Artificial Intelligence
Global Skincare (Facial Care, Body Care & Lip Care) Market was valued at USD 178.21 billion, which is expected to cross USD 254 billion by 2023-28, growing at a CAGR of 6.22%: Bonafide Research
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Clifton, New Jersey, May 18, 2023 (GLOBE NEWSWIRE) — Social media platforms play a pivotal role in consumer behavior and trends, including in the skincare industry. Influencers and beauty bloggers share their skincare routines, product recommendations, and testimonials, influencing their followers to try new products. The reach and influence of social media platforms have helped create a buzz around skincare, leading to increased demand. Furthermore, the growth of e-commerce has made skin care products easily accessible to consumers worldwide. They provide a wide range of options, reviews, and detailed product information, allowing consumers to make informed decisions and purchase products from the comfort of their homes. Additionally, the increasing emphasis on self-care and holistic wellness has boosted the demand for skin care products. People are seeking products that not only address specific skin concerns but also provide a luxurious and indulgent experience. Skincare routines are often seen as a form of self-care and an opportunity for relaxation and pampering. As global connectivity increases, people are exposed to diverse beauty practices from around the world. This cross-cultural exchange has led to an increased demand for products inspired by traditional remedies and ingredients, such as Ayurvedic or K-beauty products.
Key Takeaways:
- Body care products are the most widely used skin care products globally, as they offer a diverse range of products to meet different consumer needs.
- Lip care products are expected to grow robustly at a CAGR of 8.20%, driven by factors like increasing awareness of lip health, changing weather conditions, and evolving beauty trends.
- Face care products like face cream, face wash, and sun care products will drive future demands, accounting for 47.86% of the revenue share by 2028.
- Men’s skin care product demand is increasing globally, with rising awareness of skin care routines among men and brands expanding into men’s skincare product ranges.
- Consumers are looking for skin care products made from natural or organic ingredients and are also trying out vegan skin care products.
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Several trends are shaping the future of the skin care industry. Consumers are seeking formulations that are free from harmful ingredients like parabens, sulfates, and artificial fragrances. There is also a growing focus on eco-friendly packaging, recyclable materials, and cruelty-free practices. Brands are leveraging technology, such as artificial intelligence and machine learning, to offer personalized product recommendations based on individual skin concerns, preferences, and lifestyle factors. Consumers are seeking skin care products that harness the power of botanicals, herbal extracts, and organic ingredients. High-tech solutions like wearable devices, smart sensors, and apps are being used to monitor and analyze skin conditions, allowing for more targeted and effective treatments. Ingredients such as peptides, hyaluronic acid, retinol alternatives, and antioxidants are being incorporated into formulations to address specific skin concerns. Brands are expanding their offerings to include ingestible beauty supplements. DTC models allow brands to control the entire customer experience, from product development to distribution, resulting in more personalized and authentic interactions. Multifunctional products, such as moisturizers with built-in SPF, tinted sunscreens, and hybrid serums that combine multiple active ingredients, are becoming increasingly popular.
The global face care industry encompasses various products designed to cleanse, moisturize, treat, and enhance the appearance of the face. Toners, serums, shaving lotions and creams, exfoliators, eye creams, scrubs, and bleach account for 15.18% of the total. Facial masks are gaining popularity among consumers as they eliminate the need for a salon visit and are an easy and convenient option. They offer targeted treatments for various skin concerns, such as hydration, brightening, detoxification, and pore refinement. Sheet masks, clay masks, and overnight masks are popular in this category. Men are increasingly using aftershave lotions and creams, influenced by advertisements and the importance of skincare. Suncare products are widely used in the US and Europe, and robust demand from developing nations is expected to value them at over USD 20 billion by 2028. These products come in different SPF (sun protection factor) levels and formulations like lotions, creams, sprays, and powders. L’Oréal Paris, Estée Lauder, Clinique, SK-II, La Roche-Posay, Neutrogena, Cetaphil, Kiehl’s, The Body Shop, and Olay have gained popularity and consumer trust through their commitment to quality, innovation, and addressing diverse skin care needs.
