Best Connected Toys Market Size, Reviews 2030

The global Connected Toys Market size is projected to grow from USD 9.3 billion in 2023 to USD 24.1 billion by 2028, at a CAGR of 20.7% during the forecast period, according to a new report by MarketsandMarkets™. Widespread internet access and the proliferation of smart devices will drive the connected toys market. Also, increasingly tech-savvy parents and children seek toys that offer educational content, interactive features, and seamless integration with digital devices, boosting the demand for connected toys.

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Connected Toys Market Dynamics:

Drivers:

1. Rise in double-income households need for monitoring and tracking toy devices.
2. Inclination of children toward more interactive and self-engaging toys

Restraints:

1. Connected toys raising issue for privacy concerns.

Opportunities:

1. Increasing awareness of internet and technology.
2. Increasing R&D spending on robots and toys

List of Key Players in Connected Toys Market:

• Mattel (US)
• Hasbro (US)
• LEGO (Denmark)
• Sony (Japan)
• VTech (Hong Kong)
• UBTECH (China)
• DJI (China)
• iRobot (US)
• Sphero (US)
• Digital Dream Labs (US)
• Pillar Learning (US)

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By age group, the 9-12 years segment has the highest growth rate during the forecast period.

The adoption of connected toys among teenagers is driven by factors such as their familiarity and comfort with technology as digital natives, and Teenagers are part of the digital-native generation, highly familiar with and comfortable using technology. Connected toys align with their tech-savvy lifestyles, offering a bridge between the physical and digital worlds.  It also offers educational content or opportunities for skill development, which can be attractive to teenagers seeking to learn and improve in a specific area. They interact with the screen as they play and learn.

By interfacing devices, the smartphone/tablet segment holds the highest market share during the forecast period.

The widespread ownership of smartphones and tablets has created a large and diverse user base, making these devices a convenient and accessible platform for connected toy manufacturers. The ubiquity of smartphones and tablets ensures that connected toys can easily reach a broad audience of consumers, including children, parents, and tech-savvy individuals.

North America has the highest market share during the forecast period.

The tech-savvy population in North America, characterized by a strong affinity for digital devices and experiences, is a key driver for the connected toys market. Connected toys cater to this digital lifestyle, offering interactive and engaging play options that resonate with children and teenagers in the region. Also, the region's expertise in advanced technologies contributes to developing cutting-edge, connected toys, keeping North American consumers at the forefront of interactive play experiences.

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:
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MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com

5G Services Market Size, Outlook, Recent Trends And Growth Forecast 2024-2028

The global 5G Services Market size is estimated at USD 121.8 billion in 2023 to USD 1,002.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 52.4%, according to a new report by MarketsandMarkets™. The innovative concept of network slicing in 5G represents a transformative leap in network customization, offering virtual, dedicated slices tailored to the unique requirements of specific applications or services. This capability is a pivotal driver for the diverse range of use cases enabled by 5G technology. For massive IoT deployments, network slicing allows the creation of dedicated slices optimized for handling a vast number of connected devices with varying communication needs.

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5G Services Market Dynamics:

Drivers:

1. Increase in mobile network data traffic.

Restraints:

1. High costs for deployment of 5G network.

Opportunities:

1. Growth in data generated by IoT devices creates new opportunities.

List of Key Players in 5G Services Market:

• AT&T (US)
• China Mobile (China)
• SK Telecom (South Korea)
• Verizon (US)
• BT Group (UK)
• Deutsche Telekom (Germany)
• China Telecom (China)
• Orange (France)
• Vodafone (UK)
• China Unicom (China)
• Telstra (Australia)
• Telefonica S.A (Spain)
• KT Corporation (South Korea)

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Simultaneously, in ultra-reliable low-latency communication (URLLC) scenarios, such as mission-critical applications in healthcare or industrial automation, dedicated slices ensure the stringent demands for real-time responsiveness and reliability are met. Network slicing thus becomes a crucial proponent in the adaptability of 5G, fostering a flexible and efficient network infrastructure that can accommodate the varied and evolving demands of a multitude of applications and industries.

