Machine Vision Market To Witness Growth Based On Enhanced Demand In Automotive, Food & Beverage, Pharmaceutical & Chemical Segments Till 2025: Grand View Research, Inc.

The global Machine Translation Market is expected to reach USD 983.3 million by 2022, according to a new study by Grand View Research, Inc. Technological advancements have led to the development of sophisticated translation technology with minimal errors and grammatical coherence, which has considerably widened the scope for machine translation. The ability to rapidly, seamlessly and cost-effectively translate documents and content in regional languages has spurred the machine translation market over the past few years.

The provision of machine translation Software-as-a-Service (MTSaaS) over secure cloud offerings hosted in data centers is expected to offer substantial growth opportunity for the market. Increasing prominence of cloud computing has resulted in growing demand for cloud-based translation tools, which is further expected to boost the machine translation market. Constant R&D and technological advancements have enabled the technology to seamlessly integrate into a range of products from enterprise-level systems to consumer devices. Upgrading of communication networks and the rising proliferation of smartphones has led to the introduction of machine translation apps that provide instant translation of multilingual text.

Browse full research report on Machine Translation Market: http://www.grandviewresearch.com/industry-analysis/machine-translation-market       

Further key findings from the study suggest:

  • Electronics and automotive industries are expected to gain significant market share by 2022. Application of machine translation in healthcare is expected to gain market share over the next six years. The need for accurate and timely translation of a large amount of content is expected to drive demand in various application industries.
  • Training of SMT-based translation engines consists of feeding in millions of segments of glossaries, bilingual texts, etc. for the engine to learn by examples. The demand for SMT has significantly increased over the past few years, due to its effectiveness over RBMT in terms of time and cost. It is also expected to remain the largest technology market through 2022.
  • Government initiatives and the presence of a large number of service providers has helped boost market growth in the U.S. Microsoft and Google, two of the largest technology providers based in the U.S., have made statistical machine translation technology popular with their free online engines.
  • Machine translation providers often sell products through their own websites or indirectly through a network of specialist sales agents. Most providers prefer having a direct sales force to market and sell their offerings. MT solutions are available as commercial software solutions (e.g., SYSTRAN Enterprise Server and SDL BeGlobal) or as free, web-based applications (e.g., Microsoft Bing Translator and Google Translate).

Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies

For the purpose of this study, Grand View Research has segmented the global machine translation market on the basis of application, technology, and region:

Machine Translation Application Outlook (Revenue, USD Million, 2012 – 2022)

  • Automotive
  • Military & Defense
  • Electronics
  • IT
  • Healthcare
  • Others

Machine Translation Technology Outlook (Revenue, USD Million, 2012 – 2022)

  • RBMT
  • SMT
  • Others

Machine Translation Regional Outlook (Revenue, USD Million, 2012 – 2022)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-machine-translation-market                   

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: http://www.grandviewresearch.com

Machine Vision Market Will Witness Growth Based On Need For Vision-Guided Robotic Systems Across Automotive, Food & Beverage, Pharmaceutical Industries Till 2025:Grand View Research,inc.

The global machine vision market is expected to reach USD 19.22 billion by 2025, according to a new report by Grand View Research, Inc. The ability of machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market growth. The quick processing ability of machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, the increasing adoption of robots across industrial sectors is leading toward the application of vision-guided robotic systems. Industrial verticals, such as automotive, pharmaceutical, packaging, and food & beverage, are prominent sectors where robotic systems are used, eventually fueling the demand for machine vision systems.

The machine vision technology encompasses various components in order to capture images of products to analyze them depending on different parameters of quality and safety. The technology is a combination of software and hardware that provides operational control to devices to execute functions such as capturing and processing of images and measuring various characteristics required for decision making. Major components of the system comprise lighting, lens, image sensors, vision processing, and communication devices. Machine vision systems assist in resolving complicated industrial tasks with reliability.

Industrial machine vision systems are usually more robust and demand high reliability, stability, and accuracy as compared to those used in institutional or educational applications. They cost lesser than systems used in military, aerospace, defense, and government applications. These factors are expected to lead to a greater adaptability of the technology in industrial sectors. In addition, the robotic vision systems used across the industries are also leading to the increasing adoption of the technology, thereby strengthening the overall market.

