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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The Meteoric Rise of Mobile Gaming: Transforming the Global Gaming Industry

In recent years, mobile gaming has surged in popularity, becoming one of the fastest-growing segments in the gaming industry. With billions of people worldwide enjoying a wide variety of mobile games on their tablets and smartphones, it's essential to examine the impact of this trend on the gaming sector and beyond.

According to the latest market research study published by P&S Intelligence, the mobile gaming market is experiencing significant growth and is projected to reach USD 184.8 billion by 2030.

Introduction to the Rise of Mobile Gaming

Mobile gaming is gaining momentum due to its convenience and accessibility, providing an affordable alternative to traditional gaming that anyone can enjoy. Mobile games are easy to download and can be played on the go, making them an ideal source of entertainment for people with busy lifestyles. Additionally, with the widespread use of tablets and smartphones, more people than ever have access to mobile games, leading to a remarkable increase in market popularity.

Impact on the Gaming Sector

Mobile gaming has significantly disrupted the gaming sector by offering a new platform for developers to create games optimized for mobile devices. As a result, game developers are increasingly focusing on making mobile games that are easy to play, simple to navigate, and provide an excellent gaming experience.

This shift has led to a surge in the number of games available on mobile platforms, changing how people play games and how developers approach game creation. Moreover, the rise of mobile gaming has driven the development of cross-platform games, allowing gamers to enjoy games on both mobile devices and traditional gaming platforms like PCs and consoles.

24–44-Year-Olds: The Dominant Mobile Gamer Demographic

The 24–44 age group dominates the mobile gaming market due to their higher adoption of advanced technology. Additionally, most smartphone users fall within this age range, as they are typically tech-savvy and eager to try new products. The release of new smartphones with enhanced features that support advanced games influences gamer engagement, as these devices offer an improved user experience.

Reflection on the Future of Mobile Gaming

The future of mobile gaming looks incredibly promising, with the sector expected to grow significantly. The rise of mobile gaming has paved the way for new and improved opportunities in the technology and entertainment sectors.

With technological advancements, mobile gaming is expected to become even more sophisticated and interactive, offering gamers an even better experience. Furthermore, mobile gaming has opened new avenues for game developers to create games that are more accessible and inclusive, leading to a more diverse gaming landscape.

The development of mobile gaming has transformed the gaming sector, providing an easy and accessible way for people to enjoy games. However, it's important to be aware of potential drawbacks and to approach mobile gaming in moderation.

With new opportunities for the entertainment and technology industries to explore, the future of mobile gaming is bright. It will undoubtedly have a significant influence on the gaming industry and beyond in the years to come, as more and more games are played on smartphones.

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Collaborations and Technological Advancements Propel Optical Satellite Imaging Market Growth

According to the latest market research study published by P&S Intelligence, the optical satellite imaging market was valued at USD 1,402.9 million in 2023, which will increase to USD 5,733.8 million, advancing at a 24.3% compound annual growth rate, by 2030.

The increasing need for high-resolution imagery is a key factor for the industry expansion. The need for high-resolution imagery is rising across the globe for earth observation, defense, and commercial applications. 

Governments and organizations rely on optical satellite imagery to track environmental changes, manage urban development, and coordinate disaster relief processes.

The ISRO recently declared initiatives to launch 50 satellites for geo-intelligence, which shows the significance of optical satellite imagery in national security & development plans.

The ESA and the European Commission's Copernicus program offer widespread earth observation data for environmental and security purposes, portraying the importance of satellite imagery in managing and addressing local and global challenges.

collaborations and partnerships are major trends being observed in this industry. Several key companies are entering into partnerships and collaborations to enhance their abilities and positions in the industry. 

In April 2023, Ball Corporation teamed up with Loft Federal and Microsoft under the Space Development Agency’s NExT contract. 

This initiative entails developing an experimental testbed consisting of 10 satellites set for launch in 2024, demonstrating collaboration across diverse sectors to propel satellite technology forward.

Key Insights

• North America accounted for the largest share of the industry in 2023, of approximately 60%. This is because of robust government and defense funding, a solid culture of innovation, and the grouping of technological leadership.

• The continent has reputable aerospace and satellite firms, together with some startups, which are enhancing satellite imaging abilities.

• The government is funding in space exploration and defense to improve satellite technology and attain greater imagery analysis.

• APAC will continue to advance at the fastest compound annual growth rate, of 28.1%, during this decade. 

• The key factor behind this includes the increasing count of commercial applications, progressing technology, a robust focus on disaster management and environmental monitoring, and government initiatives.

• The visible spectrum led the industry in 2023, with more than 70% share, and it is also advancing at the fastest CAGR. This is because of the greater resolution of the visible spectrum compared to the NIR spectrum.

• The commercial sector was the largest contributor in 2023, with approximately 80% share, and it is also growing at the fastest CAGR. This can be because satellite imagery is dynamic and has various usages. 

• This category significantly profits from the improvements in satellite imaging technologies that meet different requirements like real estate, agriculture, environmental monitoring, and insurance.

• High resolution accounted for the leading share of the industry in 2023, of more than 65%. The category is also propelling at the fastest compound annual growth rate. 

• This can be because comprehensive imagery with a better resolution is important for applications that require high precision like environmental monitoring, security, urban planning, and precision agriculture.

• The optical satellite imaging industry is consolidated and dominated by key companies. 

• Large investments, new product launches, partnerships, and mergers & acquisitions, are being employed by the major companies to improve their presence. 

