Market Leadership - Wearable AI Market

 

The wearable AI market is projected to reach USD 42.4 billion by 2023 from USD 11.5 billion in 2018, at a CAGR of 29.75% during the forecast period. Major growth drivers are increase in demand for AI assistants, augmentation of operations in healthcare industry, emergence of IoT and integration of wireless technology, growth prospects of wearable component technology, and increase in consumer preference and demand for advanced wearable devices.

Key players in the wearable AI market include Apple (US), Samsung (South Korea), Google (US), Microsoft (US), Sony (Japan), Garmin (US), Fitbit (US), Huawei (China), Amazon (US), IBM (US), and Oracle (US). Product launches and developments, and partnerships and collaborations were the key strategies adopted by players to grow in the wearable AI market from 2014 to 2017.

Top 2 players in the wearable AI market:

Apple has been at the top position because of its existing market share in consumer electronics and high financial power. The company’s strong market position characterized by its strong brand equity coupled with technical expertise and broad offerings in the wearable AI market. Well-established market with large customer base and community imparts a significant competitive edge. The company manufactures its wearable devices and supports them with its own OS, AI solutions, and services. The company is self-sufficient in all the possible ways. With leading innovations in devices, controls, sensors, data analytics, and advanced solutions, the company focuses on opportunities in the wearable AI industry. Also, the company is financially stable with a sound liquidity position. This enables the company to make huge strategic investments in different types of emerging technologies such as artificial intelligence and machine learning. For instance, in June 2018, the company updated the Apple watch with watchOS5. The company introduced new activity and communication features such as auto workout detection, Wi-Fi, and cellular connectivity with the launch of watchOS.

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Samsung ranked second in the market. The company is one of the leading providers of wearable technologies. Along with better sensing technologies in wearable, the company has been consistently focusing on developing AI technologies and bringing innovative wearable devices to the market. To grow their customer base and overall business revenue, the company largely adopts product launch as its main business strategy.  For instance, in March 2017, the company launched its own voice-powered digital assistant called Bixby in competition with different virtual assistants from Apple, Amazon, and Google. Presently, Samsung is aggressively expanding its R&D facilities and investments specifically dedicated to AI with a launch of new research centers in the UK, Canada, and Russia to accelerate the development of AI technologies. Furthermore, the company faces intense competition for wearable products in different subcomponents, which includes operating systems (OS), and hardware from companies such as Google, Sony, and Apple. By focusing more on wearable devices and operating systems on smartphones, the Samsung Group manages to reduce the costs of wearable devices largely.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Speaker Driver Market worth $29.3 billion by 2025

 

According to MarketsandMarkets research report "Speakers Driver Market With COVID-19 Impact by Device Type (Headphones/Earphones, Mobile Phones/Tablets, Smart Speakers), Driver Type (Dynamic Driver, Balanced Armature Driver), Size, Application, and Geography - Global Forecast to 2025", The global Speaker Driver market size is projected to grow from USD 25.9 billion in 2020 to USD 29.3 billion by 2025; it is expected to grow at a CAGR 2.5 % (Value) from 2020 to 2025. Major factors driving the growth of the market include the increasing demand for smartphones owing to the surge in the adoption of audio and video streaming services and the growing popularity of True Wireless earphones. Opportunities for the Speaker Driver market include the increase in the sale of smartphones owing to the expansion of the 5G network; and the release of new headphones and earphones as a result of new advancements in wireless technology standards such as the new Wi-fi 6 and Bluetooth 5.2.

The Headphones/Earphones segment is expected to account for the largest size (Value) of the Speaker Driver market from 2020 to 2025.

As the demand for wireless and small-sized earphones has increased among fitness enthusiasts, the supply for earbuds has increased, leading to an increase in the demand for speaker drivers. Usage of earphones and headphones for fitness activities under various environmental conditions, such as rain and dust, has influenced manufacturers to add durability to their products with a certain (ingress protection) IPX rating—a safety rating to offer protection against dust and water. For instance, JLAB’s (US) Epic Air Sport is integrated with an IP66 rating for dust and water resistance.

The Others application segment of the Speaker Driver market, including banking, travel and tourism, hospitality, and education is projected to grow at the highest CAGR (Volume) during the forecast period.

Smart speakers are also used in applications such as banking, travel and tourism, hospitality, and education in the coming years, which is expected to create lucrative opportunities for speaker driver manufacturers.

For example, by 2018, the US Bank allowed customers to check balances, pay bills and, in the near future, send money just with the help of voice commands. Similarly, Capital One lets owners of Amazon’s Echo smart speaker system pay their bills and get other account information through voice commands. With some North American Banks already using smart speakers, there is an expectation for many more banks across the globe to begin collaborating with smart speaker companies, thus leading to an increase in the demand for speaker drivers.

