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Sustainable and Smart Technologies:
The global smart & sustainable technologies is one of the fragmented industries in the world which comprises several sectors such as communication, enterprise application, networking, payment, EdTech, computing & storage, testing, next generation technologies, and electronic security. These sectors have been witnessing radical transformation with companies focusing on research & development investments to ensure sustained growth.
Global Market Insights focuses on the technological developments in the smart & sustainable technologies industry. It also tracks changes & developments in the industry dynamics and covers market information regarding the following segments:
- Enterprise Application
- Next-Generation Technology
- Electronic Security
- Computing & Storage
Communication: Communication technology includes unified communication, cellular communication, industrial communication, optical communication, and telecommunication. Major organizations are moving away from traditional communication tools, such as email and telephone, to advanced tools such as collaboration software, unified communication tools, cloud telephony & cloud-based apps. Enterprises are emphasizing enhancing their customer experience through the integration of AI and machine learning technologies into their communication tools.
The rapid adoption of innovative communication tools across the BFSI, retail, IT & telecom, healthcare, education, and manufacturing sectors has propelled the market demand for innovative & robust communication tools. As enterprises are emphasizing their regional presence in newer geographies, the effectiveness of synchronous & asynchronous communication functions plays a vital role in ensuring a positive outcome for business processes.
- Unified Communication: It aggregates the communication services that people often use in a single interface. These services include email, instant messaging, voice, click-to-dial, presence, and videoconferencing. The unified communication market is expected to grow significantly due to the increasing demand to streamline customer service functions and ensure high-quality service delivery. The rising demand for cloud-based software solutions is also contributing to market growth.
- Cellular communication: Cellular communication involves the use of mobile phones for communication using 4G and 5G networks. The proliferation of 5G networks is due to the several benefits it offers, such as greater speed, low latency & better capacity, for remote execution. This factor is expected to fuel the cellular communication market growth.
- Industrial communication: It is a set of technologies and protocols (set of rules) used to allow various automation devices and machinery to interact with each other. Industrial communication networks are used in control systems to pass data between field devices and PLC, between different PLCs, or between workstations. The growing adoption of advanced communication protocols among industries also acts as a major driver of the industrial communication market. As digitalization among industries is increasing, the need for effective communication technology also arises.
- Optical Communication: Optical communication is a type of communication that uses light instead of electrical current to carry the signals to the remote end. Optical communication and networking use optical fibers to carry signals to their destinations. A typical optical communication and networking system uses a modulator/demodulator, transceiver, light signal, and a transparent channel. The optical communication and networking market growth is attributed to the growing internet traffic and the increasing demand for reliable internet connectivity across the globe. The growing development of new innovative technologies, such as IoT and Artificial Intelligence (AI), is driving the need for faster internet communication standards.
- Telecommunication: The exchange of information, such as voice, data & video, over significant distances by electronic means is called telecommunication. The adoption of SDN and NFV technologies in network infrastructure is also supporting the market growth. The rapid proliferation of the Bring-Your-Own-Device (BYOD) trend is also resulting in the growing demand for advanced telecom infrastructure equipment.
- Growing internet penetration, the surging adoption of smartphones, and the proliferation of cloud computing technology have created significant opportunities for the development of innovative communication tools
- Commercialization of the next-generation 5G network has improved the overall network speed of many wireless devices, supporting the market demand for real-time communication technologies
- The BOYD trend enables enterprises to access their resources remotely. The collaboration software increases the coordination between these remotely working employees, thus improving their productivity.
- Growing remote workforce and migration toward packet-based networks are supporting the VoIP market growth. The availability of robust cloud infrastructure will enable the rapid adoption of cloud-based/hosted VoIP solutions.
Networking: Networking involves technologies including SD-WAN, Wi-Fi-6, 5G, network automation, and AI enablement. These technologies are transforming the way enterprises manage their network infrastructures by offering improved performance & security. They also reduced complexities and the cost of various networking functions. The commercialization of 5G networks has significantly influenced the demand for wireless networking in digital payments, industrial networking, BYOD trend, and wireless communication.
The proliferation of advanced technologies, such as AI and machine learning, in networking devices has aided enterprises in managing their network infrastructures, reducing network downtime & improving business productivity. The significant development in various networking technologies has influenced new regulations related to data privacy & security.
