Environmental Sensor Market 2023 Opportunities, Key Players, Competitive Analysis

The Environmental Sensor Market is estimated to be worth USD 1.37 billion in 2018 and is projected to reach USD 2.19 billion by 2023, at a CAGR of 9.9% from 2018 to 2023.

Stringent environmental regulations to reduce air pollution, increase in health and safety concerns would upsurge demand for environmental monitoring systems, and rise in air quality monitoring stations are the key factors driving the environmental sensor market.

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APAC to dominate environmental sensor market during forecast period

APAC is the fastest-growing region in the environmental sensor market. This region is likely to continue to hold the largest market and expected to be the fastest-growing region in the environmental sensor market owing to factors such as the increasing use of smart devices (e.g., smartphones and smart bands) in APAC paves the way for growing penetration of environmental sensors in these smart devices. Increasing pollution levels in APAC countries is set to drive the growth of the said market. The growth for environmental sensors is also attributed to the increasing demand for these sensors in verticals such as medical and healthcare. APAC is the largest end user for HVAC equipment. Growing construction industry due to increasing population and urbanization drives the HAVC market, which, in turn, creates demand for the environmental sensors market.

Environmental sensor market for integrated environmental sensors to grow at highest CAGR during forecast period

The growth of the environmental sensors market is mainly due to the shifting preference from standalone sensors and integrated sensors widely used to measure humidity, temperature, dust intensity, UV radiation, and other environmental parameters. Increasing demand for environmental sensors in consumer devices, where small size and low power consumption are important aspects to be considered, is the major factor driving the growth of the said market.

Portable environmental sensors expected to account for largest size of environmental sensor market, by location

Due to increasing environmental regulations to reduce air pollution and growing health and safety concerns would increase the demand for portable sensors that are mainly used in devices such as wrist bands, fitness bands, smartphones, and tablets. Due to the increasing use of portable sensors in a few fast-growing applications, it is expected that the market for these sensors would grow at the highest rate during the forecast period.

Consumer electronics vertical to dominate environmental sensor market during forecast period

Consumer electronics vertical is expected to dominate the environmental sensor market. Environmental sensors have a significant opportunity in the consumer electronics market. In smartphones and wearable devices, various sensors are used for environmental sensing. The growth in the consumer electronics vertical is attributed to the increasing use of environmental sensors in smartphones, tablets, and wearable devices. MEMS-based environmental sensors are being implemented in smartphones, tablets, and wearable devices.

Major players in the environemntal sensor market are Bosch Sensortec (Germany), Sensirion (Switzerland), AMS AG (Austria), Omron (Japan), Honeywell International (US), Raritan (US), Siemens (Germany), Texas Instruments (US), Schneider Electric (France), Amphenol (US), STMicroelectronics (Switzerland), IDT (US), AVTECH (US), Analog Devices (US), Apogee Instruments (US), TE Connectivity (Switzerland), NuWave Sensors (Ireland), Elichens (France), Aclima (US), and Breeze Technologies (Germany).

Intelligent Power Module Market Forecast, Opportunities and Challenges

According to MarketsandMarkets,the intelligent power module market is projected to reach USD 2.4 billion by 2025 from USD 1.5 billion in 2020; growing at a CAGR of 9.6% during the forecast period.

Rising focus towards renewable power sources, growing adoption of electric vehicles, and increasing reliability thtough enhanced level of monitoring are the key driving factors for the intelligent power module market.

  

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IPMs with up to 600 V voltage rating expected to account for a largest share of the intelligent power module market by 2025. These IPM’s are widely used in consumer electronic products. These IPMs provides a compact, high performance AC motor drive in a simple and solid design. Some of the features of this type of IPM are high side IGBT Gate Driver (HVIC), Silicon On Insulator (SOI), drive circuit, high voltage level shifting, current limit for bootstrap diode, control supply under voltage locked out (UVLO). It is manufactured by all major players such as Mitsubishi Electric Corp. (Japan), Fuji Electric Co., Ltd. (Japan), On Semiconductor Corporation (U.S.), and Infineon Technologies AG (Germany), the key target segment of these IPMs is the consumer sector. Application areas in the consumer sector include washing machines, refrigerators, dish washers, and air conditioners.