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V2X Cybersecurity Market to Skyrocket to USD 890.2 Million by 2030 with a 52% CAGR

The V2X cybersecurity market achieved revenue of USD 47.6 million in 2023, and it is expected to grow at a rate of 52.0% during 2024–2030, reaching USD 890.2 million by 2030. It is because of the improvements that V2X technologies and the connections among automobiles have that this is happening.

Cellular vehicle-to-everything (C-V2X) is the technology that makes communication between cars with each other and with many elements of the surrounding area possible, using a single platform, Cellular. It allows for a safer driving experience, improving traffic flow efficiency and enabling autonomous driving. These features are why it is considered by many to be a basic component of connected and autonomous vehicles.

Like before, the cars can listen to the traffic alters on the vehicles which are equipped with C-V2X and utilize the information to navigate towards the roads with the least traffic. These facilitate a smoother flow of traffic and superior transportation efficiency, thereby introducing the wrinkle of vulnerability which viz.

Machine-to-machine communication (V2X) is what increases road safety because it is the real-time communication between smart vehicles. This stops vehicles from hitting each other as they can sense the presence of objects ahead and change the path. It warns drivers of the hazardous step, and it calls for them to take part in insurance to prevent accidents.

Key Insights

• DSRC holds a larger market share of around 65% in 2023.

• DSRC enables direct communication between cars without intermediary networks, improving information flow speed and efficiency.

• This communication means speed, allows for consistency in V2V (Vehicle-to-Vehicle) and V2I communication, and works just as well during hazardous weather.

• Exchanging DSRC permits the vehicles to ascertain the validity of received messages and any dubious activities are also notified to the drivers about it.

• While a cellular communication growth rate of 52.3% is projected for the 2024–2030 period, it is anticipated to rise quickly.

• It is because of the automotive or transportation 5G technology enhancements and vehicle system security policy against cyber dangers.

• V2V (Vehicle-to-Vehicle) communication held the largest market share of around 40% in 2023 due to the increased use of telematics systems in vehicles.

• V2G (Vehicle-to-Grid) communication is expected to be the fastest-growing category, with a predicted CAGR of 52.7% during 2024–2030.

• Endpoint security is the largest category with a 50% share in 2023 due to its role in setting rules for devices before they can connect to a network, ensuring compliance with policies.

• On-board units (OBUs) dominated the market in 2023 with advanced security mechanisms like encryption and authentication protocols for secure communication and data protection.

• The roadside unit (RSU) category is expected to witness a higher CAGR of 52.2% during 2024–2030, facilitating real-time data exchange between vehicles and infrastructure for traffic management and road safety.

• Public Key Infrastructure (PKI) is the larger category with an 80% market share in 2023, offering robust security measures like encryption and authentication through certificates in V2X communication.

• APAC held the largest share in the V2X cybersecurity market in 2023 due to increased sales of V2X-equipped vehicles, creating opportunities for automotive OEMs and software vendors.

• North America is expected to be the fastest-growing market with a CAGR of 53.0% during 2024–2030, driven by high automobile demand and investments in automotive cybersecurity.

• North America benefits from an established IT infrastructure and numerous automotive software companies, facilitating the availability and usability of cybersecurity solutions in the region.

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U.A.E. Property Management Software Market to Hit USD 112.3 Million by 2030, Driven by SaaS and Cloud Adoption

The U.A.E. property management software market was valued at USD 68.2 million in 2023, and it will touch USD 112.3 million, advancing at over 7.3% CAGR, by 2030.

This growth is because of the increasing need for the software-as-a-service (SaaS) model of property management, surging construction activities, and growing demand for remote property management.

The arrival of cloud technology is a key innovation in the software sector. Cloud technology has significantly impacted the means software applications are delivered to customers. 

This transformation has allowed software developers to emphasize more on the technology part of software while outsourcing the management part to cloud service providers.

Cloud computing and software-as-a-service (SaaS) incorporated services have increased fame as a way of delivering services. Establishments of all sizes will profit from subscription-based SaaS solutions. 

Companies operating in this industry are progressively turning to SaaS solutions to streamline procedures by automating workflows as well as manual input.

The application of cutting-edge technologies in property management software is a major trend being observed in this industry.

The implementation of AI in property management software can reduce cost and time. Building operations can be data-driven, a method that can assist property owners examine and organizing their data for enhanced customer services.

Key Insights

• The services category will propel at a higher compound annual growth rate, of 7.2%, during this decade. 

• In 2023, the deployment and integration category accounted majority of the share, and the category will further advance at a healthy rate in the coming years. 

• This can be credited to the increasing employment of software through companies’ cloud stations and the fact that they simplify their work-associated incorporation.

• The rising need for cloud-based enterprise presentations and growing demand for cloud computing services have further assisted this category expansion.

• In 2023, the deployment of software through the cloud accounted for the larger share of the industry, and it will further grow at a higher rate, of 6.9%, in the coming years.

• The surging data production via websites and mobile apps, increasing emphasis on developing customer-centric applications, to improve customer satisfaction, and the growing requirement to reduce OPEX and CAPEX are driving this category.

• Property managers was the larger contributor to the industry in 2023, with more than 70% share, and it will further advance at a higher rate, of 7.2%, in the years to come. 

• Property managers have become the major users of property management software because it enables them to maintain various tasks across many commercial and residential properties, to make their tenants pleased and willing to renew their agreements.

• The U.A.E. property management software industry is competitive with a mix of local and international players providing property management software solutions.

• Major players are partnering with other players to enhance revenue generation. 

• For example, RealPage Inc. has partnered with Airbnb to introduce a solution named “Migo”, to make housing more inexpensive. 

• The solution provides the technology to make it easier for property owners and residents, by incorporating with service providers to make Airbnb work better in apartments.

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