The global body care market is the largest skin care segment, with products like body lotions, body washes, body soap, shower gel, body oils, body powders, and others. The shower gel market at present is concentrated in countries like the United States, the United Kingdom, Germany, France, Australia, Canada, and Brazil. It is further projected to increase its presence in other countries, growing at a CAGR of 6.74%. Body scrubs and exfoliators are gaining popularity as they remove dead skin cells, leaving the skin smoother and more radiant. Body oils are expected to be increasingly demanded as they provide deep hydration and improve skin elasticity. They are commonly used for massage, relaxation, and to enhance the skin’s natural glow. Dove, Nivea, Bath & Body Works, Aveeno, Lush, Victoria’s Secret, and Palmer’s are some of the global body care brands.
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The global lip care market is growing by leaps and bounds as it is viewed as an important element of the face. Lip balms are the most popular lip care products, with a 33.85% share that is used by almost every female around the world at least once a day. Lip balms are available in various formulations, such as stick balms, pots, tubes, and flavored options. Lip masks are expected to be in huge demand as they provide intensive hydration and nourishment to the lips. They are usually in the form of sheet masks or balms, infused with moisturizing ingredients, and designed to be left on the lips for a specified period of time. Lip scrubs are another commonly used lip care product to exfoliate and remove dead skin cells from the lips. On the other hand, lip oils offer deep moisturization and conditioning for the lips. Burt’s Bees, EOS, Carmex, Nivea, Maybelline, ChapStick, Labello, L’Occitane, Vaseline, and Jack Black are some of the popular global lip care brands. Consumer preferences and trends in the lip care industry include growing demand for natural and organic lip care products, sustainability and eco-friendly formulations and packaging, tinted lip care options for added color and hydration, and the inclusion of additional benefits like SPF protection or anti-aging properties.
Traditionally, skincare has been associated more with women, but there has been a significant shift in recent years as men have become more conscious of their grooming and overall appearance. Social media platforms have played a significant role in influencing grooming trends and promoting skincare among men. They are recognizing the importance of maintaining healthy skin and seeking products that cater to their specific needs. Skincare brands are actively targeting the male demographic by developing products specifically formulated for men’s skin concerns. The growth of the men’s grooming industry has resulted in increased availability of skincare products specifically designed for men. Brands are expanding their offerings to include cleansers, moisturizers, serums, and other skincare products tailored to men’s skin types. The desire to maintain a youthful appearance and combat signs of aging has led to increased demand for anti-aging products among men. Lab Series, Jack Black, Clarins Men, Kiehl’s, Nivea Men, Baxter of California, Bulldog Skincare, Clinique for Men, Anthony Skincare, and L’Oréal Men Expert are some of the brands.
Specialty retail stores that focus specifically on skincare and beauty products are the first destination to shop for skin care products, with a 32.90% share. Supermarkets offer these products with discount schemes, while online retail sales are projected to grow at a CAGR of 7.22%. This is because of the increased number of beauty-focused websites and the official websites of skincare brands themselves, which provide a convenient way to purchase skincare products. Apart from these, dermatologists and skincare clinics often have their own lines of skin care products that are recommended as part of a specific skincare regimen. Some skincare brands operate through direct sales, where independent consultants sell products directly to consumers; examples include Avon and Mary Kay. Beauty subscription boxes curated with a selection of skincare products delivered on a monthly or quarterly basis are gaining popularity.
