Global Smart Lighting Market is Expected to Reach USD 31.0 Billion by 2025

The global smart lighting market is expected to reach USD 31.0 billion by 2025, growing at a CAGR of 18.1% during the forecast period. The key strategy adopted by the companies operating in the smart lighting ecosystem is a new product launch and existing portfolio enhancement. Globally, industry players in the smart lighting industry are leveraging market growth through the establishment of growth strategies related to organic and inorganic growth mechanisms along with the incorporation of several strategic partnerships by the key players occurring in this industry.   

n the basis of Communication, the smart lighting market is segmented into the indoor Communication and outdoor Communication. Among these two segments, indoor Communication held a larger share in 2019 in the global market. The indoor Communication is further sub-segmented into commercial, residential, and others. Among these subcategories, residential Communications are excessively being installed in accordance with an entire house or even for a specific room. Moreover, the market for residential indoor Communications is expected to witness the fastest growth during the forecast period in the market due to the establishment of a wireless technique. 

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Geographically, Asia-Pacific is expected to witness the fastest growth during the forecast period in the smart lighting market owing to the massive growth perspective provided to the manufacturers by this region and these lighting systems are extensively being adopted by the consumers in developing their household and making it digitalized. Increasing activities pertaining to construction in Asia-Pacific is extensively contributing to the growth of the market in the region. Competitive Insight

Some of the key players operating in the global smart lighting market include Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., Honeywell International Inc., and Legrand SA.

Key Takeaway from the Report:

• Among all the sources, the LED segment held the largest share in the market in 2019.
• Of all the communication, wireless technology is expected to witness the fastest growth during the forecast period.
• Among all the Communication, indoor Communication held a larger share in 2019 in the global market.

The Report Offers:

• Historical market estimate for the years 2015–2019 and forecast for the years 2020–2025
• Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
• Market insights by in-depth segmentation with industry dynamics.
• Competitive analysis and benchmarking of the industry leaders and their product offerings
• Profiles of leading players and innovators, their financial overview and product portfolio
• Analysis of key industry trends and recent developments
• Value chain analysis and distribution channel analysis with opportunity assessment
• Market share analysis of major players

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Global Industrial Refrigeration Market to Witness 6.6% CAGR During 2018 – 2024

The global industrial refrigeration market is estimated to generate revenue of USD 41.5 billion by 2024 and is expected to witness 6.6% CAGR during the forecast period. The industrial refrigeration system utilizes cooling and refrigeration systems that enable cooling and eradicate heat from a platform of low temperature. These systems are installed at refrigeration plants for several industrial applications such as cold storage, food & beverage processing, and others.

Based on type, the industrial refrigeration market is segmented into industrial racks, evaporator units, industrial heat exchangers, industrial compressors, and others. Industrial racks are further sub-segmented into open reciprocating and open screw whereas industrial heat exchangers are segmented into brazed plate, shell & tube/ coaxial, and others. Also, the industrial compressors are subcategorized into open reciprocating, screw open, and others.

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On the basis of application, the global industrial refrigeration market is segmented into oil & gas, food & beverage, chemicals & pharmaceuticals, and others. Among all these segments food & beverage segment is expected to contribute the largest revenue and is also expected to witness a CAGR of 5.8% during the forecast period. In the food & beverage industry, the refrigeration systems are required for the processing, delivering, and storing of products at the desired cooling place.

Geographically, Asia-Pacific is the largest industrial refrigeration market and is also anticipated to grow at the fastest CAGR of 7.9% during the forecast period owing to rapid growth opportunities observed from developing cold-chain storage infrastructure. North America is the second-largest market and is expected to witness considerable growth during the forecast period. Among all the countries in the region, the U.S. is the largest consumer in the industrial refrigeration market due to extensive demand from the food & beverage processing sector and refrigerated warehouses.

Some of the major players in the global industrial refrigeration market include Johnson Controls, GEA Group, Industrial Frigo, Emerson Electric, Bitzer, Danfoss, United Technologies Corporation, Star Refrigeration, Hussmann Corporation, and Dover Corporation.