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The Speaker Driver market in APAC is expected to account for the largest size (Volume) of the Speaker Driver market in 2020.

APAC is home to several major headphone/earphone, smartphone, smart speaker, loudspeaker, and tablet manufacturers that are focusing on new product launches and developments to cope up with the increasing competition in the market and changing consumer preferences. Some of these players include Samsung Electronics Co., Ltd. (South Korea), Huawei Technologies Co., Ltd (China), Xiaomi(China), Oppo (China), Vivo (China), and Sony Corporation (Japan), Amazon (US), and Google (US). Chinese players (Alibaba, Xiaomi, and Baidu) in the market are competing with the American smart speaker brands such as Google and Amazon. For instance, in May 2020, Alibaba Group Holding Ltd has made an investment of 10 billion yuan (USD 1.41 billion) in an AI (artificial intelligence) and IoT (Internet of Things) system centered around its Tmall Genie smart speaker. This is part of its plan to continue its push into new technologies and business sectors beyond online shopping. As a result of this investment, it is expected to release several new and upgraded models during the forecast period, thus leading to an increase in the demand for speaker drivers.

Key players in the Speaker Driver market include Sennheiser Electronic GmbH & Co. KG (Germany), Samsung Electronics (South Korea), Sony Corporation (Japan), Knowles Electronics (US), Goertek (China).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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3D Systems (US) and Natural Machines (Spain) are the Top 2 Players in the 3D Food Printing Market

 

The overall three-dimensional (3D) food printing market is expected to be valued at USD 425.0 Million by 2025, growing at the CAGR of 54.75% between 2018 and 2025. Increasing demand for 3D food printers and three-dimensionally printed food from hospitality industry pose a key opportunity for the market. The benefit of getting food rich in specific nutrients, growing market for customized food, and rising demand from the healthcare applications are some of the key factors driving the 3D food printing market.

The key players operating in the 3D food printing market include the major players striving for development of 3D food printing technology; these players are TNO (Netherlands), 3D Systems (US), Natural Machines (Spain), Systems And Materials Research Corporation (US), By Flow (US), Print2taste GmbH (Germany), Barilla (Italy), CandyFab (US), Beehex (US), Choc Edge (UK), Modern Meadow (US), Nu Food (UK), and North branch Everbright (China). Most of the leading companies focus on the organic growth strategies such as new product launches and developments and inorganic strategies such as agreements, partnerships, and collaborations to boost their revenues.

Top 2 players in the 3D food printing market:

3D Systems (US) holds a leading position in the global 3D food printing market due to its wide geographic presence and strong R&D capabilities, with offices and distributors spread across more than 80 countries including US, France, Germany, Italy, Switzerland, the UK, China, Korea, and Japan. 3D Systems Corp. is a provider of design-to-manufacturing solutions for 3D printing. The company offers 3D printers, Quickparts solutions, 3D authoring tools and scanners, bespoke modeling, and team platform. The company also provides solutions for healthcare applications, such as end-to-end simulation, training and planning, and printing of surgical instruments and devices for personalized surgery and patient-specific medical and dental devices. 3D Systems presents a broad portfolio of printers which includes stereolithography (SLA) printers, selective laser sintering (SLS) printers, direct metal printing (DM) devices, multi jet printing (MJP) devices, color jet printing (CJP) devices, film transfer imaging (FTI) printers, and plastic jet printing (PJP) devices.

3D Systems have set up 3D Systems Culinary Lab. The lab is learning, collaboration, and exploration space, where chefs and food innovators experience the intersection of their traditional craft and 3D printing. This unique asset is a testing ground where the food industry helps create a culinary ecosystem involving the adoption of 3D printed food and mixology of the future. This shows the company’s growing interest in the 3D food printing market. The company has also partnered with the Culinary Institute of America (US) to explore the intersection of 3D printed food and traditional artisan culinary methods. The company’s 3D food printer, named, ChefJet Pro is capable of printing many food items including chocolates and candies. Along with its capability to print a variety of food items, the global presence of the company is likely to help the company to compete strongly with other regional players. In 2015, the company acquired Cimatron Ltd. (Israel), a provider of integrated 3D CAD/CAM software and solutions; the acquisition was worth USD 77,984. The operations of Cimatron have been integrated into the company’s products and service revenues segments, which is further expected to help the company to strengthen its market position.