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“There has been a notable trend of consumers transitioning to natural and organic skincare products. Consumers are becoming more conscious of the potential health risks associated with synthetic chemicals and artificial ingredients found in skincare products. They are becoming more ingredient-savvy and are paying closer attention to the formulations of these products,” says Mr. Dhwipal Shah, from Bonafide Research. The marketing and perception surrounding natural and organic skincare have also contributed to the increased demand. Brands often emphasize the purity, gentleness, and potential benefits of using natural and organic ingredients, attracting consumers seeking a more holistic approach to skincare. Many established skincare brands have expanded their product lines to include natural and organic options. Dr. Hauschka, Weleda, Tata Harper, Jurlique, Antipodes, and Trilogy are some of the brands.
Vegan cosmetics have emerged as a booming segment within the skincare industry. Consumers are seeking out cruelty-free products that align with their values and do not harm animals. Many vegan skincare brands focus on using sustainable and eco-friendly ingredients, packaging, and production methods. They tend to offer alternatives to animal-derived ingredients like beeswax, lanolin, or certain proteins that may cause adverse reactions in some people. More skincare brands are introducing vegan product lines or transitioning their existing products to vegan formulations.
The Asia-Pacific region leads the global skincare market, driven by China, Japan, and South Korea’s significant presence. China has emerged as the largest skincare market in the world. The country’s growing middle class and rising disposable income have contributed to the booming skincare industry. Chinese consumers place high importance on skincare and are increasingly willing to invest in premium products. The Japanese skincare market is known for its innovation, high-quality products, and focus on anti-aging and sun protection. Japanese consumers are highly educated about skincare and have a strong demand for effective and safe products. South Korea has gained global recognition for its influential skincare and beauty trends, often referred to as K-beauty. South Korean skincare products are known for their quality, innovative formulations, and emphasis on natural ingredients. The country has a dedicated skincare culture, with consumers following multi-step routines and using products like sheet masks, essences, and serums. Thailand, Vietnam, Indonesia, Philippines are other emerging countries in Asia-Pacific Skin Care Market.
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The United States plays a major role in driving the skincare industry in North America. The US is home to many skincare companies that invest in research and development, leading to technological advancements and product innovations. The US entertainment industry, including Hollywood and social media influencers, has a significant impact on beauty trends and skincare product endorsements. A large consumer base, high disposable income, and a strong emphasis on beauty and wellness are some of the drivers.
The European skin care industry is highly fragmented, with numerous smaller companies and local brands operating in different countries. This makes it challenging for European skincare companies to compete on a global scale and gain substantial market share. Established global players from the United States, Asia Pacific, and other regions often dominate the global market, making it difficult for European companies to gain significant traction. The European Union has stringent regulations regarding cosmetic products, including skincare. However, European skincare brands are known for their expertise in cosmetic science, research, and innovation. Some European countries, such as France and Germany, have a long history and reputation for skincare and beauty.
The skincare industry in the MEA region has been growing steadily, driven by the region’s expanding population, particularly the young demographic, which contributes to the growing demand for skincare products. Brands that offer natural and organic skincare products have gained popularity in the region. These brands often incorporate traditional ingredients and local beauty practices into their products, appealing to consumers seeking products that reflect their cultural identity. Given the region’s climate, there is a high demand for sun care products in the MEA region. Luxury brands from around the world have expanded their presence in the region to cater to this demand. Popular sun care brands are NIVEA, La Roche-Posay, Bioderma, Avène, Vichy, Banana Boat, P20, and Eucerin.
South America has been experiencing growth and presents various opportunities. The region’s expanding middle class and changing beauty standards contribute to the demand for skincare products. Consumers prioritize products with sun protection properties, including sunscreen and after-sun care. Online retailing has made skincare products more accessible to consumers, particularly in areas with limited physical retail options. International skincare brands, particularly those from the United States and Europe, like Neutrogena, Clinique, NIVEA, L’Oréal Paris, and Vichy, have a significant presence in the South American market. These brands offer a wide range of products, from mass-market to premium, catering to different consumer segments. Other well-known brands, including Estée Lauder, Olay, Lancôme, and Shiseido, also have a strong presence in the region.
