Global Virtual Reality Devices Market

Business Processes Outsourcing Market Definition

The business processes outsourcing (BPO) market consists of sales of BPO services by entities (organizations, sole traders and partnerships) that provide BPO services. These services include (CRM) customer relationship management, HRO (human resource outsourcing), KPO (knowledge process outsourcing), data entry outsourcing, healthcare BPO, financial services outsourcing, engineering services outsourcing and other BPO services. BPO services providers may use their own software or buy from external vendors to provide service to their customers. This market excludes sales of BPO software products required to offer BPO services. Business processes outsourcing is the process of subcontracting business-related operations to third-party vendors or services providers.

The artificial intelligence market consists of sales of the artificial intelligence software and related services. Artificial Intelligence(AI) some times referred to as machine intelligence. Artificial intelligence is a wide-ranging branch of computer science-related with building smart machines that can perform tasks that require human intelligence.

The big data and analytics services market consists of sales and related services that are used in customer analytics, supply chain analytics, marketing analytics, spatial analytics, transportation analytics, risk and credit analytics. Big data analytics services examines vast volumes of data to uncover hidden trends, similarities and other insights and allow companies to analyse and optimize their data to find new opportunities.

Cloud Services Market Definition

The cloud services market consists of sales of cloud services by entities (organizations, sole traders and partnerships) that provide the delivery of information technology resources and applications on-demand through an Internet platform. Companies in the cloud services industry provide access to servers, storage, databases and a broad set of application services managed by a hardware networking. This market includes sales of storage servers which are used to store, access, secure and manage digital data, files and services.

Database Software Market Definition

The database software market consists of the sales revenues earned by entities (organizations, sole traders and partnerships) that are engaged in computer software publishing, or publishing and reproduction. Establishments that are engaged in writing, modifying, designing, testing, assisting in installation, providing documentation and supporting software are also included in this market. , Database software products are used for creating, editing and managing database files and records. It allows users to store data in the form of structured fields or tables and columns, and data can be retrieved or extracted directly through programmatic access. Database software products are used by many industries for bookkeeping, compiling client lists and maintaining other such similar tasks.

The augmented reality (AR) services market consists of sales of augmented reality services. Augmented Reality (AR) is an integration of digital information with a real-time environment. The AR services include services for the applications of training, preparation of annual reports and augmented brochures, architectural projects/new construction, games, trade show environments, marketing campaigns, medical uses, data visualization, entertainment, and location-based education. The global augmented reality services market is expected to decline from $50 billion in 2019 to $48.96 billion in 2020 at a growth rate of -2.08%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that eventually led to a slowdown in the economy. The market is then expected to recover and reach $148.72 billion in 2023 at a CAGR of 44.8%. The augmented reality services market covered in this report is segmented by applications into training, annual reports and augmented brochures, architectural projects/new construction, games, trade show environments. The COVID-19 outbreak is enforcing companies to shift towards more advanced and virtual solutions in order to continue their businesses, which is predicted to act as a major driver for the growth of the augmented reality (AR) services market in the short-term. Increasing demand for augmented reality in various end-use industries post COVID-19 outbreak is expected to generate a higher demand for augmented reality services. For instance, according to Analytics Insights magazine published in April 2020, the demand for AR, VR, and other new-age technologies is escalating due to COVID-19. AR companies including Imaginate and Queppelin are recording a surge in AR, MR, and VR technology. The demand for AR services is also supported by the rising push for learning and development for remote demonstrations and training for employees and consumers. The various risk associated with the usage of AR products and services is expected to hinder the growth of the market during the forecast period. The risks include consumer privacy and data security, product liability and safety issues. Augmented reality collects abundant information from users leading to privacy and safety concerns. According to a survey report published by Perkins Coie LLP, an international law firm, the respondents expressed more concerns about various legal risks of augmented reality products and services, with consumer privacy and data security being the top option selected (44%), followed by health and safety issues and product liability (42%) and IP infringement (40%). Therefore, abundant risks linked with AR solutions are likely to hamper the AR services market growth in the near future. The integration of blockchain technology is gaining significant popularity in the augmented reality services market. Blockchain technology is the Distributed Ledger Technology (DLT) in which digital assets are assigned with unique attributes using cryptography and are distributed on a decentralized and public ledger. Apart from digital currency application, blockchain technology performs several applications that augmented and virtual reality developers are focusing on such as it allows developers to create unique digital assets that users and other developers cannot copy, selling virtual real estate, tracking virtually represented data, and more. In 2019, Terra Virtua, an augmented reality entertainment platform and Worldwide Asset eXchange announced that users can interact with the millions of digital collectibles trading through the WAX Blockchain in augmented reality. The incorporation of WAX into Terra Virtua brings together the strength of WAX blockchain and services for a secure and interactive social platform to buy, sell, view, and trade virtual collectibles. Thus, the incorporation of blockchain with augmented reality is expected to boost market growth during the forecast period. In May 2020, Unity Technologies, a US-based global creator and operator of interactive, real-time 3D (RT3D) content, acquired the Finger Food Advanced Technology Group for an undisclosed amount. The acquisition is expected to expand Unity`s work beyond gaming as Finger Food will ensure the development and deployment of scalable RT3D solutions and services to various industries and enterprises. The acquisition is expected to grow Unity`s business to additional industries that are ready to utilize RT3D technologies but lack the necessary infrastructure. Finger Food Advanced Technology group was founded in 2009 and is a Canada-based global custom technology company specializing in AI, IoT, AR/VR, blockchain, and robotics to create mobile, cloud, web, machine, and advanced-interface solutions.

