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Middle East Metal Working expected to reach $5 billion by 2028: Ken Research
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As the Middle Eastern countries develop their manufacturing & automotive units, there’s a surge within the metalworking industry of the region.
Amidst the transformative winds of 2023, the Middle East is in the midst of an infrastructure renaissance. Landmarks like Dubai's climate-controlled URB Bridge and the UAE National Railway Network stand as testaments to this era of advancement. As the region invests heavily in construction and transportation, the demand for metal fabrication and processing intensifies, fueling the growth of the metalworking industry.
Story Outline
In 2023, the Middle East's vigorous infrastructural investments, exemplified by projects like Dubai's URB Bridge and the UAE National Railway Network, underscore the region's commitment to modernization.
Middle Eastern governments are steering their countries toward industrialization and economic growth. With policies like Dubai Industrial Strategy 2030, initiatives like the UAE Programme and transformative events like StreetFab, all these propel digital transformation and local innovation in the metalworking sector.
The shift from oil dependency to manufacturing is reshaping the Middle East economy. Countries like Saudi Arabia are forging agreements with global partners to expand their manufacturing capabilities, resulting in a surge in metalworking needs to support various industries, including automotive and electronics.
According to Ken Research, the Middle East Metal Working Market is projected to reach $5 billion till 2028, owing to the increase in the construction & manufacturing industry which demands metal working functions like machining, welding, casting, forging which are useful to transform raw material to finished products.
1. Middle East’s Infrastructural Investment Fuel Metal Industry Boom.
Tata Steel Middle East Metal Works Size
UAE Rail Network Map, 2023
The year 2023 is seeing various kinds of infrastructural investment made across the Middle East areas, like the URB Bridge in Dubai, which is a climate-controlled year-round structure designed to promote cycling & walking as a primary mode of transport. The UAE National Railway Network was set up at the main center for Control & Maintenance in Al Fayah region of Abu Dhabi.
Countries in these regions are heavily investing in construction of new buildings & means of transportation. It shows how these projects require significant amount of metal fabrication & processing, driving demand for metalworking products & services.
2. Government’s Led Industrial Boom: Dubai’s Vision & High-Tech Innovations
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Objectives of Dubai Industrial Strategy, 2030
Governments in the Middle East countries are known for investing towards initiatives involving industrialization, economic growth & job creation. Countries like Dubai have been scaling up their efforts to become an industrial hub, which is in line with the Dubai Industrial Strategy 2030. This policy aims to improve the industrial growth of the region & to promote research & development.
With policies which aim to speed up the digital transformation of the industrial sector, trade events like StreetFab have emerged as a game changer for the metal working industry in UAE & the Middle East.
Moreover, government initiatives like UAE Programme aims to develop 1,000 technological projects are launched to promote innovation, research & development enhance local supply chain.
According to Ken Research, the Middle East Metal Working Market is projected to reach $5 billion till 2028, owing to the increase in the construction & manufacturing industry which demands metal working functions like machining, welding, casting, forging which are useful to transform raw material to finished products.
3. Forging Skilled Futures: MEITI & Mont Royal Elevate Middle East Metalworking
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Top Skills Required in Middle East regions, 2022
As the demand for metalworking industry starts increasing, inevitably there is a need to have skilled employees who can perform the technicalities of the given job. In Middle East, there are institutes like the Middle East Industrial Training Institute (MEITI), Mont Royal Elevate in Abu Dhabi, are renowned for providing internationally accredited training provider of technical, management & skills training courses.
Investment in training & skill development programs can help in meeting on-the-job demands & ensure a capable workforce.
4. From Oil to Innovation: Middle East's Industrial Renaissance Fuels Metalworking Surge
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Automotive parts which require metal working
As the Middle Eastern countries have stopped their dependence on oil industry, they’re gradually increasing their manufacturing capabilities. In January 2022, Saudi Aramco announced 50 preliminary agreements with local & international companies including Honeywell, Larsen & Turbo & Sutherland Global Services, as a part of In-Kingdom Total Value Add (IKTVA) drive to increase the volume of goods and services produced in Saudi Arabia.
Metalworking forms a crucial part of the manufacturing industry, including automotive, electronics etc.
5. Middle East Automobile Boom Drives Surge in Metalworking Demand
Demand for new vehicles in the Middle East & Gulf regions (excluding Iran) has increased by 22.3% in December 2022. In 2021, Saudi Arabia led the region when it comes to increasing sales in terms of passenger & commercial car sales. Turkey & Iran are two countries which have been dominating in automotive productions & they focused on producing passenger cars followed by light commercial vehicles.
More cars produced means increasing demand for engine parts, hinges, body panels etc. which demands metalworking products.
Conclusion
In the heart of the Middle East's rapid evolution, the convergence of infrastructural investments, governmental initiatives, and shifting economic landscapes marks the onset for a resounding metal industry boom.
As nations diversify their economies, embrace innovation, and invest in skilled training, the demand for metalworking products and services will certainly reach new heights.
This transformative journey from oil reliance to manufacturing prowess underscores the region's determination to shape its destiny through industrial growth and innovation.
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The US Two-Way Radio Market responds to the growth curve with a CAGR of 7% by 2028: Ken Research
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The US Two-Way Radio Market is a heavily segmented market, divided among type, end-user industry, frequency level and geographic region. This industry provides the communication sectors in check in heavy duty companies.
STORY OUTLINE
With the intent of enhancing industrial and public safety, the US Two-Way Radio market strives to improve its performance.
With the advent of technological improvement and remote work adaptation, it became the driving pace for the US two-way radio market.
The rise in critical threats is greatly influenced the two-way radio market in US to strengthen themselves.
Military and ‘Natural disaster prevention’ investments are paving the growth of the market. With the intent of enhancing industrial and public safety, the US Two-Way Radio market strives for better performance.
Top Captive Players in US Two-Ways Radio Market
1. With the intent of enhancing industrial and public safety, the US Two-Way Radio market strives for better performance.
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The two-way radio market is making its infrastructure with better software and hardware experts to improve their designs.
The improved version is already in use with the advent of making high-end radios, for seamless audio transmission for security purposes.
5G chips are being installed in the improved version, which would lower their latency, increase data-rates and improve their coverage.
With focus on public safety, two-way radio is increased in connections, making them connect to multiple sources.
According to Ken Research, the US Two-Way Radio Market is an important market for various vital uses ranging from general awareness to Natural Disasters. With the improvements in technologies, high-end transmitters and receivers make these radios more useful by reducing latency and increasing coverage, providing audio transmission in a streamline fashion. This market is forwarding its growth steadily and gradually, with a projected CAGR of ~7% by the year 2028.
2. With the advent of technological improvement and remote work-adaptation, it became the driving pace for the US two-way radio market.
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The two-way radios at present are fitted with enhanced speakers and transmitters, to enhance their coverage and give a 30% rise in quality sound.
“Enhanced noise cancellation” from well-built speakers allows for the correct information to be conveyed, saving many from peril.
A modulated transmitter and an updated trans-receiver allow for an increase in high-quality audio to be transmitted and received.
