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Global Internet of Things (IoT) Managed Services Market Analysis and Forecast to 2022 | Growth Opportunity Assessment

The Hadoop big data analytics market is projected to grow from USD 6.71 Billion in 2016 to USD 40.69 Billion by 2021, at a CAGR of 43.4% during the forecast period. Growth in this market is mainly attributed to the increasing volume of big data and growing need for big data analytics. With increase in the volume of big data, companies are looking for ways to analyze and process it quickly and economically. Considering the present state of big data, tremendous amount of information is generated every day in the form of heterogeneous databases. Due to this, the demand for cost-effective Hadoop big data solutions is increasing among enterprises worldwide, as these solutions help manage and analyze such huge data sets.

The gas sensors market is expected to be valued at USD 1,297.6 Million by 2023, growing at a CAGR of 6.83% between 2017 and 2023. The major factors driving the growth of this market include increasing enforcement of occupational health and safety regulations by the government, MEMS-based sensors, development of miniaturized wireless sensors, and increasing awareness of air quality control among users.

The global facial recognition market is expected to grow from USD 4.05 Billion in 2017 to USD 7.76 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.9%. The growth of the global market is expected to be driven by various factors, such as the increased need for enhanced surveillance and monitoring at public places and the increase in the use of facial recognition technologies in industries, such as the government.

The email encryption market is expected to grow to USD 4.21 Billion in 2020, at a compound annual growth rate (CAGR) of 23.5% due to continuous emergence of new technologies. Moreover, the emergence of cloud-based encryption solutions is helping this market to grow progressively.

Data discovery can be defined as a decision-making platform which assimilates, structures, and refines data. Globally, data discovery software and services are rapidly taking over from traditional Business Intelligence (BI) tools, which cannot be utilized and accessed without help from the technical staff. Major drivers of the data discovery market are rising trends of self-service BI tools and generating insights & discovering trends from increasing volume of data. The data discovery market faces challenges, such as security & privacy concerns and shifting from traditional architecture to new systems. Major factors that is restraining the growth of the market is unclear Returns on Investment (RoI).

Research Cosmos forecasts the cloud-based IT Service Management (ITSM) market to grow from USD 4.41 Billion in 2016 to USD 8.78 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.8% from 2016 to 2021. In the last 5 years, cloud computing has gained much publicity and there has been a growing enterprise acceptance with Software as a Service (SaaS). Cloud-based solutions are being viewed as an immediate opportunity to quickly and flexibly deliver business-enabling IT services at lower cost. The cloud-based ITSM market is driven by factors such as the widespread adoption of Bring Your Own Device (BYOD) policies & increasing mobile workforce, advent of advanced technologies such as big data and IoT, and benefits of agile implementation, easy deployment, and subscription-based pricing of cloud-based ITSM solutions.

The API management market is expected to grow from USD 606.8 Million in 2016 to USD 2,665.3 Million by 2021, at a high Compound Annual Growth Rate (CAGR) of 34.44% during the forecast period. Due to the growing web APIs, organizations are increasingly requiring API management solutions. API management solutions can be deployed for both on-premises and cloud-based infrastructures. The enterprises are in continuous need of consumable APIs that can securely transform back-end capabilities, further driving the demand for efficient API management solutions.

The global food waste management market is estimated at USD 31.71 Billion in 2017, and is projected to reach USD 42.37 Billion by 2022 at the CAGR of 5.97% during the forecast period. The primary factors that drive the food waste management market are increase in the usage of organic waste for the production of animal feed and fertilizers, need for reducing greenhouse gas emission, and rise in global food waste.

The global food processing equipment market has grown steadily in the last few years. The market size is projected to reach USD 72.27 Billion by 2022, at a CAGR of around 7.0% from 2016 to 2022. The rising demand for processed dairy and meat & seafood products is the major driving factor of this market.