The technology has proven to be of key importance in the area of manufacturing and quality control, owing to the increasing need for quality inspection and production. In addition, the growing automation in industrial segments is also facilitating the growth of the market worldwide at a considerable rate.

The technology has been witnessing extensive developments and innovative upgrades since its emergence. Several factors, such as the growing inception of the technology and increasing need for quality products, are influencing the market growth. Furthermore, machine vision systems are gaining traction in the medical and healthcare applications at a considerable pace. The analysis of medical images and robotic applications for carrying various medical activities are the key roles of the technology in these sectors.

The Asia Pacific region contributed to the largest market share in 2015, which can be attributed to ample opportunities offered on account of large manufacturing practices carried out in the region. Countries such as China, Japan, South Korea, and India are considered to be potential markets for upcoming technologies, including machine vision. The region’s huge industrial expansion has been contributing to the prosperity and development of various innovations and the adoption of different technologies significantly.

In addition, factors such as increasing focus on developments and expenditures in vision-related research activities along with the growing manufacturing base in the region are expected to spur the technology market growth in Asia Pacific, in turn boosting the overall market at a notable pace. The market is anticipated to exhibit the fastest growth of 10.4% over the forecast period.

The industry is facing challenges due to lack of awareness among users about the rapidly advancing machine vision technology. Moreover, the complexity of integrating machine vision systems are the major difficulties being faced by manufacturers, which is also restraining the smoother growth of the industry.

Browse full research report on Machine Vision Market: http://www.grandviewresearch.com/press-release/global-machine-vision-market

Further key findings from the report suggest:

  • The global machine vision technology market was valued at USD 9.10 billion in 2016 and is projected to grow at a CAGR of 8.5% from 2017 to 2025.
  • The PC-based system segment accounted for the largest market size in 2016 and is estimated to generate USD 10.48 billion by 2025.
  • The identification application segment is anticipated to exhibit the fastest growth rate over the forecast period followed by positioning and guidance applications.
  • The European machine vision market is estimated to attain USD 4.47 billion by 2025.
  • The industry is expected to witness a substantial growth in the Asia Pacific region over the next decade. This growth is witnessed in the wake of ample opportunities offered due to the presence of large manufacturing hubs in prominent countries (across the food and packaging, automotive, pharmaceutical, industrial, and consumer electronic sectors) such as China and Japan. The regional market is expected to grow at a CAGR of 10.4% from 2017 to 2025.
  • The prominent companies in the industry include Allied Vision Technologies GmbH (Germany), Basler AG (Germany), Cognex Corporation (U.S.), Keyence Corporation (Japan), National Instruments (U.S.), Omron Corporation (Japan), Machine Vision Technology (UK), and Microscan Systems (U.S.).

Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/technology

Grand View Research has segmented the global machine vision market based on offering, products, applications, and regions:

Machine Vision Offering Outlook (Revenue, USD Million; 2014 – 2025)

  • Hardware
  • Software

Machine Vision Product Outlook (Revenue, USD Million; 2014 – 2025)

  • PC Based
  • Smart Camera Based

Machine Vision Application Outlook (Revenue, USD Million; 2014 – 2025)

  • Quality Assurance and Inspection
  • Positioning and Guidance
  • Measurement
  • Identification

Machine Vision Regional Outlook (Revenue, USD Million; 2014 – 2025)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
  • Asia Pacific
    • China
    • Japan
    • India
  • South America
    • Brazil
  • Middle East & Africa

Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-machine-vision-market                

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: http://www.grandviewresearch.com

Computer Aided Engineering Market Will Witness Growth Based On The Increasing Use Of CFD Software Till 2025:Grand View Research,inc.

The global CAE market is anticipated to reach USD 12.8 billion by 2025, according to a new report by Grand View Research, Inc. Rapid growth of wearable industry is likely to increase the use of CAE software in the electronics industry. The major players in the market are in search for new sources for revenue as the smartphone market is in the maturity stage. As a result, the demand for wearable technology has increased the demand over the forecast period.

The growing penetration of IoT, tablets, and smartphones are expected to boost the CAE market growth. Owing to the growth of IOT, wearable devices, used in the fields of medicine, fitness, transportation, education, entertainment, and gaming, are increasing; paving way for growth of the CAE market. Miniaturization of electronic devices and sensors and persuasive connectivity with lowered costs have immensely contributed to the growth of wearable technology devices.