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Global Grow Light Market to Witness 11.7% CAGR During 2018–2024

The global grow light market is expected to be valued at USD 6.3 billion by 2024, witnessing a CAGR of 11.7% during the forecast period. Light performs a crucial role in the development of the plant as it serves as the most significant energy resource for the plants to grow. Furthermore, it has been observed that there are several plants that flourish and grow without the use of sunlight and some blossom with the use of artificial grow lights. The commonly used grow lights are fluorescent bulbs, metal halide (MH) bulbs, and high-pressure sodium (HPS) bulbs.


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The major factors that are driving the growth of the global grow light market include the broad application of indoor cultivation and vertical farming for the production of crops at a rapid rate. The extensive responsiveness concerning the adoption of alternative farming in several developed as well as developing countries is further expected to bolster the growth of the grow light market.


The global grow light market is segmented into indoor farming, turf and landscaping, vertical farming, research, commercial greenhouse, and others. Among all these application segments vertical farming is anticipated to witness the fastest CAGR of 11.9% during the forecast period. Vertical farming enables the growth of a large number of plants within a single bounded structure such as in the form of building-based and shipping containers with the use of controlled environment agriculture and artificial lighting methodology. These structures are rapidly being used by the commercial crop growers to produce vegetables and fruits in all seasons in urban formations.


Geographically, Europe is the largest grow light market due to increasing awareness related to the significance of alternative farming, ever-expanding populations and less accessibility of productive agricultural land is expected to fuel the growth of grow light market in this region. Moreover, Asia-Pacific is expected to further witness the significant growth of this market due to the increasing adoption of improved technology of crop.


Some of the key players in the global grow light market include Koninklijke Philips N.V., General Electric Company, Osram Licht AG, Gavita Holland B.V., Illumitex, Inc., Hortilux Schreder B.V., Iwasaki Electric Co., Ltd., LumiGrow, Inc., Heliospectra AB, and Sunlight Supply, Inc.


Global Grow Light Market Coverage
Technology Insight and Forecast 2014 - 2024

• LED
• HIDMetal-halide lamps
• High-intensity sodium lamps
• Combination MH and HPS lamps
• Ceramic metal halide lamps
• Others (conversion bulbs and switchable ballasts)
• Fluorescent
• CFL
• White
• Neutral
• T5
• Others

Spectrum Insight and Forecast 2014 - 2024

• Partial Spectrum
• Full Spectrum

Installation Insight and Forecast 2014 - 2024

• Retrofit
• New Installation

Application Insight and Forecast 2014 - 2024

• Indoor Farming
• Vertical Farming
• Commercial Greenhouse
• Research
• Turf and Landscaping
• Others

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Global Vertical Farming Market to Witness 21.4% CAGR During 2018 – 2024

The global vertical farming market is predicted to grow at 21.4% CAGR during the forecast period with the market size reaching USD 8.8 billion by 2024. The major factor fueling the growth of the market include increasing awareness regarding the consumption of high-quality food products, increasing demand for food-based on no herbicide and pesticide, limited agricultural land space. Besides. adoption of independent farming techniques with a focus on vegetables and fruits also supports the growth of the vertical farming market, globally.

Some of the other factors fueling the growth of the market include increasing urbanization and the development of smart cities. The increasing population especially in the developing economies has significantly increased the burden on the agriculture sector. This has increased the demand for food security in these countries, thus supporting the demand for agriculture through the vertical farm.

Based on offering, the vertical farming market is categorized into hardware and software. Of both the categories, the demand for hardware is larger in the market and is also anticipated to grow at a higher CAGR during the forecast period. hold the largest share in the market. The hardware segment is further categorized into climate control, lighting, sensors, and hydroponic components. The climate control vertical farming market is further categorized into air purification, ventilation fans, and others; and vertical farming lighting market is categorized into grow light reflectors, grow light ballasts, grow lights.

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Based on crop type, the vertical farming market is categorized into broccoli, pepper, tomato, spinach, cucumber, lettuce, and others. Lettuce is the most grown crop in vertical farm and the demand for vertical farm products is anticipated to be the highest for this crop type during the forecast period.

