Augmented Reality Market was valued at $88.4 billion by 2026

 

According to a research report "Augmented Reality Market with COVID-19 Impact Analysis, by Device Type (Head-mounted Display, Head-up Display), Offering (Hardware, Software), Application (Consumer, Commercial, Healthcare), Technology, and Geography - Global Forecast to 2026" published by MarketsandMarkets, the augmented reality market was valued at USD 14.7 billion in 2020 and is projected to reach USD 88.4 billion by 2026; it is expected to grow at a CAGR of 31.5% from 2021 to 2026. The key factors driving the growth of the augmented reality market include surging demand for AR devices and applications in healthcare, growing demand for AR in retail and e-commerce sectors due to COVID-19, rising investments in the AR market, increasing demand for AR devices and technology in the global automotive industry, and others.

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Hardware segment to account for the largest share of augmented reality market during the forecast period

On the basis of offering, the augmented reality market has been segmented into hardware and software. The hardware segment of the augmented reality market is projected to witness a higher growth rate than the software segment owing to the increasing adoption of augmented reality hardware globally.

Consumer application to account for the largest share of augmented reality market during the forecast period

On the basis of application, the augmented reality market has been segmented into consumer, commercial, aerospace & defense, healthcare, enterprises (manufacturing), automotive, energy, and others. The consumer application segment is projected to account for the largest size of the augmented reality market from 2021 to 2026. The consumer segment of the market comprises gaming and entertainment applications wherein AR technology is used to create 3D visual objects in the real world. The flourishing gaming and sports and entertainment sectors fuel the use of AR technology in consumer applications. The demand for HMD is high in consumer applications. They are used in smart glasses in sports (such as ski driving and fighting games).

APAC to account for the largest share of augmented reality market during the forecast period

The flourishing enterprises (manufacturing) sector in China and Japan is projected to fuel the growth of the augmented reality market in APAC. The gaming industry in this region has also witnessed significant growth, thereby contributing to the increased demand for augmented reality technology in APAC. Additionally, rising investments in commercial applications of augmented reality are also expected to contribute to the growth of the market in APAC. Moreover, the thriving healthcare and automotive sectors in Japan are also projected to drive the demand for AR technology in the region.

The novel coronavirus has affected the global economy to a large extent. The economies in APAC, including Japan, China, South Korea, India, and Australia, have a significant contribution toward the global economy as they are home to various manufacturing and assembly plants in the world. China, which is known as the manufacturing hub of the world, faced a serious economic crisis owing to the spread of the virus and brought all economic activities to a standstill for weeks. The other countries, such as India, Australia, South Korea, and Japan, have also witnessed a downfall in the economic activities across various sectors.

Some of the key companies operating in the market are Google, Inc. (US), PTC Inc. (US), Seiko Epson (Japan), Microsoft (US), Lenovo (Hong Kong), Samsung Electronics (South Korea), Apple (US), and so on.

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Speech and Voice Recognition Market is expected to grow $22.0 billion by 2026

 

According to the new market research report "Speech and Voice Recognition Market with COVID-19 Impact Analysis by Delivery Method, Deployment Mode (On Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition), Vertical and Geography - Global Forecast to 2026", The speech and voice recognition market is expected to grow from USD 8.3 billion in 2021 to USD 22.0 billion by 2026; it is expected to grow at a CAGR of 21.6% during the forecast period. The major driving factors for the growth of the speech and voice recognition market include increase in use of smart appliance and use of artificial intelligence technology to boost accuracy of speech and voice recognition system. The COVID-19 outbreak resulted in a decline in the growth rate of the speech and voice recognition market, especially in 2020 and 2021. The COVID-19 pandemic affected the speech and voice recognition market both positively and negatively. The demand for smart appliances and devices has increased with most of the population working from home. This has also created an opportunity for the speech and voice recognition market as this technology is being used in various smart devices. However, many people are also focusing on basic amenities during the pandemic, putting off other purchases for the time being. The COVID-19 pandemic has also resulted in halted production, thus affecting the manufacturing capabilities of all regions;  the supply of products from manufacturers to end users has declined drastically as a result.

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Speech Recognition technology shows significant increase in speech and voice recognition market during the forecast period.