- Enterprise networking: Enterprise networking comprises physical & virtual networks and protocols to connect users and systems on a LAN to the applications of an enterprise. An enterprise network reduces communication protocols, facilitates system & device interoperability, and improves internal & external enterprise data management. The enterprise networking market is growing as there is a shift toward wireless adoption, expansion of the mobile workforce, and internet penetration. Also, the expansion of virtualization technology and demands for smart devices are expected to improve the market growth.
- Industrial networking: Industrial networking refers to a network used to transfer data for factory automation and process control applications. The industrial ethernet networks include the Ethernet, Wireless, HART, Fieldbus Foundation, Profibus, Profinet, Safety Networks, Device Networks, and Modbus. The use of industrial networking solutions & services for the optimization of industrial manufacturing processes is expected to grow significantly over the forecast timeline. Industrial networking solutions help enterprises in identifying bottlenecks and potential delays in the value chain. This further enables companies to reduce lead times and increase damage performance.
- Network Virtualization: Network virtualization is the transfer of hardware-based networking resources to the software. The demand for network virtualization is expected to grow significantly due to the rising need among organizations to enhance their network management capabilities, reduce hardware costs, and improve application performance.
- The surging penetration of wireless devices has resulted in increased data traffic, burdening the existing network infrastructure. The development of advanced networking solutions has further enabled enterprises to prioritize network traffic to achieve specific business goals.
- Commercialization of the next-generation 5G network has improved the overall network speed of wireless devices, creating market opportunities for Cellular Vehicle-to-Everything (C-V2X), 5G private LTE networking, and 5G IoT
- Network automation has gained popularity across various enterprises due to the growing need for improved network bandwidth and visibility to improve the network performance
- Post-COVID-19, the rising work-from-home trend has enabled enterprises to focus on innovative communication tools and private networking options
Enterprise Application: An enterprise application is a software system platform that is designed and developed to be operated in a corporate environment such as government or business. With the use of enterprise applications, firms at any level (small, medium, or large) can optimize their resources, time, and employee management through automation. Companies utilizes enterprise application to integrate business areas such as Customer Relationship Management (CRM), Virtual Desktop Infrastructure (VDI), ERP and Supply Chain Management and Enterprise Asset Management. Its ability to offer accurate and real-time information flow among different departments of enterprises is majorly driving market growth. Enterprise applications is used by end-user industries including manufacturing, BFSI, healthcare, retail, telecom, government, aerospace, defense, and others.
Enterprise applications are evolving at a rapid space as they are progressing from mere conventional on-premises apps and shifting towards cloud computing technology including SaaS (Software as a Service) and PaaS (Platform-As-A-Service), to get better solution at reduced cost. Further, enterprises are also to design user-friendly applications. Increasing use of IoT devices is also increasing the use of IoT in enterprise applications. The major technological advancements happening is integration of technologies such as Artificial Intelligence (AI) which provides improved process efficiency, data driven organizational workflow, preplanning performance patterns and others benefits. Cyber security and IoT are also major factors considered in designing enterprise applications. Increasing research expenditure, user friendly software launch, acquisitions and designing secure applications are major factors considered by market players to cater rising demand for enterprise applications.
- Customer Relationship Management (CRM): Customer Relationship Management (CRM) applications is a software-based solution that is designed to assist enterprises by providing a complete picture of all customer interactions, keeping track of sales, organizing, and prioritizing activities, and facilitating collaboration between various departments. These solutions are deployed on-premises or on cloud and serve end-use industries including healthcare, manufacturing, BFSI, consumer goods, IT, and retail. Rising use of digital means by the customers to interact with products and brands is majorly injecting growth in the market and attracting investment from market players.
CRM solutions come a long way from just a customer data storage software to being an important source of relationship intelligence for the whole customer lifecycle. In order to move towards cost-cutting and better efficiency customers are shifting towards SaaS (Software-as-a-Service), PaaS (Platform-as-a-Service) and IaaS (Infrastructure-as-a-Service) systems. To meet customers changing needs and expectations CRM software are witnessing technological advancements. AI powered customer support is the major advancements spreading its reach across the market. AI based CRM software assist enterprises in customer service, lead management and next best option. In order to cater rising demand from enterprises due to increasing digitization, market players are focusing on steps such as collaborations with tech giants and investments in new technology to improve their CRM platforms.
