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Integration of Artificial Intelligence to Accelerate Market Growth for Language Services, States Fact.MR

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United States, Rockville MD, Sept. 14, 2022 (GLOBE NEWSWIRE) — As per a newly released report on language services by Fact.MR, the global market is valued at US$ 60.63 billion in 2022, and is forecasted to expand at a CAGR of 5.94% over the 2022-2032 period study period.

Market growth is attributed to factors such as rising demand for language services from the healthcare industry, rise in global corporate presence, increasing demand for legal translation services, and the introduction of advanced technology in this space. Advanced technologies such as artificial intelligence and machine learning are gaining popularity in the language services market. Integration of these technologies eliminates human error, helps in lessening repetitive work, and offers digital assistance.

  • As per a U.K. survey of translation professionals, around 17% of people agree that developments in technology are expected to lead to lower importance of human translators.
  • In March 2022, China-based AI cloud provider Baidu AI cloud introduced an AI sign language platform called Xilinx. The platform will make digital avatars for sign language translation along with living interpretations. The platform is designed to eliminate communication barriers for the deaf and hard-of-hearing (DHH) population.
  • In 2022, Meta, a U.S.-based software development company, announced the development of a universal speech translator using AI to power virtual assistance.

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Rise in language services in various industry verticals such as professional services, banking & financing, gaming, media, engineering & manufacturing, and others is anticipated to provide strong support to market growth going forward.

R&D in Pharma Industry to Drive Life Science Translation Services

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Pharma companies with huge geographical presence require some kind of language services in different stages of drug creation, from R&D to sales and marketing. As it is crucial, especially in industries such as pharma, to communicate clearly to regulators, governments, and end users, it has become essential to use language-related services.

The COVID-19 pandemic triggered a global response by health workers, aid agencies, and government sectors to communicate essential information to people. Translation services were routed towards drug & life science information to patients. More than 500 different languages have found access to verifiable COVID information, proving the importance of multilingual information distribution.

These translation initiatives have included everything from more than 400 videos that have been translated into at least 150 languages to fact sheets from the World Health Organization (WHO).

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Key Takeaways from Market Study

  • Localization services account for 23% market share and are worth US$ 12.42 billion.
  • By end-use industry, the public sector accounts for 23.4% market share.
  • North America holds 41.3% market share and is projected to reach a size of US$ 39.91 billion by 2032.
  • Europe is predicted to provide an absolute dollar opportunity worth US$ 35.33 billion by 2032.
  • The East Asia market is projected to expand at the highest CAGR of 6.4% from 2022 to 2032.

Segmentation of Language Services Industry Survey

  • By Service :
    • Interpretation
    • Language Instruction
    • Language Testing
    • Localization
    • Transcreation
    • Translation
    • Subtitling
    • Dubbing
    • Transcription
    • Proofreading
  • By End-use Industry :
    • Professional Services (Legal)
    • Banking and Finance
    • Gaming
    • Media
    • Engineering & Manufacturing
    • Aerospace & Defense
    • Life Science
    • Technology
    • Travel & Retail
    • Public Sector
  • By Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

Quick Buy: Language Services Market Report

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Winning Strategy

The language services market are characterized by substantial competitiveness due to limited possibility of service differentiation. In niche business verticals such as language services, providers need to reduce the turnaround time of rendering services.

Another critical factor to win in this competitive market is the rationalized archetyping of clients. Language service providers must distinguish their existing or potential clientele based on the type of frequently asked service requests. This would help them prioritize high-value customers and cater to the required solutions accordingly. Similarly, low-value clients can be catered to with templatized service bundles.

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Competitive Landscape

Prominent language service providers are TransPerfect, RWS, LanguageLine Solutions, Keywords Studios, Iyuno-SDI Group, Appen, translate plus, Acolad Group, Welocalize, Hogarth Worldwide, Poletowin Pitcrew Holdings, STAR Group, Pactera EDGE, Pixelogic Media, AMN Language Services, CyraCom International, Translation Bureau, President Translation Service Group International (PTSGI), Dubbing Brothers, Voice and Script International (VSI), GTCOM (Global Tone Communication Technology), Honyaku Center, Thebigword, and United Language Group.

The language services market is substantially competitive due to less chance of service differentiation. In niche businesses such as language services, market players can focus on reducing the turnaround time of their services to gain an advantage.

They can also focus on the rationalized archetyping of clients. Language service providers need to distinguish their clientele based on the type of service request. In this way, they can prioritize high-value customers and also parallelly serve low-value clients with templatized service offerings.

