Techno Research

  The global  chatbot market  size is expected to reach USD 2,485.7 million by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 24.9% from 2021 to 2028. The chatbot industry is expected to witness significant growth over the forecast period as they enable enterprises to substantially reduce operating costs. Additionally, innovations in  artificial intelligence  and  machine learning  technologies are likely to enhance the features of chatbots, which act as a major driver for the market. A significant rise has been observed in the number of users of messaging services, which is expected to surpass the number of users of social networking sites. Additionally, there has been a significant development in the NLP field, which has resulted in streamlined interactions between computers and human languages. The entire chatbot ecosystem comprises various cross-linking features, which facilitates enhanced performance of chatbots in

  The global  blockchain technology market  size is expected to reach USD 394.60 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 82.4% from 2021 to 2028. The growth can be attributed to the increasing number of merchants accepting cryptocurrency. At the same time, the growing interest of financial institutes in blockchain technology is also driving market growth. High investments in blockchain by leading banks and other financial institutions have led to various advancements in technology, thereby improving efficiency. The technology is anticipated to shape the banking sector by bringing a new age of efficiency. Other factors contributing to the high adoption of the technology include eradication of the need for authenticating transaction processes, reduction of error rates, elimination of reconciliation, and facilitation of faster settlement. Retail stores are increasingly adopting blockchain technology for seamlessly

  The global  silicone market  size is anticipated to reach USD 19.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2021 to 2028. The rising demand for lightweight automotive materials to decrease the overall vehicle weight and fuel consumption is likely to drive the market over the forecast period. The rising importance of  liquid silicone rubber  as Liquid Injection Molding System (LIMS) materials in wire harness for inducing indispensable wiring system is also expected to drive the market. Furthermore, the growing demand for electroactive materials in the electrical industry will fuel market growth. On the basis of end-use applications, the market is segmented into transportation, electronics, industrial processes, construction, consumer goods and personal care, energy, and healthcare sectors. The electronics segment is expected to witness a CAGR of 5.4% over the projected period. In the electronics

  The global  wires and cables market  size is expected to reach USD 260.16 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.4% from 2021 to 2028. Wires and cables are one of the essential components of infrastructure development across the world. The growing emphasis on investments and government initiatives to generate power from renewable sources has enforced the adoption of wires and cables across the globe. Increasing funds in the upgradation of infrastructure and the demand for refined power transmission and distribution systems are the key factors driving the market over the forecast period. Infrastructure development, modernization, and upgradation of infrastructure such as railways, tunnels, tunnel-lighting and signaling; commercial, residential, and industrial buildings; and implementation of smart grid technology is expected to drive the global market. Sectors such as defense, aerospace, and telecom

  The global  food service disposable market  size is expected to reach USD 79.2 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.9% over the forecast period. The increasing popularity of Quick-Service Restaurants (QSRs), especially in the developing regions, such as Asia Pacific, owing to hectic work schedules is expected to aid the market growth over the forecast period. The online food delivery application segment is expected to register the highest CAGR over the forecast period, which is propelled by the outbreak of COVID-19 causing a rise in online food delivery across the globe. In 2020, the  online food delivery services  sector was valued at over USD 21.3 billion, which is expected to increase rapidly in the future. Disposable products, such as aluminum foil containers, paper cups, and paperboard boxes, are largely used in the packaging of online food delivery. The lockdowns imposed in various regions to limit the spread of th

  The global  microcontroller market  size is predicted to attain USD 36.16 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to progress at a CAGR of 10.1% from 2021 to 2028. Globally, more than 28 billion units of microcontrollers were shipped in 2020. The market growth is attributable to the increasing focus on automation and  artificial intelligence  across various verticals such as automotive and industrial. Increasing demand for embedded control systems in multifunctional devices such as vehicles, robots, medical devices, mobile radio, residential appliances, among others, is also playing a principal role in the growth of the market. However, the market has witnessed a downfall in revenue owing to the adverse effects of the COVID-19 pandemic. The leading companies, such as Infineon Technologies AG, NXP Semiconductors, Texas Instruments Incorporated, and STMicroelectronics, have witnessed a significant fall in revenues in the first two qu

Imagine a couple planning a much-needed holiday in the Caribbean. They select a resort and visit it to check its insides. Appears normal, doesn’t it? However, what’s different is that they do this while one partner is in Canada and the other in Dubai, simultaneously. This is just one of the amazing things that can be achieved through Augmented Reality (AR). This is a term that has gathered a lot of steam in the past few years, with every major organization trying to make their mark in this space. The concept of augmented reality goes as far as being visualized in the movie ‘Minority Report’ (2002), as well as the ‘Iron Man’ franchisee, for the teenage and young crowd. Many people, especially from the younger generations, must have definitely heard of this technology (unless they are living under a rock), but what they may not know is its exact functioning and just how far its reach goes. A quick overview… AR, in simple words, tries to break the barriers between real and virtual through

