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Metaverse Market is Dominated by Gaming Industry

Technology keeps on changing from time to time and every advancement has some impact on the human life.

It was not long ago that Facebook changed its name to Meta. It was made clear by the boss of Facebook that what was the potential of Metaverse according to him.

He is proving right to an extent, because this technology is indeed taking the world by storm. In this blog, we will read about what is metaverse, and how can it impact our daily lives.

Metaverse Technology will experience a growth and will reach USD 1,525.7 billion by 2030.

What is Metaverse in Reality

The Metaverse makes use of AR and VR to place users in a digital world. While this is not a new technology, previous iterations have helped create what will be a new environment someday. Video-game technology has a lot of potential for Metaverse as game developers they need to build this alternate space.

The gaming industry already generates 35% of the revenue of the metaverse market, and its revenue contribution will only grow with time.

How Metaverse Can Impact Our Daily Lives

Due to the fact that the Metaverse is still developing, many fields can just predict how it may change the world. Though, there are some fascinating ideas that might become probable soon.

Metaverse Can Change Working Module

The Metaverse can be an answer to the isolation, faced by many remote workers. Employers could make use of digital workspaces. People could get in touch with their co-workers and bosses simultaneously and feel involved in distanced meetings.

The WFH trend has been burgeoning ever since the COVID-19, with a handful of firms also experimenting with virtual conferences on metaverse apps.

Self-Expression Made Much Simpler

People can literally incarnate themselves by using the Metaverse, in the form of avatars. This could include clothing, hairstyles, and many more aspects. With the capability to try new fashion virtually, users can be more comfortable with this in real life.

As people are accepting stylized avatars, they might also feel the same in the real world as well. VR can make the society more tolerant of others.

Improved Medical Care with Metaverse

The Metaverse can help physicians as well as patients. This can help the doctors to give assistance to the people far away and advance their accessibility. The care providers can have access to many benefits, such as:

• Easier payment calculation

• Straightforward patient monitoring

• Expanded revenue cycle management

• Advanced training options

• Better patient outcomes

All these aspects can come in handy for doctors to give an improved treatment to patients. Furthermore, Metaverse can also be used for digital payments, medical record storage, and enhanced online care. Due to all such advantages, P&S Intelligence expects the healthcare industry’s usage of metaverse platforms to grow the highest among all industries, at a 35% CAGR, over this decade.

Online Shopping Mads More Fun

Some companies are making use of Metaverse technology. With the help of this, it is possible to try out the products without purchasing them on some e-commerce platforms.

The Metaverse could come in handy in letting people to try out clothing. It could make the overall shopping experience more interactive. As a result, with the retail sector transitioning to e-commerce and digital experience, metaverse market players will find numerous growth opportunities here.

These are only a few aspects of how the Metaverse can impact the human life big time in the future, there are a lot more aspects where this technology can make its presence felt.

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North America, the Largest Revenue Producer in Public Safety and Security Market

The size of the public safety and security market was at $411 billion in the year 2021, which will reach over $1,115 billion by the year 2030, advancing at a growth rate of around 12% in the years to come. This is largely ascribed to the rising application of innovative technologies in smart cities, increasing crime rates, the increasing cases of disastrous accidents, and the growing count of terrorist activities globally.

North America public safety and security market had the largest revenue, of about $160 billion, worldwide in 2021. This is attributed to the existence of numerous vendors and strict government regulations. Additionally, the rise in the usage of smartphones, as well as high internet penetration, and high evolution in the e-commerce industry are other major driving factors. For example, there were approximately 300 million internet users all around the U.S. in the year 2021.

Conversely, the APAC public safety and security market will register the highest growth, of around 12%, by the end of this decade. This can be credited to the surging acceptance of advanced surveillance systems in numerous countries of the region. Furthermore, the existence of a large count of mobile internet users also pushes the growth of the market. According to the experts of the industry, China contains approximately 64% of the 1.5 billion total mobile internet connections, thus enhancing the requirement for public safety and security solutions.

The Peoples Republic of China is progressively accepting surveillance systems to connect all security cameras in the nation through a cloud, which has a database of every individual’s financial ID and personal details. It assists in the identification of personal details within a few seconds, with about 90% efficacy. Furthermore, 90% of the most monitored cities in the nation, and over 50% of the surveillance cameras globally, are in China.

Homeland security had the major share of sales, of about 35% of the public safety and security market, in 2021. This is majorly because of the increase in numerous research activities and continuous innovations in the public safety and security industry around the globe. Developed countries are putting numerous efforts to lessen events of terrorist attacks in the future. For example, the federal government spends about $100 billion yearly on homeland security solutions including emergency, state, local law enforcement, and federal services.

Recently, players in the public safety and security market are involved in mergers & acquisitions for attaining a significant position. For example, Honeywell International Inc. in December 2021, publicized the acquisition of US Digital Designs Inc. to develop Honeywell’s business fire and connected life safety business.

The demand for the public safety and security market is on the rise because of the surging implementation of advanced technologies.

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East Africa SOC as a Service Market Is Led by Kenya

The total revenue generated by the East Africa SOC as a service market was USD 67.8 million in 2022 and it will reach USD 131.5 million by 2030, powering at a rate of 8.3% in the years to come, as stated by a market research firm, P&S Intelligence.

Large enterprises will have the highest revenue of USD 114.8 million in 2030. Furthermore, large enterprises have numerous operations; therefore, they are continuously implementing developed technologies for detection, prevention, and responding, to any type of cyberattack.

Also, MNCs have extensive corporate networks and numerous revenue streams, so they implement SOC as a service solution, the key factor powering the industry.

