Context Rich System Market: Current Analysis and Forecast (2022-2028)

Context Rich System Market: Current Analysis and Forecast (2022-2028)

Context-rich system personalize the user data by diverse signals about the users as well as their context. Also, it could use the signal to adjust the input method & display method, and content depending on the user’s current situation. The context-rich system increases the user’s personalization by drawing information related to the situation and surrounding environment including people, things, and places. In recent times, the context-rich system market witnessed significant growth due to the increasing adoption of internet-connected devices in businesses & houses and the development of software technologies and networking system. Moreover, the emergence of technologies to address the security concern for the online transaction system with the context-rich system for the authentication of facial reorganization is expected to support the market growth for the context-rich system.

The Context-Rich System Market is expected to grow at a steady rate of around 17% owing to the increasing adoption of the mobile phone and advanced technologies such as biometric scanning, voice recognition, and voice detection around the world. Major companies in the market offer AI and IoT-enabled technologically advanced products for users. For Instance, In April 2021, Securonix launched a cloud-based SIEM platform to empower its users to detect and respond to threats more accurately and efficiently.

• Based on component the market is segmented into hardware and software segments. The software segment witnessed significant market growth during the forecast owing to the integration of advanced technologies such as IoT, AI, big data analytics, and others to reduce the workload and increase process efficiencies. Also, the growing collaboration between the online platform and application program interface providers for content awareness is expected to support market growth.
• Based on device, the market is categorized into biometrics, desktop/laptops, tablets, smartphones, and satellite navigation systems. The smartphone segment is expected to show significant growth CAGR during the forecast period due to affordability and availability at a lower price. For instance, there are approximately 5.22 billion unique mobile phones under operation. Additionally, the modification of the networking system, innovation in the software service along with the growing need for contextually rich content is expected to contribute significantly to the market.
• Based on vertical, the context-rich system market has been classified into E-commerce & marketing, tourism & hospitality, gaming, transportation, BFSI, and others. The BFSI segment is expected to witness significant market growth during the forecast period due to the ability to identify customer preferences as well as needs and help the institution to recommend the product based on customer interest along with personalization and engagement of the customers. Also, the growing digitalization of the baking industry for seamless service and the associated risk of cyber security is expected to support the market growth. Moreover, the increasing innovation and growing investment in the digitalization of the BFSI industry open opportunities for the context-rich system market. For instance, in July 2021, Epiphany Systems launched an offensive context-aware platform equipped with cyber risk decision capability in order to mitigate the risk of financial loss owing to digital banking fraud.
• For a better understanding of the market adoption of the context-rich system industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the presence of the major companies in the region coupled with the rising investment and growing research & development activities. Also, the increasing penetration of smartphones, tablets, and other electronic devices along with the digitalization of the banking sector, transport supply & chain management system, and gaming industry is expected to support the context-rich system market in the region.
• Some of the major players operating in the market include Meta, Apple Inc, Capgemini, Google, Securonix, Amazon.Com Inc, Microsoft, Baidu Inc, Ciklum, and InMobi Inc.