Governments regulations, mandating applications, such as collision avoidance, parking assistance systems, wireless communication technology, and interactive infotainment systems, in the upcoming car technologies to increase driver safety, are anticipated to raise the demand of CAE software. Additionally, technological advancements in the automotive sector, including driverless cars and semi-autonomous cars, are further anticipated to boost the industry demand.

The emerging new engineering modes such as 3D printing, building information modeling, concurrent engineering is likely to influence the CAE market. 3D printing is a form of additive manufacturing that allows the users to print any object as a 3-D image. The technology helps in reducing production costs and developing new methods of production. Ease of use and unlimited customization capabilities are the key factors driving the 3D printing market which is further expected to positively impact the computer aided engineering market demand.

The prevailing open source software are anticipated to restrain the market growth over the projected period. They are available for free on the web; however, the vendors charge for support, customization, and maintenance services. Linux has been leading the open architecture software market. Open source software has been a boon for small software vendors, due to which, the large enterprises have been facing negative impacts. The major drivers of open source technology are the minor flaws and bugs that can be tested and fixed immediately.

Browse full research report on Computer Aided Engineering Market: http://www.grandviewresearch.com/industry-analysis/computer-aided-engineering-cae-market

Further key findings from the report suggest:

  • The intellectual property protection of a software is crucial, as most of the modern manufacturing organizations rely on computer technology
  • The computational fluid dynamics segment is anticipated to witness high growth rate over the forecast period
  • Testing and simulation are the important aspects of a design cycle that help the end-users in achieving profitability and faster time-to-market
  • The On-premise segment dominated the market in terms of revenue in 2015 and is anticipated to remain dominant over the projected period
  • Simulation software are used to analyze the effect of casing materials on IC performance, thermal management, and electrical signal performance
  • The increasing adoption of lithium-ion batteries in consumer electronics application will also enhance the industry demand over the projected period
  • Asia Pacific and Latin America are poised to emerge as lucrative regional markets over the forecast period
  • The key players of the market include Siemens AG (Germany), Exa Corporation (U.S.), MSC Software Corporation (U.S.), ESI Group (France)

Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies

Grand View Research has segmented the CAE market based on type, deployment model, end-use, and region:

CAE Type Outlook (Revenue, USD Million, 2014 – 2025)

  • Finite Element Analysis (FEA)
  • Computational Fluid Dynamics (CFD)
  • Multibody dynamics
  • Optimization & simulation

CAE Deployment Model Outlook (Revenue, USD Million, 2014 – 2025)

  • On-premise
  • Cloud based

CAE End-Use Outlook (Revenue, USD Million, 2014 – 2025)

  • Automotive
  • Defense & aerospace
  • Electronics
  • Medical devices
  • Industrial equipment
  • Others

CAE Regional Outlook (Revenue, USD Million, 2014 – 2025)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
  • Asia Pacific
    • China
    • India
    • Japan
  • South America
    • Brazil
  • The Middle East and Africa (MEA)

Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-computer-aided-engineering-cae-market    

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: http://www.grandviewresearch.com

MMW Technology Market To Be Driven By Increased Demand From Industrial & Commercial Sectors Till 2025:Grand View Research,inc.

The global millimeter wave (MMW) technology market is estimated to reach USD 8.69 billion by 2025, according to the new report by Grand View Research, Inc. Millimeter waves are radio frequencies operating in the electromagnetic spectrum of 30 GHz to 300GHz, also known as Extremely High-Frequency (EHF) range. As the millimeter waves are capable of transmitting large amounts of data with greater efficiency, they hold a major application across the telecommunication industry.

Currently, fiber-optic cables are one of the best transmission mediums being used, extensively, for data transmission. However, the fiber optics technology is extremely costly and the network is highly tedious to install, posing the millimeter wave technology as an appealing alternative for the fiber-optics medium.

The millimeter waves technology market is highly consolidated, in terms of applications and components, where it is extensively used. The major application areas of the technology include telecommunication, military & defense, medical, and security services. The advancements in the telecom industry are leading to the evolution of next-generation technologies such as 5G.

