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.

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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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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.

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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Artificial Intelligence (Chipsets) Market expected to reach $57.8 billion by 2026

According to the latest market research report "Artificial Intelligence (Chipsets) Market by Technology (Machine learning, Natural Language Processing, Context Aware Computing, Computer Vision), Hardware (Processor, Memory, Network), End-User Industry, and region - Global Forecast to 2026", The global AI (chipsets) market size is expected to be valued at USD 7.6 billion in 2020 and likely to reach USD 57.8 billion by 2026, at a CAGR of 40.1% during the forecast period. Major drivers for the market are increasingly large and complex datasets driving the need for AI, the adoption of AI for improving consumer services and reducing operational costs, the growing number of AI applications, the improving computing power, and growing adoption of deep learning and neural networks.

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The computer vision technology projected to grow at the highest CAGR during the forecast period

Computer vision technology is expected to grow at the highest CAGR in the AI (chipsets) market during the forecast period. The growing adoption of computer vision in autonomous or semiautonomous applications in various industries, such as manufacturing and automotive, is propelling the growth of this technology in the AI (chipsets) market.

The GPU segment is expected to grow the fastest during the forecast period

The market for GPUs is expected to grow at the highest CAGR during the forecast period. This growth is attributed to high parallel computing offered by GPUs and increasing adoption of GPUs at servers/edge devices for processing various AI applications/solutions across industry verticals. GPUs and FPGAs are widely used to implement machine learning algorithms. In terms of throughput, GPUs are ~100 times faster than FPGAs, whereas, in terms of power efficiency, FPGAs are 50 times better than GPUs. GPUs are used extensively to accelerate computational workloads, and their capabilities are growing faster than those of x86 CPUs

AI (chipsets) for the manufacturing industry is expected to grow at highest CAGR during the forecast period

The AI (chipsets) market for the manufacturing industry is expected to witness the fastest growth during the forecast period. This growth is attributed to increasing factory automation and growing demand to reduce operational costs. Additionally, trends such as Industry 4.0 are boosting the growth of AI (chipsets) in the manufacturing sector.

AI (chipsets) market in APAC projected to grow at the highest CAGR from 2020 to 2026

The market in APAC is anticipated to grow at the highest CAGR during the forecast period. This growth can be attributed to the adoption of AI services in end-user industries such as manufacturing, healthcare, and automotive in countries such as Japan, China, Australia, and South Korea. Additionally, declining AI hardware costs and increasing demand to improve consumer services are supplementing the growth of the AI (chipsets) market in APAC.

Some of the major players in the AI (chipsets) market are NVIDIA Corporation (NVIDIA) (US), Intel Corporation (Intel) (US), Xilinx, Inc. (Xilinx) (US), Samsung Electronics Co., Ltd. (Samsung) (South Korea), Micron Technology, Inc. (Micron) (US), Qualcomm Technologies, Inc. (US), International Business Machines Corporation (IBM) (US), Google Inc. (Google) (US), Microsoft Corporation (Microsoft) (US), Amazon Web Services (an Amazon.com, Inc. subsidiary) (AWS) (US), Advanced Micro Devices, Inc. (AMD) (US), General Vision, Inc. (US), and Huawei Technologies Co., Ltd. (Huawei) (China).

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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Smart Home Market expected to reach $135.3 billion by 2025

 

According to the new research report "Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Entertainment, Home Healthcare), Software & Services (Proactive, Behavioural), and Region - Global Forecast to 2025", the global smart home market size is expected to grow from USD 78.3 billion in 2020 to USD 135.3 billion by 2025, at a CAGR of 11.6%. The growth of the market is driven by many factors, such as an increasing number of internet users, increasing disposable income of people in developing economies, the rising importance of home monitoring in remote locations, and the growing need for energy-saving & low carbon emission-oriented solutions. Moreover, the rapid proliferation of smartphones & smart gadgets, expansion of smart home product portfolio by a large number of players, growing concern about safety, security, and convenience among the general population will fuel the demand for smart home solutions.

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“The smart speakers market is likely to grow at a high rate during the forecast period.”

The growth of the smart speaker market is driven primarily by the increasing adoption of smart homes, high disposable income, the popular trend of personalization, and the rapid proliferation of multifunctional devices. Factors such as increasing focus of companies on enhancing customer experience and consumer preference for technologically advanced products over traditional products are expected to provide opportunities to smart speaker providers. Further, recent developments in artificial intelligence (AI) and natural language processing (NLP) to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart homes.

“The proactive type software and services segment to grow at a higher rate during the forecast period.”

Proactive type software and services facilitate the transmission of data, along with the best possible solutions, to end-users for actions to be taken after receiving the information. The proactive type enables the transfer of a larger volume of data than the behavioral type; it can provide inputs to end-users regarding effective energy usage and required actions on the physical parameters to reduce energy consumption.

