Enterprise Asset Management Market Research Report Segmented By Component, Deployment Type, Enterprise Size, Industry & Regional Outlook Forecast to 2024

One of the major driving factors of the Enterprise Asset Management Market is the surging adoption of EAM for efficient utilization of assets. The organizations make use of asset turnover ratio, which is the ratio of sales and price of assets, for the calculation of company’s productivity and efficiency. Hence, in order to increase the ratio, the company simply needs to grow its sales as compared to the price of its assets. The utilization of EAM enables the decision-makers to compare expected billing amounts and invoice and detect unusual activity to prevent fraud and reduce waste.

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Another factor driving the EAM market is the rising need for reduction in management and procurement expenses. EAM solutions and services can reduce maintenance costs by giving better information on capital investment decisions, closely tracking operation, and integrating the procurement to maintenance jobs for effective control of equipment. Furthermore, EAM aids in reducing operation costs by decreasing procurement of material cost, increasing project return on investment, and reducing maintenance cost. Because of these factors, businesses are optimizing their operating costs by making use of EAM software. 

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A major trend being observed in the EAM market is the rising integration of internet of things (IoT) with EAM solutions. IoT devices are increasingly being utilized in EAM for providing real-time data to the EAM system, which provides significant insights to the user. Because of this, the businesses can maintain, manage, and supervise their assets in real-time. Moreover, integration of IoT with EAM provides potential process control modifications, identification of performance non-conformities, and repair as well as replacement opportunities. 

Thus, the market is growing significantly due to the surging requirement for reduction in procurement and management costs and rising adoption of EAM for efficient usage of assets.

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How is Rising Data Theft Incidence Contributing toward Growth of Global Blockchain Technology in Healthcare Market?

One of the key factors fuelling the rise in the demand for the blockchain technology in healthcare is the increasing implementation of stringent regulations by various governments across the world for safeguarding and protecting consumer information against data breach and theft. For instance, the European Union (EU) launched a data protection rule, known as the General Data Protection Regulation (GDPR), in May 2018, which aims to protect EU citizens from data and privacy breaches. Moreover, the numerous advantages offered by the technology, such as enhanced data integrity, security, and trust, make it highly sought-after in the healthcare industry.

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The other important factors responsible for the surging implementation of blockchain in healthcare settings are the mushrooming investments and funding as well as the increasing implementation of this technology in the pharmaceutical supply chain. Powered by these factors, the global blockchain technology in healthcare market is expected to advance at a CAGR of more than 67.1% during the forecast period (2018–2023), to reach $890.5 million by 2023, from $44.6 million in 2017. A blockchain is essentially an increasing directory of records (blocks), which are connected together by cryptography.

The biggest rage currently being witnessed in the blockchain technology in healthcare market is the rising number of collaborations and partnerships between the companies interested in incorporating the technology and the providers of the said technology. For instance, a major Estonian blockchain provider, Guardtime AS, announced a deal with NMC Health, which is a U.A.E.-based private healthcare company, in January 2018, in order to introduce the technology to the healthcare fraternity and pharma firms the Middle Eastern nation.

Globally, the highest demand for the technology in the healthcare industry was observed in North America in 2017. However, the healthcare sector of Europe is predicted to observe the highest demand for the technology in the coming years. This is primarily attributed to the surging implementation of numerous blockchain initiatives by the major private and public healthcare companies in the region. For instance, the European Platform on Changing Healthcare (EPOCH), which is the first group in the European pharmaceutical industry to adopt blockchain, is evaluating its limitations and advantages in the pharmaceutical supply chain.

Hence, due to the mushrooming need for data security across the globe, especially because of the rising data theft incidents, the demand for blockchain implementation in the healthcare industry is expected to record massive growth in the coming years.

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Revenue Explosion Expected in Global Horticulture Lighting Market during 2020–2030

One of the biggest factors fuelling the growth in the demand for horticulture lighting across the world is the rising need for food items, on account of the surging population level. According to the United Nations, the global population level is set to increase from 7.7 billion in 2019 to 8.5 billion in 2030.

Due to the huge population boom, especially in India, China, Brazil, and the U.S., the demand for food products would rise massively, which will, in turn, result in the wide-scale adoption of indoor and greenhouse farming in order to increase the agricultural yield.