With harder body, two-way radios are able to withstand harsh environment (cold or heat) leading to an increase in coverage even in unsuitable places.
3. The rise in critical threats is greatly influenced the two-way radio market in US to strengthen themselves.
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The Terrestrial Trunked Radio (TETRA) is the strongest police radio communication, being used over 100 nations globally.
Critical and high threats such as CVE-2022-24401 and CVE-2022-24404 respectively, posed a threat in loss of authenticity and personal details.
Improvement in the TETRA Authentication Algorithm (TAA1) and TETRA Encryption Algorithm (TEA1), has minimized the threats persisting earlier.
The threats were discovered by MIDNIGHT BLUES, funded by the NLnet as the EU NGIO PET fund, using reverse engineering the TAA1 and TEA1.
4. Military and Natural disaster prevention investments are paving the growth of the market.
Motorola Solutions Inc. Market Share
The Land Mobile Radio, a Motorola initiative, is essentially for mission critical areas, preventing loss of information and better military communication.
With Motorola Over the Air Programming (OATP), the two-way radios are easily being accessed and updated remotely in a fluid manner.
With streamline long distance communication, Very High Frequency (VHF)/Ultra High Frequency (UHF) two-way radios are used for Natural Disaster preparedness, emitting faster audio transmission.
Since operating on separate battery, power outage cannot stop this kind of two-way radios, making them able to transmit even in a blackout.
With high encryption as security, and basic user-friendly database, this allows common people to use them as well during a disaster.
CONCLUSION
The US Two-Way Radio Market is an important division for the regions, as it handles most of the transmissions going on for multiple purposes, leading to further proceeding of various processes. Mostly Government and Military services are required in this sector, but due to the sudden global change, a keen observation on Natural disasters are to be kept as well. With long distance and short distance radios now operational the US two-way radios market is striving with improved potential.
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Future Outlook of Global E-Bike Industry: Ken Research
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What Is The Size Of Global E-Bike Industry?
Global E-Bike Market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027.
The Global E-Bike Market is largely Factors such as implementation of government regulations to encourage the use of electric bikes, consumer inclination toward use of e-bikes as an eco-friendly & efficient solution for commute, increase in fuel costs, and rise in interest in cycling as a fitness & recreational activity are expected to drive the market growth. However, high cost of e-bikes and ban on use of e-bikes in major cities of China hinder the market growth. Furthermore, improvement in bicycling infrastructure & battery technology is expected to offer lucrative opportunities for the electric bike market growth.
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Governments of various countries are taking initiatives to reduce the carbon footprints by encouraging the use of electric bikes, electric vehicles, and bicycles, owing to increase in awareness toward the hazardous effects of using vehicles running on fossil fuels. Moreover, governments are constructing bicycle-friendly streets, which are encouraging individuals to opt for bicycle as a key mode of commute.
Global E-Bike Market Segmentation By Product Type
The Global E-Bike Market is segmented by Product type into Pedelecs, Speed Pedelecs, throttle on demand, Scooter/Motorcycle.
Global E-Bike Market Segmentation By Battery Type
The Global E-Bike Market is segmented by region into Lead-Acid, Lithium-ion, Others.
Globale-Bike Market Segmentation By Region
The Global E-Bike Market is segmented by basis of Region into Asia Pacific, Australia, Europe, North America. The market captured by Asia Pacific is larger as compared to others.
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Competition Scenario In Global E-Bike Market
The Global E-Bike market is a highly competitive and diverse industry with many major players operating in the region. Here are some of the leading catering companies in the global E-Bike Market. Top players such as the market is largely driven by rising demand for organic hair care products and active advertisement campaigns.
What Is The Expected Future Outlook For The E-Bike Market Across The Globe?
The Global E-Bike Market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027, witnessing a CAGR of ~% during the forecast period 2022-2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
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The Global E-Bike Market is driven by Electric bikes offer huge growth potential as they endure to gain traction in Europe as a more ecological means of transport. Sales in the U.S. is predicted to lift as associated regulations will take shape. Along with healthy European and U.S. markets and expected rebound in sales in China is projected to offer a more stable environment for the e-bike market place during years to come.
With increasing necessity of environment-friendly transportation, popularity of bicycles is booming across various parts of the world. This is mainly because of numerous benefits offered by the cycling such as reduced CO2 emission, reduced air pollution, reduced noise pollution from other transportation modes, saves fuel cost, improves public health, less congestion on roads, and also saves construction and maintenance cost of road infrastructure.
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Global E-Bike Market Outlook to 2027
Related Reports by Ken Research: –
Qatar Lubricants Market Outlook to 2027
Australia Lubricant Market Outlook to 2027
New Zealand Parking Management Market Outlook to 2028
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Shutterstock dominating the US Still Images Market; making its stronghold permanent: Ken Research
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Shutterstock is an American still images provider with extensive collection, probable licensing and having large community of contributors, making a growth of ~13% p.a.
STORY OUTLINE
Shutterstock pushes the boundaries owing to its extensive collection and user- friendly platform.
Having its own licensing, Shutterstock holds its integrity in the US Still Images Market.
With new technologies and acquisitions, Shutterstock crosses its own limits.
Shutterstock is continuously growing due to its large community of contributors.
Emerging Players in US Still Image Market
1. Shutterstock pushes the boundaries owing to its extensive collection and user- friendly platform.
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With the ‘royalty-free’ program, Shutterstock pushes to the top with over 110,000 stock images.
Along with stock images, Shutterstock has over 10,000 Data Statistics Tool Images, making it one of the biggest still images player.
With advanced and newer images, Shutterstock increases its customer retention, with over 2 million customers and rising.
With a broad subscription based model, Shutterstock embraces its huge customer base, with a 2% increase in subscription-rate each year.
According to Ken Research, Shutterstock has been a leading player in the US Still Image Market, with over 400 million libraries of photographs and edited illustrations, making social media platforms and other companies get the most benefits out of it. This makes the company expand its reach and dominate in the US Still Images Market, making a growth of ~13% p.a.
2. Having its own licensing, Shutterstock holds its integrity in the US Still Images Market.
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With ‘Standard Licensing’, images can be used for marketing and advertising, benefiting many multimedia companies, increasing the allover growth.
With 3 other types of licensing namely, Enhanced, Editorial and Premiere License, different low to high end companies are benefiting from it, making the company grow over large scale.
In addition to the royalty-free content, Shutterstock induces Rights-Managed Licensing, which gives the owner a right to own a particular image, making its ownership singular.
Proper steps of protection by founder Jon Oringer, has made Shutterstock images safe from copyright infringement and cloning.
3. With new technologies and new acquisitions, Shutterstock crosses its own limits.
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With Artificial Intelligence brimming to the peak, Shutterstock’s image creation reaches new heights, creating over 40 million still images.
With a six-year partnership with OpenAI, Shutterstock has promised to give the access to its huge audio, video and image libraries.
Shutterstock has also given promising leads on buying Giphy from Meta Platforms for $53 million, which would help in mobile users to use generative AI techniques from Giphy’s database.
With Shutterstock Labs, a comprehensive image generation was found, which fueled the company’s main growth.
