Technology Market report: 2020

Friday 13 November 2020

Metal 3D Printing Market Trends, Segmentation and Future Scope

The global Metal 3D Printing Market is estimated to reach USD 14.56 billion by 2027, according to the new report by Grand View Research, Inc. The market is expected to register a CAGR of 19.2% from 2020 to 2027. Metal 3D printing is also referred to as Additive Manufacturing (AM) as it involves the successive addition of layers of materials in various 2D shapes using an additive process. These layered 2D shapes are built upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of metal and the unnecessary metal is ground out to obtain the desired object.

The metal 3D printing industry is estimated to exhibit significant growth throughout the forecast period owing to a combination of numerous factors such as growing demand for rapid prototyping, which allows the manufacturers to design and develop better products and systems. Additionally, the ease of manufacturing and added benefits offered by the 3D printing technology are the major factors behind the greater adoption of the technology across various industry verticals.

Metal 3D printing is widely adopted in the industrial sector owing to the growing need for enhanced product manufacturing and a shorter time to market. The automotive vertical happens to be the most significant adopter of the metal 3D printing technology and eventually leading to the largest market share of metal 3D printers for industrial applications over the forecast period. Additive manufacturing is anticipated to evolve over the forecast period.

The market is subject to witness a considerable economical appearance rather than being just a labor-intensive industrial manufacturing technique. Particularly in developing economies, such as Brazil, South Africa, and India, machining shops have managed to adopt alternative business models by installing 3D printers and offer related services, such as 3D printing materials, filaments, 3D modeling, and 3D printer software.

The metal 3D printing technology happens to be capital-intensive technology. At the same time, manufacturers are holding to their misconceptions about prototyping rather than realizing the advantages associated with metal 3D printing. Moreover, the market lacks the standard process controls and a skilled workforce required for metal 3D printing. These are some of the factors that are expected to restrain market growth. However, government initiatives aimed at increasing awareness and promoting the benefits of adopting metal 3D printers are expected to help in countering the market restraints.

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Metal 3D Printing Market Report Highlights

North America accounted for the largest market share in 2019 owing to the early adoption of the technology s
The U.S. being the highest revenue generating country in 2019 in the North America regional market, the region is predicted to exhibit steady growth over the forecast period
Increasing adoption of metal 3D printers in the healthcare, automotive, and consumer electronics verticals is likely to drive the market growth significantly
The Asia Pacific regional market, which is emerging as a manufacturing hub for several industry verticals, is forecast to grow significantly in future as the continued urbanization triggers the need for infrastructure and prompts the automotive, consumer electronics, aerospace and defense, and healthcare verticals to adopt metal 3D printing, particularly in countries, including China, Japan, and South Korea.

About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com

Synthetic Aperture Radar Market Trends, Analysis, Growth and Outlook Report, 2027

The global Synthetic Aperture Radar Market size is anticipated to reach USD 4.98 billion by 2027, expanding at a CAGR of 10.7% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Synthetic aperture radar (SAR) uses a remote sensing technique that generates high-resolution images and can be used for earth observation and surveillance operations. The synthetic aperture of SAR operates at various frequencies and modes, which enable it to take pictures through cloud covers, inclement weathers, and during the day and night. Synthetic aperture radar is compact and light in weight compared to the conventional radars, which is expected to increase the adoption of these devices for space satellite missions and thereby drive the market.

Over the years, SAR has been widely used for military operations, whereas it has also gained prominence in the commercial sector recently. The advanced synthetic aperture technology makes it possible to detect and capture natural disasters, infrastructure damages, archeological artifacts, snow mapping, biomass and vegetation, and oil spillages in oceans, among others. The growing need for tracking and detecting movement, mapping troops, and gathering intelligence data is expected to increase the adoption of these systems in the military operations. Furthermore, synthetic aperture radars can be integrated with unmanned aerial vehicles (UAV’s) and rising usage of UAV for tactical and surveillance purposes is expected to bolster the demand for SAR systems in the market.

The data retrieved from synthetic aperture radar involves using several pre-processing steps and requires a separate software from the service provider to process the data. It may include steps like de-bursting, radiometric calibration, terrain correction, applying the orbit file, and speckle filtering depending on the type of analysis. This tedious process to work with the SAR data is expected to limit market growth. However, the processed images and retrieved data provide a detailed and clear picture of the mapped objects, which is anticipated to drive the market over the forecast period.

