Geospatial Analytics Market Rising Demand, Future Scope, Market Status, And Forecasts, 2023-2030

The global Geospatial Analytics Market is projected to grow from USD 67.4 billion in 2022 to USD 119.9 billion by 2027, at a CAGR of 12.2% during the forecast period according to report published by MarketsandMarkets. 

The key factors driving the growth of this market include the rise of geospatial analytics technologies and the increasing competition. GIS may be used to monitor facilities that are available and organize interventions. The mapping of demographic data aids in the monitoring of high-risk populations and vulnerable areas. The geospatial technology anticipates and analyses organizational risk regions and monitors operational capabilities to increase business continuity.

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Cloud segment to account for higher CAGR during the forecast period

The Geospatial analytics market is bifurcated on the basis of cloud and on-premises. The market size of the cloud deployment mode is estimated to be larger and projected to have a higher CAGR during the forecast period. A combination of spatial technologies with cloud computing offers an alternative platform for data, making it affordable and scalable. The deployment type comes with flexible subscription-based pricing models, and access to the services is provided through cloud-deployed network connectivity. A geospatial cloud providing GIS as SaaS offers many analytic and visualization capabilities.

SMEs segment to account for higher CAGR during the forecast period

The SMEs segment is a faster-growing segment in the Geospatial analytics market during the forecast period as the demand for geospatial analytics in organizations is increasing. The deployment of geospatial analytics varies according to the needs of different end users. The increasing volume of location-based spatial data in SMEs is one of the major factors driving the growth of the geospatial analytics market.

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APAC to hold higher CAGR during the forecast period

APAC is showing a substantial rise in the adoption of Geospatial analytics solutions and services during the forecast period. The number of people living in cities has dramatically increased because of the region’s rising economies, including those of Indonesia, China, and India. This expansion has increased demand for smart cities, smart infrastructure, and well-planned urban landscapes. Leading the development of 5g and IoT infrastructures are China, South Korea, and India. These factors will lead the APAC market to grow at the quickest CAGR over the next years.

Major Key Players:

Major vendors in the global Geospatial analytics market Esri (US), Precisely (US), Caliper Corporation (US), Blue Marble Geographic (US), Google (US), eSpatial (Ireland), HexagonAB (Switzerland), TomTom (Netherlands), Trimble (US), Maxar Technologies (US), RMSI (India), Maplarge (US), General Electric (US), Bentley Systems (US), Fugro (Netherlands).

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.

Contact: 
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MarketsandMarkets™ INC 
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Suite 430 
Northbrook, IL 60062 
USA: +1-888-600-6441 
Email: sales@marketsandmarkets.com 

6G Market Size, Latest Trend, Growth, Application & Forecast 2030

The global 6G Market size from USD 5.1 billion in 2023 to USD 40.2 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 34.2% during the forecast period, according to research report by MarketsandMarkets™. 6G market growth is driven by the need for faster data rates and network capacity to enable new technologies and applications.

The growth of IoT in sectors like healthcare, manufacturing, transportation, and smart cities is driving the demand for 6G networks to support the massive influx of IoT devices and enable seamless communication and data exchange. As a result, the IoT devices segment is expected to play a significant role in driving the growth of the 6G market in the coming years.

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By deployment device, Internet of Things (IoT) devices are expected to register the fastest growth rate during the forecast period.

With the increasing adoption of IoT across various industries, there is a growing need for reliable and high-speed connectivity to support the massive number of connected devices. 6G technology, with its ultra-low latency, high bandwidth, and enhanced network capabilities, is well-suited to meet the demands of IoT applications. IoT devices like sensors, smart appliances, and industrial equipment require seamless connectivity and real-time data transmission for efficient operations and decision-making.

By application, distributed sensing and communications segment to dominate the market during the forecast period.

The distributed sensing and communications segment is projected to hold the largest market share during the forecast period. Distributed sensing and communications use advanced technologies and networks to enable real-time data collection, analysis, and communication across various industries and sectors. This application segment is expected to grow significantly due to the increasing demand for high-speed, reliable, and low-latency connectivity to support a wide range of applications such as smart cities, industrial automation, environmental monitoring, and healthcare. Distributed sensing and communications in the 6G network enable the seamless integration of diverse devices and sensors, allowing for efficient data transmission and decision-making.

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

The region's rapid growth can be attributed to several factors, including the increasing adoption of advanced technologies, rising investments in research and development, and a strong focus on digital transformation. Countries like China, Japan, South Korea, and India are at the forefront of technological advancements and actively working to establish themselves as leaders in the 6G market. These countries have robust telecommunications infrastructure, a large consumer base, and a thriving ecosystem of technology companies, which provides a conducive environment for the growth of 6G technology.

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Key Players

The major vendors covered in the 6G market include AT&T (US), Broadcom (US), Cisco (US), DeepSig (US), Ericsson (Sweden), Fujitsu (Japan), Google (US), Huawei (China), InterDigital (US), Keysight (US), LG Corporation (South Korea), MediaTek (Taiwan), National Instrument Corp (US), NEC Corporation (Japan), Nokia (Finland), NTT DoCoMo (Japan), Orange (France), Qualcomm (US), Reliance Jio (India), Samsung (South Korea), SK Telecom (South Korea), Sony (Japan), T-Mobile (US), Verizon (US), China Mobile (China), ZTE (China).

