Globally, the document capture software market is expected to grow with a CAGR of 13.3% during the forecast period from 2024 to 2032 and had registered a market value of US$ 7.97 Bn by 2020. A document capture software is defined as an application used for converting physical documents into digital, resulting in a reduction of workload among the business and allows the organizations to manage the business flow.
Globally, the asset tracking and inventory management solutions market is expected to grow with a CAGR of 14.6% during the forecast period from 2024 to 2032 and is expected to reach a market value of US$ 64.55 Bn by 2032. Asset tracking and inventory management solutions are used for managing various inventories and tracking.
The peripheral component interconnect express market worldwide is expected to grow with a CAGR of 18.4% during the forecast period from 2024 to 2032. Growing data storage market worldwide is the major growth driver for the peripheral interconnect express market. Peripheral component interconnect express is considered as the standard device for connection establishment among various devices internally.
The global central fill pharmacy automation market is developing competently, expected to grow at a CAGR of 10.1%. Globally, increasing penetration of pharmacy automation products, advancement in robotics & tabletop devices, and growth in overall software & services for enhanced distribution of pharmaceutical drugs will drive the overall market growth. Rising awareness about central fill automation technology along with the launch of integrated software solutions are key factors driving the growth of the central fill pharmacy automation market on a global scale.
The global integrated traffic systems market was valued at US$ 23.56 Bn in 2021 and is anticipated to grow to US$ 44.01 Bn expanding at a CAGR of 7.2% during the forecast period from 2024 to 2032. For decades, the proliferating complexities of urban traffic has been forcing city planners and government authorities to find smarter ways to control the traffic.
The aviation industry and businesses at its periphery are experiencing robust growth with the expansion of global population. Affordable air travel and rising disposable income of middle class is pushing the passenger travel at record level. This has influenced the demand for new fleet of aircrafts from airliners which in turn encouraged the growth of air transport MRO market. Moreover, new initiatives such as visa on arrival and open-sky agreement among countries like the U.S. and India, has further influenced the passenger travel among countries of the world.
The global vegan beauty product market garnered market share of US$ 1074.9 Mn in 2021 and projected to witness significant growth, growing with a CAGR of 5.5% across the forecast period from 2024 to 2032. Rising awareness about cruelty free beauty is increasing the demand of vegan beauty products across the globe. As a result, many companies are moving towards the production of vegan products. Vegan beauty products are composed of natural ingredients mainly plants based ingredients.
The home beer brewing machines market worldwide is likely to grow with a CAGR of 14.3% throughout the forecast period from 2024 to 2032, starting from US$ 14.17 Mn in 2021. Penetration of craft beer, homemade beer, and growing beer consumption worldwide are the major growth factors for home beer brewing machines market. In 2020, global beer consumption stood at around 186 Mn kiloliters.
The global next-generation data storage market was valued at US$ 74.24 Bn in the year 2021 and expected to reach US$ 239.83 Bn by the year 2032, expanding at a CAGR of 12.7% during the forecast from 2024 to 2032. Ever-growing unstructured data by the emergence of Big Data, artificial intelligence, and other breakthrough technologies have ushered the growth of next-generation data storage technologies.
Advancement in space and technological fields have propelled the satellite manufacturing companies to develop more compact and efficient satellites. With growing application of small satellites in earth observation, IoT and remote sensing or communication has disrupted the space economy for better. With number of connected devices expected to cross 22 Bn mark in coming years, space-based IoT is one of the promising business segments offered by small satellites.
