Between 2019 and 2023, oil and gas explorers and producers logged the highest total revenue worldwide, reaching *** trillion U.S. dollars. Life and health insurance carriers followed behind.

As of January 2024, the most profitable industry in the United States was money center banking, with a profit margin of 30.89 percent. The profit margin of the regional banking was not too far off, with a net profit margin of 29.67.

With over *** billion U.S. dollars in revenue, Walmart topped the ranking of the hundred largest companies globally, followed by Amazon. Walmart was also the largest company in the world based on its number of employees, with some *** million all over the world. Largest corporations based on revenue - additional information The concept of revenue itself might slightly differ depending on country or even from one company to another. It usually refers to the income resulted from normal business activities, such as the sale of goods and services to customers. Walmart The American-based multinational corporation Walmart was founded in 1962 and currently operates over ****** stores worldwide, out of which ***** are in the United States alone. In 2024, Walmart was ranked the third most valuable retail brand in the world, with a brand value of about ** billion U.S. dollars. Follow this link to get access to the top 500 companies from all industries list.

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Smart Manufacturing Market Size 2024-2028

The smart manufacturing market size is forecast to increase by USD 29.21 billion at a CAGR of 16.83% between 2023 and 2028.

The market is experiencing significant growth due to the increasing need for simplification of complex manufacturing activities. The emergence of Industry 4.0 and the Internet of Things (IoT) are driving this trend, enabling real-time monitoring and predictive maintenance through industrial sensors and cloud computing. Big data analytics and SCADA systems are also playing a crucial role in Plant Asset Management (PAM) by providing valuable insights for optimizing production processes. However, data privacy and security concerns are challenges that must be addressed to ensure the successful implementation of these advanced technologies. Industrial 3D printing is another key trend, offering customization and flexibility in manufacturing processes. Overall, the market is witnessing a shift towards digitization and automation, with the integration of IoT, industrial sensors, and cloud computing playing a pivotal role.

What will be the Size of the Smart Manufacturing Market During the Forecast Period?

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The market is experiencing significant growth as industries worldwide embrace automation and digital transformation. This market encompasses various sectors, including automotive, aerospace, pharmaceuticals, and electronics, among others. Smart manufacturing leverages advanced technologies such as industrial IoT, cloud computing, and industrial sensors to enhance productivity, improve quality control, and facilitate predictive maintenance.
Communication protocols and interoperability are crucial factors, ensuring seamless integration of various systems and devices. Industrial 3D printing is a burgeoning technology, enabling the production of complex components on-demand. The workforce is also evolving, with a growing emphasis on skills related to information technology and software development. Smart manufacturing's impact is far-reaching, revolutionizing production labs and transforming industries, from the automobile industry to the aerospace sector, and beyond. Overall, the market is poised for continued expansion, driven by the ongoing digitalization of manufacturing processes.

How is this Smart Manufacturing Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Industry Application

  Process
  Discrete


Technology

  Human-machine interface
  Manufacturing execution system
  Plant asset management
  Warehouse management system


Geography

  APAC

    China
    Japan


  North America

    US


  Europe

    Germany
    UK


  South America



  Middle East and Africa

By Industry Application Insights

The process segment is estimated to witness significant growth during the forecast period.

The process industry sector dominated the market in 2023, accounting for the largest share. This sector includes sub-segments such as pharmaceuticals, mining and metals, energy and power, chemicals, pulp and paper, and oil and gas. The adoption of advanced technologies, including the Industrial Internet of Things (IIoT), data analytics, and predictive maintenance, is driving data-driven decision-making and productivity enhancement in these industries. Process manufacturing offers numerous benefits, including cost savings, increased scalability, improved efficiency, and higher-quality products. IIoT, cloud computing, digital transformation, and automation are key technologies fueling the growth of smart manufacturing in process industries. The aerospace, automotive, and electronics sectors are also significant contributors to the market, leveraging technologies like modeling, sensing, control, simulation, and industrial analytics for optimization and efficiency gains.

The construction sector and consumer sector are also adopting smart manufacturing solutions to streamline supply chains and enhance productivity. Despite challenges such as cyberattacks and infrastructural limitations, the market is expected to continue growing, driven by large corporations and small-scale industries alike, and the integration of machine learning and artificial intelligence (AI) technologies.

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The Process segment was valued at USD 9.05 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 40% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market du

In 2022, the industry with the highest revenue in Germany was the production of cars and car parts at *** billion euros. Engineering had the second-highest revenue.

