Education Technology Market Is Expected To Reach $998.4 Billion by 2030

EdTech solutions are likely to evolve with the advancements in technologies such as IoT and AI. The integration of AR and VR in these solutions allows for a more-interactive learning experience for students. It aids students to cope with abstract concepts and produce better results. Asa result of these benefits, the worldwide education technology market size was $237.6 billion in 2021, which is expected to reach $998.4 billion by 2030, at a CAGR of 17.3% during 2021–2030. Moreover, many countries have been emphasizing smart classes, especially during the pandemic.

Education Technology Market by P&S Intelligence 

The hardware had around 60% revenue share in 2021 due to the rising importance of digital classrooms in the education industry. For example, the popularity of interactive whiteboards has swelled as they offer a better experience. They include dry-erase surfaces, digital pens, communication software, and other multi-touch choices. Users save and share notes across a variety of digital devices, including tablets, smartphones, and laptops, which has allowed to uninterrupted education during the COVID-induced lockdowns.

APAC region has a major share in the education technology market because of the growing usage of the internet and smart devices. Furthermore, the rising investment in developing countries, such as India and China, aids in widening the accessibility of digital devices for students. The rising number of vendors providing remote learning services correspondingly drives the market growth. China has the most-extensive education system, with 282 million students and 17.32 million teachers in over 530,000 schools.

The growing demand for EdTech solutions is a reflection of the rising awareness of their potential in taking economies forward. The pandemic has compelled many investors and EdTech companies to evolve in the new digital learning model. The stalwarts have expanded their product offerings using digital technologies, to ensure uninterrupted learning. The pandemic encouraged many students to improve their skills and augmented their reliance on educational technology.  It helped the education technology market grow and ensure that education remains non-disrupted even during COVID-19.

The market has progressed by leaps and bounds since the outbreak of the pandemic, with the transformation of the education sector by virtual platforms.

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How Will Housing Unit Demand Strengthen India Residential Diesel Generator Set Market?

The Indian residential diesel genset market will grow at a CAGR of 7.1% during 2020–2030, due to the increasing construction of residential units and the surging need for hybrid, inverter-based, and bi-fuel generators. In addition, the rising incidence of power cuts in the country will also attribute to the market growth in the coming years. According to P&S Intelligence, the industry was valued at $91.3 million in 2020, and it will generate $184.9 million revenue by 2030.

The increasing number of residential buildings, owing to the vast population and rapid urbanization, will drive the demand for residential diesel gensets in India.  For instance, according to the 2022 World Population Review, the number of people in India will grow from 1.4 billion in 2020 to 1.6 billion by 2050. Further, as per the World Bank, the urban population of the country grew from 471,031,529 in 2019 to 481,980,332 in 2020. The population surge and rapid urbanization have encouraged government and industrialists to encourage housing units, which deploy such generator systems in abundance.

In recent years, the rising preference for high-power-rating gensets over low-power-rating gensets, owing to the surging electricity demand, has become a prominent trend in the Indian residential diesel genset market. Airports, real estate spaces, and data centers of the country are the prominent users of high-power-rating generator set. The increasing need for electricity can be attributed to the vast population of the country.

Geographically, the Tamil Nadu residential diesel genset market is expected to register the fastest growth in the coming years in India. This can be primarily credited to the burgeoning demand for housing units in the state. The total population of Tamil Nadu will grow from 76,402,000 in 2021 to 77,546,000 by 2026 and 78,082,000 by 2031, as per the National Commission on Population Ministry of Health and Family Welfare. The number of men and women will surge from 38,165,000 in 2021 to 38,654,000 by 2026 and 38,237,000 in 2021 to 38,892,000 by 2026, respectively.

Thus, the increasing number of housing projects will propel the demand for residential diesel gensets in India.

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How Are Government Initiatives Driving Qatar Facility Management Market?

The biggest reason behind the growth of the Qatar facility management market is the rapid scale at which infrastructure is being constructed in the country, in preparations for the FIFA World Cup 2022 and as part of its National Vision 2030. Therefore, a robust 17.3% CAGR will take the revenue of the market to $22,268.2 million in 2030 from $5,285.1 million in 2021. Facility management includes a lot of services that help maintain built structures, such as residential units, commercial spaces, and industrial facilities, in optimum working condition.

Among the various services available with Qatar facility management market players, property services generate the highest revenue. This is because they are essential for the normal functioning of buildings, as they include electrical and mechanical maintenance and HVAC maintenance. Moreover, compared to other facility management services, they are of a critical nature and provided by skilled technicians, which is why they cost more. Similarly, owing to the rising awareness on hygiene, the demand for cleaning services is set to witness the highest CAGR in the coming years.