Proactive solutions are more beneficial than the behavioral type as they can also send recommendation signals to end-users to take necessary actions to reduce energy consumption. Moreover, based on the user’s actions, measures to control electronic devices can be implemented. Due to these advantages, the market for proactive type software and services is expected to grow at a higher rate during the forecast period.

“The APAC smart home market is expected to grow at a high rate during the forecast period.”

The smart home market in APAC is expected to grow at a high rate during forecast period. Owing to the rising number of new residential projects and an increasing number of initiatives toward strengthening the building infrastructure in the region. There is a considerable demand for smart homes in APAC countries such as Japan, South Korea, China, and Rest of APAC (RoAPAC). Currently, China and South Korea are considered huge markets for smart home systems due to the high demand for various control devices, including lighting control solutions, in the country. The presence of a large base of end-users in advanced economies such as China, Japan, and South Korea and the high demand for energy management systems are the major factors that are likely to fuel the demand for smart homes in this region.

The smart home market is currently dominated by Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell International, Inc. (US), and Siemens AG (Germany).

Other players operating in the smart home market are Amazon, Inc. (US), Apple Inc. (US), Google (US), ADT (US), Robert Bosch Gmbh (Germany), ASSA ABLOY (Sweden), ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), ABB (Switzerland), Legrand S.A. (France), GE (US), Comcast Corp. (US), Hubbell Inc. (US), Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sony (Japan), Control4 Corp. (US), Lutron Electronics Co. Inc. (US), Vivint (US), and Axis Communication AB (Sweden), among others. Almost all companies, including key players, have adopted a few major strategies such as product developments and launches, mergers and acquisitions, and partnerships and collaborations to grow in the smart home market.

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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Augmented and Virtual Reality in Healthcare Market worth $6.5 billion by 2025

 

The report "Augmented and Virtual Reality in Healthcare Market by Offering (Hardware and Software), Device Type, End User, Application (Patient Care Management, Medical Training & Education, Pharmacy Management, Surgery), and Geography – Global Forecast to 2025", is expected grow from USD 0.8 billion in 2017 to USD 6.5 billion by 2025, at a CAGR of 30.7% between 2017 and 2025. The increasing penetration of connected devices in the healthcare sector, increased investment in the AR and VR healthcare, and the growing need to reduce the healthcare cost are the major drivers for the augmented reality in healthcare and virtual reality in healthcare market.

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Hardware to witness higher growth during the forecast period

AR and VR require several hardware components such as sensors, semiconductor components, displays & projectors, position trackers, and cameras. Sensors used in handheld display devices such as smartphones and tablets play an important role in the AR market. Global positioning system (GPS) and compass are used in mobile phones for route navigation. Camera has been an integral part of the AR market and is expected to provide optimum benefit to smartphone users in the near future. These components will drive the growth of hardware of AR and VR in healthcare during the forecast period.

Head-up displays to grow at higher CAGR during the forecast period

HMDs with respect to out-of-hospital-care and emergency medical services can be used to help casualties in mass accidents and disaster medicine. HMDs are expected to grow at a high rate in virtual reality in healthcare market owing to its widespread adoption in the healthcare industry. Major use cases of AR and VR head-mounted displays in healthcare include pre-hospital medical care, nursing care in clinical environments, and medical treatment in hospitals. Also, the use of AR smart glasses is expected to grow at a high rate to boost the augmented reality in healthcare market. The European scientists are in process of developing AR HMDs to improve the efficiency of surgical processes. The Video Optical See-Through Augmented Reality Surgical System (VOSTARS), a medical visor, is an HMD that would ease the superimposing of patient’s X-ray images in 3D unison with their anatomy.

Surgery application to witness high growth during the forecast period

Medical practitioners and patients are aware of the importance of precision in surgical procedures. Augmented reality surgery—a surgical training tool—uses technology that superimposes a computer-generated image on a surgeon’s view of the operative field. It provides a composite view of the patient’s internal organs with a computer-generated overlay that enhances the operative experience of the surgeon. Training surgeons on specific surgical procedures is hard and expensive. The high growth of the surgery application is due to the advantages of the AR and VR technologies used during the operational procedures. The use of AR and VR can help surgeons to perform surgeries more efficiently.

AR and VR market for healthcare in APAC is expected to grow at the fastest rate during the forecast period

Being an emerging economy, APAC is witnessing major changes pertaining to the adoption of new technologies and advancements. The region also witnesses an increasing adoption of the latest technologies due to the presence of most of the electronics and display panel manufacturers in the region. Fitness management, patient care management, and pharmacy management are expected to contribute substantially to the growth of the AR and VR in healthcare market in APAC. These applications offer a huge potential for the AR and VR in healthcare market players to grow due to the increasing awareness among healthcare providers and the rising adoption of new technologies in various industries— especially in countries such as Japan, China, India, and South Korea. The increasing number of players in the region would boost the growth of the AR and VR in healthcare market.