Since going mainstream over a decade ago, hundreds of millions of Americans have embraced social networking sites, including Meta, X, LinkedIn and dozens more. People use these networks to maintain relationships with friends, follow the news and share photos and videos. By leveraging user data for targeted advertisements, where most revenue is derived, sites have been able to capitalize on the popularity of their platforms. As a result, industry revenue has surged at a CAGR of 20.3% over the past five years, including a climb of 12.0% to total an estimated $104.9 billion in 2024 alone. The industry has benefited from the continual shift of advertising spending to the internet, the proliferation of internet-connected mobile devices and more powerful networks. The industry is highly concentrated, with the top three companies making up a significant portion of industry revenue in 2024. Because of its early entry into the sector, Meta (previously Facebook) alone holds most of the market in 2024. The company's high market share and tremendously strong profit have resulted in the average industry profit margin accounting for 30.1% of revenue in 2024. Despite the industry's high profit level, many smaller companies operate at a loss. Since most industry revenue is generated through advertisements, sites must have a large and active user base to successfully attract advertisers. Many websites offer free services to gain users, but it can take a significant amount of time to build up a large user base, and many companies fail to do so before running out of money. Moving forward, industry revenue growth will slow somewhat because of deaccelerated growth in the number of mobile internet connections and the percentage of services conducted online, both of which are critical drivers for social networking sites. Nonetheless, the industry will grow substantially, increasing at a CAGR of 10.7% to $230.6 billion in 2029. Despite less pronounced revenue growth, new sites will continue to enter the industry and exacerbate competition. To compete, social networking sites are poised to focus on serving niche markets and advertisers' interests.

Global IT Asset Management (ITAM) Software Market size valued at US$ 1.99 Billion in 2023, set to reach US$ 3.79 Billion by 2032 at a CAGR of about 6.7% from 2024 to 2032.

The IT Asset Management Market report segments the industry into By Type (Hardware, Software), By Deployment Type (Cloud, On-premise), By Enterprise Size (Small and Medium, Large), By End-user Industry (IT and Telecom, BFSI, Healthcare, Retail, Manufacturing, Government, Other End-user Industries), and By Geography (North America, Europe, Asia, Australia and New Zealand, Latin America, Middle East and Africa).

Manufacturing Asset Management Software Market Outlook

As per our latest research, the global manufacturing asset management software market size stood at USD 7.9 billion in 2024, reflecting the industry’s rapid digitization and the increasing adoption of Industry 4.0 practices. Driven by the growing necessity for efficient asset utilization, predictive maintenance, and cost reduction, the market is expected to expand at a CAGR of 10.2% during the forecast period. By 2033, the market is projected to reach USD 20.8 billion, underscoring the significant growth trajectory fueled by technological advancements, integration of IoT and AI, and the rising demand for centralized asset monitoring solutions.

One of the primary growth factors for the manufacturing asset management software market is the escalating need for operational efficiency and cost optimization across manufacturing enterprises. As manufacturers face increasing pressure to reduce downtime, improve productivity, and extend asset lifecycles, the adoption of robust asset management solutions has become essential. These platforms enable real-time visibility into asset health, automate maintenance schedules, and facilitate data-driven decision-making, leading to significant reductions in unplanned outages and maintenance costs. The integration of advanced analytics, machine learning, and IoT sensors further enhances the capabilities of these systems, empowering manufacturers to shift from reactive to predictive maintenance strategies and thus, optimize their overall operations.

Another critical driver is the growing emphasis on regulatory compliance and risk management within the manufacturing sector. With stringent regulations governing safety, environmental impact, and quality assurance, manufacturers are increasingly investing in asset management software to ensure adherence to industry standards and avoid costly penalties. These solutions provide comprehensive audit trails, automate compliance reporting, and offer advanced risk assessment tools, which are vital for industries such as pharmaceuticals, aerospace, and food & beverage. By centralizing asset data and streamlining documentation processes, manufacturers can not only meet regulatory requirements more efficiently but also enhance their reputation and credibility in the market.

The proliferation of digital transformation initiatives and the adoption of cloud-based technologies are also playing a pivotal role in market expansion. Cloud-based manufacturing asset management software offers unparalleled scalability, flexibility, and cost-effectiveness, making it increasingly attractive to both large enterprises and small and medium-sized enterprises (SMEs). These solutions eliminate the need for substantial upfront investments in IT infrastructure, enable remote access to critical asset data, and support seamless integration with other enterprise systems such as ERP and MES. As a result, manufacturers are better equipped to respond to dynamic market conditions, drive innovation, and achieve competitive differentiation through enhanced asset performance and reliability.

From a regional perspective, North America currently dominates the manufacturing asset management software market, accounting for the largest share in 2024, followed by Europe and Asia Pacific. The region’s leadership can be attributed to the strong presence of major manufacturing industries, rapid adoption of advanced technologies, and a well-established ecosystem of software providers. However, Asia Pacific is poised for the fastest growth over the forecast period, driven by the rapid industrialization in countries like China and India, increasing investments in smart manufacturing, and government initiatives promoting digital transformation. Europe also presents significant opportunities, particularly in the automotive and aerospace sectors, where there is a high demand for asset optimization and compliance management.

