Technology Market report: March 2021

Thursday 25 March 2021

Electric Kick Scooters Market - Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The global Electric Kick Scooters Market size is expected to reach USD 5.2 billion by 2028, according to a study conducted by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.3% from 2021 to 2028. The growth of the market is attributed to the increasing penetration of cost-effective electric scooter sharing services across the globe.

While the market is expected to witness promising growth opportunities in the long run, the COVID-19 pandemic is likely to negatively impact the market. Strict restrictions on transportation activities and lockdowns in the first half of 2020 paralyzed electric kick scooter retail business activities across the globe. While manufacturing and supply chain activities were severely disrupted, the situation was particularly challenging for the manufacturers and dealers of electric kick scooters. In the near future, however, the fear of public transportation could motivate consumers to seek alternate modes of transportation, thereby driving the market. The pandemic is expected to be an accelerator for the transition to sustainable mobility.

The need for product differentiation and the introduction of next-generation technology is anticipated to favor market growth. One of the key factors expected to boost demand for the two-wheeler is the shrinking parking spaces in metro cities. In recent times, these two-wheelers have gained prominence in countries such as the U.S., Germany, France, and Spain. The growing need to avoid traffic congestions and increased demand for micro-mobility options have encouraged vendors to manufacture folding electric scooters. These two-wheelers offer flexibility with minimum energy consumption and can be easily folded to the size of a suitcase.

An increase in greenhouse gas emissions has resulted in initiatives to combat climate change with hopes pinned on e-mobility. Several countries globally have started enacting climate change action plans to reduce vehicular emissions by adopting sustainable and eco-friendly transportation options. Furthermore, investments in clean energy and initiatives that are taken by governments to curb CO₂ emissions are expected to boost the demand for electric scooters over the coming years.

North America is expected to be the fastest-growing regional market over the next few years. The U.S. is anticipated to emerge as an early adopter of e-scooters due to high technology penetration and developed e-charging infrastructure.

Related Press Release @ Electric Kick Scooters Market Report

Electric Kick Scooters Market Report Highlights

The Lithium-Ion (Li-Ion) segment dominated the market in 2020 and is expected to reach USD 3.4 billion by 2028
The 36V segment dominated the market in 2020 and is expected to reach USD 2.9 billion by 2028
Asia Pacific is projected to account for the majority market share and is expected to reach USD 3.5 billion by 2028

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Wearable Payments Devices Market is Projected to Register 29.8% CAGR till 2028

The global Wearable Payments Devices Market size is expected to reach USD 80.39 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 29.8% from 2021 to 2028. Over time, payment systems have adapted to suit the needs of customers, such as increased convenience and reduced time while making payments. The growing popularity of contactless payment technology, coupled with the increasing adoption of wearable devices, such as smartwatches for contactless payments, is expected to fuel the market growth over the forecast period.

Wearables are gadgets or mobile phones that are worn by users to indirectly or directly interact with the device. Majorly used devices are smartwatches, fitness or health trackers, and wristbands. In terms of functionality, there are numerous wearables that are used in the commercial market, and the low entry barriers have enabled the high proliferation of payments devices.

Digitization in banks is expected to continue gaining traction over the forecast period as banks are now focusing on connecting card management systems with the token service providers. The increasing adoption of contactless payment models in the banking sector is further expected to drive the market. Furthermore, numerous players are focusing on creating reliable and secure wearable devices for consumer use, thereby creating growth opportunities for the market.

The COVID-19 pandemic is expected to positively impact market growth over the forecast period. The increasing adoption of cashless transactions in the time of the pandemic is expected to influence the adoption of wearable payments devices over the forecast period. Wearable devices offer users a convenient form of payment to make transactions through their stored payment credentials, thus enabling issuers to build brand loyalty among their users.

Related Press Release @ Wearable Payments Devices Market Report

Wearable Payments Devices Market Report Highlights

Market players are focusing on integrating Near Field Communication (NFC) wireless technology into their smartwatches, thereby creating opportunities for the use of smartwatches in contactless payments

Based on technology, the contactless Point of Sale (POS) terminals segment is expected to emerge as the fastest-growing segment over the forecast period. These terminals have witnessed significant growth owing to benefits, such as low deployment cost, mobility, and ease of use

By application, the retail segment is expected to maintain its lead over the forecast period. Wearable payment devices are widely adopted in retail applications as they offer a convenient mode of payment. Furthermore, the adoption of these devices by customers is opening innovative and new ways for retailers to improve customer experience

Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. The adoption rate of smartwatches in the region is expected to witness significant growth as major China-based companies, such as Huawei Technologies and HTC, are focusing on the production of smartwatches that are reasonable for the larger audience

Augmented Reality Market: Emerging Trends and Growth Opportunities, 2028

The global Augmented Reality Market size is estimated to reach USD 340.16 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 43.8% from 2021 to 2028. Continued innovations in the Augmented Reality (AR) realm, which have triggered the adoption of the technology in several industries and industry verticals, is fueling market growth. People are increasingly adopting the AR-supported online platforms for shopping, education, and social media interactions, among other purposes, for a better immersion experience. The introduction of Website-based AR (WebAR), a digital technology that allows users to directly access AR on the internet without having to download any application, is expected to create substantial opportunities for the market growth.

E-commerce sales are on the rise as brick and mortar retail stores remain temporarily shut, in various parts of the world in the wake of the COVID-19 pandemic. Hence, several businesses are launching new products online and adopting AR technology to provide an immersive experience to buyers. AR and 3D visualization are allowing consumers to experience products virtually in real time before making a buying decision.

