Category: Market Snapshot

As recently as a decade or two ago, the concept of artificial intelligence (AI) becoming a part of our everyday lives seemed like a bit of a stretch to the average person, however, today many of us use it to accomplish everyday tasks. Whether its Siri answering your questions, Netflix recommending what to watch, or Nest knowing just how warm you like your house, AI has become a part of our lives.

To quantify this, MarketsandMarkets reports that the artificial intelligence market was valued at $21.5 billion in 2018 and is expected to reach $190.6 billion by 2025, at a compound annual growth rate (CAGR) of 36.6%. This growth is largely driven by the increasing adoption of cloud-based applications and services, and an increase in demand for intelligent virtual assistants. Whereas the major restraint for the market is surprisingly human, the limited number of AI technology experts is seen as a major restraint. Furthermore, concerns regarding data privacy and the unreliability of AI algorithms are also seen as pain points within the market. Underlying opportunities in the artificial intelligence market include improving operational efficiency in the manufacturing industry and the adoption of AI to improve customer service.

While we see the use of AI growing in our daily lives, the manufacturing industry is expected to grow at the highest CAGR – AI-based solutions are adopted in manufacturing facilities to improve the productivity by maximizing asset utilization, minimizing downtime, and improving machine efficiency. The enabling concepts of deep learning, natural language processing, context awareness, and computer vision are the major technologies used for data mining, image analysis, signal analysis, decision-making, and execution. Frost & Sullivan also points to the evolution of AI as the industry has shifted away from developing intelligent devices to addressing the next goal of developing AI solutions that can learn from data, just as humans do. In November 2019 the Department of Energy announced  $15 Million for Development of Artificial Intelligence and Machine Learning Tools. The major players in this market include Intel (US), NVIDIA (US), Xilinx (US), Samsung (South Korea), Facebook (US), Micron(US), IBM (US), Google (US), Microsoft (US), and AWS (US).

Healthcare is another vertical that is rapidly adopting and seeing the benefits of AI, Frost & Sullivan expects AI and cognitive computing to generate savings of over $150 billion for the healthcare industry by 2025. Analysts see automated disease prediction, personalization of treatment pathways, intuitive claims management, and real-time supply chain management, as potential benefits of AI. However, the uptake in healthcare IT tends to be slow.

In early 2019 the Defense Department (DoD) launched its American Artificial Intelligence Strategy in conjunction with an Executive Order from the White House. The Joint Artificial Intelligence Center (JAIC) is the DoD’s Artificial Intelligence (AI) Center of Excellence that integrates technology development, policy, knowledge, processes and relationships to ensure growth in this area. According to MarketsandMarkets, AI in the military market was valued at $5.54 billion in 2016 and is projected to reach $18.82 billion by 2025, at a CAGR of 14.75% during the forecast period. Within the defense sector, AI is able to handle massive amounts of military data in a more efficient manner as compared to conventional systems. Analysts note that this improves the self-control, self-regulation, and self-actuation abilities of combat systems, using inherent computing and decision-making capabilities. Additionally, increases in funding from military research agencies and a rise in R&D activities to develop advanced AI systems are major driving factors in the adoption of AI systems in the military sector. Based on application, artificial intelligence in military market has been classified into information processing, warfare platforms, threat monitoring & situational awareness, planning & allocation, cyber security, simulation & training, logistics & transportation, target recognition, battlefield healthcare, and others (NBC scenario monitoring and fire monitoring).  However, the unreliability of AI algorithms and unavailability of structured data are key challenges to the growth of the artificial intelligence in military market.

Key players operating in the artificial intelligence in military market range from defense contractors to software firms, including: Lockheed Martin (US), Raytheon (US), IBM (US), BAE Systems (UK), Thales Group (France), NVIDIA (US), Leidos (US), SAIC (US), Northrop Grumman (US), SparkCognition (US), Harris Corporation (US), General Dynamics (US), and Charles River Analytics (US).

Interested in learning more? Try attending an AI conference or event in 2020!

