New York, United States , Nov. 08, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Weather Forecasting Services Market Size to grow from USD 2.14 billion in 2021 to USD 3.61 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6% during the forecast period. The demand for weather forecasting solutions and services is being fueled by a number of factors, including an increase in the requirement for weather-related solutions across a variety of industries, as well as an increase in the demand for weather forecast-related solutions as a consequence of uncertain climatic conditions and energy transitions.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The Medium- range segment to account for the largest market size during the forecast period
Based on the forecast, the weather forecasting services market is categorized into Nowcasting, Short-range, Medium-range, and Long-range. The Medium- range segment accounts for the largest market size during the forecast period. This is because the majority of service providers throughout the world offer medium-range weather predictions, and according to NOAA SciJinks, the accuracy of a 5-day forecast is 90%, but the accuracy of a 7-day forecast is just 80%.
The Large enterprises segment to hold a higher CAGR during the forecast period
Based on organization size, the weather forecasting services market is categorized as large enterprises and Small & medium enterprises. The large enterprise segment to hold higher CAGR during the forecast period. This is a result of the scale of these businesses, which can be measured not only by their income but also by the number of people they employ. In addition, these companies were among the first to enter the industry, and they make substantial investments in research and development in order to maintain a state of constant innovation and to give extremely accurate weather forecasting products and insights.
Browse key industry insights spread across 221 pages with 141 market data tables and figures & charts from the report “Global Weather Forecasting Services Market Size, Share, and COVID – 19 Impact Analysis By Forecast ( Nowcasting, Short-range, Medium-range, and Long-range), By Organization Size ( Large enterprises and Small & medium enterprises), By Industry ( Transportation, Aviation, Banking Financial Services & Insurances( BFSI ), Agriculture, Energy & Utilities, Media, Manufacturing Retail, and Others ), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.” in detail along with the table of contents.
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The media segment is to hold a higher CAGR during the forecast period.
Based on the industry, the weather forecasting services market is categorized as Transportation, Aviation, Banking Financial Services & Insurances (BFSI), Agriculture, Energy & Utilities, Media, Manufacturing Retail, and Others. The media segment is to hold a higher CAGR during the forecast period. The expansion can be linked to the increased investments in renewable energy sources like solar and wind, which are being made in an effort to reduce emissions of greenhouse gases. As a result, there will likely be an increase in demand for weather forecasting services.
North America is estimated to account for the highest market share in 2021.
The weather forecasting services market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. North America is estimated to account for the highest market share in 2021. Over the course of the forecast period, it is anticipated that Asia Pacific would record the greatest market. The expansion can be linked to the region's maturing technological infrastructure, which is now under construction. According to the German watch global climate risk index 2021, a large number of nations in the Asia Pacific region are placed high in the index, indicating that they are susceptible to the effects of the weather and climate. It is anticipated that the increased number of businesses in the region would lead to an increase in demand for weather forecasting technologies. Asia-Pacific to hold a higher CAGR during the forecast period.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global weather forecasting services market include AccuWeather, Inc., DTN, Earth Networks, Fugro, Met Office, Precision Weather Service, Spire Global, StormGeo, The Tomorrow Companies Inc., The Weather Company (IBM) and Others 20+ prominent key players we have added in the final report.
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