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Log Management Market Size Worth $5.21Bn, Globally, by 2028 at 12.8% CAGR – Exclusive Report by The Insight Partners

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The Insight Partners published latest research study on “Log Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Solution and Services), Deployment (On Premise and Cloud Based), Organization Size (Small & Medium Enterprises and Large Enterprises), and Industry (IT and Telecom, BFSI, Healthcare, Education, Retail and Ecommerce, and Others)”, the global log management market is expected to grow from $2.24 billion in 2021 to $5.21 billion by 2028; it is estimated to grow at a CAGR of 12.8% from 2021 to 2028.

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The log management market growth is driven by the rising surge in integration of artificial intelligence and machine learning technologies, using a centralized log analysis system, due to the multiple benefits of the cloud-based log management platform, the adoption of the platform is increasing by large enterprises and small and medium enterprises (SMEs) for the early detection of cyberattacks.

Report Coverage

Details

Market Size Value in

US$ 2.24 Billion in 2021

Market Size Value by

US$ 5.21 Billion by 2028

Growth rate

CAGR of 12.8% from 2021 to 2028

Forecast Period

2021-2028

Base Year

2021

No. of Pages

186

No. Tables

115

No. of Charts & Figures

93

Historical data available

Yes

Segments covered

Component, Deployment, Organization Size, and Industry

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Log Management Market: Competitive Landscape and Key Developments

Alert Logic; Cisco Systems, Inc.; IBM Corporation; Datadog; LogRhythm, Inc.; Splunk, Inc; ManageEngine; SolarWinds Worldwide, LLC; Sematext Group Inc.; and AT&T Inc are among the key players profiled during the study of the global log management market. Several other market players have been analyzed to understand the market and its ecosystem.

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In February 2022Asia was the top targeted region for cyberattacks as per IBM Security X-Force Threat Intelligence Index. IBM invested in a security operation center (SOC) and IBM Security Command Center, providing 24×7 security solutions to clients across the Asia Pacific region. This new cybersecurity hub will help Asia Pacific organizations with the early detection of threats.

In July 2021, Datadog announced its integration with the salesforce platform to enable secure customer experiences. Organizations nowadays are making use of salesforce to record critical information. Datadog will allow users to collect and analyze information about the actions performed.

Log management, also known as audit records, audit trails, and event logs, deals with enormous numbers of computer-generated log messages. Concerns regarding security, system and network operations, such as system or network administration, and regulatory compliance drive the demand for log management systems. Almost every computing equipment generates logs, which can be routed to various destinations on a local file system or a remote system. Users of log management can buy whole commercial products, develop their log management and intelligence tools from open-source components, or buy subsystems from commercial suppliers.

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Centralized log management helps combine all log data in a single location in a standard format. As data arrives from many places, such as operating systems, apps, servers, and hosts, all inputs must be integrated and standardized before the company can provide useful insights. The analytical process is simplified by centralization, and data can be implemented quickly throughout the company. Organizations can rapidly notice and respond to irregularities by storing and linking data in a single location. Therefore, a centralized log management system improves data access and the organization’s security capabilities.

Log Management Market: Component Segment Overview

Based on component, the market is bifurcated into solutions and services. In 2021, the solutions segment led the market and accounted for a larger market share.

Log Management Market: Deployment Segment Overview

Based on deployment, the market is bifurcated into on premise and cloud based. In 2021, the cloud based segment accounted for a larger log management market share.

Log Management Market: Organization Size Segment Overview

Log management market analysis by organization size, the market is bifurcated into small & medium enterprises and large enterprises. In 2021, the large enterprises segment led the market and accounted for a larger log management market share.

Log Management Market: Industry Segment Overview

Based on industry, the market is segmented into IT & telecom, BFSI, healthcare, education, retail & ecommerce, and others. In 2021, the IT & telecom segment led the market and accounted for the largest market share.

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Growing Use of Cloud-Based Log Management Platform:

With the digital transformation, cloud-based log management platforms are increasing due to their simple deployment and reduced deployment time and cost. Moreover, the internet infrastructure matured in developed countries and is flourishing in several developing countries, allowing end users to access the cloud-based platform. A few benefits of a cloud-based log management platform are the secure hosting of critical data, improved security and scalability, and quick recovery of files. The backups are stored on a private or shared cloud host platform. Therefore, organizations can quickly recover several critical data. Also, with a stable internet connection, the data can be easily accessed anywhere via secure logins.

