The total information and communication technology goods (including computers, peripheral devices, communication and consumer electronic components among other IT goods) exports registered a growth rate of 11.5% in 2017 as against 10.5% in 2012.
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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
The emergence of new technological innovations including recent technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) finding their usage across both industrial and residential applications and rapid pace of digital transformation taking place across various industries is estimated to drive the growth of the Data Business in Oil and Gas Industry market over the forecast period (2019-2027). The manufacturing industries are predicted to invest about USD 340 billion on digital transformation in 2019. Investments in robotics, autonomous and freight operations are estimated to generate revenues of USD 128 billion in the same year. With transformation of business models happening on account of emergence of AI, IoT and Robotics, the Data Business in Oil and Gas Industrymarket is estimated to observe significant growth over the next 6-7 years.
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The introduction of 5G network is anticipated to provide various business opportunities as well as tap additional sources of revenue for the telecom industries, on account of increase in speed and responsiveness of the wireless networks.
With growing demand for mobile data along with increased video streaming services, the adoption of 5G services in North America is estimated to cross 45% by 2023. The rollout of 5G network combined with IoT connectivity which includes connected cars, connected homes or connected cities is predicted to change the way the telecom operators perform their tasks. United Nations Conference on Trade & Development (UNCTAD) in its report stated that the percentage of total information and communication technology goods (including computers, peripheral devices, communication and consumer electronic components among other IT goods) exports had grown from 10.5% in 2012 to 11.5% in 2017. As of 2017, Hong Kong held the largest share of 51.7% in ICT goods exports among four nations, which was followed by Philippines (35.9%), Singapore (32%) and Malaysia (31%).
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Moreover, growth of the global economy along with several efforts taken by countries such as China, Japan, United States of America, Germany, Netherlands, Korea and other ICT goods exporting nations is anticipated to aid the growth of the IT and Telecom sector.
To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the Data Business in Oil and Gas Industry market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five force model, absolute $ opportunity and anticipated cost structure of the market.
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