Most of the IT giants are also leaders in the global context rich systems market. Companies such as Google, Inc., Facebook, Inc., Microsoft Corporation, Apple, Inc., and Amazon.com, Inc., have already posited significant investments in the development of their context rich systems.
According to a new publication by Transparency Market Research, a large portion of the global context rich systems player base is focused on developing business strategies that revolve around the designing of CRS solutions and the manner they can be offered at an enterprise level.
The global market for context rich systems is expected to progress at a CAGR of 15.9% within a forecast period from 2015 to 2022, in terms of revenue. This revenue is expected to reach US$2.43 bn by the end of 2016 and US$5.79 bn by the end of 2022.
Companies such as IBM and IGATE Corp. have already established themselves in the sectors of transportation, healthcare, tourism, and hospitality for context rich systems solutions.
Most of the key players are already looking towards a B2B context rich systems solutions offering, over the current B2C approach.
Growing Smartphone User Base Increases Scope for Context rich Systems Implementation
The number of smartphone users were estimated to be close to 3.6 billion in 2014, and according to the ITU, another billion users will be added to this number by 2020. “This is a globally spread out shipment of connected devices, at the pinnacle of which lie the smartphone businesses,” states a TMR analyst. “This is a staggering increase in the number of Internet users and draws a much greater attention towards online marketing and advertising.”
The boost that ecommerce and retail are expected to receive from this growth in users of connected devices will thus act as a principle factor promoting the greater use of context rich systems solutions.
Security Concerns in CRS Prevail, Deter Users from Applying Solutions
Users are always very protective of their personal data, as they should be, especially when it comes to the Internet. Issues such as privacy breach, and loss/theft/manipulation of data are primary concerns for all users and CRS solutions come under the scanner when parsing user data.
The use of personal data without a user’s consent is a serious issue within the context rich systems realm and keeps a lot of companies from implementing CRS solutions due to the perception of users that it can expose their personal data. Therefore, without the enforcement of stringent regulations for online data security, context rich systems will continue to come with the problem of added data integrity risks.
North America Demand for Context rich Systems Remains at All Time High
Smartphones are not only the most popular device type in context rich systems, but also form the fastest-growing segment at a predicted 16.4% CAGR from 2015 to 2022. By the end of 2022, smartphones-based revenue in context rich systems is expected to reach US$2.17 bn.
Although most of the demand for context rich systems has been found in North America and is likely to continue coming from the region, Asia Pacific holds the faster growth rate among all major regions. It is expected to progress at a staggeringly high CAGR of 19.1% from 2015 to 2022, owing to the fast developing IT industry.
The key application sector for context rich systems was and will most likely continue to be the ecommerce and retail sector. By the end of 2022, the collective revenue generated in CRS from this sector is expected to reach US$1.57 bn. however, the leading growth rate and scope of opportunities is expected to be in the tourism and hospitality sector, the CRS revenue of which is expected expand at a CAGR of 19.4% from 2015 to 2022.
The information presented in this review is based on a Transparency Market Research report, titled, “Context Rich Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022.”
- By 2022, the revenue generated by context rich systems providers from smartphones is expected to reach US$2.17 bn.
- By 2022, the revenue generated by the North America context rich systems market is expected to reach US$1.64 bn.
- Ecommerce and retail sectors expected to collective generate a revenue of US$1.57 bn for context rich systems by 2022.
Key Segments of the Global Context Rich Systems Market
Global Context rich Systems Market, by Devices
Global Context rich Systems Market, by End-users
- E-commerce & Retail Industry
- Healthcare Sector
- Financial & Banking Services
- Tourism & Hospitality Industry
- Transportation Industry
Global Context rich Systems Market, by Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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