Generative Artificial Intelligence - Global Industry Analysis and Future Scope

In 2023, the generative AI market reached a value of USD 12 billion and is projected to reach USD 81.1 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 31.6% during the forecast period from 2024 to 2030. This growth of the market can be credited to the potential to transform the whole market by offering new opportunities for innovation and automation.

Generative AI is a set of algorithms that can produce realistic content by utilizing training data, like images, text, and audio. For example, ChatGPT is trained on huge sizes of text for summary extraction, sentimental monitoring, and answering questions.

The primary focus of generative adversarial networks (GANs) is to create novel information that appears recognizable when one sees the actual data sets. Rather than purely focusing on the expansion of basic AI systems, these new methods emphasize deep learning to produce data samples.

These models are multi-modal in nature, in other words, they are able to handle multiple processes simultaneously. With the help of these models, the level of human-machine communication has increased so much, especially with the help of natural language processing (NLP).

One of the key reasons that is aiding this gen-AI industry advance is the presence of large language models, due to their excellent capability to make, manipulate, and understand natural language.

In 2023, the Software category had the highest revenue share, of approximately 55%, in the industry. Software is the basis of this industry and offers the algorithms, frameworks, and tools that are essential for generative AI applications.

The natural language processing category is dominating the market, and the category is also projected to advance at a substantial CAGR, of 31.8%, during the projection period. The growths in NLP are allowing the making of complex language models and text. Numerous applications, like chatbots, content generation, and artificial intelligence, are being completely changed with the aid of these improvements.

On the basis of end users, the media and entertainment category is dominating the industry, and the category is also projected to advance with a CAGR, of 40%, in the projection period. The quick integration of AI tools by the media and entertainment industry is driving improvements in content creation and distribution.

In 2023, North America grips the largest share of the industry, at approximately 50%. This is because of the growing rates of banking scams, increasing healthcare load, and rising popularity of pseudo-imagination. Its enhanced tech framework and growth, along with its capability to harbor disruptive AI establishments, is one of the key factors for its development in the industry.

Read More

The Soaring Trajectory of Global Push-to-Talk (PTT) Market, Anticipated to Reach USD 73.0 Billion by 2030

In 2023, the global push-to-talk (PTT) market achieved revenue of USD 36.4 billion. It is anticipated to grow at a CAGR of 10.5% between 2024 and 2030, reaching USD 73.0 billion by 2030. This can be credited to the rising application of this tech in an extensive variety of consumer devices, like tablets and smartphones, which has significantly contributed to its acceptance among numerous users. These apps function well across different devices and operating systems, making communication simple.

One reason for the high manufacturing of ultra-enduring smartphones is that there is a rising demand for strong and solid mobile devices with high performance. The built-in push-to-talk feature of these devices turns them into indispensable tools for professionals as well as people involved in adverse environments thanks to their functionalities.

Technology improvement smartphones would be with further advancement, providing not only more features but also a solution to a wide range of users worldwide. On top of that, manufacturers are rolling out novelties together with the updates of existing products in the whole rugged smartphone category, especially for the guys who choose to go into the wild and those having specific tasks to perform.

For example, in July of 2023, KYOCERA International Inc. launched its DuraForce PRO 3, an Android smartphone designed for enterprises, small businesses, first responders, and various industrial uses. It is equipped with a robust set of tools for business users.

The growing requirement for wireless push-to-talk devices through several sectors, like emergency response, aerospace & defense, and corporations, is a substantial propeller for industry development.

Wireless devices advance total security and productivity by providing end-to-end encryption. Moreover, the increasing need for networking devices has opened up opportunities for their software counterparts among smartphone operators to connect groups and members.

In 2023, on the basis of network, the land mobile radio category had the larger industry share, of 80%, the category is also projected to dominate the market in the future as well. This is mainly because land mobile radio provides robust hardware, made to bear varied environmental conditions, and armed with the capability to work efficiently on dedicated radio frequencies.

This guarantees strong coverage and a dependable delivery of serious messages. While newer techs, such as cellular PTT have arisen, land mobile radio PTT stays important for critical communications in applications where dependability and resilience are dominant.

During the projection period, the APAC will experience the highest CAGR, of 14%. The major reasons contributing to this development are the rising count of partnerships between top companies and distributors and the improvement in the information tech infrastructure.

Read More

Polymeric Adsorbents Market Will Grow the Fastest in the Aromatic Category

The size of the polymeric adsorbents market was USD 140.5 million in 2023, which will power at a rate of 5.8% by the end of this decade, reaching USD 205.5 million by 2030. The usage of this material is quickly increasing in the pharma, chemical, and F&B industries. 