“Based on communication type, the eMBB segment to hold the largest market size during the forecast period.”

The promise of significantly faster data speeds with 5G stands as a pivotal market driver for Enhanced Mobile Broadband (eMBB), reshaping the landscape of user experiences. This accelerated speed is a transformative force, particularly for data-intensive applications that have become integral to contemporary lifestyles. The ability of 5G to deliver higher download and upload speeds serves as a cornerstone for the flourishing demand in areas such as high-definition video streaming, virtual reality, and augmented reality. In the realm of video streaming, 5G facilitates seamless, buffer-free streaming of high-quality content, enhancing the user's entertainment experience. Moreover, in the realm of immersive technologies like virtual and augmented reality, the faster data speeds of 5G contribute to reduced latency, ensuring a more responsive and realistic user experience. This heightened speed not only meets current consumer expectations but also unlocks the potential for novel applications and services, driving market growth as businesses and consumers alike seek the enhanced capabilities that 5G brings to the forefront.

“By end user, enterprise segment is expected to hold a higher growth rate during the forecast period.”

Enterprises across various sectors are increasingly drawn to the deployment of private 5G networks as a strategic driver within the enterprise segment. This trend is particularly pronounced in industries where having dedicated and reliable communication networks is imperative for driving automation, robotics, and process optimization. Private 5G networks offer businesses a higher degree of control over their connectivity infrastructure, providing a dedicated and secure environment for mission-critical applications. In sectors like manufacturing, for instance, where seamless communication between machines and devices is essential for operational efficiency, private 5G networks serve as a foundational technology. The ability to tailor network parameters and allocate resources according to specific business needs empowers enterprises to optimize their connectivity for diverse applications. This adaptability, coupled with the low-latency and high-bandwidth characteristics of 5G, positions private networks as a key enabler for realizing the full potential of Industry 4.0, smart factories, and other advanced technologies within the enterprise landscape. The pursuit of these benefits propels the adoption of 5G in the enterprise sector, fostering a paradigm shift in how businesses approach and leverage their connectivity infrastructure.

“North America is expected to hold the second largest market size during the forecast period.”

The deployment of 5G infrastructure in North America is considered a powerful catalyst for economic growth, job creation, and technological innovation. The robust and high-speed connectivity offered by 5G networks serves as a foundational element for various industries, from telecommunications and manufacturing to healthcare and smart cities. As businesses embrace the capabilities of 5G, they stimulate demand for advanced technologies, such as the Internet of Things (IoT), edge computing, and artificial intelligence. This surge in technological adoption, coupled with the need for skilled professionals to design, implement, and manage 5G networks, contributes to job creation and the growth of a specialized workforce. Furthermore, the public and private sectors recognize the potential for 5G to drive economic competitiveness on a global scale. Consequently, increased investments are being made to develop and expand 5G infrastructure, fostering an ecosystem that not only meets current connectivity needs but also positions North America at the forefront of technological innovation and economic development.

Market Players

The major vendors covered in the 5G Services market are AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (UK), Deutsche Telekom (Germany), China Telecom (China), Orange (France), Vodafone (UK), China Unicom (China), Telstra (Australia), Telefonica S.A (Spain), KT Corporation (South Korea), Roger Communications (Canada), Bell Canada (Canada), Etisalat (UAE), Saudi Telecom Company (Saudi Arabia), LG Uplus  (South Korea), NTT Docomo (Japan), KDDI (Japan), Telus (Canada), Swisscom (Switzerland), Dish Network (US), Reliance Jio Infocomm (India), Rakuten Group (Japan), MTN Group (South Africa), Bharti Airtel Limited (India), Telenor Group (Norway), JMA Wireless (US), Verana Networks (US), Celona (US), Mangata Networks (US), Airspan Networks (US), Edge Q (US), Omniflow (US), Aarna Networks (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the 5G Services market.

