North America Dominates $4.5-Billion Smart Irrigation Market with 36% Share

In 2021, the smart irrigation market size accounted for $1,404.4 million, and it is expected to reach $4,495.0 million, growing at a rate of 13.8% from 2021 to 2030. The rise in research and development activities and the increased adoption of smart irrigation systems. Countries with extreme weather conditions massively use irrigation systems, considering their energy efficiency, driving the market growth. The surge in implementation of remote sensing technologies in irrigation systems, such as smartphones and IoT devices, is boosting the market. 

Smart Irrigation Market Research Report | P&S Intelligence

The sensor-based controller systems demand is likely to grow in the near future, dominating the smart irrigation market. The agriculture industry is the key driver for the surge in sensor-based controller systems’ usage to increase crop productivity and save water. It controls the data of sensors such as soil, temperature, rain, moisture and humidity sensors deployed on the field and facilitates the analyses. Therefore, sensor-based controller systems do not rely on weather station data and are more preferred. 

The controller category contributed $562.9 million to the smart irrigation market revenue last year. The increased demand for smart irrigation controllers market is resulting in market growth, attributed to the efficacy of the irrigation operations and integration of cloud solutions.  The rise in the population, leading to the insufficiency of resources such as food and water, demands advanced solutions to increase crop production. Here, smart irrigation systems supported by government initiatives play a crucial role in catering to the need with enhanced productivity and cost-effective irrigation solutions. 

North America captured a significant share of approximately 36.1% of the smart irrigation market, attributed to the rise in disposable income of people and rapid urbanization. The remote access facilitated by smartphones and other technological devices in Canada and the U.S. leads to market penetration. It is resulting in a surge of their wide acceptance of golf courses, sports grounds and residential areas, besides agriculture fields. The IoT integration in smart irrigation systems enables the detection of soil moisture levels, automatic irrigation of crops, and tracking of land conditions. 

Thus, the technological advancements leading to IoT and cloud technologies integration facilitating the remote access of smart irrigation devices leads to a market boom.

Read More

Why Industrialization and Urbanization Help Propel Heat Pump Market

From $53,821.2 million in 2021, the heat pump market value will increase at a growth rate of 8.8% in the years to come and reach $115,435.6 million by 2030. The replacement of conformist fuel-based heating know-how in these systems and momentous adoption of the heat pump expertise in housing uses as a lucrative heating technique are influencing the market development positively. Also, this technology contributes considerably to the decrease of carbon emissions and also obeys governing norms. Consequently, the rising environmental apprehensions and promising governing policies also are responsible for the growth of the industry.

The air-to-air heat pumps lead the heat pump market, with approximately 80% share, in the year 2021. Fast and easy fitting, longer lifespan, and little emissions are some projecting drivers quickening the use of these variations. They absorb heat from the outdoor air and transmit it to a walled space via central heating system. Key fundings in the manufacture of personalized systems for operations athwart regions with extreme weather conditions will also inspire business growth for the important manufacturers.

The heat pump market value in the APAC region is likely to exceed $50 billion by the year 2030, with an around 9% CAGR. The growing scale of commercial and residential construction, including hotels, offices, and educational organizations, is responsible for market growth. Furthermore, the strict regulations regarding energy efficiency and the increasing R&D for upgrading know-how, to reduce the influence of human actions on the atmosphere, would lead to industrial growth.

This technique is measured as favorable for lessening the emissions of greenhouse gas. These pumps extract heat from the air and then with the use of use electricity either increase or decrease its temperature relying on whether they are used for cooling or heating. These kinds of pumps can take up to 77% of the heat from the air; therefore, their usage can diminish the utilization of renewable energy sources expansively as opposed to alternate HVAC know-hows, thus lowering the emissions of carbon.

Industrialization and urbanization are the main factors for the demand of heat pumps around the world.

Read More

How Limited Freshwater Resources Propel Wastewater Treatment Plants Market

In the year 2021, wastewater treatment plants market value was at about $117.2 billion, and it is probable to drive at a compound annual growth rate of 5.8% in the years to come and reach $194.5 billion by 2030. The main factors attributed to the evolution of the market embrace the inadequate obtainability of freshwater all around the world and strict environmental rules which are applied by governments of a number of countries at a global level.

