IoT Sensors Market expected to reach $22.48 billion by 2023

 

According to the latest market research report "IoT Sensors Market by Sensor Type (Pressure, Temperature, Humidity, Magnetometer, Gyroscope, Accelerometer, Image, Inertial), Network Technology (Wired and Wireless), Vertical (Consumer, Commercial, Industrial), and Geography - Global Forecast to 2023", the IoT sensors market is expected to be valued at USD 5.28 billion by 2018 and is projected to reach USD 22.48 billion by 2023, at a CAGR of 33.60% between 2018 and 2023. Major factors that drive the growth of the IoT sensors market include increased use of sensors in IoT devices and other applications owing to their reduction in size, plummeting costs, and technological advancements; introduction of 3 GPP Release 13 and Release 14 specifications; growth in internet penetration rate; high demand for connected and wearables devices; introduction of IPv6 creating larger address space; and importance of real-time computing for IoT applications.

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Browse 66 market data Tables and 56 Figures spread through 213 Pages and in-depth TOC on "IoT Sensors Market - Global Forecast to 2023"

Pressure sensors to hold largest share of IoT sensors market during forecast period

Pressure sensors are expected to hold the largest size of the IoT sensors market by 2023. The market for pressure sensors is largely driven by the increased concerns regarding safety, comfort levels, and reduction in automobile emissions. The regulatory mandates requiring the compulsory installation of onboard diagnostics to reduce greenhouse gas emissions will further lead to the growth in the demand for pressure sensors.

Wireless network technologies to hold larger share of IoT sensors market during forecast period

Wireless network technologies are expected to hold a larger size of the IoT sensors market during the forecast period. The market for wireless network technology would be driven by the proliferation of mobile devices and rapidly increasing adoption of the bring-your-own-device (BYOD) concept as well as IoT within enterprises. The upcoming 5G cellular wireless technology is expected to provide much faster internet connectivity and coverage, which would also boost the market of wireless network technologies.

IoT sensors market for consumer vertical to grow at highest CAGR during forecast period

The IoT sensors market for consumer vertical is expected to grow at the highest CAGR between 2018 and 2023. The market is driven by the increased adoption of smart devices in home automation, smart cities, and wearables. The technological developments are leading to the advancements in consumer electronics such as smart home appliances and smart TV. Furthermore, the increasing involvement of domestic as well as multinational players to boost the IoT infrastructure has further fueled the growth of IoT across the globe, which would boost the demand for IoT sensors.

North America to hold largest share of IoT sensors market by 2018

North America is expected to hold the largest share of the IoT sensors market by 2018. The increasing internet usage in technologically advancing economies as well as the growing adoption of wireless sensors and networks across major applications such as industrial, automotive and transportation, healthcare, oil & gas, and consumer electronics propel the growth of the IoT sensors market.

The companies profiled in this report are Texas Instruments (US), TE Connectivity (Switzerland), Broadcom (US), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), Bosch Sensortec (Germany), TDK (Japan), Infineon Technologies (Germany), Analog Devices (US), Omron (Japan), Sensirion (Switzerland), Honeywell (US), Siemens (Germany), General Electric (US), SmartThings (US), Monnit (US), Murata Manufacturing (Japan), Sensata Technologies (US), Silicon Laboratories (US), and Libelium (Spain).

This report describes the market trends, drivers, restraints, opportunities, and challenges for the IoT sensors market and forecast till 2023. The report also includes the value chain analysis of the market along with a detailed view of the market across 4 major regions North America, Europe, Asia Pacific, and Rest of the World (South America and MEA). The report profiles the 20 most promising players in the IoT sensors market.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Optoelectronic Components Market expected to reach $52.7 billion by 2025

 

According to the new research report "Optoelectronic Components Market by Component (Sensor, LED, Laser Diode, and Infrared Components), Application (Measurement, Lighting, Communications, and Security & Surveillance), Material, Vertical, and Region - Global Forecast to 2025", the global optoelectronic components market size is projected to grow from USD 41.4 billion in 2020 to USD 52.7 billion by 2025, recording a CAGR of 5.0%. Emerging opportunities for optoelectronic components and R&D could lead to innovation in the optoelectronic components industry. Promising industrial IoT applications provide major growth opportunities to market players. The optoelectronic components industry growth is mainly driven by the increased use of infrared components in consumer electronics & automobiles, long life & low power consumption, demand for improved imaging & optical sensing solutions in the healthcare vertical and suitable physical properties of optoelectronic sensors to operate in harsh environments.