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

Artificial Intelligence Market Size: 2024 Global Industry Trends, Growth, Share To 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.

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

 

Predictive Maintenance Market Size 2024: Is Evolving Rapidly With Economic Growth, Demand, And Forthcoming Opportunities

The global Predictive Maintenance Market size is estimated to grow from USD 10.6 billion in 2024 to USD 47.8 billion in 2029, at a CAGR of 35.1% during the forecast period, according to a new report by MarketsandMarkets™. The driving factors for the predictive maintenance market include the widespread adoption of emerging technologies like IoT sensors and data analytics, enabling real-time monitoring of equipment health.

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Predictive Maintenance Market Dynamics:

Drivers:

1. Advent of ML and AI.
2. encouraging predictive maintenance vendors and service providers to adopt digitized systems for in-store activities

Restraints:

1. Lack of skilled workforce.

Opportunities:

1. Enhanced asset management is increasingly essential across diverse industries.
2. Real-time condition monitoring to assist in taking rapid actions

List of Key Players in Predictive Maintenance Market:

• IBM (US)
• ABB (Switzerland)
• Schneider Electric (France)
• AWS (US)
• Google (US)
• Microsoft (US)
• Hitachi (Japan)
• SAP (Germany)
• SAS Institute (US)
• Software AG (Germany)

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The integration of machine learning (ML) and artificial intelligence (AI) algorithms allows for predictive analysis of potential failures, reducing downtime and optimizing asset performance. Organizations are increasingly focused on cost savings and operational efficiency, driving the need for proactive maintenance strategies to minimize unplanned downtime and maximize productivity. Additionally, regulatory requirements and the shift towards predictive analytics-driven decision-making further contribute to the growth of the predictive maintenance market.

By component, the services segment to account for higher CAGR during the forecast period.

The services segment plays a crucial role in the predictive maintenance market, serving as a core component essential for the efficient operation of software solutions. Many companies are turning to intelligent devices, robust AI systems, and Industrial Internet of Things (IIoT) solutions to monitor the health and productivity of critical equipment, aiming to minimize costly production shutdowns. Remote monitoring of machinery and equipment has become a significant priority for organizations grappling with challenges in detecting machinery failures. The adoption of predictive maintenance services, including IoT, has become imperative to mitigate the risks and failures of machines across various industries. Within the services segment, managed and professional services are considered vital for enhancing overall process efficiency.

By Technique, Vibration Analysis is expected to hold the largest market size for the year 2024.

Vibration analysis is a crucial technique employed primarily for high-speed rotating equipment in predictive maintenance strategies. It enables technicians to monitor the vibrations of machines using handheld analyzers or real-time sensors integrated into the equipment itself. Machines operating optimally exhibit specific vibration patterns, which can be compared against known standards. However, as components like bearings and shafts wear down or develop faults, they generate distinct vibration patterns, signaling potential issues. By continuously monitoring equipment vibrations, trained technicians can identify deviations from normal patterns and diagnose problems early on. The range of issues detectable through vibration analysis is extensive and includes misalignment, bent shafts, unbalanced components, loose mechanical parts, and motor irregularities.

By Vertical, Automotive & Transportation is projected to grow at the highest CAGR during the forecast period.

As automotive technology progresses rapidly, traditional fault detection methods are inadequate for ensuring vehicle smoothness. However, modern automobiles are equipped with various sensors, instruments, and cameras that generate diverse data. Leveraging this data, past service records, and employing AI and ML, predictive maintenance in the automotive & transportation sector emerges as a powerful solution to enhance vehicle performance and minimize downtime. The surge in intelligent technologies has spurred predictive maintenance investments in transportation, particularly accelerated by the Covid-19 crisis, where consumer preferences shifted towards individual mobility due to health and safety concerns, leading to an increased demand for cars. This demand surge, coupled with slowed new vehicle production, is driving the resurgence of the used car market. Predictive maintenance plays a crucial role in reducing the lifespan of used cars and preventing unexpected downtimes. Solutions like IBM's monitoring for connected vehicles and collaborations between automakers and tech companies like Ford, CARUSO, and HIGH MOBILITY showcase the industry's commitment to leveraging predictive maintenance for improved operations and customer services.