Contact:

Mr. Rohan Salgarkar

MarketsandMarkets™ INC

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com

Application Modernization Services Market Growth, Trends, Industry Outlook, Growth Opportunity And Forecast (2023 - 2030)

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.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com

Cybersecurity Insurance Market: Driving Factors, Industry Growth, Key Vendors And Forecasts To 2030

The global Cybersecurity Insurance Market size is projected to grow from USD 10.3 billion in 2023 to USD 17.6 billion by 2028, at a CAGR of 11.4% during the forecast period., according to a new report by MarketsandMarkets™. The rise in cyber threats, such as data breaches, ransomware, and phishing attacks, has driven the demand for cybersecurity insurance as organizations seek financial protection against potential losses.

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List of Leading Companies in Cybersecurity Insurance Market:

• BitSight (US)
• Prevalent (US)
• RedSeal (US)
• SecurityScorecard (US)
• Cyber Indemnity Solutions (Australia)
• Cisco (US)
• UpGuard (US)
• Microsoft (US)
• Check Point (US)
• AttackIQ (US)
• SentinelOne (US)

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Based on insurance type, the standalone segment holds the largest market and highest CAGR during the forecast period.

The demand for dedicated cybersecurity insurance policies and the need to mitigate the risks associated with "silent cyber" have led to the increasing popularity of standalone cybersecurity insurance policies. These standalone policies are projected to surpass packaged cybersecurity insurance policies regarding market growth. Organizations are increasingly concerned about cyber risks and seek specialized coverage solely for cyber risk protection, driving the demand for standalone cyber policies. Insurance providers such as AIG, Lloyd's, and Allianz are embracing affirmative cyber and witnessing the growth of standalone policies. These policies are designed to address more complex cyber risks compared to packaged cybersecurity insurance. For example, AIG offers its clients a comprehensive cybersecurity insurance package that includes traditional property and casualty policies and a standalone CyberEdge policy. The CyberEdge policy provides policyholders with a broader range of security protection than the packaged endorsement. Key players in the market offering standalone cybersecurity insurance solutions include AXA XL, AIG, Travelers Insurance, Beazley, Zurich, Fairfax, Tokio Marine, Liberty Mutual, and CNA.

Based on insurance provider end users, healthcare & life sciences is projected to register the highest CAGR during the forecast period.

The healthcare industry faces various challenges, including regulatory fluctuations and the ever-evolving landscape of cyberattacks and breaches. Compliance with privacy and data security regulations such as HIPAA and HITECH necessitate the reliance of healthcare organizations on cybersecurity insurance policies to cover penalty fees. The COVID-19 pandemic has exacerbated cyber threats, with healthcare organizations experiencing increased attacks like ransomware and misinformation campaigns. Cybersecurity insurance is a crucial safeguard for healthcare providers, offering financial protection against cybercrimes, ransomware, data breaches, and other cybersecurity incidents.

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

Asia Pacific, an emerging economy, is projected to achieve the highest CAGR in the cybersecurity insurance market during the forecast period. Countries in the Asia Pacific region, such as China, Japan, ANZ, and Singapore, are highly concerned about rising security spending due to increasing cyber threats. With its strong government regulations and technological advancements, Asia Pacific presents promising growth opportunities for the cybersecurity insurance market. Insecure interfaces, data breaches, and data losses are top cybersecurity risks in the region, fueled by rapid connectivity and digital transformation. Asia Pacific faces an 80% higher risk of cyberattacks than other regions. Increasing regulatory measures are expected to drive the demand for cybersecurity insurance. Zurich Insurance predicts significant market growth in APAC, with leading players like AIG, Allianz, Chubb, and Zurich operating in the region.

Market Players

The major vendors covered in the cybersecurity insurance market include BitSight (US), Prevalent (US), RedSeal (US), SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US), AttackIQ (US), SentinelOne (US), Broadcom (US), Accenture (Ireland), Cylance (US), Trellix (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the cybersecurity insurance market are Allianz (Germany), AIG (US), Aon (UK), Arthur J. Gallagher & Co (US), Travelers Insurance (US), AXA XL (US), AXIS Capital (Bermuda), Beazley (UK), Chubb (Switzerland), CNA Financial (US), Fairfax Financial (Canada), Liberty Mutual (US), Lloyd’s of London (UK), Lockton (US), Munich Re Group (Germany), and Sompo International (Bermuda). The startup vendors covered in the cybersecurity insurance market are At-Bay (US), Cybernance (US), Coalition (US), Resilience (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), Ivanti (US), SafeBreach (US), and Cronus Cyber Technologies (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. Rohan Salgarkar
MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com

5G Services Market Outlook, Recent Trends And Growth Forecast 2023-2030

The global 5G Services Market size is estimated at USD 98.3 billion in 2023 to USD 427.7 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 34.2%, 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 many connected devices with varying communication needs.

