Global AI Market Projected to Reach $3.68 Trillion by 2034, Driving Growth Across Industries

Artificial Intelligence Market Size Projected to Hit USD 3,680.47 Bn by 2034

Ottawa, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The global artificial intelligence market size is expected to increase from USD 757.58 billion in 2025 to approximately USD 3,680.47 billion by 2034, According to Precedence Research. The North America artificial intelligence (AI) market size is calculated at USD 235.63 billion in 2024. The Complete Study is Now Available for Immediate Access | Download the Sample Pages of this Report@ https://www.precedenceresearch.com/sample/1635 The artificial intelligence (AI) market is experiencing unprecedented growth, driven by rapid advancements in technology, increasing data availability, and a burgeoning demand for automation across various industries. As businesses recognize the transformative potential of AI to enhance efficiency, reduce operational costs, and improve customer experiences, investment in AI technologies has surged. The market potential for AI is vast as organizations increasingly seek to harness data-driven insights to remain competitive. Key growth drivers include the proliferation of internet of things devices, advancements in machine learning algorithms, and the integration of AI with emerging technologies such as blockchain and edge computing. As the integration of Moreover, the shift towards remote work and digital transformation accelerated by the pandemic has further propelled the adoption of AI solutions. Artificial Intelligence (AI) Market Key Highlights: North America accounted for the largest market share of 36.90% in 2023.The Asia Pacific is expected to grow at a double-digit CAGR of 19.8% from 2024 to 2034.By technology, the deep learning segment contributed the biggest market share of 36.9% in 2023.By solution, the services segment recorded the largest market share of 39.4% in 2023.By end user, the BFSI segment has held a major market share of 17.1% in 2023. You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 804 441 9344 Artificial Intelligence (AI) Market Revenue, By Solution (USD Billion), 2022 to 2024 Solution202220232024Hardware109.20129.66154.22Software168.85200.24237.86Services176.08208.23246.14 Artificial Intelligence (AI) Market Revenue, By End User (USD Billion), 2022 to 2024 End User202220232024Healthcare64.3376.3590.48BFSI72.5986.13102.26Law15.9619.0222.67Retail43.8352.1362.06Advertising & Media63.1974.9788.96Automotive & Transportation45.4153.8463.87Agriculture29.2634.7841.39Manufacturing43.4451.5861.49Others 76.1189.34105.04 U.S. Artificial Intelligence (AI) Market Size and Growth The U.S. artificial intelligence (AI) market size accounted for USD 146.09 billion in 2024, grew to USD 173.56 billion in 2025, and is anticipated to reach around USD 851.46 billion by 2034, with a CAGR of 19.3% from 2024 to 2034. Major Trends in the Artificial Intelligence (AI) Market Increased Adoption of AI in Various Industries: Businesses across sectors such as healthcare, finance, retail, and manufacturing are integrating AI to enhance operations and improve customer experiences.Focus on Explainable AI: As organizations seek transparency in AI decision-making, there's a growing emphasis on developing models that provide clear reasoning behind their outputs.Advancements in Natural Language Processing (NLP): Innovations in NLP are enabling more sophisticated conversational agents and chatbots, enhancing customer service and engagement.Growth of Edge AI: The rise of edge computing is driving the deployment of AI applications closer to data sources, reducing latency and bandwidth costs, particularly in IoT devices. Why Precedence Research for AI Industry Reports? Comprehensive Insights: Gain access to in-depth analyses covering market trends, competitive landscapes, and growth opportunities tailored specifically for the AI industry.Expert Research Team: Benefit from the expertise of a dedicated team of analysts with extensive knowledge and experience in AI market dynamics and emerging technologies.Data-Driven Decisions: Leverage our meticulously gathered data and insights to make informed strategic decisions and drive business growth in a rapidly evolving market.Customizable Reports: Enjoy tailored research solutions that meet your unique business needs, providing relevant insights for your specific market segment.Global Perspective: Explore AI market trends across various regions, allowing you to understand local dynamics while strategizing for global expansion. Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/1635 Discover Additional Market Trends with Our Related Reports: Artificial Intelligence (AI) in Healthcare Market The global artificial intelligence in healthcare market size was estimated at USD 26.69 billion in 2024 and is predicted to reach around USD 613.81 billion by 2034, growing at a CAGR of 36.83% from 2024 to 2034. AI in healthcare holds great potential due to its wide applications in diagnosis, treatment, monitoring, clinical trials, drug discovery, research & development, data analysis, advancement in clinical devices, and so on. The growing cases of chronic conditions, cancer, demand for personalized medicines, development of new therapeutics, and precision medicine are going to create growth opportunities for the market. AI in E-commerce Market The global artificial intelligence in e-commerce market size reached USD 5.81 billion in 2022, and it is projected to hit around USD 22.60 billion by 2032. With AI-driven algorithms analyzing consumer behavior, e-commerce platforms can offer tailored product recommendations, dynamic pricing, and enhanced customer service through chatbots and virtual assistants. This symbiotic relationship not only enhances the efficiency and effectiveness of online retail but also positions AI as an indispensable tool in shaping the future of commerce, ultimately leading to a more connected and intelligent marketplace. AI in Transportation Market The global artificial intelligence in transportation market size was valued at USD 3 billion in 2022 and is expected to reach around USD 23.11 billion by 2032. The AI in Transportation market is witnessing remarkable expansion, fueled by the increasing demand for smarter, safer, and more efficient mobility solutions. With the integration of AI technologies in logistics, fleet management, and public transit systems, the sector is revolutionizing how goods and people move. Automotive AI Market The global automotive artificial intelligence (AI) market size accounted for USD 3.22 billion in 2023 and is projected to grow to USD 35.71 billion by 2033. This burgeoning market not only enhances vehicle safety and efficiency but also fosters the development of smart infrastructure and connected ecosystems, creating synergies with other industries. Furthermore, the rise of electric vehicles and smart city initiatives is propelling demand for AI solutions that optimize energy consumption and traffic management, reinforcing the positive feedback loop between the automotive and broader AI markets. Artificial Intelligence in Agriculture Market The global artificial intelligence in agriculture market size is calculated at USD 2.08 billion in 2024, grew to USD 2.57 billion in 2025, and is projected to reach around USD 16.92 billion by 2034. The market is poised to grow at a CAGR of 23.32% between 2024 and 2034. AI is playing a crucial role in agriculture by providing data analysis to make intelligent and informed decisions. In the future, the use of AI in agriculture will become more prominent due to hydroponics, smart agriculture, and the incorporation of technologically advanced equipment and tools. Artificial Intelligence (AI) in BFSI Market The global artificial intelligence (AI) in BFSI market size was USD 26.31 billion in 2023, calculated at USD 31.61 billion in 2024, and is expected to reach around USD 164.97 billion by 2033, expanding at a CAGR of 20.15% from 2024 to 2033. AI is crucially used in risk assessment, predictive analytics, customizing recommendations, customer service, fraud detection, and cybersecurity. With the rising demand for personalized financial services, the incorporation of AI in BFSI is going to be a crucial turning point for the market in the future. Insights from Key Regions North America's Sustained Dominance in Artificial Intelligence (AI) Market: What till 2040? North America, particularly the United States and Canada, boasts a vibrant ecosystem of tech giants, startups, and academic institutions that are at the forefront of AI research and development. Silicon Valley remains a global hub for AI innovation, with companies like Google, Microsoft, and Amazon investing heavily in AI technologies. Along with the AI market's expansion, The presence of top universities such as MIT, Stanford, and the University of Toronto drives AI research and attracts top talent. These institutions not only produce groundbreaking research but also collaborate with industry leaders to translate innovations into practical applications. AI applications in healthcare are expanding rapidly, from predictive analytics for patient care to AI-powered diagnostic tools. By 2040, the integration of AI in healthcare is expected to transform patient outcomes and streamline operations.AI-enabled hardware or software was utilized by 7% of Canadian companies with five or more workers in 2023, up 3% from 2021. In 2023, over three out of four (73%) AI-using companies employed generative AI. China's Technology and Japan's Innovation: Country-Level Analysis of Asia's AI Industry Asia Pacific is observed to expand at the fastest rate in the artificial intelligence (AI) market during the forecast period. Each country brings a distinct approach to AI development, influenced by its unique economic conditions, government policies, and cultural factors. China's large population generates an immense amount of data, which is crucial for training AI models. With over 1.4 billion citizens, China produces approximately 1.5 billion gigabytes of data daily, providing a rich resource for AI applications ranging from facial recognition to natural language processing. Chinese tech giants like Baidu, Alibaba, and Tencent are at the forefront of AI innovation. Baidu has invested heavily in autonomous driving technology, with its Apollo project collaborating with over 100 partners and testing in multiple cities.The size of the nation's main AI sector was 500 billion yuan ($69.48 billion) in 2023, with over 4,400 businesses. The China Center for Information Industry Development projects that the market for big AI models will grow by 110 percent annually to reach $2.1 billion. Japan's approach to AI is characterized by its emphasis on robotics, automation, and collaborative technologies, which are deeply rooted in its cultural and industrial landscape. The Japanese government has recognized the potential of AI to address societal challenges, such as an aging population and labor shortages. The "AI Strategy " outlines initiatives to promote AI research, support startups, and enhance workforce training. Approximately ¥1 trillion (about $9 billion) has been allocated to AI initiatives over five years. Click to Browse Detailed Artificial Intelligence (AI) Industry and Get Insightful Data On Regions, Market Segments, Customer Landscape, And Top Companies (Charts, Tables, Figures And More) Artificial Intelligence (AI) Market Report Coverage Report AttributeKey StatisticsAI Market Size by 2034USD 3,680.47 BillionAI Market Size in 2024USD 638.23 BillionAI Market Size in 2025USD 757.58 BillionAI Market Growth Rate from 2024 to 203419.1%Base Year2023Forecast Period2024 to 2034Segments CoveredBy Technology, By Solution, By End Use, and By RegionsBy Technology Machine LearningNatural Language ProcessingContext-Aware ComputingComputer Vision By Solution HardwareSoftwareServices By End-Use HealthcareBFSILawRetailAdvertising & MediaAutomotive & TransportationAgricultureManufacturingOthers Regions Covered North AmericaEuropeAsia-PacificLatin AmericaMiddle East and Africa Artificial Intelligence (AI) Market Segmental Analysis: By Technology Analysis: The deep learning segment led the artificial intelligence (AI) market in 2023. Deep learning techniques, particularly neural networks, have seen significant improvements in their algorithms, enabling more accurate and efficient processing of large datasets. This has made deep learning particularly effective for complex tasks like image and speech recognition. Deep learning techniques, particularly neural networks, have seen significant improvements in their algorithms, enabling more accurate and efficient processing of large datasets. This has made deep learning particularly effective for complex tasks like image and speech recognition. The machine learning segment is estimated to grow significantly during the forecast period due to the big model creation, reinforcement learning, quantum computing, no-code environment, and distributed ML portability. By Solution Analysis The services segment held the dominating share of the artificial intelligence (AI) market in 2023. Numerous AI-based services are being implemented in almost all sectors. Some of the main services include bots & digital assistants, applications, programming interfaces, machine learning frameworks, no-code & low-code services, cognitive services, etc. Many third-party organizations have come into the market that are highly specialized in AI-based services and provide these services to large organizations and SMEs. The integration of advanced software services in the same has also supplemented the growth of artificial intelligence (AI) software market across the globe. The software segment is estimated to grow rapidly in the AI market during 2024-2034 because AI-based software is going to be incorporated everywhere, including gadgets, equipment, online platforms, mobile applications, search engines, etc. By End-user Analysis: The BFSI segment held the largest share of the artificial intelligence (AI) market in 2023. BSFI has gained various benefits due to the integration of AI. Many organizations have raised funds and made investments to integrate AI and increase the accuracy and efficiency of the work. By end-use, the healthcare segment is expected to grow at the fastest rate due to the use of AI in data analysis, telehealth, clinical trials, personalized medicine, therapeutics, and so on. Competitive Landscape & Major Breakthroughs in the Artificial Intelligence (AI) Market The AI market continues to evolve rapidly, with 2023 witnessing significant advancements and a dynamic competitive landscape. Major players such as Google, Microsoft, Amazon, and IBM maintain a dominant position in the AI market. These companies are leveraging their vast resources and expertise to drive innovation and expand their AI capabilities. * Interested in Company Profiles? Connect with Us for Detailed Profiles IBM continues to focus on enterprise AI with its Watson platform, emphasizing explainable AI and ethical considerations. Recent developments include enhancements to Watson's capabilities in automating business processes and integrating with existing IT systems. Artificial Intelligence (AI) Market Top Companies Intel CorporationMicrosoftIBMGoogleAmazon Web ServicesBaidu, Inc.NVIDIA CorporationH2O.ai.LifegraphSensely, Inc.Enlitic, Inc.AiCureHyperVerge, Inc.Arm LimitedClarifai, Inc. What is Going Around the Globe? In January 2023, OpenAI launched an API for its popular ChatGPT, enabling developers to integrate advanced conversational AI into their applications, enhancing user interaction across various platforms.In March 2023, NVIDIA introduced a new line of GPUs designed specifically for AI and machine learning tasks, boasting enhanced processing power to support complex AI applications across industries. Must-Read Insights Available: Everything You Need to Know About AI Industry in 2024 The AI market is experiencing remarkable growth, driven by rapid advancements in technology, increased adoption across various industries, and a rising demand for data-driven decision-making. As organizations recognize the transformative potential of AI, investments in machine learning, natural language processing, and automation are surging. Interested in insights into the AI Industry? To help you navigate this evolving AI market, we have a comprehensive insights blog available on our website, offering detailed analyses, trends, and expert perspectives on the latest developments in the AI sector. Segments Covered in the Report: By Solution HardwareSoftwareServices By Technology Machine LearningNatural Language ProcessingContext-Aware ComputingComputer Vision By End-Use HealthcareBFSILawRetailAdvertising & MediaAutomotive & TransportationAgricultureManufacturingOthers By Region North America U.S.Canada Asia Pacific ChinaJapanIndiaSouth KoreaThailand Europe GermanyUKFranceItaly SpainSweden DenmarkNorway Latin America BrazilMexicoArgentina Middle East and Africa (MEA) South AfricaUAESaudi ArabiaKuwait Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or Asia Pacific. 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Agricultural Equipment Finance Market to Grow by USD 182.8 Billion from 2024-2028, Driven by Quick Credit Access and AI-Driven Market Transformation - Technavio