The IPM’s with current rating 0 to 100A are expected to hold the largest share of the intelligent power module market by 2025. IPM’s with these current rating suffices the purpose for domestic applications which comprises of daily use appliances such as washing machine, air conditioner, dish washers and others. IPM being one of the smallest modules in the electronics domain, some of the features are heat sink-less operation, motor drive-optimized fast recovery FETs and integrated bootstrap functionality. It is manufactured by all major players such as Mitsubishi Electric Corp. (Japan), Fuji Electric Co., Ltd. (Japan), On Semiconductor Corporation (U.S.), and Infineon Technologies AG (Germany), the key target segment of these IPMs is the consumer sector. Some of the benefits of this range of IPM are cost savings from smaller footprint and reduced PCB space, easy implementation of 2 or 3-phase motor drives w/half-bridge IPMs and half-bridge configuration enables more flexible board design w/better thermal performance.

 

In terms of geographic coverage, theintelligent power module market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).APAC holds the largest share of the global intelligent power module market. The market in APAC is further segmented into China, India, Japan, South Korea, and Rest of APAC. Many economically advanced countries have their manufacturing units in the developing economies of APAC, especially in China and India. The domestic markets in APAC are growing rapidly, owing to the rising per capita income of the middle-class population. APAC is the fastest-growing market for IPM, with three of the top 10 largest economies in the world–China, India, and Japan.

Ultrasonic Testing Market - Business Strategies & Revenue Generation

The Ultrasonic Testing Market size is estimated to grow from USD 3.0 billion in 2021 to USD 4.2 billion by 2026, growing at a CAGR of 7.1%.

 

Stringent government regulations regarding public safety & product quality and continuous advances in electronics, automation, and robotics are among a few major factors driving the NDT and inspection markets growth. The high adoption of IoT devices and rising need to assess aging assets health also propel the development of the ultrasonic testing market.

 

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The ultrasonic testing (UT) technique to hold the largest share of the NDT and inspection market in 2021

Ultrasonic testing is expected to account for the largest market share in 2021. It is presently the most popular ultrasonic testing technique owing to its ability to identify defects and determine their severity accurately. Some advanced techniques such as ultrasonic immersion testing and guided-wave ultrasonic testing can also be used for critical applications in the oil & gas and aerospace industries. Ultrasonic testing has evolved considerably over the last few decades and is the most important NDT technique for identifying and quantifying surface and subsurface defects. Ultrasonic testing and inspection can be conducted by using a wide range of methods, a few of which are manual and cost-effective, while others need advanced automated equipment for determining faults in critical applications.

 

The market for the manufacturing vertical expected to grow at the highest CAGR during the forecast period

The manufacturing sector is expected to be the fastest-growing vertical in the ultrasonic testing market from 2021 to 2026. This sector is receiving a boost from emerging markets such as China, India, and South Africa due to their growing manufacturing and industrial base. The ultrasonic testing technique is widely used in manufacturing to ensure the integrity of components produced. This technique is primarily employed for preventive maintenance and failure analysis and the post-care of the damages.

 

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North America expected to hold the largest market share during the forecast period

North America is expected to hold the largest share of the overall ultrasonic testing market by 2026. The rapid growth of automotive, power generation, oil & gas, and aerospace & defense industries in the region are the major reason for the growing adoption of ultrasonic testing equipment and rising demand for related services in North America.

 

Baker Hughes (US), Olympus Corporation(Japan), MISTRAS Group (US), Intertek (UK), Amerapex Corporation (US), Sonatest (UK), Sonotron NDT (Israel), Tecscan System Inc (Canada), (Italy), Eddyfi (Canada), Ashtead Technology (Scotland) and Magnaflux (US), Fischer Technology Inc. (US), Cygnus Instruments Ltd. (UK), NDT Global GmBH (Germany), Acuren (US), and LynX Inspection (Canada) are the key players in the ultrasonic testing market.

Collaboration Display Market Forecast, Opportunities and Challenges

The Collaboration Display Market is projected to reach USD 957 million by 2026 from USD 700 million in 2021; it is expected to grow at a CAGR of 6.4 % from 2021 to 2026.

