Table Of Contents
- Big Data and Business Analytics
- The Business Process Management (BPM)
- Threat Intelligence
- Network Equipment
- Workflow Management System
- Building Information Modeling (BIM)
- Cloud Native Technologies
- Security-as-a-service
- 5G Equipment Market
- Cloud Identity and Access Management
- Allied Market Research's Verdict
Onkar Sumant
Pooja Parvatkar
Top 10 Markets Shaping the ICT & Media Industry: A Deep Dive in Q4 2023
In the ever-evolving sector of information and communication technology (ICT) and media, certain markets have emerged as driving forces, steering the course of businesses and technology. Allied Market Research (AMR) has taken an initiative to shed light on some of the vital insights and future predictions and potential of the top 10 markets in the ICT & media Industry.
Big Data and Business Analytics
Big data analytics has become a crucial component for businesses, facilitating real-time data management and informed decision-making. Its significance extends to enhancing organizations' understanding of customers, refining targeted marketing campaigns, and analyzing massive volumes of data generated by offline and online transactions. The global big data and business analytics market, valued at $225.3 billion in 2023, is projected to reach $665.7 billion by 2033, growing with a striking CAGR of 11.6%. The adoption of cloud-based big data and business analytics solutions, particularly in the wake of remote working trends post-COVID-19, is propelling market growth. Despite challenges such as high implementation costs and a shortage of skilled workforce, the market is expected to observe substantial growth, fueled by the need for better insights in business planning and emerging trends like social media analytics.
The Business Process Management (BPM)
BPM entails a comprehensive approach to optimizing organizational efficiency through systematic design, execution, monitoring, and continuous improvement of business processes. The Business Process Management (BPM) market is forecasted to reach $65.8 billion by 2032, exhibiting a robust CAGR of 15.8%. Nowadays, organizations are increasingly adopting BPM methodologies to streamline processes, reduce operational costs, and improve overall efficiency. The growth of emerging technologies such as Artificial Intelligence (AI), robotic process automation, and blockchain presents exciting possibilities for BPM automation and innovation. In the coming years, the BPM market is positioned for substantial growth, driven by the need for businesses to adapt to changing landscapes in the digital era.
Threat Intelligence
Threat intelligence is becoming a pivotal component in the realm of cybersecurity, providing organizations with the means to understand and counteract evolving cyber threats. The threat intelligence market, valued at $11.9 billion in 2022, is forecasted to reach $30.5 billion by 2032, growing with a CAGR of 9.9%. The market empowers cybersecurity stakeholders by offering data-backed insights into threat actors' motives, targets, and attack behaviors. The accelerated demand for threat intelligence solutions during the COVID-19 pandemic underscores its critical role in navigating disruptions and bolstering cybersecurity defenses. As the digital landscape continues to evolve, the threat intelligence market is expected to advance, equipping organizations with the tools needed to make informed and proactive security decisions.
Network Equipment
The network equipment market is gaining prominence due to its integral role in enabling smooth data communication across diverse devices, encompassing vital hardware devices and components essential for constructing and overseeing computer networks. The network equipment market was valued at $29.9 billion in 2022, and is forecasted to reach $69.7 billion by 2032, growing with a CAGR of 9.2%. Factors such as the global rise in digitalization and widespread adoption of advanced technologies like the Internet of Things (IoT) contribute significantly to the market's expansion. Additionally, the deployment of virtualized software among enterprises, coupled with a focus on emerging technologies such as 5G, edge computing, and SD-WAN, offers lucrative growth opportunities. Despite challenges like physical connectivity issues and concerns about high-capacity utilization, the network equipment market continues to be a driving force in enhancing business standards and promoting effective communication.
Workflow Management System
The workflow management system market garnered $9.8 billion in 2022 and is currently experiencing remarkable growth. This market is driven by the increasing adoption of advanced technologies across diverse industries, emphasizing the need for efficient collaboration in remote and distributed workforces. While high implementation costs pose a challenge, the prevalence of cloud-based technologies provides promising opportunities for market growth. As organizations prioritize efficiency, collaboration, and automation, the workflow management system market plays a pivotal role in streamlining business processes and adapting to the evolving demands of the digital era. The global workflow management system market is projected to reach $99.9 billion by 2032, exhibiting an impressive CAGR of 26.2%.