NEW YORK, Nov. 6, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global agricultural equipment finance market size is estimated to grow by USD 182.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6% during the forecast period. Quick and easy access to credit is driving market growth, with a trend towards replacement of outdated agricultural equipment with advanced equipment. However, turbulent economic and political environment poses a challenge.Key market players include Adani Group, AGCO Corp., Agricultural Bank of China Ltd., Argo Tractors SpA, Barclays PLC, BlackRock Inc., BNP Paribas SA, Citigroup Inc., Deere and Co., ICICI Bank Ltd., IDFC FIRST Bank Ltd., IndusInd Bank Ltd., JPMorgan Chase and Co., Key Corp., Larsen and Toubro Ltd., Mahindra and Mahindra Ltd., Rabobank Group, State Bank of India, The Capital Group Companies Inc., and Wells Fargo and Co.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Type (Lease, Loan, and Line of credit), Product (Tractors, Harvesters, Haying equipment, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) Region Covered APAC, North America, Europe, South America, and Middle East and Africa Key companies profiled Adani Group, AGCO Corp., Agricultural Bank of China Ltd., Argo Tractors SpA, Barclays PLC, BlackRock Inc., BNP Paribas SA, Citigroup Inc., Deere and Co., ICICI Bank Ltd., IDFC FIRST Bank Ltd., IndusInd Bank Ltd., JPMorgan Chase and Co., Key Corp., Larsen and Toubro Ltd., Mahindra and Mahindra Ltd., Rabobank Group, State Bank of India, The Capital Group Companies Inc., and Wells Fargo and Co. Key Market Trends Fueling Growth Agricultural equipment plays a crucial role in maintaining efficiency and productivity in farming operations. However, as equipment depreciates over time, the need for replacement arises. The replacement time frame varies depending on the equipment's usage and risk of obsolescence. For instance, forklifts and tractors require regular maintenance and may need to be replaced more frequently than other equipment. In some countries, such as India, Bangladesh, and Pakistan, replacement policies and emission regulations are less stringent, leading to longer equipment usage. Advanced agricultural equipment is increasingly being adopted to enhance crop productivity. Equipment finance companies provide customized solutions to help agri-businesses manage the high investment costs. The global agricultural equipment finance market is witnessing continuous innovation, driven by the demand for more efficient and effective farming solutions. Small- and mid-sized farmers are seeking advanced equipment to gain a competitive edge. The high initial investment required for upgrading agricultural equipment presents a challenge, but the long-term benefits, including increased automation, output, and productivity, make it a worthwhile investment. Manufacturers and financial institutions must collaborate to provide more customized financing solutions to farmers. The feasibility and advantage of these investments are fueling innovations in the global agricultural equipment finance market, driving its growth during the forecast period. The Agricultural Equipment Finance Market is experiencing significant trends that are shaping the industry. Credit scoring is becoming more important for finance companies to assess borrower risk. Fintech integration is streamlining the loan application process. Eco-friendly equipment is a growing focus, with demand for irrigation and planting equipment. Farm size influences financing options, with loans, leases, and lines of credit available for small, medium, and large farms. Prime, non-prime, and subprime borrowers have varying financing needs. Investment in agriculture and food production demand continue to drive the market. Online finance platforms offer quick loan approval, while blockchain technology ensures secure transactions. Agricultural equipment rental and alternative finance options are also gaining popularity. Finance companies offer financing programs for farm equipment loans and agricultural enterprise. Farm loan waivers and unsecured loans are available for those in need. Farm efficiency and contract farming are key considerations for financing agricultural machinery. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The agricultural equipment finance market is currently facing challenges due to economic and political instability in various regions, leading to limited capital flow and exchange rate volatility in the banking sector. Geopolitical tensions are causing trade disruptions and volatile market growth in emerging nations, while economic recovery in Western nations remains slow. Credit risk management is crucial when granting agricultural loans, and financiers assess applicants based on financial history, loan repayment ability, collateral, and management profile. However, many farmers lack sufficient collateral to cover production input costs, making it difficult for them to obtain traditional loans or pay high interest rates. In countries like Zambia, farmers cannot use agricultural land as collateral due to government ownership, making loan recovery challenging. These factors hinder the growth of the global agricultural equipment finance market. Banks must make provisions and adapt to market events to minimize disruption and ensure proper internal processes and controls.The Agricultural Equipment Finance Market is experiencing significant changes due to various challenges. Online finance platforms and blockchain technology are transforming the way farmers access financing for equipment acquisition. Quick loan approval is essential for farmers to purchase essential agricultural machinery like tractors, combines, harvesters, planters, utility vehicles, and drones for farm mechanization. Finance companies face increased credit demand, requiring alternative financing options such as unsecured loans and agricultural enterprise financing programs. Farm loan waivers and farm efficiency initiatives also impact financing decisions. Lease and tractor financing, crop loans, and Kisan Credit Cards (KCC) offer flexible repayment terms and seasonal payment options. Farmers can also consider equipment leasing and specialized loan programs. Agricultural productivity, precision agriculture, and crop production are key factors driving the need for financing. Financial institutions offer agricultural insurance, smart combine harvesters, and farming equipment loans to support farmers. Farmers must evaluate financing options carefully to optimize their operations and improve agricultural productivity. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This agricultural equipment finance market report extensively covers market segmentation by Type 1.1 Lease1.2 Loan1.3 Line of creditProduct 2.1 Tractors2.2 Harvesters2.3 Haying equipment2.4 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa 1.1 Lease- The agricultural equipment finance market's lease segment held the largest market share in 2023 and is projected to continue leading throughout the forecast period. Leasing offers borrowers the flexibility to pay for equipment usage instead of ownership. Financing companies determine payments based on the residual fair market value, allowing borrowers to own the equipment at maturity or return it. Rental equipment's cost-effectiveness and pay-per-use model are driving trends in North America, Western Europe, and APAC. Equipment leasing requires less paperwork than loans or lines of credit and offers tax benefits in countries like the US and India. Easy credit approvals and fast funding further boost the lease segment's growth. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis The Agricultural Equipment Finance Market is experiencing significant growth due to the increasing trend of farm mechanization and the adoption of advanced technologies like precision agriculture and drones in large-scale farming. Online finance platforms are revolutionizing the industry by providing quick loan approvals and real-time information transparency, making it easier for farmers to acquire the necessary equipment for their agricultural enterprise. Unsecured loans and alternative finance options are also becoming popular, especially among small-scale farmers. Farm loan waivers and equipment rental are other financing solutions that are gaining traction in the market. The demand for agricultural machinery such as tractors, combines, harvesters, planters, utility vehicles, and other equipment is on the rise, leading to an increased need for equipment finance. The Farm Service Agency (FSA) and other finance companies are playing a crucial role in facilitating equipment acquisition for farmers. Blockchain technology is expected to further disrupt the market by providing secure and transparent transactions. Overall, the Agricultural Equipment Finance Market is set to witness growth in the coming years. Market Research Overview The Agricultural Equipment Finance Market is witnessing significant growth due to the increasing demand for financing solutions for agricultural machinery and equipment acquisition. Online finance platforms are revolutionizing the industry by offering quick loan approvals and alternative finance options for farmers. Blockchain technology is being integrated to ensure transparency and security in financial transactions. Agricultural equipment rental is also gaining popularity, providing farmers with flexible repayment terms and seasonal payment options. Finance companies offer various financing programs for farm loan waivers, utility vehicles, tractors, combines, harvesters, planters, and other equipment. Farm size and borrower creditworthiness determine the type of financing options available, including unsecured loans, specialized loan programs, and lines of credit. The integration of fintech and data analytics in agricultural financing enables credit scoring and automated systems for crop monitoring and farm efficiency assessment. With the increasing investment in agriculture and food production demand, eco-friendly equipment and precision agriculture technologies are also being financed through equipment leasing and crop loans. Farmers can now access various financing solutions, including the Kisan Credit Card (KCC), crop insurance, and agricultural productivity enhancement programs, to boost their farm mechanization and productivity. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation TypeLeaseLoanLine Of CreditProductTractorsHarvestersHaying EquipmentOthersGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/agricultural-equipment-finance-market-to-grow-by-usd-182-8-billion-from-2024-2028--driven-by-quick-credit-access-and-ai-driven-market-transformation---technavio-302296508.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