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Synthetic Aperture Radar Market Report Highlights

The growing need for public safety, natural resource exploration, and environmental monitoring has propelled investment from government and independent organizations in the synthetic aperture radar systems industry, thus driving the commercial application segment
Asia Pacific is anticipated to expand at the highest CAGR of 14.1% over the forecast period owing to an increase in spending on military missions. The Asia Pacific region is expected to launch satellites in the future, thereby resulting in market growth. For example, the National Aeronautics and Space Administration (NASA) and The Indian Space Research Organization (ISRO) have projected the launch of a dual-frequency synthetic aperture radar NISAR in 2022
Key market players operating in the market are focused on forming partnerships with government and other organizations to accommodate important projects and gain competitive advantage. For instance, in June 2019, ICEYE and Asia Pacific Satellite, Inc. entered a strategic alliance to extend ICEYE’s SAR data purchase in South Korea.

Telecom Billing & Revenue Management Market Worth $31.2 Billion By 2027

The global Telecom Billing And Revenue Management Market size is projected to reach USD 31.2 billion by 2027, expanding at a CAGR of 11.6% during the forecast period, according to a study conducted by Grand View Research, Inc. Telecom billing and revenue management benefits the service providers in exchanging their invoices, billing data, and sharing revenue information with partners, allowing operators to continue the billing accuracy, enhance customer experience by ensuring the end-to-end management of revenue, and disputes and adjustments. It also provides a complete end-to-end solution for supporting key business processes for managing revenue. As a result, the growing importance of identifying profitability and value that customers bring to the enterprise coupled with growing preference for mitigating and identifying the revenue leakages and frauds with automated payment processing solutions and integrated workflows is expected to accelerate the growth of the market over the forecast period.

Growth in the number of subscribers for the telecom services worldwide is one of the key factors driving the growth of the market. As there is a rise in the number of cellular or mobile subscribers, challenges including network congestion and fallout of services are rising. This rise is thereby resulting in structural progress for the development of efficient billing and revenue management software solutions and services. These solutions and services are used by Communication Services Providers (CSPs) to boost their revenue while optimizing telecom networks.

Additionally, telecom billing and revenue management solutions support the telecom service providers in the detection and management of frauds and revenue leakages, thereby resulting in reduced operational costs in the longer run. As a result, telecom companies are investing in telecom billing and revenue management solutions and services to not only help themselves in increasing their revenue growth by optimizing network but also for improving fraud management and reducing operational costs in the long run. This, in turn, is projected to boost the market growth in the near future.

In addition, the telecom billing and revenue management help telecom service providers in creating innovative solutions and services in the market while enhancing the customer experience. Furthermore, with the growth in networks, solutions, and services, telecom operators endure high operational costs. High implementation and operational costs are one of the major challenges likely to deter the progression of the market.

Nevertheless, with the continuous need and requirement to provide improved and high-quality customer experiences and rich communication services, telecom billing and revenue management providers are focusing to further develop advanced solutions and services, which are compatible and at-par to fulfill the dynamic requirement of end-users with improved flexibility, scalability, and functionality. Efficient telecom billing and revenue management solutions help the CSP’s to monetize the usage data and service. It further provides enhanced real-time data analytical capabilities and efficacy to channelize the revenue streams by providing tailored solutions.

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Telecom Billing & Revenue Management Market Report Highlights

The cloud segment is expected to witness a CAGR of 15.6% over the forecast period. Owing to low investment cost, scalability, and agility offered by cloud deployment model, the segment is expected to witness significant growth in the coming years
The solutions segment accounted for 67.8% of the market share in 2019. The segment is expected to witness significant growth over the coming years
Asia Pacific is expected to witness a CAGR of more than 15.0% over the forecast period. The growth is accredited to increasing mobile and internet penetration across the region coupled with growth in the telecom industry across the region particularly in the developing economies such as India and China.

Wednesday 11 November 2020

Enterprise Video Market Worth $33.72 Billion By 2027 | CAGR: 11.6%

The global Enterprise Video Market size is expected to reach USD 33.72 billion by 2027, registering a CAGR of 11.6% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The growing demand from organizations to enhance collaboration between internal and external stakeholders, and maximize customer engagement has resulted in increased adoption of solutions such as video conferencing and webcasting, drive the market growth. The rise in the number of online video viewers is anticipated to provide lucrative opportunities to the market players, as marketers are focusing on the promotion of brands through videos. In 2016, there were about 700 million video viewers, which has risen to 2.6 billion in 2019. The marketers promote brands of their clients through demos, events, explainers, and customer testimonials/case studies, among others. Moreover, proliferation of 4G-enabled mobile devices and rise in the number of Video Conferencing-as-a-Service (VCaaS) providers are expected to contribute to market growth.