Component Analysis

The manufacturing asset management software market is seg

Assets Under Management (AUM) Market Outlook

The global assets under management (AUM) market size was valued at approximately $123 trillion in 2023 and is projected to reach around $250 trillion by 2032, reflecting a compound annual growth rate (CAGR) of about 7.5%. The significant growth of the AUM market is driven by increasing global wealth, rising investor awareness, and technological advancements in wealth management services. Additionally, the growing interest in diversified investment portfolios and the expansion of investment opportunities across various asset classes are crucial factors contributing to the market's robust growth trajectory.

One of the primary growth factors in the AUM market is the continuous increase in global wealth, particularly in emerging economies. As more individuals and institutions accumulate wealth, the demand for professional asset management services rises. This trend is further supported by the increasing number of high-net-worth individuals (HNWIs) and the growing middle class with disposable income to invest. Moreover, the rising awareness and education about financial planning and investment options have encouraged more people to seek professional asset management services to optimize their returns and manage risks effectively.

Technological advancements in the financial sector have also played a significant role in the expansion of the AUM market. The adoption of artificial intelligence, big data analytics, and blockchain technology has revolutionized the asset management industry, making it more efficient, transparent, and accessible. These technologies enable asset managers to provide personalized investment strategies, improve decision-making processes, and reduce operational costs. Furthermore, the rise of robo-advisors has democratized access to asset management services, allowing retail investors to benefit from professional investment guidance at a lower cost.

The diversification of investment portfolios across various asset classes is another key driver of the AUM market's growth. Investors are increasingly looking beyond traditional asset classes like equities and fixed income to explore alternative investments such as real estate, private equity, and hedge funds. This shift is driven by the desire to achieve better risk-adjusted returns and to hedge against market volatility. As a result, asset managers are expanding their offerings to include a wider range of investment options, catering to the evolving preferences of their clients.

Regionally, North America continues to dominate the AUM market, followed by Europe and Asia Pacific. The mature financial markets, high concentration of wealth, and advanced investment infrastructure in North America contribute to its leading position. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period, driven by rapid economic development, increasing wealth accumulation, and the growing adoption of digital financial services. Latin America and the Middle East & Africa, while currently smaller markets, also present significant growth opportunities due to improving economic conditions and rising investor interest.

Asset Class Analysis

The AUM market is segmented by asset class, including equities, fixed income, real estate, alternatives, cash and cash equivalents, and others. Equities represent a substantial portion of the AUM market, driven by their potential for high returns and the general investor optimism towards stock markets. The increasing global stock market capitalization and the introduction of innovative equity investment products have further boosted the growth of this segment. Additionally, the rising participation of retail investors in stock markets, facilitated by digital trading platforms, has significantly contributed to the expansion of equity assets under management.

Fixed income assets, such as bonds and other debt instruments, form another crucial segment of the AUM market. These investments are typically favored for their relatively stable returns and lower risk compared to equities. The demand for fixed income assets is particularly strong among institutional investors, such as pension funds and insurance companies, which seek to match their long-term liabilities with stable income streams. Moreover, the current low-interest-rate environment in many developed economies has led investors to seek yield in fixed income securities of emergin

China Loan: Domestic: Large Enterprise: Manufacturing data was reported at 5,187.400 RMB bn in 2016. This records an increase from the previous number of 4,324.791 RMB bn for 2015. China Loan: Domestic: Large Enterprise: Manufacturing data is updated yearly, averaging 3,806.827 RMB bn from Dec 2009 (Median) to 2016, with 8 observations. The data reached an all-time high of 5,187.400 RMB bn in 2016 and a record low of 2,603.649 RMB bn in 2009. China Loan: Domestic: Large Enterprise: Manufacturing data remains active status in CEIC and is reported by The People's Bank of China. The data is categorized under China Premium Database’s Money and Banking – Table CN.KB: Loan: By Industry: Large Enterprise.