4. Shutterstock is continuously growing due to its large community of contributors.
Leading Players In US Still Image Market
Shutterstock has a large community of growing contributors, providing vectors, photographs and own created images from scratch.
Aaron N. and Katarina M. are the top contributors, dominating in Landscape and commercial photography and Food photography
With the help of generative AI, Shutterstock contributors are deeply helped in their own field, making their individual portfolios and contributions make the company grow much more every year.
With high-end security protocol, contributors remain unaffected with copyright protocols, preventing other users from taking other’s ideas.
CONCLUSION
Shutterstock is making a wide progress as globally social media and company to company dependent infographics are demanded on a large number, deeming an overall demand of the company. This leads to a rise in the workflow, increase in the number of contributors and global expansion of the company.
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The US Still Images Market is expected to reach ~US $ 2 Billion by 2028: Ken Research
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The US Still Images Market is segmented heavily in sectors like medical imaging, advertising, web designing etc. making this market heavily prolific, with an expectation to reach a market value of ~US $ 2 Bn by 2028.
STORY OUTLINE
Increased demand for visual content has pushed the rise of Still Images Market in US.
Since the Covid-19 pandemic, the demand for total visual representation, has marked the growth of the market.
Social Media influencers requires a lot of still images to expand their reach out to the world, making their demand grow the market even more.
Web Designing, creative projects and designs and developments, require mostly still images or stock images to begin with, marking the demand increase in the
Emerging Players in US Still Image Market
1. Eased demand for visual content has pushed the rise of Still Images Market in US.
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Increasing demand for visual content creation has surged due to the rise in increased use of online domains like social media, blogs, online broadcasting
Since visual is responsible for proper understanding of the topic, businessmen and creators are increasing their shift to visual content by 80%.
With visual content, success rate for the companies creating content has gone up by 90%.
With increased visual content in social medias, 94% more views, higher click-through-rate and a 12% increase in web traffic has been observed, making all the markets to grow with it.
According to Ken Research, the US Still Image Market has been ever growing since visual representation was made an important requirement in the corporate and other informative sectors, tending to millions of needs and transforming the traditional ways into innovative graphical infographics, making understanding easier. The US Still Image Market is climbing with the total digitization ranging from various sectors with an expected market value of ~US $2 Billion by 2028.
2. Since the Covid-19 pandemic, the demand for total visual representation, has marked the growth of the market.
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Covid-19 has resulted in a surge for online content visualization, online transaction with at least 55% visual representation of how to use that particular system.
With a shift from traditional office commute to a work-from home condition, resulted in the visual transformation of the workspace and modules, with 7% rise in work flow success rate.
A visual representation has successfully resulted in the 10% increase in memory retention in the workspace.
With visual representation, an updraft of memory retention has proved the increase in employee output, surging the individual companies.
3. Social Media influencers requires a lot of still images to stand out, making their demand grow the market even more.
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Upgraded Visual Appeals and User Experience, helps stimulate the better understanding of the subject required, resulting in more engagement.
Social Media and Branding are the current emerging techniques, with promising results ensuring customer’s memory retention.
With platforms like Instagram, Facebook, Twitter, the demand for still images has gone up due to engaging content that requires still images to begin with.
With the increase in diverse projects, companies are now making progress by adding visual representation or infographics, in order to retain information much better.
4. Web designing, creative projects and designs demands the most still images to begin with, marking the demand increase in the market.
Leading Players In US Still Image Market
With AI and Machine Learning, newer and automatic image generation has made a 20% rise in the market.
With huge infrastructure supported by high speed internet, a high traffic in image generation has been observed.
LinkedIn has shown to be the most effective in making its infographics and visual representation, with a 97% rise in usage.
A rise of 74% social media users have been observed since the still images are being used at a larger amount.
Conclusion
According to Ken Research, the US Still Images Market is evolving with the rapid digitization occurring worldwide. With the diversity in projects and content, visual representation has become a deemed necessary asset that is helping every individual get a better grasp of things. With a vision of rapidly upgrading the informative world, the US Still Images Market is pushing its boundaries and is expected to reach a ~US $2 Billion, by 2028.
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Future Outlook of UK Real Estate Service Industry: Ken Research
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What Is The Size Of UK Real Estate Service Industry?
UK Real Estate Service market is growing at a double digit CAGR in 2017-2022 and is expected to reach UKD ~ Bn by 2028. The UK Real Estate Service Market is largely driven by a strong and growing economy creates demand for commercial properties, office spaces, and residential housing, leading to increased opportunities for real estate services. As the population grows, there is a higher demand for housing and infrastructure development, driving the need for real estate services in both residential and commercial sectors. UK Real Estate Service Market is at a growing stage. It is a fragmented market with the presence of many companies.
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The market has seen emergence of abundant players in the past 5 years and the industry will further boost owing to the needs and wants of consumers for a more customized pet food platform. Few major UK Real Estate Service players are Jones Lang Lasalle Incorporated, CBRE Group Inc., Brookfield Properties LLC, Home services of America Inc., Cushman & Wakefield Holdings Inc., Silverpeak Real Estate Partners LP, The Long & Foster Companies Inc. etc. North America to dominate the global cat food market. An increase in awareness and lifestyle changes is the fundamental driver of Pet market growth. Customers are more likely to remain loyal when their needs are customized.
UK Real Estate Service Market Segmentation by Property Types
The UK Real Estate Service market is segmented by Property Types. Residential property was the dominant form.
UK Real Estate Service Market Segmentation by Service
The UK Real Estate Service market is segmented by Service. Property Management was the most dominant in 2022.
UK Real Estate Service Market Segmentation by Region
The UK Real estate service market is segmented by Region into England, Wales, Northern Ireland, Scotland and Other Regions. England held the major market share in market in 2022.
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Competition Scenario in UK Real Estate Services Market
The UK real estate service market is fragmented. The report covers the major players operating in the United States Real Estate Services. The UK real estate services market has both international and local players. Some of the prominent players in the industry are Jones Lang Lasalle Inc., CBRE Group, Brookfield properties LLC, Home services of America Inc., and Cushman & Wakefield Holdings Inc. The growing real estate market, adoption of new technology by real estate services providers, and a few other factors will increase the growth of the market.
What Is The Expected Future Outlook For The Overall UK Real Estate Services Market?
The UK Real Estate Services market was valued at UKD ~ billion in 2022 and is anticipated to exceed UKD ~ billion 2028, witnessing a robust CAGR during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future. The UK Real Estate Services market is driven by the trend of people moving to urban areas drives demand for real estate services, as cities expand, and new properties and developments are required.
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Low mortgage rates encourage homebuying and real estate investment, leading to increased demand for real estate services like property sales and mortgage financing. The government has set forth ambitious strategies to leverage digital technologies extensively in enhancing its services, processes, and decision-making capabilities, as well as facilitating efficient data sharing with the public. Similarly, in response to the increasing demand for sustainable housing solutions, real estate companies have been introducing novel and innovative products into the market.
