When physical and digital technologies are combined, it’s referred to as physical-digital integration. This process aims to increase or improve a number of daily activities. This can involve things like using smartphones to manage smart home appliances, augmented reality to improve shopping experiences, or Internet of Things sensors to keep an eye on and gather information on real-world environments. Physical-digital integration aims to make technology more user-friendly and seamless while also opening up new channels for connections and interactions between people and organisations.
A strong CAGR of 13.5% is anticipated for the global physical-digital integration market during the forecast period. In 2022, the market is expected to be worth US$4,342 Million. By the year 2032, it is predicted that the physical-digital integration market would have grown to a high of US$ 15,429 Million.
The historical CAGR for the relevant market has been determined by experts at Future Market Insights to be 12.3%. The need for physical-digital integration is growing as a result of the population’s interactional patterns changing at an increasingly rapid rate over the past few years. The preference of consumers for digital interaction over traditional communication has been noted.
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Competitive Landscape
Some of the key companies in the market are:
- Cognizant Technology Solutions Corp.
- IBM Corporation
- Infor Global Solutions, Inc.
- Infosys Ltd.,
- Oracle Corporation, Salesforce.com, Inc.
- SAP SE
- Toshiba Corporation
Biggies Revolutionizing the Market
The market for physical-digital integration is booming as a result of the rising demand for products that offer sophisticated interactive customer experiences. Over the projected period, it is anticipated that the demand for these solutions will grow rapidly. Several end-use industries, including retail, residential, industrial, healthcare, and defence and security, among others, have seen a rise in demand for physical-digital integration.
In the healthcare system, the emphasis is being laid upon the interconnection of virtual and physical space to offer new health solutions around remote care, well-being, smart homes and communities., thereby accelerating the demand for physical-digital integration in the respective sector.
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Physical-Digital Integration Market: Key Trends
Integration of physical world with the digital, with the introduction of internet of things (IoT) is the key trend governing the growth of physical-digital integration’s market.
Who are Some of the Key Competitors in the Physical-Digital Integration Market?
Some of the key players in the physical-digital integration market are Cognizant Technology Solutions Corp., IBM Corporation, Infor Global Solutions, Inc., Infosys Ltd., Oracle Corporation, Salesforce.com, Inc., SAP SE and Toshiba Corporation.
These all along with the manufacturing industries play a key role in the physical-digital integration market growth during the forecast period. They execute several plans and methodologies to bring the prime factor to influence demand for physical-digital integration. Some of the tactics are mergers, acquisitions, product launches, and partnerships among others. They are the focal point of these players as they bring new innovative ideas to lead the market.
Physical-Digital Integration Market: Drivers and Challenges
The primary driver for Physical-Digital Integration market is the increased affinity towards digitalization with an increasing adoption of smart phones and tablets. Physical-digital integration’s market is further driven by the introduction of technologies such as IoT, AR & VR, automation etc.
Factors such as easy implementation, enhanced customer experience, fast processing and increased accuracy have led to the transition towards digitalization resulting into physical-digital integration. Applications of physical-digital integration in various industries, furthermore, drives the growth of its market.
Factors such as data breaches, complexity and difficulties in the management of back-end activities are restraining the growth of physical-digital integration market.
Key Segments In The Physical-Digital Integration Market
By Industry:
- Retail
- Residential
- Industrial
- Healthcare
- Defense and Security
- Media and Entertainment
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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