Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Artificial Intelligence

Vertical Farming Market Size & Share to Surpass $18.8 Billion by 2030 | Vantage Market Research

Published

on

<!– Name:DistributionId Value:8830080 –> <!– Name:EnableQuoteCarouselOnPnr Value:True –> <!– Name:IcbCode Value: –> <!– Name:CustomerId Value:1235589 –> <!– Name:HasMediaSnippet Value:false –> <!– Name:AnalyticsTrackingId Value:be4ee2aa-c69a-4bd2-b8a6-e46470ed70d6 –>

WASHINGTON, May 02, 2023 (GLOBE NEWSWIRE) — The Global Vertical Farming Market is valued at USD 5.5 Billion in 2022 and is projected to reach a value of USD 18.8 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 19.2% over the forecast period 2023-2030.

Market Overview

Some of the major and impactful factors that will likely boost the growth of the Vertical Farming market are the increasing adoption of federal agricultural policy programmers in emerging economies, rising levels of food consumption globally along with a growing population, an increase in trade activities such as grain and oilseed export, and the introduction of new and highly advanced technology.

We forecast the hydroponic in Vertical Farming market sales will account for more than 68% of total sales by 2030. The demand for hydroponics is projected to rise as customers become more aware of the dangers of pesticides. Because the nutrients are controlled better in hydroponically grown plants, they produce a higher yield than equivalent plants produced on the soil.

Get Access to Free Sample Research Report with Latest Industry Insights @https://www.vantagemarketresearch.com/vertical-farming-market-2111/request-sample

Market Dynamics

Vertical Farming has a Higher Yield than Conventional Farming to Support Market Expansion
LED lighting and climate control are used in Vertical Farming, which constantly changes humidity and temperature. It provides a year-round source of fresh, pesticide-free, locally grown vegetables, allowing for greater control over the plants’ growth environment. Additionally, Vertical Farming has a significant output gain. Vertical Farming has been demonstrated to increase agricultural output by 240 times, using 99% less land, 95% less water, and zero pesticides. This means vertical farms yield more crops despite greater operating costs, resulting in larger earnings. Vertical farms transplant crops repeatedly without consideration for crop rotations. Aside from that, this type of farming is a fantastic option when agricultural land is scarce.

Reduced Environmental Impact by Vertical Farming to Drives Market Growth
Vertical Farming is essential for reducing agriculture’s carbon footprint. It reduces the water required to grow the same or more crops. It also removes the need for pesticides and herbicides in agricultural production and minimizes transportation requirements. The entire Vertical Farming process is carried out in an environmentally friendly manner. It significantly decreases the use of pesticides and provides alternative therapies, such as the employment of fish in the Vertical Farming aquaponics growth mechanism to produce nutrient-rich waste for plants. Furthermore, because Vertical Farming takes place in a controlled environment, it is impervious to any harmful bug, eliminating the need for pesticides. This is expected to create new opportunities for Vertical Farming market participants.

Top Players in the Global Vertical Farming Market

  • 4D BIOS Inc. (China)
  • Aero Farms (U.S.)
  • Illumine Inc. (U.S.)
  • American Hydroponics (U.S.)
  • Everlight Electronics Co. Ltd. (Taipei, Taiwan)
  • Hort Americas (U.S.)
  • Koninklijke Philips N.V (Amsterdam)
  • Urban Crop Solutions (U.S.)
  • SKY GREENS (Singapore)