Moreover, the implementation of strict regulations by governments for water treatment powers the use of these chemicals. In these sectors, synthetic materials help adsorb a number of compounds.

On the basis of type, the aromatic category will have the fastest growth, with a rate of 7% in the years to come. These polymers are characterized by crosslinked polystyrene matrices and particularly designed for absorbing ions, molecules, and further substances from gases and liquids. 

Also, modified aromatic adsorbents, particularly those with brominated aromatic matrices, are extensively used for removing certain pollutants like heavy metals. Methacrylic adsorbents such as methacrylic ester copolymers, are put to use in the biotech and phama industries.

On the basis of application, the chlorinated solvent removal category led the polymeric adsorbents market, with a share of 40% in 2023, and it will also have the fastest growth in the years to come. Usually, polymer adsorbents are put to use as cleaning solutions for pesticides, metals, glues, pesticides, paint thinners, resins, and many more agents. 

For instance, Macronet resins are hemocompatible and size-selective, with a pore structure excluding molecules larger than 50 kDa. The pore system of Macronet resins, alternatively, allows efficient adsorption and desorption of molecules, which are smaller than 35 kDa.

APAC led the industry, with a share of 40%, in 2023, and it will also have the fastest growth in the years to come. This is majorly because of the growing industrialization and rising F&B sector. Regarding this, the fast urbanization and changing lifestyles are responsible for the growth of the sector.

It is because of the growth in end-use industries, the demand for polymeric adsorbents is on the rise. This trend will continue in the years to come as well.

Read More

Rising Acceptance of AR/VR Products Boosts Volumetric Video Industry

The volumetric video market was USD 2,377.4 million in 2023, which will touch USD 13,939.6 million, growing at a 28.8% compound annual growth rate, by 2030. 

The growth of this industry is because of the increasing rate of technological advancement, mounting use of AR/VR products, and rising expenses on the development of sports technologies.

Moreover, the arrival of 5G brings the advantages of low latency with high bandwidth and speed, allowing the incorporated provision of such video content. With this, the rising uses of this technology in holograms, gaming, brand experiences, training, and metaverse assist the industry expansion.

In 2023, North America was the largest contributor to the industry, with a 55% share, and it is likely to remain the largest in the years to come. This is because of the high pace of acceptance of developed technologies like VR, MR, and AR; the growing requirement for attractive signage and advertisements, and the existence of many companies.

APAC is likely to advance at the highest compound annual growth rate in the years to come. This is because of the large customer base for all sectors, the increasing standard of living of people with disposable salaries, quick urbanization, the growing need for enhanced sports-watching experiences, and the surging volume of specific image-guided surgical measures.

With the increase in the acceptance of AR or VR, the volumetric video industry will continue to progress in the years to come.

Read More

Mobile Medical Imaging Services Market To Be USD 24,344.0 Million By 2030

The mobile medical imaging services market garners USD 14,321.5 million in revenue in 2022, and it is projected to rise at the rate of 6.9% in the coming future, to hit USD 24,344.0 million in revenue in 2030, according to a research report by market research company P&S Intelligence. This growth can be ascribed to the increasing frequency of chronic diseases and the snowballing number of diagnostic imaging centers.

In 2022, The mobile X-ray category generated the largest revenue share, approximately 30%, owing to the heavy expenditures, several initiatives, and guidelines of government bodies to advance radiography services. digital X-ray systems offer several benefits, including quick processing, accuracy, speediness, and significantly advanced patient screening volumes, which have supported their acceptance.

By 2030, The adult patient category is set to hold the largest mobile medical imaging services market share, at approximately 60%. This can be credited to the increasing frequency of chronic diseases, including endocrinal, CVDs, GI, cancer, and neurological disorders, in adults. Chronic illnesses are long-lasting health conditions that mainly impact the elderly and, commonly, have no treatment.

Mobile devices allow imaging faculties to be offered to patients with restricted space and capital. Ultrasounds and Mobile X-rays can be utilized to offer diagnoses to individuals at their houses, which is particularly helpful for aged people.

In 2022, North America led the market, generating a revenue share, of approximately USD 6.5 billion. This can be ascribed to the existence of several key players in the U.S. North America has a greater rate of acceptance of mobile medical imaging faculties in comparison to other regions. The progress in the requirement for remote patient monitoring and telemedicine facilities in the continent is projected to boost the growth of the market. 

Hence, the increasing frequency of chronic diseases and the snowballing number of diagnostic imaging centers, are propelling the demand for mobile medical imaging services. 

Read More