  • In May 2022, Interpreters Unlimited introduced a mobile app for booking language services.
  • In May 2021, Telelanguage launched a new website to offer interpretation and translation services.
  • In April 2022, European legal translation company Lawlinguists partnered with BIG Language Solutions, a leading global language service provider, to offer high-quality legal translation services.

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the language services market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

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The study reveals essential insights based on service (interpretation, language instruction, language testing, localization, transcreation, translation, subtitling, dubbing, transcription, proofreading) and end-use industry (professional services (legal), banking and finance, gaming, media, engineering & manufacturing, aerospace & defense, life science, technology, travel & retail, public sector), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

Check out more related studies published by Fact.MR Research: 

Translation Services Market: The market for translation services is valued at US$ 40.2 Billion in 2021 and is projected to rise to US$ 41 Billion by 2022-end, at a Y-o-Y growth rate of 2%. During the forecast period ranging from 2022 to 2032, the market is expected to flourish at a 2.7% value CAGR, closing at a value of US$ 53.5 Billion. Bulk of all translation services industry revenue is likely to remain concentrated across the Asia Pacific, anticipated to comprise 23.2% of global market revenue. 

Accounting & Auditing Market – The accounting services industry will benefit from an increase in business activity as economies improve. As new businesses are opening up, there has been an increase in demand for accounting and other related services.

Credit Reporting Market – Demand for credit reports has been high in the recent past from both, consumers as well as lenders. Credit reports help lenders evaluate the target customer whether to provide the lending facility and at the same time also help end customers see if the offer for credit on hand is feasible or not.

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Surveying & Mapping Services Market – The surveying and mapping industry has witnessed some of the most promising innovations in recent years. Drones, light detection and ranging (LiDAR) technology, and global positioning systems (GPS) are some of the technologies that are positively impacting the geospatial industry.

Self-Tanning Products Market – Sales temporarily declined during the peak of the COVID-19 pandemic, as the imposition of lockdowns globally led to a decrease in outdoor activity. Restrictions on gatherings in public spaces also meant that individuals were less exposed to direct sunlight, preventing penetration by harmful ultraviolet radiation. However, as the curbs have eased since 2021, people are beginning to step outdoors, causing a spike in self-tanning product sales.

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Artificial Intelligence

Dark Fiber Market Size to Grow USD 7594 Million by 2030 at a CAGR of 9.09% | Valuates Reports