Open Banking Market to Grow by USD 57.66 Billion (2024-2028) as Demand for Fast Seamless Payments Rises, AI-Driven Market Evolution Report - Technavio

NEW YORK, Oct. 31, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global open banking market size is estimated to grow by USD 57.66 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 27.2% during the forecast period. Increased demand for fast and seamless payments is driving market growth, with a trend towards integration of AI into open banking services. However, implementation of strict guidelines in handling personal financial data poses a challenge.Key market players include Airwallex, American Express Co., Australia and New Zealand Banking Group Ltd, Banco Bilbao Vizcaya Argentaria SA, Bank of Ireland, Caixa Geral de Depósitos SA, Citigroup Inc., Credit Agricole SA, Finastra, HSBC Holdings Plc, ING Groep NV, Jack Henry and Associates Inc, Mambu BV, Nationwide Mutual Insurance Co., NCR Voyix Corp., Qwist GmbH, Revolut Ltd., Royal Bank of Scotland plc, Societe Generale SA, and Wise Payments Ltd.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Service (Banking and capital markets, Payments, and Digital currencies), Deployment (On premise and Cloud), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) Region Covered North America, Europe, APAC, South America, and Middle East and Africa Key companies profiled Airwallex, American Express Co., Australia and New Zealand Banking Group Ltd, Banco Bilbao Vizcaya Argentaria SA, Bank of Ireland, Caixa Geral de Depósitos SA, Citigroup Inc., Credit Agricole SA, Finastra, HSBC Holdings Plc, ING Groep NV, Jack Henry and Associates Inc, Mambu BV, Nationwide Mutual Insurance Co., NCR Voyix Corp., Qwist GmbH, Revolut Ltd., Royal Bank of Scotland plc, Societe Generale SA, and Wise Payments Ltd. Key Market Trends Fueling Growth The open banking market is undergoing a major shift with the incorporation of artificial intelligence (AI) into its offerings. This trend is fueled by the demand for improved user experiences and sophisticated financial management tools. In June 2024, neobank bunq, Europe's second-largest with 12.5 million users, partnered with Mastercard. This collaboration utilizes Mastercard's open banking platform, enabling users to consolidate accounts from multiple banks into the bunq app. By integrating AI, bunq's advanced money assistant, Finn, enhances these insights with transaction data from various sources. For instance, users can request a comprehensive summary of their travel expenses over the past year, and Finn will gather this information from both bunq and external accounts. In February 2024, Bud Financial (Bud) and Fintech Galaxy formed a strategic alliance to strengthen the open banking ecosystem. This partnership combines Bud's data intelligence capabilities with Fintech Galaxy's open Finance FINX Platform, employing AI-driven data enrichment techniques. This integration empowers financial institutions to deliver personalized financial experiences by offering in-depth insights into customer behavior and financial requirements. Both parties share a common goal to maximize the potential of open banking and data intelligence, fostering innovation and customer-focused solutions within the financial sector. The integration of AI in open banking is set to disrupt the industry by providing more customized, efficient, and insightful financial services. As more institutions adopt these technologies, the global open banking market is anticipated to experience heightened competition and innovation throughout the forecast period, ultimately benefiting consumers with more targeted and intelligent financial solutions. Open banking is revolutionizing the payment ecosystem by enabling secure access to financial data through APIs. Broadband connectivity and advanced technologies like AI and machine learning power big data analytics, enhancing personalized financial services. This trend is transforming traditional banking by providing real-time data for informed decisions and customer-centric services. E-commerce and venture capital are driving the adoption of open banking solutions. Security is paramount, with open API frameworks and security measures protecting sensitive customer data from online fraud. Open banking platforms offer innovative financial services, including insurance products and automated savings. Banks and financial institutions collaborate with third-party service providers to offer on-premise and cloud-based financial management tools. Open banking APIs facilitate seamless payment initiation and account information solutions, enhancing customer retention. Mobile banking benefits from these advancements, offering convenient and secure transactions. Despite these advantages, data security remains a concern. Open banking solutions must prioritize security measures to ensure trust and compliance with regulatory requirements. Retail and commercial banks are embracing open banking to stay competitive and meet evolving customer expectations. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The global open banking market is confronting a major hurdle in implementing stringent guidelines for managing personal financial data. This challenge is accentuated by recent regulatory advancements geared towards ensuring data security and adherence. In September 2024, the Financial Data Exchange (FDX) petitioned the Consumer Financial Protection Bureau (CFPB) for recognition as an authorized standard-setting organization for financial firms offering open banking services. This recognition would bolster the credibility and influence of FDX's standards, offering a benchmark for the industry. The CFPB has finalized a rule detailing the qualifications necessary for an organization to secure recognition as a standard-setting body. This rule is part of the broader Personal Financial Data Rights Rule, which aims to safeguard consumer financial data. The new rule stipulates the attributes that standard setters must adhere to for CFPB recognition, including transparency, inclusiveness, and the capacity to create consensus standards that can be widely adopted by the industry. Compliance with these guidelines poses significant challenges for financial institutions. First, meeting the new standards necessitates substantial investment in technology and processes. Financial institutions must modernize their systems to satisfy the rigorous data protection specifications, an undertaking that can be both time-consuming and expensive. Furthermore, the necessity for consensus among various stakeholders can slow down the standard-setting process, potentially delaying the implementation of new guidelines. Despite these challenges, the implementation of strict guidelines for handling personal financial data is crucial for the global open banking market. These guidelines are essential for safeguarding consumer data and fostering trust, but they also necessitate considerable effort and resources from financial institutions to achieve compliance.Open Banking is revolutionizing the financial industry by enabling banks and financial institutions to share customer data with third-party service providers through APIs. This trend is driving the development of personalized financial services, real-time data, and innovative solutions. However, challenges persist. Banks must choose between on-premise and cloud-based Open Banking platforms, ensuring customer-centric services, and maintaining security measures for sensitive customer data. Retail and commercial banks are embracing Open Banking Solutions for improved customer retention and digital transformation. Open Banking APIs facilitate the exchange of financial data, enabling informed financial decisions and the integration of insurance products. With the rise of mobile banking and payment initiation solutions, API management, identity verification, and authentication solutions are essential. Data sharing and data analytics are key to unlocking the full potential of Open Banking. Security measures remain a top priority to protect financial institutions and their customers. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This open banking market report extensively covers market segmentation by Service 1.1 Banking and capital markets1.2 Payments1.3 Digital currenciesDeployment 2.1 On premise2.2 CloudGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa 1.1 Banking and capital markets- Open Banking is a financial system that enables customers to securely share their financial data with third-party providers. This system allows for more efficient and convenient financial management. Banks provide access to customers' account information through Application Programming Interfaces (APIs), enabling seamless data exchange. This innovation benefits consumers by offering personalized financial services and improved financial management tools. Additionally, it fosters competition among financial institutions and fintech companies, driving innovation and better services for customers. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis Open banking is revolutionizing the payment ecosystem by enabling customers to share their financial data with third-party service providers through APIs. This innovative approach is transforming the way we manage our money and access financial services. With broadband connectivity becoming more widespread, open banking is making personalized financial services more accessible than ever before. Artificial intelligence and machine learning are key technologies driving the open banking revolution. They enable real-time data analysis, informed financial decisions, and automated savings. Big data analytics is used to identify trends and patterns in financial data, leading to the development of new insurance products and customer-centric services. Security is a top priority in open banking. Advanced encryption and multi-factor authentication are used to protect sensitive customer data from online fraud. Venture capital is pouring into the open banking market, fueling the development of new and innovative financial services. Banks and financial institutions are embracing open banking solutions to improve customer retention and stay competitive. Open Banking APIs provide access to real-time data, enabling e-commerce transactions and mobile banking services. Overall, open banking is transforming the financial industry, offering a more efficient, personalized, and secure way to manage money. Market Research Overview Open banking is a payment ecosystem that leverages Open API Frameworks to enable third-party service providers to access financial data from banks and financial institutions in real-time. This revolutionary approach to financial services is driven by broadband connectivity, artificial intelligence (AI), and machine learning, enabling personalized financial services, informed financial decisions, and customer-centric solutions. Open banking goes beyond traditional banking by offering innovative financial services, including payment initiation, account information, and API management solutions. E-commerce and venture capital industries benefit from open banking by streamlining transactions and enhancing customer experience. However, open banking also presents challenges such as online fraud and data security. Financial institutions must implement security measures to protect sensitive customer data. Open banking platforms offer identity verification and authentication solutions to mitigate risks. Open banking solutions encompass financial management tools, insurance products, and real-time data analytics. Cloud-based and on-premise solutions offer flexibility and scalability. Open Banking APIs provide access to financial data, enabling automated savings, mobile banking, and digital transformation. Open banking's data-sharing capabilities enable financial institutions to offer more informed financial decisions and innovative services, enhancing customer retention and satisfaction. Security measures are essential to ensure trust and confidence in the open banking ecosystem. Retail and commercial banks, as well as financial institutions, are embracing open banking to stay competitive and meet evolving customer needs. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation ServiceBanking And Capital MarketsPaymentsDigital CurrenciesDeploymentOn PremiseCloudGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/open-banking-market-to-grow-by-usd-57-66-billion-2024-2028-as-demand-for-fast-seamless-payments-rises-ai-driven-market-evolution-report---technavio-302292482.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

AI Market in Media & Entertainment to Grow by USD 30.72 Billion (2024-2028) as Multimodal AI Adoption Rises; AI Impact on Market Trends Report - Technavio