According to Cognitive Market Research, the global Industrial PA GA System market size will be USD 1124.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 449.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 337.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 258.57 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 56.21 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 22.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
The Traditional Pressure Broadcasting is the fastest growing segment of the Industrial PA GA System industry

Market Dynamics of Industrial PA GA System Market

Key Drivers for Industrial PA GA System Market

Increasingly expansion of sectors like oil & gas, manufacturing, transportation, and energy infrastructure to Boost Market Growth

The expansion of sectors like oil & gas, manufacturing, transportation, and energy infrastructure is driving the Industrial PA GA System Market due to the rising need for robust communication and safety systems. In hazardous and large-scale industrial environments, clear and reliable public address and general alarm (PA GA) systems are essential for ensuring operational safety, preventing accidents, and enabling swift emergency responses. As these industries grow, driven by rising demand for energy, materials, and manufactured goods, the need for enhanced safety and communication systems becomes crucial. Moreover, increasing regulatory pressure for workplace safety and efficiency, coupled with the adoption of advanced technologies, is further fueling the demand for modern PA GA systems to meet industry-specific requirements. For instance, in October 2021 Dragos secured USD 200 million in Series D funding, reaching a post-money valuation of USD 1.7 billion. This funding round is noted as the largest and highest valuation achieved by an operational technology (OT) cybersecurity firm to date.

Rising awareness about disaster and emergency response management to Drive Market Growth

Rising awareness about disaster and emergency response management is driving the Industrial PA GA System Market as industries increasingly prioritize safety and risk mitigation. In sectors like oil & gas, manufacturing, and mining, where hazardous conditions are prevalent, swift communication during emergencies is critical for minimizing damage and protecting lives. Industrial PA GA systems provide real-time alerts and instructions, enabling rapid evacuation or corrective actions in disaster scenarios. As companies adopt more stringent safety protocols to comply with regulations and enhance workplace security, the demand for reliable and efficient communication systems grows. This heightened focus on preparedness and emergency response in industrial environments is pushing organizations to invest in advanced PA GA systems, fueling market growth.

Restraint Factor for the Industrial PA GA System Market

High Installation Costs will Limit Market Growth

High installation costs are restraining the Industrial PA GA System Market because the initial expenses associated with purchasing, installing, and integrating these systems are significant. For industries like oil & gas, manufacturing, and transportation, deploying advanced PA GA systems requires specialized equipment, custom configurations, and expert labor, which raises the overall cost. Smaller companies or those with limited budgets may find it difficult to justify these expenses, especially when paired with the ongoing maintenance and operational costs. Additionally, complex installations often require downtime or disruptions to existing operations, further increasing the economic burden. These high costs can deter organizations from adopting or upgrading to modern PA ...

According to Cognitive Market Research, the global IT Services market size was USD 984.8 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 8.70% from 2023 to 2030. What are the Key Opportunities Influencing the IT Services Market?

Increasing Number Of Smart Cities Supports Industry Growth

Governments throughout the world are investing in the creation of smart cities. With research money and environmental aims for member countries, the European Union supports smart city activities. Smart cities are also becoming more popular in developing countries. Around 300 smart city pilot projects are being developed in China and India alone. These objectives necessitate the implementation of cutting-edge IT infrastructure.

The emergence of AI is significantly driving the IT Services Market

This will be a big future growth driver for the IT services industry. Tencent also pledged a $70 billion investment in artificial intelligence, cloud computing, and cybersecurity between 2022 and 2030. Chinese firms have shown a significant desire to establish themselves in India through investments.

(Source:www.cnbc.com/2020/05/27/china-tech-giant-tencent-pledges-70-billion-investment-in-ai-cloud.html)

Still, their condition has deteriorated as New Delhi's attitude toward Chinese technology and investment in its domestic market has shifted. This will be a major future growth driver for the IT services sector.

Market Dynamics of IT Services Market

Key Drivers for IT Services Market

Quick Digital Change in All Sectors: Businesses in a variety of industries, including manufacturing, retail, healthcare, and finance, are quickly digitizing their processes to boost productivity, customer satisfaction, and competitive standing. This change is driving up demand for IT services including software integration, infrastructure management, and cloud migration, particularly from businesses implementing automation and data-driven tactics. Growing Use of Hybrid IT Models and Cloud Computing: IT service providers are in great demand for consultation, implementation, and managed services as companies shift from on-premise infrastructure to cloud-based solutions. Recurring revenue opportunities in deployment, migration, security, and optimization services are being created by the growth of hybrid and multi-cloud solutions.

Key Restraints for IT Services Market

High labor costs and a lack of talent: The ability of service providers to grow is being constrained by the worldwide lack of qualified IT workers, particularly in the fields of artificial intelligence, cybersecurity, cloud architecture, and DevOps. Profit margins are also being strained by the high expense of recruiting and keeping skilled workers, especially for mid-sized businesses. Privacy and Data Security Issues with Outsourcing: Because of worries about data breaches, third-party access, and regulatory issues, businesses are still hesitant to outsource critical activities. These issues may cause businesses that handle sensitive or proprietary data to postpone or cut back on their use of outside IT service providers.