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Browse 110 market data Tables and 74 Figures spread through 239 Pages and in-depth TOC on "Optoelectronic Components Market - Global Forecast to 2025"

Sensor component to witness the highest CAGR during the forecast period

The sensor component is projected to record the highest CAGR in the optoelectronic components market from 2019 to 2025, owing to the usage of several types of sensors, including optical, image, phototransistors, photodiodes, and photo relays for varied applications across several industries. The sensor component segment has been further subsegmented into phototransistors, photodiodes, photo relays, image sensors, optical sensors, and ultraviolet sensors.

Measurement application to hold the largest share in the optoelectronic components industry during the forecast period

The application segment comprises measurement, lighting, communications, security & surveillance, and others (geographical survey, scanning, and spectrometry). The measurement segment in the optoelectronic components market is projected to hold the largest share during the forecast period. Measurement systems use optoelectronic sensors to convert light signals to electric current and are used for several applications such as machine vision, monitoring of process and operations, control of process & operation, and experimental engineering analysis, among others.

Silicon carbide material to witness the highest CAGR during the forecast period

Silicon carbide material is projected to record the highest CAGR in the optoelectronic components market from 2019 to 2025, owing to its inherent radiation resistance, high temperature operating capacity, and high voltage & power handling capacity. Moreover, the flexibility of silicon carbide can be used as substrate. Therefore, silicon carbide has gained traction in several applications across verticals such as telecommunication, automotive, medical, military, industrial, and more.

Consumer electronics vertical to hold the largest share in the optoelectronic components industry during the forecast period

The vertical segment comprises automotive, consumer electronics, telecommunication, military & aerospace, medical, residential, commercial, manufacturing, and others (utility, food & beverages, and pulp & paper). The consumer electronics segment is projected to hold the largest share during the forecast period.  The adoption of optoelectronic components in the consumer electronics sector has increased due to technological advancements and the increasing use of consumer goods such as high-end sophisticated cameras, photocopy machines, smartphones, blue-ray storage devices, and flat & flexible television displays, and more.

Presence of prominent system suppliers to drive the demand for pressure sensors in North America during the forecast period

The optoelectronic components market in North America is projected to grow at the highest CAGR during the forecast period. The US, Canada, and Mexico are the major contributors to the growth of the market in North America.

North America is one of the most technologically advanced markets for optoelectronic components owing to the presence of prominent system suppliers, large semiconductor companies, LED, laser, and sensor manufacturers in the region.

Key players operating in the optoelectronic components market include Hamamatsu (Japan), Osram (Germany), TT Electronics (UK), Vishay (US), ON Semiconductor (US), Cree (US), Trumpf (Germany), SICK AG (Germany), Samsung (South Korea), Sony (Japan), and Broadcom (US). Other major companies focus on organic and inorganic growth strategies such as product launches and developments, mergers and acquisitions, agreements, contracts, partnerships, collaborations, and expansions to increase their revenue.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Interactive Kiosk Market expected to reach $32.8 billion by 2025

 

The report "Interactive Kiosk Market by Offering (Hardware and Software & Services), Type (Bank Kiosks, Self-service Kiosks, and Vending Kiosks), Location (Indoor and Outdoor), Panel Size (17”-32” and Above 32”), Vertical, and Region - Global Forecast to 2025", is expected to grow from USD 26.2 billion in 2020 to USD 32.8 billion by 2025, at a CAGR of 4.6%. The growth of this market is driven by factors such as enhanced shopping experience for customers, lower investment costs than traditional outlets, enhanced applications other than conventional ones, and innovations in touch screen display and glass technology.

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Some of the major players operating in the interactive kiosk market are KIOSK Information Systems (US), Olea Kiosks Inc. (US), Frank Mayer and Associates, Inc. (US), Source Technologies (US), NCR Corporation (US), Diebold Nixdorf (US), Embross (Canada), Meridian Kiosks (US), REDYREF Interactive Kiosks (US), lilitab, LLC (US).

Browse 103 market data Tables and 51 Figures spread through 150 Pages and in-depth TOC on "Interactive Kiosk Market - Global Forecast to 2025"

Interactive kiosk market for bank kiosks expected to grow at the highest CAGR during the forecast period

Interactive kiosks are largely used for banking and financial services. The market for bank kiosks is expected to register the highest CAGR during the forecast period. The bank kiosks, through their ability to perform different functions, provide more convenient, flexible, high-performance, point-of-interaction solutions to consumers for their banking activities. The customers can complete standard transactions and get remote assistance for complex transactions through these kiosks.