NEW YORK, Oct. 31, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global AI market in media and entertainment industry size is estimated to grow by USD 30.72 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 26.4% during the forecast period. Usage of multimodal AI in media and entertainment industry is driving market growth, with a trend towards utilization of blockchain. However, reliance on external sources of data to train ai models poses a challenge.Key market players include Agile Sports Technologies Inc., Amazon Web Services Inc., Autodesk Inc., AutomaticTV, EVS Broadcast Equipment S.A., Gravity Media, GrayMeta, Inc, International Business Machines Corp., LMG LLC, Move Ai Ltd, Pixellot, PlaySight Interactive Ltd., Production Resource Group LLC, Spiideo, Sportway AB, Synthesia Ltd., TAIT, valossa labs Oy, and Veritone Inc. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Technology (Machine learning, Computer vision, and Speech recognition), End-user (Media companies, Gaming industry, Advertising agencies, and Film production houses), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) Region Covered North America, Europe, APAC, South America, and Middle East and Africa Key companies profiled Agile Sports Technologies Inc., Amazon Web Services Inc., Autodesk Inc., AutomaticTV, EVS Broadcast Equipment S.A., Gravity Media, GrayMeta, Inc, International Business Machines Corp., LMG LLC, Move Ai Ltd, Pixellot, PlaySight Interactive Ltd., Production Resource Group LLC, Spiideo, Sportway AB, Synthesia Ltd., TAIT, valossa labs Oy, and Veritone Inc Key Market Trends Fueling Growth The integration of blockchain technology in the global AI market of media and entertainment industry is experiencing substantial growth. Driven by the necessity for heightened security and content authenticity, this sector is leveraging blockchain's decentralized and immutable features. Notably, SHIB, an Ethereum-based digital asset family, collaborated in April 2024 to address content security and authenticity concerns using blockchain technology. This partnership aims to secure content from tampering and ensure its veracity. Blockchain technology also presents innovative distribution solutions. Its transparent and traceable transactions streamline the process, ensuring fair compensation for creators and secure content delivery. In an era plagued by digital piracy and unauthorized distribution, this is particularly significant. Moreover, blockchain facilitates new business models and revenue streams, such as content tokenization. This enables creators to issue digital tokens representing ownership or access rights, opening new monetization avenues. The media and entertainment industry's collaboration with the digital asset ecosystem underscores its proactive approach to adopting blockchain technology. This adoption promises enhanced security, streamlined distribution, and innovative business opportunities, contributing to the industry's growth and sustainability in the digital age. Artificial Intelligence (AI) is revolutionizing the Media and Entertainment Industry. In Film and Television, AI is used for script analysis, storyboarding, and budget management. AI-powered image recognition identifies objects and people in high-resolution camera footage for VFX and virtual creation. Social media platforms leverage AI for predictive analytics and talent discovery. In Music, AI assists with plagiarism detection and content creation. AI's dialogue skills and speech recognition enhance voice recognition and game play. Sports broadcasts use AI for real-time virtual analysis and fan engagement. Unstructured data and machine learning enable AI to provide fake story recognition and production planning. AI's natural language processing enhances on-demand streaming services and improves content creation workflows. Overall, AI's impact on the Media and Entertainment Industry is significant, from content creation to fan engagement, and will continue to shape the future of this dynamic industry. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market ChallengesThe global AI market in media and entertainment industry faces a significant challenge with the reliance on external data sources for training AI models. This issue came to light in November 2023 when a major American media organization filed a lawsuit against leading AI technology companies for unauthorized use of copyrighted content. The lawsuit highlights the growing tension over the exploitation of intellectual property without compensation or acknowledgement. The core challenge lies in the use of vast amounts of published material, such as articles and written works, to develop and refine AI models. These models, which power popular AI platforms, often utilize data scraped from various sources without explicit permission from content creators. This practice raises ethical and legal concerns, leading to an increase in copyright infringement claims. The implications of this reliance on external data sources are far-reaching. It poses a risk of substantial financial penalties and reputational damage for companies involved. Moreover, the accuracy and trustworthiness of AI-generated content can be compromised when models are trained on unauthorized or unverified data. In the media and entertainment industry, where authentic and reliable content is crucial, this issue is particularly problematic. To address this challenge, a balanced approach is necessary. Clear guidelines and ethical standards for data usage are essential to mitigate legal risks and ensure the integrity of AI-driven content. Respecting intellectual property rights while fostering innovation is crucial for the global AI market in media and entertainment industry. Artificial Intelligence (AI) is revolutionizing the Media and Entertainment Industry with its ability to provide advanced solutions for various applications. Challenges such as Visual Recognition, Sentiment Analysis, Personality Insights, Tone Analysis, and Sports Analysis are being addressed by AI Algorithms. Hardware/Equipment for AI-Specific solutions are being developed for Live Broadcast, Gaming, and Sports Automatic Productions. AI is also transforming Video Production, Computer-Generated Graphics, and Visual Effects. Sales and Marketing teams use AI for Audience Insights, Voice Data, and Intelligent Home Assistants. OTT Platforms and Online Gaming Experience are enhanced with AI-Generated Live Footage and Hyper-Personalized Content. Pre-Production Assistance, Motion Capture, and Automated Sports Productions are other areas where AI technologies like ML are making a significant impact. Streaming Platforms, Connected Devices, and Real-Time Virtual Worlds are also being transformed by AI. AI is changing the game in Media and Entertainment, from content creation to consumption. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This ai market in media and entertainment industry report extensively covers market segmentation by Technology 1.1 Machine learning1.2 Computer vision1.3 Speech recognitionEnd-user 2.1 Media companies2.2 Gaming industry2.3 Advertising agencies2.4 Film production housesGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa 1.1 Machine learning- The media and entertainment industry is leveraging artificial intelligence (AI) to enhance content creation, distribution, and consumer experience. AI-powered tools improve efficiency in video editing, special effects, and scriptwriting. Streaming platforms use AI algorithms for personalized content recommendations based on user preferences. AI chatbots provide customer support, reducing response time and improving user engagement. AI's ability to analyze data and learn patterns benefits marketing strategies, audience targeting, and content monetization. Overall, AI is a valuable asset in the media and entertainment industry, driving innovation and growth. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing the Media and Entertainment industry. In gaming, AI is used for gameplay, creating realistic opponents, and enhancing the user experience. Fake story recognition and plagiarism detection are essential for maintaining the integrity of content in the industry. AI and ML also play a significant role in production planning, optimizing workflows, and reducing costs. Talent discovery and scouting are now more efficient with AI-powered tools. Virtual creation allows for the production of high-definition graphics and real-time virtual worlds, enhancing the viewing experience. AI-generated live footage and sports analysis provide new opportunities for OTT platforms and online gaming experiences. Social media platforms use AI for content recommendation and natural language processing. The future of Media and Entertainment is AI-driven, offering endless possibilities for innovation. Market Research Overview Artificial Intelligence (AI) is revolutionizing the Media and Entertainment Industry with its advanced capabilities. AI technologies such as Machine Learning (ML), Natural Language Processing (NLP), and Deep Learning are being used in various applications. In the gaming industry, AI algorithms are used for gameplay, fake story recognition, plagiarism detection, and talent discovery. AI is also used in virtual creation, high-definition graphics, real-time virtual worlds, and sports analysis. OTT platforms and streaming services are utilizing AI for personalized content recommendations, audience insights, and voice data. AI-generated live footage, hyper-personalized content, and predictive analytics are transforming film and television production. In the music industry, AI is used for script analysis, storyboarding, and budget management. AI-specific hardware and computer-generated visuals are enhancing the online gaming experience. AI is also being used in sales and marketing, automated sports productions, and live streaming. The use of AI in the media and entertainment industry is expanding, from pre-production assistance to post-production, and from content creation to distribution. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation TechnologyMachine LearningComputer VisionSpeech RecognitionEnd-userMedia CompaniesGaming IndustryAdvertising AgenciesFilm Production HousesGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/ai-market-in-media--entertainment-to-grow-by-usd-30-72-billion-2024-2028-as-multimodal-ai-adoption-rises-ai-impact-on-market-trends-report---technavio-302292478.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