Key Trends for IT Services Market

Rise of Automation, AI, and Integration with AIOps: In order to boost predictive maintenance, automate repetitive processes, and improve decision-making, AI and machine learning are being included into IT service delivery models. Infrastructure management is being revolutionized by the emergence of AIOps (Artificial Intelligence for IT Operations), which enables proactive problem solving and efficient resource utilization. Growth in As-a-Service and Managed Offerings: Managed services and "as-a-service" models (such as SaaS, IaaS, PaaS, and Security-as-a-Service) are rapidly replacing traditional IT support. These models are appealing to both major corporations and small businesses due to their predictable costs, scalability, and decreased internal IT burden.

Impact of the COVID-19 Pandemic on the IT Services Market:

The epidemic has expedited digital transformation across industries, as firms have had to adjust to distant work and online operations. This raised demand for IT services such as cloud computing, cybersecurity, and digital transformation consultancy. Companies needed to quickly integrate remote collaboration solutions, improve their cybersecurity procedures, and optimize their digit...

In 2024, the finance, insurance, real estate, rental, and leasing industry contributed the highest amount of value to the GDP of the U.S. at 21.2 percent. The construction industry contributed around four percent of GDP in the same year.

Equipment Asset Tag Market Outlook

The global equipment asset tag market size was valued at approximately $2.5 billion in 2023 and is projected to reach around $5.3 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period. The key growth factors contributing to this optimistic market outlook include the increasing need for efficient asset management, advancements in tracking technologies, and the rising adoption of asset tagging solutions across various industries.

One of the primary growth drivers of the equipment asset tag market is the significant improvement in tracking and monitoring technologies. With the advent of RFID, GPS, and advanced barcode systems, companies can now achieve higher accuracy and efficiency in asset tracking. These technologies not only streamline the asset management process but also reduce operational costs associated with lost or misplaced assets. Furthermore, the integration of IoT in asset tracking systems has added another layer of intelligence, allowing real-time monitoring and predictive maintenance.

Another crucial factor fueling the growth of the equipment asset tag market is the growing emphasis on regulatory compliance and audit requirements across various sectors. Industries such as healthcare, manufacturing, and logistics are governed by stringent regulatory norms that mandate accurate tracking and reporting of equipment and assets. Asset tagging solutions facilitate compliance with these regulations by providing detailed records and audit trails, thereby reducing the risk of non-compliance penalties and enhancing operational transparency.

The increasing adoption of asset tagging solutions by small and medium enterprises (SMEs) is also contributing to market growth. Historically, asset tagging and tracking were predominantly utilized by large enterprises due to the high costs involved. However, with technological advancements and the availability of cost-effective solutions, SMEs are now able to implement these systems to optimize their asset management processes. This democratization of technology is expected to drive further market expansion, especially in developing regions.

Asset Tracking has become an indispensable component in modern asset management strategies, especially with the integration of advanced technologies like RFID and IoT. By enabling real-time monitoring and precise location tracking, asset tracking solutions help organizations maintain a comprehensive view of their asset inventory, thereby minimizing losses and optimizing resource allocation. This capability is particularly beneficial for industries such as logistics and manufacturing, where asset visibility is crucial for operational efficiency. As businesses continue to expand their operations globally, the demand for robust asset tracking systems is expected to rise, driving further innovation and adoption in the market.

Regionally, North America holds the largest market share in the equipment asset tag market, driven by high technology adoption and stringent regulatory requirements. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period. This growth can be attributed to the rapid industrialization, the expansion of manufacturing and logistics sectors, and increasing investments in infrastructure development. Countries like China, India, and Japan are particularly noteworthy for their substantial contributions to regional market growth.

Product Type Analysis

The equipment asset tag market is segmented by product type into metal tags, plastic tags, RFID tags, barcode tags, and others. Metal tags are known for their durability and resistance to harsh environmental conditions, making them ideal for use in industrial and manufacturing settings. These tags can withstand extreme temperatures, chemicals, and physical wear and tear, ensuring long-term asset identification and tracking.

Plastic tags, on the other hand, offer a cost-effective alternative to metal tags. They are lightweight and can be easily customized with various colors, sizes, and shapes. Plastic tags find extensive applications in sectors where environmental conditions are less severe, such as retail, IT and telecommunications, and healthcare. Their versatility and economic benefits make them a popular choice among a wide range of end-users.