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Considered in the Report
- Geography: Global
- Historic Year: 2017
- Base year: 2022
- Estimated year: 2023
- Forecast year: 2028
| Market Segmentation | Details |
| By Product Type |
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| By Face Care Products |
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| By Body Care Products |
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| By Lip Care Products |
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| By End User |
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| By Price Range |
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| By Distribution Channel |
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| By Ingredients |
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| By Region | |
| By Country | |
| Company profiles |
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| Other Market Details |
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Related Reports:
India Skin Care Market has become a platform of opportunities for marketers which will drive the industry to grow at a higher CAGR of 9% to be valued at INR 91642 Crores by the end of 2027-28: Bonafide Research.
India Bath & Shower Market has been growing in leaps and bounds with increasing hygiene awareness among Indians, garnering revenues over INR 27, 000 Crore The bathing soap products are driving the bath and shower market currently and are expected to continue with a CAGR of above 7% during the forecast period 2027-28. On the other hand, shower gels, sometimes termed body wash, are considered one of the best personal care segments manufactured by many fast-moving consumer goods companies.
India’s Facial care market is anticipated to grow with a CAGR of more than 9% with more than INR 40000 Crore market size during 2022-28. The men’s face wash category market is anticipated to reach more than INR 3400 crores by the end of the forecasted year.
India Facial Cream and Gels Market published by Bonafide Research, is projected to grow at a higher CAGR of 9% during 2027-28, obtaining a market size of nearly INR 20500 Crore. Pond’s and Nivea, hold over half of the market share for the winter cold cream market in India. However, the anti-aging cream segment is dominated by Olay with a range of products for different skin types.
India Sun Care Market is anticipated to grow at more than 13% CAGR during the forecast period, with a market size of over INR 1700 Crore by 2027-28. Players like HUL and L’Oreal have acquired more than two third the market space of the total sun care market with their multi-benefited offerings.
The boutade of the International Pandemic Coronavirus disease (COVID-19) will create a state of desideratum of hand hygiene products in the Indian Market, The market is expected to be over INR 3100 Crores by the end of the period 2027-28 with companies focusing on the ‘Swachh Aadat, Swachh Bharat’ tagline.
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Artificial Intelligence
Data Center Chip Market Size was Valued at USD 11.7 Billion in 2022 and is Expected to Reach USD 45.3 Billion by 2032 at a CAGR of 14.6% | Valuates Reports
BANGALORE, India, July 26, 2024 /PRNewswire/ — Data Center Chip Market By Chip Type (GPU, ASIC, FPGA, CPU, Others), By Data Center Size (Small and Medium Size, Large Size), By Industry Verticals (BFSI, Manufacturing, Government, IT and Telecom, Retail, Transportation, Energy and Utilities, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Data Center Chip Market was valued at USD 11.7 Billion in 2022, and is estimated to reach USD 45.3 Billion by 2032, growing at a CAGR of 14.6% from 2023 to 2032.
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Major Factors Driving the Growth of Data Center Chip Market
Because of the growing need for data processing and storage solutions brought about by the quick development of cloud computing, artificial intelligence, and big data analytics, the data center chip market is expanding significantly. High-performance chips are necessary for data centers to process massive volumes of data quickly and efficiently. As a result, advances in chip technology, including CPUs, GPUs, and specialist AI processors, have been made. The need for more resilient and scalable data center infrastructure is fueled in part by the expansion of digital services and Internet of Things (IoT) devices. The market is expanding due to key areas including Asia-Pacific, with its investments in technology and fast digital transformation, and North America, with its top tech businesses and vast data center networks.