- Virtual Desktop Infrastructure (VDI): Virtual desktop infrastructure (VDI) is a desktop virtualization technology wherein a desktop is managed in a data center. In VDI, a virtual desktop image is sent to an end point device over a network, by which a user can interact with operating system and its software, like they are running in the system itself. VDI is of two type, persistent ad non-persistent. Growing trend of workplace flexibility and remote working is injecting significant boost to VDI market across the world. BFSI, IT & Telecom, government, manufacturing, and retail are few of many industries using VDI solutions and services.
- ERP and Supply Chain Management: Enterprise resource planning (ERP) and Supply Chain Management (SCM) are software used by organizations to manage day-to-day business activities such as procurement, project management, accounting, risk management and compliance, and supply chain operations. SCM software governs every phase of supply chain process, beginning from planning to product manufacturing. ERP and SCM solutions are offered in the form of software or services to the enterprises, which are cloud-based or on-premise. Growing awareness regarding forecasting accuracy, supply chain optimization, and transparency in business processes are fueling demand for ERP and SCM solutions and services. ERP and SCM solutions are used by multiple end-user industries including automotive, manufacturing, food and beverages, retail, and consumer goods.
Integration of cloud-based services, Internet of Things and personalized solutions are some of the current trends that are gaining pace in the market meeting changing needs of the enterprises. Integration of IoT with ERP leads to greater supply chain management, increased insights, enhanced forecasting, improved asset maintenance and better energy management. Increased focus on cost effective solution is leading market players towards providing cloud-based services. Apart from this, big players are acquiring small players to strengthen their product portfolio I specific offerings such as process management.
- Enterprise Asset Management (EAM): Enterprise asset management (EAM) combines systems, services, and software to control organizational assets and equipment. EAM manages assets and supports their performance from beginning to end, including work orders, inventory, associated documentation, and possible maintenance. EAM solutions involve asset lifecycle management, predictive maintenance, work order management, labor management and others. Increasing need for extending the lifespan of assets with the help of technologies is majorly benefiting EAM industry. EAM solutions are widely used manufacturing, education, telecommunication, healthcare, energy, and utilities industry.
Emergence of indoor positioning system (IPS) is gaining significant pace in EAM industry. Indoor positioning has opened up a new dimension to asset tracking and is easier to access. IPS make activities such as indoor tracking, indoor mapping, and indoor navigation easy. Market players are majorly focusing on providing solutions that can solve underlying problem of particular company instead of offering a standardized product. Apart from this industry players are emphasizing on raising investment to expand their regional offerings and cater rising demand from different parts of the world.
Payments: Payment industry consists of infrastructure or network that enables businesses, consumers, and other organizations to transfer funds. It includes monitoring, storing, and transferring of financial data. The industry comprises digital banking & digital lending, cryptocurrency, mobile proximity payments, payment processors & gateways, and anti-money laundering/ fraud prevention & detection. The technologies such as digital banking and payment gateways are utilized across different industries including retail & e-commerce, BFSI, pharmaceutical, IT & telecom, industrial, government, and energy. Increasing use of online payment application or contactless payment methods from the consumers for completing transactions will accelerate the payments industry growth across the globe.
Growing focus from government authorities in transitioning to digital economy infrastructure will propel the industry expansion. Cloud-based storage of financial information supports the government in managing and monitoring all the transactional data seamlessly. Additionally, increasing focus from market players in improving the security aspects of the digital payment systems will fuel the industry growth. Companies are emphasizing on designing solutions that reduces chances of cyberattack leading to monetary losses or exposure of private information. Also, companies offering automated teller machines (ATMs) and related services are integrating cryptocurrency technology in the existing or new systems, enabling the individuals to buy and sell crypto assets. Generalization of crypto assets in daily transactional activities will drive payments industry.
- Cryptocurrency: Cryptocurrency or crypto, is any type of currency that exists virtually or digitally and utilize cryptography to secure transactions. It is organized and monitored by a peer-to-peer network known as blockchain that act as a secure ledger of transactions for selling, buying, and transferring. Some of the major cryptocurrencies are Bitcoin, Ethereum, Litecoin, Ripple, Monero, Dogecoin, and Stablecoins. The key stakeholders in the industry are merchants & consumers, investors, financial institutions, technology developers and regulators. Increasing awareness and popularity of cryptocurrency across the consumers will drive the market growth. The technology provides faster, and cheaper peer-to-peer payment options as compared to conventional money service businesses.