North America accounted for the major share in the vertical farming industry in 2017, globally due to technological advancements, increasing research and development, and increasing demand for no or low herbicide and pesticide-based crops. Moreover, Asia-Pacific vertical farming market is anticipated to grow at the fastest rate during the forecast period. The large population base, increasing the development of smart cities, increasing urbanization are the key factors leading to the adoption of vertical farming in the different countries of these countries.

Market players in the vertical farming industry are focusing on the advancements for the providing controlled environment in the buildings to support conditions as close to nature. AeroFarms, Urban Crop Solutions, Sky Greens, agrilution GmbH, Vertical Farm Systems, Green Sense Farms, LLC, Everlight Electronics Co., Ltd., Illumitex, Inc., Koninklijke Philips N.V., and American Hydroponics are some of the key players offering solutions in the vertical farming industry.

Global Vertical Farming Market Coverage
Offering Insight and Forecast 2014-2024

• HardwareClimate ControlAir PurificationVentilation FansOthers
• LightingGrow Light ReflectorsGrow Light BallastsGrow Lights
• SensorsPH SensorsNutrient SensorsCrop SensorsCO2 SensorsTemperature SensorsOthers
• Hydroponic ComponentMeters and SolutionsPumps and IrrigationWater FiltersOthers

Growth Mechanism Insight and Forecast 2014-2024

• Aeroponics
• Hydroponics
• Aquaponics

Structure Insight and Forecast 2014-2024

• Building-Based
• Shipping Container
• Aquaponics

Crop Type Insight and Forecast 2014-2024

• Broccoli
• Pepper
• Tomato
• Spinach
• Cucumber
• Lettuce
• Others

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Global Product Analytics Market is Observing a CAGR of 18.7% during 2019–2024

The global product analytics market is expected to grow at a CAGR of 18.7% during the forecast period with its market size predicted to reach USD 39.6 billion by 2024. Globally, product analytics industry players are leveraging market growth by offering innovative and advanced solutions, product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, Amazon Go is changing the traditional shopping experience by using analytics to grow sales and consumer involvement.

Large enterprises category held a larger share in the product analytics market in 2018

On the basis of enterprise size, the global product analytics market is divided into large enterprises and small and medium enterprises. Among the two categories, the large enterprise's category held a larger share in the market in 2018. This is attributed to the fact that the rapid demand for advanced analytics tools from big firms to stay competitive and expand their market presence.

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On the basis of vertical, the global product analytics market is divided into BFSI, media & entertainment, manufacturing, automotive, healthcare, energy & utilities, government, retail, and others. Of all, the BFSI category held the largest share in the market in 2018, owing to the significant shift from traditional banking to digital banking, enhanced consumer service experience, huge demand for personalized banking services, and growing preference of consumers toward digital platforms.

Geography Insight

Geographically, North America has accounted for the largest share in the product analytics market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of IT companies, increasing mobile application usage, rapid adoption of technological trends, such as BI, AI, ML, cloud technology, and analytics solutions.

Competitive Insight

Some of the key players operating in the global product analytics market are Google LLC, Teradata, Adobe Systems Incorporated, Salesforce.com Inc., SAP SE, IBM Corporation, Atlassian, Amplitude, Piwik PRO, Oracle Corporation, Mixpanel, and Playtex.

Key Takeaway from the Report:

• Among all the offerings, the software category held a larger share in the market in 2018. However, the service category is expected to witness faster growth during the forecast period.
• Among all the solutions, the web-based solutions category held a larger share in the market in 2018.
• Of all the deployment type, cloud-based contributes the largest revenue globally.
• The large enterprise's category held a larger share in the product analytics market in 2018.
• Of all vertical, the BFSI category held the largest share in the market in 2018.

The Report Offers:

• Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
• Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
• Market insights by in-depth segmentation with industry dynamics.
• Competitive analysis and benchmarking of the industry leaders and their product offerings
• Profiles of leading players and innovators, their financial overview and product portfolio
• Analysis of key industry trends and recent developments
• Value chain analysis and distribution channel analysis with opportunity assessment
• Market share analysis of major players

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Global Video Streaming Market is Observing a CAGR of 18.8% during 2019–2024

The global video streaming market is expected to grow at a CAGR of 18.8% during the forecast period with its market size predicted to reach USD 687.2 billion by 2024. Globally, video streaming industry players are leveraging market growth through the development of innovative solutions in this system. The vendors of this system are providing various solutions to the users such as consumer interactive video platforms, augmented video applications, scalable video streaming and hosting, and using videos to improve workplace productivity.