Cloud-based log management platform also reduces repair and maintenance costs and enhances customer satisfaction. Therefore, due to the multiple benefits of the cloud-based log management platform, the platform’s adoption is increasing by large enterprises and small and medium enterprises (SMEs) for the early detection of cyberattacks, which fuels the growth of the market. Furthermore, several companies worldwide, such as Devo Technology Inc.; IBM Corporation; Sumo Logic; and SolarWinds Worldwide, LLC, are adopting the cloud-based log management platform. Thus, the factor mentioned above is driving the log management market growth.

Impact of COVID-19 Pandemic on MEA Log Management Market:

TurkeyIranSouth AfricaIraqIsraelSaudi Arabia, and the UAE are some of the countries in the MEA, which had a large number of COVID-19 confirmed cases and deaths. The region comprises many growing economies, such as the UAE and Saudi Arabia, which are prospective markets for log management providers due to the huge presence of a diverse customer base for several industries. Currently, the Gulf countries are on the verge of adopting transformative digital technologies in various verticals to improve the socio-economic conditions of the countries. However, due to the COVID-19 outbreak, the implementation of stringent measures such as factory lockdowns, business shutdowns, and travel bans aggravated the economic problems of the countries in the MEA. Hence, the decline in the MEA’s economic condition and the impact of COVID-19 on the growth of various industries in the region slightly impacted the log market growth in 2020.

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As per log management market analysis in 2021, the manufacturing business resumed with the government’s release of lockdown restrictions and ease of taxation. Further, in November 2021, the Sheikh Khalifa bin Zayed Al Nahyan, the President of the UAE, approved a reform of the country’s legal system to strengthen economic, investment, and commercial opportunities and, maximize social stability security, and ensure the rights of both individuals and institutions.

The log management market size before the COVID-19 pandemic was US$ 1,864.69 million in 2019. The market size during the pandemic was US$ 2,036.46 million in 2020. Furthermore, in 2021, the log management market size was at US$ 2,246.12 million. Therefore, the overall impact of the COVID-19 pandemic on the market was positive in 2021.

Browse Adjoining Reports:

Log Management Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Solution, Services); Industry Vertical (BFSI, Government, Healthcare, IT and Telecom, Others) and Geography

Machine Learning Market to 2025 – Global Analysis and Forecasts by Services (Human Resource, E-Commerce, Finance and Accounting, Customer Care. Sales & Marketing, and Others); and Vertical (BFSI, Telecom & IT, Healthcare, Automotive, Manufacturing, Food and Beverage, Power & Energy, Consumer Electronics, and Others)

Conversational AI Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Platform, Services); Type (Intelligent Virtual Assistants, Chatbots); Technology (Machine Learning and Deep Learning, Natural Language Processing, Automated Speech Recognition); Deployment Type (Cloud, On-Premise); Application (Customer Support, Branding and Advertisement, Customer Engagement and Retention, Onboarding and Employee Engagement, Data Privacy and Compliance, Others); Industry (BFSI, Retail and E commerce, Healthcare and Life Sciences, Travel and Hospitality, IT and Telecom, Media and Entertainment, Others) and Geography

Machine Learning as a Service Market Forecast to 2028 – Covid-19 Impact and Global Analysis – by Service Type (Professional Service, Managed Service); Offerings (Hardware, Software); End-user Industry (IT and Telecom, Manufacturing, Energy and Power, Others) and Geography

Artificial Intelligence and Machine Learning in IoT Market Forecast to 2028 – Covid-19 Impact and Global Analysis – by Application and Geography

AI-Enabled Testing Tools Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Solution, Service); Technology (Machine Learning and Pattern Recognition, Natural Language Processing (NLP), Computer Vision and Image Processing); Application (Test and Maintenance Case Generation, Coverage and Risk Analytics, Infrastructure Optimization, Data Analytics, Others) and Geography

Threat Intelligence Market Forecast to 2028 – Covid-19 Impact and Global Analysis – by Solution (Log Management, Security Information and Event Management, Risk Management, Identity and Access Management, Security and Vulnerability Management and Incident Forensics), Deployment (Cloud and On-Premise) and Industry (BFSI, Government, Healthcare, IT & Telecom, Transportation, Retail and Manufacturing)