The commercial category dominates the end user segment of the market, and it is projected to continue doing so in the near future. Since commercial spaces host a lot of people every day, they require extensive facility management. Moreover, a good-looking property and one that has everything in order also attracts tenants, which is another reason commercial spaces, such as hotels, stadia, educational institutions, and shopping malls, require regular facility management. Similarly, it is imperative for healthcare facilities to be clean and have their key systems in working condition.

In regards to infra development, a big trend in the Qatar facility management market is green buildings. Due to the surging concerns related to GHG emissions and the need to reduce the consumption of oil and gas to produce energy, green, or net-zero energy buildings, are being increasingly constructed in the country. These spaces have onsite solar and wind power infrastructure, and they do not consume any energy that has not been produced on the site.

Hence, with Qatar ramping up its infrastructure, it offers lucrative opportunities to entities providing facility management services.

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Catheter Market to Register 8.8% CAGR during 2020–2030

The prevalence of chronic diseases, such as cancer, cardiovascular diseases, urinary tract infections, and neurological diseases, is increasing rapidly across the globe, which is leading to the rising demand for medical devices, such as catheters. For example, as per the Global Cancer Observatory 2018, the third leading cause of cancers globally was gastric cancer, which accounted for 783,000 deaths in 2018, rising from 723,000 deaths in 2012. 

Among all these, the demand for cardiovascular catheters was the highest in the past, which is majorly ascribed to the surging incidence of cardiovascular diseases around the world. The requirement for these devices also witnessing growth because of their increasing utilization for diagnosing and treating cardiovascular diseases. Different types of cardiovascular catheters are intravascular ultrasound/optical coherence tomographic, electrophysiological, balloon, and angiographic. Other than this, the demand for urological catheters is also predicted to grow considerably in the years to come, which is primarily due to the increasing geriatric population. 

Geographically, North America was the major consumer of catheters in 2019, which is ascribed to the rising healthcare expenditure, increasing prevalence of chronic diseases, growing aging population, presence of key companies, and surging number of initiatives that are being taken by private and public organizations for creating awareness regarding the usage of catheters. Apart from this, the Asia-Pacific (APAC) region is projected to emerge as the fastest-growing catheter market in the coming years. This can be primarily due to the enhancing healthcare infrastructure and presence of key companies in the region. 

In conclusion, the demand for catheters is growing because of the surging prevalence of cardiovascular diseases around the world. 

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How Are Blood Donation Campaigns Driving Test Volume?

“About 422 million people worldwide have diabetes, the majority living in low-and middle-income countries, and 1.6 million deaths are directly attributed to diabetes each year.”, says the World Health Organization (WHO). Other common chronic diseases are various cardiovascular diseases (CVDs) and cancers, asthma, and chronic obstructive pulmonary disease (COPD). While many of these are treatable, others are merely manageable. In either case, an effective diagnosis is necessary to initiate the care regimen.

The most-most common type of diagnostic tests is blood and urine tests, along with biopsies and others in which a tissue or fluid is taken from the body and then experimented upon in a lab. Therefore, with the increasing incidence of chronic and acute diseases that require such tests for their detection, the in vitro diagnostic market is expected to witness a 6.6% CAGR between 2020 and 2030. P&S Intelligence says, that at this rate, the revenue generated from the sale of testing products will rise from $63.5 billion in 2019 to $127.4 billion by 2030.

In this regard, the menacing COVID-19 infection is driving the volume of IVD tests. With the cases rising rapidly despite containment measures, including factory and commercial complex shutdowns, restrictions on non-essential movement, mandates for wearing masks in public places, and general social distancing, the infection is spreading fast. Therefore, many biotech companies have swung into action to launch improved test kits to catch this infection. Moreover, people infected with COVID-19 are showing numerous complications and comorbidities, which is, in turn, driving the demand for IVD testing kits, reagents and instruments, and associated software and services.

Hence, as the awareness about effective disease diagnosis and blood screening grows, so will the demand for the various products used for IVD tests.

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Demand for BFSI Security Solutions Predicted to Explode in North America and Europe in Future

The increasing digitization of banking and financial operations all over the world is pushing up the demand for banking, financial services, and insurance (BFSI) security solutions. This is because the rising adoption of personalized and digital banking is augmenting the threat of data breaches and cyber-attacks. Moreover, with banking operations moving to cloud networks and adopting digital technologies, the threat of data theft, including breach of sensitive and confidential information, is rising rapidly.

