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Global Fitness Equipment Market is reach USD 16.47 Billion with anticipated CAGR of 5.14% for 2022-2027: Bonafide Research
Clifton, New Jersey, May 26, 2023 (GLOBE NEWSWIRE) — The fitness equipment industry is going through an impressive transformation driven by a strong focus on innovation and technological advancements. As people increasingly prioritize their health and wellness, the demand for cutting-edge fitness equipment has reached unprecedented levels. This industry has witnessed rapid changes to meet the growing desire for overall well-being and individuals taking charge of their health. Recognizing this trend, leading companies have invested heavily in research and development, aiming to constantly improve and push the boundaries. The outcome is an incredible range of fitness equipment that seamlessly incorporates advanced features like artificial intelligence, virtual reality, and personalized tracking systems. These technologies not only enhance the workout experience but also help users set and achieve their fitness goals more precisely and efficiently. Additionally, there has been a strong focus on ergonomic design, prioritizing user comfort, safety, and biomechanical efficiency. Equipment now offers adjustable seating positions, optimized range of motion, and careful engineering to support proper posture, reduce the risk of injuries, and maximize the effectiveness of each exercise. Moreover, the use of durable and high-quality materials ensures the equipment’s longevity, allowing both fitness centers and individuals to make long-term investments in their fitness equipment.
The global rise in obesity rates and lifestyle diseases such as diabetes and cardiovascular disorders has prompted individuals to invest in fitness equipment for convenient and regular exercise. Fitness equipment provides a convenient solution for people to engage in physical activity within the comfort of their own homes or at fitness centers. The increasing number of fitness centers and gym memberships globally is driving the demand for fitness equipment. As more individuals prioritize fitness and seek professional guidance, fitness centers invest in a wide range of equipment to cater to the diverse needs of their members, including cardio machines, strength training equipment, and specialized training systems. In addition to that, urbanization has led to sedentary lifestyles characterized by long working hours, limited physical activity, and increased reliance on technology. As a result, individuals are seeking ways to incorporate exercise into their daily routines, leading to a surge in the demand for fitness equipment that allows them to exercise conveniently at home or in fitness facilities. Also, the aging population, particularly in developed countries, has created a demand for fitness equipment that caters to the specific needs of older adults. There is a growing emphasis on active aging and maintaining fitness levels among seniors, driving the demand for specialized equipment that promotes mobility, balance, and overall well-being.
Key Takeaways:
- North America has been observed as the largest market with a 38.2% share in 2021, being the hub of manufacturing fitness equipment.
- The strength training equipment segment possesses a robust market presence with an estimated 3.85% CAGR for 2022–2027, owing to more consumers being attracted by the product’s ability to increase muscle mass and flexible joints.
- The treadmill segment is leading the market with USD 1848 Million in 2021 whereas resistance bands & tubes are growing at 6.17% CAGR by 2022-2027.
- With the recent technological advancements, such as wearable self-monitoring and virtual group exercises, the residential segment is expected to reach USD 7522 Million by 2028.
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Many organizations are recognizing the importance of employee health and wellness. Corporate wellness programs are becoming more prevalent, offering opportunities for fitness equipment providers to supply gyms and fitness facilities within corporate offices. This includes equipment suitable for office gyms, such as compact treadmills, standing desks, and exercise bikes, promoting physical activity and well-being during work hours. With that, the rise of health and wellness tourism presents an opportunity for fitness equipment providers. Fitness centers and hotels catering to health-conscious travelers often require high-quality fitness equipment to meet the needs of their guests. Collaborating with wellness resorts and fitness retreats can open up new avenues for market expansion and brand exposure. There is a growing demand for eco-friendly and sustainable fitness equipment. Consumers are increasingly conscious of the environmental impact of their purchasing decisions and seek equipment made from recycled materials, energy-efficient designs, and sustainable manufacturing processes. The fitness equipment market is susceptible to counterfeit products and intellectual property infringement. Unauthorized manufacturers are producing imitation products that mimic popular brands, leading to brand dilution, reputational damage, and loss of market share. Protecting intellectual property rights and combating counterfeit products is a significant challenge.