The concept of sustainable construction practices is proving to be a highly advantageous investment and a responsible choice for the environment when it comes to real estate development. With increasing concerns about the ecological impact of building materials and waste management in construction, there is a push for new policies and legislation that require developers to prioritize sustainable building materials and adopt eco-friendly construction practices. These measures aim to ensure that real estate projects take responsibility for minimizing their environmental footprint and contribute to a more sustainable and greener future for the industry. The global real estate market is projected to grow significantly during 2022-2028, driven by increasing awareness of sustainable development and eco-friendly construction practices. Governments are adopting green building certifications and policies to encourage responsible choices among real estate developers and investors.
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UK Real Estate Service Market Outlook to 2028
Related Reports by Ken Research: –
US Real Estate Service Market Outlook to 2028
KSA Real Estate Service Market Outlook to 2026F
Vietnam Real Estate Market Outlook to 2025
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KSA Automotive Aftersales Service Market: An In-depth Analysis: Ken Research
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In 2020, over 100 exhibitors from 12 countries showcased cutting-edge automotive aftercare products across six sections. The market is highly fragmented, with around 3,000-4,000 independent/unorganized workshops contributing to industry revenue.
STORY OUTLINE
The Saudi Arabia automotive aftersales service market is expected to experience significant growth driven by increased sales of passenger vehicles and the rise of online automotive service providers.
Longer vehicle lifespans resulting from the use of quality materials and manufacturing processes contribute to the growing demand for automotive repair and maintenance services.
Road safety and environmental concerns are driving vehicle owners to seek regular maintenance and servicing, boosting the demand for aftersales services.
E-commerce platforms and digitalization have revolutionized the market, allowing customers to conveniently compare prices, find spare parts, and access automotive services online.
The market is expected to witness further expansion with the growing number of online service providers, offering opportunities for the automotive repair and maintenance services sector in Saudi Arabia.
The Saudi Arabia automotive aftersales service market is expected to experience significant growth with a strong CAGR from 2022 to 2027. Factors such as the rise of online automotive service providers and increased sales of passenger vehicles are driving the demand for automotive repair and maintenance services in Saudi Arabia.
1. Driving Market Growth: Increased Passenger Car Sales
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The sales of passenger vehicles in Saudi Arabia are experiencing a significant boost due to increased consumer spending capacity and a preference for private vehicle ownership. Longer vehicle lifespans, resulting from the use of quality materials and manufacturing processes, are driving the demand for automotive repair and maintenance services. The Saudi Arabian automotive repair service market reached a value of USD ~980 million in 2021, with market players focusing on providing flexible, affordable, and high-quality services to cater to the growing demand and gain a competitive edge.
2. Growing Concerns Drive Market Demand for Vehicle Safety
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With an increasing emphasis on road safety and environmental concerns, vehicle owners are more conscious of keeping their vehicles in optimal condition. Regular servicing and maintenance become crucial for ensuring safety, fuel efficiency, and reduced emissions, driving the demand for aftersales services.
From 2017, the Saudi Standards, Metrology and Quality Organization (SASO) mandated automobile manufacturers to adhere to stringent safety guidelines and measures for newly manufactured cars. Saudi Arabia has implemented over 480 standards, including 102 items pertaining to tires and spare parts, aligning with global regulations in the automotive industry as practiced in developed countries.
3. On the Fast Track: Online Channel Fuels Market Expansion
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E-commerce platforms and digitalization have revolutionized the automotive aftersales service market, offering convenient price comparisons, spare parts availability, and easy access to services, driving the growth of online providers. There were ~34 million internet users in Saudi Arabia in January 2022. Companies like Morni, Ezhalha offer roadside assistance services to customers and provide convenient access to quotes for automotive repair and maintenance services, garnering significant customer interest.
The growing number of market players offering services on online platforms is expected to create lucrative opportunities for the Saudi automotive repair and maintenance services market in the next five years. The commission charged by Ezhalha, a digital platform for car spa services, ranges from 15% to 20%. According to a report by Ken Research, the Saudi Arabia automotive crash repair market is projected to reach SAR ~2.5billion valuation by 2025, supported by factors such as increased passenger vehicle sales and the emergence of online service providers. The report highlights the rising demand for repair and maintenance services, driven by vehicle safety concerns and the convenience offered by e-commerce platforms. This growth potential underscores the opportunities in the market for industry players to capitalize on.
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What does it mean for UK’s Real Estate Services Market to be Impacted by Interest Rates and Investor Sentiments?: Ken Research
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Story Outline
UK commercial real estate has seen a sharp correction in prices over the last nine months. Capital values began to fall last summer and are now 21% below their peak in June 2022. That is the sharpest correction since the period immediately following Lehman Brothers failure in 2008.
The UK real estate market is experiencing a resurgence of interest from international investors. According to the latest INREV intentions survey in January, the UK ranks second in popularity among Asian, Middle Eastern, and North American investors targeting Europe, and third among European investors.
1. Implications for real estate – a year of two halves?
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If the consensus on inflation and interest rates is correct, then there is a strong possibility that capital values will find a floor over the summer, 25-30% below their peak in June 2022.We expect that rental values will be broadly flat at the all-property level through 2023-2024. This year’s recession is forecast to be relatively mild and there is little risk of an over-supply of new space hitting the market at the wrong time. For example, the total amount of office space in central London will only grow by 1-2% between 2022-2024. This compares with 5% during the global financial crisis (GFC) and 13% during the recession of the early 1990s.
2. What is the biggest opportunity for growth in the Property Management Services industry in the UK?
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The industry relies on rented residential properties in the UK, as a large bulk of revenue is associated with residential rental property management services. Demand from rented residential properties trends opposite the number of residential property transactions. A rise in residential property transactions typically indicates more first-time buyers getting on the property ladder and ramps up home ownership, hitting demand for residential management services. The number of residential property transactions is falling in 2022-23, providing a potential opportunity for property managers.
By embracing digital innovations, automation, and advanced analytics, property management companies can enhance operational efficiency, deliver better customer experiences, and make informed strategic decisions. Embracing technology will enable them to streamline processes, optimize maintenance operations, and offer personalized services, ultimately attracting more clients and gaining a competitive edge in the market.
Several factors are aligning to support a recovery in investor demand for UK real estate. Bond yields have stabilized post-pandemic, the UK real estate market has re-priced faster than others, and the currency (sterling) has become more stable. History has shown that previous recessions were followed by robust real estate performance. If UK inflation continues to decrease and the recession remains mild, investors are advised to consider deploying capital later this year.
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USD 450 Bn Valuation in 2022: Is UK’s Real Estate Services Market Undergoing a Revolution?: Ken Research
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Story Outline
With housing demand on the rise and a scarcity of properties, the competitive UK market witnesses soaring house prices, particularly in London, where average prices double the national average.
UK companies embrace innovative technologies like IoT devices and automation to optimize property performance, meeting the demands of tech-savvy millennials and staying relevant in the competitive real estate landscape.
UK Mortgage Rates Skyrocket in 2022, Prompting Record Bank Rate Hikes. Residential Property Market Stages Impressive Recovery with Over One Million Transactions in 2021.
