Power Sector Boom in Emerging Markets Drives Asset Integrity Needs

The asset integrity management market is projected to grow from approximately USD 24.2 billion in 2024 to around USD 34.1 billion by 2030, with a compound annual growth rate (CAGR) of 5.9%. This growth is largely fueled by global industrial expansion, strict workplace safety regulations, rising environmental concerns about deteriorating industrial assets, and continuous technological innovations. Evolving methods and technologies in asset integrity management have enabled more effective service delivery.

Industries like manufacturing, power generation, and oil & gas face challenges from aging infrastructure, with many assets nearing or surpassing their expected operational lifespan. These aging assets increase the risk of breakdowns, failures, and diminished performance. To address these issues and extend asset lifespans, companies are increasingly turning to asset integrity management solutions.

These solutions provide tools for organizations to proactively monitor asset performance, enabling timely maintenance and repairs. This approach not only prevents unexpected failures but also optimizes maintenance expenses and enhances asset longevity.

However, high costs and the complexity of asset integrity management software pose significant challenges. The need for specialized expertise and intricate system integration can be financially burdensome, especially for smaller businesses with limited budgets.

On the other hand, the expanding power sector in emerging economies offers notable growth opportunities for asset integrity management. Rapid urbanization and industrialization in developing regions amplify the need for dependable power infrastructure. As a result, there is rising demand for advanced asset integrity management services to ensure the safety, reliability, and regulatory compliance of critical assets, such as power plants and transmission systems.

Key Insights

• Non-destructive testing (NDT) comprises 30% of market revenue in 2024, with a projected CAGR of 6.5% through 2030, owing to its capability to inspect materials without causing harm.
• The oil & gas sector is anticipated to achieve the highest CAGR of 6.7% during this period, facing challenges with aging infrastructure and strict safety protocols.
• In the U.S., oil production reached 21.91 million barrels per day in 2023, accounting for 22% of global production, while China produced 390 million tonnes of crude oil the same year.
• North America is expected to dominate with a 45% market share in 2024, bolstered by a skilled workforce and strong demand from the oil & gas, manufacturing, and power sectors.
• The APAC region is anticipated to grow fastest at a CAGR of 6.3%, driven by its expansive oil & gas, manufacturing, chemicals, and power generation sectors and stringent safety and environmental regulations.

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Demand for Real-Time Inventory Drives Warehouse Management System Market to Double by 2030

The warehouse management system (WMS) market is anticipated to generate a revenue of approximately USD 4,127.3 million in 2024, with a compound annual growth rate (CAGR) of 16.4% expected between 2024 and 2030, reaching a total of USD 10,279.3 million by the end of the forecast period.

The rising demand for cloud and mobile-enabled WMS solutions, coupled with the integration of advanced technologies and a focus on sustainability, is driving the market. These solutions are particularly suited for applications in fleet management, transportation, procurement, and the upkeep of stored medical supplies.

Traditionally, the supply chain comprised distinct yet interdependent phases, such as planning, demand management, sourcing, production scheduling, inventory control, and delivery. However, with technological advancements, the supply chain has been transformed into a cohesive, highly automated environment that enhances transparency and collaboration among participants. This digital shift has brought numerous benefits, including flexible logistics networks and process optimization.

The adoption of digital technologies within the supply chain has streamlined operations by automating various processes, strengthening decision-making, and minimizing time wastage. Automated systems also promptly detect and resolve errors before they escalate into significant issues.

Key Market Insights

• Analytics and Optimization: This segment, growing at a CAGR of 16.9% from 2024 to 2030, leads the market due to the need for efficient operations, proper stocking, and high customer satisfaction.

• Inventory Management: Holding a notable share, WMS aids in inventory tracking, order packing, and optimized shipping, while sending alerts for replenishment.

• Order Processing: This segment is expanding as WMS automates paper-based picking processes, allowing faster order handling and ERP integration.

• Software Category: With a 55% revenue share in 2024, software leads due to real-time tracking, system integration, and inventory management.

• Service Category: Expected to grow at a 16.7% CAGR, with consulting, training, and support services enhancing warehouse efficiency and maximizing ROI.

• On-Premises: Comprising 65% of the 2024 market, large firms prefer on-site WMS for enhanced data security and control.

• Manufacturing: Contributing 30% of 2024 market revenue, this sector was an early adopter of ERP-integrated WMS for managing diverse product inventories.