Budget Limitation? Contact us for Special Discount and Pricing

Top Trends in the Global Vertical Farming Market

  • One trend that Vantage Market Research (VMR) expects to see in the Vertical Farming industry is the growing demand for Bell & Chili peppers. Strawberries, lettuce, leafy green vegetables, and cherries are among the most often farmed vegetables using this method. Because of its versatility to grow in short spaces with little extra care, celery is the fastest-growing product. One of the most significant things in Vertical Farming is validating the economic viability of that product, which indicates that the company makes a lot of money from its cultivation. Similarly, one of the factors is the time it takes for crops to fully mature because some vegetables, such as lettuce and mint, experimental approach, but herbs and some ripening crops take longer to mature but have better margins than many other plants.
  • Another trend that VMR predicts will continue in the Vertical Farming industry is its increasing trend of hydroponic farming. The adoption of hydroponic components by farmers to lower the weight of the vehicle and network required to sustain the technology is expected to stimulate demand for hydroponic equipment. Vertical Farming mechanization attempts to cut time to market, lower delivery, manufacture, and environmental costs, and guarantee excellent performance.

Top Report Findings

  • Based on the Structure, most of the Vertical Farming market’s revenue is controlled by the building-based container category. Because of its huge trend, the building-based category is widely recognized in Japan, China, and other Asian countries, and it is the fastest-growing revenue segment in the area. Building-based farming minimizes cultivation costs while requiring more agricultural fields than a single farming area, ensuring food security.
  • Based on the type, the hydroponic category controls most of the Vertical Farming market’s revenue. Hydroponics is a popular growing method. It is a method of growing plants without soil in which a mineral solution is inserted around the plant roots to replace the soil. Furthermore, hydroponics technology eliminates the potential for disease transmission from soil organisms.
  • Based on End Users, Lightening Transit controls most of the Vertical Farming market’s revenue. Artificial lighting helps to increase the hours of natural daylight, which promotes the plant’s health, growth rate, and production. Crop availability can be extended using artificial lights such as high-pressure sodium and LED lighting (throughout the season). LED lighting systems have a dual-band colour range and create very little heat. Over the forecast period, they are expected to rise significantly.

Buy this Premium Research Report with Discount | Immediate Delivery @ https://www.vantagemarketresearch.com/buy-now/vertical-farming-market-2111/0

Recent Developments in the Global Vertical Farming Market

  • In 2021, CNH Industrial will launch “AGXTEND,” an innovative platform for digital agricultural solutions in Brazil. To benefit all types and profiles of farmers, the company provides the highest standards at all stages of the cultivation cycle. The monitoring and management solutions are based on drone images and soil diagnosis, and the customer pays for the service provided rather than the equipment.
  • In April 2020, Bayer Crop Science and Prosper will collaborate to help Mexican farmers sustainably meet the growing global demand for digital solutions. The strategic partnership provides vegetable greenhouse growers with data insights and AI for improved results and sustainability.

Hydroponic Category in Vertical Farming Market Forecast to Generate Closed to a Third of the Total of the Growth Mechanism Segment Revenue
Based on the Growth Mechanism, the Vertical Farming market is divided for better understanding into Hydroponics, Aeroponics and Aquaponics.

The Hydroponic market was the largest market by the application during the projected period. Hydroponics is growing plants without soil using a water-based nutrition solution and an aggregation foundation or growing media such as vermicelli, coconut shells, or sphagnum peat moss. Small farmers, amateurs, and business enterprises all use hydroponic production practices. Flowers and leaves are the best crops for urban farming and among the most productive hydroponically grown plants.

On the other hand, the aquaponics category is anticipated to grow significantly. Aquaponics combines a hydroponic system with aquaculture, eliminating the need for toxic chemicals in agriculture. Aquaponics cultivates lettuce, chives, peppers, kale, mint, cucumbers, and peas. Aquaponics water fish excrement, which then becomes nutrient-rich and extends agriculture time. This produces a sustainable, viable system that eliminates the need for chemicals in food production.

Asia Pacific Region in Vertical Farming Market Forecast to Generate a Considerable Amount of the Total Global Revenue
The Asia Pacific region is anticipated to do so in the coming years due to the increased interest in sustainable food in the region and abroad. A shift in customer tastes, as well as ecological degradation, health scandals, and disgust, are driving the expansion of farming and organically grown in the region.