Point of Sale Software Market to Grow by USD 6.1 Billion from 2024-2028, Driven by Demand for Contactless Payments and AI-Driven Market Transformation - Technavio

NEW YORK, Nov. 6, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global point of sale software market size is estimated to grow by USD 6.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 10.7% during the forecast period. Increasing demand for contactless payment options is driving market growth, with a trend towards rising penetration of e-commerce platforms. However, data security concerns related to point of sale software poses a challenge.Key market players include Agilysys Inc., Block Inc., Cavius International Ltd., COMBASE AG, Epos Now UK Ltd., Fiserv Inc., GOFRUGAL, H and L Australia Pty Ltd., Idealpos Solutions Pty Ltd., Intuit Inc., Lightspeed Management Co. LLC, MindSpark LLC., MSL Solutions Pty Ltd., NCR Voyix Corp., Oracle Corp., SHIFT4 PAYMENTS, INC., Tillpoint Enterprise Ltd., Toast Inc., Web Masters Technologies Pte. Ltd., and Worldline SA. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF Point Of Sale Software Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 10.7% Market growth 2024-2028 USD 6100.2 million Market structure Fragmented YoY growth 2022-2023 (%) 9.4 Regional analysis APAC, North America, Europe, South America, and Middle East and Africa Performing market contribution APAC at 42% Key countries US, China, Japan, India, Canada, UK, Singapore, Germany, South Korea, and France Key companies profiled Agilysys Inc., Block Inc., Cavius International Ltd., COMBASE AG, Epos Now UK Ltd., Fiserv Inc., GOFRUGAL, H and L Australia Pty Ltd., Idealpos Solutions Pty Ltd., Intuit Inc., Lightspeed Management Co. LLC, MindSpark LLC., MSL Solutions Pty Ltd., NCR Voyix Corp., Oracle Corp., SHIFT4 PAYMENTS, INC., Tillpoint Enterprise Ltd., Toast Inc., Web Masters Technologies Pte. Ltd., and Worldline SA Market Driver The e-commerce industry's growth and evolving fulfillment needs are driving the demand for point of sale (POS) software. With increasing competition and the need for expedited delivery times for online orders, retailers and businesses are adopting technological systems for efficient retail management. The global B2B e-commerce sector is projected to reach USD36 trillion by 2026, and the Indian e-commerce industry is expected to reach USD325 billion by 2030. Additionally, third-party logistics providers are forecasted to manage 17 billion shipments in the next seven years. These trends indicate significant growth in the e-commerce sector, leading to increased pressure on retailers to adopt advanced fulfillment techniques and solutions. As a result, the demand for retail e-commerce will continue to rise, fueling the demand for POS software during the forecast period. Point-of-Sale (POS) software is a vital business tool for merchants in various industries, including retail chains, restaurants, hotels, drug stores, and auto shops. The market is witnessing significant trends such as the rise of fixed POS systems, mobile POS, and cloud-based solutions. Cloud computing enables real-time access to sales data, inventory management, and business intelligence from anywhere. Mobile POS systems using Android OS and iOS are popular for their flexibility and enhanced functionality. Security concerns are addressed through advanced authentication measures and cybersecurity solutions. Technology evolution brings e-commerce, omnichannel retailing, mobile payments, digital payments, and mobile wallets. Inventory management, order fulfillment, and sales monitoring are essential features, along with employee management analytics and customer data management. Cloud-based solutions offer system integration, enabling seamless transactions and cashless economies. Security, financial inclusion, and cybersecurity are top priorities. Technology continues to evolve, with a focus on advanced analytics and business intelligence to drive sales strategy and growth. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! Market Challenges Point of sale (POS) software adoption in retail is hindered by security and privacy concerns. E-commerce's vulnerabilities, such as unauthorized access and data leaks, increase the costs of implementation due to the need for cybersecurity measures. Retailers must ensure a reliable Internet connection and third-party services to mitigate inherent risks. Confidential customer data, including contact details, future orders, contracts, shipping information, and vendor details, are at risk in a breach, leading to financial losses, customer churn, and damage to brand reputation. These concerns may hinder the growth of the global POS software market. End-users must invest in effective cybersecurity processes and systems to make e-commerce safer and secure for POS software deployment.Point-of-Sale (POS) software is essential for businesses in various industries, including retail chains, restaurants, hotels, drug stores, and auto shops. Challenges include managing cashless transactions, sales tracking, inventory data, sales strategy, and employee management. Advanced features like inventory tracking, sales monitoring, customer data management, reporting, and POS systems are necessary. Cloud-based mPOS software and web-based POS solutions offer flexibility in operating systems and payment methods. Hardware compatibility is crucial, and POS systems support various payment processing options, including digital payments and mobile wallets. Advanced features like automated calculations, real-time updates, and online channels help meet multi-channel demand and e-commerce channels. POS terminal software and AI integration provide personalized shopping experiences, dynamic pricing optimization, fraud detection, and cloud-based PoS solutions. Generative AI enhances sales strategies and customer engagement. Customizable POS solutions cater to unique business needs. In conclusion, POS software addresses the challenges of inventory management, sales monitoring, and customer data management while providing advanced features and integrating with various hardware and payment methods. Discover how AI is revolutionizing market trends- Get your access now! Segment Overview This point of sale software market report extensively covers market segmentation by Deployment 1.1 On premise1.2 CloudEnd-user 2.1 Retail2.2 HospitalityGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa 1.1 On premise- The on-premise segment in the point of sale (POS) software market holds a substantial share, catering to businesses seeking control, security, and customization. On-premise POS systems are installed locally on a business's servers and hardware, offering advantages such as enhanced security, reliability, and customization. The local data storage ensures businesses have direct oversight, reducing data breach risks, and providing uninterrupted operations even during network outages. Customization is a significant advantage, allowing businesses to tailor the software to their unique operational needs, often unattainable with cloud-based solutions. However, on-premise POS systems require substantial initial investment for hardware and infrastructure, and ongoing maintenance and updates are the business's responsibility. Despite these challenges, their popularity remains strong among larger enterprises and businesses with specific operational requirements. The on-premise POS market segment is expected to persist as a vital choice for businesses prioritizing control, security, and customization throughout the forecast period. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics Research Analysis Point-of-Sale (POS) software is a vital tool for merchants in various industries, including retail chains, restaurants, hotels, drug stores, auto shops, and more. This technology enables cashless transactions, sales tracking, and inventory data management, allowing businesses to streamline their operations and gain valuable insights for sales strategy. Advanced features include employee management analytics, inventory tracking, digital payments, mobile wallets, automated calculations, real-time updates, online channels, and retail sales. Consumer goods businesses benefit from personalized shopping experiences, dynamic pricing optimization, and fraud detection. The evolution of POS technology includes cloud-based solutions, mobile payments, system integration, and enhanced functionality. With the integration of cloud computing, technology continues to advance, offering merchants increased security and convenience. Market Research Overview Point-of-Sale (POS) software is a vital tool for businesses in various industries, including retail chains, restaurants, hotels, drug stores, auto shops, and more. This technology enables cashless transactions, sales tracking, inventory data management, sales strategy formulation, and employee management analytics. Advanced features include real-time updates, online channels, and e-commerce integration. POS systems come in different forms, such as cloud-based mPOS software and web-based POS solutions, with compatibility across various operating systems and payment methods. Security is a top priority, with features like fraud detection, authentication measures, and integration with hardware like PoS terminals. The evolution of technology has led to advanced functionalities like dynamic pricing optimization, generative AI, and personalized shopping experiences. The flexibility of cloud deployment and on-premise solutions caters to merchants' diverse needs, while e-commerce and omnichannel retailing enhance business intelligence and advanced analytics. The integration of digital payments, mobile wallets, and cybersecurity measures promotes financial inclusion and cashless economies. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation DeploymentOn PremiseCloudEnd-userRetailHospitalityGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/point-of-sale-software-market-to-grow-by-usd-6-1-billion-from-2024-2028--driven-by-demand-for-contactless-payments-and-ai-driven-market-transformation---technavio-302296423.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