When we think about next generation technology and innovation many of us think about advances in computing, medical devices, miniaturization of electronics, and more, but what is truly powering that innovation? While the power and electric grid has changed over time, many energy experts believe that the grid was not designed for today’s requirements and will demand next-generation grid technologies. This disconnect is attributed to fundamental changes in both supply-side and demand-side technologies. The advent of new energy systems and sources has shifted power generation away from large synchronous generators to smaller units and variable energy resources while the number of distributed energy resources and use of electronic converters in buildings, industrial equipment, and consumer devices is increasing. In addition to these fundamental changes in power supply and demand, increasing risks posed by extreme weather events, cyber threats, and physical attacks present new challenges with system security, reliability, and resilience.

The Smart Grid is one piece of grid modernization efforts, according to reports, smart grid technology is growing steadily with the global market expected to triple in size to approximately $61 billion U.S. dollars between 2017 and 2023. MarketsandMarkets covers various segments of the growing and evolving market for smart grid technologies ranging from smart transformers and meter management to grid networking, communication, and software. We’ve pulled together a few figures from some of our favorite databases that may be helpful as you explore the markets for technologies enabling grid transformation and modernization efforts.

In terms of distribution technologies, transformers are commonplace, but the introduction of smart monitoring systems will play a crucial role in this evolving landscape – the global smart transformers market was valued at $1.25 billion in 2016 and is projected to reach $2.43 billion by 2022, at a compound annual growth rate (CAGR) of 10.54%, from 2017 to 2022. While the digitalization of utilities is expected to boost the demand for smart transformers, the high equipment cost is seen as a major restraint. The high adoption of broadband power line communication devices in the indoor networking application area is one of the major driving factors for the power line communication market, which was valued at $5.5 billion in 2017 and is forecast to grown to $9.5 billion by 2023, at a CAGR of 9.5%. Furthermore, growing government policies and legislative mandates for smart meters, the need for grid reliability, and the need for accurate utility bill generation are driving the global meter data management system market which is projected to be a $428 million market by 2023.

While these advancements in the deployment and reliability of smart grid systems may help answer power supply and demand issues at a grid-scale, they also give rise to concerns of security. These concerns touch every part of the system ranging from customer privacy to infrastructure security and vulnerability. BCC Research explores these concerns and helps to size the market for smart grid security which was valued at $4.45 billion in 2016 and is forecast to reach $11.06 billion by 2025, growing at a CAGR of 10.65% from 2017 to 2025. The overarching goals of smart gird security solutions explored by BCC Research and other groups include: system vulnerability to physical attack or cyber attack, operating resiliency against security disruptions, secure access and data privacy for smart grid information, optimized network reliability, computing, and operational support for grid communications, and establishment of a framework for compliance.

Fittingly, November is Critical Infrastructure Security and Resilience (CISR) Month, the Department of Energy Office of Electricity (OE) plays a crucial role in the development of enabling technologies and initiatives and provides an extensive look at its activities with smart grid development on its website. Looking past November, 2020 offers many opportunities to learn more about smart grid and critical infrastructure technologies – the Innovative Smart Grid Technologies (ISGT 2020) is sponsored by the IEEE Power & Energy Society (PES), and will be held February 17-20, 2020 at the Grand Hyatt Washington, Washington D.C.

The National Association of Corrosion Engineers (NACE) was established in 1943 by eleven corrosion engineers from the pipeline industry, and now serves nearly 36,000 members in over 130 countries. In its comprehensive 2016 “International Measures of Prevention, Application and Economics of Corrosion Technology (IMPACT)“ study, NACE estimates the global cost of corrosion to be $2.5 trillion, equivalent to roughly 3.4 percent of the global Gross Domestic Product (GDP). The study found that implementing corrosion prevention best practices could result in global savings of between 15-35% of the cost of damage, or between $375-875 billion.

As noted in the IMPACT study, corrosion presents a costly challenge across many industry verticals, including: Aerospace & Defense, Automotive, Energy, Marine, and more. MarketsandMarkets reports that the global anti-corrosion coating market was estimated to be worth $24.84 Billion in 2017 and is projected to reach $31.73 Billion by 2022, at a compound annual growth rate (CAGR) of 5.0% from 2017 to 2022. BCC Research provides a comparative market sizing analysis, estimating that the global market for anti-corrosion coatings should reach $31.0 Billion by 2022 from $23.3 billion in 2017 at a CAGR of 5.9%, from 2017 to 2022. From a regional perspective, analysts forecast that the Asia-Pacific market for anti-corrosion coatings is expected to grow the most quickly, from $13.9 billion in 2017 to $18.8 billion in 2022 at a CAGR of 6.2%, whereas the North American market for anti-corrosion coatings is expected to grow from $3.1 billion in 2017 to $4.2 billion in 2022 at a CAGR of 5.8% during the same period. Frost & Sullivan also sheds light on the growth of this market in the Asia-Pacific region, and credits the infrastructure boom and rising urbanization as drivers in this space. Furthermore, end-user industries such as water and wastewater, manufacturing and commercial architecture are growing quickly in this region.

