Context Aware Computing Market to Exceed USD 125 Billion by 2024 | Hexa Research
The global Context Aware Computing Market size is poised to expand at a whopping CAGR exceeding 30% from 2016 to 2024 (forecast period). Ongoing trends suggest that this market could report revenues surpassing USD 125 billion by 2024.
The global context aware computing market is projected to generate revenues surpassing USD 125 billion by 2024. It can expand at a CAGR over 30% during the forecast period (2016 to 2024). CAC refers to a system of offering relevant information to users. This information is determined by the conditions that surround people, places, and things. The primary aim of this system is to ensure quality interactions between end users and businesses. Growing popularity & importance of context will fuel the global market during the forecast period. Demand for greater productivity & collaborations may further add to industry growth.
Owing to the popular concept of enterprise mobility, a number of companies invest greatly in context aware applications. Booming context-enriched services adopt situational & environmental data (regarding location, user-availability, societal attributes, etc.) to predict the immediate requirements of end users. Market challenges facing this industry are privacy & security issues, concerns regarding energy management, context awareness, and cyber forage among others.
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Products, applications, and regions are the parameters based on which the global context aware computing market is segmented. On the basis of products, the industry is categorized into location aware information delivery, office assistants, peoples & object pages, and shopping assistants. Web browsers, active phones, cyber guides, fieldwork, and augmented reality & guided systems are the remaining products that dominate the market.
Based on applications, the worldwide market is divided into healthcare, banking, insurance, financial services, telecom, IT (information technology), transportation & logistics, and government. The other prominent end users are travel & hospitality, manufacturing, retail, academia & education, and oil & gas. Telecom & IT was valued over USD 4 billion in 2014. It can register a CAGR nearly 32% during the forecast period and reach approximately USD 16 billion by 2024. Banking, financial services & insurance (BFSI) can grow at a 34% CAGR from 2016 to 2024.
Based on regions, the global context aware computing market is fragmented into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa. North America is led by the U.S. which is the biggest regional market for context aware computing. High demand for personal electronics in a number of regional industries can propel the global market in the years to come. The Latin America & Asia Pacific markets are anticipated to expand robustly. Europe can also contribute significantly to the overall industry over the next couple of years.
Key companies in the worldwide context aware computing market are Pontis; Securonix; Telnic; Baidu, Openstream; Verizon Communications Inc.; Loopt; Intel; Vodafone; CrowdOptic; and Samsung. Nokia, Intel, and Apple focus greatly on the development of context aware application programming interfaces (APIs). However, industry participants holding the highest shares are Google, Facebook, Amazon, Microsoft, Nokia, Autodesk, Appear Networks, and Apple. Context aware computing solutions developed by Appear Networks are applied in sectors, such as aviation, rail, and construction. CrowdOptic has created an interactive platform that offers connectivity via smart devices and helps build a community.
Players mainly focus on strategies, such as innovation & technological advancements, development of custom solutions, and the acquisition of domain specialists.
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