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Natural Machines (Spain) is a start-up and manufacturer of 3D food printer, named, Foodini. In December 2013, the company announced the development of its 3D food printer. The company’s food printer makes use of the fresh ingredients to make three-dimensionally printed food. The printer has a touch screen interface about the size of the iPad mini. It also has 5 capsules for a different type of food ingredients such as dough and chocolate, and various types of fillings that can be filled in the form of a paste. The company is working aggressively on R&D and planning to launch its product for commercial use as soon as possible. The company is now working on promoting the product to make the consumers aware of the benefits of using a 3D food printer over traditional cooking. On the technical side, the company is currently working on enhancing the functionality of its product by reducing the print time and increasing the number of the capsule that can fit into the printer.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

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Market Leader - Document Management Systems Market

 A document management system is a system that is used to track, manage, and store documents or images of documents. These systems maintain records of various versions of documents created and modified by different users. Document management systems are mainly used for the storage and retrieval of self-contained electronic data sources in the document form. These systems are designed to help organizations manage the creation and flow of documents through a centralized repository.

The major factors driving the growth of the document management systems market include the increasing need to streamline business operations, benefits of digitalizing content across enterprises, increasing need to adhere to compliance requirements, and the increasing adoption of cloud-based services and cloud computing

The rising implementation cost acts as a restraint to the greater deployment of document management systems whereas data migration from legacy systems to cloud-based content management poses a major challenge for the market. The document management systems market is expected to be valued at USD 3.59 Billion in 2017 and reach USD 6.78 Billion by 2023, at a CAGR of 11.17%.

The document management systems market is segmented on the basis of offerings, which includes solutions and services. Based on organization, the market includes the small and medium-sized enterprises (SMEs) and large enterprises segments. The growth of document management systems among SMEs is projected to be steady during the next five years, mainly because the deployment of innovative technologies such as Social, Mobility, Analytics, and Cloud (SMAC) by new entrants in the market is compelling existing players to modernize their traditional IT infrastructure to meet changing customer requirements.

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Based on deployment mode, document management systems are segmented into on-premise, cloud-based, and hybrid types. Of these, the hybrid solutions segment is expected to grow at the highest rate.

The document management systems market, on the basis of geography, has been segmented into four main regions-North America, Europe, APAC, and the RoW. North America is expected to dominate the document management systems market during the forecast period, while the market in APAC is expected to grow at the highest rate.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

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USA: 1-888-600-6441

Modular Instruments Market by Platform Type (PXI, AXIe, VXI) - Global Forecast to 2023

 

The modular instruments market was valued at USD 1.12 billion in 2017 and is expected to reach USD 2.11 billion by 2023, at a CAGR of 9.6% during the forecast period. The base year considered for the study is 2017 and the forecast period is from 2018 to 2023.

Increased demand for deployment of LTE from telecommunications sector

The demand for wireless technologies is fueled by developments in the wireless communications industry, such as long-term evolution (LTE), increased adoption of smart devices, higher mobility, and the explosive growth of mobile data traffic. Despite lesser power requirements, newly evolving smart devices transmit large amounts of rich data that demand latency and responsiveness of LTE networks.

The need for accuracy and the drive to deliver best possible results to customers have led to the creation of new modular instruments. In the communication and networking sector, an orbital shift from providing primarily voice-based services to offering integrated voice, video, and data services has necessitated the need for solutions to test performance and capacity of undergirding networks. The transition to fourth-generation (4G) network, with advanced modulation and antenna techniques, has improved services and quality. Ongoing R&D activities in cellular technologies such as for LTE, long term evolution advanced (LTE-A), and wired technologies, such as Ethernet and fiber optics, are the major factors driving this market.

Deployment of LTE is providing substantial opportunities for modular instruments manufacturers to capitalize upon. In order to achieve this, huge and technologically more advanced infrastructure is required; this is eventually expected to increase the use of modular instruments for testing LTE gateways and access points, especially in the wireless communication industry.

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Some of the other prominent players in the market include Giga-tronics (US), Elma Electronic (Switzerland), Asis Pro (Israel), Guzik technical Enterprises (US), Test Evolution Corporation (US), Adlink Technology (Taiwan), Chroma ATE (Taiwan), GOEPEL Electronic (Germany), Marvin Test Solutions (US), and Bustec (UK).

Telecommunications vertical is expected to create the highest demand for modular instruments market during the forecast period. Widespread demand for wireless technologies is currently driving the market for the telecommunications sector. The market is expected to grow substantially during the forecast period with the increasing subscriber base for different advanced technologies, such as WiMax, 3G, 4G, LTE, LTE-A, and 5G.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441

Global Footprint and Diversified Market Presence of Molex Inc. are Its Key Strengths in the Wired Interface Market

The Wired Interface Market  was valued at 6.30 billion units in 2017 and is expected to reach 8.78 billion units by 2023, at a CAGR of 6.2% during the forecast period. The said market was valued at USD 17.87 billion in 2018, and is expected to reach USD 34.72 billion by 2023, at a CAGR of 14.2% between 2018 and 2023. The market has been segmented based on component type, device, and geography.