 

Major drivers for the growth of the market are surged demand for collaboration displays in educational institutions and corporate offices as well as increase in remote and hybrid work models amid COVID-19. The increased digital transformation throughout the globe and adoption of ever changing technology is also a reason for the increased demand of collaboration display in corporate offices, educational institutions, and government organizations.

 

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The above 65 inch segment, in market by screen size, of the collaboration display market accounted for larger share in 2020

Collaboration displays with screen size above 65 inches have seen a greater adoption rate. Such displays are mostly preferred in the corporate, government, and education sectors. In the corporate sector, collaboration displays are used in large conference halls, conference rooms, meeting rooms, etc. They come with multiple features such as approximately 40 multi-touch points that allow 40 people to coordinate simultaneously at the same time. They also come with collaboration tools and software that allow people to connect worldwide in real time and share real-time content.

 

Among vertical, the corporate offices segment projected to hold the largest share of the collaboration display market during the forecast period.

Collaboration displays offer a tool to improve understanding, collaborate, and increase productivity through effective presentations and meetings in the corporate sector. The use of collaboration displays in this segment has increased over the recent years, as collaboration displays help improve productivity, share real-time contents, and coordinate on a global scale. Some of the most major applications of collaboration displays in the corporate offices include sharing content and screen in real time with remote attendees, mobile connectivity, multi-touch points to allow multiple people to annotate simultaneously. Companies such as Sharp, ViewSonic, Microsoft, Cisco, and Smart Technologies are working on developing more advanced collaboration displays by adding more advanced features and technologies.

 

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The collaboration display market in APAC projected to have highest CARG during the forecast period (2021-2026)

The market in APAC is expected to grow at the highest CAGR during the forecast period owing to the rapidly changing face of industries from a product-centric to customer-centric approach due to increasing competition and changing customer behaviour in high-potential markets such as China, Japan, South Korea, and Australia. Due to advancements in technology and the emergence of new business models in the region, the collaboration display market is exhibiting an upbeat outlook. The booming corporate and education sectors would further fuel the adoption of collaboration displays in APAC.

Automated Optical Inspection Market: Drivers and Challenges

The global automated optical inspection system market size is projected to reach USD 1,583 million by 2025 from USD 753 million in 2020, growing at a CAGR of 16.0% during the forecast period.

 

Automated Optical Inspection (AOI) market in North America to grow at the highest CAGR during the forecast period

North America is expected to grow at the highest CAGR in the automated optical inspection (AOI) system market during the forecast period. The presence of a tech-savvy population with high disposable income and a huge demand for consumer electronics is leading to advancements in PCBs, which further fuel the automated optical inspection (AOI) system market in North America.

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Automated Optical Inspection Market in Automotive industry to exhibit the highest growth during the forecast period

The demand for high-performance electronic components for critical-safety systems of a vehicle such as advanced driver assistance system (ADAS), airbags, and braking systems has increased the use of electronics in automobiles. Moreover, the implementation of wireless communication technologies such as M2M and connected vehicles has resulted in a rise of electronics components in automobiles. The use of high-quality electronics has made automotive manufacturers use highly efficient AOI systems to inspect electronics components during the production process.

 

The Automated Optical Inspection Market to grow at higher CAGR from 2020—2025

3D AOI systems can detect faults in PCB substrates as well as defects in the ball grid arrays (BGA), which makes them superior to 2D AOI systems. Further, the ability to quickly inspect defects in tall components, a significant reduction in false call rates, and the ability to provide volumetric data of components under inspection make 3D AOI systems the ideal choice for electronic manufacturing service (EMS) providers in the coming years.

 

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Major factors fuelling the growth of the market include increasing demand for consumer electronics, rising need for high-quality electronic components, demand for higher productivity by electronics manufacturing services (EMS) companies, and growing demand for AOI systems in automotive electronics.

Key Market Players

Koh Young (South Korea), Test Research, Inc. (Taiwan), Omron (Japan), Viscom (Germany), and Saki (Japan) were the major players in the global automated optical inspection (AOI) system market.