Increasing focus from technology developers in designing and developing intuitive wallet services and alternative cryptocurrencies, will propel the industry growth. Companies are emphasizing on building secure and easy to use cryptocurrency applications for completing transactions. In addition, introduction of supportive framework for trading cryptocurrency will expand the market in the future. Availability of favorable government regulation with essential digital infrastructure will increase the adoption of the technology. Rising internet penetration and smartphones leading to increase in number of digital payment applications or website users for completing transactions or buying stocks will create growth opportunities for the industry.
- Mobile proximity payments: The mobile payments in which the payee and the payer are in the same location, in which the communication between their devices occurs through a proximity technology such as Quick Response (QR) codes, Near Field Communication (NFC), and Bluetooth technology. The fundamental payment instrument can be a card or credit transfer. The industry encompasses payments that are both person-to-person and customer-to-business made, for example, at a car park, a merchant store, on public transport. Increase in adoption of internet-connected devices across different retail outlets and transportation hubs will accelerate the mobile proximity payments industry. Availability of smart devices enables the organizations to complete the payment process at a faster pace, thus avoiding bottlenecks.
Changes in the individuals preferences towards digital payments will spur market growth. Mobile proximity payments applications offer seamless method for completing transaction eliminating the hassle of carrying cash. In addition, Companies with mobile payment applications such as Google Pay, Samsung Pay, and PayPal are focusing on improving the security aspects to further drive the adoption. Mobile wallet developers are introducing attractive cashback and discounts for the users to encourage them to finalize the payment from their application. Also, government authorities are promoting the use of online or cashless mode of payment apps. The transition to cashless economy supports the governing bodies to build a robust and digital ecosystem for accelerating economic growth.
- Digital banking and digital lending: Digital banking include the digitization of conventional banking processes, products, and activities to cater the consumer through online channels. Services includes fund transfers, cash deposits & withdrawals, loans, and auto-debit/auto-credit activities. Digital lending technology enables the financial institutions to offer different type loans including personal, mortgage, automotive, and SME finance, from mobile apps or web platforms. The technology allows the borrowers to apply for the loan products from any internet-enabled device. Increasing focus from the financial institution to transition towards digital business model for catering the evolving customer requirements, will fuel the digital banking and digital lending industry growth.
Integration of advanced technologies such as AI and machine learning for enhanced patterns and trends analysis will drive the digital lending market growth. Financial institutes are using evolving technologies for improving decision-making, cost optimization, simplifying compliance for customer, and increase operational effectiveness. Additionally, digital banking services enables the corporates to manage cash and transactions across different banks. Digital banking technology reduces the complexity in conducting transactions and supports the corporate in maintaining payment records in an efficient manner. Growing use of smartphone application for bank-related activities will propel the digital banking and digital lending market. Banking institutes are introducing secured mobile apps that enables customers to complete different tasks including apply for loans and deposit money.
- Payment processors and gateways: A payment processor completes the transaction by transmitting essential information between customer, the merchant, the issuing bank, and the acquiring bank. It executes transactions from different mode of payments including credit cards, debit cards, and e-wallets. Payment gateway technology securely transfer the online payment information to the processor to resume the lifecycle of the transaction. Different types of payment gateway are hosted, non-hosted, and local bank integrated. Expansion of retail and e-commerce industry will propel the payment gateways and processors industry in future. Payment gateways can authorize payments for non-card transactions, usually for e-commerce websites. Consumers are using e-commerce platforms for shopping wide range of products.
Growing demand for instant mobile-based payments from customers will drive the payment processors and gateways market growth. Individuals are using e-wallets or NFC for payment activities owing to the ease of completing transactions. In addition, the availability of PCI compliant payment gateway portals will fuel the industry expansion. PCI complaint refers to adherence to a range of security standards that are designed to safeguard card information during & after a financial transaction. Increasing trust across consumers and organizations will create growth opportunities for the industry. Rising investment in fintech industry from venture capitalist for developing an advanced set of payment processors and gateway solution portfolio will spur market growth.
- Anti-money laundering (AML)/ fraud prevention & detection (FDP): AML refers to the set of activities financial institutions complete to meet compliance with legal regulations to dynamically monitor for & report any suspicious activities. It includes range of solutions such as compliance management, currency transaction reporting, customer identity management, and transaction monitoring. Fraud detection and prevention is a collection of techniques and processes to detect and prevent monetary frauds. Organizations use fraud analytics, GRC, monitoring & reporting, and identity & authentication solutions. Introduction of strict penalties on non-compliance with FDP and AML regulations from government authorities will create growth opportunities for the industry.