RFID tags represent a significant technological advancement i

Auto parts stores have endured ups and downs in recent years, similar to the rest of the auto sector. The outbreak of the pandemic brought the economy to a screeching halt. Stay-at-home orders prevented consumers from going into auto parts stores to make purchases and pushed transportation to the back of people's priority lists. The rapid recovery of the US economy boosted auto parts stores, as pent-up demand caused a surge in revenue. With the end of pandemic-related restrictions, Americans are now driving at high volumes again, raising the need for vehicle maintenance. Stores are stocking a wider range of products to appeal to the reignited need to drive. Revenue for auto parts stores is expected to climb at a CAGR of 0.4% to $79.6 billion through the end of 2025, including an expansion of 1.6% in 2025 alone. Strong economic growth in recent years garnered mixed results for auto parts stores. With more money, many consumers eyed new vehicles instead of fixing their current ones. Higher spending on new vehicles limits consumer spending on new parts and maintenance at auto parts stores. This trend will continue moving forward, especially considering the hike in the popularity of EVs. As EVs slowly gain ground in the auto sector, boosted by government assistance and climate consciousness, consumers will shy away from working on their vehicles, as electric engines are complex and foreign to most at-home mechanics. However, their boost to the auto sector will come with some benefits, as parts for EVs will also need to be replaced and maintained. The continued climb in consumer confidence will continue to benefit auto parts stores. National auto parts chains will strengthen their status at the top of the industry, as their continued growth of resources will enable them to use their economies of scale to tower over the competition. Some consumers prefer large, national auto parts stores because they feel more confident in the brand. Through this, these brands can raise prices and generate more profit in the coming years. Revenue is expected to swell at a CAGR of 2.0% to $87.7 billion through the end of 2030.

Cash Counting Machines Market Outlook

The Cash Counting Machines market size was valued at approximately USD 1.8 billion in 2023 and is projected to reach around USD 3.5 billion by 2032, growing at a CAGR of 7.8% during the forecast period. The rising need for efficient cash management solutions in various sectors is significantly driving this market's growth. Rapid urbanization, increasing retail outlets, and the burgeoning need for accurate financial transactions in sectors like banking and casinos are few of the primary factors responsible for this expansion. The demand for cash counting machines is also propelled by the rising trend of automation across industries and the necessity to minimize human errors in cash handling processes.

One of the key growth factors is the increasing adoption of cash counting machines in retail sectors. With the expansion of retail chains globally, the need for efficient cash management solutions is crucial to ensure smooth operations. Retailers are increasingly incorporating these machines to reduce the time spent on cash handling and to ensure accuracy, which, in turn, reduces the risk of errors that could lead to financial discrepancies. Moreover, the advancement in technology has led to the development of sophisticated cash counting machines that offer additional features such as counterfeit detection, making them even more attractive to businesses that handle large volumes of cash.

The banking sector is another significant contributor to the growth of the cash counting machines market. As financial institutions strive for increased efficiency and accuracy, the integration of cash counting machines has become commonplace. These machines help banks in managing large volumes of cash efficiently, reducing manual labor, and improving the accuracy of cash management. With the banking sector's ongoing quest for improved customer experience and operational efficiency, the demand for advanced cash counting machines equipped with state-of-the-art technology is expected to rise steadily over the forecast period.

Casinos and hospitality industries also play a vital role in the expansion of the cash counting machines market. As these sectors deal with substantial cash transactions daily, the requirement for efficient cash counting solutions that ensure quick and accurate financial transactions is critical. Furthermore, the hospitality industry, which includes hotels and restaurants, is increasingly deploying cash counting machines to streamline their financial processes. This trend is particularly noticeable in regions where the tourism industry is booming, further augmenting the demand for cash counting machines.

Regionally, Asia Pacific is expected to emerge as a significant market for cash counting machines, primarily due to the rapid economic development and increase in commercial activities in countries like China and India. The growing retail and banking sectors in these countries are key factors that drive the demand. Moreover, Europe and North America continue to be substantial markets due to the established presence of financial institutions and the high adoption rate of advanced technologies in these regions. Meanwhile, the Middle East & Africa and Latin America regions are anticipated to witness moderate growth due to increasing investments in banking infrastructure and retail expansion.

The market for Currency Sorting Equipment Sales is witnessing a notable surge, driven by the increasing demand for precise and efficient currency management solutions in sectors like banking and retail. As businesses strive to enhance their operational efficiency, the adoption of currency sorting equipment is becoming a strategic priority. These machines not only streamline the sorting process but also significantly reduce the time and labor involved in handling large volumes of cash. With advancements in technology, modern currency sorting equipment is equipped with features such as counterfeit detection and multi-currency processing, making them indispensable tools for financial institutions and large retail chains. As the global economy continues to grow, the need for reliable currency sorting solutions is expected to rise, further fueling the sales of these machines.

Product Type Analysis

Within the cash counting machines market, product type plays a pivotal role in shaping market dynamics. Portable cash counting machines are gaining traction due to their ease of use and convenience. These

Asset optimisation solutions market was valued USD 4.2 billion in 2022 and is expected to rise to USD 10.9 billion by 2030 at a CAGR of 12.5%.