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TRENDS INFLUENCING THE GROWTH OF THE DATA CENTER CHIP MARKET:
In data centers, Graphics Processing Units (GPUs) are essential for speeding up computing operations and data processing. They are perfect for managing workloads related to artificial intelligence (AI), machine learning, and large-scale data analytics because of their parallel processing capabilities. The need for GPUs in data centers is growing as these technologies become increasingly essential to corporate operations. Businesses are purchasing GPUs in order to increase the effectiveness of their data processing, lower latency, and boost overall performance. The need for data center chips is being driven by the increasing reliance on GPUs for sophisticated computing activities, which is considerably contributing to the market’s rise. This need is further increased by the growing use of AI and machine learning in a variety of sectors, which puts GPUs at the forefront of the data center semiconductor industry.
Compared to general-purpose chips, Application Specific Integrated Circuits (ASICs) provide better performance and efficiency since they are designed specifically for a given application. ASICs are extensively utilized in data centers for specific tasks including networking, data compression, and encryption. ASICs are becoming more and more common as a result of the growth of cloud computing, big data analytics, and blockchain technology, which has increased demand for high-performance, energy-efficient processors. Their capacity to provide tailored performance for certain applications aids data centers in better workload management, power conservation, and operating expense reduction. The market is expanding as a result of the increased preference for ASICs in data centers, which is fueling the need for specialized data center chips.
Large data centers are important users of data center chips; they are run by well-known IT firms and cloud service providers. To manage enormous volumes of data and provide a wide range of services, these facilities need a great deal of processing power and sophisticated computing skills. High-performance data center chips are becoming more and more necessary as a result of the growth of massive data centers and the rising demand for online streaming, cloud services, and digital transactions. These chips are necessary to ensure effective data management, processing, and storage, which helps big data centers fulfill the increasing expectations of its clientele. Large data center proliferation is anticipated to considerably boost the data center chip industry as the digital economy continues to grow.
Data centers are becoming more and more important to the Banking, Financial Services, and Insurance (BFSI) industry as a means of safely and effectively managing high transaction volumes, consumer data, and financial records. The need for sophisticated data center processors is being driven by the sector’s requirement for real-time data processing, high-performance computing, and strong security measures. BFSI organizations may improve their operational efficiency, guarantee data integrity, and deliver superior client services by utilizing data centers fitted with robust chips. The BFSI sector’s need for data center chips is being driven by the increasing use of online banking, digital banking, and financial analytics tools, all of which increase the requirement for sophisticated data center infrastructure.
The market for data center chips is significantly influenced by the cloud computing industry’s explosive growth. There is a growing need for scalable, effective, and high-performance data center infrastructure as more companies move their operations to the cloud. In order to handle enormous volumes of data, facilitate virtualization, and guarantee flawless service delivery, cloud service providers need sophisticated data center chips. Sturdy data center chips are becoming more and more necessary as cloud-based solutions become more and more popular. Benefits like cost savings, flexibility, and scalability are driving this trend. In places like North America and Europe, where cloud adoption rates are high and data center chip demand is rising rapidly, this tendency is especially significant.
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DATA CENTER CHIP MARKET SHARE
In 2022, North America gained a sizable portion of the market.
In 2022, the GPU made up the largest portion of the market share.
Throughout the projection period, large data centers are expected to gain a significant portion.
The BFSI market is anticipated to be one of the most profitable markets.
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Key Companies:
Advanced Micro Devices IncTaiwan Semiconductor Manufacturing Company LimitedBroadcomHuawei Technologies Co LtdIntel CorporationNVidia CorporationSamsung Electronics Co LtdQualcomm Technologies IncGlobalFoundriesARM LIMITED (SOFTBANK GROUP CORP.)Purchase Chapters @ https://reports.valuates.com/request/chaptercost/ALLI-Auto-2B326/Data_Center_Chip_Market
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Artificial Intelligence
Industry 4.0 Market to Surpass USD 513.89 Billion by 2031 with Automation Surge | SkyQuest Technology
WESTFORD, Mass., July 26, 2024 /PRNewswire/ — According to SkyQuest, the global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).
