Technology Industry

The multi-billion-dollar healthcare technology industry continues to thrive at impressive compound annual growth rates (CAGR) year after year. There is an increasing number of investments and initiatives supporting digital health, healthcare IT infrastructure, big data analytics, artificial intelligence (AI), electronic health records (EHR), and several other areas of advancement.

The global surface computing market is forecast to grow at an impressive compound annual growth rate (CAGR) of 33.24% to reach $983.05 billion by 2033, up from $55.25 billion in 2023.

The global robotics market was valued at $46 billion in 2023 and is forecast to grow at a compound annual growth rate (CAGR) of 15.1% to reach $169.8 billion between 2024 and 2032. 

In 2024, spending on the information technology (IT) sector is forecast to rebound to 8%, up from 4% in 2023. The year 2024 will be when the media sector begins to see improved EBITDA and cash flow. Streaming losses are also expected to lessen, improving on a trend that started in 2023. For the telecom sector, stable trends are expected, with moderate growth in earnings, as demand for data remains solid.

In the wake of persistently low deal activity over the past two years, the dealmaking landscape is showing signs of change. As interest rates stabilise, inflation falls, and markets become less volatile, dealmakers are presented with new opportunities and challenges.

Explore the latest insights and trends shaping the 2024 M&A landscape in our newest article. Discover key strategies and predictions that could redefine business acquisitions this year. Stay informed and ahead of the curve with Benchmark International's comprehensive outlook.

The global fintech (or financial technology) market was valued at $194 billion in 2022. From 2023, it expects to grow at a compound annual growth rate (CAGR) of 16.8% to reach $492.81 billion by 2028. 

The global artificial intelligence (AI) market was valued at $93.5 billion last year and is forecast to expand at a compound annual growth rate (CAGR) of 38.1% between 2022 and 2030. AI is proving to be a transformative factor in today’s digital era and is being applied in every area possible, from self-driving cars to life-saving medical equipment. The big tech giants continue to invest in research and innovation that is driving the adoption of advanced AI technologies in industry verticals, including healthcare, finance, automotive, retail, and manufacturing. AI offers better efficiency, and many companies are also adopting AI technology to offer better customer experiences.Software SolutionsThe software solutions segment leads the AI market, accounting for a revenue share of more than 38% in 2021. This large share is due to advances in data storage capacity, data extraction, computing power, parallel processing to deliver high-end services, and the ability to provide real-time insights that aid in decision-making. These AI software solutions utilize video analytics, linear algebra, inference, sparse matrices, and hardware communications to help businesses analyze and understand visual content to gain insights and make smarter decisions.Machine & Deep LearningThe deep learning segment of the AI market accounted for a revenue share of about 37% in 2021. This large share can be attributed to complicated data-driven applications, including text and speech recognition. As a result, deep learning offers profitable investment opportunities and includes both AI platforms and cognitive applications, such as tagging, alerting, filtering, clustering, categorizing, hypothesizing navigation, and visualization. These elements enable the development of intelligent solutions.As cloud-based computing and on-premises hardware equipment for mass data storage grow, it paves the way for the expansion of analytics platforms. There is increasing investment in R&D by leading firms that will play a major role in adopting AI tech. The natural language processing (NLP) segment is largely anticipated to gain momentum as it is becoming more widely used by various businesses to improve decision-making processes by understanding customer preferences, trends, and purchasing behaviors.SegmentationThe advertising and media segment accounted for a revenue share of more than 20% in 2021. However, the healthcare sector is expected to gain a leading share by 2030. It is further segmented based on areas such as robot-assisted surgery, virtual nursing assistants, dosage error reduction, hospital workflow management, clinical trial identifiers, preliminary diagnosis, and automated image diagnosis. As the banking, financial services, and insurance (BFSI) segment performs financial analysis, risk assessment, and investment and portfolio management, AI has a growing share in the sector due to high demand for risk and compliance applications.  Other verticals highly focused on AI usage include retail, law, automotive, transportation, and agriculture. One of the most utilized applications by every vertical is the conversational AI platform, which is a type of AI technology that allows people to interact with devices in a way that mimics human conversation, such as chatbots. 

The digital advertising sector is also often referred to as online marketing, Internet advertising, and web advertising. The market includes revenues gained by advertising activities conducted by organizations targeting consumers via Internet-enabled mobile devices and personal computers.

Industrial robotics is now critical across many sectors for the automation and manufacturing of many tasks, including loading, packaging, labeling, and inspection. They are commonly used in the automobile and heavy engineering sectors and are becoming more common in many other sectors. In the past, robots were mostly only used in the automotive and manufacturing industries, but more sectors are adopting them today. These sectors include defense, healthcare, aerospace, food & beverage, education, and electronics. There is also an increase in demand for telesurgery and elder care, as well as bomb dispersal, monitoring, and mine detection. There are currently around 2.7 million industrial robots in use worldwide, a number that is quickly rising.