The other key factor responsible for the increasing uptake of horticulture lighting solutions is the rising government support toward energy-efficient solutions that would enhance the agricultural yield. In addition to this, the rapid development of new indoor cultivation techniques is predicted to further boost the adoption of horticulture lighting.

Due to these factors, the global horticulture lighting market is expected to see an increase in its revenue from $3.2 billion in 2019 to $20.3 billion by 2030, with a CAGR of 18.1% during the forecast period (2020–2030).

For horticulture, lighting is provided by light-emitting diodes (LEDs), fluorescent tubes, and high-intensity discharge (HID) lamps. Amongst these, LEDs are expected to record the fastest growth in usage during the forecast period. This is mainly ascribed to the burgeoning usage of LEDs in indoor and greenhouse horticulture, on account of their numerous advantages, such as lower costs and light of appropriate intensity, which helps in high crop yields.

Additionally, LEDs are also 80% more energy-efficient than other lights, says the U.S. Department of Energy.

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The horticulture lighting market is currently witnessing the rising popularity of vertical farming. This is primarily attributed to the decreasing availability of arable land, on account of the growing population levels and rising urbanization rate.

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Increasing connectivity is propelling the growth of video streaming market

The video streaming market is witnessing the trend of the shift toward the OTT platform. It has been observed that in countries, such as the U.S., more than 150 million people have opted for OTT services, whereas more than 180 million people, use smart TVs. Further, people are opting for personalized content, which is pushing companies to offer high-margin visual entertainment by offering users bundled services. The rising popularity of OTT can be correlated to the rising consumer preference for specific content and better connection reliability offered by the service providers.

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From amassing $245.3 billion in 2018, the global video streaming market is predicted to reach $688.7 billion by 2024, advancing at a 19.1% CAGR during the forecast period (2019–2024). The factors positively influencing the market growth are the rising popularity of video streaming in developing nations, growing internet connectivity, and the rising popularity of social media platforms. The accessing of the on-demand or live viewing of the content as per a consumer’s preference is termed as video streaming. This has been categorized into different services, including over-the-top (OTT), pay TV, and internet protocol TV (IPTV).

One of the major drivers of the video streaming market are the surging popularity of social media platforms, which can be credited to the improved access to the internet and connectivity. For instance, an explosive growth of 99% was exhibited by the video content on media platforms, such as YouTube in 2017. Further, these platforms are now increasingly being used as an advertisement revenue model for generating income. Based on this model, YouTube has generated the maximum revenue, which is closely followed by Facebook Inc.

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The categories of the video streaming market based on offering are service and solution. Between the two, in 2018, the higher revenue share of 94.6% was contributed by the solution category. Along with being extremely popular in the entertainment sector, video streaming solutions have become an important component for sales, marketing, business development, and corporate communications. This has resulted in their wide applications for personal as well as professional use. The solution category is further subcategorized into IPTV, OTT, and pay TV; among which the fastest growing subcategory is the OTT.

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Blockchain Devices Market to Register a CAGR of 48.7% During 2020–2030

The market for cryptocurrency is expanding rapidly as corporate users in the banking, financial services, & insurance (BFSI) sector and government offices are increasingly adopting cryptocurrencies. Digital currency which is not regulated by any central authority is referred to as a cryptocurrency. No bank is involved in the transactions of these currencies and a decentralized system is in place for checking and validating every transaction. 

The concept of cryptocurrency became famous after the launch of Bitcoin, following which different companies started launching new cryptocurrencies. Since many retailers started accepting cryptocurrency as a mode of payment, the adoption of blockchain devices has also increased.

As per a report by P&S Intelligence, in 2019, the global blockchaindevices market generated a revenue of 0.3% billion and is projected to reach $23.5 billion by 2030, advancing at a 48.7% CAGR during the forecast period (2020–2030). 

Blockchain devices are designed for handling the blockchain technology transactions and work in the same way as blockchain technology, i.e. decentralized system or decentralized ledger. The primary application of the blockchain technology is cryptocurrency. Blockchain devices are used for both personal and corporate applications; however, the larger demand for blockchain devices is predicted to be created for corporate applications during the forecast period.

Different types of blockchain devices are point of sales terminals, blockchain smartphones, crypto automated teller machines (ATMs), and crypto hardware wallets. Some other types are blockchain gateways and pre-configured devices. Out of these, the largest demand during 2014–2019 was created for crypto hardware wallets, which are going to be the most in demand in the coming years as well, particularly because of the growing cryptocurrency market.