• Transportation and Logistics: Predicted to grow at a CAGR of 17% due to increased WMS adoption in e-commerce and distribution sectors.

• APAC: The fastest-growing market with a 16.8% CAGR, driven by rising consumer demand and warehouse management needs in emerging economies.

• North America: Dominated by the U.S., holding a 75% market share in 2024 due to the prevalence of ERP vendors and ease of WMS adoption.

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Saudi Arabia's Data Center Server Market Poised for Growth by 2030

The data center server market in Saudi Arabia is forecasted to generate USD 784.1 million in 2024 and is expected to grow to USD 1,368.0 million by 2030, registering a CAGR of 9.7% from 2024 to 2030. This growth is propelled by factors such as global digital cloud adoption, advancements in artificial intelligence and machine learning, accelerating digitalization, and the widespread adoption of 5G technology.

The rapid advancements in ICT have enabled affordable, faster internet access, increasing internet usage. Additionally, digital payments and social media usage are rising steadily in the region. This demand has spurred the development of internet equinoxes worldwide, improving data center interconnections and, consequently, the need for enhanced server security and data management.

Saudi Arabia’s data centers are evolving, with servers being continuously improved to support efficient data processing. According to Ericsson, average mobile data traffic per smartphone in the region is expected to rise from 21 GB in 2023 to 56 GB by 2029, largely due to the expansion of 5G. By the end of 2020, Saudi Arabia launched 5G services in seven additional cities and provinces, bringing the total number to 51.

Key Insights:

• Rack Servers: Holding a 45% share in 2024, rack servers are popular for their compact design, ease of maintenance, and cost-effectiveness, making them ideal for small to medium enterprises (SMEs).
• Tower Servers: Growing at a CAGR of 10.0%, tower servers offer cost-effective solutions, quick cooling, easy upgrades, and minimal overheating, catering to diverse business needs.
• BFSI Sector: Accounting for 35% of the market share in 2024, the BFSI sector’s expansion is fueled by the adoption of cloud-based solutions that enhance data management and reliability.
• Healthcare Sector: Growing rapidly at a CAGR of 10.3%, the healthcare sector’s demand for secure storage has surged due to the widespread use of health wearables, generating significant data.
• Regional Insights: Riyadh, holding 40% of the market share in 2024, is the leading region with 14 data centers, followed by Dammam, which hosts five data centers contributing to Saudi Arabia’s data infrastructure.

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Growth Forecast for Saudi Building Inspections Market

In 2024, Saudi Arabia’s building inspection services industry is anticipated to reach $182.9 million, with projections indicating it could grow to $316.7 million by 2030 at a CAGR of 9.6%. This growth will be driven by rising construction activity, real estate investment, and a growing population.

The COVID-19 pandemic accelerated the adoption of remote inspections, utilizing digital tools to reduce human effort and maintain business continuity. Remote inspection systems significantly reduce costs and facilitate digital document exchange. Technology now enables inspections to be conducted using video, images, and electronic notes, streamlining the process for all involved parties.

With developments such as NEOM, other new cities, residential complexes, and industrial facilities, demand for inspection services has surged. These services are essential for ensuring construction quality and structural stability. In 2022, Saudi Arabia's National Development Fund announced over 1,429 infrastructure projects.

Key Insights:

• The home inspection segment will capture 45% of the market share in 2024, growing at a 10% CAGR. Comprehensive inspections cover everything from external structures to HVAC systems.
• Specialty inspections include services for sewer, septic, roofing, and irrigation systems, and their demand is rising due to increased consumer awareness of specific property issues.
• The outsourced inspection segment holds a 65% market share and will likely expand at a 9.8% CAGR, driven by the high-quality services provided by specialized companies.
• Al-Riyadh is expected to grow at a 10.2% CAGR, supported by its extensive residential and commercial construction.
• The Eastern Province, with large-scale construction and strict safety regulations, will hold 40% of the market in 2024.

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Rising Cyber Threats Propel Saudi Arabia’s Cybersecurity Market to New Heights by 2030

The Saudi Arabian cybersecurity market will generate an estimated revenue of USD 672.4 million in 2024, which is expected to witness a CAGR of 14.0% during 2024–2030, to reach USD 1,477.2 million by 2030. Some of the primary factors that are expected to enhance the growth of this market include further digitalization, government policies, and the use of Vision 2030.