Increase in revenue loss due to multiple financial frauds and money laundering activities will propel the market expansion in future. Companies across BFSI, government & public sector, healthcare, IT & telecom, retail, and transportation sector, are actively using transaction monitoring solutions to avoid or report any case of financial fraud. Additionally, growing use of electronic and digital mode of payment from consumers and business will spur the FDP industry growth. Surge in digital transactions has increased the frequency of cyberattacks, which will drive the demand for identity and authentication solutions. Rising cases of illicit cross border money laundering is expected to accelerate the industry growth. Government authorities are using AML-based solutions to identify illegal financial activities between organizations.
Next Gen Technology: Next gen technology includes AI & Analytics, Machine learning, digital twin, DevOps, LiDAR, ad Li-Fi. These technologies are gaining popularity across the globe and are widely utilized across different industries including retail & e-commerce, BFSI, pharmaceutical, IT & telecom, industrial, government, and energy.
- Artificial Intelligence & Analytics: Artificial Intelligence (AI) is a field that combines computer science and large datasets to solve problems. AI algorithms include machine learning and deep learning subfields that aid in making predictions or classifications based on the input data. The increasing adoption of AI in healthcare, automotive, education, retail, BFSI, and manufacturing to optimize various processes is propelling industry growth. Rising investments in AI technology by digital-native leaders and technology companies, such as Google, Amazon, and Apple, are also expected to drive industry growth. They are jointly investing in a wide range of AI applications from robotics to machine learning, virtual assistance technology, self-driving cars, natural language processing, and computer vision. High investments by technology companies in R&D for enhancing AI capabilities will create a positive market outlook.
Analytics is a branch of computer science that employs machine learning, statistics, and math to discover meaningful data trends. Analytics, also known as data analytics, is the process of combing a large volume of data sets to explore, interpret, and develop new insights. Leading companies use analytics to monitor and enhance every aspect of their operations, from marketing to supply chain, in real-time. Advancements in analytics technology are creating new opportunities as they are predictive, self-learning, and adaptive, helping users to understand data patterns. The increasing deployment of analytics in various industries offers results that are intuitive and uses visualizations that autonomously explore data.
- Machine Learning: Machine Learning (ML) is a subfield of Artificial Intelligence (AI) and computer science that uses data & algorithms to emulate how humans learn, gradually improving its accuracy. Machine learning provides systems the ability to learn, make predictions, and improve their algorithms. The rising demand for Software-as-a-Service (SaaS) owing to its benefits including reliability and scalability is expected to provide lucrative growth opportunities for the machine learning market as it can be integrated with cloud-based applications. Rising innovations and developments in ML technologies, such as Quantum Machine Learning, No-Code Machine Learning, Auto Machine learning, Tiny Machine Learning, and others, are expected to drive the market growth.
The demand for machine learning will increase as it is used in various industries including BFSI, healthcare, retail, agriculture, manufacturing, automotive, and transportation. The rising adoption of this technology in the healthcare sector is spurring the overall market share as it is being used to predict the probability of various diseases. It is used to generate quantitative insights for diagnosis in the field of reactive and proactive treatment, thus driving the market. Customers can access these tools without the need to own servers or purchase and install the necessary software as the penetration of cloud-based applications is increasing in various industries.
- Digital Twin: A digital twin is an immersive depiction of an object or framework that extends its lifecycle, is upgraded from real-time information, and aids decision-making through simulation, machine learning & reasoning. A digital twin is a virtual model created to precisely replicate a physical object. To mitigate the drawbacks of previous models, the manufacturing industry is gradually adopting Industrial IoT with digital twin technology to develop a complex architecture and also learn from historical information through AI and ML. This assists the manufacturing industries in increasing operational efficiency and revenue generation. The proliferation of digital technologies in the manufacturing sector is boosting market growth.
The integration of digital twin technology with IoT, AI, and cloud computing is anticipated to fuel growth. Companies are deploying AI and Industrial Internet of Things (IIoT) technologies to collect & analyze cognitive data from IoT devices and connected products, which can then be implemented in the digital twin model to recreate the effectiveness and usage of the existing system. This allows product engineers & designers to monitor product performance, identify problems, and accurately predict iterations of basic problems. The implementation of these technologies also assists organizations in improving operations and system productive capacity, improving the overall product performance.