The adoption of AR technology in the education industry is also gaining traction owing to the potential of the technology to help students in experiencing a more detailed and live explanation of informative concepts. The adoption of augmented reality in the education industry is poised for significant growth over the forecast period as several educational institutions are shifting their courses and lectures to virtual event platforms in the wake of the COVID-19 pandemic.

Related Press Release @ Augmented Reality Market Report

Augmented Reality Market Report Highlights

Smartphone proliferation and widescale adoption of AR in mobile games are expected to drive the growth of the market
The handheld devices display segment is anticipated to exhibit the highest CAGR of over 45.0% from 2021 to 2028
The industrial and manufacturing application segment accounted for the highest revenue share in 2020
The Asia Pacific regional market is expected to register the highest CAGR over the forecast period

Telemedicine Market Size is Predicted to Witness 22.4% CAGR till 2028

The global Telemedicine Market size is expected to reach USD 298.9 billion by 2028, according to a new report by Grand View Research. The market is expected to expand at a CAGR of 22.4% from 2021 to 2028. Key drivers of the market include increasing incidences of chronic conditions and rising demand for self-care. Furthermore, enhancing internet application, virtual medicine and rising demand for centralization of healthcare are expected to save on cost incurred, which is one of the critical success factors attributing to market growth.

In the U.S. both state and federal laws have evolved to facilitate the widespread use of telemedicine to cope up with the COVID-19 pandemic. For instance, in March 6, 2020 the U.S. president signed Coronavirus Preparedness and Response Supplemental Appropriations Act. It includes USD 8.0 billion emergency funding for the federal agencies and to expand reimbursement coverage for telehealth services. Various U.S. states also waived of the licensure for better utilization of the service. This positively impacted the market growth during the pandemic.

Rapid advancements in technology is further expected to boost the demand for online consultation, thereby contributing to the market growth of telemedicine solutions and services over the forecast period. For instance, in April 2020, American Well launched Amwell Private Practice that is a secure, simple and cost-effective solution for doctors to deliver virtual primary or specialty care for COVID19 patients. There has been a significant rise in telemental health visits over the past decade in the U.S. and the trend is expected to continue during the forecast period, thereby contributing to the adoption of telemedicine systems by hospitals and healthcare settings.

Related Press Release@ Telemedicine Market Report

Telemedicine Market Report Highlights

The product segment registered largest revenue share in 2020 due to increasing adoption of remote monitoring devices
Increasing demand of automation and synchronization across the system is anticipated to be the key driving factor for the real time technology segment
Telemedicine found wide applications in dermatology, psychiatry, intensive care units, emergency care, ophthalmology and radiology. The teleradiology segment accounted for the largest revenue share in 2020
The web/mobile based delivery model is expected to witness significant growth in coming years due to high adoption of smartphones and penetration of internet
The tele-homecare segment is anticipated to witness a lucrative CAGR in coming years due to increasing awareness pertinent to benefits of remote healthcare amongst patients and introduction of advanced technologies to monitor patient’s health from remote locations
The patients segment held the largest revenue share in 2020. Government initiated healthcare programs across the world are anticipated to propel segment growth in coming years
North America dominated the market as there is high adoption of telehealth solution due to COVID-19 pandemic. Availability of advanced healthcare facilities with plenty funds contributed to the emergency care delivery to stop spread of the disease is contributing towards the growth of the market in the region
In Asia Pacific, the market is predicted to witness lucrative growth over the forecast period. Developing economies such as China and India are facing challenge to provide access to patients due to corona outbreak is expected to boost the adoption of telemedicine services in this region. Economic reforms, boosting IT industry, and low functioning costs are the key factors attracting market players to participate in this region
Telemedicine products are distributed by direct supply contract amongst the manufacturers and end users or maybe concluded via a third-party supplier

Wednesday 24 March 2021

Neobanking Market is Predicted to Witness 47.7% CAGR till 2028

The global Neobanking Market size is expected to reach USD 722.60 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 47.7% from 2021 to 2028. The market growth is driven by various factors, such as lower interest rates as compared to traditional banks, improved user convenience, and favorable government regulations. The demographic shift toward digitization, coupled with escalating demand for digital apps across the FinTech industry, is also expected to boost the market growth over the forecast period.

The financial industry is focusing on integrating technology with financial operations and creating customer-centric services. As a result, new entrants such as neobanks are making a huge impact on the financial industry. Neobanking supports businesses in bringing down operational costs and increasing their profit margin.

Factors such as the accelerated expansion of the customer base, innovative revenue generation and modernization models, and growing mergers and acquisitions activities are expected to significantly contribute to the market growth over the forecast period. Neobanks enable customers to save money, especially on international transactions, and efficiently manage their finances. Neobanks are creating an ecosystem of services around their infrastructure, which is shifting the banking value from the branches to their API layer, thereby enabling users to carry out most of their banking activities on the app.

The less complex IT systems and streamlined operating models of neobanks are some factors creating growth opportunities for the market. Neobanks also have fewer legacy compliance issues compared to traditional banks. Moreover, neobanks are adopting open APIs to offer a seamless experience to their customers and explore opportunities for expanding their customer streams and revenue.

Related Press Release @ Neobanking Market Report

Neobanking Market Report Highlights

The ability of neobanks to offer a faster and transparent model and their low-cost structure are the key factors influencing the market growth
The growing adoption of mobile and digital banking as the mode of payment by small and medium-sized enterprises and large enterprises is expected to propel the growth of the business account segment over the forecast period
Factors such as reduced reloading fees, no withdrawal expenses, no monthly fees, and low cost of transactions are expected to contribute to the growth of the personal application segment
Europe dominated the market in 2020 and is expected to retain its position over the forecast period, owing to the entry of a large number of new vendors in the regional market