1. Has UK House Buyer Sentiment Weakened? A Closer Look at Market Trends
The housing market in the United Kingdom (UK) is influenced by supply and demand dynamics. A shortage of housing leads to increased demand, creating a competitive market that drives up house prices. Conversely, an excess of housing results in price reductions to attract buyers. This trend is evident in the UK, particularly in London, where as of June 2022, the average house price was approximately double the national average, reaching over 538,000 British pounds (USD 648,021).
Even within London, there are significant variations in average house prices. Living in Kensington and Chelsea would require an average investment of over one million British pounds (USD 1.20 million), while a house in Barking and Dagenham would cost approximately a quarter of that amount. In 2022, the UK witnessed around 1.3 million housing transactions, and with an expected increase in transactions, the average house price is projected to rise nationwide.
2. Are House Prices Increasing in the United Kingdom?
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UK companies are embracing innovative technologies to enhance their services and optimize property performance. Property managers and owners are actively seeking technological advancements, including Internet of Things (IoT) devices like thermostats, CCTVs, and smart lockers, which have become widely adopted. Automation is increasingly becoming a crucial aspect of the property management industry. Millennials, in particular, demonstrate a high affinity for technology usage.
A recent survey revealed that 42% of property managers are choosing to adopt new technologies to stay relevant in today's competitive market. Various companies, such as Buildium, AppFolio, Rentalutions, and VTS, offer cutting-edge products that streamline and automate traditionally paper-heavy tasks, such as bill payments, rent collection, and maintenance tracking.
3. Surge in Residential Properties: Favorable Mortgage Rates Propel UK Housing Market
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In 2022, mortgage rates in the UK experienced an unprecedented surge, with the 10-year fixed mortgage rate doubling between March and December. This increase was largely influenced by rising inflation, prompting the Bank of England to implement multiple bank rate hikes throughout the year, consequently leading to higher mortgage rates.
Following a decline in 2020 caused by the COVID-19 pandemic, the residential property market made a remarkable comeback in 2021. Both the number of residential properties sold and the gross value of mortgage lending experienced significant growth during this period. Across the United Kingdom, over one million transactions took place in 2021, with the majority of residential properties being sold in England.
As the study period continues, it is anticipated that the already modest mortgage rates, which have been instrumental in driving housing market demand, will continue to rise, further influencing the residential real estate market in the United Kingdom.
The United Kingdom's residential real estate market is characterized by a fragmented landscape, with low market share concentration and intense competition among industry players. The prevailing shortage of houses in the market has resulted in increased demand, significantly benefiting prominent housebuilders in the country. Several major players have reported a surge in sales owing to the robust demand for new homes.
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Wallan Trading and Renault Group Join Hands to Reshape the Future of Saudi Arabian Automotive Industry: Ken Research
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The Riyadh-based firm looks to expand its automotive offerings in the Kingdom. Riyadh-based Wallan Trading Co., a prominent player in the Saudi car market, has entered into a strategic partnership with Renault Group to become the official distributor of Renault vehicles in the Kingdom.
STORY OUTLINE
Wallan Group partners with Renault Group as the official distributor for Renault in Saudi Arabia, marking a significant milestone in the country's automotive industry.
Renault Group is a renowned automotive innovator with a history of introducing ground breaking products, including Europe's first mass-produced electric car.
The partnership between Wallan Trading and Renault Group aims to enhance the automotive landscape in Saudi Arabia, offering expanded options and exceptional driving experiences to customers.
The collaboration aligns with Saudi Arabia's Vision 2030, focusing on economic diversification and the growth of non-oil sectors, with the automotive industry playing a pivotal role.
According to Ken Research, the strategic partnership strengthens Saudi Arabia's position as a vibrant automotive hub, driving the expansion and diversification of the sector while contributing to employment opportunities and broader economic goals.
Wallan Group, a longstanding leader in the Kingdom's automotive sector for over four decades, is proud to announce a ground breaking partnership with Renault Group. Effective from June 1st, 2023, Wallan Group assumes the prestigious role of the official distributor for Renault in the Kingdom of Saudi Arabia, signifying a significant milestone in the advancement of the country's automotive industry.
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In the 1980s, Wallan Group embarked on its business journey by establishing itself as the authorized agent for Hyundai in the central region of Saudi Arabia. Since then, the company has steadily expanded its automotive portfolio through strategic alliances with renowned global brands, encompassing both passenger and commercial vehicles. This ongoing growth has solidified Wallan Group's position as a key player in the Kingdom's automotive industry.
Renowned for its automotive innovation and technological prowess, Renault Group boasts a storied history of pioneering ground breaking products in the market. Notably, the company has been at the forefront of automotive electrification, introducing Europe's first mass-produced electric car. Established in more than 130 countries, the Group has sold 2.1 million vehicles in 2022. It employs nearly 106,000 people who embody its Purpose every day, so that mobility brings people closer.
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Aiming to elevate the Saudi market's automotive landscape, Wallan Trading and Renault Group have united to deliver an unparalleled level of automotive excellence. Leveraging Wallan Trading's robust distribution network and local market expertise alongside Renault Group's industry-leading vehicles and cutting-edge technologies, customers in Saudi Arabia can anticipate expanded choices and exceptional driving experiences.
By forging a strategic partnership, Wallan Trading and Renault Group strengthen Saudi Arabia's status as a vibrant automotive industry hub. As the Kingdom experiences rapid economic growth and increased consumer demand, this collaboration will drive the expansion and diversification of the automotive sector, generating employment opportunities and aligning with the Kingdom's overarching economic objectives.
In line with the Kingdom of Saudi Arabia's Vision 2030, Renault Group's collaboration with Wallan Trading reinforces the emphasis on economic diversification and the growth of non-oil sectors. With the automotive industry serving as a key driver in achieving these objectives, the partnership between Wallan Trading and Renault Group actively contributes to the establishment of a dynamic and competitive automotive market in Saudi Arabia.
In summary, the strategic partnership between Wallan Trading and Renault Group represents a major milestone in the Saudi automotive market. Wallan Trading aims to solidify its leadership position, while Renault Group strives to enhance its footprint in the Kingdom. Together, they are well-positioned to introduce innovative automotive solutions, establish new benchmarks of excellence, and fuel the growth of the automotive sector in Saudi Arabia.
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From Accidents to Solutions: Navigating KSA's Thriving Aftersales Service Market: Ken Research
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KSA's automotive repair industry, encompassing crash repair, mechanical repair, auto care, quick lube, spare parts, motor insurance, and rental & leasing, is projected to reach SAR ~2.5billion valuation by 2025, offering inter-related opportunities for growth and understanding.
STORY OUTLINE
Growing Industry Valuation: KSA's automotive repair industry, including crash repair, mechanical repair, auto care, quick lube, spare parts, motor insurance, and rental & leasing, projected to reach SAR ~2.5 billion by 2025.
Diverse Product Sections: Over 100 exhibitors from 12 countries showcased aftercare products and solutions across six distinct sections, reflecting industry breadth.
Importance of Crash Repair: Vital for vehicle safety and functionality, driven by accident rates, vehicle ownership, and insurance coverage. 2019 saw around 1,897 fatal road accidents in KSA.