- DevOps: DevOps is the collaboration of individuals, processes, and technology to provide continuous value to customers. Adopting DevOps practices and tools, allows teams to better respond to customer needs, boost the performance of software applications they build, and achieve business goals more quickly. The implementation of software development automation technologies, such as continuous integration and Continuous Deployment (CI/CD), is expected to drive the industry growth. The advancement of automation technologies across multiple industry verticals has increased the demand for DevOps tools. As software upgrades become more important in a digitalized landscape, businesses are embracing DevOps solutions for rapid development and deployment. Several factors including lower costs, flexibility, agility, and rapid application delivery are expected to drive the demand for DevOps.
Standardization of software updates and accurate estimation of delivery timelines are essential for large corporations to enable timely software deployment. The increased use of automation tools by global companies to minimize manual IT Services Management (ITSM) has created various opportunities. The growing prominence of automated testing and development tools has increased the need for management DevOps solutions. Development and operations analytics are also gaining traction as businesses use analytics to simplify the software delivery lifecycle and obtain deeper insights into automated software testing information. The growing demand for an efficient computing framework and total security while operating in physical, simulated, or cloud environments is expected to drive the DevOps market.
- Li-Fi: Light fidelity (Li-Fi) is also referred to as Visible Light Communication (VLC). It is a wireless optical networking technology that transfers data at high speeds using light. It makes use of visible light, ultraviolet (UV), and Infrared Radiation (IR). The system works with microcontrollers and Light-Emitting Diodes (LEDs) to convert light waves into electric signals. Photodetectors receive these signals and interpret changes in light intensity as data. Li-Fi systems provide a large bandwidth spectrum, faster speeds, improved data security, and less network & radio interference. The ability of Li-Fi to transfer large volumes of data without interfering with the existing radio frequencies will increase the market demand.
The automotive industry is expected to demand Li-Fi technology to enable Vehicle-to-Vehicle (V2V) communication in connected cars. V2V communication supported by Li-Fi technology will also aid autonomous vehicles in distinguishing between living and inanimate objects. The increasing use of Li-Fi in retail stores for interactive shopping experiences will support market growth as it provides mapping tools for the evaluation and visualization of pedestrian traffic. The increasing use of LED lamps in building lighting creates huge opportunities for Li-Fi-based applications. Li-Fi incorporates the capabilities of high-speed wireless data communication & interior lighting infrastructure as it is very cost-effective and widely used in smart buildings.
- LiDAR: Light Detection and Ranging (LiDAR) is a remote sensing technique that employs light in the form of a pulsed laser that is transmitted from a source (transmitter) and reflected from objects. The system receiver detects the reflected light and the Time-of-Flight (ToF) is used to create a distance map of the objects. When these light pulses are combined with other data collected by the airborne system, accurate three-dimensional data is generated. The LiDAR system enables scientists and mapping professionals to study man-made and natural environments with unprecedented precision & flexibility. Concerns about climate change and rising sea levels have boosted the importance of discovering more about coastlines through mapping solutions.
The introduction of software solutions that fulfill the increasing demand for LiDAR in mapping solutions for raw data processing and the creation of 3D models for several applications will spur industry growth. The rapid development of autonomous vehicles has created numerous opportunities for the automotive LiDAR sensor market growth. Sensors are widely used in self-driving cars to control braking, speeding, and safety mechanisms in response to changes in the external environment. The 'growing demand for 3D printing in the construction industry will drive the use of LiDAR. Governments in developing countries have also been actively executing projects using advanced mapping technologies, such as LiDAR, to produce high-resolution maps for engineering works and city planning projects.
EdTech: Education Technology (EdTech) combines educational practices and IT tools to enhance & facilitate learning at the global level. EdTech includes e-learning, mobile learning, virtual classroom, Learning Management System (LMS), and private tutoring.
- E-learning refers to a learning system that uses electronic devices and the internet to access an educational curriculum outside a traditional classroom. It allows technology to facilitate learning anytime & anywhere. The growing demand for immersive learning and hands-on training experience is driving the adoption of e-learning systems across industries. Moreover, the rising penetration of the internet and mobile learning in developed & developing countries will create new growth opportunities for the e-learning market.
- Mobile learning (M-Learning) refers to learning across multiple contexts through social & content interactions using personal electronic devices. M-learning focuses on interacting with portable technologies and the mobility of the learner. A rising number of E-book services and the rising demand for content digitization will boost the mobile learning market growth during the forecast timeframe. In addition, government initiatives & investments in the digital education system, rising smartphone sales, and improving network connectivity across the globe will create a demand for the mobile learning industry.