Fitness equipment can be expensive, especially high-end and advanced models. Also, the high initial cost of purchasing fitness equipment is acting as a restraint for some consumers, particularly those with limited financial resources or budget constraints. This cost barrier is limiting the market reach and adoption of fitness equipment, especially in price-sensitive markets. Fitness equipment, particularly larger and bulkier machines, require ample space for installation and use. Limited space in homes, apartments, or commercial fitness facilities can be a restraint, preventing individuals or fitness centers from investing in certain types of equipment. Storage constraints also pose challenges, especially for home users who may not have dedicated workout areas. Fitness equipment requires regular maintenance and occasional repairs to ensure optimal performance and longevity. These maintenance and repair costs add up over time, particularly for commercial fitness facilities with a large inventory of equipment. While fitness equipment offers a range of features and settings, it still has limitations in terms of customization and personalization. Each individual has unique fitness goals, body types, and preferences, and not all equipment can cater to these specific requirements. This lack of customization also impacts the user experience and limits the effectiveness of the equipment for some individuals.
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Historically fitness equipment was only limited to weight training and some cardio equipment which are mostly used in health clubs and gyms. With the passage of time, a number of changes have been observed in the fitness habit of consumers at a global level. This change in fitness habits has led to the creation of a wide range of fitness equipment. The fitness equipment market has been getting broader verities of innovative equipment being manufactured by the existing players as well as the new players coming into the market. The trend toward home fitness has gained momentum, especially in the wake of the COVID-19 pandemic. There is a growing demand for compact, versatile, and user-friendly fitness equipment that individuals can use in the comfort of their homes. Additionally, there is an opportunity to provide personalized fitness solutions, such as connected equipment that offers customized workout programs and tracking features tailored to individual needs. With health awareness and fitness getting into the list of consumers’ habit, their attitude towards bringing change in daily routine have been experienced. There are scenarios when due to hectic schedules and busy work life; many people are unable to make it to the gym every day. Things are getting changes with the advancement of technologies; also it is affecting the fitness industry. Also, fitness equipment is incorporating advanced biometric sensors and health monitoring capabilities. These sensors can track heart rate, calories burned, sleep patterns, and other health metrics, providing users with comprehensive data insights and personalized recommendations.
One such technology that is making its way into the fitness industry is virtual reality in fitness. With VR in fitness, people are not only getting attracted to it, but it is also letting them fight out the boredom associated with daily exercise. Working out in front of the television with loud music on till now was considered to be a joyful workout. Now, technology has removed the geographical barrier to fitness, now people can exercise in an entirely different world. The new form of workout in the form of virtual reality and augmented reality is viewed as the future of fitness. Many gyms and health clubs in developed countries are already implementing it to make workout fun for members and also increase their profits. The inclusion of wearable fitness devices like Fitbit and the Apple Watch has allured the attention of fitness freak consumers. From being luxurious items it has now become a fashion statement, these wearable are now accessible and widely used. The excitement of performing exercises in gyms to get more intensified with advancements in the wearable tech market resulting in improved fitness experiences. Gyms can now monitor users’ activities, and by using the resulting data, give exercisers quantifiable results to let them know if they are on the right track or not.
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Individuals are becoming more aware of the importance of cardiovascular fitness in maintaining overall well-being. Cardiovascular exercise helps improve heart health, strengthen the cardiovascular system, and manage weight. This awareness has led to an increased interest in cardiovascular fitness equipment. As the global population ages, there is a growing focus on maintaining cardiovascular health to support healthy aging. Older adults are increasingly adopting regular cardiovascular exercise as part of their lifestyle, leading to increased demand for age-friendly and low-impact cardiovascular fitness equipment. Regular cardiovascular exercise is seen as a preventive measure to reduce the risk of chronic conditions such as heart disease, obesity, and diabetes. This increased focus on preventive healthcare has boosted the demand for cardiovascular fitness equipment. Treadmills are one of the most popular cardiovascular equipment types. They simulate walking or running, offering adjustable speed and incline settings to provide a customizable workout experience. Further, stationary bikes come in different variations, including upright bikes, recumbent bikes, and spin bikes. They simulate the experience of outdoor cycling and provide cardiovascular benefits while targeting the lower body muscles. Other Cardiovascular Equipment category includes a range of other cardiovascular equipment types such as arc trainers, ski machines, step mills, and versa climbers. These machines offer unique cardiovascular workouts and are often found in specialized fitness facilities or as part of a diverse cardio equipment selection in commercial gyms.