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BANGALORE, India, Oct. 7, 2024 /PRNewswire/ — Dark Fiber Market is Segmented by Type (Single-Mode, Multi-Mode), by Application (Telecom, Oil & Gas, BFSI, Military & Defense, Medical, Railway, Others): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The Global Dark Fiber Market was valued at USD 4475 million in 2023 and is anticipated to reach USD 7594 million by 2030, witnessing a CAGR of 9.09% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Insect Dark Fiber Market:
The dark fiber market is experiencing robust growth due to the increasing demand for high-speed internet, data transfer, and secure communication infrastructure across various industries. Dark fiber refers to unused fiber-optic cables that are available for lease or purchase, allowing enterprises and service providers to establish private networks with dedicated bandwidth. The surge in data consumption, driven by cloud computing, 5G deployment, data centers, and IoT, has intensified the need for scalable and high-capacity networks, which dark fiber can provide. Additionally, sectors like telecom, IT, and healthcare are adopting dark fiber solutions to ensure better connectivity, network control, and security.
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TRENDS INFLUENCING THE GROWTH OF THE DARK FIBER MARKET
Single-mode fiber plays a crucial role in driving the growth of the dark fiber market due to its ability to support long-distance communication with minimal signal degradation. This fiber type offers high bandwidth and superior performance, making it ideal for telecommunication companies and data centers that require efficient transmission over extensive networks. The rapid increase in data consumption, driven by emerging technologies like 5G, cloud computing, and IoT, has intensified the demand for single-mode fiber. Its cost-effectiveness for long-haul applications further enhances its adoption, as it allows for higher transmission speeds and capacities over longer distances, making it a preferred choice for large-scale network expansion projects.
Multi-mode fiber is a key driver in the dark fiber market due to its efficiency in short-distance data transmission. Multi-mode fibers are particularly effective for data centers and intra-building communication networks where the focus is on high-speed connections over shorter distances. The demand for electric dark fiber, especially in urban infrastructure and renewable energy projects, has surged as these sectors require reliable, high-capacity data transfer solutions. Multi-mode fiber’s cost-effective installation and maintenance, along with its ability to handle high bandwidth over shorter distances, contribute significantly to the market’s growth, providing a reliable infrastructure for electric utilities and smart grid projects.
Telecom is one of the most significant sectors driving the growth of the dark fiber market due to the increasing demand for high-speed internet, large-scale network deployments, and seamless communication infrastructure. The rapid expansion of 5G networks, the need for backhaul connections, and the proliferation of data-intensive applications have all contributed to the growing adoption of dark fiber in the telecom industry. Telecom providers are leveraging dark fiber to reduce latency, enhance scalability, and increase network efficiency, which are critical for delivering enhanced customer experiences and supporting emerging digital services. As telecom networks continue to expand globally, the demand for dark fiber infrastructure is expected to rise.
One of the primary factors driving the growth of the dark fiber market is the exponential surge in global data consumption. With the widespread use of smartphones, connected devices, and the internet, data traffic has increased significantly. Streaming services, online gaming, video conferencing, and cloud computing are all fueling this growth. Dark fiber infrastructure is essential to accommodate this massive data flow, offering the bandwidth and capacity required to support such intensive usage. As businesses and consumers continue to generate more data, service providers rely on dark fiber networks to ensure faster, more reliable connections and to meet the growing demands for data transmission.
The growing adoption of cloud services by enterprises is another critical factor contributing to the growth of the dark fiber market. As businesses migrate their operations and data storage to the cloud, there is an increased need for high-speed, low-latency networks that can handle large volumes of data transmission. Dark fiber provides the necessary infrastructure for private, scalable, and secure network connectivity to the cloud. Enterprises across various industries, including healthcare, finance, and retail, are leveraging dark fiber to ensure seamless access to cloud applications, thus driving market growth. The continued shift toward cloud computing will likely increase demand for dark fiber solutions.
The rapid expansion of data centers worldwide is significantly boosting the dark fiber market. Data centers serve as critical hubs for storing and managing vast amounts of information. To ensure smooth operation, data centers require high-capacity, reliable, and secure fiber-optic networks. Dark fiber networks provide data centers with dedicated, high-performance connectivity, allowing them to scale their operations efficiently. The growth of edge computing and the need for real-time data processing have further intensified the demand for dark fiber connections in data centers. As the number of data centers grows, particularly in emerging markets, the need for dark fiber infrastructure will continue to rise.
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DARK FIBER MARKET SHARE ANALYSISThe dark fiber market shows varying growth trends across different regions, driven by factors like technological advancements and infrastructure investments. North America leads the market due to the rapid expansion of 5G networks, cloud computing adoption, and increasing data center construction. Europe follows closely, with countries investing in high-speed connectivity for smart cities and telecommunications. The Asia-Pacific region is witnessing significant growth, particularly in China, Japan, and India, driven by increased demand for internet services, telecom expansion, and government initiatives supporting digital infrastructure. Meanwhile, Latin America and the Middle East are also emerging as potential markets, propelled by growing data consumption and the need for improved connectivity in underdeveloped areas.
Key Players:
GTT CommunicationsUFINETVikram GroupDEPLUnite Private NetworksSterlite PowerColt Technology ServicesConsolidated CommunicationsCrown CastleNexGen NetworksSorrento NetworksFirstLightMicroscanWindstream Intellectual Property ServicesPurchase Chapters: https://reports.valuates.com/market-reports/QYRE-Auto-8O16959/global-dark-fiber/1
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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Artificial Intelligence