Technological Advancements: Investments in advanced tools and technologies like computerized diagnostics and automated repair processes are reshaping KSA's aftersales market, while aluminium repair expertise becomes crucial.
Insurance Penetration and Growth: With approximately 35% insurance penetration and 5 million motor insurance policyholders, significant growth in revenue from insurance claims for crash repair is anticipated.
In the year 2020, more than 100 exhibitors hailing from 12 different countries gathered to present cutting-edge automotive aftercare products and solutions across six distinct product sections. 7 Verticals Shaking up KSA's Automotive Aftersales Service Industry: Crash Repair Industry, Automotive Mechanical Repair Industry, Auto Care Industry, Quick Lube Industry, Spare Part Market, Motor Insurance Industry, Vehicle Rental & Leasing Industry.
1. The Vast Landscape of Aftersales Services and Crash Repairs in KSA
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The crash repair market in KSA plays a crucial role in maintaining the safety and functionality of vehicles and is driven by factors such as the number of accidents, vehicle ownership, insurance coverage, and regulations pertaining to road safety. Road accidents are a significant contributor to the demand for crash repair services. In 2019, there were approximately 1,500+ fatal road accidents reported in Saudi Arabia, resulting in 2,106 fatalities.
On an average, 65-70% of the crash repair charges are for spare parts, 5-10% for consumables and 15-20% for labour charges.
2. Revolutionizing KSA's Aftersales Service Market with Technological Upgrades
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Investments are directed towards adopting advanced technologies and tools that improve the repair process and enhance the quality of repairs. This includes computerized diagnostics, precision measuring systems, advanced paint booths, and automated repair processes. The automotive industry is increasingly incorporating aluminium in vehicle panels to achieve lightweight designs. In 2017, The Saudi National Automobile Manufacturing Co. (SNAM) and the Saudi Arabian Mining Co. (Maaden) entered into a cooperation agreement to enhance the aluminium content in new vehicles.
As a result, body shops need to develop capabilities for aluminium repair, which differs from steel panel repair in several aspects. For instance, traditional hammering techniques are ineffective for removing dents from aluminium panels, requiring the use of heat-based methods instead.
3.Ensuring Your Ride: Exploring Insurance Penetration in the KSA Automotive Market
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Insurance coverage plays a vital role in the crash repair market. As of 2020, the insurance penetration rate for vehicles in Saudi Arabia was around ~35%. This means that a significant portion of vehicles on the roads is covered by insurance, which contributes to the demand for crash repair services.
In 2020, the number of motor insurance policyholders in KSA reached approximately 5 million. Looking ahead, the revenue generated through insurance claims for crash repair is projected to exhibit rapid growth over the next five years. It is compulsory for all fleet companies to insure their vehicles and for vehicles older than 3-4 years majority prefer to repair the vehicle at non-agency in case of accident.
In conclusion, KSA's aftersales service market, including crash repairs, technological advancements, and insurance penetration, is a critical component of the automotive industry. With the growing importance of safety, advanced repair technologies are revolutionizing the sector. Additionally, insurance coverage plays a vital role in driving the demand for crash repair services. As the market continues to evolve, stakeholders must adapt to meet the diverse needs of vehicle owners and ensure a safe and efficient aftersales service landscape in KSA.
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Future Outlook of US Metaverse Market: Ken Research
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What Is The Market Size Of Us Metaverse Industry?
US Metaverse market is growing at a double digit CAGR in 2017-2022 and is expected to reach USD ~ Bn by 2028. The US Metaverse Market is largely driven by One of the significant growth drivers of the metaverse market is the increasing demand for immersive and interactive virtual experiences across various industries, including gaming, entertainment, education, and commerce. US Metaverse Market is at a growing stage. It is a fragmented market with the presence of many metaverse companies. The market has seen emergence of abundant players in the past 5 years and the industry will further boost owing to the needs and wants of consumers for a more customized virtual reality platform.
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Few major US Metaverse players are Lilith Games, Roblox Corporation., Tencent Holdings, Byte Dance., Nvidia Corporation. Europe continues to dominate the US Metaverse market. Depending on technology, the virtual reality and augmented reality segment dominated the metaverse market share in 2020, and is expected to continue this trend during the forecast period, owing to growing demand for virtual reality (VR) / augmented reality (AR) based services. An increase in awareness and lifestyle changes is the fundamental driver of metaverse market growth. Customers are more likely to remain loyal when their needs are customized.
Us Metaverse Market Segmentation By Component
The US Metaverse market is segmented by Component into Software, Hardware and Professional Services. Software was the dominant form.
Us Metaverse Market Segmentation by Vertical
The US Metaverse market is segmented by vertical into Consumer, Commercial, Industrial Manufacturing, Healthcare and Others. Consumer was the most dominant in 2022.
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Us Metaverse Market Segmentation by Region
The US Metaverse market is segmented by region into North, South, East and West of America. North America is the most dominant market.
Competition Scenario in Us Metaverse Market
The US metaverse market is fragmented. The report covers the major players operating in the United States virtual reality market. Some of the prominent players in the industry are Lilith Games, Roblox Corporation., Tencent Holdings, Byte Dance., Nvidia Corporation. Competition in the metaverse is intensifying as more companies enter the market, offering a variety of virtual reality, augmented reality, and extended reality experiences. Established tech giants, startups, and gaming companies are vying to capture a significant share of the growing metaverse industry, leading to innovative developments and unique offerings to attract users.
What Is The Expected Future Outlook for The Overall Us Metaverse Market?
The US Metaverse market was valued at USD ~ billion in 2022 and is anticipated to exceed USD ~ billion 2028, witnessing a robust CAGR during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future. The US Metaverse market is driven by demand for rising disposable income in developing economies. The continuous advancements in virtual reality (VR), augmented reality (AR), and extended reality (XR) technologies are fueling the development and adoption of metaverse platforms, creating new opportunities for businesses and users alike.
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The government has set forth ambitious strategies to leverage digital technologies extensively in enhancing its services, processes, and decision-making capabilities. Rise in Demand in the media and entertainment, gaming and adjacent markets like virtual reality (VR), augmented reality (AR), mixed reality (MR), and digitalization in the fashion, retail, and art industries are the main factors for the metaverse industry growth. The concept of sustainable packaging is proving to be a highly beneficial investment and a responsible choice for the environment when it comes to reality platforms. With the rising awareness regarding the environmental impact of virtual assets and digital content within the metaverse, there is a growing push for new policies and measures that hold businesses accountable for sustainable practices and responsible management of virtual resources.
AI and cognitive learning technologies have started to play a decisive role and are poised to be game-changers in several avenues. During the forecast period of 2022-2028, it is anticipated that the US Metaverse market will grow at a massive CAGR by 2028. Growing concerns about virtual avatar health and excessive virtual consumption habits are prompting various governments to adopt plain packaging strategies for metaverse products. By implementing plain packaging regulations, authorities aim to raise awareness about digital well-being and encourage responsible virtual choices among users within the metaverse.