Owing to the demand for higher bandwidths in the fifth-generation technology, millimeter waves are expected to play a prominent role in the development of 5G technology. As the market is experiencing a shift toward the adoption of fifth-generation technology, the millimeter wave technology market is thus anticipated to grow, significantly, during the forecast period.

Moving further, the increasing focus of the governments and international security authorities toward curbing down the global threats, looming due to the increasing terrorist activities, such as plane hijacking and bomb-blasts, is leading to the adoption of enhanced security measures. These measures prominently include the adoption of millimeter wave scanners across international airports and other crowded places in the urban areas.

The increasing demand of MMW scanners for security purposes is expected to boost the MMW technology market. The emerging markets of the Asia Pacific and South America & MEA regions are the expected to be the potential markets capable of offering strong growth opportunities for the technology, owing to the increasing awareness of security measures.

Intensive R&D activities and investments from the private and publics sectors, coupled with government funding & initiatives, are paving way for improved technologies. Additionally, the increasing use of MMW in the telecom sector and small cell backhaul applications are projected to be the key driving factors responsible for the overall industry growth.

North America contributed for the majority of the market share of more than 45.0% in 2015. The massive market share across the region can be accredited to the extensive adoption of the MMW technology in several sectors. However, the Asia Pacific region is expected to exhibit the remarkable growth over the estimated duration.

The millimeter waves are prone to environmental conditions such as rainfall, humidity, and fog, as their propagation characteristics are hampered by these conditions. Besides, range limitations and line-of-sight communication are few other factors that may hinder the applications of the technology. However, the obstructions hindering the growth of the market are expected to overcome with time, lowering their impact, owing to the intense R&D being carried out by the researchers and the key players in the MMW technology area.

Browse full research report on Millimeter Wave (MMW) Technology Market: http://www.grandviewresearch.com/industry-analysis/millimeter-wave-mmw-technology-market

Further key findings from the report suggest:

  • The millimeter wave technology is gaining attraction, owing to its ability to transmit large amounts of data with greater efficiency
  • Furthermore, the increasing use of MMW technology in small-cell backhaul applications and the upcoming 5G technology are expected to drive the market, worldwide
  • The radar & satellite communication systems segment is projected to dominate the market with the fastest growing CAGR of beyond 42.0% during the forecast period
  • As the fiber-optics technology is a costly medium for data transmission, millimeter waves are gaining traction, owing to their lower cost and equally efficient technology
  • The E-band frequency segment is poised to witness the highest growth rate, owing to its extensive applications in telecommunication equipment and products
  • The Asia Pacific market is anticipated to undergo a considerable shift on account of the increasing telecommunication and military & defense applications in countries such as China, and Japan.
  • The prominent players in the millimeter wave industry include Siklu Communication Ltd., Sage Millimeter, Inc., Keysight Technologies, Inc., and Bridgewave Communications, Inc.

Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/technology

Grand View Research has segmented the MMW Technology market based on product, component, application, frequency band, and region:

MMW Technology Product Outlook (Revenue, USD Million; 2014 – 2025)

  • Telecommunication Equipment
  • Imaging & Scanning Systems
  • Radar & Satellite Communication Systems

MMW Technology Component Outlook (Revenue, USD Million; 2014 – 2025)

  • Antennas & Transceivers
  • Amplifiers
  • Oscillators
  • Control Devices
  • Frequency Converters
  • Passive Components
  • Others

MMW Technology Application Outlook (Revenue, USD Million; 2014 – 2025)

  • Telecommunications
  • Military & Defense
  • Automotive & Transport
  • Healthcare
  • Electronics & Semiconductor
  • Security

MMW Technology Frequency Band Outlook (Revenue, USD Million; 2014 – 2025)

  • V-Band
  • E-Band
  • Other Frequency Bands

MMW Technology Regional Outlook (Revenue, USD Million; 2014 – 2025)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
  • Asia Pacific
    • China
    • Japan
  • South America and The Middle East & Africa (MEA)

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: http://www.grandviewresearch.com

Air Traffic Control Equipment Market Is Predicted To Grow Quickly Due To Airport expansion and modernization Till 2020: Grand View Research, Inc.