The blockchain market consists of sales of blockchain technology by the entities that develop this technology. Blockchain is a decentralized ledger or a database that records the data of the organizations in many databases which is called a block over a network called chain connected in peer to peer version referred to as node. Blockchain is preferred for its safe, secure and transparent nature. The global blockchain market is expected to decline from $2.45 billion in 2019 to $2.27 billion in 2020 at a compound annual growth rate (CAGR) of -7.27%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that eventually led to a slowdown in the economy. The market is then expected to recover and grow very rapidly to reach $15.88 billion in 2023 at a CAGR of 91.25%. North America was the largest region in the blockchain market in 2019. Asia Pacific is expected to be the fastest-growing region in the forecast period. The blockchain market covered in this report is segmented by type into private, public, hybrid. It is also segmented by provider into application, middleware, infrastructure and by application into BFSI, telecom & IT, government. The growing demand for blockchain technology in industries and the public sector is expected to drive the growth of the market. Blockchain has been the base for cryptocurrencies since it is a decentralized database, therefore, it has found its most important use in financial services for making the digital transactions safe, secure, and transparent. Companies like Circle and BitPesa use blockchain technology for international overseas payments. Now, it has also found its use in the supply chain, healthcare, government, and other sectors. In Dubai, all the government-related financial transactions are taking place through blockchain technology making it the first government to be powered with blockchain. In May 2019, Muzika, an online music stream platform, has partnered with Binance, the world’s leading crypto exchange and a decentralized network, for creating a decentralized digital music ecosystem to decrease the gap between the musicians and listeners, and to give the musicians the deserved recognition. Therefore, the demand for blockchain across industries is expected to drive the blockchain technology market. The inefficiency of scalability in blockchain technology impedes the blockchain market as it obstructs the processes involved. There is a partial dependence of the blockchain network`s health over the number of nodes in the network and the spread of those nodes across the world. The bigger the blocks, the increase in the size of the blockchain is even faster which removes out the solo miners eventually that results in more pile-up of transactions. For instance, bitcoin scalability is an issue that resulted from a limited rate of processing of transactions that relates to an increase in the number of transactions and the limited size of blocks. In 2019, the blockchain size has grown to 242.386 GB from 184.622 GB in 2018 and 134.715 GB in 2017. In 2018, in a week there were 165,000 unconfirmed transactions resulting in scaling issues due to a huge number of transactions. Similarly, in December 2017, scalability issues have congested the Ethereum network by Cryptokitties app due to a six-fold increase in transactions with Cryptokitties release and resulted in a pile-up of all un-processed transactions. Thus, an increase in the number of transactions results in scalability issues, which hampers the growth of the market. Federated blockchain, also called as a consortium blockchain, is expected to be a major trend shaping the blockchain market in the forecast period. Federated blockchain is a private permission type of blockchain, which gives permission for multiple entities to have access to the network by voting or token system. Decentralization is maintained by the prior selection of the authority nodes by the organizations in the network which can exchange the data or information continuously. In 2018, IBM introduced Batavia, which a blockchain-based trade finance platform and a consortia group of 5 banks namely, UBS, Erste Group, Commerzbank, CaixaBank and Bank of Montrea and is powered by IBM. In February 2019, Hyland, a US-based content service provider and software developer, has acquired Learning Machine for an undisclosed amount. With this acquisition, Hyland aims to support its customers by generating and managing its contracts that can be verified and shared very fast. Learning Machine is a start-up offering blockchain credentialing solutions that helps the customers by offering platform for creating, issue and verifying contract using blockchain technology.