However, fitness centers and commercial gyms play a significant role in driving the demand for strength fitness equipment. These establishments invest in a wide range of strength training equipment to cater to their members’ needs. The increasing number of fitness centers and the growing popularity of gym memberships have contributed to the growth of the strength fitness equipment market. The trend of strength training has transformed over the years from just being weight oriented to a number of innovative training with the inclusion of free weight and endurance training. For instance, dumbbells are incredibly versatile strength training tools. They can be used for a wide range of exercises, targeting different muscle groups. From basic movements like bicep curls and shoulder presses to compound exercises like lunges and bench presses, dumbbells provide numerous options for varying the intensity and targeting specific areas of the body. Their versatility appeals to individuals of all fitness levels and goals. Dumbbells also align with the trend of functional training, which focuses on movements that mimic real-life activities. Functional training emphasizes the development of strength, stability, and coordination for everyday tasks and sports performance.
Strength equipment is also used in sports training facilities for athletic performance enhancement. These facilities focus on strength and conditioning training programs tailored to specific sports and athletes. Strength equipment in sports training facilities is designed to improve power, agility, and overall athletic performance. Educational institutions such as colleges, universities, and schools may have strength equipment as part of their fitness facilities. These facilities cater to students, faculty, and staff, providing access to strength training for general fitness and wellness purposes. With the increasing popularity of home fitness, there is a growing market for strength equipment among home users. Home users include individuals who prefer to work out in the comfort and convenience of their own homes. Home strength equipment allows users to set up their personal workout spaces, providing access to strength training without the need to visit a gym.
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The rising prevalence of obesity and associated heart diseases across the North American region has undoubtedly, enunciated the need for fitness equipment thus supporting the expansion of the North American fitness equipment market. Speaking of the rising obesity rate, the Centers for Disease Control put forth obesity statistics for the United States. It was observed that the prevalence of obesity in U.S. adults was somewhere around 42 percent, which has opened gates for umpteen heart diseases, high blood pressure, type 2 diabetes, and depression. To cut on the rising count and incidences of such diseases, users in North America are incorporating strength training and cardiovascular workouts in their daily routine, escalating the demand for fitness equipment. Also, strength training has always been a priority for people who have been looking forward to losing extra inches while also attaining immunity. The demand for robust strength training equipment for enhancing joint flexibility and bone health will, to a much larger extent, support the prolific growth of the fitness equipment market across North America. In fact, the American Heart Association has been laying immense focus on practicing strength training at least twice a week.
European countries have the trend of larger gyms, more members, and lower prices have been the factor experienced in the growth of the fitness equipment segment in the region. Health and fitness clubs the major revenue generator have been very attractive to investors. Developing commercial fitness centers and the trends of boutique gyms have led fitness equipment manufacturers to make the market competitive. Some of the major fitness equipment manufacturers in the European market are Core Health & Fitness, Johnson Health Tech, Tunturi’s new fitness BV, Body Solid Europe, Exigo, Torque Fitness LLC, etc. In addition, increased awareness about fitness and its related health benefits drives the adoption of fitness equipment, especially through gym memberships and in-home equipment sales. Initiatives, such as corporate wellness programs, contribute to the growth of the fitness equipment market. Further, the number of fitness centers at super specialty hospitals has increased due to the supportive government measures to promote health awareness, thereby further supplementing the demand for fitness equipment.
Asia-Pacific has emerged as one of the most promising markets for fitness equipment in the last couple of years. The region currently is standing at the third position in the overall fitness equipment market. People in the region have a higher attraction towards athletic & resistance training with the trend of getting a lean fit body. The market has emerged with several growing fitness equipment manufacturing companies some of the prominent companies in the list are SportsArt Fitness, BFT Fitness, Stingray Fitness, Shuhua Fitness, Amer Sports Corporation, etc. The fitness equipment market in the Asia-Pacific region has posed an increasing trend towards the in-home fitness routine which has boosted the residential sale of the equipment. Installation in the form of a home gym or training sections at housing societies has been a factor in the growth of the segments. Countries like India, Australia, and others have observed a surge in the adaption of gym fitness. Equipment like dumbbells, treadmills, stationary bikes, rowers, and other free weights, etc. are attracting consumers in the residential segment.