Panel size above 32” is expected to grow at higher CAGR from 2020 to 2025

The market for above 32” interactive kiosks are expected to grow at a higher CAGR from 2020 to 2025. These large-sized displays are very expensive. Hence, they are primarily used in some niche applications. However, improved product performance and reduced cost are expected to open up new application areas for these displays in the corporate, educational, hospitality, and retail sectors during the forecast period.

APAC expected to grow at highest CAGR during forecast period

The interactive kiosk market is rapidly expanding in APAC. The growth of the market in APAC can also be attributed to the advancements in technology and emergence of new business models. The booming retail sector and emerging infrastructures in the region would further facilitate the growth of the kiosks in the APAC region. The growing popularity of kiosk products, large potential customer base, and technological advancements taking place in countries such as India and China are the factors contributing to the growth of the interactive kiosk market in APAC.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Flexible Heater Market worth $1,356 million by 2023

 

According to the latest market research report "Flexible Heater Market by Type (Silicone Rubber, Polyimide, Polyester, Mica), Industry (Electronics & Semiconductor, Medical, Aerospace & Defense, Automotive, Food & Beverages, Oil & Gas), and Geography - Global Forecast to 2023", The flexible heater market is expected to grow from USD 945 million in 2018 to USD 1,356 million by 2023 at a CAGR of 7.5%. The factors such as a wide range of applications and rising demand from several industries are driving the growth of the flexible heater market. Flexible form factor, technological advancements, launch of innovative products, and high adoption of flexible heaters in medical applications are also driving the market toward significant growth.

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Browse 61 market data Tables and 57 Figures spread through 148 Pages and in-depth TOC on "Flexible Heater Market - Global Forecast to 2023"

“Silicone rubber-based flexible heater market to grow at highest CAGR during forecast period”

The market for silicone rubber-based flexible heaters is expected to grow at the highest CAGR during the forecast period. Due to their flexibility, faster warm-ups, improved heat transfers, and decreased wattage requirements, silicone rubber-based flexible heaters are used in applications such as semiconductor processing; energy processing (in gas dehydration and gas sweetening); kitchen equipment (in fryers, grills, ovens, warming cabinets, and steam tables); packaging; photovoltaic; medical and analytical instrumentation; aircraft; and spacecraft and satellites. The increasing demand for flexible heaters, coupled with the overall growth of various end-user industries, is driving the market.

“Medical industry to provide significant opportunities to flexible heater market players during forecast period”

Flexible heaters are widely used in the medical industry for electric heating elements and sensors, ranging from dimensional and resistance tolerances; low current leakage; and high insulation resistance readings. In the medical industry, these heaters are primarily found in the ultrasonic cleansers, fluid warmers, warming blankets, sterilization trays, blood warmers, temperature therapy equipment, warming blanket cabinets, dialysis machines, patient warming pads, and various other medical equipment. The increasing demand for these heaters in such applications in the medical industry is expected to fuel the market for flexible heaters during the forecast period.

“APAC holds largest share of flexible heater market”

APAC accounts for the largest share of the market, followed by North America and Europe. The increasing demand for flexible heaters in various medical equipment, analytical instruments, avionics and defense systems, semiconductor processes, and commercial food equipment is driving the growth of the flexible heater market. The electronics, semiconductor, and automotive are the major industries in APAC, and the market for the medical device and food equipment manufacturing is expected to grow at the fastest rate in this region in the coming years. The economic growth of the region and lower operating costs in countries such as China and India are expected to drive the demand for flexible heaters in APAC. In addition, the growth of the market in APAC is fueled by the manufacturers shifting their production processes to this region due to the raw material availability, cheap workforce, and increasing demand for these heaters.

Several major players in the flexible heater market are NIBE Industrier AB (Sweden), Honeywell International Inc. (US), Omega Engineering (US), Watlow Electric Manufacturing (US), Smiths Group plc (UK), Chromalox (US), Rogers Corporation (US), Minco Products, Inc. (US), Zoppas Industries S.P.A. (Italy), and All Flex Flexible Circuits (US), among others.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Speech and Voice Recognition Market worth $24.9 billion by 2025

 According to the new market research report "Speech and Voice Recognition Market by Technology (Speech and Voice Recognition), Vertical (Automotive, Consumer, Government, Enterprise, Healthcare, BFSI), Deployment (On Cloud & On-Premises/Embedded), and Geography - Global Forecast to 2025", the market is expected to grow from USD 7.5 billion in 2018 to USD 24.9 billion by 2025, at a CAGR of 18.72%. The growth of the speech and voice recognition market can be attributed to the high growth potential in healthcare application, growing demand for voice authentication in mobile banking application, rapid proliferation of multifunctional devices or smart speakers, and growing impact of AI on the accuracy of speech and voice recognition. Moreover, the development of speech and voice recognition software for micro-linguistics and local languages, use of speech and voice recognition technology in the education of temporarily and permanently disabled students, and role of speech and voice recognition technology in autonomous cars are expected to create huge growth opportunities for the players in the speech and voice recognition market.