Global footprint and diversified market presence of Molex Inc. are its key strengths in the wired interface market. The company is continuously developing new products in the wired interface market to establish its leading position in the market. In recent years, the company registered strong growth related to the automotive industry in North America, Europe, and Asia Pacific owing to its USB-based interface solutions. The company intends to collaborate with automotive suppliers to embed its wired interface solutions for connected automotive applications. Furthermore, the company has started to investigate the possible use of its wired interface portfolio in other applications such as drones and consumer devices. Thus, in coming years, the company is expected to focus on diversifying its product use for different applications through partnering with other stakeholders, respectively. In February 2018, Molex Inc. partnered with INVECAS Inc. to develop automotive infotainment media modules, which can be used for advanced automotive applications. 

Cypress Semiconductor Corp. provides a range of USB offering such as controllers, hub and Power Delivery products to its consumer devices end-users globally. Further, it has created an excellent client base of consumer devices manufacturers over the span of 20 years. In recent years, the company has focused on diversifying its USB product application into automotive and IoT devices. Furthermore, the company focuses on improving its product launch efforts through investing more in R&D activities. Thus, this has helped the company to market its product in less time as compared to its competitors. In March 2018, Cypress Semiconductor Corp. launched the EZ-PD™ CCG3PA controller that supports the PD 3.0 standard with programmable power supply (PPS) and Qualcomm’s Quick Charge (QC) 4.0 protocol, which enable new power source product designs to provide improved fast-charging user experience.

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Product launches and product developments have been the key strategies adopted by companies to strengthen their businesses and gain a competitive edge in the wired interface market. These strategies collectively accounted for a share of 90% of the overall growth strategies adopted by key market players between January 2015 and February 2018. In addition to product launches and product developments, companies in the wired interface market have also adopted certifications and partnerships to enhance their product portfolios and expand their sales and distribution networks. These strategies helped the companies significantly increase their market shares and strengthen their positions in the overall wired interface market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

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USA: 1-888-600-6441

Asset Integrity Management Market worth $24.2 billion by 2025

 The report "Asset Integrity Management Market with COVID-19 impact by Service (NDT, RBI, Corrosion Management, Pipeline Integrity Management, HAZID Study, Structural Integrity Management, RAM Study), Industry, and Geography - Global Forecast to 2025", size is projected to reach USD 24.2 billion by 2025 from USD 19.4 billion in 2020 at a CAGR of 4.5%. The major factors driving the market growth include the growing demand for asset integrity management in new offshore fields in deep waters, declining efficiencies of aging assets, and the need for securing operational safety in various industries, such as oil and gas and power. Additionally, the growth of the market can also be attributed to the increasing adoption of asset integrity management services to tackle the disruptions brought in by climatic conditions.

NDT segment to hold the largest size of asset integrity management services market from 2020 to 2025

The NDT segment is expected to dominate the asset integrity management services market over the forecast period. NDT plays an important role in various industries by assuring safe, reliable, and cost-efficient functioning of assets. These services are increasingly being used across the oil & gas sector by oil & gas exploration and production companies; offshore oil & gas structure fabrication contractors; onshore and offshore oil & gas pipeline operators, owners, and contractors. Similar to the oil & gas industry, the power industry has numerous aging assets that require testing to ensure compliance with regulations and stringent inspection procedures to achieve efficient and safe power generation.

The asset integrity management services market for the power industry is projected to grow at the highest CAGR during the forecast period

Asset integrity management services are implemented in many segments of the power industry to enhance safety and productivity and maintain the integrity of valuable assets involved in this industry. NDT services are used to inspect the integrity of pipelines, turbines, other assets included in the power industry. The need to meet the escalating energy demand driven by rapid industrialization and growing population, especially in Asia Pacific, has led to an increase in the number of power plants, and consequently, the demand for asset integrity management services.

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APAC to be the fastest-growing market for asset integrity management services during the forecast period

The asset integrity management services market in APAC is expected to grow at the highest CAGR from 2020 to 2025. APAC comprises China, Japan, India, and the Rest of APAC (RoAPAC). China is the largest market for asset integrity management services in Asia Pacific. The growth of the market is primarily driven by the increasing demand for oil and gas and the rise in merger and acquisition activities, which have increased investments in the regional energy sector. Moreover, India is focusing on offshore exploration and development and is auctioning its offshore blocks through the New Exploration Licensing Policy (NELP) rounds. Such activities are likely to drive the demand for asset integrity management services in the country. The implementation of lockdowns in several countries to contain the spread of COVID-19 has significantly affected the operations of end-user industries such as oil & gas, power, mining, and aerospace due to which the market for asset integrity management services is expected slowdown in 2020 in the Asia Pacific.

 

The key players operating in the asset integrity management services market include SGS SA (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), TechnipFMC plc (UK), Aker Solutions ASA (Norway), Applus+ (Spain), DNV GL (Norway), John Wood Group PLC (US), Oceaneering International, Inc. (US), and Fluor Corporation (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441