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2024 Global Insights: Context-Aware Computing Market Trends & Innovations
context aware computing market size
According to The Business Research Company's, The context aware computing market size has grown rapidly in recent years. It will grow from $58.33 billion in 2023 to $67.26 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to the proliferation of mobile devices, advancements in sensor technology, advances in artificial intelligence and machine learning, regulatory requirements and privacy concerns, demand for personalized experiences.
The context aware computing market size is expected to see rapid growth in the next few years. It will grow to $119.89 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%. The growth in the forecast period can be attributed to advancements in edge computing, rise of ambient intelligence, focus on healthcare and wellness, growing importance of contextual security, growing consumer demand for personalized experiences and services. Major trends in the forecast period include enhanced personalization, rise of ambient intelligence, expansion of IoT applications and cross-platform integration.
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Market Drivers and Trends:
Increasing adoption of smart devices is expected to propel the context-aware computing market going forward. Smart devices are internet-connected gadgets or appliances capable of performing various tasks autonomously or in response to user commands. The rise in smart device adoption is due to technological advancements, leading to the development of increasingly sophisticated devices offering enhanced features and capabilities. Context-aware computing helps in the functionality and use of smart devices, empowering them to intelligently adjust and respond to diverse environmental conditions and user preferences. For instance, in November 2022, according to a report by techUK, a UK-based membership organization, in the UK, 77% of people owned a connected home device, up from 67% before the pandemic and 1% after 2021. Therefore, increasing adoption of smart devices is driving the growth of the context-aware computing market.
Major companies operating in the context-aware computing market are focused on developing innovative solutions, such as IBM z16 to gain competitive edge in the market. IBM z16 is an integrated on-chip AI accelerator, delivering latency-optimized inferencing for real-time transactions at scale, particularly for mission-critical workloads such as credit card, healthcare, and financial transactions. For instance, in April 2022, International Business Machines Corporation, a US-based technology company, launched the IBM z16, a next-generation system that integrates an on-chip AI accelerator. This innovation leverages the IBM Telum processor to provide industry-first on-chip integrated accelerators for predicting and automating with AI at unprecedented speed, scale, and extremely low latency.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Dell Technologies, Huawei Technologies, Intel Corporation, Panasonic Corporation, International Business Machines Corporation, Cisco Systems Inc., Qualcomm Technologies Inc., Oracle Corporation, Mitsubishi Electric Corporation, Fujitsu Limited, SAP SE, Hewlett Packard Enterprise (HPE), Telefonaktiebolaget LM Ericsson, Nokia Corporation, NEC Corporation, VMware Inc., Juniper Networks Inc., HPE Aruba Networking, BlackBerry Limited
Context-Aware Computing Market 2024 Key Insights:
• The context aware computing market size is expected to see rapid growth in the next few years. It will grow to $119.89 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%.
• Smart Device Adoption Transforming Industries And Empowering Consumers
• Product Innovation On Market Evolution
• North America was the largest region in the context aware computing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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