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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