Saudi Arabia’s Vision 2030 is intended to introduce a variety of changes and diversifications that will help the country to decrease the dependence on the oil and gas sector by investing in infrastructure, e-commerce, healthcare, and innovative technologies. 

This is due to the fact that these industries are practically vulnerable to cyber attacks and traditional ways of protection are inadequate in recognizing new wave cyber threats. AI and machine learning, IoT and security, Information Security, and quantum computing are some of the new technologies in cybersecurity. 

Machine learning and artificial intelligence are the two most preferred technologies among them due to their ability to offer deep data analysis in conjunction with comprehensive real-time threat detection. This results into branding of the cyberspace and consequently detection of the lurking cyber threats in an early and accurate manner.

On- line privacy and security are a high priority for Saudi Arabian citizens as well as information that is considered confidential for the country. The following are the government laws and regulations they include but not limited to PDPL, Anti-Cyber Crime Law, SAMA CSF and NDMA.

Key Insights 

 Software is the largest category, holding a share of 55% in 2024.

 Advanced Metering Infrastructure (AMI) is the largest subcategory within software.

 AMI includes communication networks, data management systems, and smart meters.

 Enables bi-directional energy flow and integrates Distributed Energy Resources (DERs).

 Used for measuring and optimizing renewable energy transmission.

 Hardware category is significantly growing.

 Smart meters are rapidly growing within hardware.

 Provide insights about power consumption to consumers and utilities.

 Distribution is the largest category, holding a share of 45% in 2024.

 Fastest-growing category, advancing at a CAGR of 18.7% during 2024–2030.

 Power plants generate high voltages; low-voltage distribution lines reduce losses.

 Power distribution networks include feeders, substations, and transformers.

 Smart grid network brings intelligence to the distribution process.

 Wireless category is the faster-growing category.

 Advancing at a CAGR of 18.8% during 2024–2030.

 Most-advanced technology for communication at substations.

 Enables safe, dependable, low-latency bi-directional transfer infrastructure.

 Cost-effective, secure transmission of data, higher bandwidth.

 Al-Riyadh is the fastest-growing province.

 Advancing at a CAGR of 18.9% during 2024–2030.

 Rapid construction of commercial and residential buildings driving smart meter deployment.

 Al-Jouf province is the largest in terms of smart grid network usage.

 Presence of a huge solar power plant driving extensive use of smart grid networks.

 ENOWA, an energy utility company headquartered in Saudi Arabia, announced a high-voltage smart grid for NEOM in December 2023.

 CHINT showcased advanced microgrid solutions for large industrial parks at the Saudi Arabia Smart Grid Conference (SASG 2023) in December 2023.

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Model-Based Enterprises Surge: Industry Insights and Growth Projections Through 2030

The market for model-based enterprises (MBEs) is projected to generate USD 13.9 billion in revenue in 2024 and is predicted to grow at a CAGR of 15.0% from 2024 to 2030, reaching USD 32.1 billion. The primary drivers of this market's expansion are the changing demands and difficulties faced by businesses in meeting client expectations, which push them to accept new strategies and technological advancements to increase productivity and efficiency. The market is also driven by the expansion of high-quality industries, including aerospace and automotive, that must adhere to strict government safety regulations, as well as by consumers' growing awareness of improved products.

With its digital 3D models that offer information and a visual depiction of every step of a product's lifespan, the MBE technique is applied from manufacture to delivery. Adopting this approach will increase teamwork, reduce errors, improve traceability, and improve the accuracy of product data.

Key Insights

·         As Industry 4.0 continues to gain traction globally, manufacturers are actively devising strategies to integrate its guiding principles and gain long-term benefits. A key component of creating smart manufacturing is implementing the MBE approach.

·         Developing smarter, more sustainable, and more efficient manufacturing and product development processes can emerge from this integration, which can lead to change in industries.

·         By eliminating outmoded functionality, manufacturing software is constantly being updated to include new features.

·         The IoT adoption makes it easier to integrate developing technologies and provides large volumes of data for a variety of operational activities. This makes it possible to improve manufacturing, product development, and overall operational performance.

·         The current procedures, processes, and work practices need to be modified in order to transition from traditional drawing methods to MBE.

·         This involves modifying the company's practices and culture, which makes MBE implementation more difficult.