Growing demand for speech-enabled consumer electronics devices including smart home devices, mobile devices, and wearable devices is expected to result in rapid growth of the speech recognition market during the forecast period. The automatic speech recognition (ASR) segment is expected to record the highest CAGR in the forecast period. The growing accuracy of ASR technology offered by Chinese vendors, such as Baidu (China) and iFLYTEK (China) is expected to benefit the entire value chain for the automatic speech recognition market in Asia Pacific during the forecast period. The growing need for local language-based speech recognition software in South Asian countries is expected to provide ample growth opportunities for the ASR market in APAC during the forecast period.

On-premises/embedded deployment mode to grow significantly during the forecast period

The demand for on-premises/embedded infrastructure is expected to increase in the forecast period. Americas will lead the market for the on-premises/embedded segment as a result of more companies demanding on-premises/embedded deployment. The increasing demand for on-premises/embedded infrastructure is also leading to an increase in the number of providers in the Americas, thereby improving the overall market growth.

Consumer vertical to have the largest market share during the forecast period

In 2020, the consumer vertical accounted for the largest size of the speech and voice recognition market and is expected to hold a dominant position throughout the forecast period. The introduction of voice based smart devices in the consumer sector has led to the launch of many innovative products in the market. The continuous decline in the cost of voice and speech devices, software developments, and relevant content developments are also driving the market for speech and voice recognition. The increasing demand for intelligent virtual assistant smart speakers with voice capabilities is expected to be a prominent driver for the speech and voice recognition market for the consumer vertical during the forecast period.

APAC to grow with highest CAGR for speech and voice recognition market during the forecast period

The market in APAC is expected to grow during the forecast period. The growing focus on artificial intelligence (AI) in industries and enterprises is also expected to contribute toward the growth of the voice recognition market in Asia Pacific during the forecast period. Increasing digitalization and government policies favoring digitalization and technological innovations are also expected to drive the growth of market in APAC region.

Key Market Players

Apple (US), Microsoft (US), IBM (US), Alphabet (US), Amazon (US), Sensory (US), CANTAB Research (UK), Baidu (China), iFLYTEK (China) and SESTEK (Turkey) are among the key players operating in the speech and voice recognition market.

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Light Control Switches Market estimated to grow $10.1 billion by 2025

 

According to the new market research report, "Light Control Switches Market by Product Type (Switches, Dimmers), Communication Technology (Wired, Wireless), End-use Application, Switch Solutions (Standalone, Integrated), Light Source, Geography - Global Forecast to 2025", The light control switches market is estimated to grow from USD 6.6 billion in 2020 and projected to reach USD 10.1 billion by 2025, at a CAGR of 8.9%. The major factors driving the growth of the light control switches market include the advent of integrated lighting control systems, ongoing and upcoming smart city projects in developing economies, increasing adoption and reduction in prices of LEDs, and growing awareness about energy savings among consumers and governments worldwide.

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“DALI protocol to hold the largest size of light control switches market for wired communication technology during the forecast period.”

In 2019, the DALI protocol held the largest share of wired communication technology. As of now, DALI is the predominant communication technology used owing to its ease of installation, open protocol, and requirement of less branch wiring than traditional controls. However, technology is not seen as a dominant protocol in the future due to the escalated demand for wireless technologies.

“Light control switches market for electronic switches is expected to exhibit high growth during the forecast period.”

Electronic switches include wireless switches, sensor-based switches, and others. The adoption of electronic switches is increasing owing to their ability to control lights effectively and ensure higher energy savings, leading to very high growth during the forecast period.

“APAC to hold the largest share of light control switches market during the forecast period.”

APAC accounted for a significant share of the light control switches market in 2019. APAC is expected to be the fastest-growing region for the light control switches market during the forecast period owing to the rapid infrastructure-related activities being undertaken in this region, mainly in China, where smart lighting paves the way for the modernization of infrastructure. Factors such as the ever-growing population, increasing per capita income, as well as vast geographic expansions, have indirectly contributed to the growth of the market for light control switches in the Asian countries.

Some of the major players in the light control switches market are Signify (Philips Lighting) (Netherlands), Legrand S.A. (France), Eaton Corporation (Ireland), General Electric Company (US), and OSRAM Licht (Germany), Acuity Brands, Inc. (US), Leviton Manufacturing Company, Inc. (US), Lutron Electronics (US), Schneider Electric (France), Honeywell International Inc. (US), Ideal Industries (US), Adesto Technologies (Echelon Corporation), Panasonic (Japan), Helvar (Finland), LightwaveRF PLC (UK), RAB Lighting (US), Synapse Wireless (US), and Dialight PLC (UK).

