Globally, the centralized workstation market is estimated to grow with a CAGR of 8.8% through the forecast period from 2021 to 2029, from US$ 12.34 Bn in 2020. The growth of the centralized workstation market is driven by the rising need among organizations to reduce the cost of operation and gain operational efficiency. As the competition across the market players is increasing and the profit margins are reducing, the companies are looking for more advanced ways and business models to reduce the operational cost and gain business agility.
Globally, the data erasure solution market is expected to grow with a CAGR of 19.2% during the forecast period from 2025 to 2033. The market is driven by the rising threat of data losses among organizations. As organizations are shifting towards digitalization, the risk of data breaches and cyber-attacks are also rising. The loss of data such as intellectual property, customers, personally identifiable information could put the customers, consumers and employees at the risk of identity theft. These data losses could also result in the financial losses. Therefore, to address these issues, organizations are shifting towards the data erasure solutions.
Globally, the treasury and risk management application market is expected to grow at a CAGR of 8.2% during the forecast period from 2019 to 2027. This growth is mainly attributed to the increasing digitalization among the organization. As the market dynamics are changing and the companies are becoming more competitive, the enterprises are shifting towards the digitalization to enhance their operational performance and reduce the operational cost. Digitalization has become the most vital strategy among the enterprises to remain competitive and strengthen their position in the market.
User Activity Monitoring (UAM) accounted for the market value of US$ 1,758.6 Mn in 2018, and expected to grow with promising CAGR of 14.5% across the forecast period from 2019 to 2027. User Activity Monitoring tools enable organization to monitor and gather employee's real-time user actions as well as behavior data on business networks, connected devices, and other monitored workstations.
The global video streaming market was valued at US$ 51.60 Bn in 2020 and is projected to witness noteworthy growth, expanding at a CAGR of 17.7% during the forecast period from 2021 to 2029. Advancements in technology have made anything-anytime-anywhere a scalable and definite reality for content consumption. It has added an extra convenience to video consumption through live streaming or video on demand. Earlier, consumption of video content has been in the form of television and cinema. Videos were taken and transmitted in an analog form and consumption of the content was made convenient in physical form through a disc rental and delivery services through mail.
Globally, the peer-to-peer lending apps market is expected to grow with a CAGR of more than 52% during the forecast period from 2019 to 2027. Globally, the financial industry has reshaped due to the growing finance model of crowd funding and marketplace lending. Various new and innovative platforms/firms are introducing new financing services. These new platforms become the disruptors that provide the financial institutes with alternative financing models, ranging from marketplace lending, P2P lending to equity crowd funding.
Globally, the mega data center market is expected to grow with a CAGR of 5.1% during the forecast period from 2019 to 2027, starting from US$ 18.95 Bn in 2018. Globally, the information communication technology industry is going through a major transformation. Growing digital demand and virtualization is generating large amount of data which needs effective data storage and processing techniques. Emergence of new and progressive technologies are enabling the shift from traditional data storage techniques to far more advanced versions of storage and processing facilities.
Globally, the legal AI software market is expected to grow with a CAGR of more than 20% during the forecast period from 2021 to 2029, starting from US$ 240.0 Mn in 2020. Artificial intelligence (AI) is transforming the face of every industry including the field of law practice. Advantages of AI such as increasing accuracy, efficiencies, cost savings and speed is the major factor driving the growth of legal AI software market. AI has the ability to transform businesses and the services and products they offer.
Globally, the hyperscale data centers market is expected to grow with a CAGR of more than 17.5% during the forecast period from 2021 to 2029, starting from US$ 25.04 Bn in 2019. Hyperscale data centers are designed to offer a single largely scalable computer architecture. The primary idea behind developing hyperscale data center is to start with small infrastructure in order to keep the initial investments as low as possible. Based on the increasing demand, the initial infrastructure can be expended by adding new nodes to the cluster
Globally, the field device management market is expected to grow with a CAGR of more than 6.7% during the forecast period from 2021 to 2029, starting from US$ 1.92 Bn in 2020. The global field device management market is growing based on factors such as growing importance of industry 4.0 and smart factory, growing demand for filed device management systems, increasing focus on reducing the operational and maintenance cost, and growing investments in development of IoT and automation solutions. In early ages, filed device management was a paper based process which was dependent on manually track smart field devices, however not all traditional asset management systems support the field device management function.