Middle East & Africa is expected to grow at the second-highest CAGR during the forecast period.

The Middle East & Africa (MEA) lacks technological development as well as primary business growth in many verticals. Slow economic growth and geopolitical conditions are the major hurdles to the growth of the predictive maintenance market in the region. Moreover, it generates the majority of the revenues from natural resources. The government policy in the United Arab Emirates (UAE) is supportive of the industry with the vision to be one of the most technologically advanced nations by 2022. The proliferation of telecom and IT-enabled industry in the African countries is steering the growth of AI-based IoT companies in the region. The major reasons that are said to influence the growth of the predictive maintenance market in the region are the increasing investments in data center infrastructures and the growing number of high-growth start-ups. Only a few countries, such as the UAE, Israel, and Qatar, across the region, are advancing in this market at an economical pace. The UAE, Israel, and Qatar have demonstrated a strong commitment toward the development and implementation of AI and IoT technologies.

The major predictive maintenance hardware, solution and service providers include IBM (US), ABB (Switzerland), Schneider Electric (France), AWS (US), Google (US), Microsoft (US), Hitachi (Japan), SAP (Germany), SAS Institute (US), Software AG (Germany), TIBCO Software (US), Altair (US), Oracle (US), Splunk (US), C3.ai (US), Emerson (US), GE (US), Honeywell (US), Siemens (Germany), PTC (US), Dingo (Australia), Uptake (US), Samotics (Netherlands), WaveScan (Singapore), Quadrical Ai (Canada), UpKeep (US), Limble (US), SenseGrow (US), Presage Insights (India), Falcon Labs (India). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the predictive maintenance market.

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

Application Modernization Services Market Size 2023: Is Evolving Rapidly With Economic Growth, Demand, And Forthcoming Opportunities

The global Application Modernization Services Market size is expected to grow from USD 15.2 billion in 2022 to USD 32.8 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 16.7% during the forecast period, according to a new report by MarketsandMarkets™. The benefit of modernizing apps is that they won't just function with the newest technology, they will continue to function as the technology changes. This enables fast updates and modifications to satisfy present and upcoming business requirements.

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List of Leading Companies in Application Modernization Services Market:

• IBM (US)
• Accenture (Ireland)
• HCL Technologies (India)
• Atos (France)
• Capgemini (France)
• Cognizant (US)
• TCS (India)
• Bell Integrators (US)
• Innova Solutions (US)
• Oracle (US)

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Additionally, application modernization services enable automatic scaling, which helps applications to immediately lower expenses in response to abrupt drops in demand while maintaining good performance in the event of rapid demand spikes. Modernizing existing applications can sometimes be simpler than developing brand-new ones from scratch. Instead of integrating fully new apps into present operations, app modernization services help to preserve many current processes and maintain business continuity.

As per vertical, IT and ITeS segment to grow at the highest CAGR during the forecast period

The application modernization services market, by vertical, BFSI, healthcare and life sciences, telecommunication, IT & ITeS, retail & consumer goods, government and public sector, energy & utilities, manufacturing, and other verticals. As per vertical, IT and ITeS industry is expected to grow at the highest CAGR of 17.8% during the forecast period. Application modernization services are designed to lower the ongoing expenses associated with maintaining old apps, enhance their functionality, performance, and security, and ensure that the improved solutions are long-term scalable and simple to manage. Vendors provide end-to-end app modernization services to assist businesses in deriving new value from their old applications while adhering to established software modernization and risk management procedures in IT and ITeS industry. Various software systems are utilized by a lot of software companies to manage resources and improve output. IT and ITeS organizations must stay current with the newest applications in this industry since they operate in highly competitive environments. There are many SMEs and a small number of very large businesses in the IT and ITeS area. Depending on an organization's size and the complexity of its business processes, application modernization services may be required. This industry is constantly keen to seize digital opportunities. It is updating its old software to support digital client experience. The rising subscriber count and rising usage of various media and digital content technologies are driving the demand for application modernization services throughout this vertical. Compared to conventional, capital-intensive, and cloud-based services, these more agile and adaptable application modernization services are provided through scalable, cost-effective methods. Since the IT and ITeS sector employs a sizable workforce, particularly in North America and Asia Pacific, it requires strong inter-organizational communication to boost organizational agility and efficiency.