Growth within the global market is broadly attributed to rising losses due to corrosion coupled with the growth of end-use industries such as power generation and automotive & transportation. The power generation segment is anticipated to be the fastest-growing end-use industry within the global anti-corrosion coating market due to the rise in demand for harnessing renewable energy sources and the corrosive nature of industrial equipment. Given the potential costs of corrosion, investments are being made in corrosion monitoring and mitigation. MarketsandMarkets reports that the global corrosion monitoring market is expected to reach $297.8 Million by 2021, at a CAGR of 9.1% between 2016 and 2021 with the oil & gas segment making up the majority of this market.

In terms of firms working in this space, AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (US), Axalta Coating Systems Ltd. (US), BASF SE (Germany), The Sherwin-Williams Company (US), Ashland Inc. (US), Hempel A/S (Denmark), Jotun (Norway), RPM International Inc. (US), and Kansai Paint Co., Ltd. (Japan) are all seen as major players in the development and production of anti-corrosion coatings and mitigation methods.

Looking for more? Registration is open for Corrosion 2020 taking place March 15-19, 2020.

Posted on October 23, 2019 by Eliza Gough

The effective management and control of infectious diseases presents a critical challenge for healthcare workers and officials across the globe. Fortunately, advances in the development and adoption of point-of-care testing (POCT) solutions may provide solutions to this challenge by quickly identify infectious diseases and providing actionable information to improve disease management. What sets these tests apart is that they may be utilized in especially in resource-limited settings using POC molecular diagnostics tools, including portable device and assays. These tool kits may be used by healthcare professionals to detect and diagnose diseases in human samples such as serum, blood, throat swab, and stool.

There are two main types of POCT, immunoassay-based tests and molecular tests. The immunoassay tests detect analytes extracted from a potentially infected patient, and then assessed for microbial antigens and host antibodies. Molecular POCT are polymerase chain reaction (PCR)-based tests which have a higher sensitivity and specificity compared to immunoassay tests or rapid antigen detection tests (RADT).  MarketsandMarkets reports that the global point of care molecular diagnostics market was valued at $632.5 million in 2017 and is projected to reach $1,440.2 million in 2023, at a compound annual growth rate (CAGR) of 14.7%. However, the molecular diagnostics segment only makes up 20% of the infectious disease POCT market in the United States. Despite this small percentage, North America is expected to account for the largest share of the global POC molecular diagnostics market. This is attributed to the growing prevalence of infectious diseases, increasing number of CLIA product approvals, and rising government initiatives – however, Asia Pacific is expected to grow at highest CAGR.

Frost & Sullivan provides extensive coverage on these markets and reports that near-patient testing may provide more accurate results than when patient samples have to be transported to laboratories, mistakes carried out during sample handling prior to testing can lead to a 32-75% margin of error, which can cost anywhere from $200 to $2000 per incident. Furthermore, the molecular POC tests have clinically proven better sensitivity and specificity (>95% on an average). The following are identified as major growth areas in this market:

• New multiplexing ecosystems able to test for multiple infectious diseases
• Smartphone-based POCT
• Biochip Array Technology (BAT)
• Lab-in-a-Drop
• Host Biomarkers
• Paper-based Assays (PBA)
• Portable Molecular Diagnostics (MDx)

Frost & Sullivan recently published its analysis, Global Medical Technologies Industry Predictions, 2019 covering 20 growth opportunities forecasting the longer-term growth opportunity to be $173.06 billion by 2024, with a CAGR of 22.0%. This analysis includes smartphone-based solutions, as they present a $2.11 billion opportunity by 2020, which is attributed to enabling technologies such as AI, machine learning, AR/VR, Internet of Things (IoT), and big data analytics, coupled with existing smartphone tools like cameras and external sensors, which are seen as transforming smartphones into powerful and cost-effective diagnostic tools.