Industry 4.0 or the fourth industrial revolution emphasizes the use of automation and interconnectivity. Employment of advanced technologies such as artificial intelligence, machine learning, robotics, and connected devices to improve the productivity and efficiency of industries. Rapid digitization and advancements in technology are forecasted to bolster the Industry 4.0 market growth over the coming years. The global Industry 4.0 market is segmented into technology, industry vertical, and region.
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Industry 4.0 Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 154.6 billion
Estimated Value by 2031
$ 513.89 billion
Growth Rate
Poised to grow at a CAGR of 16.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Technology, Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights
Internet of Things (IoT) technology takes centerstage for Industry 4.0 adoption
Key Market Opportunities
Adoption of smart manufacturing and additive manufacturing practices
Key Market Drivers
Rising demand for automation across all industry verticals
Segments covered in Industry 4.0 Market are as follows:
TechnologyRobots (Traditional Industrial Robots {Articulated robots, Cartesian Robots, Selective Compliance Assembly Robot Arm (SCARA), Cylindrical Robots, Others}, Collaborative Robots), Blockchain in Manufacturing, Industrial Sensors (Level Sensors, Temperature Sensors, Flow Sensors, Position Sensors, Pressure Sensors, Force Sensors, Humidity & Moisture Sensors, Gas Sensors), Industrial 3D Printing, Machine Vision (Camera {Digital Camera, Smart Camera}, Frame Grabbers, Optics, and LED Lighting, Processor and Software), HMI (Offering {Hardware [Basic HMI, Advanced Panel-based HMI, Advanced PC-based HMI, Others], Software [On-premises HMI, Cloud-based HMI], Services}), Configuration ({Embedded HMI, Standalone HMI}, Technology {Motion HMI, Bionic HMI, Tactile HMI, Acoustic HMI}, End-user Industry {Process industries [Oil & Gas, Food & beverages, Pharmaceuticals, Chemicals, Energy & power, Metals & mining, Water & wastewater, Others], Discrete industry [Automotive, Aerospace & defense, Packaging, Medical devices, Semiconductor & electronics, Others]}), AI In Manufacturing (Offering {Hardware [Processor MPU, GPU, FPGA, ASIC, Memory, Network], Software [AI solutions- | On-premises, Cloud |, AI platform- | Machine learning framework, Application program interface |], Services [Deployment & integration, Support & maintenance]}, Technology {Machine learning [Deep learning, Supervised learning, Reinforcement learning, Reinforcement learning, Others], Natural language processing [Context-aware computing, Computer vision]}, Application {Predictive maintenance and machinery inspection, Material movement, Production planning, Field services, Quality control, Cybersecurity, Industrial robots, Reclamation}, Digital Twin {Technology [Internet of Things (IOT), Blockchain, Artificial intelligence & machine learning, Artificial intelligence & machine learning, Big data analytics, 5G], Usage Type [Product digital twin, Process digital twin, System digital twin], Application [Product design & development, Performance monitoring, Predictive maintenance, Inventory management, Business optimization, Others]}, Automated Guided Vehicles (AGV) {Type [Tow vehicles, Unit load carriers, Pallet trucks, Assembly line vehicles, Forklift trucks, Others], Navigation Technology [Laser guidance, Magnetic guidance, Inductive guidance, Optical tape guidance, Vision guidance, Others]}, Machine Condition Monitoring {Monitoring Technique [Vibration monitoring, Embedded systems, Vibration analyzers and meters, Thermography, Oil analysis, Corrosion monitoring, Ultrasound emission, Motor current analysis], Offering [Hardware – Vibration sensors, Accelerometers, Tachometers, Infrared sensors, Spectrometers, Ultrasound detectors, Spectrum analyzers, Corrosion probes], Software [Data integration, Diagnostic reporting, Order tracking analysis, Parameter calculation], Deployment Type [On-premises deployment, Cloud deployment], Monitoring Process [Online condition monitoring, Portable condition monitoring]})IndustryManufacturing, Automotive, Energy, Medical, Semiconductor & Electronics, Food & Beverage, Oil & Gas, Aerospace, Metals & Mining, Chemicals, and OthersRequest Free Customization of this report:
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Internet of Things (IoT) Technology to Remain Indispensable for Industry 4.0
Internet of Things (IoT) remains the most crucial technology in global Industry 4.0 market growth owing to its role in interconnectivity and automation across different verticals. Advancements in connectivity technologies and rising use of automation in different industry verticals are also estimated to help this sub-segment gain an impressive market share. Surging demand for predictive maintenance will also boost the adoption of IoT technology in the long run.