Revenue for the Open-End Investment Funds industry has been increasing over the past five years. Open-end investment funds revenue has been growing slightly but remaining relatively steady at a CAGR of 0.0% to $196.1 billion over the past five years, including an expected increase of 4.2% in the current year. In addition, industry profit has climbed and comprises 33.1% of revenue in the current year. Overall, revenue has been increasing alongside overall asset growth, despite operators being forced to lower fees to meet shifting consumer preferences. The industry has encountered volatility due to the high-interest rate environment for most of the period. Higher interest rates reduce liquidity and make fixed income securities more attractive to investors due to less risk and more predictable interest payments. The industry has also encountered increased growth for ETFs and retail investors. The greatest shift in the industry has been an evolving investor preference for exchange-traded funds (ETFs). While mutual funds account for the majority of industry assets, growth in ETF assets has significantly outpaced that of mutual funds. Expenses that mutual fund investors incur have fallen from 0.5% of assets in 2018 to 0.4% in 2023, as industry operators have cut fees to attract new capital due to pressure from new funds (latest data available). Despite the high interest rate environment, the Fed slashed rates in 2024 and is anticipated to cut rates further in the latter part of 2025, which will boost asset prices. Open-end investment funds' revenue is expected to grow at a CAGR of 0.3% to $198.7 billion over the five years to 2030. The fears over inflation and a possible recession are expected to dominate the beginning of the outlook period. The Federal Reserve is expected to continue cutting interest rates as inflationary pressures ease. Investment companies' importance will continue to grow, with mutual funds and ETFs representing key channels for individual and institutional investors to access financial markets.

Abstract

The EESs are conducted by the National Bureau of Statistics (NBS), as mandated by Statistics Act 2015, which empowers NBS to collect, compile and disseminate official statistics in the country. The summary is presented for the six main topical areas namely:- Employment Profile; Wage Rates Profile; Cash Earnings Profile; Annual Wage Bill Profile; Newly Recruited Workers; and Job Vacancies.

Employment Profile

The findings on employment profile reveal an increase in total employment in the formal sector from 2,334,969 employees in 2015 to 2,599,311 employees in 2016; which is an increase of 308,951 employees. The majority of employees are employed in the private sector (1,748,695 private and 850,616 public). Proportion of regular employment has increased from 88.2 percent in 2015 to 92.9 percent in 2016, while casual employment has decreased from 11.8 percent in 2015 to 7.1 under the same span of time. Education industry had the largest share of total employment with 18.5 percent followed by manufacturing industry (18.1 percent); and public administration and defence, compulsory social security industry with 13.6 percent of total employment. It is also indicated that there are more adult employees under regular employment (63.2 percent) compared to youth employees who accounted for 36.8 percent of the total regular employees. With regard to disability status, the results indicate that, there were 3,935 employees (about 0.2 percent of total employment in the formal sector) with various types of disabilities. The results also show that, Dar es Salaam region had the largest proportion of employment, with 31.2 percent of all employees, followed by Morogoro region (10.9 percent) and Arusha region (6.8 percent).

Wage Rates Profile

Regarding the wage rates of employees in the formal sector, the findings show that, overall in 2016, majority of citizen employees (22.9 percent) earned monthly wages between TZS 500,001 and 900,000. In the private sector however, there were more citizen employees in lower wage rates with 17.8 percent earning monthly wages between TZS 150,001 and 300,000 and 14.6 percent earning between TZS 100,001 and 150,000. For the public sector, about 15.3 percent of citizen employees earned between TZS 500,001 and 900,000 and about 8.1 percent earned monthly wages between TZS 300,001 and TZS 500,000. The findings also reveal that, about 4.5 percent of all citizen employees earned TZS 1,500,000 or above, with a slightly larger proportion in the private sector (2.7 percent) than public sector (1.8 percent). Financial and insurance activities had the highest proportion of employees (33.3 percent) earning wages above TZS 1,500,000 followed by information and communication industry (22.1 percent). Conversely, construction, wholesale and retail trade and repair of motor vehicles and motorcycles activities had larger proportions of their employees in lower wage rates between TZS 150,001 and 300,000.

Cash Earnings Profile

The findings indicate that, overall monthly average cash earnings for employees in the formal sector surged up slightly from TZS 403,729 in 2015 to TZS 448,462 in 2016. Monthly cash earnings in the public sector increased from TZS 1,063,064 in 2015 to TZS 1,243,945 in 2016, whereas in the private sector it increased slightly from TZS 353,589 to 362,400. The results boldly note that, on average, cash earnings for employees in the public sector were three times as much as that of the private sector. In addition, analysis of monthly cash earnings by sector reveals that, parastatal organizations had the highest monthly average cash earnings of TZS 1,452,326, while profit making institutions had the lowest monthly average cash earnings of TZS 339,229. It is also found that in 2016, financial and insurance activities had the highest monthly average cash earnings of TZS 1,388,070 followed by public administration and defense; compulsory social security with TZS 1,292,652.

