Navigating the Semantic Web Market Insights: Trends and Future Outlook – 2023-2032
The surge in the need for language processing and multilingual applications is driving global market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, January 19, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Semantic Web Market,” The semantic web market was valued at $3.7 billion in 2022, and is estimated to reach $123.5 billion by 2032, growing at a CAGR of 42.4% from 2023 to 2032.
Semantic web services provide data integration, understanding and utilization capabilities to several industries, it allows organizations to protect their assets from various cyber-attacks and improve customer experience. In addition, organizations are increasingly employing semantic web solution and web 3.0 to enhance their services. Moreover, in the healthcare industry, semantic web services are crucial for integrating and protecting sensitive healthcare data transmitted from different sources.
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The healthcare sector deals with a vast amount of data including electronic health records, medical research papers, and clinical trials, which in turn provides lucrative opportunities for the growth of semantic web market forecast in this sector. Meanwhile, there is an increasing demand for semantic web in the e-commerce sector, to enhance the platform by offering more intelligent product recommendations and personalized experience. These multiple applications offered by semantic web services in several industries are expected to propel the semantic web industry demand.
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.
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 deployment type, the public segment dominated the semantic web market in 2022 and is expected to continue this trend during the forecast period. The public cloud solutions provide enterprises with greater control over their application environment. These factors further drive the demand for the public cloud segment in the global market. However, the hybrid segment is expected to exhibit the highest growth during the forecast period. Hybrid cloud solutions may be readily scaled up or down based on demand, making them appropriate for managing variable workloads, which further is expected to provide lucrative growth opportunities for the semantic web market during the forecast period.
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.
By region, North America dominated the semantic web market size in 2022, owing to many of the top technology businesses and research organizations worldwide have their headquarters in North America, especially in the U.S., which is expected to drive semantic web market revenue growth in the region. However, Asia-Pacific is expected to exhibit the highest market growth during the forecast period. This region has the highest number in global population. For businesses looking to create and implement semantic web solutions, which is fostering the development of innovative technologies like the semantic web.
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Covid-19 Impact Analysis:
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 growing adoption of cloud solutions in semantic web operations. Further, software companies rapidly provide improved efficiency and reduce maintenance expenses during the outburst of the COVID-19 crisis. Besides, the robust demand for emerging technologies such as web 3.0, which are suitable for consumer needs, has grown substantially. Additionally, several companies are also incorporating advanced and innovative solutions, as well as providing advanced web operations to seamless transfer of condition-based and predictive maintenance requirements. For instance, in June 2020, Semantic Web Company partnered with Ontotext, through this alliance companies will be able to meet the highest requirements of enterprise architects such as deployment, monitoring, resilience, and interoperability with other enterprise IT systems and security. Such strategic initiatives create numerous opportunities for the semantic web market growth in the forecasting years.
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.
Leading Market Players: –
• Altova
• Cambridge Semantics
• Cycorp Inc
• Franz Inc.
• Microsoft Corporation
• NetBase Solutions Inc.
• Ontotext
• OpenLink Software Inc.
• Semantic Web Company
• TopQuadrant
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The report provides a detailed analysis of these key players of 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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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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