As per organization size, SMEs are to grow at the highest CAGR during the forecast period

The application modernization services market has been segmented by organization size into large enterprises and SMEs. As per organization size, SMEs is expected to grow at the highest CAGR of 18.8% during the forecast period. With the increasing number of SMEs worldwide, the requirement for application modernization services is also increasing. These organizations frequently employ aggressive strategic planning to back up and grow their business. They must apply cutting-edge technology solutions and the most recent fashions in their business. Application modernization enables these companies to develop and grow their operations affordably. SME development affects the development of developing economies since they have a large impact on Gross Domestic Product (GDP). SMEs now hold a reduced market share as they lack the proper decision-making structures and resources to choose the best framework and strategy for adopting modernization services. Furthermore, due to considerations including insufficient funding, difficulties maintaining company continuity due to supply chain and travel limitations, a drop in regular demand, and an increase in debts, the current state of the global recession is also anticipated to influence their growth in the future. Therefore, it is anticipated that these firms will use application modernization services to improve agility and substantially lower TCO. In the SMEs category, this is anticipated to accelerate the development of application modernization.

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As per cloud deployment mode, private cloud segment to capture a large market share during forecast period

The application modernization services market has been segmented by cloud deployment mode into public cloud and private cloud. As per cloud deployment mode, the private cloud is expected to grow at the highest CAGR of 17.9% during the forecast period. Private cloud use is anticipated to increase during the projection period as a result of growing security concerns and cyberattacks. Private cloud deployment enables fast IT resource transformation by maintaining services and infrastructure on a private cloud network. Private clouds that offer high levels of scalability, security, and flexibility are adopted by businesses. Many large-scale enterprises with higher investment and resource availability also adopt the private cloud deployment approach. Furthermore, the private cloud is protected by a firewall; there is less risk of internet security breaches. The advantages of a private cloud cannot be overstated because they offer greater security, dependability, usability, and efficiency for companies looking to have complete control over their application modernization services. Adopting the private cloud lowers the risks, security concerns, and regulatory barriers involved. It is also well-liked by businesses that need a safe environment to keep mission-critical data. Therefore, efficiency and good performance are ensured by the deployment of the private cloud inside the firewall of an organization's intranet.

Some of the major application modernization services market vendors are IBM (US), Accenture (Ireland), HCL Technologies (India), Atos (France), Capgemini (France), Cognizant (US), TCS (India), Bell Integrators (US), Innova Solutions (US), Oracle (US), Microsoft (US), EPAM Systems (US),  Aspire Systems (India), NTT Data (Japan), Dell Technologies  (US), DXC Technology (US), Infosys (India), LTI (India), Wipro (India), Micro Focus (UK), Fujitsu (Japan), Softura (US), Hexaware Technologies (India), Virtusa (US), and MongoDB (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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Email: sales@marketsandmarkets.com

 

Cloud Brokerage Market Size, Share | Forecast-2028

The global Cloud Services Brokerage Market size is expected to grow from USD 5.9 billion in 2020 to USD 12.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.8% during the forecast period, according to a new report by MarketsandMarkets™. The flexibility and agility of cloud-based models would support the IT service needs of enterprises. The leading CSPs/hyper scalers—Microsoft, IBM, and AWS—are expected to increase their CAPEX primarily for data center expansion to support the increasing workload for their internal and external stakeholders.