- Virtual classroom is an online classroom service that provides training and education-based functions to students and instructors. It allows the participants to communicate, share ideas, view presentations, and interact with other study-based resources to gather information. The rising demand for cloud-based virtual classrooms will drive the virtual classroom market.
- Learning Management System (LMS) is a software or web-based application used to implement, plan, and access learning processes. It provides instructors with features to monitor progress and conduct tests for applicants. It comprises two elements: a server that performs basic functionality and a user interface for instructors, students, & administrators to operate. Supportive government initiatives and the rising higher education & corporate sectors in North America, Europe, and Asia Pacific will create growth opportunities for the LMS industry during the forecast period.
- Private tutoring is a service provided by tutors to a single or a small group of students. This includes additional academic support to enhance individuals' academic performance. Students are trained by an expert teacher with deep knowledge and defined expertise in a particular subject or set of subjects. It uses personalized approach-based learning tools for students preparing for competitive exams to improve their employability skills. The rising enrollment of corporate professionals in private tutoring programs and a rising number of private colleges, schools & universities will propel the demand for private tutoring across the globe.
Testing: Testing techniques are used widely to compare the actual outcome with the expected outcome. The testing industry includes automation testing, software testing, Non-Destructive Testing (NDT), dynamic application security testing, fiber optic testing, manual testing, IoT testing, cloud testing, and ultrasonic testing, among others. The advent of Industry 4.0 and digitalization across the industrial manufacturing sector is driving the demand for embedded software applications to provide high efficiency & productivity in the industrial sector. The embedded software operates in real-time and prevents software failure that causes operation losses. Companies are also outsourcing automation testing services to develop bug-free software solutions, enhance productivity, and accelerate the demand for testing services during the estimated timeframe. The testing market growth is actively driven by the increasing business risks due to application vulnerabilities and cyberattacks. The increasing incidents of security breaches across the globe are encouraging organizations to deploy advanced application security testing solutions to mitigate the risks of outside attacks.
The testing sector is an umbrella of functional testing and non-functional testing. This further comprises system testing, unit testing, integration testing, smoke testing, regression testing, security testing, performance testing, usability testing, and API testing. Regression testing verifies the performance of the existing software and checks the functionality after the interface & updating with other software products. Mobile applications for online shopping, entertainment, money transaction, etc., also require continuous upgrades to enhance the user experience.
Electronic Security: The global electronic security industry, including enterprise security, cybersecurity & Firewall as a Service, has been witnessing radical transformation with companies focusing on research & development investments to ensure sustained growth.
- Cybersecurity: Cybersecurity is the system used to protect enterprise data, networks, processes, and applications from external threats & cyberattacks. The cybersecurity industry includes various detection & prevention tools such as Identity, Authentication, and Access Management (IAAM), network security, and infrastructure protection. Cybersecurity can be used across various application areas such as BFSI, IT & telecom, retail, transportation, IT & telecom, healthcare, and utilities.
The surging penetration of various wireless devices, such as smartphones and IoT devices, is fueling the cybersecurity market growth. The reduction in mobile device prices and growing advancements in network infrastructures across the globe are supporting the adoption of smart devices among enterprises & consumers. Different business enterprises are actively investing in cybersecurity due to the increasing incidents of cyberattacks. The increasing use of cloud & AI technologies and the growing demand for secure & reliable platforms are propelling the market growth. In the past few years, there has been an increase in cyber incidents, which has increased the demand for cybersecurity solutions & products globally.
- Enterprise security: It involves the use of various technologies, tactics, processes, and tools to protect the digital assets of enterprises from external unauthorized access. Enterprise security also includes policies and human resources to protect endpoint devices. The growing Bring-Your-Own-Device (BYOD) and work-from-home trends are posing major challenges across enterprises owing to the threat of unauthorized user access across the enterprise network infrastructure. Due to the above-mentioned factors, various enterprises are actively investing in cybersecurity.
- Firewall as a Service: Firewall as a Service (FWaaS) is a cloud-based firewall that offers advanced Layer 7/Next-Generation Firewall (NGFW) capabilities such as access controls, URL filtering, Intrusion Prevention Systems (IPS), advanced threat prevention, and DNS security. The Firewall as a Service (FWaaS) market is quite competitive with a mixture of small & large providers, security, and cloud providers. FaaS is considered the best for SMEs as it has an in-built feature of secure wireless LAN support that is mostly utilized by SMEs rather than larger enterprises. Currently, vendors are trying to focus on integrating features such as DLP, web applications, and email security.