The value from effluent treatment plants is in excess of 50% of the overall wastewater treatment plants market. This is for the reason that a huge amount of wastewater is produced from manufacturing units. As per the forecasts made in the UN World Water Development Report of 2021, water withdrawals for industrial usage are likely to double by the year 2030. Moreover, in the majority of the countries, according to government regulations, the wastewater generated from industries has to undergo treatment before it can be put into the water bodies.

APAC region leads the market generating in excess of 40% of the total value in the year 2021, and it will observe the highest growth, of about 7%, in the years to come among all regions. Presently, China is the highest revenue generator in the APAC, and India is second. The key aspect attributing to the wastewater treatment plants market growth is the increasing power, oil & gas, pulp, mining chemicals, and further industries. The surge in the requirement for potable water is responsible for the rising emphasis on the treatment of wastewater, as these sectors use a lot of water and produce huge effluents.

China houses 21% of total population of the world; though, it has merely 6% of the global freshwater resources. In the year 2020, the nation discharged about of wastewater amounting to 55.7 billion cubic meters. Therefore, the country immensely funds effluent treatment services for catering to the growing demand for water for housing along with manufacturing use. In all, 39,000 novel wastewater treatment plants were established in China in the year 2020, thus contributing to the development of the wastewater treatment plants market globally.

Limited availability of freshwater has much to do with the increasing demand of wastewater treatment plant systems.

Read More

Payment Processing Solutions Market Growth: An Innovative Business Growth Vision Analysis

These major key drivers in the global payment processing solutions market are the rising utilization of smartphones, increasing internet penetration, and surging e-commerce sales. In 2021, the market was valued at $90.4 billion, and it is projected to touch $569.2 billion in 2030, advancing at a 22.7% CAGR from 2021 to 2030. Furthermore, greater integration of varied payment solutions by all the types of enterprises, such as mobile applications, e-wallets, and cards will augment growth in this market.

Under the segment of payment method, the e-wallet category will dominate the payment processing solutions market, and it is predicted to grow at a CAGR of 23% from 2021 to 2030. This can be credited to the greater deployment of e-wallets due to the rising penetration of smartphones and laptops all around the world. More than 80% of the population owned a smartphone in 2022, which accounts for about 6 billion of the total world population. The increasing investments, coupled with a rising count of e-commerce platforms will also propel growth in this category.

Payment Processing Solutions Market | P&S Intelligence

The BFSI category is projected to hold the largest share in the payment processing solutions market, accounting for one-fourth of the end use segment share in 2030. By making the banking process convenient and swift, and removing extensive paperwork, there is a high use of these solutions in the finance and banking industry. Furthermore, they offer payroll processing, liquidity management, and easy online transactions such as payments and transfers.  Moreover, the popularity of advanced payment processing solutions among banks and fintech firms will propel market growth.

The highest revenue in the payment processing solutions market was generated by APAC in 2021, accounting for approximately $40 billion. The market will continue this trend, exhibiting the highest CAGR in the forecast period owing to greater adoption of e-wallets and cards, surging internet services, and rising smartphones use. All of this goes hand in hand with enhanced government support in these countries and a skyrocketing count of daily transactions in countries such as South Korea, China, and India further augmenting the APAC market growth.

Hence, rising e-commerce sales and surging internet penetration will create lucrative opportunities for the market players to remain highly competitive.

Read More

APAC is Leader in Contact Center Software Market

In 2021, the contact center software market was $23,161.7 million, and it is likely to advance at an 18% CAGR from 2021 to 2030 and reach $102,751.5 million. The industrial growth can be mainly credited to the surging incorporation of AI-powered software into cloud-based contact centers, to augment customer experience. Furthermore, businesses influence smart technologies, like mobile supercomputing, ML, and AI, to quicken the fourth industrial revolution, which, in line has a positive impact on the need for contact center software.

Contact Center Software Market Outlook 2022-2030

The pandemic outbreak positively impacted the contact center software market. The general number of calls to the contact centers increased to a great extent in times of crisis. According to a report, contact centers observed 300% more calls than normal in the early stages of the COVID-19. This made businesses invest in software to automate processes. Moreover, more than 81% of people contemplate robotic automation together with bots, tremendously significant features with the aim of propagating the evolution in demand for software, as per a survey.

The increase in the adoption of internet-based services has brought about a rise in the increasing acceptance of cloud-based software by numerous organizations. The cloud-based system is so adaptable that it permits representatives to connect across channels and places with clients and access their info immediately. The software also removes the necessity for the round-the-clock occurrence of representatives or managers in offices. Likewise, safety and dependability are the two key selling points of this software, letting companies accept it.