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US Metaverse Market Outlook to 2028
Related Reports by Ken Research: –
UK Metaverse Market Outlook to 2028
Nigeria Data Centre Market Outlook to 2027
Africa Data Center & Cloud Services Market Outlook to 2027
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EUROBIKE 2023: YADEA Impresses with Sustainability, USPs, and Trendsetting: Ken Research
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Yadea, a global leader in electric two-wheel mobility, leaves a strong mark at Eurobike 2023, the influential cycling industry event. Their presence showcases dedication to innovation in electric mobility.
Storyline
Yadea, a leading e-mobility brand, shines at Eurobike 2023.
Growing global demand for e-bikes drives Yadea's success.
Innovative e-bike models impress at Eurobike, consolidating Yadea's position.
As per Ken Research, Yadea to continue working on technological excellence, quality, and international expansion.
1. What’s it all about?
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Yadea, the prominent global brand in electric two-wheel mobility, continued to make a significant impact at Eurobike 2023. This renowned event, recognized as a trendsetter in the cycling industry, draws participants from various sectors such as buyers, manufacturers, retailers, and cycling enthusiasts worldwide. Eurobike serves as a platform for exploring global cycling trends, fostering interaction, and stimulating the advancement of the global cycling industry. Yadea's active involvement in this event signifies its commitment to driving innovation and growth in the electric mobility sector.
2. What more?
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Yadea has emerged as the global leader in electric two-wheelers, capitalizing on the surging demand in the green commuter market. The European e-bike market witnessed remarkable growth, surpassing 5.5 Mn units sold in 2022, representing an impressive year-on-year increase of approximately 20%. With its unwavering commitment to innovation, quality, and sustainability, Yadea has solidified its position as the top-selling brand in the electric two-wheeler industry.
3. & What’s the deal about Eurobike?
At this year's Eurobike, Yadea showcased the Yadea Trooper 01, Yadea Innovator and Yadea Camper e-bikes, all well received by dealers and the media, with especially positive reactions from the global e-mobility, technology, and new consumer sectors. With engaging interaction and fruitful discussions, Yadea further consolidated its position as the industry front runner.
The e-bikes on display were user-centric and covered multiple scenarios of daily commuting with their functional features. For riders who are curious about "4+2" (4-wheeler + 2-wheeler) travel mode, Yadea also provides an ideal solution. The Yadea Innovator Foldable Electric Bike adopts a single-arm front and rear design and has a folded volume of only 0.27 cubic meters.
4. What does the future hold?
As it propels forward in the realm of internationalization, Yadea envisions a future where cutting-edge electric two-wheelers redefine travel and entertainment. With a relentless pursuit of excellence, Yadea pioneers sustainable commuting solutions that transcend boundaries, shaping a futuristic world of immersive and eco-conscious mobility. “Together, we embark on a journey towards a vibrant, interconnected tomorrow, elevating lifestyles and embracing the limitless possibilities of tomorrow's travel.” As per our opinion at Ken Research, Yadea’s vision for a sustainable green travel in the future will grow up to become a reality but it has to be fuelled by continuous efforts & collaborations.”
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AR the future of metaverse: Global Market to reach USD 700 Mn by 2028?: Ken Research
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Story Outline
Whether it is healthcare, retail, social media or the workplace, the metaverse has the potential to change lives. With the increase in popularity of virtual reality, augmented reality and mixed reality, the metaverse is gaining momentum, enabling users to go about a normal conversation as an avatar in a ‘different world’.
But according to a report by the World Economic Forum, the true benefits of the metaverse do not come from the creation of new digital worlds. They come through the integration of physical and digital worlds.
1. Meeting the Metaverse Challenge: AR Emerges as a Key Enabler for the Future.
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The move to the metaverse will require enormously sophisticated future technologies. According to Intel, to power the metaverse for hundreds of millions of users simultaneously, the world’s current computing, storage and networking infrastructure is ‘simply not enough’. A key to the success of the metaverse includes integrating the physical and the digital, with AR representing a better fit ‘for the real world’.
“Platforms for the metaverse typically either use AR or VR,” she writes. “VR has come to life over the past decade through gaming, esports, and entertainment, with fully virtual avatars and environments. On the other hand, AR is a better fit for work in the real world. While there’s room for both in the growing metaverse market, AR ultimately has the greatest potential. With AR, you can still interact with the objects, tools, environments, and people around you – making adoption easier, providing greater value to existing activities and speeding the path to ROI. Plus, this paradigm feels more natural and intuitive, since human evolution has equipped us to interact this way.
2. Building an open, interoperable metaverse ecosystem for the world
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Last year Microsoft, Epic Games, Meta, and 33 other companies and organisations announced the formation of a standards group for metaverse technology. “Building a metaverse for everyone will require an industry-wide focus on common standards,” said Vishal Shah, Vice President of Metaverse at Meta. “The Metaverse Standards Forum can drive the collaboration that’s needed to make this possible, and Meta is committed to this work. Creators, developers and companies will all benefit from the technologies and experiences that will be made possible by common protocols.”
The Khronos Group hosts the Metaverse Standards Forum, inviting any company, standards organization, or university to participate without any fees through a Participant Agreement. Emphasizing the significance of open standards, Johnson highlighted how they facilitate collaboration among developers, hardware manufacturers, MDMs, and partners, accelerating adoption, fostering innovation, and allowing users to determine the most suitable solutions. While closed ecosystems may have specific applications or business models, they are better suited as distinct "islands" within the broader metaverse ecosystem.
Companies have already begun to adopt the metaverse, with Microsoft and Samsung owning 158 and 122 patents on the metaverse respectively. As Johnson describes, enterprises are primed to pioneer advances in the metaverse, just as they did for mainframe computing. Enterprises are leading the way because they understand the case for productivity, competitive advantage and value to their customers.
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Yadea Revolutionizes E-Bike Market with Cutting-Edge Technology & Global Dominance: Ken Research
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Wireless charging, higher speed, longer range, and better batteries is what separates Yadea from the usual 2W.
Yadea: Leading the Global E-Bike Market with 70 Mn Customers
Unparalleled Stability and Control: Yadea's Advanced Mid-Drive Motor Technology
Elevating the Riding Experience: Yadea's Multi-Sensor Fusion Technology
The INNOVATOR: Yadea's Stylish and High-Performance E-Bike Model
1. A new age player with a connection to green future.
Emerging Companies Global E-Bike Industry
China based E-Bike manufacturer Yadea is all about sustainability & new world EVs. Introduced in 2001, the company has come a long way in supporting the global journey towards greener travel solutions.
A global leader in developing and manufacturing two-wheeled electric vehicles, from motorcycles and mopeds to bicycles and kick scooters, the company is now exploring the next stage of growth in electric mobility with consumers experiencing a revolution with electric two-wheelers that run faster, longer, and can charge wirelessly, among many other groundbreaking features.
2. What are the current innovations & developments?
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The company also marked its presence at CES in Las Vegas on January 5th. Showcasing a range of ebike models with high-performance motors and an impressive five-year warranty, the company's six years of expertise in the industry is evident. With mature smart sensor motor technology, Yadea ensures a seamless and powerful gear-shifting experience for riders.