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Major players in the speech and voice recognition market covered in this report are Nuance (US), Microsoft (US), Alphabet (US), IBM (US), Amazon (US), Sensory (US), Cantab Research (UK), iflytek (China), Baidu (China), and Raytheon BBN Technologies (US).

Browse 74 market data Tables and 47 Figures spread through 163 Pages and in-depth TOC on "Speech and Voice Recognition Market - Global Forecast to 2024"

Speech and voice recognition market for consumer vertical to grow at highest rate during forecast period

Increasing demand for intelligent virtual assistant (IVA) smart speakers with voice capabilities is expected to be the prominent driver for the speech and voice recognition market regarding consumer vertical during the forecast period. IVA smart speakers such as Amazon Eco, Google Home, and Apple HomePod have witnessed triple digit growth in North America and Europe during the last 2 years. Moreover, the speech and voice recognition is expected to witness significant growth in personal robotics market such as robotics pets, cleaning robots, and robot companion.

Automatic speech recognition segment dominated the global speech recognition market throughout the forecast period

Speech recognition is increasingly gaining traction with a number of interactive speech applications available in the market. With growing need for embedded computing and demand for emerging embedded platforms, speech recognition systems (SRS) are also required on these. Moreover, growing demand for speech-enabled consumer electronics devices such as smart home devices, mobile devices, and wearable devices is expected to spur the rapid growth of the speech recognition market during the forecast period.

Americas to hold largest size of speech and voice recognition market by 2025

America has been extremely responsive to the latest technological advancements, such as the integration of artificial intelligence (AI) and the Internet of things (IoT). The speech and voice recognition market is dominated by the Americas owing to the high adoption rate of artificial intelligence software and large-scale deployment of neural networks across various end-use verticals. The major driving factor in the Americas is the presence of major vendors of speech and voice recognition technology such as Nuance Communication (US), Microsoft (US), Amazon (US), IBM (US), and Sensory (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Digital Signage Market worth $29.6 billion by 2024 growing with a CAGR of 7.3%

 

According to the new market research report on the "Digital Signage Market by Offering (Hardware (Displays, Media Players, Projectors), Software, Services), Product, Application, Vertical (Retail, Transportation & Public Places, Sports & Entertainment, Education), and Geography - Global Forecast to 2024", The digital signage market is expected to grow from USD 20.8 billion in 2019 to USD 29.6 billion by 2024, at a CAGR of 7.3%. Growing technological advancements in display products, increasing adoption of digital signage products in commercial vertical, rising demand for 4K & 8K displays, and increasing infrastructural developments in emerging countries are the major driving factors for the market’s growth during the forecast period.

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Key players in the market include Samsung Electronics (South Korea), NEC Corp. (Japan), LG Electronics (South Korea), Sharp (Foxconn) (Japan), Leyard Optoelectronic (Planar) (China), Sony (Japan), AU Optronics (Taiwan), BARCO (Belgium), Panasonic (Japan), Goodview Electronics (China), Scala (US), E Ink Holdings (Taiwan), Omnivex Corporation (Canada), Deepsky Corporation (Hong Kong), Delta Electronics (Taiwan), Exceptional 3D (US), Daktronics (US), Christie Digital Systems (US), Intuiface (France), and BenQ (Taiwan).

Browse 63 market data Tables and 56 Figures spread through 190 Pages and in-depth TOC on "Digital Signage Market - Global Forecast to 2024"

Growing smart signage applications, increasing retail space worldwide, rising demand for context-aware signage, and increasing transition of traditional stores to smart stores in the retail vertical expected to offer high growth opportunities in the near future.

Software to witness highest growth rate for digital signage market during the forecast period

The current and future markets would be greatly driven by software than hardware. The increased innovation in the field of software adds to technological advancement and ease of use in digital signage solution. The estimated growth rate of the digital signage market for software is higher than hardware; hardware devices are not frequently purchased because they have a long operational life. The market for software is growing at a higher pace as software licenses need to be purchased and upgraded at regular intervals.