U.S. Video Game Market to Grow by USD 29.9 Billion from 2024-2028, Driven by Smartphone Penetration and AI-Redefined Market Landscape - Technavio

NEW YORK, Nov. 5, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The video game market in US size is estimated to grow by USD 29.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 12.7% during the forecast period. Rising penetration of smartphones and improving internet access is driving market growth, with a trend towards increasing popularity of gaming among women. However, increasing cost of game development poses a challenge.Key market players include Activision Blizzard Inc., Apple Inc., Bandai Namco Holdings Inc., CyberAgent Inc., Electronic Arts Inc., Embracer Group AB, Epic Games Inc., Microsoft Corp., NetEase Inc., NEXON Co. Ltd., Nintendo Co. Ltd., Roblox Corp., Sega Sammy Holdings Inc., Sony Group Corp., Square Enix Holdings Co. Ltd., Take Two Interactive Software Inc., The Walt Disney Co., Ubisoft Entertainment SA, Valve Corp., and Warner Bros Discovery Inc.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Platform (Mobile devices, Consoles, and Computing devices), Type (Offline and Online), and Geography (North America) Region Covered US Key companies profiled Activision Blizzard Inc., Apple Inc., Bandai Namco Holdings Inc., CyberAgent Inc., Electronic Arts Inc., Embracer Group AB, Epic Games Inc., Microsoft Corp., NetEase Inc., NEXON Co. Ltd., Nintendo Co. Ltd., Roblox Corp., Sega Sammy Holdings Inc., Sony Group Corp., Square Enix Holdings Co. Ltd., Take Two Interactive Software Inc., The Walt Disney Co., Ubisoft Entertainment SA, Valve Corp., and Warner Bros Discovery Inc. Key Market Trends Fueling Growth The video game market in the US has experienced a significant shift in its demographic composition. Historically, male gamers have dominated the industry. However, the rise of mobile gaming and the increasing popularity of games that cater to diverse preferences have attracted a large number of female gamers. As of March 2023, nearly half of all video gamers in the US are women, and this number is projected to grow. This demographic change has expanded the market potential for game developers, leading them to create games with broader appeal and more inclusive content. New genres and themes, such as storytelling, social interaction, simulation, and puzzle-solving, have emerged to cater to female gamers' preferences. The demand for better representation of women in games has also driven the creation of more inclusive narratives and characters. This trend is expected to continue, promoting gender equality within the gaming industry and driving the growth of the video game market in the US. The influx of female gamers is anticipated to boost sales of gaming merchandise, software, and hardware. The US video game market is experiencing significant growth, with trends such as Facebook's advertising strategies and 5G technology shaping the industry. Latency is a key performance factor, especially for online game environments, virtual worlds, augmented reality games, and digital reality games. The youth generation, particularly males and females in different income brackets, are major consumers of digital video games, including online, download, and mobile games. According to reports and survey results, high and medium income consumers are increasing their gaming-related expenditures. B2C enterprises are investing in e-sports and digital environments, with monetary figures reaching billions. The economic panorama is favorable for the industry, with Google Stadia and casual gamers expanding the market. Digital goods are driving revenue, and the future looks bright for this dynamic sector. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The video game market in the US has experienced significant growth due to increasing consumer demand for enhanced in-game content. This demand has led to higher development costs for game creators. Automated technologies, such as Speed Tree, are utilized to create authentic-looking trees and other intricate graphics. However, the majority of game expenses go towards hiring expert artists for character and object design, voice actors from the film industry, and marketing efforts. The competition in the market necessitates these investments to differentiate products. With a growing number of gamers in the US, revenue and volume have increased, leading to extensive advertising expenses. Game publishers prioritize consumer needs and preferences, which also adds to the development costs. This cost structure may hinder market growth during the forecast period.The video game market in the US has seen significant growth over the past decade, with narratives, mixed reality, and intricate puzzles captivating players of all ages. Companies like Inflexion Games are leading the charge in the entertainment industries, delivering commercial success through captivating worlds and engaging gameplay. Youngsters and households alike are turning to digital platforms for console gaming, mobile gaming, and gaming apps. The gaming industry's market outlook is bright, with social interplay and cultural reputation driving player engagement. The next decade brings new challenges, including the metaverse, virtual space, and virtual avatars. Cloud gaming, portable devices, and hardware enhancements are shaping the industry's cutting-edge trends. With 5G speed and unlimited plans, mobile video games are becoming more accessible than ever. Subscription-based trends and physical video games coexist, with hardware upgrades and content delivery methods continually evolving. AR glasses and AR technology are set to revolutionize gaming, while social media platforms like Instagram offer new opportunities for game developers. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This video game market in US report extensively covers market segmentation by Platform 1.1 Mobile devices1.2 Consoles1.3 Computing devicesType 2.1 Offline2.2 OnlineGeography 3.1 North America 1.1 Mobile devices- The mobile devices segment dominated the US video game market in 2022, with over 307 million smartphone users providing a vast potential audience. Mobile gaming's popularity continues to grow due to its accessibility and convenience. Mobile games are typically smaller in scale and complexity than console or PC games, making them suitable for a broader audience, including casual gamers. With the increasing capabilities of mobile devices, visually impressive games are now possible. The availability of diverse titles catering to various age groups and interests further enhances mobile gaming's appeal. Additionally, the introduction of offline mobile games, particularly in rural areas with limited internet access, will significantly expand the market. Mobile gaming's ease of distribution through app stores and the unique capabilities of mobile devices, such as touch screens and gyroscopes, contribute to its continued growth within the US video game market. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis The Video Game Market in the US is experiencing significant growth, driven by the increasing popularity of subscription-based services and technologically advanced smartphones. With the penetration of smartphones, mobile games have become a major segment of the market, attracting casual gamers and consumers alike. Online gaming, including online games, download games, and gaming networks, is also seeing growth, offering social interplay and entertainment for video gamers. The market outlook is positive, fueled by the demographic shift towards younger generations who grew up with digital video games and have a strong cultural reputation for gaming. The market caters to B2C enterprises, offering a wide range of 3D games, from simple casual games to complex, technologically advanced titles. The accessibility of online gaming and the social interaction it provides make it an attractive alternative to traditional forms of entertainment. Market Research Overview The US video game market is experiencing significant growth, driven by the increasing popularity of digital video games, online games, and mobile games among consumers. The market caters to both casual gamers and B2C enterprises, with monetary figures reaching billions annually. Consumer spending on digital goods, reports suggest, is on the rise, influenced by performance factors such as user penetration, price per product, and annual purchase frequencies. The market's growth is influenced by macroeconomic indicators, historical developments, and current trends. Technological advancements, including 4G coverage, the penetration of smartphones, and the emergence of technologically advanced smartphones, have expanded accessibility and social interaction in gaming. Changing perceptions and cultural acceptance have led to mainstream popularity, with narratives, intricate puzzles, and captivating worlds drawing in game enthusiasts. The market outlook is promising, with forecasting techniques such as the S-curve function and exponential trend smoothing indicating continued growth. Cloud gaming experiences, such as Google Stadia, are revolutionizing the industry, while competitive gaming and esports tournaments, including Counter-Strike, League of Legends, and Dota, attract millions of players. Real-time strategy games, first-person shooter games, and games in the casual gaming sector, such as Inflexion Games, cater to various demographics, from youngsters to parents, households, and online game players. The entertainment industries' commercial success and the emergence of technologies like augmented reality, virtual reality, and mixed reality, are expected to further fuel the market's growth. The market's future looks bright, with the gaming industry continuing to evolve and adapt to the changing needs and preferences of consumers. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation PlatformMobile DevicesConsolesComputing DevicesTypeOfflineOnlineGeographyNorth America 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/us-video-game-market-to-grow-by-usd-29-9-billion-from-2024-2028--driven-by-smartphone-penetration-and-ai-redefined-market-landscape---technavio-302296018.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