Managed Security Services Market Forecast to 2025 – Global Analysis – by Service Type (Threat Management, Vulnerability Management, Log Management, Compliance Management, and SIEM), Threat Management Type (Managed Firewall, Managed IDS/IPS, Managed VPN, Managed Anti-Virus and Malware, Managed Gateway Security, Managed IAM, Managed DLP, Others), Deployment Type (Hosted MMS and CPE MMS), Enterprise Size (Large Enterprises and SMEs), and Verticals (IT and Telecom, Retail, BFSI, Healthcare, Government, Manufacturing, Energy & Utility, Media, and Others)

User Activity Monitoring Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Component (Solution, Services); Technology Type (Behavior Analytics, Log Management, Auditing and Reporting, Others); Deployment Mode (On-premises, Cloud); Organization Size (Small and Medium-sized Enterprises, Large Enterprises); Application (System monitoring, Application Monitoring, File Monitoring, Network Monitoring, Database Monitoring); Vertical (Government and Defense, BFSI, IT and Telecom, Healthcare, Retail, Manufacturing, Energy and Utilities, Others) and Geography

Contact Center Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Component (Software, Services); Deployment Model (On-Premises, Cloud); Organization Size (Large Enterprises, Small and Medium-Sized Enterprises); Application (Automatic Call Distributor, Log Management, Risk and Compliance Management, Real-Time Monitoring and Reporting, Workforce Optimization, Customer Experience Management, Others); Industry Vertical (Healthcare and Life sciences, BFSI, Manufacturing, Retail and Consumer Goods, Telecom and IT, Energy and Utilities, Government and Defense, Others) and Geography

IT Operations Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Predictive Analytics, Visual Analytics, Root Cause Analytics, Behavior Analytics); Application (Asset Performance Management, Network Management, Security Management, Log Management); Deployment Type (On-Premise, Cloud Based) and Geography

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Predictive Maintenance Market worth $47.8 billion by 2029 – Exclusive Report by MarketsandMarkets™

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Real-time analysis and decision-making will be made easier by developments in AI and IoT integration, which will drive the Predictive Maintenance Market in the future. Innovation will be fueled by prognostics, industry-specific solutions, and interoperability, while Predictive Analytics as a Service (PAaaS) models will make advanced predictive maintenance skills more accessible to all.
CHICAGO, March 29, 2024 /PRNewswire/ — The Predictive Maintenance Market is estimated to grow from USD 10.6 billion in 2024 to USD 47.8 billion in 2029, at a CAGR of 35.1% during the forecast period, according to a new report by MarketsandMarkets™. The driving factors for the Predictive Maintenance Market include the widespread adoption of emerging technologies like IoT sensors and data analytics, enabling real-time monitoring of equipment health. The integration of machine learning (ML) and artificial intelligence (AI) algorithms allows for predictive analysis of potential failures, reducing downtime and optimizing asset performance. Organizations are increasingly focused on cost savings and operational efficiency, driving the need for proactive maintenance strategies to minimize unplanned downtime and maximize productivity. Additionally, regulatory requirements and the shift towards predictive analytics-driven decision-making further contribute to the growth of the Predictive Maintenance Market.