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List of Top Companies in Cloud Services Brokerage Market:

• Accenture (Ireland)
• IBM (US)
• VMware (US)
• Jamcracker (US)
• ActivePlatform (Belarus)
• Arrow Electronics (US)
• Cloudmore (Sweden)
• Wipro (India)
• DXC Technology (US)
• iPortalis (UK)
• Cognizant (US)

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The increasing volume of data generation in websites and mobile apps, rising focus on delivering customer-centric applications for driving customer satisfaction, and growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are a few factors driving the growth of the emerging technologies. The emerging technologies, such as big data, Artificial Intelligence (AI), and Machine Learning (ML), are gaining traction, which is ultimately leading to the growth of the CSB market globally.

The sudden shutdown of offices, schools, colleges, and physical retail stores has massively disrupted operations; this has led to an increase in the demand for digital workplace tools and services, such as Zoom, Slack, Blackboard, Lynda, Canvas, Google Classroom, AnyMeeting, and Moodle. AWS, Microsoft, and Google host and manage all applications in a public cloud environment. Increased spend on cloud services by select industries due to COVID-19. Industries such as IT and ITeS, telecom, online retail/commerce, media, and BFSI, are expected to increase spending on cloud-based services to sustain their business. Highly regulated and cash-rich industries, such as BFSI, are also expected to move selective workloads to public cloud environments.

The market is expected to be driven by the need of cloud migration and customization

Cloud migration services have gained popularity as enterprises across the globe continue to migrate workloads from on-premises infrastructure to cloud environments for better operational efficiency and cost savings. The demand for cloud services has surged in recent times due to COVID-19, and many enterprises across the regions have shifted enterprise workloads on cloud environment. Therefore, CSB vendors specializing in migration and customization services are in high demand. Cloud brokers offer customization services to the customers as per business needs, which provides better-bundled offerings facilitating higher returns on cloud investments.

Increased security capabilities and customized costing in private cloud-based services is driving the adoption of private cloud-based deployment

A private cloud is a computing model that offers a proprietary environment dedicated to a single business entity. A private cloud provides extended and virtualized computing resources. This deployment model enables a company to have better control over its data and reduce risks, such as data loss and issues related to regulatory compliance. The private cloud is used in banking and financial institutions, large enterprises, and government organizations, where only authorized users can access the system. The acceptance of private cloud deployments for enterprises with compliance concerns is due to its security and control benefits. Service providers offering hosted private cloud address significant essentials of compliance with regulations, such as HIPAA and PCI. Some of the popular private cloud providers are VMware, DXC, Dell EMC, Oracle, IBM, and Microsoft.

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North America to dominate the global CSB market in 2020

North America has been continued to dominate the CSB market in terms of revenue and is expected to have the largest market size among regions in the CSB market as the organizations are shifting toward cloud-based solutions and services with the increasing adoption of digital business strategies. This trend is expected to continue during the forecast period. North America is a mature market due to the presence of various players offering CSB. Enterprises are increasing their budgets to accommodate CSB, which is favoring the growth of the CSB market in North America. The US and Canada are the top countries in North America, which contribute to the CSB market. The US, being a major economy, holds a significant market share due to the country’s technological advancements and the inclination toward innovation and the adoption of new technologies. Organizations have invested substantially in advanced technologies to gain a competitive advantage and increase business productivity. The CSB market is expected to grow steadily as enterprises are adopting cloud-based solutions and services at various levels as a part of their strategy to sustain themselves in the market and achieve improved business functioning.

