twilio (US), AT&T (US), Vodafone Group (UK), Google (US), Telefonica (Spain), Verizon (US), Ericsson (Sweden), Deutsche Telekom (Germany), Orange SA (France), Cisco (US), Nokia (Finland), Huawei (China), Bharti Airtel (India), Mavenir (US), Boku (US), RapidAPI (US), LocationSmart (US), SMSLOTS (Turkey), Xeebi (US), Plivo (US), Tenios (Germany), EnableX (Singapore), MessageBird (Netherlands), Telnyx (US). To increase their market share in the telecom API industry, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.

“Asia Pacific is expected to hold a higher growth rate during the forecast period.”

The surge in hosted PBX adoption across governmental entities in the Asia Pacific region, spanning local, state, and central administrations, emerges as a compelling catalyst propelling market growth. Faced with the need to bolster communication capabilities within budgetary constraints, government institutions in the Asia Pacific are increasingly turning to hosted PBX solutions for their cost-effectiveness and scalability. hosted PBX offers an economically feasible option by eliminating significant upfront investments in on-premises hardware and seamlessly aligns with the dynamic requirements of administrative processes within government bodies.

The scalability inherent in hosted PBX systems allows governmental organizations in the Asia Pacific to adapt their communication resources flexibly, ensuring optimal efficiency and responsiveness to evolving needs. This trend of modernization is underscored by the acknowledgment that hosted PBX not only provides a practical solution to financial constraints but also empowers government agencies to streamline communication workflows, foster collaboration, and ultimately elevate the delivery of public services to citizens across the diverse landscape of the Asia Pacific region. As governmental bodies increasingly prioritize digital transformation, hosted PBX solutions emerge as foundational elements, enabling effective navigation of the evolving terrain of administrative communication.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com