Consumer segment held a larger share in the video streaming market in 2018

Based on end-user, the global video streaming market is divided into consumers and enterprises. Among the two categories, the consumer category held a larger share in the market in 2018. This is attributed to the fact that increasing penetration of smartphones. According to a recent study, the global mobile phone subscriptions exceeded 2 billion in 2013 and it is expected to reach a subscription of 8 billion by 2019. With an increase in demand for mobile devices, there has been an increasing number of cases witnessing mobile data traffic. According to a report published by Cellular Telecommunications Industry Association (CTIA) - The Wireless Association, the U.S. consumers that use wireless devices are using a large amount of data with almost 75 percent faster data speed.

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 Geography Insight

Asia-Pacific is expected to witness the fastest growth in this market. Large social media companies like Twitter Inc. are capitalizing on the increasing popularity of this system. Twitter has signed deals with the National Football League and National Basketball Association to attain a large audience for their services. Facebook has also observed increasing revenue in this region, especially from the Indian market as it has observed increasing popularity of this system feature among the citizens of this country. The company has developed deals with several celebrities and media and entertainment companies in the region to produce videos for Facebook Live. Moreover, this will further help in strengthening the Asia-Pacific market shortly.

Geographically, North America has accounted for the largest share in the video streaming market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed to increasing adoption for streaming services by households in the U.S. that have significantly contributed towards revenue growth of service providers such as Netflix. The adoption of mobile devices by citizens of the U.S. is thus enhancing the continuous display of information, entertainment, and media. For instance, it has been estimated that approximately 80% of the adults in this region view news on mobile devices that provides the latest news feed continuously.

Competitive Insight

Some of the key players operating in the global video streaming market are Akamai Technologies, Adobe Systems Incorporated, Amazon Web Services, Netflix, Inc., Ustream, Cisco Systems, Inc., Apple, Inc., Google Inc., Microsoft Corporation, and Hulu.

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Global Conversational AI Market is Observing a CAGR of 29.2% during 2019–2024

The global conversational AI market is expected to grow at a CAGR of 29.2% during the forecast period with its market size predicted to reach USD 16.2 billion by 2024. Globally, conversational AI industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, in November 2018, Microsoft Corporation signed an agreement to acquire Xoxco Inc.

Machine learning category is expected to witness the fastest growth in the conversational AI market during the forecast period

On the basis of technology, the conversational AI market is segmented into natural language processing, machine learning, automatic speech recognition, computer vision, video recognition, and others. Of all, the machine learning category is expected to witness the fastest growth in the conversational AI market during the forecast period. The growth of this segment is attributed to the fact that with the help of machine learning, conversational AI solutions are able to learn from previous responses based on different queries, which in turn is growing the capability of the machine in answering questions.

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Based on application, the conversational AI market is categorized into customer support, personal assistant, branding & advertisement, customer engagement and retention, onboarding & employee engagement. Of all, the personal assistant category is expected to witness the fastest growth in the conversational AI market during the forecast period.

Geography Insight

Geographically, North America has accounted for the largest share in the conversational AI market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of established players such as Google LLC, International Business Machines Corporation, Oracle Corporation, and Microsoft Corporation, an increasing number of investments related to the integration of machine learning and NLP, rapid technological advancements, and continuous focus of government on spending in AI-based technologies in the region.

Competitive Insight

Some of the key players operating in the global conversational AI market are Nuance Communications Inc., Haptik Inc., Oracle Corporation, Google LLC, Microsoft Corporation, International Business Machines Corporation, SAP SE, Baidu Inc., Conversica Inc., Amazon.com Inc., Solvvy Inc., Creative Virtual Ltd., Avaamo Inc., Inbenta Technologies Inc., Artificial Solutions International AB, and Kore.ai Inc.

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