Commercial vertical is expected to dominate digital signage market (in terms of share) during the forecast period

The commercial vertical of digital signage comprises retail; corporate and broadcast; healthcare; hospitality; and government, command and control centers with applications across hotels, hospitals, quick service restaurants (QSRs), and malls, among others. Digital signage helps attract a large group of customers through effective advertising and promotion . The growth of the commercial vertical is attributed to the rising adoption of digital signage products for advertising and content delivery to increase the customer base and enhance consumer satisfaction.

“Transportation and public places industry to witness highest CAGR during forecast period”

Transportation signage systems are typically integrated with different technologies such as databases that can maintain travel schedules and reservation information on a real-time basis. The transportation vertical requires large screen display devices at public places such as railway stations, airports, and highways. Large screen displays show information in a more effective way than conventional signage boards. Railway stations and airports require large display panels to communicate with passengers. The new displays have highly attractive features such as live video streaming and high brightness while interacting with customers or passengers. Digital signage provides travelers with vital information regarding schedules and timings of arrivals and departures of trains and flights. Timely updates, along with proper information regarding schedules and timings of transport facilities, help enhance the customer experience, which is a major driving force for the growth of this market for transportation.

North America accounted for the largest share of the digital signage market

North America is considered to be the strongest market for digital signage. North America, being technologically advanced and developed, is a pioneer market for the cutting-edge technology used in the advertisement vertical including digital signage and smart signage. The digital signage market in North America is driven by various factors such as the high standard of living of customers and the need for accuracy and efficiency in retail services. North America accounted for the largest share of the global digital signage market. This is mainly due to the growing awareness regarding the benefits of digital signage and the increasing demand for commercial displays.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Industrial Services Market expected to reach $44.1 billion by 2025

 

According to the new market research report "Industrial Services Market with COVID-19 Impact by Type (Engineering & Consulting, Installation & Commissioning, Operational Improvement & Maintenance), Application (MES, Motors & Drives, DCS, HMI, PLC), Industry, and Region - Global Forecast to 2025", the industrial services market is expected to be valued at USD 33.6 billion in 2020 and is expected to reach USD 44.1 billion by 2025, at a CAGR of 5.6% between 2020 and 2025. Key factors driving the adoption of industrial services include growing need for operational excellence, and increase in demand for maintenance-as-a-service. Moreover, adoption of digital technology to minimize the impact of COVID-19 and elevate organization safety.

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Major players in the industrial services market are ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), Yokogawa Electric Corp. (Japan), Mitsubishi Electric Corporation (Japan), Metso Corporation (Finland), and Samson AG (Germany).

Browse 126 market data Tables and 42 Figures spread through 176 Pages and in-depth TOC on "Industrial Services Market with COVID-19 Impact by Type (Engineering & Consulting, Installation & Commissioning, Operational Improvement & Maintenance), Application (MES, Motors & Drives, DCS, HMI, PLC), Industry, and Region - Global Forecast to 2025"

“Market for the operational improvement & maintenance service to grow at fastest CAGR from 2020 to 2025”

The operational improvement & maintenance services segment includes ad-hoc and emergency maintenance, scheduled maintenance, and predictive maintenance. These services help process and discrete industries to avert unexpected faults and enhance the life of equipment and systems. Operational improvement and maintenance services use an integrated approach that combines both organizational and technical solutions to enhance the working efficiency of a plant.

“MES market to lead the industrial services market during the forecasted period”

MES can process several tasks by controlling the number of production processes. MES helps maintain all the data related to the manufacturing process, such as raw material converted into finished goods and related documentation, and data from robots and employees. The use of MES helps to improve productivity and reduce the production cycle time required for an order to be completed.

“Automotive industry to hold the largest market share for industrial services in 2020.”

The automotive industry deals with the design, development, and manufacturing of vehicles. In this industry, automation plays a vital role in inventory management, performance analysis, design process, and supply chain management. In an assembling process, automation helps companies to reduce production time and increase productivity. Major companies offering industrial services to the automotive industry are Rockwell Automation (US), Emerson Electric (US), General Electric (US), ABB (Switzerland), and Siemens AG (Germany).

 “APAC to be the largest market for industrial services during the forecast period.”

Rapid industrialization has boosted the manufacturing sector in APAC. China is one of the most impacted countries by the COVID-19 pandemic in APAC and a major manufacturing hub and as well as a leading oil & gas producer in the region. Apart from China, vigorous industrial activities in other countries of the region offer lucrative opportunities for the growth of the industrial services market.

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