Browse in-depth TOC on “Predictive Maintenance Market”
280 – Tables 60 – Figures300 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2029
Base year considered
2023
Forecast period
2024–2019
Forecast units
USD Billion
Segments Covered
Component (Hardware, Solution [Solution by Deployment mode {Cloud (Public, Private, Hybrid) & On-premises}] & Services), Technology (Analytics & Data Management, Artificial Intelligence, IoT Platform, Sensors & Other Devices), Technique (Vibration Analysis, Infrared Thermography, Acoustic Monitoring, Oil Analysis, Motor Circuit Analysis, Other Techniques) Organization size (Large Enterprises, SMEs), Vertical (Energy & Utilities, Manufacturing, Automotive & Transportation, Aerospace & Defense, Construction & Mining, Healthcare, Telecommunications) and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Companies covered
IBM (US), ABB (Switzerland), Schneider Electric (France), AWS (US), Google (US), Microsoft (US), Hitachi (Japan), SAP (Germany), SAS Institute (US), Software AG (Germany), TIBCO Software (US), Altair (US), Oracle (US), Splunk (US), C3.ai (US), Emerson (US), GE (US), Honeywell (US), Siemens (Germany), PTC (US), Dingo (Australia), Uptake (US), Samotics (Netherlands), WaveScan (Singapore), Quadrical Ai (Canada), UpKeep (US), Limble (US), SenseGrow (US), Presage Insights (India), Falcon Labs (India).
By component, the services segment to account for higher CAGR during the forecast period.
The services segment plays a crucial role in the Predictive Maintenance Market, serving as a core component essential for the efficient operation of software solutions. Many companies are turning to intelligent devices, robust AI systems, and Industrial Internet of Things (IIoT) solutions to monitor the health and productivity of critical equipment, aiming to minimize costly production shutdowns. Remote monitoring of machinery and equipment has become a significant priority for organizations grappling with challenges in detecting machinery failures. The adoption of predictive maintenance services, including IoT, has become imperative to mitigate the risks and failures of machines across various industries. Within the services segment, managed and professional services are considered vital for enhancing overall process efficiency.
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By Technique, Vibration Analysis is expected to hold the largest market size for the year 2024.
Vibration analysis is a crucial technique employed primarily for high-speed rotating equipment in predictive maintenance strategies. It enables technicians to monitor the vibrations of machines using handheld analyzers or real-time sensors integrated into the equipment itself. Machines operating optimally exhibit specific vibration patterns, which can be compared against known standards. However, as components like bearings and shafts wear down or develop faults, they generate distinct vibration patterns, signaling potential issues. By continuously monitoring equipment vibrations, trained technicians can identify deviations from normal patterns and diagnose problems early on. The range of issues detectable through vibration analysis is extensive and includes misalignment, bent shafts, unbalanced components, loose mechanical parts, and motor irregularities.
By Vertical, Automotive & Transportation is projected to grow at the highest CAGR during the forecast period.
As automotive technology progresses rapidly, traditional fault detection methods are inadequate for ensuring vehicle smoothness. However, modern automobiles are equipped with various sensors, instruments, and cameras that generate diverse data. Leveraging this data, past service records, and employing AI and ML, predictive maintenance in the automotive & transportation sector emerges as a powerful solution to enhance vehicle performance and minimize downtime. The surge in intelligent technologies has spurred predictive maintenance investments in transportation, particularly accelerated by the Covid-19 crisis, where consumer preferences shifted towards individual mobility due to health and safety concerns, leading to an increased demand for cars. This demand surge, coupled with slowed new vehicle production, is driving the resurgence of the used car market. Predictive maintenance plays a crucial role in reducing the lifespan of used cars and preventing unexpected downtimes. Solutions like IBM’s monitoring for connected vehicles and collaborations between automakers and tech companies like Ford, CARUSO, and HIGH MOBILITY showcase the industry’s commitment to leveraging predictive maintenance for improved operations and customer services.
Middle East & Africa is expected to grow at the second-highest CAGR during the forecast period.
The Middle East & Africa (MEA) lacks technological development as well as primary business growth in many verticals. Slow economic growth and geopolitical conditions are the major hurdles to the growth of the Predictive Maintenance Market in the region. Moreover, it generates the majority of the revenues from natural resources. The government policy in the United Arab Emirates (UAE) is supportive of the industry with the vision to be one of the most technologically advanced nations by 2022. The proliferation of telecom and IT-enabled industry in the African countries is steering the growth of AI-based IoT companies in the region. The major reasons that are said to influence the growth of the Predictive Maintenance Market in the region are the increasing investments in data center infrastructures and the growing number of high-growth start-ups. Only a few countries, such as the UAE, Israel, and Qatar, across the region, are advancing in this market at an economical pace. The UAE, Israel, and Qatar have demonstrated a strong commitment toward the development and implementation of AI and IoT technologies.