Building Information Modeling (BIM)
BIM technology is gaining popularity as it offers a powerful approach to the planning, design, construction, and management of buildings and infrastructure. With digital representations of physical and functional characteristics, BIM enhances cost estimation, construction scheduling, and workflow optimization. The building information modeling market was valued at $7.9 billion in 2022 and is anticipated to witness substantial growth with a notable CAGR of 16% from 2023 to 2032. Government mandates and increased adoption of digital technology in the construction sector drive the market's growth, with the integration of virtual reality (VR) and augmented reality (AR) technologies presenting exciting opportunities for further advancements.
Cloud Native Technologies
The cloud native technologies market garnered $6.5 billion in 2022 and is expected to witness substantial growth, projecting to reach $53.6 billion by 2032 with an impressive CAGR of 23.8%. The market represents a revolutionary software approach to building, deploying, and managing modern applications in cloud computing environments. Cloud native technologies offer scalability, high availability, and ease of management. Key features include containers like Docker and orchestration systems like Kubernetes, providing ready-to-use tools and services for streamlined deployment and management. The market's constant innovation, adaptability to emerging technologies, and evolving trends, including the adoption of multiple cloud providers and hybrid models, underscore its pivotal role in shaping the future of application development and deployment.
Security-as-a-service
As cyber threats are a major concern these days, organizations are increasingly turning to security-as-a-service solutions to bolster their defense mechanisms. This surge in demand is particularly evident in the cloud-based security segment. The global security-as-a-service market, valued at $13 billion in 2022, is anticipated to experience substantial growth, reaching an estimated $75 billion by 2032 with a remarkable CAGR of 19.4%. The pivotal role played by cloud-based security solutions during the COVID-19-induced shift to remote work is further boosting the market's significance in safeguarding digital landscapes.
5G Equipment Market
Valued at $6.4 billion in 2022, the 5G equipment market is positioned to experience significant growth, reaching an estimated $23.9 billion by 2032, with a CAGR of 14.5%. The market is being driven by the widespread adoption of advanced technologies such as the Internet of Things (IoT) and the increasing demand for 5G to enhance operational efficiency and productivity. However, challenges related to security concerns, costs, and the absence of standardized protocols may hinder the market growth to a certain extent. Nonetheless, the deployment of virtualized software and government initiatives play pivotal roles in fostering growth and addressing these challenges, contributing to the market's overall positive trajectory.
Cloud Identity and Access Management
Cloud identity and access management is playing a pivotal role for various businesses by facilitating the management of electronic or digital identities, providing frameworks for business processes, policies, and technologies. As the number of cybersecurity breaches and identity-related fraud continues to rise, organizations are increasingly turning to CIAM solutions for enhanced security. Despite challenges such as a lack of awareness and the complexity of advanced threats, the growing popularity of cloud based CIAM solutions and the integration of emerging technologies like AI and biometrics present lucrative opportunities for market growth. The CIAM industry is evolving rapidly, responding to the evolving cybersecurity needs of a digitally driven world. The cloud identity and access management market, valued at $6.2 billion in 2022, demonstrates a robust growth trajectory with a projected market value of $34.1 billion by 2032, boasting a notable CAGR of 18.8%.
Allied Market Research's Verdict
In the dynamic realm of Information and Communication Technology (ICT) and Media, these top 10 markets are progressing with innovations, rising adoption, and transformative developments. From the expansive domain of big data and business analytics, crucial for real-time decision-making, to the rising adoption of cloud identity and access management solutions, safeguarding digital identities, each market plays a unique role in shaping the trajectory of businesses and technology. In an era defined by technological advancements, these markets chart the course for the future, embodying the Information and Communication Technology (ICT) and Media industry's ceaseless pursuit of excellence and relevance. AMR offers in-depth insights on a variety of industries. Get in touch with AMR analysts for your business requirements.