·         In addition, a significant investment in training and updates to hardware and software are needed for its implementation.

·         The design category will hold 40.0% of the market share, which is the largest.

·         Traditional 2D engineering drawings are mostly replaced by 3D computer-aided design (CAD) models as the source of all additional information throughout the product lifecycle.

·         This model serves as the foundation for the entire model-based engineering process and offers a thorough product definition, visualization, and model-based manufacturing.

·         With a 35% share in 2024, aerospace and defense is the largest category. This is because of the intricacy of the goods, the necessity for innovation, the adoption of digital technology in the aerospace and defense sectors, and the potential for cost reductions with the MBE method.

·         By 2024, North America will have the largest market share, at 45%. This is because the U.S. generally implements advanced technologies first worldwide.

·         Some important aspects contributing to the growth of this market include the well-established aerospace sector, strong technological foundations, supporting laws, and strict product quality requirements.

·         Prominent firms that provide MBE solutions that are easily integrated into industry 4.0 processes are based in this region, such as Autodesk, GE, and PTC.

·  With a 15.5% CAGR through 2030, APAC is the region with the fastest growth. This is due to the expanding aerospace industry, fast urbanization, and MBE-focused environment. 

About P&S Intelligence

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Laboratory Developed Tests Industry is Growing Rapidly in Europe

According to the latest market research study published by P&S Intelligence, the size of the laboratory developed tests market was USD 10,375.8 million in 2023, which will power at a rate of 7.2% by the end of this decade, to reach USD 16,539.9 million by 2030. The industry growth has a lot to do with the surge in the occurrence of cancer and genetic ailments.

Furthermore, the development is credited to the growing requirement for in vitro laboratory-developed tests, currently inaccessible in the market for rare ailments, for example genetic tests and molecular tests; growing requirement for personalized medicines, and the fact that these tests do not need any regulatory approval.

On the basis of type, the molecular diagnostic category led the industry with 40% share in 2023, and it will also continue to lead in the future. This is because of the development in the elderly populace and an increase in the requirement for the early disease detection.

The increase in the occurrence of infectious and chronic diseases and the surge in the requirement to control healthcare spending will fuel the growth, by increasing the requirement for early disease diagnosis and steady monitoring. 

Furthermore, the rising acceptance of molecular diagnostics for examining biological markers in the genome and proteome and detecting cell expressions make the category the leader.

North America laboratory developed tests market is the leader of the pack, with about 40% share, in 2023, and it will grow at a robust rate in the future. This will be because of the advanced laboratory infra and obtainability of skilled workers in the region. 

Furthermore, the growing risk of ailments in the region, presence of reputable healthcare businesses, and robust support for the setup of novel R&D facilities bodes well for the industry.

Also, main players are developing new products and getting them accepted by the regulators, which drives the growth of the industry. For example, in August 2022, Biomerica Inc. introduced InFoods, an IBS test. The LDT is done in a CLIA certified, high-complexity lab facility.

There is a rapidly growing market in the European Region as a result of the existence of more than a few contract research organizations and participants of the market. 

Moreover, the development of the collaborations amid LDT providers and governments in the region is accountable for the progress of the industry. The advance of the industry is also because of the strong healthcare infra, advent of novel technologies, and increasing acceptance of precision medicine.

It is because of the increase in the incidence of cancer and other genetic disorders, the demand for lab developed tests is on the rise. This trend will continue like this in the years to come as well.

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Rapid Growth Predicted for Penetration Testing Market by 2030

In 2024, the worldwide penetration testing industry will produce revenue of USD 1,818.2 million, which is projected to experience a CAGR of 17.2% over the projection period, to attain USD 4,707.8 million by the end of the decade.

The development of the industry is because of the growing requirement for protection from cyberattacks in a progressively digital world. Because of this, industries and firms are at a high risk of being breached for data and other malicious purposes. Therefore, safety and privacy being a key concern for businesses is propelling the focus on penetration testing.

AI integration in penetration testing is enhancing the testing needed in industries. AI can do so by analyzing the different stratagems and the weak links of the system. AI can be incorporated in diagnosing vulnerabilities and in the vulnerability assessment and scanning phases of testing to aid in the comprehension of the results of the scans, provide additional information to the results, and eliminate unnecessary data.