Top Key Companies in Predictive Maintenance Market:
The major predictive maintenance hardware, solution and service providers include IBM (US), ABB (Switzerland), Schneider Electric (France), AWS (US), Google (US), Microsoft (US), Hitachi (Japan), SAP (Germany), SAS Institute (US), Software AG (Germany), TIBCO Software (US), Altair (US), Oracle (US), Splunk (US), C3.ai (US), Emerson (US), GE (US), Honeywell (US), Siemens (Germany), PTC (US), Dingo (Australia), Uptake (US), Samotics (Netherlands), WaveScan (Singapore), Quadrical Ai (Canada), UpKeep (US), Limble (US), SenseGrow (US), Presage Insights (India), Falcon Labs (India). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Predictive Maintenance Market.
Recent Developments:
In January 2024, Siemens and AWS deepened their collaboration to simplify the development and scaling of generative artificial intelligence (AI) applications for businesses across various industries and sizes. This partnership enables domain experts in fields like engineering, manufacturing, logistics, insurance, or banking to leverage advanced generative AI technology to create and enhance applications efficiently.In December 2023, ABB enhanced its ABB Ability Field Information Manager (FIM 3.0) to provide system engineers and maintenance teams with enhanced connectivity and expanded reach across the latest communication protocols.In June 2023, Qatar Airways and Google Cloud partnered to create innovative data and artificial intelligence (AI) solutions tailored for the airline industry. This collaboration will concentrate on enhancing areas like predictive maintenance, passenger experience, and cargo operations, aiming to elevate efficiency and customer satisfaction within the airline sector.In April 2023, TrendMiner launched an updated version of its predictive maintenance software, the Digital Twin Manager. This release includes enhanced support for cloud data sources from AWS and Microsoft, along with interactive search functionality, enabling users to make data-driven decisions more efficiently.In January 2023, AVEVA, a global leader in industrial software, finalized its acquisition by Schneider Electric. AVEVA’s strategic objective is to emerge as the top Software as a Service (SaaS) provider in software and industrial information, transitioning to a subscription-only business model.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=8656856
Predictive Maintenance Market Advantages:
Through proactive equipment maintenance based on data-driven insights, the prevention of expensive unplanned downtime, and the reduction of repair costs, predictive maintenance assists organisations in cutting maintenance costs.Predictive maintenance increases equipment availability and uptime by anticipating possible equipment faults before they happen, guaranteeing continuous operations and maximising output.By locating and resolving underlying problems that may compromise the dependability and efficiency of equipment, predictive maintenance extends the life of assets and lowers the need for untimely replacements.Predictive maintenance reduces the likelihood of mishaps, injuries, and interruptions to operations brought on by malfunctioning equipment by anticipating possible equipment breakdowns.By scheduling maintenance jobs more effectively, predictive maintenance helps businesses minimise interruptions to existing operations and match maintenance duties with production schedules.Using data analytics and machine learning algorithms, predictive maintenance produces actionable insights that help with equipment investments, resource allocation, and maintenance strategy selection.Predictive maintenance ensures continuous functioning and customer satisfaction by proactively addressing equipment concerns, minimising unplanned downtime and production losses.Status-based maintenance techniques, which optimise maintenance resources and cut down on pointless inspections and repairs by triggering maintenance actions based on real-time equipment status data, are made possible by predictive maintenance.Report Objectives
To describe and forecast the Predictive Maintenance Market, in terms of value,by component, technology, technique, organization size, and verticalTo describe and forecast the Predictive Maintenance Market, in terms of value,by region—North America, Europe, Asia Pacific, Middle East & Africa and Latin AmericaTo provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and challenges)To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contribution to the overall Predictive Maintenance MarketTo profile key players and comprehensively analyze their market positions in terms of ranking and core competencies2, along with detailing the competitive landscape for market leadersTo analyze competitive developments such as joint ventures, mergers and acquisitions, product developments, and ongoing research and development (R&D) in the Predictive Maintenance MarketTo provide the illustrative segmentation, analysis, and projection of the main regional marketsBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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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] Insight: https://www.marketsandmarkets.com/ResearchInsight/operational-predictive-maintenance-market.aspVisit Our Website: https://www.marketsandmarkets.com/Content Source:https://www.marketsandmarkets.com/PressReleases/operational-predictive-maintenance.asp
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AeC Recognized by Frost & Sullivan for Leading the Customer Relationship Industry in Brazil