AI Governance Market worth $5,776.0 million by 2029- Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Oct. 7, 2024 /PRNewswire/ — The AI Governance Market is anticipated to grow from USD 890.6 million in 2024 to USD 5,776.0 million by the year 2029 at a robust CAGR of 45.3% over the forecast period, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on “AI Governance Market”
350 – Tables 50 – Figures450 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD (Million)
Segments covered
Product Type, Functionality, End User, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), Salesforce (US), SAP (Germany), AWS (US), SAS Institute (US), FICO (US), Accenture (Ireland), Qlik (US), H2O.AI (US), Alteryx (US), DataRobot (UK), Dataiku (US), Domino Data Lab (US), SparkCognition (US), Collibra (US), OneTrust (US), Quest Software (US), Fiddler AI (US), Untangle AI (Singapore), 2021.AI (Denmark), Howso (US), Monitaur (US), Mind Foundry (UK), Credo AI (US), Holistic AI (UK), Fairly AI (Canada), Enzai (UK), ValidMind (US), FairNow (US), Mona Labs (US), Arthur AI (US), Trustible (US), Atlan (Singapore), ModelOp (US), Neptune AI (Poland), Patronus AI (US), and Datatron (US).
Regulatory pressure and demands for compliance are driving the AI Governance Market as governments around the world roll out tougher regulations related to AI. For example, the European Union’s AI Act had subjected risk assessments and compliance audits to AI systems, particularly in high-risk sectors like health and finance, thereby increasing demand for the governance framework. Organizations also run the risk of facing reputational damages linked with prejudiced or harmful AI output. A notable example is the controversy caused by OpenAI GPT models, which flagged misinformation and biased data concerns, making businesses adopt robust AI guard rails. On similar note, Amazon’s discontinuation of its biased AI recruiting tool demonstrate the reputational and financial risks of ungoverned AI. Another major reason for market expansion is the uptick in AI adoption across highly regulated industries, especially BFSI and healthcare. Industries operating in these sectors are under immense regulatory pressure to comply with dynamic regulations, leading to increased affinity towards AI governance tools.
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By product type, data governance tools will account for largest market share in 2024 owing to robust data provenance and lineage capabilities.
Data governance tools are poised to account for the largest market share in the AI Governance Market, as these tools help an organization track data quality, provenance, and bias within AI development training data. This is important in order to prevent bias results being generated from AI systems. For example, data governance tools may apply profiling techniques to the dataset in order to ensure fairness, and also put in place data lineage to indicate potential problems with data sourcing. As an increasing number of AI regulations call for documentation, tracking and record keeping especially on the data that feeds AI systems, data governance has become paramount. Data governance also assists enterprises in compliance with regulations through robust AI data traceability and accuracy. Additionally, the metadata repository feature in data governance tools offer centralized catalogs and controls of metadata for data visibility across an organization to ensure trustworthy and responsible AI implementation.
The demand for ethical AI use across ML platforms and generative AI models will push software & technology providers as the fastest growing end user segment during the forecast period
Software & technology providers are poised to become the fastest growing end user segment in the AI Governance Market, buoyed by rapid adoption of AI governance tools to make their AI systems trustworthy and ethical. The rising regulatory scrutiny and the expanding reach of data privacy laws like GDPR and CCPA has also accelerated governance frameworks being adopted across such players. For instance, Microsoft has created an internal AI ethics working group to implement strong ethical guardrails across its AI offerings. On a similar note, Google has formed AI governance framework for developing fair, explainable, and ethical AI solutions. There are also expectations from stakeholders who demand that technology companies create AI responsibly. With AI regulations likely to disrupt every software vendor, incorporating ethical norms and regulation is now of extraordinary importance for technology businesses to maintain the brand’s trust and growth.
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North America is set to hold the largest market share in 2024, fueled by a strong regulatory environment and increasing investments in responsible AI deployment
North America has emerged as the largest regional market for AI government adoption. Federal funding on AI governance in North America crossed USD 1 billion in 2023, indicating a growing interest in responsible AI research. Industries with strict regulations such as healthcare and banking are leading in the implementation of governance, with 45% of healthcare providers mentioning regulatory compliance as a key business requirement. Businesses are forced to implement governance frameworks due to rising regulatory requirements like NIST’s AI Risk Management Framework and the California Consumer Privacy Act (CCPA). More than half of businesses expect more stringent AI rules in the next five years, with 62% citing data privacy compliance as a main factor for implementing governance. Also important is consumer confidence, as 78% of American consumers favor brands that utilize ethical AI. Businesses such as Google and Microsoft are implementing governance to guarantee transparency and establish trust. Additionally, organizations are prioritizing fairness in their AI systems and have turned to tools like IBM’s AI Fairness 360 to address the need to mitigate AI bias, with 56% of businesses doing so. Moreover, financial institutions are particularly focused on risk management, giving priority to governance for addressing AI-related risks.
Top Key Companies in AI Governance Market:
The major players in the AI Governance Market include Microsoft (US), IBM (US), SAS Institute (US), DataRobot (UK), and Dataiku (US), along with SMEs and startups such as Fiddler AI (US), 2021.AI (Denmark), Monitaur (US), Credo AI (US), and Fairly AI (Canada).
Browse Adjacent Markets: Artificial Intelligence (AI) Market Research Reports & Consulting
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AI Agents Market – Global Forecast to 2030
AI Voice Generator Market – Global Forecast to 2030
AI Image Generator Market – Global Forecast to 2030
ModelOps Market- Global Forecast to 2029
AI Studio Market- Global Forecast to 2029
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Artificial Intelligence