AI helps keep attack/ intruder away from the system by ensuring that its access is not continuous, and its flexible nature provides continuous different approaches to the exploitation of the system. These abilities of AI aid in mimicking more elaborate and advanced attack scenarios, thus allowing IT departments to remain one step ahead of the miscreants by strengthening their frameworks with the right software employment.

Key Insights

In 2024, the on-premises category is leading the industry with 70% revenue because of the requirement for high-level security and direct control over the testing environment.

The key benefit of on-premises deployment is entire control over the system and complete data privacy.

Multinational businesses with sensitive data and economic resources prefer on-premises deployment because of data privacy and security concerns.

The cloud category is estimated to advance at a higher CAGR of 17.5% over the projection period because of the flexibility of public, private, and hybrid cloud modes.

In 2024, the large enterprises category leads the industry with 75% revenue because of their economic strength, industry knowledge, and requirement for robust IT infrastructure protection.

The SME category is estimated to advance at a higher CAGR of 17.4% during the projection period because of the acceptance of cloud-based deployment, which provides affordability and less hassle.

The vulnerability scanners category is the largest in the market with 40% revenue in 2024 and is the fastest-growing due to cost-effective, automated continuous monitoring and proactive security.

The gray box testing category holds the largest share and will be the fastest-growing with a 17.8% CAGR during 2024–2030 due to the surge in web application testing and high accuracy for complex applications.

The mobile application category is the fastest-growing with an 18.0% CAGR over this decade, driven by the BYOD policy, increased cyberattack risk, and targeted mobile banking services.

The BFSI category is the largest with a 35% share in 2024 due to the high risk of cyber fraud and regulatory requirements for regular penetration testing.

 North America holds the largest market share at around 50% due to the presence of many tech companies, adoption of innovative technologies, and increased cyberattack risk.

Asia-Pacific region is projected to grow at the highest CAGR of 17.6% due to the rapid adoption of cloud computing and mobile applications, with many SMEs availing penetration testing services due to increased cybercrime risk.

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Electronic Warfare Industry to Double by 2030 Amid Rising Global Defense Investments

According to the latest market research study published by P&S Intelligence, the size of the worldwide electronic warfare industry was projected to have stood at USD 12.5 billion in 2024, and it is estimated to attain USD 25.3 billion by the end of the decade, advancing at a CAGR of 12.4% over the forecast period. This can be credited to the expansion of defense abilities by many nations across the globe to counter potential threats.

The electromagnetic spectrum and cyberspace create a common electromagnetic environment known as the cyber-electromagnetic domain. This evolution in technology is a major trend as this domain is expected to be the centerpiece of future wars.

Diplomatic and strategic relations between different countries can break down any time, turning friends into foes. For this reason, almost all countries are expanding their military capabilities and adopting electronic warfare. Countries that share borders are at a perpetual threat from one another, regardless of how cordial the relations between them are. Thus, they are strengthening their weaponry with advanced systems.

Key Insights

 The airborne category is the largest, with an estimated 40% share in 2024, and is expected to grow at a CAGR of 12.8% from 2024 to 2030.

 Airborne electronic attack capabilities are crucial for gaining an advantage in the electromagnetic spectrum, including disabling, denying, and degrading enemy air defenses.

 Electronic decoys deployed in combat aircraft and missiles aid in deceiving enemy air defense systems.

 The electronic support category holds the largest share, 45% in 2024, and will witness the highest CAGR of 12.7% during the forecast period.

 Information from electronic support is essential for decision-making in attacking and protecting, detecting enemy communication networks and radars.

 Data gathered is used for electronic intelligence (ELINT), signal intelligence (SIGINT), and communications intelligence (COMINT).

 Signal jammers dominate the market with a 20% share in 2024 and are expected to be the fastest-growing category at a CAGR of 13.2% from 2024 to 2030.

 Jammers deceive, disrupt, or block enemy radars and communication systems by radiating interfering signals, allowing counter operations without detection.

 North America held the largest market share, around 50% in 2024, due to strong defense focus and high defense budget of the U.S. (USD 877 billion in 2022).

 U.S. invests heavily in equipping its military branches with advanced weapons and electronic warfare systems.

 Most major defense and weapons companies have a significant presence in the region.

 Asia-Pacific is the fastest-growing market, with a CAGR of 12.7% during 2024–2030.

 Several countries in the region are expanding their military capabilities with electronic warfare systems, given the geopolitical landscape characterized by sour relations.

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