The key players in the global Point of care molecular diagnostics market are, Roche Diagnostics (Switzerland), Biomerieux (France), Danaher (US), Abbott Laboratories (US), Quidel (US) and Meridian Bioscience (US). Tin terms of growth strategies, these players focus on organic strategies such as product launches and approvals to sustain their growth in the POC molecular diagnostics market. For example, Abbott has been partnering with the U.S. Department of Defense (DoD) and researchers from the Transforming Research and Clinical Knowledge in Traumatic Brain Injury (TRACK-TBI) Network to take POCT beyond infection diseases to evaluate the effectiveness of Abbott’s developing POCT designed to help clinicians assess brain injuries within minutes, using only a few drops of a patient’s blood.

Posted on October 8, 2019 by Eliza Gough

What do earthquakes in Japan, cancer diagnostics, and arms security have to do with each other?

Radiation monitoring and detection devices are part of an evolving social, political, and technological landscape related to shifts within the energy, medical, defense, and security verticals. The breadth of these verticals presents interesting challenges and opportunities when looking for both solutions and opportunities within the radiation monitoring and detection market.

 

As studied and reported by MarketsandMarkets, the global radiation detection, monitoring, and safety market was valued at $1.65 Billion in 2016 and is projected to reach $2.26 Billion by 2022, at a CAGR of 5.7%. The key factors driving the growth of this market are growing security threats, growing prevalence of cancer worldwide, increasing safety awareness among people working in radiation-prone environments, growing safety concerns post the Fukushima disaster, growing security budgets of global sporting events, growth in the number of PET/CT scans, increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, and use of drones for radiation monitoring. In terms of the detection and monitoring products used in this market, gas-filled detectors accounted for the largest market share, which is attributed to their ease of use, durability, portability, and cost.

 

In 2017, the healthcare segment accounted for the largest share of the global radiation detection, monitoring, and safety market, due to the growth in the number of PET/CT scans and increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, increasing research activities, and growing incidence of cancer. However, the homeland security & defense segment is expected to grow at the highest CAGR from 2017 to 2022, which is attributed to the increased spending on internal security and military expenditure. Nuclear energy alternatives such as renewable energy, shortage of nuclear power workforce, and nuclear power phase-out are expected to restrain the growth of this market during the forecast period to a certain extent.

 

The leading industry players in this market include: Thermo Fisher Scientific (US), Mirion Technologies (US), and Landauer (US). Other major players include Arktis Radiation Detectors (Switzerland), Radiation Detection Company (US), Ludlum Measurements (US), Fuji Electric (Japan), Arrow-Tech (US), Ametek (US), and Nuclear Control Systems (UK).

 

Within the government space, security treats appear to propel interest and investment in radiation monitoring and detection. For example, the National Institutes of Health (NIH) Radiation and Nuclear Countermeasures Program (RNCP) works on the development of medical countermeasures to mitigate/treat radiation injuries.  Furthermore, the Institutes work on radiation monitoring and detection focused on worker and patient safety. While working from a different vantage point, the Domestic Nuclear Detection Office (DNDO) within the Department of Homeland Security (DHS) Countering Weapons of Mass Destruction Office focused on implementing domestic nuclear detection efforts in response to radiological and nuclear threats, as well as integration of federal nuclear forensics programs. Additionally, DNDO coordinates the development of the global nuclear detection and reporting architecture, with partners from federal, state, local, and international governments and the private sector. The Department of Energy (DOE) also plays many different roles, the National Nuclear Security Administration (NNSA) is the technical leader in responding to and resolving nuclear and radiological threats across the globe; the Office of Nuclear Smuggling Detection and Deterrence (NSDD) works with international partners to strengthen capabilities to deter, detect, and investigate the smuggling of nuclear and radiological materials, and many of the national labs are working on technology development efforts. For example, technologies developed at PNNL were the first to detect radioactive isotopes entering the continental U.S. following their release from the Fukushima nuclear reactors in northern Japan.

