Analyzing Allied Market Research’s Top 5 Emerging Markets in the ICT Domain in Q2 2024
The information and communication technology domain comprises components and infrastructure that help set up unified communication systems and enable modern computing. Thus, all the technologies that offer these functionalities and support come under the ambit of the ICT domain. Naturally, this sector is one of the biggest in the global economy and is influenced by the performance of various markets and industries. The field of information and communication technology, in the past few years, has undergone a transformation like no other sector or domain. This is because of the sheer number of new technologies that have come up with the growth in digitalization and advancements in computing.
Allied Market Research, to capture the domain comprehensively, has come up with a study on the top 5 emerging markets in the ICT sector which contributed immensely to its growth in the second quarter of 2024. The study is compiled based on the insights provided by AMR’s in-house ‘Title Matrix Tool’ which analyzes several factors including the revenue numbers, CAGR values, latest developments, and competitive scenario of these markets. The main aim of publishing such a study is to aid businesses in understanding the changing dynamics of the sector in the past few years.
Generative AI in Creative Industries Market
Generative AI is an offshoot of Artificial Intelligence that deals with creating different types of content including text, videos, images, music, etc., using machine learning algorithms and pattern identification techniques. The AMR report on the generative AI in creative industries market states that the industry, which accounted for $1.7 billion in 2022, is predicted to grow at a CAGR of 29.6% during 2023-2032 and gather a sum of $21.6 billion by 2032. The AMR report highlights that the increasing integration of generative AI in augmented reality and virtual reality technologies is predicted to create favorable conditions of growth for the industry in the coming period.
Along with focusing on the factors influencing the growth of the landscape, the report also examines the performance of the market in major regions across the globe including North America, Europe, Asia-Pacific, and LAMEA. As part of this regional analysis, countries like the US, Canada, Mexico, the UK, France, Germany, India, Japan, China, etc., are studied and the demographic, cultural, and socioeconomic factors impacting the industry are also analyzed. In case of the generative AI in creative industries landscape, the North America province is anticipated to have the highest growth owing to advancements in cloud computing and other communication systems.
Supply Chain Management Market
The supply chain management market, as per the AMR report, is anticipated to surge ahead at a CAGR of 11.1% from 2023 to 2032. The industry accounted for $27.2 billion in 2022 and is set to gather a revenue of $85.3 billion by 2033. The importance of robust and resilient logistics and supply chains has continuously grown in the past few decades, particularly after the volume of global trade expanded exponentially. Furthermore, new digital supply chain management systems are being developed for efficient material handling, delivery, order delivery, and efficient information tracking. Together, these factors are expected to help the landscape thrive in the future.
The AMR report also covers the landscape based on its segments on the lines of component, solution type, deployment mode, enterprise size, and industry vertical. Based on component, the solution segment held a dominant position and is predicted to have the highest growth rate in the market. The growing adoption of different SCM solutions for transportation planning, analytics, and inventory management is anticipated to bring in new opportunities. The study also shows that this segment has witnessed huge growth in the US in the second quarter of 2024.
AI and Machine Learning in Business Market
Allied Market Research recently published a report on the AI and machine learning in business market which analyzed various aspects of the industry on the lines of component, enterprise size, application, and industry vertical. The report highlights that the landscape, which was valued at $120.9 billion in 2022, is predicted to surge ahead at a CAGR of 32% during 2023-2032 and reach a revenue of $190.5 Billion by 2032. The growing adoption of AI-powered chatbots for customer engagement and the rising use of predictive analytics is anticipated to play a key role in its expansion.
The report also studies the performance of the market in different regions including North America, Europe, Asia-Pacific, and LAMEA. It states that the North America industry is predicted to have the most dominant revenue share in the near future. The technological advancements in the field of AI and machine learning and the rising adoption of these technologies in healthcare and finance are expected to help the landscape flourish. Furthermore, the leading companies of the market are also analyzed such as Salesforce Inc., Alphabet Inc. (Google LLC), Intel Corporation, etc., and their strategies are discussed in detail.
EV Charging Software Market
The EV charging software market, as per the AMR report, is expected to surge ahead at a CAGR of 28.9% from 2024 to 2032. The industry accounted for $1.1 billion in 2023 and is set to gather a revenue of $11.1 billion by 2032. Various governments across the globe have launched initiatives to promote electric mobility as a result of which the sales of electric vehicles have increased drastically. This has positively impacted the EV charging software market in the second quarter of 2024 and is expected to continue dominating. Apart from the growth drivers and opportunities in the landscape, the AMR report also highlights the potential of the industry in certain important regions of the globe including Asia-Pacific, LAMEA, North America, and Europe. In the case of the EV charging software market, Asia-Pacific is estimated to flourish immensely in the years to come. The increasing expanse of innovative technologies such as IoT and cloud computing has improved the revenue share of the industry in the second quarter of 2024 and is anticipated to play a major role in the future.
Encryption Software Market
Encryption software is a solution that is used to protect the confidentiality of data, either stored locally or on a cloud network using advanced encryption techniques. The growing digitalization of services globally has led to an increase in the number of incidences related to cyber theft and fraud. As a result, the demand for different encryption software applications has surged, thus causing a growth in the market. Also, technological advancements like IoT and cloud services have made encryption software applications more sophisticated which has augmented the growth rate of this landscape. Owing to these factors, the encryption software market is set to gather a revenue of $66.5 billion by 2032 and surge ahead at a CAGR of 17.4% from 2023 to 2032.
The AMR study also presents a detailed analysis of the various segments of the market on the lines of component, deployment mode, enterprise size, function, and industry vertical. Based on component, the software segment is projected to have the largest revenue share in the forecast period, mainly due to the growing adoption of encryption software applications by different end-use industries like BFSI, retail, and telecom. The landscape has improved its growth rate significantly in the US owing to expanding wireless networks and the launch of advanced software applications by major companies in the country.
Exploring the Changing Dynamics of the ICT Domain
AMR reports offer actionable data and accurate statistics on the competitive scenario of the industry using analytical tools such as Porter’s five forces. Furthermore, it highlights the latest developments and upcoming trends to help businesses stay updated with the changing dynamics of the sector. For instance, the report on the EV charging software market states that the governmental support offered by various countries for shifting toward electric mobility has broadened the scope of the industry. Similarly, the increasing adoption of IoT and cloud computing is predicted to open numerous growth opportunities in the supply chain management market.
In Summary
As stated earlier, the main objective of AMR reports is to aid businesses in understanding the true nature of the industry and making the right investment decisions. The insights provided in the study are especially important for the new entrants in the market as they help them develop a knowledge base regarding the policies and strategies adopted by multinational giants. Furthermore, the regional analysis provided in these reports brings fresh perspectives as to how companies can adapt themselves to the diverse conditions in different jurisdictions and regulatory environments.
