Legal Software (focus on machine learning) Global Market Report 2021: COVID-19 Growth And Change To 2030

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Generated: 10/1/2021
Legal Software (focus on machine learning) Global Market Report 2021: COVID-19 Growth And Change To 2030 CAGR 23.6% By 2020, Digital Transformation is estimated to have an impact of greater than US$1.3 trillion. This is over and above the US$5.1 trillion projected impact of the G20 economies. Digital Transformation (DT) is the combination of new technologies with traditional operations to create new consumer and commercial applications. It results in a shift from information being stored and processed on paper or in analogue devices to information being stored and processed digitally. This results in a number of new opportunities, but also challenges for the IT sector. Most notably, a new challenge is the development of software that can adapt and learn, resulting in software that can make decisions on its own with much greater autonomy. As a result, demand for machine learning software will grow significantly in the next five years. The digital services sector has the potential to contribute almost US$13.4 trillion (23.6% of total service output growth) to the world economy by 2030. The digital services sector is expected to grow from US$2.7 trillion in 2018 to US$4.8 trillion by 2030. It would have been the 6 th largest sector in 2018, up from 6 th in 2017. The digital services sector includes a range of new technologies that complement the digital economy. Key elements of the digital services sector include the rise in number of smartphones, tablets, and computers using the Internet. These in turn support the rise in the use of mobile social media applications, such as Facebook and Twitter, which are transforming the way people communicate and interact. Social media applications are not only accessed and used on smartphones and other electronic devices, but they are becoming increasingly more available in the real world.

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The rise in “smart” technology is set to change and enhance almost every area of personal, business, and social life, from education to healthcare to communications to energy to manufacturing to service sectors and so on. This is due to the increasing adoption of digital technology in the consumer products sector across almost all sectors of the economy. Digital infrastructure will replace some analog services in many areas when their life cycle (the time between installation, replacement, maintenance, and ultimate removal) is longer than 25 years. This is already the case, for example, with respect to mobile phones. New IoT and industrial Internet applications are also expected to grow rapidly in the next five years; IoT will be one of the fastest rising markets worldwide.

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The Global Electric Vehicle (EV) Market will grow significantly by 2024 after a slow start in 2018

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The global market for electric vehicles (EV) is expected to show the fastest growth

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Demand is increasing particularly fast in Asia and Latin America

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The global electric vehicle (EV) market for the passenger segment will expand at a CAGR of 26.5% during the forecast period (up from nearly 4 million units in 2018), reaching nearly 9.2 million units in 2024, compared to 3.7 million in 2017.

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, compared to 3.7 million in 2017.

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For additional information, visit FMI's global power and energy research site.

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FMI Data Services, LLC is a subsidiary of Future Market Insights, LLC. The company's analysts assess the future of technology, companies, products, industries, markets and policy1.2.3

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For additional information, visit FMI's global power and energy research site.

Power & Energy Top 10 Markets

For additional information, visit FMI’s global power and energy research site.

Global Power and Energy Market Report: FMI Data Services, LLC

About FMI Data Services, LLC

FMI Data Services, LLC is a subsidiary of Future Market Insights, LLC. The company's analysts assess the future of technology, companies, products, industries, markets and policy trends from all angles to identify opportunities and assess risks. Our in-depth knowledge has led to successful long and short term trading strategies. FMI maintains a large global network of contacts and relationships to aid the delivery of data needed for efficient and effective decision making in both equity and alternative investment. For more information on FMI Data Services, visit http://www.fmisdataservices.com/.
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