Semantic Web Market Size
The surge in the need for language processing and multilingual applications are the major factors that drive the growth of the global semantic web market.
PORTLAND, OR, UNITED STATES, September 12, 2024 /EINPresswire.com/ — According to the report, the global semantic web market size generated $3.7 billion in 2022, and is anticipated to generate $123.5 billion by 2032, witnessing a CAGR of 42.4% from 2023 to 2032.
The semantic web encompasses a set of technologies and standards designed to imbue web content with semantic meaning, facilitating improved identification and processing of information. This involves the use of ontologies and knowledge representation languages to establish relationships between various items and concepts found on the internet. The semantic web empowers enhanced data integration, enables advanced search functionalities, and supports the development of more intricate applications. These applications are capable of providing context-aware responses to user queries by enriching data with semantic annotations.
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The rise in the adoption of data management solutions, the increase in the adoption of the semantic web in businesses, and the surge in the need for language processing and multilingual applications are the major factors that drive the growth of the global semantic web market. However, Data quality and standardization errors and rise in privacy as well as security concerns are the major factors that impede the growth of the global market. Furthermore, an increase in number of smart lighting and smart city projects is anticipated to provide lucrative growth opportunities for the global Semantic web market in the upcoming years.
Covid-19 Scenario
1. The global semantic web market witnessed stable growth during the COVID-19 pandemic, owing to the rapidly increased digital penetration during the period of COVID-19-induced lockdowns and stringent social distancing policies. One of the positive impacts of the pandemic on the semantic web market was the increased demand for remote monitoring and automation solutions.
2. In addition, the outbreak of COVID-19 is projected to provide a range of new avenues for the market to grow over the forthcoming period. These novel opportunities include a surge in integration for IoT, artificial intelligence (AI), and other advanced technologies coupled with the growing adoption of cloud solutions in semantic web operations.
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Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the semantic web market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the demand for robust data integration capabilities, ease of use, and compatibility with different platforms. However, the service segment is projected to manifest the highest CAGR of 45.7% from 2023 to 2032, owing to the increasing adoption of managed web services in several organizations to provide convenience, expertise, and all-time support, allowing organizations to focus on their core business functions.
Based on deployment type, the public segment accounted for the largest share in 2022, contributing for more than half of the Semantic web market revenue, owing to growth in usage of public cloud solutions in several industries. However, the hybrid segment is expected to portray the largest CAGR of 45.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This type of cloud solution consists of both public and private functionality, further reducing costs, supporting business, and effectively controlling the business environment in the organization.
Based on enterprise size, the large enterprises segment held the highest market share in 2022, accounting for nearly two-thirds of the Semantic web market revenue and is estimated to maintain its leadership status throughout the forecast period, the adoption of semantic web tools has become an integral part of these large-scale organizations to sustain in the competitive market. However, the small and medium sized enterprises segment is projected to manifest the highest CAGR of 44.4% from 2023 to 2032. The growth in penetration of IoT devices in small and medium sized organizations is expected to provide lucrative opportunities for the market.
Based on industry vertical, the IT and telecom segment held the highest market share in 2022, accounting for around one-fourths of the semantic web market revenue. There is a continuous increase in the demand for semantic web solutions in the IT and telecom industry due to its numerous advantages, which include streamlined operations, reduced cost, improved customer acquisition and retention, and new sources of revenue from the insights generated by instrumented products and product development processes. However, the healthcare and life science segment is projected to manifest the highest CAGR of 49.5% from 2023 to 2032. The increase in demand for personalized experience in healthcare organizations to embrace the full potential of the devices, which fuels the growth of the market.
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Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the semantic web market revenue. The increase in the usage of semantic web solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific is expected to witness the fastest CAGR of 46.9% from 2023 to 2032, and is likely to dominate the market revenue during the forecast period, owing to an increase in penetration of digitalization and higher adoption of cloud-based solution.
Leading Market Players: –
Altova
Cambridge Semantics
Cycorp Inc
Franz Inc.
Microsoft Corporation
NetBase Solutions Inc.
Ontotext
OpenLink Software Inc.
Semantic Web Company
TopQuadrant
The report provides a detailed analysis of these key players in the semantic web market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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