Process Safety System Market in Oil & Gas to Grow by USD 151.9 Million from 2024-2028, Driven by Operational Efficiency Gains and AI-Driven Market Trends - Technavio

NEW YORK, Nov. 5, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global process safety system market in the oil and gas industry size is estimated to grow by USD 151.9 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 3.2% during the forecast period. Improvement in operational efficiency is driving market growth, with a trend towards development of customized safety systems. However, cybersecurity risks poses a challenge.Key market players include ABB, Bureau Veritas SA, Emerson Electric Co., General Electric Co., Halma Plc, Hexagon AB, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Intertek Group Plc, Johnson Controls International Plc., OMRON Corp., Pentair Plc, Primatech Inc, Rockwell Automation Inc., RTP Co., Schneider Electric SE, SGS SA, Siemens AG, TUV SUD AG, and Yokogawa Electric Corp.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Application (Onshore and Offshore), Product (Hardware, Software, and Service), and Geography (North America, APAC, Europe, Middle East and Africa, and South America) Region Covered North America, APAC, Europe, Middle East and Africa, and South America Key companies profiled ABB, Bureau Veritas SA, Emerson Electric Co., General Electric Co., Halma Plc, Hexagon AB, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Intertek Group Plc, Johnson Controls International Plc., OMRON Corp., Pentair Plc, Primatech Inc, Rockwell Automation Inc., RTP Co., Schneider Electric SE, SGS SA, Siemens AG, TUV SUD AG, and Yokogawa Electric Corp. Key Market Trends Fueling Growth In the Oil and Gas Industry, the importance of process safety systems is paramount in refining and petrochemical plants. End-users require customized safety systems due to their unique needs, yet the high capital investment for automation systems often hinders adoption. Vendors respond by expanding their product offerings and collaborating with end-users to create tailored solutions. Outdated and imprecise process safety information can lead to cost escalation and operational inefficiencies, making it crucial to have reliable, up-to-date information. Siemens' Process Safety Information Manager software addresses this need by providing an easy-to-use and maintain system with instant access to critical information. The trend towards customized safety systems will drive market growth in the coming years. The Process Safety System market in the Oil and Gas industry is witnessing significant growth due to the increasing focus on ensuring safety and efficiency in plant operations. One trend in this market is the adoption of advanced technologies for temperature control in greenhouses used for building exotic plants in agriculture and horticulture. These greenhouses use various types like span-type and lean-to, and are equipped with glazing, heating, ventilation, and cooling systems to maintain optimal conditions. Climate change, greenhouse gases, carbon dioxide, solar radiation, and volcanic or tectonic activity are key factors influencing greenhouse design and operation. Energy efficiency, microclimate control, and temperature and humidity adjustment are essential for maintaining a productive and cost-effective greenhouse. The market is also driven by the need to mitigate the environmental impact of greenhouse operations and the greenhouse effect on climate history. Proxy evidence from natural archives and paleoclimatology provides valuable insights into climate variability and seasonal cycles, helping to inform best practices for greenhouse design and management. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The process safety system market in the oil and gas industry faces substantial cybersecurity risks during the forecast period. With the increasing digitization and connectivity of process safety systems, they become more susceptible to cyber threats. Hackers and malicious actors may exploit vulnerabilities in digital infrastructure to gain unauthorized access, disrupt operations, or compromise safety controls. The oil and gas industry is a prime target due to its critical role in energy supply and economic stability. A successful cyberattack could lead to catastrophic accidents, environmental damage, and financial losses. Sensitive data related to equipment performance, operational procedures, and safety protocols are at risk of exposure in a data breach. Interconnected supply chains introduce additional risks, as third-party suppliers or contractors could be targeted to gain access. Cybersecurity risks will hinder the growth of the process safety system market in the oil and gas industry during the forecast period. The Process Safety System Market in the Oil and Gas Industry faces various challenges related to climate change and its impact on greenhouse operations. The unpredictable weather patterns, caused by greenhouse gases like carbon dioxide and solar radiation, pose risks to tropical and warm greenhouses. Volcanic and tectonic activities, orbital variations, and climate variability further add to these challenges. Feedbacks from human activities, such as deforestation and increased carbon emissions, intensify the effects. To mitigate these risks, greenhouse operators must focus on energy efficiency and microclimate control through temperature and humidity adjustment. Disease and pest protection, sealing, and increased production during off-seasons are essential for profitability. Smart greenhouses, utilizing technology optimization, can help manage climate variability and seasonal cycles, providing valuable insights from climate history and natural archives. Ultimately, the integration of proxy evidence and ecosystem studies into greenhouse operations will ensure long-term sustainability and biodiversity preservation. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This process safety system market in the oil and gas industry report extensively covers market segmentation by Application 1.1 Onshore1.2 OffshoreProduct 2.1 Hardware2.2 Software2.3 ServiceGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America 1.1 Onshore- In the oil and gas industry, the process safety system market focuses on implementing measures and technologies for onshore applications to prevent and minimize hazards during production, refining, and processing. These systems are essential for safeguarding personnel, the environment, and assets. Onshore facilities involve various processes, from drilling and production to refining and distribution. Adherence to safety regulations and standards, which may differ by location, is crucial. With increasing energy demand, the need for safe and efficient onshore oil and gas operations grows. The process safety system market for onshore applications is vital for ensuring safe and sustainable operations, contributing to the expansion of the onshore segment and the market as a whole during the forecast period. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis The Process Safety System Market in the Oil and Gas Industry plays a crucial role in ensuring the safe and efficient operation of plants, particularly those involved in the production and processing of hydrocarbons. These systems help monitor and mitigate potential hazards, such as temperature fluctuations, pressure, and the release of greenhouse gases. Temperature control is a key aspect of process safety systems, with both warm and cool greenhouses employing similar technologies for maintaining optimal conditions. Glass, a common component of greenhouses, is essential for allowing sunlight in while regulating temperature through insulation. Heating and ventilation systems help maintain desired temperatures, while glazing materials can be selected based on their insulation properties. Climate change, greenhouse gases, carbon dioxide, solar radiation, and various natural phenomena like volcanic activity and tectonic activity can impact process safety systems in the oil and gas industry. Human activities, such as deforestation, and climate variability, including seasonal cycles and paleoclimatology, also influence these systems. Feedbacks from these factors can lead to complex interactions, necessitating continuous monitoring and adaptation. Market Research Overview The Process Safety System Market in the Oil and Gas Industry focuses on ensuring the safe and efficient operation of plants and facilities, particularly those involving temperature control and energy management. This market encompasses various systems such as span-type and lean-to greenhouses, which utilize glazing for light distribution and climate control. These structures are used in a wide range of applications, from agriculture and horticulture to controlled environments for exotic plants. Factors influencing the market include climate change and greenhouse gases, solar radiation, volcanic and tectonic activity, orbital variations, and human activities like deforestation and climate variability. Feedbacks from ecosystems, weather, and environmental impact are also considered. The greenhouse effect, biodiversity, climate history, and natural archives are essential elements of the market's research and development. Energy efficiency, microclimate control, temperature and humidity adjustment, disease and pest protection, sealing, and increased production are key benefits of process safety systems. Off-season production, crop cycles, and environmental control are also essential considerations. Technology optimization, including smart greenhouses, aims to improve profitability and investment return for businesses in the oil and gas industry. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation ApplicationOnshoreOffshoreProductHardwareSoftwareServiceGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/process-safety-system-market-in-oil--gas-to-grow-by-usd-151-9-million-from-2024-2028--driven-by-operational-efficiency-gains-and-ai-driven-market-trends---technavio-302296021.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