Annual Wage Bill Profile

Analysis on annual wage bill indicates that, overall, employers in public and private sectors had collective annual wage bill of TZS 23,637 billion in 2016, with employers in private sector having higher annual wage bill than in the public sector. The largest annual wage bills were incurred by employers in private profit- making institutions amounting to TZS 9,536 billion followed by employers in private nonprofit -making institutions with TZS 5,295 billion. Employers in parastatal institutions, including both non - profit and profit - making institutions had relatively smaller annual wage bills of TZS 662 billion and TZS 236 billion respectively. Results on annual wage bill by industry indicates that, the largest proportion of wage bill were in the education industry with 20.4 percent. Public administration and defence; compulsory social security had the second largest annual wage bill of 16.6 percent.

Newly Recruited Workers

The findings on the newly recruited workers reveal that, total number of newly recruited workers in 2016 was 69,639 of which 34,594 employees filled newly created posts and 35,045 employees filled existing vacancies. The findings also indicate that, among the newly recruited employees, there were more females (19,433) than males (15,161). On the other hand, private sector had more new recruits with 51,251 employees compared to public sector with 18,388. It is further indicated that, occupations of service workers and shop sales workers; and technicians and associate professionals had larger number of new recruits with 15,515 employees and 15,346 employees, respectively. With regard to education qualification, the findings indicate that, number of males with tertiary education are more in the new recruits (8,279 employees) equivalent to 23.7 percent compared to female comprised of 4,559 employees (about 13.2 percent). Moreover, it is established that, out of the total number of newly recruited employees, the largest proportion, 66.4 percent (46,262 employees) were employed on permanent basis followed by 25.3 percent (17,615 employees) who were engaged on contractual basis. Job Vacancies Analysis for job openings in the formal sector shows that, the largest proportion of job vacancies in 2015/16 (63.6 percent) were for technicians and associate professionals, followed by professionals (21.6 percent). The remaining occupations each had less than 5 percent of the total job vacancies. The majority of these jobs, (85.3 percent) did not require any working experience. Vacancies that required prior working experiences of 1-2 and 3-4 years constituted about 10.6 percent and 2.8 percent respectively. The findings also reveal that, the largest proportion of the reported vacancies (93.3 percent) did not attach any sex preference for the potential candidates. However, 4.4 percent of vacancies preferred male employees compared to 2.3 percent which preferred female employees.

Geographic coverage

Tanzania Mainland Regions

Analysis unit

Formal Establishment.

Universe

The survey covers formal establishments with employees in both private and public sectors. The establishments are divided into three main categories which are all public -sector establishments, all registered private establishments employing at least 50 persons and a sample of all registered private establishments whose number of employees are from 5 to 49 persons.

Kind of data

Sample survey data [ssd]

Sampling procedure

The Employment and Earnings Survey 2016 is an establishment- based survey covering a total of 9,628 establishments from a frame of 68,119 establishments. This frame consists of all public establishments and formal private establishments employing 5 persons and above.

As in previous surveys, the sampling unit of this survey is an establishment which is defined as a legal economic entity engaging itself in one main kind of economic activity at a fixed location. The EES 2016 covered formal establishments in both private and public sectors in Tanzania Mainland in such a way that they formed a representative sample, reflecting the level and magnitude of the economic activities within their respective industrial groups. The EES sample was based on a sampling frame obtained from the Central Register of Establishments (CRE) developed and maintained by NBS. The existing sampling frame was developed on the basis of International Standard Industrial Classification Revision 4 (ISIC Rev.4).

The survey covered all public -sector establishments and private sector establishments with at least 50 employees. Furthermore, the survey covered a sample of private establishments employing 5 to 49 persons. The sampling for this group involved stratifying establishments into those with 5 to 9 employees and those with 10 to 49 persons. Establishments in these strata were further stratified on the basis of their economic activities and ultimately a single stage sampling technique was used to derive representative establishments from each activity using the probability proportion to size (PPS).

Mode of data collection

Face-to-face [f2f]

Research instrument

The establishment based questionnaires were developed in English, and were translated into Kiswahili Language.

Cleaning operations

Data editing took place at a number of stages throughout the processing, including: a) Office editing and coding b) During data entry. c) Structural checking of SPSS data files.

Response rate

90.8

Sampling error estimates

Estimates from a sample survey are affected by two types of errors: 1) non-sampling errors and 2) sampling errors. Non-sampling