Key Market Players

Major players in the market for augmented reality in healthcare and virtual reality in healthcare are Google (US), Microsoft (US), DAQRI (US), Psious (Spain), Mindmaze (Switzerland), Firsthand Technology (US), Medical Realities (UK), Atheer (US), Augmedix (US), and Oculus VR (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 5000 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, "RT" 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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Intelligent Virtual Assistant Market worth 17.72 Billion USD by 2023, at a CAGR of 38.82%

 

The report "Intelligent Virtual Assistant Market by Product (Chatbots, IVA smart speakers), User Interface (Text-based, Text-to-speech based, Automatic Speech Recognition), Industry (Consumer Electronics, BFSI, Retail), and Geography - Global Forecast to 2023", The global intelligent virtual assistant (IVA) market is expected to grow from USD 2.48 Billion in 2017 to USD 17.72 Billion by 2023, at a CAGR of 38.82% between 2017 and 2023. The market is expected to be driven by the demand for automation in customer support services. At the same time, IVA smart speakers are very much in demand for smart home applications such as wireless-connected thermostats, air-conditioners, and others.

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BFSI sector has the highest market share of the IVA market and is expected to witness a substantial growth from 2017 to 2023

IVAs are being driven by the BFSI sector due to its demand in automated customer support services. This is due to the technological dependence of people on online transactions while managing their finances. General queries such as balance check, account status, or new schemes can be resolved through chatbots, without engaging a person for resolving such queries. This is propelling the demand for IVA devices.

The automatic speech recognition (ASR)-based IVA is expected to grow at the highest CAGR from 2017 to 2023.

The overall IVA market has been segmented on the basis of user interface. Automatic speech recognition IVAs are expected to grow at a significant rate between 2017 and 2023, driven by the growing demand for smart speakers in home automation systems. Smart home systems are increasingly being adopted especially in North America and Europe. This will fuel the growth of smart speakers that are used in controlling smart home devices such as wireless thermostats, music systems, washing machines, and others.

North America is expected to hold a large share of the IVA market through 2023

North America was the largest market in 2016, followed by Europe and APAC. This is mainly due to the awareness and the availability of smart speakers in North America This is a technologically advanced region where new technologies are adopted at the earliest. Also, major IVA players such as Apple (US), Amazon (US), and Alphabet (US) belong to North America. The IVA market in Europe is expected to hold the second-largest market share by 2023 owing to the growth of gas-sensing applications.

Major companies in the overall IVA market that have been included in this report are Alphabet (US), Amazon.com (US), Apple (US), Nuance Communications (US), IBM (US), Microsoft (US), Samsung Electronics (South Korea), Inbenta Technologies (US), Baidu (China), and Blackberry (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 5000 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, "RT" 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.

Contact:
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MarketsandMarkets™ INC.
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Automated Border Control Market worth USD 1,577.7 Million by 2023

 

According to the new market research report "Automated Border Control Market by Solution Type (ABC e-Gate and ABC Kiosk), Component (Hardware, Software, and Services (Installation and Maintenance)), Application (Airport, Land Port, and Seaport), and Geography - Global Forecast to 2023", the automated border control (ABC) market is expected to be worth USD 1,577.7 Million by 2023, growing at a CAGR of 17.45% between 2017 and 2023. The ABC market has a huge potential across various applications, such as airports, land ports, and seaports. The major factors driving the ABC market across the world are increasing passenger travel, rising security concerns, and enhanced traveler convenience in the border crossing process.

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Market for ABC e-gate expected to grow at higher CAGR between 2017 and 2023

The market for e-gate is expected to grow at a higher CAGR between 2017 and 2023. e-gate installation has helped border crossing authorities process large number of passengers and has enhanced security. Passenger traffic is more at airports than at land ports and seaports.

ABC market for seaport application expected to grow at highest CAGR between 2017 and 2023

The ABC market for seaport application is expected to grow at the highest CAGR between 2017 and 2023. This growth can be attributed to strengthened border integrity and increased passenger traffic at seaports globally. As per the Australian Government Department of Immigration and Border Protection, more than 35 million passengers travel through Australia’s major airports and seaports every year, and the number of travelers at seaports is expected to double in the coming years.

ABC market for software component expected to grow at highest CAGR between 2017 and 2023

Software component in the ABC ensures efficiency and performance of biometric and document recognition database algorithms, along with risk assessment for travelers. The higher growth rate of the software component in the ABC market is owing to the increasing need for automation service to optimize efficiency at airports, land ports, and seaports.

Currently, Europe leads ABC market in terms of market size

Europe is currently leading the ABC market and is projected to be in a leading position for the next few years owing to the high adoption of ABC. The growth of the ABC market in Europe is because of high government funding and support, the presence of leading players, and strong technical base.

The major driving factor for the market growth in Europe is the presence of prominent vendors of ABC OT-Morpho (France), secunet Security Networks (Germany), Indra Sistemas (Spain), Arjo Systems (France), IER SAS (France), and Cognitec Systems (Germany), among others.

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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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