The synergy of enterprise video and digital signage has enabled companies to improve brand awareness, product awareness, and customer engagement that is anticipated to drive the growth of the market. The use through signage and kiosks at branch locations is helping banks create differentiation of business strategies and increase customer value, while increasing the promotion and uptake of its products and services such as credit cards and loans, among others. Furthermore, various venture capital firms are providing funding to various start-ups involved in the development of these solutions such as Vbrick, Pexip ASA, and Grabyo, among others, which is impacting the market growth positively. For instance, in June 2018, Morgan Stanley Expansion Capital provided funding worth USD 20 million to Vbrick, a developer and provider of enterprise video software for the corporate sector.

Various companies, such as Microsoft Corporation; IBM; and Cisco Systems, Inc. are emphasizing the development of live streaming applications, which is anticipated to boost the market growth. For instance, in October 2019, IBM launched its IBM Video Streaming platform that allows users to broadcast multiple live-streamed contents. The app offers organizations to take full control over the content including transcription, ingestion, storage, and metadata content management. Governments in response to the outbreak of the COVID-19 pandemic are focusing on providing funds to law enforcement agencies in adopting these solutions for remotely carrying out their operations. For instance, in April 2020 the Ohio Supreme Court announced a funding worth USD 4 million to high courts for purchasing video conferencing systems.

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Enterprise Video Market Report Highlights

The incumbents in the gaming industries such as Rovio Entertainment Corporation; Activision Publishing, Inc.; and Electronic Arts Inc.; are increasingly focusing on the adoption of social media and content sharing platforms for targeting potential customers. This is expected to enhance the growth of the video content management segment
The reduction in costs provided by managed service providers is anticipated to boost the growth of the managed services segment. These services reduce the recurring in-house costs by 30 to 40%
Owing to the growing emphasis of cloud computing companies such as Amazon Web Services, Inc. and Microsoft Corporation on establishing robust security and compliance standards, the cloud segment is anticipated to grow significantly
The marketing and client engagement segment is anticipated to register the highest CAGR on account of the increasing demand for influencers from various advertising and marketing firms
In July 2019, Amazon Web Services, Inc. included Dynamic Adaptive Streaming over HTTP capability in its Amazon Kinesis Video Streams that will enable developers to playback their ingested streams using HTTP-based media streaming protocol. Such initiatives are expected to drive the growth of the adaptive streaming delivery technique segment
The SME segment is anticipated to expand at the highest CAGR over the forecast period on account of increasing adoption of freemium-based solutions such as Zoom Video Communications, Inc.
Various government agencies including the U.S. Department of Health and Healthcare U.K., among others are focusing on holding webcasts such as NYS Health Research Science Board Business Meeting & Public Hearing held in May 2020. It is expected to drive the growth of the healthcare segment

About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com

Data Center Transfer Switches And Switchgears Market Size is Predicted to Witness 7.8% CAGR till 2027

The global Data Center Transfer Switches And Switchgears Market size is anticipated to reach USD 4.2billion by 2027, expanding at a CAGR of 7.8%, according to a study conducted by Grand View Research, Inc. The growth of the market is attributed to the benefits offered by electrical devices such as protecting and isolating the electrical equipment that are directly linked to the electrical supply of the data centers. Moreover, transfer switches and switchgears, switch from primary source to back up supply like a UPS, and generators, thus allowing uninterruptible power supply operation in the datacenters.

Furthermore, volume of data to be stored in data centers has been increasing owing to the rise in cloud computing, mobile usage, and the evolution of the internet of things. Thus, datacenter operators need to function without interruption of power in order to prevent the loss of data. Moreover, the electrical devices ensure reliable power distribution throughout the data center and are responsible for handling utility as well as backup power supply. Thus, owing to the aforementioned factors the market is expected to witness significant growth over the forecast period.

Additionally, the companies operating in the market are focusing on offering advanced features to the equipment. However, companies like Eaton, Legrand, and ABB, are focused on introducing features like real time voltage monitoring, bypass isolation, evaluating load on the system, and identifying reserve capacity. These features ensure switchgears and transfer switches to switch faster between the backup and utility power based on the varying load conditions and power outages. Such advancements minimize the downtime and ensure continuous operation of the datacenter which is thereby expected to drive the market.

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Data Center Transfer Switches and Switchgears Market Report Highlights

High adoption of low voltage switchgears and automatic transfer switches is expected to drive the market
Asia Pacific is anticipated to witness a CAGR of more than 9.0% during the forecast period owing to the increase in the construction of datacenters. North America dominates the market with highest market share
The key market players are focused on forming mergers and acquisitions, for example in January 2020 Siemens announced its plans to acquire C&S Electric Ltd., which is an electronics manufacturer based in Delhi, India. This acquisition will help Siemens bolster its presence in low voltage switchgear market in India.