The North American regional market is expected to grow the fastest in the Vertical Farming market. Factors such as the alarming pace of water depletion, the prevalence of drought-stricken states, and increased environmental concerns contribute to market expansion. The United States controlled the North American market. Increasing food security and nutrition concerns will likely create new opportunities for the business to thrive. The United States is expected to contribute significantly to improving the ecology of future foods. As more customer preferences shift toward “fresh-from-farm-to-table,” the accessibility of freshly picked veggies in retail shops nationwide is projected to grow (which is also the pioneer in adopting this concept).

Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Vertical Farming Market Forecast Report (2023-2030).        

Global Vertical Farming Market Segmentation

By Structure        

  • Building-based Vertical Farms
  • Container-based Vertical Farms

By Growth mechanism        

  • Hydroponics
  • Aeroponics
  • Aquaponics

By Component        

  • Irrigation Component
  • Lighting
  • Sensor
  • Climate Control
  • Building Material
  • Other Components

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Read Full Report with TOC @ https://www.vantagemarketresearch.com/industry-report/vertical-farming-market-2111

Scope of the Report:    

Report Attributes Details
Market Size in 2022 USD 5.5 Billion
Revenue Forecast by 2030 USD 18.8 Billion
CAGR 19.2% from 2023 to 2030
Base Year 2022
Forecast Year 2023 to 2030
Key Players 4D BIOS Inc., Aero Farms, Illumine Inc., American Hydroponics, Everlight Electronics Co. Ltd., Hort Americas, Koninklijke Philips N.V, Urban Crop Solutions, SKY GREENS
Customization Options Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/vertical-farming-market-2111/request-sample

Key Questions Answered in the Vertical Farming Market Report are:

  • What is the current size and projected growth of the vertical farming market?
  • What are the main types of crops grown in vertical farms, and what are the most promising new crops?
  • What are the key drivers and challenges for the vertical farming industry, including regulatory, economic, and technological factors?
  • Who are the major players in the vertical farming market, and what are their strategies and competitive advantages?
  • What are the main technologies used in vertical farming, including lighting, hydroponics, and automation, and how are they evolving?
  • What are the main applications of vertical farming, including commercial, residential, and institutional use cases?
  • What are the potential environmental benefits and drawbacks of vertical farming, including energy use, water consumption, and waste reduction?
  • What are the main geographic markets for vertical farming, including North America, Europe, Asia Pacific, and the rest of the world?
  • What are the main trends and opportunities in the vertical farming market, including new business models, partnerships, and innovation?
  • What are the key success factors for companies operating in the vertical farming market, including product differentiation, supply chain management, and customer engagement?

Browse More Reports from Vantage Library:

About Vantage Market Research:        

We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies.

Follow Us on: LinkedIn | Twitter | Facebook | YouTube

Contact us

Eric Kunz

6218 Georgia Avenue NW Ste 1 – 564

Washington DC 20011-5125

United States Tel: +1 202 380 9727

Email: [email protected]

Website:

https://www.vantagemarketresearch.com/

Latest Vantage Market Research Press Releases

Latest Vantage Market Research Blog

Vantage Market Research All Reports

Blog:

Artificial Intelligence

ROLLER and Amusement Connect Announce Integration to Streamline Cashless Card Operations

Published

on

roller-and-amusement-connect-announce-integration-to-streamline-cashless-card-operations

New partnership enhances guest experiences and operational efficiency across attraction venues
AUSTIN, Texas, May 3, 2024 /PRNewswire/ — In an effort to improve the guest experience and streamline operations for attractions venues, ROLLER, a global leader in leisure and attractions technology, has joined forces with Amusement Connect, a recognized leader in cashless card operations. This strategic partnership delivers an integration that aims to streamline the arcade experience for operators and guests alike, providing a more efficient way for entertainment venues to operate.