The Global Air Traffic Control (ATC) Equipment Market is expected to reach USD 4.23 billion by 2020, according to a new study by Grand View Research, Inc. Need for construction of new airports, and expansion & modernization of the existing ones to address increasing passenger & freight traffic is expected to increase air traffic control equipment demand. Advancements in microelectronics have provided ample growth opportunities for the air traffic control equipment market and further innovations in the domain are expected to buoy market growth over the forecast period.

Owing to continuous need for monitoring air traffic, interruption in the activity is not feasible which makes replacement of obsolete ATC equipment a cumbersome task. In order to maintain the flow of traffic monitoring, new equipment is operated in parallel with the existing one before the latter is phased out completely, which poses a challenge to air traffic control equipment market growth.

Browse full research report on Air Traffic Control Equipment Market: http://www.grandviewresearch.com/industry-analysis/air-traffic-control-equipment-market

Further key findings from the study suggest:

  • The communications air traffic control equipment market accounted for a high revenue share in 2013 and the trend is expected to continue throughout the forecast period owing to increased need for replacement of obsolete equipment with new ones equipped with enhanced digital data communication.
  • The military aircraft segment is expected to witness high demand throughout the forecast period owing to the mission-critical nature of the domain. In October 2014, Aquila, a joint venture between Thales and NATS was awarded a USD 2.36 billion contract by the UK Ministry of Defense (MOD) for transforming terminal air traffic management at military airfields.
  • Europe and North America were the major air traffic control equipment regional markets in 2013, which can be attributed to increased government efforts pertaining to securing air traffic and aircraft. Asia Pacific is expected to witness high growth due to increased initiatives for efficient infrastructure.
  • Leading players in the air traffic control equipment market have emphasized heavily on the enhancing equipment reliability to address minimum tolerance levels. Incorporation of effective collision avoidance system in ATC equipment is expected to be a key focus area for countering increased air traffic. Manufacturers and developers upgrade landing and navigation aids periodically to maintain safety and improve efficiency.

Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/communication-services

For the purpose of this study, Grand View Research has segmented the global air traffic control equipment market on the basis of product, application and region:

Air Traffic Control Equipment Product Outlook (USD Million, 2012 – 2020)
• Communications Equipment
• Navigation Equipment
• Surveillance Equipment
Air Traffic Control Equipment Application Outlook (USD Million, 2012 – 2020)
• Commercial Aircraft
• Private Aircraft
• Military Aircraft
Air Traffic Control Equipment Regional Outlook (USD Million, 2012 – 2020)
• North America
• Europe
• Asia Pacific
• RoW

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: http://www.grandviewresearch.com

The Increasing Investments Rendered To The Manufacturers,By The Venture Firms Is Expected To Drive Agriculture Drone Market Growth Till 2024:Grand View Research,Inc.

The global agriculture drone market is expected to reach USD 3,770.0 million by 2024, according to a new report by Grand View Research, Inc. The increasing technological advancements in equipment and for enhancing the quality of the farming techniques have led to the increased implementation of agriculture drones in the market.

Increasing automation in the agriculture process, owing to the labor crisis, such as lack of skilled farmers, aging farmers, is also expected to positively impact the market growth. A favorable shift in the regulatory policy is also expected to allow start-ups to operate in small and large farming operations and aid in disease & water management.

Innovations in the GPS mapping field coupled with the advancements in precision agriculture are expected to propel the industry growth over the forecast period. Drones have the potential to implement better plantation with crop rotation strategies and give crucial inputs related to the daily progress of crops which is further contributing to the growth.

The companies operating in the industry are designing and manufacturing systems that are collecting the data and are incorporating them into business models. which is further anticipated to enhance the industry growth. The data gathered from drones help the farmers to improve yields; supply water, fertilizer, or chemical when needed, and are also able to map their fields, check for signs of disease, monitor crop health, and save time in the process.

The scarcity of trained pilots for operating the drones may impact the market growth, although the market is expecting to overcome the scarcity, gradually, with the increasing applications of the drone.