Advanced robotic technologies are also slated to gain traction in the Industry 4.0 market. Growing acceptance of robots and high investments in advancements of robotic technologies are also slated to create new opportunities for providers of advanced robotics in the Industry 4.0 market. The low margin of error and the immense scope of automation are key benefits of robotics that help this sub-segment flourish.
Artificial intelligence (AI) will be another popular technology in the Industry 4.0 world going forward. Increasing demand for continuous monitoring, real-time analytics, and predictive maintenance are slated to help the demand for artificial intelligence in the future. The rising use of IoT devices will also boost the demand for cloud computing technology in the long run.
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Manufacturing Vertical to Spearhead Industry 4.0 Market Development
The manufacturing vertical is estimated to be at the forefront when it comes to Industry 4.0 adoption. The surge in use of robotics, advanced technologies, and smart manufacturing practices sets the tone for Industry 4.0 in this industry vertical. High emphasis on improving manufacturing efficiency, reducing downtime, and maximizing profits are all contributing to the high market share of this sub-segment.
The automotive industry is another vertical where Industry 4.0 market players could invest to get good returns. The high adoption of advanced robotics and other smart manufacturing technologies to maximize production allows this sub-segment to become a crucial one for Industry 4.0 providers. The aerospace and defense industry vertical also shows a lot of promise for Industry 4.0 companies going forward. Growing demand for advanced manufacturing techniques and technologies to create complex aerospace components is helping Industry 4.0 market growth via this segment.
The oil & gas industry is also estimated to embrace Industry 4.0 trend with open hands as they try to improve their operations and promote better resource utilization. High demand for predictive maintenance to reduce downtime and the growing adoption of digital oilfield solutions are estimated to bolster Industry 4.0 market development in the long run.
To sum it up, the application scope for Industry 4.0 is endless as automation and digitization pick up pace around the world. High investments in development of IoT and AI technologies will create better opportunities for Industry 4.0 companies in the future. The manufacturing industry will remain the top revenue generating sub-segment and more opportunities for aerospace, automotive, and oil & gas verticals will be seen over the coming years.
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Artificial Intelligence
Generative AI Cybersecurity Market worth $40.1 billion by 2030 – Exclusive Report by MarketsandMarkets™
CHICAGO, July 26, 2024 /PRNewswire/ — The Generative AI cybersecurity Market is anticipated to experience substantial expansion, ascending from a value of USD 7.1 billion in 2024 to a substantial worth of USD 40.1 billion by the year 2030, according to a new report by MarketsandMarkets™. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 33.4% over the forecast period.
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350 – Tables 60 – Figures450 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2030
Base year considered
2023
Forecast period
2024–2030
Forecast units
USD (Million)
Segments Covered
Offering, Generative AI-based Cybersecurity, Cybersecurity for Generative AI, Security Type, 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), SentinelOne (US), AWS (US), NVIDIA (US), Cisco (US), CrowdStrike (US), Fortinet (US), Zscaler (US), Trend Micro (Japan), Palo Alto Networks (US), BlackBerry (Canada), Darktrace (UK), F5 (US), Okta (US), Sangfor (China), SecurityScorecard (US), Sophos (UK), Broadcom (US), Trellix (US), Veracode (US), LexisNexis (US), Abnormal Security (US), Adversa AI (Israel), Aquasec (US), BigID (US), Checkmarx (US), Cohesity (US), Credo AI (US), Cybereason (US), DeepKeep (Israel), Elastic NV (US), Flashpoint (US), Lakera (US), MOSTLY AI (Austria), Recorded Future (US), Secureframe (US), Skyflow (US), SlashNext (US), Snyk (US), Tenable (US), TrojAI (Canada), VirusTotal (Spain), XenonStack (UAE), and Zerofox (US).