Expanding its reach, the EV giant also plans to penetrate major US stores, launch an exclusive online ebike platform, and provide professional maintenance services and convenient door-to-door support.
3. What does the future hold for Yadea?
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With a clear vision for the future, Yadea is set to redefine the e-bike industry through groundbreaking motor technology innovations. The company's unwavering commitment to research and development of high-speed motors is poised to revolutionize the way we perceive e-bikes.
By pushing the boundaries of motor technology, Yadea aims to deliver highly efficient and powerful e-bikes that surpass all expectations. Fueling this mission, As per our opinion at Ken Research, Yadea will invest in cutting-edge facilities, forge strategic collaborations with industry experts, and foster a culture of innovation and continuous improvement.
The company has already sold products to 60 million users in over 100 countries and regions and has a network of 40,000+ retaile
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Metaverse Market Thrives on Cryptocurrency Craze, Pioneering Security Innovations and Embracing Decentralized Solutions: Ken Research
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Story Outline
Rise in Demand in the media and entertainment, gaming and adjacent markets like virtual reality (VR), augmented reality (AR), mixed reality (MR), and digitalization in the fashion, retail, and art industries are the main factors for the metaverse industry growth. New product launches and contracts are expected to offer lucrative opportunities for the market players during the next five years.
1. Next-Generation Aerospace and Defense: Harnessing the Power of Metaverse and Adjacent Technologies
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Technologies, such as XR, AI, and analytics in the aerospace and defense sector is expected to be useful for training and simulating applications largely. These technologies coupled with metaverse are expected to be helpful for experiential training by making use of data-driven applications in real-time. Thus, the metaverse is projected to enable the improved and efficient transfer of accurate skills and enhanced knowledge retention by trainees across this vertical/enterprise. Extended reality is used to train the ground crew for pre-flight checks in airlines. It is also used to enable the ground crew to carry out required procedures before the take-off of aircraft. Further, the technologies combined can be used to inspect airplanes, analyze the data, and find out malfunctions, before take-off, thereby ensuring increased safety. The metaverse in integration with XR, can also help in weapon training, flight training, and simulations, thereby boosting the market growth.
2. Global economic slowdown resulting due to COVID-19: A challenge or driver for the metaverse industry?
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The ongoing pandemic has increased the demand for extended reality devices due to the unexpected lockdowns in key regions (Europe, Asia Pacific, and North America). The employees of several organizations are working from home in the wake of the COVID-19, thereby increasing the requirement for virtual meetings, training, and conferences. The pandemic has also affected the global manufacturing of extended reality devices.
A survey conducted by the National Association of Manufacturers (NAM) in 2020 related to the manufacturing industry in the US depicts more than 35% of respondents are of the opinion that the COVID-19 has impacted their supply chain operations, and over 53% expected a change in their operations in the coming months. Some key industrial companies have closed their facilities and are considering the extent of layoffs to help curb the spread of the virus and for economic reasons. The severe impact of the pandemic on the manufacturing industry has halted the supply of extended reality devices across the world. It has reduced consumer expenditure on non-essential items. This, in turn, is expected to act as a challenge for the growth of the metaverse market in short term.
3. The rising popularity of virtual tokens and NFTs are a major growth driver of the metaverse market.
Emerging US Professional Services Market
In recent years, non-fungible tokens or NFTs have gained major growth and endorsements. Rise in popularity of virtual goods and digital currencies among younger generation (millennials and gen Z) aids in growth of NFTs. According to a report published by the American news media house – CNBC in March 2022, total number of NFT trades accounted for over $17 billion, which was a 200% increase from 2020 to 2021. Such instances propel growth in popularity of virtual goods and currency in the modern digital landscape, which propels the global metaverse market.
Rise in demand for work from home and remote working tools during the period of the COVID-19 pandemic led to growth of the global metaverse market. Growth in popularity of cryptocurrencies and non-fungible tokens (NFTs) positively impact the metaverse market growth. However, complex security and privacy challenges on the metaverse platform can hamper the metaverse market. On the contrary, a positive drive toward decentralized network technology is expected to offer remunerative opportunities for expansion of the metaverse market during the forecast period.
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Nigeria data center market is expected to generate more than USD ~280 Mn by 2027 owing to the investments happening in hyperscale and co-location services and increasing internet penetration: Ken Research
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Ecosystem of Nigeria Data Center Market
The Nigeria Data Center industry is consolidated with top players holding more than 70% market share. The players compete with each other on the basis of number of data centers, IT load, gross floor area, total white space, number of racks, geographical presence, etc.
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Key Market Findings:
Nigeria is promoting a fully digital economy by 2030 through the National Digital Economy Policy and Strategy (NDEPS 2020-2030).
The growing fintech and startup ecosystem needs dynamic data centers to survive. So far, many of these companies host their data offshore, as reliability and scalability concerns have forced companies to look elsewhere.
However, as the attention of international data center operators shifts to the country, the sector will become more robust and reliant on local hosting.
Launch of 5G: The growth of the data center market in Nigeria is owing to the launch of 5G. E-commerce platforms and fintech (financial technology) will greatly benefit from 5G networks. Launch of 5G will strengthen the digital economy in the nation and hereby accelerate growth in data center market.
Nigeria Data Protection Regulation (NDPR): NDPR is a growth driver of data localization initiatives and the increasing development of data centers in the country leading to increased local data storage and computing requirements. Future data center demand, especially from a colocation perspective, will come from sectors such as cloud and large technology companies expanding their operations in West Africa.
Increase Internet Penetration: Improvement in network connectivity, government support, and rapid growth in the adoption of big data, and IoT services have been strong enablers for the growth of the industry in Nigeria. Internet penetration in Nigeria is increasing year over year, which will thereby accelerate data center market in Nigeria.
Analysts at Ken Research in their latest publication “Nigeria Data Center Market Outlook to 2027 - Driven by launch of 5G, internet penetration, increase in investment and government initiatives.” observed that the Nigeria data center market is expected to showcase considerable growth in the coming five years. In the upcoming years, it is predicted to expand more rapidly due to increased internet penetration and the launch of 5G. The Nigeria Data Center Market is expected to grow at robust CAGR over the forecasted period 2022 -2027.
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Key Segments Covered in the report
Nigeria Data Center Market
By Vertical
Hyper Scale DC
Co-location DC
Managed DC
By Type of Co-location
Wholesale Co-location
Retail Co-location
By End User
Telecom and IT
BFSI
Government
E-Commerce
Others
Key Target Audience
Data Center companies
Cloud providers (Domestic and Global)
Managed data center companies
Co-location data center companies
Private Equity and Venture Capitalist
Industry Associations
Data Center Constructors
Technology providers
Time Period Captured in the Report:
Historical Period: 2017-2022
Base Year: 2022
Forecast Period: 2022-2027
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Nigeria Data Centre Market Outlook to 2027
Related Reports By Ken Research: –
US Data Center Market Outlook to 2027
Africa Data Center & Cloud Services Market Outlook to 2027
Thailand Data Center and Cloud Services Market Outlook to 2027
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