The cybersecurity services market consists of sales of cybersecurity services that are used in IT and telecommunications and other industries. Cybersecurity refers to the collection of technologies, processes and practices designed to secure networks, computers, software and data against online attacks, destruction or data theft. Cybersecurity can also be identified as the security of information technology. The global cybersecurity services market is expected to decline from $66.87 billion in 2019 to $65.46 billion in 2020 at a compound annual growth rate (CAGR) of -2.1%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that has led to a slowdown in the economy. This impacted the bottom line of companies, restricting them from investing in cybersecurity services. The market is then expected to recover and reach $ 91.1 billion in 2023 at a CAGR of 11.64%. North America was the largest region for the cybersecurity services market in 2019. The cybersecurity services market covered in this report is segmented by security type into network security, endpoint security, application security, cloud security, others. It is also segmented by user type into large enterprises, small & medium enterprises and by industry verticals into aerospace and defense, BFSI, public sector, retail, healthcare, IT and telecom, energy and utilities, manufacturing, others. The increasing instances of massive cyber-attacks are a key factor driving the growth of the cybersecurity services market. The primary motive behind cybercrimes is political competition, financial gain, negative credibility, foreign competition and radical involvement of religious groups. Most cyber-attacks are for financial gain. WannaCry, Petya, NotPetya and BadRabbit are some of the main ransomware products that have targeted large-scale businesses and government organizations. For instance, in March 2018 in the city of Atlanta, US, SamSam ransomware cyber-attack was triggered. This form of ransomware is installed on the computer network using brute-force attacks to guess weak passwords and encrypt files. The ransomware implications included inaccessibility to various municipal facilities, information leakage and economic loss. Therefore, the increasing instances of massive cyber-attacks compel companies to integrate cybersecurity in their systems and functionality to prevent crashing thereby driving the growth of the cybersecurity services market. Leveraging AI, machine learning and blockchain technologies for cyber defense is a key trend in the cybersecurity services market. Cybersecurity vendors integrate artificial intelligence (AI) and machine learning principles into their solutions to tackle crucial hyper-connected workplace risks, with quicker identification, prevention and responsiveness capabilities, the advances in technology, such as AI and machine learning, turn the tables against cybercrime. For example, Equifax experienced cyber-attacks in September 2017, which resulted in the loss of sensitive information from more than 140 million American customers. The stolen information included names, addresses, social security numbers, birth date and driver`s license numbers. Cybersecurity specialists are therefore leveraging AI and machine learning technology to resolve the emerging cyber threats facing individuals, companies and governments.