AI Infrastructure Market Size, Key Players, Analysis and Forecast

The AI Infrastructure Market is expected to grow from USD 23.7 billion in 2021 to USD 79.3 billion by 2026, at a CAGR of 27.3%. 

 

The market growth can be attributed to several factors, such as increased data traffic and need for high computing power, increasing adoption of cloud machine learning platform, increasingly large and complex dataset, rising focus on parallel computing in AI data centers, and growing number of cross-industry partnerships and collaborations.

 

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Hardware to account for the largest share of AI infrastructure market in 2021

The hardware segment is sub-segmented into a processor, memory, storage, and networking (switches, routers, and other equipment used to link servers in the cloud and connect edge devices). NVIDIA (US), Intel (US), Micron (US), Xilinx (US), Google (US), Samsung (South Korea), and Graphcore (UK) are a few of the companies that develop hardware needed for AI. The increasing need for hardware platforms with high computing power to run various AI software is a key factor fueling the growth of the AI infrastructure market.

 

Machine learning technology held the largest share of AI infrastructure market in 2020

Machine learning enables systems to learn without being explicitly programmed. This technology can reliably and quickly scan, parse, and react to anomalies. Machine learning enables systems to automatically improve their performance with experiences. Recently, AI and machine learning have been widely adopted to tackle the COVID-19 crisis

 

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Asia Pacific to grow at the highest CAGR in AI infrastructure market

APAC is the host to a few of the fastest-growing and leading industrialized economies such as China, Japan, and India in the world. It is witnessing dynamic changes in the adoption of new technologies and advancements in organizations across industries. Increasing adoption of deep learning and NLP technologies for finance, agriculture, marketing, and law applications is also driving the market in this region.

 

Key Players:

Intel Corporation (US), NVIDIA Corporation (US), IBM (US), Xilinx (US), Advanced Micro Devices (AMD) (US), Samsung Electronics (South Korea), Micron Technology (US), Google (US), Microsoft (US), Amazon Web Services (US).

IoT in Transportation Market Size, Latest Trends, Future Growth

IOT is increasingly demanding more evolved devices from the semiconductor industry, with long lasting battery technologies, low power consumption, and the ability to accurately process and store data at lower costs. The report segments IoT in transportation market into six different segments such as component, products & software services, verticals, solutions, application, and geography.

 

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The IoT in transportation market is expected to reach $143.93 billion by 2020 at an estimated CAGR of 8.95% from 2014 to 2020. Africa is the leading region in the overall market, followed by Asia-Pacific (APAC) and the Middle East.

The concept of IoT has gone beyond the machine-to-machine (M2M) communication. With technological advancements and our increasing dependence on them in the day-to-day lives, it is evident that the IoT concept has a promising future. With the rate of proliferation of the wireless sensors network, the increasing adoption of emerging technologies and mainstreaming of many smart consumer applications, IoT is on its way to becoming the big thing. Few trends in the technology and application segments are projected to shape the future of IoT. Some of these critical technology trends, which are expected to have a huge impact on the IoT evolution, are big data, cloud computing, IPV6, wireless sensor network proliferation, and faster communication standards such as 4G-LTE and beyond.

 

The opportunities for IoT in transportation market are extremely high and mainly depend on organizations for adopting technological changes that are ever-increasing. With such a rapid change, it would be possible to have excellent quality of experience as well as better economic opportunities for users, governments, and businesses.

 

The IoT in transportation market is divided in to six segments, namely components, products, software & services, verticals, solutions, and applications & geography. The market, by component, includes the differentiation of components that are used to enable the proper operation of the technology. The market, by product, software, and service, gives an in-depth analysis, which helps in facilitating the growth of IoT in the transportation ecosystem. However, in case of the market size growth, the market and the product, software, and service market are taken as mutually exclusive from each other. The verticals included in IoT in transportation market are roadway, railway, airway, and maritime. Furthermore, the solution segment includes traffic, asset, ticketing, supervision, operations, passenger information, maintenance, and logistics.