  The global  content delivery network market  size is expected to reach USD 52.30 billion by 2028, registering a CAGR of 22.1% from 2021 to 2028, according to a new study by Grand View Research, Inc. Reducing data costs and rising accessibility & affordability of mobile & broadband networks are the key factors expected to propel the demand for content delivery networks (CDNs). The rising adoption of advanced technologies, such as Augmented Reality (AR) and Artificial Intelligence (AI), is also offering opportunities to the market players to launch advanced CDN solutions. The introduction of affordable smartphones and data plans combined with high-speed network rollouts also necessitates enhanced content delivery and drives the demand for CDN solutions. The growing population and the advent of new network technologies are leading to high content consumption thereby increasing the demand for efficient CDN solutions. Furthermore, the digitalization of the media & entertain

  The global  HVAC systems market  size is anticipated to reach USD 197.50 billion by 2028, registering a CAGR of 5.9% over the forecast period, according to a new study by Grand View Research Inc. The rising adoption of energy-efficient and  renewable energy  products is anticipated to be a significant driving factor for the market. Furthermore, climate changes have rendered heating and cooling equipment a necessity rather than a luxury. Thus, the deteriorating climate condition is likely to positively influence the market over the forecast period. Proactive government initiatives will emerge as market growth drivers over the forecast period. For instance, under the Taxpayer Relief Act of 2012 (U.S.)-2017, customers can apply for the Federal Energy Tax Credit. Similarly, Australia’s Department of the Environment and Energy has introduced the “discounted energy-efficient air conditioners for households program” that provides a discount ranging between USD 200 to USD 1,000 to New Sou

  The global  engineering services outsourcing market  size is expected to reach USD 5.50 trillion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 22.9% from 2021 to 2028. The globalization of Research and Development (R&D), easy availability of low-cost labor and skilled professionals, and increasing adoption of information technology and smart technologies in various end-use industries are some of the factors that are expected to drive the growth of the market for engineering services outsourcing (ESO) over the forecast period. The market has been evolving continuously in line with the advances in sensing, connected computing,  artificial intelligence , and the  internet of things  (IoT), among other technologies. The intensifying competition to provide state-of-the-art solutions is prompting service providers to invest aggressively in R&D. Key ESO players are also putting a strong emphasis on Mergers and Acqu

  The global  automotive aftermarket  is expected to reach USD 529.25 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 3.8% from 2021 to 2028. Digitalization of automotive repair & component sales complemented by advanced technology incorporations in the automobile aftermarket component manufacturing is expected to boost the market growth. The surging reception of semi-autonomous, electric vehicles, and hybrid and autonomous cars in the years to come is further expected to bolster the demand for new components. Furthermore, the increasing vehicle penetration is driven by the overall improvement of lifestyle in developing countries, such as India and Brazil, and is expected to drive the growth of the automobile industry in these regions. Similar surges in the automotive manufacturing sector across various regions along with the increasingly stringent emissions norms are expected to drive the growth of the aft

  The global  third-party logistics market  size is expected to reach USD 1,691.86 billion by 2028, registering a CAGR of 8.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The advent of new technologies is changing the 3PL industry dynamics. The advanced data collection capabilities, warehouse automation, and digitalization of the entire supply chain are enabling companies to adopt a consistent innovative, customer-centric, and agile approach. As a result, 3PL companies are providing technologically driven services by investing in block-chain solutions, mobile technologies, and 3PL software to gain a competitive advantage in a fiercely competitive marketplace. The Internet of Things (IoT) and cloud-based logistics management solution turn the data into actionable value-added information, which can shape the strategic decision-making process and increase productivity. Some of the capital-intensive organizations are increasing their Information Technology (

  The global  business process outsourcing market  size is projected to reach USD 435.89 billion by 2028, registering a CAGR of 8.5% during the forecast period, according to a study conducted by Grand View Research, Inc. The demand to reduce operational expenditures associated with non-core activities and increasing focus on core competencies across several end-use verticals are factors contributing to the market growth. Moreover, the increased preference of new-age organizations for handling core business functions in-house and outsourcing support functions to third-party vendors for better growth prospects are expected to drive the market. Digital technologies are creating lucrative opportunities for several business leaders. Long-established operations and business process outsourcing (BPO) models are being renewed through more intelligent workflows using, such as cloud, Artificial Intelligence (AI), automation, and Internet of Things (IoT). To grow and remain relevant, businesse