Through this integration, ROLLER and Amusement Connect enable the sale, top-up, and balance checks of cashless cards directly from ROLLER’s point-of-sale devices, simplifying the management of pay-to-play attractions. This move is expected to enhance operational efficiency and improve guest satisfaction by making sales smoother and more convenient. The integration also simplifies reporting by automatically recording every purchase of a cashless card, saving venue operators time and ensuring accurate tracking of purchases. 
Both companies leverage cloud-based technology to ensure that venues can operate without the need for expensive servers, with the promise of continuous updates to keep the systems equipped with the latest features and improvements. This integration also introduces the option for guests to purchase game cards online through ROLLER’s online checkout, a feature designed to make the check-in process more efficient and increase average transaction values.
“Amusement Connect and ROLLER have a shared commitment to helping attractions businesses deliver exceptional guest experiences. So, we’re thrilled to partner with Amusement Connect on this integration – a trailblazing company known for great customer support and providing innovative tech. This isn’t just about upgrading our technology—it’s delivering on our promise to make every guest experience smoother and every operator’s day a bit easier,” explained Luke Finn, CEO and Founder of ROLLER.
“As we continue to innovate and collaborate with industry leaders like ROLLER, we’re thrilled to see the tangible benefits our integration brings to our customers. Together, we’re not just transforming transactions; we’re elevating experiences and driving profitability with every interaction,” commented Frank Licausi, Co-Owner of Amusement Connect.
This partnership between ROLLER and Amusement Connect represents a significant step towards more streamlined operations in the amusement industry. It offers a blend of efficiency and convenience aimed at improving the way entertainment venues operate and enhancing the overall guest experience. For more information on this integration and how it can benefit your venue, contact ROLLER or Amusement Connect directly.
About ROLLER
ROLLER is the cloud-based venue management platform for the modern attraction, purpose-built to remove friction from the guest experience at every touchpoint. Their all-in-one platform simplifies its customers’ business processes, improving efficiency and maximizing revenue. ROLLER’s comprehensive solution includes: Online Checkout & Ticketing, Point-of-Sale, Integrated Payments, Memberships, Gift Cards, Waivers, Self-Serve Kiosks, Cashless Wallets, the Guest Experience Score®, and more. To learn more, visit roller.software.
About Amusement Connect
Founded by Frank Licausi and John Tarpley in 2017, our comprehensive game card system, accompanied by a variety of products, provides a complete overview on games and attractions in settings like bars, arcades, FEC’s, and multi-location entertainment centers. As operators and industry experts, we bring innovation, value, and the best possible experiences to entertainment venues with our award-winning game card system. Bringing you more at amusementconnect.com.

View original content:https://www.prnewswire.co.uk/news-releases/roller-and-amusement-connect-announce-integration-to-streamline-cashless-card-operations-302135415.html

Continue Reading

Artificial Intelligence

Computer Vision in Healthcare Market Worth $11.5 billion | MarketsandMarkets™

Published

on

computer-vision-in-healthcare-market-worth-$11.5-billion-|-marketsandmarkets™

CHICAGO, May 3, 2024 /PRNewswire/ — Computer Vision in Healthcare Market in terms of revenue was estimated to be worth $3.9 billion in 2024 and is poised to reach $11.5 billion by 2029, growing at a CAGR of 24.0% from 2024 to 2029 according to a new report by MarketsandMarkets™.