 

The applications segment covers the major applications of IoT in transportation market that are divided into four segments, namely telematics, infotainment, advanced driver assistance system, and so on. Moreover, the IoT market in intelligent transportation systems, by geography, has been divided based on geographic locations of the countries that include the Americas, Europe, APAC, Middle East, and Africa. The Americas is the largest market, by geography, which is due to the easy availability of infrastructure for the deployment of IoT in transportation in this region.

 

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There are many companies that have their presence in IoT in transportation market. The players involved in the IoT market include a host of companies, right from the semiconductor OEMs to network operators, software companies, and networking equipment providers. The report profiles all the prominent companies involved in the field of IoT, such as Garmin International, Ltd. (U.S.), Thales Group (France), TomTom N.V. (The Netherlands), Denso Corp. (Japan), Alcatel-Lucent (France), Sierra Wireless, Inc. (Canada), AT&T, Inc. (U.S), Verizon Communications (U.S.), and Intel Corp. (U.S).

DRAM Module and Component Market - Growth in Adoption of High-end Smartphones

The global DRAM module and components market was valued at USD 94.9 billion in 2021 and is expected to reach USD 110.7 billion by 2027, at a CAGR of 1.2% during the forecast period from 2022 to 2027.

The key factors driving the growth of the DRAM module and components market include emergence of 5G technology, growth in demand for DRAM module and components in automotive sector, growth in adoption of high-end smartphones, and others.

Emergence of 5G technology

The emergence of the 5G cellular network has opened more lanes on the information superhighway, enabling vast amounts of data to move faster and more freely, reducing traffic jams. Enabled by innovations in memory and storage, 5G, coupled with next-generation technologies such as artificial intelligence (AI), shows enormous promise to transform mobile devices into prescient, intuitive, and truly smart companions. The 5G/AI revolution stands to change the way people communicate, work, consume, recreate, and experience.

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Above 8GB memory segment to hold largest share of DRAM module and components market during the forecast period

Above 8GB memory segment is expected to hold the largest market share in the DRAM module and components market during the forecast period owing to the increasing applications of these DRAMs in resource-heavy applications, especially image or video processing (even 4K video), CAD, or 3D modeling and/or virtual machines. On top of that, video editing and other multimedia will be more effective with more DRAM. Having more than 8GB also comes in handy if the user makes extensive use of virtualization tools such as Microsoft Hyper-V or VMware Workstation, especially if multiple virtual machines are run simultaneously.

Automobiles industry in end-user industries segment is expected to exhibit the highest growth rate during the forecast period

The automobiles segment is expected to grow with the highest growth rate during the forecast period owing to the increasing applications of DRAM module and components in modern automotive for offering features such as infotainment, ADAS, telematics, and D-clusters (digital instrument clusters).

APAC to account for the largest market share during the forecast period

APAC holds the largest market share of the DRAM module and components market and is expected to retain its position as the largest during the forecast period due to the presence of countries such as China and South Korea in the region.

China is a key market for memory devices and continues to grow strongly due to their high demand in the mobile, automotive, and server markets, but it depends on other countries to fulfill its DRAM requirements. With the launch of "Made in China 2025" in 2015, the Chinese government, in partnership with private players, started investing billions of dollars in developing their local semiconductor industry aiming at bridging the gap between domestic production and consumption.

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Key Market Players

Some of the key companies operating in the DRAM module and components market are Samsung Electronics Co., Ltd. (South Korea), SK Hynix Inc. (South Korea), Micron Technology, Inc. (US), Nanya Technology Corporation (Taiwan), Winbond Electronics Corporation (Taiwan), Powerchip Technology Corporation (Taiwan), ADATA Technology Co. Ltd. (Taiwan), Ramaxel Technology (Shenzhen) Co, Ltd (China), Kingston Technology Corporation (US), SMART Modular Technologies (US), and so on.

Major Boosting the Demand for WMS Services in Various Industries

The warehouse management system market was valued at USD 2.4 billion in 2020 and is likely to reach USD 5.1 billion by 2025, at a CAGR of 16.0% from 2020to 2025. 

A WMS is a software application that helps manage operations in warehouses in the most efficient and productive manner. Functions of these systems include inventory control, labor management, yard management, and dock management, among others.