South America is considered an untapped but potential market for the fitness equipment industry to thrive. The commercialization in its fitness industry is still in the nascent phase, which has led to lower penetration of modernized ranges of fitness equipment in the region. Gym training is still the most preferred form of fitness training process adopted in South America. In addition to that, the region has observed an emergence of new business models and continues to have multipurpose and family-oriented clubs. However, the surge in demand for commercial fitness equipment has boosted the growth of the region’s cardiovascular and strength equipment segment. The development of women-centric gyms also the trend of home gyms majorly in Middle-Eastern countries have fueled the overall region’s market growth. This has led to higher attraction toward the utilization of cardiovascular fitness equipment. The fitness sector has witnessed tremendous growth in the past few years, leading to the rise in permits for women’s fitness clubs in Saudi Arabia. Along with this, the government has approved the staging of the World Boxing Series, which has added significantly to the fitness industry’s growth.
Considered in the Report
- Geography: Global
- Historic Year: 2016
- Base year: 2021
- Estimated year: 2022
- Forecast year: 2027
Table of Contents
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic /Demographic Snapshot
5. Global Fitness Equipment Market Outlook
5.1. Market Size By Value
5.2. Market Share
5.2.1. By Region
5.2.2. By Country
5.2.3. By Company
5.2.4. By Type
5.2.5. By End User
6. Global Cardiovascular Equipment Market Outlook
6.1. Market Size By Value
6.1.1. By Region
6.1.2. By Type
7. Global Strength Equipment Market Outlook
7.1. Market Size By Value
7.1.1. By Region
7.1.2. By Type
8. North America Fitness Equipment Market Outlook
8.1. Market Size
8.1.1. By Value
8.1.2. By Cardiovascular Equipment Market
8.1.3. By Strength Equipment Market
8.2. Market Share
8.2.1. By Country
8.2.2. By Type
8.2.3. By End User
8.2.4. By Cardiovascular Type
8.2.5. By Strength Type
8.3. US Fitness Equipment Market Outlook
8.3.1. Market Size By Value
8.3.2. Market Share
8.3.2.1. By Cardiovascular Type
8.3.2.2. By Strength Type
8.3.2.3. By End User
To be Continued….TOC Continued
| Market Segmentation | Details |
| By Type |
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| By Cardiovascular fitness equipment |
|
| By Strength fitness equipment |
|
| By End-User |
|
| By Region | |
| By Country | |
| Company profiles |
|
| Other Market Details |
|
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The Global Yoga Accessories Market was valued at around USD 17 Billion which is anticipated to reach around twice the revenue by the end of the forecast period. Further, the overall market is projected to expand with more than 12.5% CAGR for 2022-2027. With the new invention of newer forms of yoga, certain poses are beneficial only with the use of props. Also, it is proved that they make progression a little less intimidating. With the increase in the popularity of yoga, there has been an upspring in many modern practice forms like beer yoga, goat yoga, Broga, hot yoga, etc. to name a few. While the types continue to diversify, the need for accessories is to keep growing. Even though the forms of yoga changed, what remained unchanged is the use of a mat. With the increasing popularity of yoga, the mats have become more solid and textured. People are now more concerned about the quality of the mat as they now understand how important it is in maintaining balance and the right posture. Even though the yoga mat segment rules the market, it accounted for around 90% of the market share along with the yoga clothing segment. In North America, the United States and Canada have a well-established yoga culture, with a large number of yoga studios, fitness centers, and dedicated practitioners. In Europe, the demand for high-quality yoga accessories is strong. In addition to that, the demand for yoga accessories is increasing as more people embrace yoga as part of their fitness routine. Yoga has its origins in India, and the practice is deeply rooted in many Asian countries. Countries like India, China, Japan, and Australia have a significant market for yoga accessories due to the popularity of yoga and the presence of a large number of yoga practitioners. The interest in yoga and wellness practices is growing in South America and Middle East & Africa. The yoga accessories market is emerging in these regions as more people adopt yoga as a part of their lifestyle.