The Firewall as a Service market is growing due to the increasing adoption of technologies such as BYOD, mobilization, and cloud computing. Also, the growing demand is due to its cost-effectiveness and real-time functionalities capabilities.
- The use of IoT devices is increasing in various end-user industries, such as healthcare, manufacturing, retail, BFSI & others, due to their advanced features. IoT devices are more vulnerable to cyberattacks. The increased risk of cyberattacks through IoT devices is supporting the cybersecurity market growth.
- The growing emphasis on protecting the enterprises' digital assets from external cyberattacks is enabling organizations to deploy advanced enterprise security tools. The surging market demand for the development of advanced network access control & encryption tools is another factor supporting the electronic security market growth.
- The rising adoption of BYOD & cloud, expansion of business applications, changes in the network security environment, and increased investments to improve security are some of the factors propelling the firewall as a service market growth.
Computing & Storage: The global computing & storage industry, including the edge computing, cloud computing, encryption, end-user computing, and infrastructure as a Code sectors, has been witnessing radical transformation with companies focusing on partnerships and acquisitions to ensure sustained growth.
- Edge computing: The edge computing network helps enterprises in managing comprehensive mobile devices with location-based access control. The remote architecture administration benefits of edge computing are projected to support the market growth. It offers high-end AR & VR experiences by utilizing edge computing capabilities. This technology also reduces the burden of large data volumes on data centers and the cloud.
To avail the features of edge computing, industry players are focusing on the innovations of different edge-based applications. The adoption of edge computing solutions also offers performance and significant cost benefits to enterprises. The demand for edge computing is increasing owing to its real-time processing, which enhances quick decision-making capabilities.
- Cloud Computing: Cloud computing deals with the delivery of computing services including databases, networking, analytics, storage, software, and servers over the Internet. The rapidly growing adoption of cloud-based solutions coupled with flexible, innovative, and cost-effective features is propelling market growth. Enterprises are rapidly deploying cloud systems across several use-cases such as big data analytics, customer-facing web applications, and software development & testing. Companies are focusing on cloud and digital infrastructures to improve their business propositions.
The growing consumer inclination toward streaming platforms, such as Amazon, Netflix, Disney+, Apple TV, and YouTube, will also support the market expansion. To expand their market presence, companies are focusing on business strategies such as partnerships, mergers, and acquisitions. For instance, in April 2021, Microsoft acquired Nuance, an AI and cloud computing firm, for USD 19.7 billion. This acquisition aided the company to enhance its telemedicine service portfolio.
- Encryption: Encryption assists enterprises in increasing their data security by using encryption technologies over mobile devices and cloud platforms. The encryption industry growth is attributed to the rising adoption of data encryption solutions to compile with regulatory compliance. In several countries, ensuring the privacy of customer data is mandatory for all business operations.
The growing adoption of securing enterprise IP and reducing financial risks, such as loss of confidential data, is expected to propel market growth. Enterprises are rapidly shifting toward advanced encryption algorithms from traditional cybersecurity methods to ensure that the data present on employee devices is encrypted.
- End-user computing: End-user computing is a combination of processes and technologies, offering secure & remote access to applications and data. The end-user computing segment growth is majorly driven by the increasing demand for Virtual Desktop Infrastructure (VDI) solutions. VDI technology uses virtual machines to deliver and manage virtual desktops. It hosts desktop settings on the central server and executes them to end users on request.
The adoption of end-user computing offers flexible and enhanced security features to enterprises. Several enterprises are deploying virtual desktop infrastructures, which assist them in improving their business productivity. The demand for end-user computing is also driven by the growing trend of digitization that enables enterprises to tap digital opportunities to expand their business capabilities.
- Infrastructure as a Code: Infrastructure as a Code (IaC) is a process of managing and configuring computer infrastructure through codes. Infrastructure as a Code uses DevOps methodology to define & deploy infrastructure including virtual machines, networks, connection topologies, and load balancers. By deploying infrastructure as a Code technology, DevOps teams can work together with a set of tools and practices to deliver applications.
Configuration data, automation devices, and programs are used in the infrastructure as a Code deployment & management process. Infrastructure as a Code can also be used in cloud services & hardware including routers, web servers, personal computers, load balancers, and databases. The growing demand for better optimization of business operations is projected to drive market statistics.