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The WMS market for services is expected to grow at the highest rate during the forecast period. Need for increased efficiency, constant upgrades to ensure data security, and improved operations of WMS software are the major factors boosting the demand for WMS services. Governments around the world have been encouraging the use of WMS in warehouses to improve the autonomy of processing. The rising use of WMS software is leading to an increasing need for services to ensure its smooth functioning.

The market for on-cloud WMS is expected to grow at the highest rate during forecast period. The growing adoption of cloud services in the manufacturing and logistics industries, along with increased reliability of users on cloud companies, is fueling the adoption of on-cloud WMS software. Benefits, such as faster implementation, lower upfront installation and hardware costs, and faster return on investment are also some of the major factors driving the growth of the market on-cloud warehouse management systems

The market for basic (tier 3) warehouse management systems is expected to grow at the highest rate during the forecast period. The growth of basic (tier 3) warehouse management systems is driven by the increasing demand for basic warehouse management system solutions from small and midsized warehouse operators. Further, basic warehouse management system solutions offer higher flexibility and lower subscription cost and can be customized as per the requirements of warehouse operators.

The WMS market for the e-commerce industry is expected to grow at the highest rate during the forecast period. Short delivery times, accurate order processing, advanced shipment tracking, and increasing number of online shoppers are some of the key factors boosting the adoption of warehouse management systems in this industry. The demand from grocery retail continues to be especially prominent, as numerous warehouse management system suppliers have noted that grocers are investing in warehouse management system for efficient operations.

The WMS market in APAC is expected to grow at the highest rate during the forecast period. The rise in manufacturing and warehousing facilities in this region is facilitated by various initiatives taken by the government to ramp up indigenous production of goods. Also, the introduction of tax relaxations to setup warehouses in the region has improved the warehouse infrastructure in APAC, resulting in attractive market opportunities for warehouse management systems.

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Asia Pacific has suffered significantly due to the COVID-19 pandemic as it has some of the world’s biggest developing economies. China, being the hub of electronics manufacturing, has witnessed heavy losses in this sector due to COVID-19. Production of electronic devices was suspended because of logistics slowdown and the unavailability of workforce.

RTLS Market Trends in Healthcare - Market Size, Growth Factors, Forecast to 2025

The RTLS market for healthcare is estimated to grow from USD 1,271.2 million in 2018 to USD 2,941.2 million by 2023, at a CAGR of 18.3% during the forecast period (2018–2023). 

 

STANLEY Healthcare (US), Zebra Technologies Corporation (US), Aruba Networks (US), IMPINJ (US), TeleTracking Technologies (US), CenTrak (US), AiRISTA Flow (US), Sonitor Technologies (Norway), Versus Technology (US), and Identec Group (Liechtenstein) are the major players in the RTLS market for healthcare.

 

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The increased market competitiveness with the emergence of startups providing innovative and customized RTLS solutions based on newer technologies is one of the major factors fueling the growth of the RTLS market. The safety and security concerns in healthcare facilities and high return on investment are the other factors driving the growth of the market. The need for resource utilization and workflow optimization, development of hybrid RTLS solutions, and use of IoT technology in healthcare are likely to pose major opportunities to the players in the market during the forecast period.

 

 The hardware segment accounted for largest share of the RTLS market for healthcare in 2017. The market share of the hardware segment is expected to decrease during the forecast period mainly because of the falling ASPs of tags and readers as the technology further matures. Although the price of hardware components of RTLS solutions is expected to decrease in the near future, the required volume of these hardware components would increase.

 

Hospitals and healthcare facilities are likely to continue to dominate the RTLS market for healthcare during the forecast period by accounting for a larger market share. Hospitals in the US and European countries have a high demand for RTLS solutions for enhancing their operations, optimizing resource utilization, and increasing profitability. RTLS solutions provide real-time information about the location of people and assets, which helps healthcare organizations in making faster decisions and improving their operational processes. Additionally, the rapid growth in IoT in the healthcare industry has led to the increased adoption of RTLS, thereby accelerating the growth of the market.

 

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North America accounted for the largest share of the RTLS market for healthcare in 2017. North America is one of the largest contributors to the market owing to the presence of a large number of healthcare facilities in the region, especially in the US. The rapid adoption of RTLS solutions for several applications in the healthcare sector is also one of the major reasons for North America to capture the largest share of the RTLS market for healthcare.