The market’s expansion is fueled by the exponential growth of medical imaging data which necessitates efficient analysis methods, where computer vision techniques excel in automating and enhancing diagnostic processes. Further, the demand for improved patient care and outcomes fuels the adoption of AI-driven solutions, empowering healthcare providers with precise tools for diagnosis, treatment planning, and monitoring. Nevertheless, ensuring the accuracy and reliability of computer vision algorithms remains a significant challenge, especially in complex medical imaging tasks where errors can have critical consequences. Additionally, the regulatory landscape surrounding AI-based medical devices is evolving, requiring stringent validation and approval processes, which can impede the timely deployment of innovative solutions. Thus, restraining the market.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=231790940
Browse in-depth TOC on “Computer Vision in Healthcare Market”
505 – Tables55 – Figures379 – Pages
Computer Vision in Healthcare Market Scope:
Report Coverage
Details
Market Revenue in 2024
$3.9 billion
Estimated Value by 2029
$11.5 billion
Growth Rate
Poised to grow at a CAGR of 24.0%
Market Size Available for
2022–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Product & Service, Type, Applications, End User
Geographies Covered
North America, Europe, Asia Pacific, Latin America and Middle East and Africa
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Computer vision solutions for healthcare that are hosted in the cloud
Key Market Drivers
The healthcare sector is experiencing a growing need for computer vision systems
“The largest share in the computer vision in healthcare market, based on type, was attributed to the PC-based computer vision systems segment in 2023.”
The PC-based computer vision systems segment holds the largest market share in the computer vision in healthcare market in 2023. The growth of this segment is propelled by factors such as PCs offering robust computational power, enabling real-time processing of complex algorithms required for tasks like medical image analysis. Also, PCs provide flexibility and scalability, allowing users to customize hardware configurations and software solutions according to specific requirements. This versatility makes them adaptable to various healthcare settings, from small clinics to large hospitals.
“In 2023, the patient activity monitoring/fall prevention segment demonstrated the most significant growth in the computer vision in healthcare market based on hospital management by type.”
The patient activity monitoring/fall prevention segment is expected to experience the highest growth in the computer vision in healthcare market. The key drivers for this growth include the aging population worldwide that has led to an increased focus on elderly care and fall prevention initiatives. Computer vision systems offer non-intrusive and continuous monitoring of patients’ movements, enabling early detection of potential fall risks and timely intervention to prevent accidents. Also, the growing adoption of wearable devices and smart sensors integrated with computer vision technology allows for seamless monitoring of patients’ activities both inside healthcare facilities and at home. This remote monitoring capability enhances patient safety and independence while reducing the burden on caregivers and healthcare resources.
“North America accounted for the largest share of the healthcare simulation market in 2023.”
In 2023, North America held the largest share in the computer vision in healthcare market, with Europe and Asia Pacific following. The significant presence of North America in the global market can be attributed to factors such as region’s strong focus on improving patient outcomes and reducing healthcare costs which incentivizes the integration of computer vision solutions to streamline processes, enhance diagnostics, and optimize treatment pathways.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=231790940
