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Context Rich System Market to Grow CAGR of 17.39% by 2020


context rich system market

The total Context-rich System Market is expected to reach USD 2.48 Billion by 2020, at a CAGR of 17.39% between 2015 and 2020. The base year used for this study is 2014 and the forecast period is from 2015 to 2020. This report provides a detailed analysis of the market based on component, device, vertical, and geography. Context-rich applications in the e-commerce and marketing vertical are increasing because of high customer satisfaction and high-quality brands and their promotions. Context-rich system applications help users in day to day activities by sensing contextual information such as facial expressions and gestures, work schedules, temperatures, locations, and so on and respond to users accordingly in real-time.
Software components expected to lead the context-rich system market
The market for software components is expected to grow at the highest CAGR between 2015 and 2020. Software applications play an important role in the context-rich system market; these include context-rich computing, ubiquitous computing, mobile computing, and cloud-based services. Context-rich systems are based on computing technologies and use software APIs to develop apps for smartphones. The advancement in software technologies and networking services will lead the context-rich system market. Thus software components hold the largest market for context-rich systems, in terms of value.

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The application in the e-commerce and marketing sector accounted for the largest share of the context-rich system market, followed by that in financial, banking and insurance in 2014. Context-rich software platforms for retailers, franchise stores and mall owners enable the creation of smart zones to deliver targeted, location-based product information, discount coupons, or offers to shoppers. Also, the use of software applications in smartphones helps customers shop easily with the help of contextual data. These factors would lead to the growth of the market in this sector.
In context-aware computing, the development of applications is done by using software development kits (SDKs) in different verticals. Also, cloud-based services platforms and wireless architecture are used to analyze the gathered data and transfer the same from one device or system to the other. Various software applications are being developed to make context-rich systems more effective and accurate, within less time. However, hardware components have a fixed market. Thus, the demand for the software component is expected to be higher than that for the hardware component in the future.
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