Device as a Service Market Is Booming Worldwide with Key Players

The Device-as-a-Service Market is expected to grow from USD 50.3 billion in 2021 to USD 303.6 billion by 2026; it is expected to grow at a CAGR of 43.2% during the forecast period.

 

The device-as-a-service market has been witnessing significant growth over the past years, mainly owing to the rising demand for subscription-based models that help customers to convert the high cost of acquiring new technology from a capital expenditure (CapEx) to an operating expense (OpEx) and the ability to use the latest technologies and access customized services, including device configuration, installation, data migration, on-site support, and technology recycling, increasing demand. The COVID-19 outbreak has further resulted in an increase in the demand for device-as-a-service solutions, especially in 2020 and 2021 and is likely to result in the growth rate of the device-as-a-service market. The pandemic has forced companies to rapidly adopt remote working practices. The DaaS model is gaining popularity among organizations as it provides pre-configured hardware such as desktops, laptops, tablets, and smartphones, and customized software.

 

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Hardware segment to hold the largest market share of the device-as-a-service market, by offering, in 2020

The hardware segment is expected to continue to dominate the device-as-a-service market during the forecast period. The market for hardware is expected to grow significantly due to the increasing interest of enterprises in different types of hardware solutions such as laptops, notebooks, and desktops combined in a single offering. Moreover, IT infrastructure can quickly become outdated, and it becomes a boon for small and mid-sized companies that cannot afford to upgrade technologies every few years. Thus, leasing of hardware is a highly used service.

 

The market for smartphones and peripherals device type to grow at the highest CAGR during the forecast period

The smartphones and peripherals segment is expected to grow at the highest CAGR during the forecast period. IT executives are reluctant to deliver controls of departmental assets unless pressurized to do so. In an office workstation, younger employees prefer the use of mobile devices. Moreover, most employees collaborate with each other through their smartphones. DaaS solutions for smartphones offer organizations the benefits of lower costs, access to recent technologies, more predictable prices, and strong enterprise security. The demand for smartphones has been flattening out over the past few years. However, new paradigms like device-as-a-service, where users pay subscription fees to have the latest devices at all times, could change things.

 

Small and medium-sized enterprises to have the largest market share during the forecast period

In 2020, the small and medium-sized enterprises accounted for the largest size of the device-as-a-service market and are expected to hold a dominant position throughout the forecast period. Small and medium-sized enterprises are expected to adopt the device-as-a-service model at large during the forecast period, owing to the benefits offered by these solutions, including low capital expenditure. Moreover, it is expected that medium-sized enterprises in mature markets, lacking budget or capabilities to invest in automation, are expected to shift to outsourced service desk solutions in the near future, which will further create opportunities for device-as-a-service vendors in this segment. For small and medium-sized enterprises, DaaS solutions transform IT delivery, resulting in greater IT optimization. By leveraging DaaS, companies can secure both updated technology and supporting services. The shift towards DaaS can also better prepare small and medium-sized enterprises for the ongoing digital transformation that is further accelerated by the COVID-19 pandemic.

 

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IT and telecommunication end user is expected to grow at highest CAGR during the forecast period

The IT and telecommunications end user industry to grow at the highest CAGR during the forecast period. The shift to remote working and homeschooling has increased the demand for IT assets in the industry. Access to secure, reliable, and high-performance IT devices are fundamental to operations of the IT and telecommunication industries; thus, the segment generates the most significant demand for IT devices such as desktops, laptops, tablets, notebooks, and smartphones. Moreover, the demand for constant updates of software and related services is more in this industry, thus contributing towards increased demand for device-as-a-service. Further, telecommunication companies are investing more in resources and providing the highest quality of services, which is indirectly helping boost the adoption of more IT devices.