The Global Lateral Fitness Equipment Market is projected to grow at a compound annual growth rate (CAGR) of 10.96% during the forecast period 2021-2027. The commonly used lateral fitness equipment are treadmills, stationary bicycles, stair climbers, and weight-lifting machines. Moreover, the surge in cases of diabetes and obesity has led to a revolution in the global fitness industry. According to World Health Organization (WHO), 13% of adults aged above 18 years were obese and 39 % of adults were overweight. This has majorly made way for an increase in the growth of clubs and gym memberships in the country, which has also resulted in the lateral fitness equipment market growth. Globally, there is an increase in the gym culture as more people are joining the gym movement for great health. Moreover, a huge number of people living in metro and Tier-2 cities are rapidly becoming health-conscious and have started hitting gyms, which also results in fueling the growth of the lateral fitness equipment market. Furthermore, the increase in advanced technology has changed the pattern of fitness activities. Now people are using technological devices such as GPS, pedometers, heart rate monitors, and smartphone apps to monitor their workout efforts in gyms. The increase in the trend of being thin and slim for women and slender and muscular for men is becoming sociocultural and also influencing people to engage in fitness to have an ideal body image.
The Global Online/Virtual Fitness Market is projected to grow at a compound annual growth rate (CAGR) of 26.7% during the forecast period 2021-2027. The online/virtual fitness market encompasses a wide range of services and platforms, including fitness apps, on-demand workout videos, virtual personal training, live-streaming fitness classes, and virtual reality (VR) fitness experiences. These platforms offer convenience, flexibility, and access to a variety of workouts and training programs from the comfort of one’s own home. The demand for online fitness solutions has been on the rise due to factors such as busy lifestyles, the need for convenience, and the ability to personalize workouts according to individual preferences. Advancements in technology have made it easier to access online fitness platforms through smartphones, tablets, smart TVs, and wearable devices. This has enhanced the overall user experience and made virtual workouts more engaging. Traditional fitness centers and gyms have recognized the potential of online fitness and have started offering virtual classes and training sessions to cater to a broader customer base. Additionally, new startups have emerged, focusing exclusively on online fitness services. Increasing awareness about the importance of fitness and overall health has fueled the demand for online fitness platforms. People are becoming more proactive about their well-being and are actively seeking ways to stay fit and active.
The Global Home Fitness Equipment Market will reach $14.12 Billion by 2031, growing by 3.4% annually over 2021-2031, driven by the increased product innovations, high customization of fitness devices, and the rising investments and homecare spending amid the COVID-19 pandemic. As the number of people suffering from obesity rises, the demand for the product is expected to increase as it is a vital tool for them to lose weight. Furthermore, increased knowledge of the lack of physical exercise has resulted in many health difficulties such as heart disease, diabetes, cancer, and others, which has increased demand for these products. Furthermore, increasing inclination toward digital technology is aiding the market growth. The increasing popularity of fitness applications in smart devices for enhancing and maintaining personal fitness has played a significant role in the market growth. Additionally, governments in both developed and developing countries are launching several public health efforts to enhance public awareness of wellness, which will help implement this equipment, particularly among young people. The North American market has witnessed significant growth, due to the rising health awareness among consumers with the growing adoption of exercises related to physical well-being, weight management, improving body stamina, and muscular strength driving the market growth in the country. The demand for fitness equipment has increased in European countries, such as the U.K., Germany, and France, owing to the increase in health awareness among the obese population. However, rapid urbanization, rising disposable income, and increasing youth population are the key propellants of the Asia-Pacific Home Fitness Equipment Market growth in various Asia-Pacific countries, as the population is actively getting involved in fitness activities.
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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.
Related Report:
Digital Twin Market
Cyber Security Market
Artificial Intelligence (AI) Market
Internet Of Things (IoT) Market
Machine Learning Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact: Mr. Jagraj SinghSkyQuest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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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.
Browse in-depth TOC on “Generative AI cybersecurity Market”
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).
Browse Adjacent Market: Artificial Intelligence (AI) Market Research Reports & Consulting
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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.
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