About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com

Travel And Expense Management Software Market by Forecast to 2027 with Leading Key Players: Chrome River Technologies, Inc., Coupa Software Inc., Infor

The global Travel And Expense Management Software Market size is expected to reach USD 17.4 billion by 2027, expanding at a CAGR of 12.4%, according to a study conducted by Grand View Research, Inc. Travel and expense management software provides travel, expense, and invoice management services on a single platform, which helps organizations to approve and automate processes like submitting travel plans and expense reports. Several companies are engaged in introducing the software on cloud platform and providing its access to the employees on their mobile phones. The mobile access has made it easier for employees to remotely update their travel expense data. In addition, the software can be integrated with functions like Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Human Capital Management (HCM) systems, which ensures streamlined data flow between these systems.

The implementation of artificial intelligence in the software helps the companies to automate and optimize the report approvals and payment processes for their employees. Artificial intelligence offers the organizations with risk management solutions as the software analyzes travel histories and spending’s of an employee to fall in line with the policies. Companies like Concur technologies, Inc., Infor, Oracle, and Certify, Inc. are working on inducing artificial intelligence in the software, which will open up a wide array of features to the users. Companies have introduced solutions that support multiple currencies and languages and can detect and make automatic conversion using AI-based tools.

Machine learning is a technology which provides a system with the ability to automatically learn to predict and improve future outcomes. The integration of machine learning with the system will allow companies to keep a track on employee expenses and will get real-time data in the form of an image of travel receipts from the employee. For instance, Concur Technologies, Inc. offers a feature that allows a user to take pictures of the receipt and digitally store it in the database. Additionally, the text from the receipt image can be extracted using Optical Character Recognition (OCR), and essential fields like date, currency, total amount, and spending type can be identified with the help of machine learning. The software then creates an expense entry using the above field and can be added to spending reports. The system is embedded with chat-bots based on machine learning, which uses natural language processing to respond to a conversational request made by a user. Such technologies are expected to influence the company’s travel budgets in a positive way and are anticipated to drive the market.

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Travel And Expense Management Software Market Report Highlights

Travel and expense management software is gaining traction owing to its availability on smartphones
Small and medium enterprises held over 30.0% of market share in 2019 and is anticipated to witness significant growth over the forecast period owing to the early return on investment and reduced administrative expenses
The cloud segment is expected to capture substantial portion of the market and is expected to witness a CAGR of more than 10.0% during the forecast period considering that it provides remote access
Due to the increase in expenditure on business trips and higher accumulation of spending reports, the market is expected to witness significant growth over the forecast period.

About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com

Millimeter Wave Sensors & Modules Market by Forecast to 2027 with Leading Key Players: Aviat Networks, Inc., Siklu Communication Ltd., E-band Communications LLC

The global Millimeter Wave Sensors And Modules Market size is estimated to reach USD 671.0 million by 2027, expanding at a CAGR of 37.7% from 2020 to 2027, according to the new report by Grand View Research, Inc. The MMW (millimeter wave) sensors and modules are beneficial in extreme weather and low visibility conditions, such as fog, smoke, thunderstorm. These devices perform relatively better than infrared-based or microwave-based sensor technologies.

The MM wave sensors and modules are extensively used in applications across various sectors, such as military and defense, telecommunication, automotive, security, and healthcare. Increasing demand arriving from all these industrial and commercial sectors is further expected to catapult the market at a considerable pace. The usage of wireless and mobile networking equipment has risen drastically in the last few years. Increasing number of internet-driven applications and solutions is resulting in an augmented need for large amount of data transfer among various devices in the mobile connectivity ecosystem. This is expected to develop high-speed data transfer devices, wherein millimeter-wave modules and sensors are extensively used.

Major application areas of these devices include telecommunication, military and defense, security services, and medical and healthcare. Recent developments and continuous research and progress in the telecom industry are likely to lead to the evolution of the 5G technology.

Millimeter wave sensors and modules are anticipated to play a vital role in the development of fifth-generation technology owing to the need for higher bandwidth. The 5G technology is predicted to emerge in the coming years and the market is likely to witness its significant adoption. Eventually, demand for MMW sensors and modules is expected to boost, thus propelling the overall market growth, particularly across the telecom industry.

Increased government funding and initiatives, coupled with R&D activities carried out by the public and private sectors, are driving the market. E-band frequencies have extensive applications in the telecommunication sector and the segment is anticipated to generate the largest revenue over the forecast period on account of its growing applications in the sector. Therefore, the overall market is poised to witness significant growth over the forecast period.