 

North America held the largest market share of the device-as-a-service market in 2020

In 2020, North America accounted for the largest size of the device-as-a-service market. North America has always been at the forefront in adopting new and innovative technologies, such as device-as-a-service solutions. The market in this region provides a suitable environment, in terms of government regulations and compliance, for startups and small and medium-sized enterprises. IT and telecommunication, healthcare, and banking, financial service, and insurance (BFSI) are some of the major end users in the region. This region is home to some of the major device-as-a-service providers such as HP, Dell, Microsoft, and CompuCom. The service providers, ranging from small businesses to multinational companies, in this region have extensive expertise in managing infrastructure and maintaining operations. The high demand for mobile devices in various industries is a dominant driving force substantiating the market growth in the region. Digital transformation in the region is driving investment in mobile devices, security and hosted services; this trend is further likely to create opportunities for device-as-a-service vendors.

 

Hewlett Packard (US), Lenovo (China), Dell Technologies (US), Microsoft (US), Cisco (US), CompuCom(US), 3stepIT (Finland), Telia Company (Sweden), Atea Global Services (Latvia), CHG MERIDIAN (Germany), CSi leasing (US), Computacenter (UK), Econocom (France), GreenFlex (France), GRENKE (Germany), Excellence IT (UK), Foxway (Sweden), and Apple (US) among others.

Agriculture IoT Market is Set to Experience a Significant Growth Rate 2026

The global agriculture IoT market is estimated to grow from USD 11.4 billion in 2021 to USD 18.1 billion by 2026 at a CAGR of 9.8% during 2021–2026. The growth of the agriculture IoT market is driven by factors such as increasing adoption of the Internet of Things (IoT) and artificial intelligence (AI) by farmers and growers, growing focus on livestock monitoring and disease detection, high demand for fresh produce, population growth, loss of arable land, surging adoption of aquaculture monitoring and feed optimization devices in developing countries, and strong government support for precision farming practices.

The advent of advanced technologies such as guidance systems, variable rate technology, IoT, AI, and remote sensing has transformed the agriculture industry into a technologically intense and data-rich industry. Smart agriculture technologies assist in increasing profitability, improving sustainability, protecting the environment, and minimizing the consumption of resources such as water, fertilizers, and energy. IoT is implemented in various applications, including precision farming, livestock monitoring, precision aquaculture, smart greenhouse.

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Precision aquaculture application segment to register higher CAGR during the forecast period

The precision aquaculture application segment is projected to register the higher CAGR during the forecast period, by application. Increasing demand for real-time tracking of fishing activity is the major reason behind the high growth of the agriculture IoT market in aquaculture farm monitoring applications. Additionally, increasing government support worldwide for freshwater aquaculture production, and growing investments in technological research and product innovations to further boost the demand for the market.

Small farm segment is expected to witness higher CAGR growth during the forecast period

The agriculture IoT market for the small farm segment is projected to register the higher CAGR during the forecast period, by farm size. Small farms are expected to adopt automation and other advanced technologies at the highest rate in the coming years due to the reducing cost of farm automation equipment and advancements in technology that make it more feasible to deploy automation tools even on smaller farms to achieve high returns on investments.

The Post-planning stage segment for the agriculture IoT market is expected to witness higher CAGR growth during the forecast period

The market for the post-production planning stage is estimated to grow at the highest CAGR during the forecast period, by farm production planning stage. In recent years, farm owners have started using agriculture IoT hardware devices extensively for the post-production planning stage. Large and medium-sized farm owners are using yield monitors and inventory and logistics management solutions for the post-production stage of farming.

APAC is projected to register the highest CAGR growth during the forecast period

APAC is likely to be the fastest-growing agriculture IoT market during the forecast period. Agriculture IoT techniques are expected to be adopted at a high rate in APAC. This region consists of emerging countries such as India, China, and countries in South East Asia. Rapidly growing population, availability of arable land, and strong government support for farmers through subsidies in these regions are the major factors driving the adoption of agriculture IoT technologies in APAC.

Key Market Players

The agriculture IoT market is dominated by a few established players such as Deere & Company (US), Trimble Inc. (US), Raven Industries (US), DeLaval (a subsidiary of Tetra Laval International, S.A.) (Sweden), and AKVA group (Norway). These companies have adopted both organic and inorganic growth strategies such as product launches and developments, partnerships, contracts, expansions, and acquisitions to strengthen their position in the market.