This dramatic surge is being fueled by a number of causes. The primary growth driver is the enhancement of existing cybersecurity tools through generative AI algorithms by improving anomaly detection, automating threat hunting and penetration testing, and providing complex simulations for security testing purposes. These techniques enable various cyber-attack scenarios that can be simulated using the Generative Adversarial Networks (GANs), thus enabling the development of better preparedness and response strategies. On the other hand, it requires special cyber security tools to protect generative AI workloads against unique vulnerabilities such as adversarial attacks, model inversions and LLM poisoning. These tools include differential privacy and secure multi-party computation that are integrated into AI systems for training and deployment data protection purposes.
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Generative AI apps security segment will account for largest market share during the forecast period.
The cybersecurity landscape is rapidly changing for generative AI apps, which are already making their way into chatbots, content creation tools like word processors, and personalized recommendation systems. According to McAfee, 55% of these programs have had security breaches. This highlights the dire need for stronger protective measures from unauthorized access. Several generative AI applications that use adversarial techniques to force the desired reaction out of intelligent machines.
Therefore, there is a pressing demand in the number of developers who ensure that such machines are made more robust through techniques like adversarially trained models and resistant architectures. Finally, the usage of secure enclaves plus hardware-based security measures is growing off late, mainly aimed at safeguarding vulnerable AI computations from being tampered with. For instance, OpenAI has very strict security rules meant to protect GPT models thereby ensuring data integrity and user privacy.
By end-user, government & defense sector is poised to account for larger market share in 2024.
Government as well as defense industries are increasingly resorting to generative AI for cyber security purposes due to the urgency of protecting sensitive information and national security. According to a recent CSIS report, AI is being integrated into the cybersecurity framework of 43% of government agencies which resultantly improves their ability to identify and counter threats. As an example, the United States Department of Defense has started using artificial intelligence (AI) based security solutions backed by generative AI that can create fictitious cyber-attacks, thereby providing them with enhanced preparedness against advanced types of threats.
This technology also helps these sectors handle and analyze large volumes of data more effectively, giving valuable insights that will enable them prevent or mitigate cyber threats. This trend demonstrates an increasing reliance on generative AI in fortifying cyber security measures so as to ensure that critical infrastructure and sensitive data remain secure in today’s intricate digital landscape.
By region, North America to hold the largest share by market value in 2024.
In 2024, North America will be the leading region based on market share due to its excellent technology infrastructure, substantial investments in AI-enabled cybersecurity and the presence of key players. Major cyber security research universities and tech companies such as Google, AWS, CrowdStrike, SentinelOne and IBM are present in this area, pushing them on the forefront of potent risk management technologies and generative AI tools for threat detection. For example, IBM’s security platform powered by AI has improved detection rates for threats up by 40%, thus proving the relevance of AI technology to enhancing cybersecurity.
Moreover, legislative instruments such as Cybersecurity Information Sharing Act (CISA) are being put in place to promote advanced cybersecurity technologies. As internet attacks continue getting more complicated, North American enterprises prefer generative artificial intelligence (AI), so as to enhance their safety measures pertaining to personal data and digital infrastructure.
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Top Key Companies in Generative AI cybersecurity Market:
The major players in the generative AI cybersecurity market include Palo Alto Networks (US), AWS (US), CrowdStrike (US), SentinelOne (US), and Google (US), along with SMEs and startups such as MOSTLY AI (Austria), XenonStack (UAE), BigID (US), Abnormal Security (US), and Adversa AI (Israel).
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