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AeC is the largest customer relationship company in Brazil and its reliable and customized customer care solutions help businesses create seamless end-user experiences.
SAN ANTONIO, March 29, 2024 /PRNewswire/ — Frost & Sullivan recently researched the customer experience outsourcing services industry and, based on its findings, recognizes AeC with the 2023 Company of the Year Award. AeC is connecting technology with outstanding customer service to increase efficiency and optimize the customer’s business journey. AeC leverages artificial intelligence (AI), data intelligence, machine learning (ML), natural language processing (NLP), fraud prevention, and real human experiences to guarantee an optimal customer experience (CX) in its clients’ business operations.

The company helps businesses deliver a remarkable CX to remain competitive in the marketplace and meet its clients’ demands. It consistently aims to enhance end-user CX by carefully analyzing customer data, testing new business models, and adjusting its processes based on customer feedback.
AeC drives its clients’ digital transformations with innovative tools that provide superior business process outsourcing (BPO) services. The company launched Vision, an advanced and intuitive solution that allows managers to track agents’ performance and deliver effective support. Moreover, its AeC HR technology platform, Robbyson, assists businesses by increasing engagement and efficiency with AI to automatically estimate, suggest, and forecast outcomes.
“With a legacy of BPO services leadership, the company’s compelling value proposition underpins its sustained success. AeC holds a solid position with a diversified client base, serving industry leaders of every market, including four of the top five Brazilian unicorns and two of the top five energy organizations in Brazil,” said Sebastian Menutti, industry principal at Frost & Sullivan.
With its customer-centric approach, the company provides consulting and highly customized projects for its clients. AeC bases its operations on the core principle that its success depends on customer satisfaction. For this reason, the company meets with clients at the pre-sales stage to identify their specific business requirements and challenges to develop tailor-made solutions.
“The company acknowledges that offering a complete product portfolio that aligns with broader market trends (e.g., omnichannel customer services, automation capabilities, and tools that address security challenges) is a key differentiator. Therefore, it constantly leverages technology to improve the efficiency and effectiveness of its services, such as automating processes and using data analytics to gain insights into end users’ behaviors and preferences,” noted Valentina Barcia, best practices research analyst at Frost & Sullivan.
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.
Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
Contact:
Kristen MooreP: +1 (210) 247-3823E: [email protected]
About AeC
AeC is a Brazilian technology company specializing in customer relations. Leading by innovation, the most outstanding is the warm way of dealing with people and applying cutting-edge technology in its processes, such as artificial intelligence, cloud services, analytics, and automation tools. For over 30 years, it has developed customized consumer experience solutions in the market, helping companies in different segments, such as digital businesses, fintech, financial sector, telecommunications, services, retail, insurance, energy, and health. Currently, AeC has more than 43,000 employees and is certified by the Great Place to Work Institute (GPTW).
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Actuators Market worth $94.8 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, March 29, 2024 /PRNewswire/ — The Actuators market is estimated at USD 67.7 billion in 2024 and is projected to reach USD 94.8 billion by 2029, at a CAGR of 7.0 % from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth can be attributed to growing industrial automation and use of robots in various sectors like manufacturing and transportation, Developments in areas like sensor technology, connectivity, and control systems, The increasing demand for actuators is fueled by the expansion of sectors like healthcare (medical devices), oil & gas, and aerospace & defense, and the need for improved process control, energy efficiency, and safety regulations in various industries.

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Browse in-depth TOC on “Actuators Market” 300 – Tables175 – Figures350 – Pages
Actuators Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 67.7 billion
Estimated Value by 2029
$ 94.8 billion
Growth Rate
Poised to grow at a CAGR of 7.0%
Market Size Available for
2019–2028
Forecast Period
2023–2028
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Actuation, Application, Type, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Issues of leakage in pneumatic and hydraulic actuators
Key Market Opportunities
Increased spending on renewable sources of energy for power generation
Key Market Drivers
Rapid industrialization and utilization of robotics
The Electric segment held the largest growth rate in the Actuators market by actuation.
By actuation, the Actuators market has been segmented into electric, hydraulic, pneumatic, and others. electric Segment to hold the highest growth rate during the forecast period. Electrical actuators use electricity to produce motion. These actuators can be further classified into solenoid actuators and motor-driven actuators. A solenoid used in an electric actuator works on the principle of electromagnetism. Electrical actuators provide control and acceleration at higher speeds. The force for applying thrust can be managed without the requirement for compressed air and the related infrastructure, and hence the total energy consumption in these actuators is lower. Electrical actuators can be used for various applications where linear as well as rotary actuation is required. They can be used for low torque as well as high torque requirements.
The vehicle equipment segment is expected to account for the largest share of Actuators by application in 2024.
By application, the Actuators industry is segmented into industrial automation, robotics, and vehicle equipment. The vehicles and equipment segment includes actuators used in automotive, aircraft, ships, and defense vehicles. These can be either hydraulic, pneumatic, electrical, or mechanical actuators. Actuators are widely used in various systems and sub-systems of an automobile, aircraft, ships as well as defense vehicles.
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Asia Pacific accounts for the largest market share in 2024.
The Actuators market has been studied in North America, Europe, Asia Pacific, Middle East, and Rest of the World. The Asia Pacific region accounts for the largest market share in 2024 as well as throughout the forecast period due to the increasing demand for actuators in the region to enhance the growth of the market. India is expected to show the highest growth rate in Asia Pacific Region for Actuators market.
Major players operating in the Actuators companies are SMC Corporation (Japan), Rockwell Automation (US), Curtiss-wright Corporation (US), ABB Ltd (Switzerland), and Parker Hennifin Corporation (US).
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