Context Aware Computing (CAC) Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2016 - 2023
Dover, DE -- (SBWIRE) -- 05/10/2016 -- Context aware computing (CAC) market size is expected to reach over USD 125 billion by 2023, growing at over 30% CAGR from 2016 to 2023. These systems are mainly used to improvise the quality of interaction with the end user. Increasing industry demand for leveraging these systems to attain better target prospects is projected to drive growth over the forecast timeframe.
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Context is anticipated to be the most adopted component and is expected to lead the industry over next few years. It is likely to reach at USD 56 billion by 2023, growing at over 30% CAGR.
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Telecom & information technology sector was valued at over USD 4 billion in 2014 and is forecast to be valued around USD 16 billion, growing at a CAGR of around 32% over the timeframe. Furthermore, BFSI (banking financial services & insurance) vertical, was valued USD 3.5 billion in 2015 and is estimated to attain USD 14 billion by 2023, at 34% CAGR from 2016 to 2023.
Rising demand to augment productivity and collaboration is likely to propel context aware computing market share over the next seven years. Budding context-enriched services are predicted to use situational and environmental information about the user's presence, social attributes, location, etc. to foresee end users' immediate requirements. Thus, they proactively offer situation awareness with more sophisticated and better utility functions.
Escalating penetration of mobile computing devices such as tablet, PC, and smartphone along with advent of smart wearable devices is projected to further catalyze the context aware computing market demand from 2016 to 2023. The wearable technology market is forecast to exceed USD 35 billion by 2023. Personal electronics consumption is on the rise across regional industries, with tablets gaining market share on account of changing consumer preferences, BYOD adoption, and considerable technology innovation.
Rapidly growing demand for personalized computing experience accompanied by surging adoption of mobile computing devices is projected to propel demand through 2023. The technology is forecast to witness high growth prospects once context information from multiple applications and multiple sources can be simultaneously used. Appropriate handling of privacy and trust issues may further boost context aware computing market size over the forecast period.
Based on product, the industry can be categorized into adaptive phones, active maps, augmented reality & guided systems, cyber guides, conference assistants, fieldwork, web browsers, location-aware information delivery, office assistants, shopping assistants, people & object pagers.
The major verticals are banking, financial services & insurance, academia & education, consumer goods & retail, gaming, energy & power, healthcare, manufacturing, logistics and transportation, office and commercial environments, public sector & government, oil & gas, residential & home environments, travel & hospitality and telecom & information technology (IT).
Escalating enterprise investments in context-aware applications and technologies owing to growing popularity regarding enterprise mobility is predicted to fuel the context aware computing market growth from 2016 to 2023.
Asia Pacific context aware computing market is predicted to be the most attractive region, over the forecast period. The growth can be attributed to rapid growing adoption of these systems across the region. Europe and North America is expected to exhibit considerable growth over the timeframe.
Industry participants holding substantial share include Amazon, Appear Networks, Apple, Autodesk, Facebook, Microsoft, Nokia and Google.
Some other prominent industry players are Baidu, Crowdoptic, Flytxt, Intel, Loopt, Mxit, Openstream, Pontis, Proxomo, Samsung, Securonix, Telefónica, Teliasonera, Telnic, Threatmetrix, Verizon Communications Inc, and Vodafone.
Numerous industry players such as Apple, Intel and Nokia are focusing on creating context aware APIs (Application Programming Interfaces) for development of innovative commercial applications.
Key strategies adopted by most companies in the industry are customized solutions, acquiring relatively small domain expert players and new technologies. Early adopters are anticipated to experience high convenience for implementation of more sophisticated services.