The contact center software market is dominated by North America. The market is predicted to create a $38,015.7 million revenue in 2030, observing a CAGR of 17.7% from 2021 to 2030.  According to a report, companies in the U.S. lose in excess of 100 billion dollars from the process of consumer switching. This makes it enormously important for businesses to optimize their client services and offer solutions catering to their necessities, which, in turn, they are accepting contact center software in large numbers.

With the increasing integration of AI-driven software into cloud-based contact centers, and to augment customer experience, the demand for contact centers software have been increasing. 

Read More

How Growing EV Adoption is Propelling Demand for Mobility-as-a-Service Market?

By 2030, the mobility-as-a-service market is predicted to achieve a $519,697.5 million size, growing massively from $128,489.2 million in 2021. It is projected to grow at a 16.8% CAGR between 2021 and 2030, owing to the rising awareness about urban road congestion, greenhouse gas emissions, economical aspects, and convenience of MaaS. With an increase in the number of government initiatives to enhance their transportation efficiency, there is a rise in the adoption of MaaS.

The rising urbanization rate will push the MaaS market on the path to prosperity. As per the UN, by 2050, 68% of the world’s population will live in cities. This would aggravate traffic congestion on roadways in the coming years. By the efficient utilization of the private and public transportation infrastructure, MaaS would reduce traffic congestion. Even after expending over $500 billion on the widening and emergence of new roadways,  overcrowding in metropolitan places increased by 144% from 1993 to 2017, a study by Transportation for America showed. 

Mobility-as-a-Service Market Report 2022-2030

The ride hailing category accounted for over 50% revenue share in the mobility-as-a-service market in the past. The paradigm shift from offline systems to online systems, coupled with growth in the travel and tourism industry, is propelling the demand for the service. Additionally, the micromobility category is predicted to witness the fastest growth in the future. The pandemic has increased the average micromobility journey distance by 26%, due to a shift in the use cases to a more-specific level, such as excursions to pharmacy. 

In the past, APAC was the highest-revenue-generating region in the mobility-as-a-service market, with more than 40% share. To foster a greener environment, there was a surge in the usage of EVs on various platforms across Chinese cities in 2021. The market in China will witness tremendous growth due to the constant support from the government’s policies and initiatives. China is notorious for its alarming air quality, which has compelled the People’s government to take initiatives to clean it. 

Hence, with a rise in the awareness about road congestion issues, environmental sustainability, and greenhouse gas emissions, the market will get a boost in the future.

Read More

Digital Transaction Management Market Driven by Skyrocketing Consumer Demand for Digital Banking Solutions

The global digital transaction management market was valued at $8,051.2 million in 2021, which is set to reach $53,339.4 million by 2030, advancing at a 23.4% CAGR from 2021 to 2030. This is owing to the increasing adoption of cloud-based payment processing solutions and skyrocketing consumer demand for digital banking solutions. Other major drivers for this market include a gradual shift toward workflow and process automation across various industrial sectors. 

Digital Transaction Management Market Report by P&S Intelligence 

Enterprises all around the globe are seeking to employ efficient business procedures that can be executed with utmost precision. Thus, DTM solutions can assist organizations to enhance customer experience by reducing transaction times, and creating opportunities for the digital transaction management market growth over the forecast period. In the future, the market is predicted to grow because of the increasing adoption of various methods and electronic tools by businesses around the world to improve everyday document-based tasks.  

In 2021, the BFSI sector accounted for 29% revenue share in the market, under segmentation by end use. Since DTM assists in pacing the banking process, by eliminating a lot of paperwork, it has become popular in the banking and finance industry. Moreover, banks are beginning to adopt digital consumer solutions for bringing down the dependency on conventional banking methods, influencing mobile banking, and improving personalization. Almost all banks now have a mobile app or allow for electronic payments via cards or internet banking.

North America is the highest revenue generator in the digital transaction management market, accounting for approximately $3,087.2 million revenue in 2021. It is projected to grow at a CAGR of around 22.2% during the forecast period owing to its preliminary adoption of economical DTM solutions. The region has major key players, such as PayPal Holdings Inc. and Microsoft Corporation, that are the flag-bearers of the adoption of advanced technologies, such as near-field communication and contactless transactions. 

Hence, the increasing adoption of cloud-based solutions and skyrocketing consumer demand for digital banking solutions will together propel the market.

Read More