District Heating Market to Expand by USD 49.5 Billion from 2024-2028, Driven by Decarbonization Goals and AI-Powered Market Evolution - Technavio

NEW YORK, Nov. 4, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global district heating market size is estimated to grow by USD 49.5 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 4.8% during the forecast period. Decarbonization goals is driving market growth, with a trend towards government initiatives to promote district heating projects. However, irregularities in pricing of district heating networks poses a challenge.Key market players include Alfa Laval AB, BRUGG Rohrsystem AG, Danfoss AS, E.ON UK Plc, ENGIE SA, Fortum Oyj, FVB Energy Inc, Helen Ltd., LOGSTOR Denmark Holding ApS, Ramboll Group AS, REHAU Ltd., Statkraft AS, STEAG GmbH, Thermaflex, Uniper SE, Uponor Corp., Vattenfall UK, Veolia Environnement SA, Viessmann Werke GmbH and Co. KG, and Vital Energi Ltd.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Source (Fossil fuels, Renewables, and Others), End-user (Residential, Commercial, and Industrial), and Geography (Europe, APAC, North America, South America, and Middle East and Africa) Region Covered Europe, APAC, North America, South America, and Middle East and Africa Key companies profiled Alfa Laval AB, BRUGG Rohrsystem AG, Danfoss AS, E.ON UK Plc, ENGIE SA, Fortum Oyj, FVB Energy Inc, Helen Ltd., LOGSTOR Denmark Holding ApS, Ramboll Group AS, REHAU Ltd., Statkraft AS, STEAG GmbH, Thermaflex, Uniper SE, Uponor Corp., Vattenfall UK, Veolia Environnement SA, Viessmann Werke GmbH and Co. KG, and Vital Energi Ltd. Key Market Trends Fueling Growth The global district heating market is experiencing growth due to substantial government initiatives aimed at enhancing energy efficiency and sustainability. Notable examples include the USD44 million federal funding received by Stadtwerke Munchen (SWM) in Germany for the expansion of geothermal district heating. In the UK, the Heat Network Efficiency Scheme (HNES) continues to play a pivotal role in improving district heating systems. In October 2024, HNES awarded an additional USD2.7 million to 33 heat networks, benefiting over 45,000 residents. These initiatives underscore a broader trend toward investing in sustainable and efficient district heating solutions. Government funding enables utility providers to undertake large-scale projects, accelerating the adoption of renewable energy sources and optimizing heating and cooling provisions for maximum efficiency and reliability. The district heating market is set to continue growing, driven by ongoing government support and funding, which is essential for addressing energy efficiency and sustainability challenges and building a greener, more resilient energy infrastructure. The District Heating market is witnessing significant trends towards renewable sources for sustainable energy practices. Biomass, Geothermal, Solar, and other renewable energy sources are increasingly being used for heat production in central heat plants. Fossil fuels are being phased out due to their high carbon footprints and contribution to climate change. Infrastructure and regulatory hurdles pose challenges, but smart meters, sensors, real-time monitoring, load balancing, data analytics, and energy management are helping to optimize district energy systems. Waste heat recovery from industries and decentralized heating are also gaining popularity. Renewable energy sources, such as solar and wind, are being integrated into district heating systems to increase efficiency and reduce greenhouse emissions. The power sector is also embracing district heating as a way to recycle waste energies and meet climate goals. Retrofitting existing buildings with insulated pipes, boilers, and heat pumps is a key focus area for the market. Low-temperature supplies and industrial surplus heat are also being utilized to expand the reach of district heating systems. Non-renewable heat sources are still in use, but their share is decreasing as the market shifts towards more sustainable solutions. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The district heating market encounters challenges due to inconsistent pricing structures, which can significantly impact consumers and new project feasibility. In March 2024, Amsterdam's housing associations paused connections to heat networks due to Vattenfall's failure to adhere to agreed pricing. In early 2024, Vattenfall raised district heating fixed costs by over 30%, increasing annual costs to around USD800. This substantial price hike has raised affordability concerns among residents, causing hardships with living expenses. Housing associations find such increases unacceptable, as they can make basic expenses unaffordable for numerous households. These pricing inconsistencies have also halted planned district heating projects in Amsterdam and Rotterdam. The unpredictability of costs and the resulting economic impact pose a significant hurdle to expanding district heating networks. To ensure the growth and acceptance of district heating systems, it is essential to establish stable and transparent pricing mechanisms. Without these, consumers and municipalities may be hesitant to invest or support district heating initiatives, potentially stalling progress towards more sustainable urban heating solutions.District heating is a popular solution for space heating, particularly in residential and industrial applications. It involves producing heat at a central plant and distributing it through insulated pipes to multiple buildings. Challenges in this market include data analytics for energy management, smart grids, and waste heat recovery. Technical barriers include the need for retrofitting existing systems and economic considerations, such as the cost of heat production from renewable energy sources versus non-renewable ones. Decentralized heating systems using boilers and heat pumps are gaining popularity. Renewable energy sources, like solar and wind, are being integrated into district heating systems to reduce greenhouse emissions. Waste heat recovery from industries is also being explored to increase efficiency and reduce reliance on traditional energy sources. Smart meters and demand-based heating systems are key to optimizing energy usage and reducing costs. Home automation and radiant heat systems are also becoming popular for improved comfort and energy efficiency. The power sector is also embracing district energy systems as a way to meet climate goals and recycle waste energies through district heating systems. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This district heating market report extensively covers market segmentation by Source 1.1 Fossil fuels1.2 Renewables1.3 OthersEnd-user 2.1 Residential2.2 Commercial2.3 IndustrialGeography 3.1 Europe3.2 APAC3.3 North America3.4 South America3.5 Middle East and Africa 1.1 Fossil fuels- District heating networks offer a viable solution for efficiently and cost-effectively utilizing low-carbon energy sources on a large scale. However, according to the International Energy Agency's July 2023 report, approximately 90% of heat supplied in these networks originates from fossil fuels, particularly in major markets like China and Russia. This heavy reliance on fossil fuels poses a significant challenge for the transition to more sustainable heating solutions. In cold climate countries, efforts are being made to shift from traditional fossil fuel-based heating sources to more sustainable alternatives to reduce greenhouse gas emissions. However, consumer reluctance to switch from affordable and perceived efficient gas-based heating systems remains a significant barrier. Technological advancements, public awareness campaigns, and incentives are essential to encourage the adoption of sustainable heating technologies and reduce the carbon footprint of district heating networks. Addressing these challenges is crucial for achieving long-term sustainability goals within the district heating sector. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis The District Heating market is experiencing significant growth due to the shift towards renewable sources and sustainable energy practices. Renewable technologies like Biomass, Geothermal, and Solar are increasingly being used for heat production in District Heating systems. Fossil fuels are being phased out to reduce carbon footprints and mitigate climate change. Infrastructure development and regulatory hurdles pose challenges, but advancements in technology and policy are facilitating progress. District Heating systems provide space heating applications for residential and commercial sectors through central heat plants and District Heat Networks. Insulated pipes and advanced boilers ensure efficient heat transfer. Heat pumps and decentralized heating systems are also gaining popularity. Recycling waste energies and utilizing industrial surplus heat are other strategies to enhance the sustainability of District Heating. Smart Meters enable effective monitoring and management of energy consumption, contributing to the overall efficiency of the District Heating market. Low-temperature supplies and radiant heat systems further enhance the comfort and convenience of users. Non-renewable heat sources are still in use, but their share is decreasing as climate goals are prioritized. Market Research Overview District heating is a sustainable energy practice that provides heat to multiple buildings from a central heat plant. Renewable sources, such as biomass, geothermal, solar, and waste heat recovery, are increasingly being used for heat production to reduce carbon footprints and mitigate climate change. Infrastructure development and regulatory hurdles pose challenges, but smart meters, sensors, real-time monitoring, load balancing, data analytics, energy management, and smart grids help optimize energy use. Technical and economic barriers exist for retrofitting existing buildings, but decentralized heating and demand-based heating systems offer solutions. District heating systems provide space heating applications for residential and industrial sectors, utilizing low-temperature supplies from central heat plants and boilers or heat pumps. Non-renewable heat sources, such as fossil fuels, continue to be used, but the shift towards renewable energy sources is a key trend in the power sector. Recycling waste energies through district heating systems is an important step towards achieving climate goals. Radiant heat and industrial surplus heat are also being explored as potential heat sources. Home automation and demand-based heating systems further enhance the efficiency and effectiveness of district heating systems. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation SourceFossil FuelsRenewablesOthersEnd-userResidentialCommercialIndustrialGeographyEuropeAPACNorth AmericaSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/district-heating-market-to-expand-by-usd-49-5-billion-from-2024-2028--driven-by-decarbonization-goals-and-ai-powered-market-evolution---technavio-302295492.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs