Technology Market report: August 2022

Tuesday 30 August 2022

Aircraft MRO Market Size is Expected to Experience a CAGR of 4.57% till 2030

The global Aircraft MRO Market size is anticipated to reach USD 129.25 billion by 2030, registering a CAGR of 4.57% from 2022 to 2030. According to a new report by Grand View Research, Inc. Aircraft, MRO implies overhaul, inspection, repair, and modification of aircraft and its components. Majorly the market is covered by the Original Equipment Manufacturing industries (OEMs) or Aerospace Engineering Service Providers (AESPs). The high-level EPSs are highly monitored with the help of the Service Level Agreement (SLA) to maintain a high level of confidentiality.

AXISCADES is a leading aircraft ESP with over two decades of experience in various aircraft areas. Furthermore, the advancement in predictive maintenance propelled the MRO industry with an increase in problems, technological and manpower related. Predictive maintenance requires innovative technologies, such as digital twins, through which rapid improvements and growths are detected within a short period. This states that not all organizations are fully equipped with the entire infrastructure, which also says that this concept has limited reach; few MRO are interested in investing to increase these skills among themselves.

The ongoing COVID-19 pandemic situation resulted in crises on a very large scale. Further, restrictions and cancellations of flights in a global effort to restrict the spread of the virus have reduced passenger traffic and restricted aircraft movement. Due to this, the aircraft MRO industry for maintenance, repair, and overhaul was affected significantly in 2020. But in 2021, decrease in travel restrictions and a steady increase in flight movements, the demand for aircraft maintenance, repair, and overhaul is anticipated to grow positively in forecasted years.

For instance, in September 2021, Civil aviation minister Jyotiraditya Scindia of India declared a recent MRO policy for civil aviation space, intending to attract investments for MRO services, including renting land via open bidding and canceling royalty charges by AAI. Further, the minister has allocated eight airports to attract investment for MRO installations. The following airports are Begumpet, Juhu, Tirupati, Telangana, Bhopal, Chennai, Chandigarh, Delhi, and Kolkata.

The integration of advanced engines in new aircraft is expected to create lucrative opportunities. For instance, in December 2021, the Saudi Arabia airlines flynas signed a multiple-year rate per flight hour (RPFH) contract with CFM international for the LEAP-1A engines joining the airline fleet of eighty Airbus A320 neo aircraft. Due to this agreement, CFM will ensure the airline’s 160 LEAP-1A engine maintenance cost per engine flight hour. This will help propel the growth of the engine MRO segment of the market during the forecast period.

Related Press Release@ Aircraft MRO Market Report

Aircraft MRO Market Report Highlights

The engine MRO market segment is expected to overpower the market in the coming years. OEMs control over half of the market in the engine maintenance sector, and the other half is roughly divided between independent and airline overhaul shops
The Asia-Pacific region is likely to overgrow over the forecasted period. The region presently holds 1/3rd of the global commercial aircraft fleet; with this growth potential and large fleet for the aviation industry in this region, many key MRO companies are increasing their presence in the global MRO market
For instance, in 2020, Pratt & Whitney extended its engine maintenance network with two new MRO providers of china. These are Aircraft Maintenance, And Engineering Corporation (Ameco) and MTU Maintenance Zhubai Co. Ltd.' Aim is to provide the maintenance for Airbus A320 neo family’s PW1100G-JM engines
Icing is one of the most significant threats to any aircraft and aviation industry. Accidents are likely to happen if proper care and De-Icing of flight are not done during takeoff and landing. So De-Icing should be done with appropriate MRO systems
For instance, in March 2022, a leading provider of aviation industry MRO services, ARR has signed an entire distribution agreement with Collins Aerospace’s Goodrich De-icing and specialty heating System business. The contract aims to provide the de-icers and heating systems to other aircraft and MROs across the globe

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

Monday 29 August 2022

Game Applications Market: Future Trends, Revenue Growth & Leading Players, Forecasts To 2028

The global Games Applications Market size is expected to reach USD 241.07 billion by 2028 and is expected to grow at a CAGR of 13.3% from 2022 to 2028. With rapid digitalization, the penetration of smartphones with advanced hardware capabilities has increased over the last couple of years. In addition, there are very few entry barriers to this market. Gaming apps are the best alternative to video and computer games considering convenience. With the availability of resources, the development of the gaming app is less complex. Social media platforms, such as Facebook and Instagram, are also developing and offering a number of innovative gaming apps with a high level of differentiation and engaging end-users with games to enhance the advertising strategies. The Apple iOS store segment will register the highest CAGR from 2022 to 2028.

This can be credited to the growing demand for highly-secured and multitasking operating systems due to the data privacy of the end-users. Faster access and enhanced user interference are fueling market growth. Cloud storage, efficient battery use, and impeccable security to expert validated advice are reflecting the significant market growth during the forecast period. Europe also accounted for a significant revenue share in 2021 owing to the high demand for gaming apps from the consumers of the U.K., France, and Germany. Increasing adoption of the gaming apps and availability of a number of gaming options are the major driving forces of the regional market. The less complex and low-cost development processes of gaming apps are also boosting the market growth. Furthermore, the rising demand for online games via social media platforms will support the market growth.

Related Press Release@ Game Applications Market Report

Game Applications Market Report Highlights

Europe accounted for the largest revenue share of more than 19% in 2021. This growth can be attributed to the high demand for gaming apps from the consumers of the U.K., France, and Germany
The Apple iOS store segment is expected to register the fastest growth rate during the forecast period
This growth can be credited to the growing demand for secured operating systems from the smartphone users of the U.S. and U.K.
The market is characterized by the presence of various well-established multinationals and several small- and medium-scale companies
Software companies are focusing on research & development activities to launch the latest technology to improve the access speed and to increase the adoption of gaming apps

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

Friday 26 August 2022

Influencer Marketing Platform Market Worth $143.10 Billion By 2030

The global Influencer Marketing Platform Market size is anticipated to reach USD 143.10 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 33.4% during the forecast period, according to a new report by Grand View Research, Inc. The growth can be attributed to the increasing need for end-to-end solutions for managing influencer-generated content, identifying social influencers, and analyzing influencer marketing campaigns. The elevating demand for these solutions across the industries, such as fashion, retail, cosmetics, and e-commerce, is expected to provide promising growth prospects to the influencer marketing platform market.

The market statistics are being further strengthened by the high adoption rate of virtual influencers based on Computer-Generated Imagery. Virtual influencers use demographic and audience data obtained from various platforms and consumer forums to provide more accurate results. In this regard, the fashion and lifestyle industry offers a wide scope for virtual influencers owing to their ability to stay abreast with fast fashion trends and higher creativity.

The changing content consumption trends are expected to drive the growth of the influencer marketing platform market in the upcoming years. For instance, the increasing demand for Over-The-Top (OTT) media services and their collaboration with influencers for to advertise and promote their content are opening new growth avenues for the influencer marketing platform market.

Apart from the aforementioned factors, the emergence of 5G technologies is also expected to provide an impetus to the influencer marketing platform market. The 5G technology offers improved connectivity and enhances automation of marketing practices, which, in turn, increases media consumption. Besides, 5G will also significantly increase the demand for digital video advertising due to greater bandwidth and connectivity. This will allow influencers to deliver high-resolution 4K video content, faster page loading, and a better click-through rate to the brands.

Related Press Release@ Influencer Marketing Platform Market Report

Influencer Marketing Platform Market Report Highlights

The influencer management segment is anticipated to observe significant growth during the forecast timeline owing to the increased adoption of influencer marketing strategies by the corporations
The SMEs segment is anticipated to record a substantial CAGR of nearly 35% through 2030, owing to the increased adoption in SMEs to implement more efficient and cost-effective marketing strategies
The influencer marketing platform market is estimated to record a CAGR of more than 36% from the sports and fitness segment by 2030, owing to the growing need for collaborations with fitness influencers across various countries
The Asia Pacific is estimated to capture a sizeable revenue share, expanding at a CAGR of over 37% during the forecast period due to the entry of numerous influencer marketing startups in China and India

Wednesday 17 August 2022

Europe Digital Health Market Size Worth $323.4 Billion By 2030

The Europe Digital Health Market size is expected to reach USD 323.4 billion by 2030 and is expected to expand at a CAGR of 27.1% over the forecast period, according to a new report by Grand View Research, Inc. Increasing aging population, rise in prevalence of chronic disorders in Europe, and growing demand for remote patient monitoring are among the major factors driving the market growth in this region. In addition, improved IT infrastructure, growing digitalization of healthcare, and rising medical expenses are also anticipated to accelerate the market growth over the forecast period. Moreover, the shortage of healthcare professionals and overburdened healthcare facilities are also expected to increase the adoption of digital health platforms.

The mHealth technology segment held the dominant revenue share of 34.4% in 2021, owing to growing internet and smartphone penetration in Europe and increasing adoption of mHealth platforms by medical professionals for better patient engagement. In addition, the rise in government initiatives for the promotion and development of mHealth platforms also supports the high growth of the segment. For instance, in 2017, the mHealth hub program was initiated with the financial support of WHO-ITU and co-funded by the European Commission in Europe, to support different regions and countries in setting up large-scale programs for the integration of mHealth in the healthcare systems.

By component, the services segment dominated the market in 2021 with a revenue share of 63.7%, owing to the growing preference for healthcare platform upgrade services for better patient engagements in remote locations. In addition, training, staffing, maintenance, and resource allocation for pre and post-installation of digital platforms to provide better remote healthcare services also support the high growth of the segment. However, the software segment is anticipated to register the highest growth rate during forecast years owing to the rapid adoption of healthcare applications and increase in the development of improved technical advanced software for health management.

The demand for digital health platforms has increased due to the emergence of the COVID-19 pandemic. The fear of coronavirus infection decreased the in-person health consultation and increased the demand for virtual healthcare services which in turn favor the growth of the market over the forecast years. In addition, increasing demand for mobile health platforms among the medical professionals and the patients due to the lockdown and shutdown impact and staff shortage concerns during the COVID-19 pandemic also driving the market growth in 2020 and forecast years. The COVID-19 pandemic also creates immense opportunities for the market players to develop improved digital health platforms due to the surge in demand for mHealth applications, healthcare IT systems, virtual care, wearables, and telehealth, which in turn anticipated to fuel the market growth in this period.

Related Press Release@ Europe Digital Health Market Report

Europe Digital Health Market Report Highlights

The market size is anticipated to be valued at USD 323.4 billion by 2030, owing to the increasing aging population, rise in prevalence of chronic disorders, and growing demand for remote patient monitoring
The mHealth segment dominated the market in 2021 with a revenue share of 34.4%, due to growing internet and smartphone penetration and increasing adoption of mHealth platforms by the medical professionals for better patient engagement
The services segment held the dominant revenue share of 63.7% in 2021, owing to the growing preference for healthcare platform upgrade services for better patient engagements in remote locations

Friday 12 August 2022

Apparel Supply Chain Market by BSL Ltd.; INVISTA Equities, LLC (Koch Industries, Inc.); Luthai Group

The global Apparel Supply Chain Market size is estimated to reach USD 1,119.69 billion by 2028, registering a CAGR of 3.8% during the forecast period from 2022 to 2028, according to a new report by Grand View Research, Inc. The growing attractiveness of apparel supply chains in developing countries with a mounting level of outsourcing is one of the key factors that drive the growth of the apparel supply chain market.

Abuse against rights of human and labor is present in the apparel supply chain and also lacks transparency regarding the company's business practices. Thus, the impact of these practices on communities and workers of the particular company is a major factor restraining the market growth.

Moreover, the demand forecast and inventory management in the apparel industry is difficult as well as challenging, which is expected to act as a barrier for the market and thus hindering the market growth. Most of the key players, operating in the apparel supply chain market, are adopting various strategies to hold maximum industry share, globally.

The COVID-19 pandemic has negatively impacted the apparel supply chain market. It witnessed a decrease due to the global lockdown as the major activities of supply chain were disrupted across, the globe. A shortage of raw materials has also been observed due to the COVID-19 and projecting a negative impact on the market.

The pre-production segment contributed to the global market revenue share of more than 80.0% in 2021 and is expected to growth at the fastest CAGR of 3.9% during the forecast period. The increasing demand for the products coupled with the rising use of e-commerce for the determination of purchasing apparels are the factors increasing the usage of the apparel supply chain for the pre-production segment. Thus, its demand is high and contributes more to the market revenue.

Asia Pacific accounted for the largest market revenue share of more than 55.0% in 2021 and is expected to expand at the highest CAGR of 4.4% during the forecast period. The increasing usage of e-commerce platforms for purchasing apparel along with rising trades of apparel in the region is expected to contribute to the market growth. Moreover, the easy availability of raw materials at a reasonably lower price coupled with being the chief manufacturers of apparel are also adding to the market growth. Thus, it contributes to more revenue generation in Asia Pacific.

Related Press Release@ Apparel Supply Chain Market Report

Apparel Supply Chain Market Report Highlights

Europe is forecast to expand at a considerable CAGR of 3.9% from 2022 to 2028. This growth is attributed to the availability of advantageous guidelines concerning trade agreements enforced by the government
The trade logistics segment is expected to grow with a significant CAGR of 3.2% during the forecast period. Trade logistics offers company with elasticity and permits them to regulate their procedures in an improved and enriched manner along with saving costs

The trade logistics assists them to intensify the overall clearness of the supply chain and supports in well understanding of cost, operations, inventory management, and others which is increasing its usage in the apparel industry, thus driving the market growth

Reverse Logistics Market Size is Estimated to Witness 12.4% CAGR till 2028

The global Reverse Logistics Market size is expected to reach USD 1,910.3 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 12.4% from 2022 to 2028. Legislation and regulatory initiatives by several governments to adopt reverse logistics practices in order to ensure the effective disposal of product waste and eco-friendly operation is one of the key factors that drive the market. The increasing awareness regarding the benefits of reverse logistics, along with the growing awareness regarding the environment, is also driving the market. Reverse logistics is expensive and high in cost and additionally, the lack of availability of funds and lack of awareness regarding the economic benefits of reverse logistics are the major factors restraining the market growth.

Moreover, the lack of enforceable and clear regulation legislation by the government makes it difficult for firms to decide the effective strategies for implementing reverse logistics, which is expected to be a barrier for the market. Most of the key players operating in the market are adopting various strategies to capture maximum market share globally. The COVID-19 pandemic has negatively impacted the market. The market witnessed a decrease due to the global lockdown as major supply chains were disrupted across the globe. However, the supply chain for e-commerce was operating due to the inclination of users or consumers toward required and necessary products.

The e-commerce end-user industry segment held the largest revenue share of over 55.0% in 2021 and is expected to expand at the fastest CAGR over the forecast period. The increasing adoption and usage of e-commerce by consumers results in a surge in the usage and adoption of reverse logistics to efficiently maintain reselling or returning of products, thus contributing to the market growth. Asia Pacific accounted for the largest revenue share of over 50.0% in 2021 and is expected to expand at the highest CAGR over the forecast period. The growing tradition of e-commerce in Asia Pacific upshots in swelling returns from the region, which is expected to contribute to the market growth. The rising need for reverse logistics for electric vehicles in the region is also contributing to the market growth.

Related Press Release@ Reverse Logistics Market Report

Reverse Logistics Market Report Highlights

The Middle East and Africa region is expected to expand at the 2^nd highest CAGR of 12.9% from 2022 to 2028. The Middle East and Africa market is expected to observe healthy growth due to the rising opportunities, along with numerous investments made in e-commerce
Asia Pacific accounted for the largest revenue share of over 50.0% in 2021 and is expected to expand at the highest CAGR over the forecast period
The automotive end-user industry segment is likely to register the 2^nd highest CAGR of 12.6% over the forecast period. The growing adoption of agreeable reverse logistics in the automotive industry to deliver a framework for actions occurring in automotive reverse logistics is the key reason estimated to widen the growth of the automotive segment

Shopping Application Market Size Worth $2.17 Billion By 2028

The global Shopping Application Market size is expected to reach USD 2.17 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 14.0% from 2022 to 2028. The market growth is attributed to the growing demand for hassle-free online grocery shopping across the globe. Real-time translation in multiple languages across the globe is bolstering the market growth.

The digital era had emerged across emerging economies such as China and India, which, in turn, is propelling the market growth. Moreover, a surge in the adoption of digital wallets in North America is propelling the market growth. FirstSiteGuide had reported that 61% of U.S. consumers buy their products online through several shopping apps.

Key players are focusing to provide a wide variety of app choices with certified user ratings to judge the product. The key players are offering a quick order recorder with an advanced user interface. Multiple companies are providing monthly shopping reminders to provide updated product catalogs. The evolution of AI-based features in shopping apps will boost the market growth.

The Apple iOS store marketplace segment will register the highest growth rate over the forecast period. This can be credited to the growing demand for secured operating systems from the consumers in the U.S. and the U.K. Faster access and lucrative user interference features are refueling the market growth. Cloud storage, automatic shopping app updates, and an access-pass to expert validated advice for shopping apps are expected to promote the market growth during the forecast period.

Asia Pacific held the largest revenue share of over 45.0% share in 2021 due to the rising demand for personal care products from consumers in China and India. The growing trend in China to adopt augmented reality-based shopping platforms is propelling the market growth. Product comparison features and multiple payment options will drive the market in India.

Related Press Release@ Shopping Application Market Report

Shopping Application Market Report Highlights

Asia Pacific captured the largest revenue share of over 45.0% in 2021. This can be credited to the growing investment in the 3D product visualizations based shopping apps from the key players of China and India
The Google play store marketplace segment held the largest revenue share of over 55.0% in 2021. This can be credited to the rising demand for the certified authentic products from the consumers in the U.K. and the U.S. At present, several shopping apps available on the play store are providing certified products
The Apple iOS Store marketplace segment is projected to register the highest CAGR of 15.3% from 2022 to 2028. This can be attributed to the growing demand for multi-device enabled shopping services from consumers in developed economies such as the U.S. and France
Central and South America is projected to register the fastest CAGR of 17.7% from 2022 to 2028. Soaring demand for personalized shopping app in Brazil is estimated to escalate the market growth over the forecast period

Thursday 11 August 2022

SaaS Market Size Worth $344.3 Billion By 2028

The global SaaS Market size was projected to reach USD 344.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.0% from 2022 to 2028. The major growth factors of the market include the growing adoption of outsourcing business models in enterprises coupled with the growing number of Small and Medium Enterprises (SMEs) and startups across the globe. Moreover, the rising trend toward mobile applications such as emails, video calls, and instant messaging further increases the usage of smart devices that further encourages the demand for Software as a Service (SaaS) during the forecast period. However, the growing data privacy and security concerns related to enterprise data are projected to hamper market growth during the forecast period.

The market practiced a significant rise in the overall revenue due to COVID-19 owing to the rising demand for cloud applications in the various enterprises due to Covid-19 restrictions and lockdown. Additionally, under the lockdown conditions imposed in some countries owing to the pandemic, many employees and companies prefer public cloud services such as SaaS. Therefore, the significant increase in the virtual cloud software platform services during work-from-home scenarios is further projected to contribute to market growth.

Based on type, the market is further classified into the enterprise software and productivity software. The enterprise software segment of the type is forecast to register a significant growth rate of 11.2% from 2022 to 2028. The significant adoption of SaaS among enterprises for reducing the cost of the on-premises software model is one of the major factors that contributed to the growth of the market. The SaaS provides enterprises and IT developers to effectively deliver virtual applications in the cloud environment, and streamline operational workflows at an effective price.

Europe is estimated to hold a significant market share of more than 20% in 2021. Well-developed countries such as Germany, the U.K., and France are positively contributing to market revenue. The high market share can be attributed to the significant presence of the enterprises and cloud service providers such as SAP SE, Microsoft Corp, and others in the region, and the long-existing demand for mobile applications among enterprises. Moreover, the growing number of secured internet servers further provides a significant growth opportunity for the adoption of cloud applications and services in the region that further provide ample opportunity to the market.

Related Press Release@ SaaS Market Report

SaaS Market Report Highlights

Europe is estimated to contribute more than 20.0% in 2021 to the market revenue. The significant presence of the key market players in the region and long-standing demand for SaaS among SMEs is responsible for the significant market share of the region
The enterprise software segment of the type segment is forecasted to register a CAGR of 11.2% from 2022 to 2028. A significant rise in the use of mobile applications in small and medium enterprises with the significant development of mobile applications is projected to drive the segment
Asia Pacific is forecast to grow with the highest CAGR of 12.1% from 2022 to 2028. China and India are positively contributing to the growth of the market owing to the growing demand for outsourcing cloud-based software coupled with the rising number of small and medium enterprises outsourcing

Wednesday 10 August 2022

Testing, Inspection, And Certification Market by ALS Limited, Applus+, Bureau Veritas SA

The global Testing, Inspection, And Certification Market size is expected to reach USD 491.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.0% from 2022 to 2030. The incremental deployment rates of testing, inspection, and certification systems and solutions can be accredited to the rise in manufacturing activities worldwide. Furthermore, the onset of Industry 5.0 and the rise in connected systems further augment the need to deploy TIC-based technologies in tandem with manufacturing activities. Thus, the manufacturing application segment is expected to expand at a significant growth rate over the forecast period due to the need to optimize manufacturing processes and end products. For instance, in January 2022, SGS, a Swiss international business that provides inspection, verification, testing, and certification services, launched a new Vehicle Over the Air (OTA) performance testing laboratory in Suzhou, China. The lab will assist automotive manufacturers in helping them test, validate, and comply with evolving wireless standards and regulations. It fully integrates beneficial resources in automobile, communication, electronics, and reliability testing to provide commercial customers with technical verification, quality improvement product certification, and technology development services.

The integration of cloud technology with the Testing, Inspection, And Certification (TIC) market is one of the significant market drivers. The need to access data instantly, automate certification and issue reports on a real-time basis highlights the importance of storing essential TIC-related data in the cloud. Moreover, cybersecurity concerns such as increasing instances of cyberattacks and data privacy threats further highlight the importance of a safe cloud architecture to safeguard data from people with malicious intent. This is expected to help in general data regulation, security certifications, and software testing. For instance, in February 2022, Intertek Group plc, one of the prominent providers in connectivity testing and cybersecurity, established its Acucert, the first ISO/IEC certified cybersecurity testing lab in Mumbai, India. Acucert has significant expertise in IT system and software testing while meeting stringent quality control standards. Further, opening a new testing lab would help them promote internationally and nationally.

The gradual acceptance of big data analytics with the TIC-based technology model is also expected to offer an impetus to the TIC market. The adoption of big data analytics technology by service providers is expected to diversify their service offerings, such as data-based services and predictive maintenance data, and enable service providers to offer better solutions to their customers. For instance, in September 2021, TÜV SÜD, a safety, security, and sustainability solutions provider, offered wind turbine certification for areas affected by tropical storms. Within the scope of type certification, the company has designed a computer framework to analyze the data of the areas and check compatibility for these regions based on the worldwide IEC 61400 standard. The computer model allows for the simulation of even the most extreme wind conditions in tropical cyclone-prone areas and the use of this simulation to determine if a wind turbine is suited for such places.

The Asia Pacific region is expected to register the highest growth rate over the forecast period. Rapid industrialization and rising infrastructure development in Australia, South Korea, and India facilitate deploying proficient TIC solutions. Furthermore, the emerging technology ecosystem in countries such as Japan and China has resulted in several companies outsourcing their software and product development tasks. The ability to gain high-performance products at affordable rates from these countries promotes companies to access TIC solutions and services related to specific needs and requirements, thereby offering an impetus to market growth. For instance, in December 2021, Eurofins Scientific, a global scientific leader in bioanalytical testing and a clinical diagnostic testing leader with Transgenic Inc., announced the acquisition of GeneticLab Co., Ltd., a molecular biology-based testing vendor. This acquisition will assist the company in strengthening its position in the Japanese market. It would further expand the company’s global presence in Asia, specializing in advanced genetic testing.

Related Press Release@ Testing, Inspection, And Certification Market Report

Testing, Inspection, And Certification Market Report Highlights

By service type, the certification segment is expected to emerge as the fastest-growing segment over the forecast period. The segment growth can be attributed to the increasing need among companies to certify their business practices use the right talent for specialized work
The outsourced sourcing type segment is expected to register the highest CAGR over the forecast period owing to the ability to access more affordable TIC products and solutions and decrease operational expenditure
The manufacturing application segment is expected to register a significant growth rate over the forecast period owing to the rising industrial activity around the world and the development of new machine components, which need to be tested and inspected before deployment
Asia Pacific is expected to dominate the market over the forecast period. This can be attributed to the rising economic activity in China and India. The implementation of Bharat Stage 6 in India has led automotive developers to develop new automotive components, which have to be tested rigorously to meet the international standards

Tuesday 9 August 2022

Smart Lock Market is Predicted to Witness 19.5% CAGR till 2030

The global Smart Lock Market size is predicted to hit USD 8.13 billion by 2030 and is anticipated to register a CAGR of 19.5% from 2022 to 2030, based on a recent report by Grand View Research, Inc. Key factors driving the growth include increased global internet penetration, increased consumer awareness about advanced security systems, and higher reliance on mobile applications to make daily processes easier. Smart locks without power locks use Wi-Fi or Bluetooth to connect to other home appliances installed. Locks can be operated by a special power cord or by installing a smart lock app on the phone.