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As the number of transactions and cryptocurrency users are increasing, the requirement for securing cryptocurrency is rising as well. The users can use software-based and hardware-based wallets for keeping cryptocurrency safe. The fastest growth in demand is expected to be witnessed by crypto ATMs during the forecast period.  

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Wireless Test Equipment Market Size, Share, Trends, Drivers, Growth Analysis Forecast Report to 2022

A major driver of the wireless test equipment market is the rising demand for mobile data offloading. Also referred to as Wi-Fi offloading, it makes use of complementary network technologies to deliver data to a cellular network. Offloading is beneficial as it frees the bandwidth for other users by downsizing the data being carried on the cellular bands. Therefore, to keep up with the rising user demand, network operators are devising more-economical and effective ways to serve them. 

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Another factor influencing the wireless test equipment market growth is the rising investments in network function virtualization (NFV). Wireless test equipment provides NFV services such as monitoring, testing, and benchmarking. The traditional voice infrastructure is incapable of allowing devices to communicate in real time. The telecommunications industry is expected to be transformed by the increasing penetration of software-defined networking and NFV, as communication service providers, such as Deutsche Telekom, Telefonica, and AT&T, are exploring new digital opportunities, including machine-to-machine communication and internet of things, to maximize revenue.

The wireless test equipment market valued $4.5 billion in 2015, and it is expected to grow at a 6.1% CAGR during the forecast period (2016–2022). It is witnessing growth due to the increasing demand for mobile data offloading, HetNets, and small cells and funding by companies in network function virtualization (NFV). The hardware used in the test and measurement of outdoor and indoor wireless communication technologies and connectivity protocols, such as LTE TDD, LTE FDD, Wireless Sensor Network (WPAN) 802.11 a/b/g/n/ac/ad, GSM/GPRS/EGPRS/E-EDGE, and GPS is termed as wireless test equipment.

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The wireless test equipment market is observing the trend of product launches. The wireless telecommunication industry is undergoing a rapid change, where market players are continuously innovating their products and technologies to stay ahead of the curve; therefore, many new products are being launched globally. More than 13 types of wireless equipment, such as BER test solution, multi-terabit network security test platform, and conformance test solution, were launched in 2016 by major players, such as Keysight Technologies, Ixia, Anritsu, Rohde & Schwarz, Teradyne, and Viavi Solutions Inc.

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Growing Demand for mHealth Technologies Driving Medication Adherence Market

In 2016, the medication adherence market size generated $1.6 billion and is predicted to advance at a 12.3% CAGR during the forecast period. The various factors positively impacting the market are the surging geriatric population, rising demand for mHealth technologies, increasing demand for personalized healthcare, growing prevalence of chronic diseases, and rising demand for advanced medication adherence systems. The degree to which the patient follows the therapy prescribed by their healthcare provider, including taking the right medication, at the right time and manner, and in the right dose, is referred to as medication adherence.

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When product is taken into consideration, the medication adherence market is categorized into software centric and hardware centric. Between these, the software centric category dominated the market during the historical period and is further expected to hold the larger share of the market during the forecast period. This is because these products have a lower cost and are more easily accessible than hardware centric products. The hardware centric category is projected to grow at the fastest pace during the forecast period and is further divided into packaging and devices.

The increasing popularity of medication adherence systems and software is a key trend being observed in the medication adherence market. Due to the innovative applications of medication adherence software and systems, including double-checking medication administration properties, automatically dispensing applications, and electronic medication administration records facility, their adoption is increasing. These applications of medical adherence systems further help in reducing the chances of adverse drug events and medication errors. Furthermore, these systems and software also enhance healthcare quality by monitoring patient’s medication intake and decrease healthcare cost.

Another factor driving the growth of the medication adherence market is the rising requirement for mHealth technologies. The increasing usage of mobile phones has provided means for addressing health priorities through different applications, which has resulted in the development of mHealth. mHealth is the practice of providing digital healthcare services, including medication adherence solutions, with the aid of different communication channels and devices such as laptops, smartphones/phones, personal digital assistants, and tablets. mHealth has the potential to transform the face of health service delivery.

Hence, the market is registering significant growth because of the rising prevalence of chronic diseases and increasing demand for mHealth technologies.

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