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Optoelectronic Components Market is projected to grow $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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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.

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Microwave Devices Market is projected to grow $9.0 billion by 2027

 

The report "Microwave Devices Market by Product (Active Devices, Passive Devices), Frequency (Ku-band, C-band, Ka-band, L-band, X-band, S-band), End User (Space & Communication, Military & Defense, Healthcare), and Geography - Global Forecast to 2027", is projected to grow from USD 6.7 billion in 2021 to USD 9.0 billion by 2027; it is expected to grow at a CAGR of 5.1% from 2021 to 2027.

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The growth of the microwave devices market is driven by rising military & defense expenditure, growing need for secure and fast communications, and rising demand for microwave devices in patient monitoring. The advent of digital communication has increased the number of satellites to cater to the voluminous data or digital transmission of voices through single communication channels. Thereby creating revenue generating opportunities for the microwave devices market. The rising penetration of 5G and IoT infrastructure, miniaturization of devices, soaring need for effective and non-radioactive patient treatments, and technological breakthroughs in microwave equipment pertaining to the materials used is expected to attract lucrative opportunities for the microwave devices market.

The active devices segment of microwave devices market is expected to hold the biggest market share during the forecast period.

The high usage of active microwave devices in various defense and space electronics has led to the segment’s growth. Active devices are widely used for detecting, mixing, amplifying, filtering, and switching microwave signals in standalone equipment. The increasing investments in R&D by the market players to design advanced devices that are compatible with high-speed connectivity requirements are expected to fuel the growth of the active devices segment.

The Ku-band segment is expected to grow at the highest CAGR during the forecast period

The ability to adjust the uplink and downlink, as well as relatively less incurred cost, is expected to increase the deployment of Ku-band microwave devices. Ku-band has been a pioneer in implementing high-speed communication channels as it has lower throughput and is less susceptible to attenuation. Furthermore, it has shorter wavelengths, improved spot beam coverage, and requires less investment.

The space & communication segment is expected to grow at the highest CAGR of the microwave devices market during the forecast period.

The increase in the number of high-throughput satellites (HTS) and rising investments in space and related exploration activities are expected to drive the growth for the space & communication segment. The growing prominence of real-time video and audio streaming services has led to an increase in the use of microwave devices in space & communication domain.

North America region is expected to hold the largest share of microwave devices market during the forecast period.

On account of the rapid deployment of microwave devices in their warfare equipment, the US and North American microwave devices market is expected to foresee immense opportunities over the forecast period. The US military has emerged as one of the most technologically advanced armed forces in the world equipping modernized warfare infrastructure.

The key players operating in the Microwave Devices market include Thales Group (France), L3 Harris, Technologies, Inc. (US), Teledyne Technologies Incorporated (US), Qorvo, Inc. (US), and CPI International, Inc. (US).

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Artificial Intelligence in Healthcare Market is projected to grow $67.4 billion by 2027

 

According to the new market research report "Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), Application, End User and Geography - Global Forecast to 2027", is projected to grow from USD 6.9 billion in 2021 to USD 67.4 billion by 2027, it is expected to grow at a CAGR of 46.2% from 2021 to 2027.

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The key factors fueling the growth of the market include market influx of large and complex healthcare datasets, growing need to reduce healthcare costs, improving computing power and declining hardware cost,  rising number of partnerships and collaborations among different domains in healthcare sector, and surging need for improvised healthcare services due to imbalance between health workforce and patients. Additionally, growing potential of AI-based tools for elderly care, increasing focus on developing human-aware AI systems, and rising potential of AI technology in genomics, drug discovery, and imaging & diagnostics to fight COVID-19 is expected to create a growth opportunity for the artificial intelligence in healthcare market.

The software segment is projected to account for the largest share of the artificial intelligence in healthcare market during the forecast period.

Many companies are developing software solutions for various healthcare applications; this is the key factor complementing the growth of the software segment. Strong demand among software developers (especially in medical centers and universities) and widening applications of AI in the healthcare sector are among the prime factors complementing the growth of the AI platform within the software segment. Google AI Platform, TensorFlow, Microsoft Azure, Premonition, Watson Studio, Lumiata, and Infrrd are some of the top AI platforms.

The market for machine learning segment is expected to grow at the highest CAGR during the forecast period

The increasing adoption of machine learning technology (especially deep learning) in various healthcare applications such as inpatient monitoring & hospital management, drug discovery, medical imaging & diagnostics, and cybersecurity is driving the adoption of machine learning technology in the AI in healthcare market.