The user can send temporary keys to people, giving them home access within a specified time. In addition, smart lock technology is easy to use and unique compared to conventional methods. Smart pre-lock technology includes passwords, ID codes, machine keys, paper clips, and code names which are tedious to take care of and can potentially lead to theft or loss of data. Smart keys work on an IoT connection, which synchronizes the user's smartphone to gain control. This smart lock feature makes it reliable, unique, and easy to use and strengthens its market presence.

During the first couple of quarters of 2020, the COVID-19 pandemic slowed the pace of new smart lock installations. During the last year, drastic changes such as cross-border trade prohibitions, economic uncertainty, restrictive standards necessitating temporary shutdowns of industrial facilities, and stay-at-home orders for the general public produced a difficult situation for the industry. Nonetheless, measures such as embedding touchless technologies into their products, developing mobile apps for performing operations, and offering products at lower pricing on the available modes have helped businesses increase their ROI during these essential lockdown instances.

Related Press Release@ Smart Lock Market Report

Smart Lock Market Report Highlights

The market is driven by the increased global internet penetration, consumer awareness about advanced security systems, and higher reliance on mobile applications to make daily processes easier. Growing usage of smart locks in residential security will propel the overall market over the forecast period
Based on the type segment, the lever handle type of locks is anticipated to grow at the highest CAGR of 22.4% from 2022 to 2030
The residential segment held the largest market share of 63.9% in 2021, while the use of smart locks in the hospitality industry is poised to register the highest CAGR of 24.2% during the forecast period
North America held the largest revenue share in 2021, owing to the advancements in technology

Monday 8 August 2022

Intelligent Vending Machines Market Worth $55.52 Billion By 2030

The global Intelligent Vending Machines Market size is anticipated to reach USD 55.52 billion by 2030, registering a CAGR of 13.3% from 2022 to 2030, according to a new study by Grand View Research, Inc. The surge in the demand for self-service technology across Europe and the North American region driven due to automation technology advancement and the rising adoption of contactless vending machines is expected to drive the industry growth over the forecast period. Intelligent vending machines are integrated with technologies such as LCD/touchscreen, gesture-based interaction, cashless systems, telemetry systems, voice recognition, digital signage, and enterprise resource planning (ERP) systems, among others.

These integrated machines enable self-ordering as a convenient activity as of payment a variety of payment methods such as debit or credit cards, mobile wallets, and QR codes, among others. The integration of intelligent vending machines with coming of the age technologies such as IoT, cloud, smart sensors, voice & face recognition, and central pricing management & real-time sales data analytics enables interaction between the vending machine and the consumer. These advanced features provide intelligence to the intelligent vending machines by analyzing and responding to consumers and offer a superior visual experience with interactive marketing promotions.

The dynamic features of the intelligent vending machine include efficient stock control, predictive maintenance, smart payment options, and multiple payment methods, among others. Post COVID-19 pandemic, the increasing preference of consumers toward cashless payments, is one of the major factors supporting the growth of the intelligent vending machines market. The advancement in mobile payment technologies due to technologies such as Near-field Communication (NFC), has made the payment process a faster, easier, and a contactless process which decreases the cash management costs and reduces the theft & vandalism threats significantly, further promoting the adoption of intelligent vending machines in manufacturing, commercial malls, and commercial offices.

IoT and advanced analytics help in gaining consumer insights on buying preferences, patterns, and average expenditures. Interactive displays help vendors to generate more revenue through the display of marketing advertisements and developing loyalty programs. For instance, in February 2022, U.S.-based Mars Wrigley partnered with Switzerland-based Selecta for the development of intelligent vending machines. With this partnership, both the companies plan to introduce IoT-based intelligent vending machines with 48-inch touch screens, product information, consumer analytics, and smart payment processing feature in the European region.

The COVID-19 pandemic has significantly changed the dynamics of the intelligent vending machines market. A temporary shutdown in offices, commercial malls & retail spaces for controlling the spread of COVID-19 negatively impacted the market in the short term. However, the market witnessed huge growth with the reopening of commercial offices and manufacturing activities.

Related Press Release@ Intelligent Vending Machines Market Report

Intelligent Vending Machines Market Report Highlights

The Beverages type segment dominated the industry, accounting for more than 30% of the overall volume in the market due to the surging demand for healthy drinks
Office installed intelligent vending machines are expected to gain momentum as they offer consumers to collect quick snacks or food items without the need of ordering food and wait for them to be delivered
The Asia Pacific region of the market is projected to emerge as the fastest-growing market due to the increased consumer spending power and opening of commercial spaces in emerging economies, such as India and China