The CSB market includes major vendors, such as Accenture (Ireland), IBM (US), VMware (US), Jamcracker (US), ActivePlatform (Belarus), Arrow Electronics (US), Cloudmore (Sweden), Wipro (India), DXC Technology (US), iPortalis (UK), Cognizant  (US), InContinuum (Netherlands), Flexera (US), BitTitan (US), OpenText (Canada), CloudFX (Singapore), Proximitum (UK), Eshgro (Netherlands), NEC (Japan), AWS (US), CloudSME (Germany), Shivaami (India), NTT Data (US), Infosys (India), TCS (India), Pax8 (US), Oracle (US), Fujitsu (Japan), Microsoft (US), Capgemini (France), and Doublehorn (US) The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Accenture, IBM, VMware, Jamcracker, and ActivePlatform have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the CSB market.

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

Citizen Services AI Market Size, Share Worldwide Industry Growth, Statistics, Opportunities & Forecasts Up To 2028

The global Citizen Services AI Market size is projected to register a CAGR of 44.5% during the forecast period, reaching USD 41.0 billion by 2027 from an estimated USD 6.5 billion in 2022, according to a new report by MarketsandMarkets™. Al and chatbots are being used by various government agencies to develop better citizen-centric experiences. As a result, citizens may receive the services they require whenever they need them, and government employees are relieved of many of the tedious responsibilities connected with gathering and processing the data related to citizen engagements.

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List of Top Companies in Citizen Services AI Market:

• IBM (US)
• ServiceNow (US)
• AWS (US)
• NVIDIA (US)
• Microsoft (US)
• Intel (US)
• Alfresco (US)
• Waymo (US)
• Voyager Labs (US)
• Accenture (Ireland)
• Alibaba (China)
• Tencent (China)

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By vertical, healthcare segment to register highest CAGR during forecast period

The citizen services AI market has been segmented based on vertical into transportation, healthcare, government and public sector, energy & utilities, agriculture, and education and training. AI vendors across the globe provide a variety of healthcare application solutions, including automated medical diagnosis, automated analysis of medical tests, illness detection and screening, patient management systems, monitoring tools, and predictive healthcare diagnosis and disease prevention. All these healthcare solutions are expected to benefit the citizens and improve the experience of healthcare services. By vertical, the healthcare segment is projected to register the highest CAGR of 46.8% during the forecast period. This segment is also anticipated to register the highest CAGR of 51.7% in the Asia Pacific region during the forecast period, reaching USD 1,709 million by 2027 from an estimated USD 213 million in 2022.

By deployment mode, cloud segment projected to register higher CAGR than on-premises segment

The citizen services AI market has been segmented based on deployment mode into cloud and on-premises. Cloud-based citizen services AI solutions help in maintaining a competitive edge by eliminating the administrative roadblocks of the supporting infrastructure, enabling organizations to focus on improving their competencies. By deployment mode, compared to on-premises, the cloud segment is projected to register a higher CAGR of 43.1% during the forecast period.

By organization size, large enterprises segment to lead market during forecast period

By organization size, the large enterprises segment is expected to lead the citizen services AI market during the forecast period. In comparison to SMEs, large enterprises have shown more inclination toward advanced technologies, such as AI, machine learning, and cloud computing. Large organizations in the transportation, education, healthcare, and government & public sector verticals need artificial intelligence technology to identify patterns in data and utilize data to enhance their operation.

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North America anticipated to account for largest market size during forecast period

Among the regions, North America is anticipated to account for the largest market size during the forecast period. The presence of several global players across the region would increase the demand for AI citizen service solutions for enhanced support and recommendation to government organizations. Factors such as the ease provided by AI citizen services, regulatory standards, advanced IT infrastructure, and the availability of technical expertise also lead to the rapid adoption of citizen services AI solutions in the region.

Some of the major citizen services AI market vendors are IBM (US), ServiceNow (US), AWS (US), NVIDIA (US), Microsoft (US), Intel (US), Alfresco (US), Waymo (US), Voyager Labs (US), Accenture (Ireland), Alibaba (China), Tencent (China), Pegasystems (US), Baidu (China), Automation Anywhere (US), OpenText (Canada), H2O.AI (US), and ADDO (Singapore).

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