Access Control as a Service (ACaaS) Market worth $3.06 billion by 2029 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Oct. 7, 2024 /PRNewswire/ — The global access control as a service market is expected to be valued at USD 1.34 billion in 2024 and is projected to reach USD 3.06 billion by 2029; it is expected to grow at a CAGR of 17.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Accelerated urbanization in emerging markets is fueling the demand for advanced access control solutions. Growing adoption of cloud-based Access Control as a Service (ACaaS) is transforming security management systems. Increasing integration of access control systems with employee management and HR platforms is enhancing operational efficiency in the access control as a service market. Increasing shift toward subscription-based business models is fostering recurring revenue streams for security service providers. Growing demand to manage global security operations from centralized locations is pushing the adoption of unified security platforms in the access control as a service market.

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Browse in-depth TOC on “Access Control as a Service (ACaaS) Market” 162 – Tables64 – Figures226 – Pages
Access Control as a Service (ACaaS) Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.34 billion
Estimated Value by 2029
$ 3.06 billion
Growth Rate
Poised to grow at a CAGR of 17.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Service Type, Cloud Deployment Model, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Unauthorized Access and Data Breach
Key Market Opportunities
Unauthorized Access and Data Breach
Key Market Drivers
Increased adoption of IoT-based security systems and cloud computing platforms
Commercial vertical to hold the highest market share during the forecast period.
Commercial vertical will account for the largest market share in the ACaaS market during the forecast period. This can be attributed to the increasing need for secure access management solutions across commercial buildings, offices, and retail spaces. Scalability, cost-effectiveness, and even remote access management abilities are making cloud-based ACaaS increasingly attractive within this segment. With increasing urbanization and infrastructure development, coupled with the trend of smart buildings, demand for advanced security systems is rising in the commercial segment, which is further basing its strength in the ACaaS market.
By Service Type, Hybrid segment is projected to grow at a high CAGR of Acalas industry during the forecast period.
A hybrid access control service may be marked as a combination of both hosted and managed access control. In this type of access control, a certain part of the access control system is handled by the end user while the rest of the function is outsourced to a third-party vendor. In this model, permissions are not directly associated with the attributes or the roles. In dynamic role assignment, roles are assigned to users based on the attributes provided by the user, which are then adopted for authentication purposes. Once the roles are assigned, authorization starts whereby the user is granted access based on the assigned roles. The hybrid access control service will act as a catalyst in driving better threat visibility, rapid and effective attack response, minimizing cyber security risks, and being compliant with the latest regulations and standards.
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Asia Pacific will account for the highest CAGR during the forecast period.
In Asia Pacific, China is amongst the largest countries in the world and one of the largest manufacturers and producers of industrial goods. Agaas has grown and developed immensely in the recent years as, to address margin-related issues that Chinese suppliers have been causing, lately manufacturers are adopting cloud-based solutions. The large-scale industrialization of the country has given birth to the growing need for security systems. Thirdly, consistent R &D expense resulted in the innovation of highly sophisticated systems that can meet the diversified user needs. In government sectors, access control system had been employed to raise security measures and take instantaneous action against looming threats. AcaaS – The software and data are retained at vast data centres instead of being retained locally on on-premises servers. Hardware systems remain the same, similar to those in an access control system. Hence, Acaas save the operational costs of institutions considerably with no compromise on the standards of security. In residential areas too, the demand for Acaas is tremendous, thanks to the ever-growing requirement of securing personal properties.
Key Players
Key companies operating in the ACaaS companies are Johnson Controls Inc. (Ireland), Honeywell International Inc. (US), Thales (France), ASSA ABLOY Group (Sweden), dormakaba Group (Switzerland), Identiv, Inc. (US), Kastle Systems (US), AMAG (US), Brivo Systems, LLC. (US), and Cloudastructure Inc. (US) among others.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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VSaaS Market Size, Share & Industry Growth Analysis by Type (Hosted, Managed, Hybrid), Feature (AI-enabled VSaaS, Non-AI VSaaS), AI Visual Analysis (Object Detection & Recognition, Intrusion Detection, Facial Recognition, Anomaly Detection), Vertical & Region – Global Forecast to 2029
Access Control Market by Offering (Hardware-Card-based, Biometric, & Multi-technology Readers, Electronics Locks, Controllers; Software; Services), ACaaS (Hosted, Managed, Hybrid), Vertical and Region – Global Forecast to 2029
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