Browse full research report on Agriculture Drone Market: http://www.grandviewresearch.com/industry-analysis/agriculture-drones-market

Further key findings from the report suggest:

  • The fixed wing agriculture drone is expected to remain as a key revenue generating segment over the forecast period. The hybrid agriculture drones are anticipated to witness enormous growth in the next 8 years, owing to their ability to carry heavy weights and hover over fields.
  • The crop scouting application is anticipated to drive the market growth over the forecast period, with the increasing application of crop spraying, which will further increase the yields and reduce the wastage of pesticides & fertilizers and crops.
  • The North America agriculture drones market is expected to remain the key revenue generating region with a prevalent share of the industry. The increasing adoption of the drones, in various applications including spraying, seeding, and livestock farming, has led to the enormous market share.
  • The Asia Pacific agriculture drone market is anticipated to witness a significant growth over the forecast period, owing to the increasing investments in R&D in the region.
  • The key players in the agriculture drone market include DJI Technology, Trimble Navigation Ltd., PrecisionHawk, Parrot SA, and 3D Robotics

Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies

Grand View Research has segmented the agriculture drone market based on product type, application, and region:

Product Outlook (Transaction Revenue, USD Billion, 2014 – 2024)

  • Fixed wing
  • Rotary blade
  • Hybrid

Application Outlook (Transaction Revenue, USD Billion, 2014 – 2024)

  • Field mapping
  • Variable rate application
  • Crop scouting
  • Others

Regional Outlook (Transaction Revenue, USD Billion, 2014 – 2024)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA   

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: http://www.grandviewresearch.com

Mobile Wallet Market Hits $7,581.91 Billion By 2024: BY Grand View Research, Inc.

The global mobile wallet market is expected to reach USD 7,581.91 billion by 2024, according to a new report by Grand View Research, Inc.  Growing mobile penetration with improved payment infrastructure and data connectivity are expected to offer the significant opportunity of the mobile wallet market. Increasing application of mobile wallet which includes Apple Pay, Android Pay and Samsung Pay with the growing capability of paying through mobile phones, is expected to drive the market demand.

Increasing demand for enhanced government policies and security issues is expected to drive the market growth. Enterprises across the industries are developing and deploying the new products for improving the productivity with increasing security. The increasing need for lowering cost of ownership and increased convenience need will continue to dictate the market development.

Growing development in NFC has encouraged the consumers to use the mobile devices for making small and large payments. Proliferation and adoption of mobile payments including digital wallets and usage of apps has encouraged the non-payment technology firms to enter into payment landscape such as American Express and Jawbone. According to the U.K. Cards Association, contactless payments in the region have surged to 184% high with 179.6 Billion of transactions.

Browse full research report on Mobile Wallet  Market: http://www.grandviewresearch.com/industry-analysis/mobile-wallet-market

Further key findings from the report suggest:

  • Banking entities, payment gateways, businesses and payment processors are expanding with the emerging payment technologies.
  • Proximity product type is expected to have maximum CAGR over the forecast period owing to the increased penetration of NFC enabled mobile phones.
  • The public transportation application segment is expected to have significant growth over the forecast period, owing to changing industry trends the transit system operators are moving away from traditional payment of parking fees, displaying interactive route maps, sounding alarms in case of emergency, real time service information and service schedules.
  • The restaurant application is expected to witness a CAGR of over 38% over the forecast period. Restaurants have started upgrading terminals for accepting the various payment methods. The technology has enabled the customer to use a mobile app to check in, pre-order, order online and make reservations.
  • Developed regions such as North America have a well-established NFC market, owing to the high adaptability of the consumers for the new technology. Three wireless carriers, T-Mobile USA , AT&T Mobility (U.S) and Verizon Wireless (U.S) are working in collaboration with Barclaycard U.S. and Discover Financial Services to analyze and implement the NFC technology in the product list
  • The key players in the mobile wallet market include Google Inc (U.S), Samsung Electronics Co., Ltd (South Korea), VISA Inc (U.S). Companies are focusing on developing new services and secure payment platform to enhance the market share.

Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/technology

Grand View Research has segmented the mobile wallet market on the basis of product type, application, and region:

Mobile Wallet Product Outlook (Revenue, USD Billion, 2014 – 2024)

  • Proximity
  • Remote

Mobile Wallet Application Outlook (Revenue, USD Billion, 2014 – 2024)

  • Retail
  • Vending Machine
  • Public Transportation
  • Restaurants

Mobile Wallet Regional Outlook (Revenue, USD Billion, 2014 – 2024)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

Access press release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-mobile-wallet-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc

For more information: www.grandviewresearch.com