Because of these risks, banks and other financial organizations are increasingly adopting advanced security solutions. For example, InvestBank P.S.C. adopted a security solution developed by Cisco Systems Inc. in May 2018 for supporting its digital transformation strategy. The security solution included Cisco’s advanced malware protection (AMP) for end points, for the detection and prevention of advanced threats. Banks are also adopting the internet of things (IoT) for enhancing the security of their operations.

This technology assists in the identification of the devices and systems used for transmitting vulnerabilities, tracking of the location of financial crimes, and remote monitoring of surveillance devices for the early detection of various fraudulent activities. Besides this technology, financial institutions are also adopting smart security solutions for detecting potential cyber-attacks, assessing risks, automating operations, and centralizing management systems. In many countries, intelligent security solutions are quickly becoming popular among the organizations operating in the BFSI industry.

The growing deployment of such security solutions by banks and other financial organizations is positively impacting the growth of the global banking, financial services, and insurance (BFSI) security market. Due to this reason, the market is predicted to witness a massive surge in its valuation, from $31.3 billion to $175.1 billion, from 2019 to 2030. Furthermore, the BFSI market is predicted to advance at a CAGR of 16.9% between 2020 and 2030.

BFSI Industry Outlook by P&S Intelligence 

Depending on security type, the BFSI security market is divided into information security and physical security categories. Between the two, the information security category is predicted to exhibit higher growth rate in the market in the future years. The category is further divided into data loss prevention, antivirus, unified threat management, encryption, risk and compliance management, and identity and access management categories. Amongst these, the encryption category recorded the highest growth in the market in the past.

Globally, the BFSI security market would exhibit lucrative growth in Europe and North America in the upcoming years, as per the forecast of P&S Intelligence, a market research company based in India. This is credited to the implementation of strict data policies aimed at enhancing data security in these regions. Additionally, the growing focus of financial organizations on digitization and the rising popularity of cloud-based data storage solutions will further propel the market growth in these regions in the future.

Hence, it can be said with full surety that the adoption of security solutions by BFSI organizations will rise enormously all over the world in the coming years, mainly because of the rising digitization in this domain and the growing prevalence of data breaches and cyber-attacks in banking and financial operations.

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Global Edge Data Center Market Set to Generate Over $50.0 Billion Revenue by 2030

Due to the increasing commercialization of the 5G network, the growing usage of the internet of things (IoT) devices, and the soaring over-the-top (OTT) traffic and mobile data traffic, the global edge data center market will grow substantially in the coming years. The market attained a value of $5.3 billion in 2019 and is predicted to reach a revenue of $53.1 billion by 2030. Furthermore, the market is predicted to progress at a CAGR of 25.4% from 2020 to 2030.

The surging mobile data traffic is one of the biggest factors responsible for the expansion of the edge data center market across the globe. The growing usage of IoT devices and smartphones is augmenting the mobile data traffic, which is, in turn, fueling the development of edge data centers around the world. According to the report, the Cisco Visual Networking Index: Global Mobile Data Traffic Forecast Update 2017–2022, in 2019, the total mobile data traffic was around 26.8 exabytes per month.

Furthermore, the report predicts that the total mobile data traffic will rise to more than 77.5 exabytes per month by 2022. Apart from these factors, the surging OTT traffic all over the globe is also driving the progress of the edge data center industry. The burgeoning requirement for OTT services and the soaring consumer preference for online content are the major reasons behind the ballooning OTT traffic around the world.

According to Cisco, the worldwide internet protocol (IP) gaming, multimedia, and video streaming traffic is predicted to reach over 81% of all internet traffic by 2021. This will push up the requirement for edge data centers, which will, in turn, propel the growth of the market. Depending on component, the edge data center market is divided into solutions and services. Between these, the solutions category is predicted to record the highest growth in the market in the upcoming years.

This would be because of the rising establishment of edge data centers around the world. The solutions category is further subdivided into cooling, power and uninterruptible power supply (UPS), IT racks & enclosure, networking equipment, storage, and data center infrastructure management (DCIM). Out of these, the cooling subcategory is predicted to demonstrate the fastest growth in the edge data center market in the coming years, on account of the rising utilization of high-end cooling technologies in various data centers across the globe.

Geographically, the edge data center industry will exhibit the fastest growth in the Asia-Pacific (APAC) region in the future, as per the estimates of the market research company, P&S Intelligence. This would be due to the increasing digitization and the soaring internet penetration in the emerging economies such as China, Indonesia, and India. According to a report produced by the Internet & Mobile Association of India (IAMAI), on November 2019, there were over 504 million active internet users in India.

Hence, it is safe to say that the market will demonstrate rapid advancement all over the world in the coming years, mainly because of the increasing mobile data traffic, the rising popularity of online streaming, and the rapid digitization of business operations around the world.

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