Computer Vision in Healthcare Market Dynamics:
Drivers:
The healthcare sector is experiencing a growing need for computer vision systemsRestraints:
The resistance of medical practitioners towards adopting AI-based technologiesOpportunities:
Computer vision solutions for healthcare that are hosted in the cloudChallenge:
Lack of curated dataKey Market Players of Computer Vision in Healthcare Industry:
The key players functioning in the computer vision in healthcare market include NVIDIA Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), Google, Inc. (US), Basler AG (Germany), AiCure (US), iCAD, Inc. (US), Thermo Fisher Scientific Inc. (US), SenseTime (China),  KEYENCE CORPORATION (Japan), Assert AI (India), Artisight (US), LookDeep Inc. (US), care.ai (US), CareView Communications (US), VirtuSense (US), Teton (Denmark), viso.ai (Switzerland), NANO-X IMAGING LTD. (Israel), Comofi Medtech Pvt. Ltd. (India), Avidtechvision (India), Roboflow, Inc. (US), Optotune (US) and CureMetrix, Inc. (US).
The break-down of primary participants is as mentioned below:
By Company Type – Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%By Designation – C-level: 42%, Director-level: 31%, and Others: 27%By Region – North America: 32%, Europe: 32%, Asia Pacific: 26%, Middle East & Africa: 5%, Latin America: 5%Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=231790940
Recent Developments of Computer Vision in Healthcare Industry:
In April 2024, iCAD partnered with RAD-AID to enhance breast cancer detection utilizing the AI technology in underserved regions and low- and middle-income countries (LMICs).In March 2024, Microsoft and NVIDIA have broadened their longstanding collaboration with robust new integrations that harness cutting-edge NVIDIA generative AI and Omniverse technologies across Microsoft Azure, Azure AI services, Microsoft Fabric, and Microsoft 365.In February 2022, Advanced Micro Devices acquired Xilinx. This acquisition established the forefront leader in high-performance and adaptive computing, with a significantly expanded scale and the most formidable portfolio of leadership computing, graphics, and adaptive SoC products in the industry.Computer Vision in Healthcare Market – Key Benefits of Buying the Report:
This report will enrich established firms and new entrants/smaller firms to gauge the market’s pulse, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on:
Analysis of key drivers: (Increasing demand for computer vision systems in the healthcare industry, government initiatives to increase the adoption of AI-based technologies), restraints (Reluctance of medical practitioners to adopt AI-based technologies), opportunities (Cloud-based healthcare computer vision solutions), and challenges (Rising security concerns related to cloud-based image processing and analytics) influencing the growth of the computer vision in healthcare market.Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the computer vision in healthcare market.Market Development: Comprehensive information on the lucrative emerging markets, products & services, applications, end-users, and regions.Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the computer vision in healthcare market.Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the computer vision in healthcare market like NVIDIA Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), Google, Inc. (US).Related Reports:
Medical Robots Market – Global Forecasts to 2029
Minimally Invasive Surgery Market – Global Forecasts to 2029
Spinal Implants Market – Global Forecasts to 2028
Medical Waste Management Market – Global Forecasts to 2028
Operating Room Integration Market – Global Forecasts to 2028
Get access to the latest updates on Computer Vision in Healthcare Companies and Computer Vision in Healthcare Market Size
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:Mr. Aashish MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Website: https://www.marketsandmarkets.com/
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg