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Millimeter Wave Sensors & Modules Market Report Highlights

North America accounted for the largest market share in 2019 owing to the early adoption of the MMW technology
Based on frequency band, the E-band segment is anticipated to witness the fastest growth over the forecast period owing to its extensive adoption in telecom applications
Asia Pacific is expected to witness the fastest growth over the forecast period owing to growing urbanization and competitive rivalry amongst the telecom service providers for offering superior quality internet and other related services to expand customer base.

About Us:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com

Tuesday 10 November 2020

Data Center Transformer Market Analysis, Scope, Growth Opportunities and Forecast Report till 2027

The global Data Center Transformer Market size is anticipated to reach USD 9.20billion by 2027, expanding at a CAGR of 6.3%, according to a study conducted by Grand View Research, Inc. Rising number of data centers owing to increasing shift in technology and growing adoption of the cloud computing platform are fueling the market growth. There are various benefits associated with moving to the cloud, such as reduced capital expenditure, improving scalability and elasticity, and overall decreased operational costs.

An organization today needs large storage capacities and facilities to manage enormous data volumes, which is anticipated to be a primary factor driving the adoption of such centers globally. Moreover, large amount of data traffic and emergence of big data have increased the importance of secure data centers, thus driving the demand for transformers.

Transformers are essential components that are necessary to transform and distribute the electric power by increasing or decreasing the voltages based on the application and requirement. Data centers are equipped with electricity consuming equipment, such as chiller and generators. Integration of such components needs a balanced electricity supply. Presence of such components is expected to boost the growth of market.

Constant and maintained electric supply has to be ensured for the uninterrupted and proper functioning of the data centers. With offerings of power distribution unit (PDU) with copper and aluminum transformers, companies are directing customers toward using transformers with lower K-factor to reduce the price of the PDUs. Additionally, some manufacturers are offering PDUs with multi-output transformers, i.e. the output voltage can be changed as per the customers’ requirement. This flexibility offered is projected to have a positive impact on the market growth.

The liquid insulation type used in the transformers removes heat and ensures the efficient working of the data center. The liquid used ensures the dielectric strength of the insulator and provides better temperature control systems and highly reliable insulation. However, liquid insulation requires additional maintenance costs and has a threat of leakage. Thus, usage of liquid insulation might generate a risk of fire hazard, thus causing hindrance in the market growth. However, the usage of dry insulation does not pose any fire hazard and facilitates a safe working environment, which is expected to contribute to the growth of this market.

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Data Center Transformer Market Report Highlights

Adoption of dry insulated transformers is anticipated to increase during the forecast period owing to their clean and safe operation as compared to the liquid type
North America led the market in 2019 with more than 35.0% share of the overall revenue. Asia Pacific is anticipated to expand at the fastest CAGR over the forecast period due to rising number of data centers in the region
Key market players have established partnerships with facility developers and principal contractors to maintain their market position and share.

About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com

QSR Food Service Equipment Market Report | 5.5% CAGR Growth till 2027

The global QSR Food Service Equipment Market size is expected to reach USD 19.7 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% over the forecast period. The market growth is attributed to changing lifestyle and demand for fast foods, such as pizza, fries, pastries, and burgers. Furthermore, the usage of cooking, storage, and food preparation equipment, such as peelers, choppers, grater, ovens, refrigerators, fryers, and griddle, help in reducing the preparation and cooking time.

Rapid urbanization, sedentary lifestyle, and work-life imbalance has changed the way people consume food. Thus, lack of time due to busy schedules and quick access to fast foods provide potential growth opportunities to QSRs. Moreover, increased earning capacity has fueled the demand for fast foods thereby supporting market growth. According to the United States Department of Agriculture, the food choice and “Food Away From Home” (FAFH) share increased in the U.S. households as total food spending and budgets grew steadily.

The expansion of fast-food franchises from America to other parts of the world has had the most lasting impression on the changing scenario of the fast-food industry across the world. Furthermore, usage of different cooking equipment according to the local fast food is proliferating the growth of the market.

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QSR Food Service Equipment Market Report Highlights

The cooking equipment type segment led the market in 2019 and is estimated to expand further at the fastest CAGR of 6.8% from 2020 to 2027
Increasing demand for cooking equipment for boiling, frying, and grilling frozen foods is expected to fuel the segment growth over the forecast period.
The storage & handling segment is anticipated to witness a steady growth over the forecast period
This growth is attributed to rising need for storing cooking supplies, utensils, and dry ingredients, such as spices, and flours
Asia Pacific is expected to dominate in the market during the forecast period owing to the emergence of QSRs as a result of changing lifestyles in countries like India and Chin.

About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com