Posted on September 24, 2019 by Eliza Gough

How smart is your city? While this may seem like a subjective question, it is now a question that may be answered on a global scale. Increasing urbanization has given rise to smart cities, which are cities that utilize Internet of Things (IOT) sensors and technology to connect components across a city to gather data and improve the lives of both citizens and visitors. Smart cities are designed and conceptualized to provide improved sustainability and livability by improving traffic and saving energy. Just in case you were curious to see how smart your city is, the IESE Cities in Motion Index provides a global ranking with London garnering the top spot in 2019, and New York City placing highest among U.S. cities.

 

On a global scale, MarketsandMarkets reports that the smart cities market is expected to grow from $308.0 billion in 2018 to $717.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.4%. This growth is attributed to the increasing demand for public safety, rising urban population, and growing government initiatives. Within the smart cities market, smart transportation, which works to enhance existing and new transport infrastructural projects, is expected to be the largest market segment by market size. However, the smart citizen services segment it forecast to grow at the largest CAGR. From a regional perspective, North America held the highest share in the market in 2016, based on the growing adoption rate of smart technologies in the region. BCC Research reports that the North American smart city market should reach $419 billion by 2023 from $196.5 billion in 2018 at a CAGR of 16.3%. However, this domination is expected to be surpassed by the Asia-Pacific (APAC) region, due to increasing government initiatives. In APAC, China is expected to lead in the region, as the country is intensifying efforts to transform its 500 cities into smart cities, and has already begun smart city pilot projects.

 

Within the global smart cities market, the key and emerging market players include Cisco Systems (US), IBM (US), Siemens AG (Germany), Schneider Electric (France), Ericsson (Sweden), Vodafone (UK), Itron Inc. (US), Verizon (US), Telensa (England), ABB (Switzerland), Honeywell International Inc. (US), SAP SE (Germany), KAPSCH Group (Austria), and AGT International (Switzerland). Analysts report that these leading players have adopted organic and inorganic strategies, including product launches, acquisitions, business expansions, and partnerships, to expand their business reach and drive their business revenues. Moreover, various smart cities solution providers are utilizing venture capital funding, funding through Initial Coin Offering (ICO), new product launches, acquisitions, and partnerships and collaborations, to increase their presence in the global market.

 

Frost & Sullivan coverage of this market reports that the need for smarter solutions and energy-efficient living will drive and foster growth, and be measured on the level of intelligence and integration of infrastructure that connects the healthcare, energy, building, transportation, and governance sectors. Furthermore, Frost & Sullivan sees smart cities as a driving force in the development and adoption of autonomous and semi-autonomous vehicles. For example, efficient and safe mobility is at the heart of any smart city, and several vehicle safety technologies such as Predictive Traffic Time, Automated Parking, Vehicle-to-Pedestrian Communication, Connected Traffic Light Information, and Virtual Cockpit have the potential to help smart cities and their inhabitants achieve safe, effective and affordable transport solutions.

Posted on September 10, 2019 by Eliza Gough

Are you a small business trying to take a product or service to market, on limited resources? Are you playing the role of marketing, payroll, human resources, sales and proposal writing?

Well, you’re not alone. In fact, you may well be closer to the norm than you think. While functioning efficiently on limited resources feels nearly impossible some days, identifying the next source of funding may be an even greater challenge. If that challenge isn’t enough to keep you up at night, you then have the daunting task of convincing potential investors that you fully understand your target market, what that market will look like in 5 years and how much of that market you expect to capture.

Convincing investors that you understand your market begins with reliable and current research data; which often comes at a premium cost. You could purchase a single analyst report, which may vary in price from $4,500-$10,000 per source, hire a private consultant for the duration of the project, or fund a dedicated research staff with wages, benefits and overhead. But let’s assume that you don’t have tens of thousands of dollars under the company mattress to invest in these research strategies. Where can a small business find the market numbers and customized research findings that potential investors are looking for?

Dawnbreaker has been working with small business for over 20 years. Our team, comprised of business acceleration managers and market researchers has access to hundreds of formal analyst reports from industry-leading subscription databases, including Markets and Markets, BCC Research and Frost and Sullivan. We pull current information from a multitude of subscription sources, not available to most small businesses to secure the market intelligence expected by potential investors. Working together our teams then quickly translate this information into commercialization strategies that will help you more quickly and reliably arrive at your targeted destination. Armed with excellent information and appropriate strategies you will be well prepared to “pitch” your opportunity to potential investors.

Posted on October 13, 2017 by Eliza Gough