BFSI sector is the major end user in the recent past, as it is one of the utmost attractive targets for cybercriminals because of its business nature. Characteristically, a worker of a financial service organization gets access to approximately 11 million files on the very first day of work. This number increases to 20 million files for the people working in large companies.

Also, over 70% of cyberattacks are targeted at the financial industry. For instance, over 30 billion accounts will be breached by 2030. The companies operating in the industry are prone to phishing attacks, which sustain the cost of about USD 6 million on every data breach.

Kenyan East Africa SOC as a service market will touch USD 59.1 million by 2030 from USD 29.4 million in 2022, progressing at a rate of 8.8%. in the years to come This is chiefly because of the increasing acceptance of SOC as a service in the retail, BFSI, telecom, IT and, and healthcare industries.

Furthermore, the increasing cases of cybercrimes, organized online threats, increasing ransomware, and escalating number of end users’ system hijacking are generating the demand for SOC as a service in the country . For example, as per an Interpol report, from January 2020 to February 2021, Kenya had 72 million cyberattacks.

In business procedures, log management is frequently put to use for handling data from a source. Characteristically, it deals with log messages created by computers, as well as audit records, audit trails, and event logs, amongst others. For providing more apt results, it regularly gathers and systematizes the data. Furthermore, it acts as a security control for all systems and network logs and is mostly helpful because of its ability to identify cyber threats, security flaws, and criminal activities.

It is due to the increasing security concerns across various organizations, the demand for SOC as a Service in East Africa will continue to increase in the years to come.

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Network Attached Storage Market Will BE Dominated by North America

As per a statement by P&S Intelligence, the total revenue of the global network attached storage market was USD 22,850 million in 2022, and it will grow at a rate of 13.55% in the years to come, to touch USD 63,151 million by 2030.

The on-premises category will have the largest share. This mode of deployment lets companies store all the important data on their servers, ensuring improved information security and also providing the leverage of scaling the stowage for any dynamic need.

Moreover, the hybrid category will grow the fastest due to the fact that, companies are moving increasingly toward a mix of off-site, on-site and cloud backup solutions, without increasing the complexity of management.

Owing to the rapid progress in the rate of digitalization and progressions in all sorts of IT products, midmarket category will hold the largest share. These solutions are usually put to use by SMEs; hence, their growth has an impact on the advance of the industry.

A few small companies are also making use of these NAS storage as a media server, for storing their media and streaming music, videos and photos directly from their device used for storage, externally or internally, with the help of the internet. These devices are extensively in use amongst SMEs as they are simply scalable manageable, and lucrative.

The requirement for low-end products will also increase significantly in India and Brazil, because of the budding tech industry. In contrast, high-end category will grow steadily in in Canada and the U.S.

Scaleup NAS division dominated the network attached storage market in the past. The acceptance of scaleup solutions is increasing at homes, hotels, educational institutions, shopping malls, mid-sized offices, and retail stores, where the data produced is not that critical and vast and you just need to store it.

These storages are made up of a pair of controllers and numerous shelves of storage drives.

The scaleup solution is a conventional system with limited memory and storage. If more memory is needed, extra shelves of drives can be supplemented to the system. The solution has the advantage of lower prices compared to scale-out solutions.

North America had the largest share of approximately 40% in the past. The acceptance of cloud-based data centers, substantial investments in R&D, and surge in the usage of the IoT technology in smart devices in Canada  and the U.S. play a vital role in the regional growth.

It is because of the increasing volume of unstructured data around the world, the demand for network attached storage is all set to increase in the years to come.

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APAC will Grow the Fastest in the Real-World Evidence Solutions Market

The real-world evidence solutions market will power at a double-digit rate by the end of this decade, to touch USD 3,974 million by 2030, as stated by P&S Intelligence.

This is because of the clinical trial count, the shifting emphasis to value-based healthcare from volume-based, and the increasing research and development activities associated with the expansion of medical devices and drugs.

More than a few biopharma, drug, and medical device organizations are profoundly investing in research and development for the formation of novel gadgets and drugs.

These corporations are choosing entirely functional or combined outsourcing services, from the initial to the later-stage developmental phase, for encountering the requirements for both drug development and discovery.

Amongst all, the pharma industry spends the main portion of its income on research and development. Consequently, the increasing R&D spending and the rising requirement for clinical and preclinical services in the development procedure of drugs are powering the requirement for real-world evidence solutions.

Services had a larger share of revenue, of more than 56%, in 2022, and it this trend will continue in the future as well. This is because of the decreasing drug development delays, which is more significant than before, and the obtainability of an advanced amount of healthcare info.

Furthermore, companies often acclimate the essential services according to the needs of the clients, which saves money and time as opposed to obtaining the data sets and examining them for generating helpful info.

Data sets will grow at a significant rate in the years to come. The development can be mainly credited to the increasing amount of info generated in the healthcare industry and the snowballing attention to more understandings into epidemiology.

Moreover, clinical data is a substantial source of most medical and health research that is also collected from the existing patient care or formal clinical trial programs.

APAC real-world evidence solutions market will grow at the highest rate, of about 14%, in the years to come.

The growth can be mostly credited to the increasing support of the government for the acceptance of RWE studies, the growing count of clinical trials, the mounting occurrence of long-lasting diseases, the incidence of a number of contract research organizations, the mounting requirement for advanced healthcare services, and the increasing elderly population.

Furthermore, some countries of the region work to totally embrace real-world evidence. For example, Japan has started its “Rational Medicine” for making the Japanese healthcare system additionally evidence-based and patient-centric.

The increasing development of clinical trials, the demand for real-world evidence solutions will continue to increase in the years to come, all over the world.

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