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5G Services Market Dynamics:

Drivers:

1. Increase in mobile network data traffic.
2. Need to transform mobile broadband experience
3. Accelerated digital transformation across verticals

Restraints:

1. High deployment costs.

Opportunities:

1. Global proliferation of Fixed Wireless Access (FWA).
2. Increase in demand for high reliability and low latency networks

Top Companies in 5G Services Market:

• AT&T (US)
• China Mobile (China)
• Verizon Communications (US)
• Deutsche Telekom AG (Germany)
• Vodafone Group (UK)
• SK Telecom (South Korea)
• BT Group (UK)

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“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.

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“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.

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. Rohan Salgarkar
MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com

Natural Language Understanding Market Trends, Latest Research, Size, Business Analysis To 2030

The global Natural Language Understanding (NLU) Market size is estimated to grow from USD 19.2 billion in 2024 to USD 62.9 billion in 2029, at a CAGR of 26.8% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the natural language understanding market is driven by an increasing consumer demand for personalized and intuitive interactions, enhanced productivity, shorter call durations in contact centers, a rising need for impactful brand messaging, and the rapid expansion of unstructured text data.

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Natural Language Understanding (NLU) Market Dynamics:

Drivers:

1. Rising demand for brand messaging drives adoption of robust NLU solutions.

Restraints:

1. Lack of uniform standards to implement security solutions across the marine industry.

Opportunities:

1. Emotion recognition-based NLU to unlock empathetic AI for personalized user experiences.

List of Key Players in Natural Language Understanding (NLU) Market:

• Microsoft (US)
• Google (US)
• IBM (US)
• AWS (US)
• Meta (US)
• SAS Institute
• Oracle (US)
• Salesforce (US)
• OpenAI (US)
• SoundHound AI (US)

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

The demand for services in the NLU market is rapidly increasing, making it the fastest-growing segment. These services include consulting, training, system integration and implementation, and support & maintenance, all aimed at helping organizations effectively deploy NLU solutions. As businesses look to customize NLU solutions to their unique requirements, integrate them with current systems, and enhance their performance, specialized services are becoming essential. Furthermore, with the continuous growth in unstructured data complexity, there is a rising need for services that can assist in data preprocessing, annotation, and quality assurance to maintain the accuracy and reliability of NLU models.

By Vertical, BFSI is expected to hold the largest market size for the year 2024.

The vertical market in the natural language understanding (NLU) market is set to be dominated by the Banking, Financial Services, and Insurance (BFSI) sector. This sector holds the largest share due to various factors specific to the BFSI industry. These factors include the growing demand for personalized customer experiences, improved fraud detection and risk assessment capabilities, and the necessity for efficient communication channels. NLU technologies empower BFSI institutions to automate customer interactions through chatbots and virtual assistants, offering real-time assistance, personalized recommendations, and seamless transaction experiences. Sentiment analysis tools are also utilized by NLU that provide financial institutions with the ability to comprehend customer feedback and sentiment, enabling them to customize products and services accordingly. NLU plays a vital role in compliance and regulatory reporting by analyzing and extracting insights from extensive amounts of unstructured data, such as legal documents and customer communications.

By Application, machine translation is projected to grow at the highest CAGR during the forecast period.

The machine translation application segment is experiencing rapid growth in the natural language understanding (NLU) market due to the increasing demand for seamless communication across languages and cultures. As businesses expand globally and engage with diverse audiences, there is a growing need for accurate and effective translation solutions that can overcome language barriers. Machine translation applications utilize advanced NLU techniques, such as neural machine translation (NMT) and deep learning algorithms, to provide high-quality translations that are more accurate and proficient. The emergence of multilingual digital platforms and global collaboration efforts has further propelled the adoption of machine translation applications, leading to innovation and advancements in NLU technology.

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Asia Pacifc is expected to grow at the highest CAGR during the forecast period.

The NLU growth in Asia Pacifc region is driven by several key factors, including the exponential increase in the digital population and the widespread adoption of smartphones across diverse demographics. Moreover, governments in this region are actively promoting the adoption of Artificial Intelligence (AI) technologies, creating a conducive environment for the expansion of NLU solutions. As a result, there has been a surge in the development and deployment of Natural Language Processing (NLP) applications such as chatbots for enhanced customer service, voice assistants for seamless interaction, and machine translation tools facilitating cross-language communication. This trend reflects the region's dynamic embrace of advanced technologies and signals a promising trajectory for the NLU market in the Asia-Pacific.

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. Rohan Salgarkar
MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com

5G NTN Market Size, And Share Analysis By 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. 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.

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List of Key Players in 5G NTN Market:

• Qualcomm Technologies
• SoftBank Group Corporation (Japan)
• Thales Group (France)
• Rohde & Schwarz GmbH & Co KG (Germany)
• Keysight Technologies
• MediaTek Inc. (Taiwan)
• SES S.A. (Luxembourg)
• EchoStar Corporation (EchoStar) (US)
• SpaceX (US)
• AST & Science

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.

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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. Rohan Salgarkar
MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com