View original content:https://www.prnewswire.co.uk/news-releases/computer-vision-in-healthcare-market-worth-11-5-billion–marketsandmarkets-302135478.html

Continue Reading

Artificial Intelligence

IoT Technology Market worth $1,377.8 billion by 2029 – Exclusive Report by MarketsandMarkets™

Published

on

iot-technology-market-worth-$1,377.8-billion-by-2029-–-exclusive-report-by-marketsandmarkets™

CHICAGO, May 3, 2024 /PRNewswire/ — The IoT technology market is projected to grow from USD 945.6 billion in 2024 to USD 1,377.8 billion by 2029, registering a CAGR of 7.8% during the forecast period according to a new report by MarketsandMarkets™. The market growth is attributed to increased potential for the incorporation of IoT in electric and hybrid vehicles and accelerated IoT adoption in the healthcare sector. Furthermore, the government incentives and aids for development of IoT technologies and rise in the development of smart cities are expected to create lucrative opportunities for the market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=258239167
Browse in-depth TOC on “IoT Technology Market”
110 – Tables80 – Figures250 – Pages
IoT Technology Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 945.6 billion
Estimated Value by 2029
$ 1,377.8 billion
Growth Rate
Poised to grow at a CAGR of 7.8%
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 Node Component, Software Solution, Platform, Service, End-use Application, Geography
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
High power consumption by wireless sensor terminals/connected devices
Key Market Opportunities
Increased potential for the incorporation of IoT in electric and hybrid vehicles
Key Market Drivers
Emergence of 5G communications technology
The network management IoT technology platform segment is expected to account for the largest share of the IoT technology market in 2024.
The network management segment is a significant market for IoT technology. A network management platform is a common platform to manage the entire network of an organization. The platform ensures that users are able to receive IT services from anywhere and at any time. By using the platform, a network administrator can easily detect any failure in the network and resolve issues in real time or inform support personnel. A network management platform also assists in analyzing the amount of data that is being transferred over a network and automatically routes them to avoid congestion that can result in a crash of the network. For critical application areas, such as mobility and transport, logistics, energy, and manufacturing, seamless and faster data transfer is required. This requires the appropriate configuration of network devices, which is possible only through a high level of visibility provided by a network management platform.
The industrial segment is expected to have highest CAGR in the forecast period.
The industrial segment is projected to record the highest CAGR during the forecast period. Healthcare, automotive & transportation, building automation, manufacturing, retail, BFSI, oil & gas, agriculture, and aerospace & military are among the industrial end-use applications. The building automation market has developed as a result of the demand for more energy-efficient solutions, more security, more venture capital funding, and ongoing efforts to improve lifestyle. After beginning with wired technology, building automation has transitioned into the era of wireless technologies like Bluetooth and ZigBee Wi-Fi. Additionally, more stringent regulations and growing awareness of energy saving and building regulations, the development of many smart grid technologies, and the accessibility of several open protocols are propelling the market for building automation.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=258239167
The Asia Pacific market is expected to witness the highest CAGR in the IoT technology market during the forecast period.
Asia Pacific is projected to record the highest CAGR during the forecast period. The main countries in Asia Pacific contributing to the growth of the loT technology industry are China, India, South Korea, and Japan. Some of the major factors supporting the expansion of the lot technology market in Asia Pacific are the expanding consumer base, rising disposable income, increasing internet penetration in both business and residential areas, and improving IT infrastructure. Furthermore, the market for IoT technology for commercial applications in countries like China, South Korea, and Japan is growing primarily due to the trend of industrial automation and the use of cloud-based services. Furthermore, China’s involvement in the adoption and development of lot is vital for the expansion of these businesses because it is the key hub for semiconductor production and manufacturing. China is a manufacturing hub and is the leading producer of manufactured goods such as textiles, electronic equipment, and agricultural products. In the production process, IoT is used to monitor the machinery, employees, and environmental conditions. The data can be further used to analyze, control, and prevent risks and avoid economic losses. End-to-end automation is a new concept gaining momentum in the current technology market in China.
Key players
Key players in the IoT technology companies include Intel Corporation (US), Qualcomm (US), Texas Instruments Incorporated (US), Cisco Systems, Inc. (US), Hewlett Packard Enterprise (US), IBM (US), STMicroelectronics (Switzerland), Microsoft, PTC Inc. (US), and Amazon Web Services (US), and among others. 
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=258239167
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports: 
IoT Chip Market Size, Share by Hardware (Processor, Connectivity IC, Sensor, Memory Device and Logic Device), Power Consumption, End-use Application (Wearable Devices, Consumer Electronics, Building Automation and Retail) and Region – Global Forecast to 2025
IoT Node and Gateway Market Size, Share & Industry Growth Analysis Report by Hardware (Processor, Connectivity IC, Sensor, Memory Device, and Logic Device), End-use Application (Industrial and Consumer), Geography Global Growth Driver and Industry Forecast to 2027
Industrial IoT Market Size, Share & Industry Growth Analysis Report by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography – Global Growth Driver and Industry Forecast to 2026
MulteFire Market by Device (Small Cells, Switches, Controllers), Application (Industrial Manufacturing, Commercial, Transportation, Public Venues, Healthcare, Oil & Gas and Mining, Power Generation, Hospitality), and Geography – Global forecast 2025
Internet of Robotic Things Market (IoRT) by Component (Sensor, Power, Control), Service (Professional, Managed), Platform (Device, Application, Network), Software (Analytics, Data, Security, Monitoring, Bandwidth), Application – Global Forecast to 2022
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Aashish MehraMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/iot-application-technology-market.aspContent Source: https://www.marketsandmarkets.com/PressReleases/internet-of-things.asp
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
 

View original content:https://www.prnewswire.co.uk/news-releases/iot-technology-market-worth-1-377-8-billion-by-2029—exclusive-report-by-marketsandmarkets-302135477.html

Continue Reading

Trending