Global Frontier Technologies Market 2023-2030

Global Frontier Technologies Market 2023-2030

Global Frontier Technologies Market Size, Share & Trends Analysis Report by Type (Artificial Intelligence (AI), the Internet of Things (IoT), Big Data, Blockchain, 5G, 3D Printing, Robotics, Drones, Gene Editing, Nanotechnology and Solar Photovoltaic (Solar PV)), Forecast Period (2023-2030)

Global frontier technologies market is anticipated to grow at a CAGR of 18.5% during the forecast period (2023-2030). As a group, these 11 technologies already represent a more than $1.2 trillion market in 2022. Frontier technologies are a group of advanced technologies that leverage digitalization and connectivity which enable innovation, automation, and sustainable solutions. These technologies can be used to boost productivity and improve livelihoods. The market is driven by the surge in the integration of artificial intelligence (AI) and the realization of the Internet of Things in various industries, including BFSI, retail, automotive, manufacturing, consumer electronics, and others. Convergence of these technologies can transform production and business processes. For instance, AI in robotics has automated several industries using industrial-grade robots combined with artificial intelligence. AI has revolutionized these industries by shifting complex, resource-intensive, and laborious tasks to machines that can operate for long hours and with high precision.

Further, accelerating toward Industry 4.0 is also benefiting the growth of these technologies globally. Many national and local governments are working to stimulate the growth of new industries and services. In manufacturing, industry 4.0 can increase productivity, energy efficiency, and sustainability. Low-income economies are facing several challenges such as demographic changes, lower technological and innovation capabilities, slow diversification, and weak financing mechanisms which have limited the adoption of these frontier technologies. Developing countries would not be able to broadly deploy Industry 4.0 with weak manufacturing. They need to diversify their production towards more technologically advanced sectors. To foster the adoption of Industry 4.0 in low economies, governments should raise awareness of the private sector, promote investments, and facilitate financing for the deployment of Industry 4.0.

Segmental Outlook

The global frontier technologies market is segmented by type - artificial intelligence (AI), the Internet of things (IoT), big data, blockchain, 5G, 3D printing, robotics, drones, gene editing, nanotechnology, and solar photovoltaic (Solar PV). So far, IoT technology held the highest market share in 2022 attributed to the integration of IoT in almost all verticals including healthcare, manufacturing, consumer electronics, government, automotive, and others. The demand for connected devices has contributed to market growth in the past decade. Initiatives to develop smart cities, smart transportation, and smart utilities, are projected to continue the market development.

Smart City Projects to Boost the Growth of IoT Technologies Market

Smart City Plan enables efficient transportation and better traffic flow, sustainable energy usage and health improvements, improved public services, and enhanced safety and security. Governments and organizations are continuously funding smart city projects to contribute to digitalization. Recently, in July 2023, Eurazeo announced the final close of its Smart City fund II, at €400 million (US $420 million) to invest in renewable energy, mobility, logistics, manufacturing, and the built environment on a global scale. In total, the US $420 million fund is backed by 5 sovereign wealth funds and development institutions, EIF, Bpifrance, PFR, F.R.C, and KVIC, alongside 18 corporations from Europe and Asia, including EDF, TotalEnergies, Stellantis, Hager Group, ZF, RATP, Mainova and SWK AG. Such funding contribution will enable faster deployment of IoT technologies across the globe.

Regional Outlook

The global frontier technologies market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. China is the major driving force behind this tremendous growth during the forecast period. China heavily invests in IoT, AI, and robotics. Also, China is a major producer, especially of 5G, drones, and solar PV.

North America to hold the highest Market Share in the Global Frontier Technologies Market

Among these, North America is anticipated to hold a prominent share of the market across the globe. Many of the major frontier technology providers are from the US which is home to major cloud computing platforms. Further, high-tech manufacturing and research and development capacity is also contributing to the market share of the North American market. Furthermore, the US is a leader in gene editing technology owing to extensive research and development programs. For instance, the National Institutes of Health (NIH) has awarded 24 additional grants to researchers across the US and Canada through the Somatic Cell Genome Editing (SCGE) Program. This group of awards from the SCGE Program totals approximately $89 million over four years. This brings the total number of projects supported to 45 and total funding to approximately $190 million over six years, pending available funds.

Market Players Outlook

The major companies serving the frontier technologies market include IBM Corp., Google, LLC., Microsoft Corp., Cisco, Inc., Intel Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2023, Renishaw unveiled a newly developed product line for the industrial automation market. The new product line has been developed to solve some fundamental challenges within the global industrial automation industry. The range comprises three products: RCS L-90, RCS T-90, and RCS P-series, all supported by a dedicated software suite.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global frontier technologies market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.