The medical imaging & diagnostics segment is expected to grow at the highest CAGR of the artificial intelligence in healthcare market during the forecast period.

The high growth of the medical imaging and diagnostics segment can be attributed to factors such as the presence of a large volume of imaging data, advantages offered by AI systems to radiologists in diagnosis and treatment management, and the influx of a large number of startups in this segment.

North America region is expected to hold the largest share of artificial intelligence in healthcare market during the forecast period.

Increasing adoption of AI technology across the continuum of care, especially in the US, and high healthcare spending combined with the onset of COVID-19 pandemic accelerating the adoption of AI in hospital and clinics across the region are the major factors driving the growth of the North American market.

 The key players operating in the artificial intelligence in healthcare market include Intel (US), Koninklijke Philips (Netherlands), Microsoft (US), IBM (US), and Siemens Healthineers (Germany).

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Battery-free Sensors Market is projected to grow $109 million by 2026

 

According to the new market research report "Battery-free Sensors Market with COVID-19 Impact Analysis, by Sensor Type (Temperature Sensors, Humidity/Moisture Sensors, Pressure Sensors), Frequency, Industry (Automotive, Logistics, Healthcare, Food & Beverages), and Region - Global Forecast to 2026", The global battery-free sensors market size is projected to grow from USD 32 million in 2021 to USD 109 million by 2026; it is expected to grow at a CAGR of 27.6% from 2021 to 2026. With rapid technological advancements, battery-free sensors are increasingly adopted in IoT applications to improve production efficiency and reduce operational and maintenance costs in the wake of COVID-19. Additionally, the ongoing miniaturization of medical and electronic devices and the growing implementation of automated condition monitoring solutions in smart factories are expected to boost the growth of the battery-free sensors market during the forecast period.

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Temperature sensors accounted for the larger size of the battery-free sensors market in 2020.

Temperature sensors segment held the largest size of the market in 2020. Battery-free sensors are at the initial phase of commercialization. At present, only a few companies are providing battery-free sensors. Among other sensors, temperature sensors are the most common sensors offered by these manufacturers. Temperature sensors account for the largest share due to the high deployment of these sensors by the manufacturing and process industries, such as oil & gas, food & beverages, and automotive industries, in hard-to-reach or remote machinery to monitor the machine condition. The data gathered by these temperature sensors enable effective predictive maintenance programs in industrial plants to avoid costly downtime. These sensors are also maintenance-free, making them preferable for various industrial operations. Also, the average selling price of the battery-free temperature sensor is higher than other types of sensors covered in this report

Automotive segment is expected to hold the largest size of the battery-free sensors market in 2020.

Automotive segment is expected to hold the largest share in the battery-free sensors market during the forecast period. Automobile companies across the world are emphasizing on automating and upgrading their assembly lines. Automobile manufacturers adopt battery-free sensors at a significant rate owing to their advantages, such as prediction and prevention of equipment failure by improvising the performance and efficiency of assets and equipment at reduced maintenance costs. Battery-free sensors enable predictive maintenance and help efficient handling of assembly operations in the automotive industry. Hence, the automotive industry is expected to capture the largest market share throughout the forecast period. Automobile original equipment manufacturers (OEM) and players within the mobility industry are among the worst hit by the COVID-19pandemic. Automobile OEMs increasingly rely on just-in-time manufacturing, which is presently affecting their production capabilities and overall exports owing to supply chain disruptions.

APAC is projected to be the largest market for battery-free sensors from 2021 to 2026.

Battery-free sensors market in APAC is expected to grow at the highest CAGR during 2021−2026. Ongoing industrialization, growing adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency are fueling the growth of the battery-free sensors market in this region. The expansion of manufacturing activities resulting from the migration of production bases to Asian countries, such as China, India, and South Korea, with low labor costs, drives the demand for battery-free sensors in the region. However, the outbreak of COVID-19 has impacted the manufacturing facilities of all verticals across the world, forcing them to shut down. However, production has resumed in a few facilities in China, thereby initiating the manufacturing of some essentials.

ON Semiconductor (UK), Farsens (Spain), Axzon (Rfmicron) (US), Inductosense (UK), Phase IV Engineering (US), Powercast (US), Distech Controls (US), EnOcean (Germany), DCO Systems (UK), and Everactive (US), are some of the major players in battery-free sensors market.

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