Technology Market report

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

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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

Friday, 3 June 2022

U.S. Factoring Services Market by HSBC Group, BNP Paribas, Barclays Plc, RTS Financial Services, Inc.

The U.S. Factoring Services Market size is expected to reach USD 287.61 billion by 2030 and expand at a CAGR of 8.1% from 2022 to 2030, according to a recent report by Grand View Research, Inc. The market growth can be attributed to the increased awareness and understanding of supply chain financing benefits, and the rising implementation of digital platforms in trade financing. The COVID-19 outbreak significantly affected the U.S. economy leading to supply chain and market disruptions, and inducing a severe financial impact on enterprises and financial markets. As a result, several trucking companies, such as eCapital, Thunder Funding, RTS Financial, and Apex Capital Corp, are having to adapt to the shifts in the supply chain with the help of technological advancements. This will improve the overall supply chain process by reducing operational costs and enhancing the security across the system.

The growing focus on the improvement of cash flow, reduction in day’s sales outstanding, and reduced accounting cycle time are the major factors driving the growth of the regional market. Manufacturing companies are looking for new opportunities to improve production processes, support employees in simplifying work while maintaining accuracy and create new and innovative products. Manufacturers are embracing new trends, especially in technology, to remain competitive in the market. With the growing propensity of businesses toward digitalization and automating the process, the demand for accounts receivable automation has seen a surge. The adoption of such types of technologies will further boost the factoring market in the U.S. during the forecast period.

The growing demand for precise management of accounting procedures and timely processing of payment processes from customers is contributing to the growth of the market. These capabilities streamline and improve performance by utilizing e-invoicing, scanning, and workflow, online tracking and reporting capabilities, mobile solutions, electronic invoice dashboards, and analytics for all invoices. It allows organizations to successfully drive the transformation of their accounts receivable departments to overcome the challenges of manual and paper-based processes. This will supplement the growth of the regional market during the forecast period.

Related Press Release@ U.S. Factoring Services Market Report

U.S. Factoring Services Market Report Highlights

The international segment is expected to witness a significant CAGR of 8.8% during the forecast period owing to the rise in open trade accounts, especially from suppliers in emerging economies. The major importers or suppliers in developed countries are considering factoring as a suitable alternative to conventional forms of trade finance, which is further expected to drive the demand for the factoring services in the U.S.
The non-recourse segment is expected to observe a CAGR of 8.6% during the forecast period. Non-recourse factoring provides lower advanced rates, no long-term contracts, and full credit cover offered by the financing company. These benefits will supplement the growth of the segment in the projection period
The banks segment is expected to witness significant growth of a CAGR of 7.9% during the forecast period, due to the increasing requirement for alternative sources of financing for Micro, Small and Medium Enterprises (MSMEs). However, the need for working capital should be one of the priorities of MSMEs while running their business and requirements can be triggered by the occurrence of seasonal differences in cash flow, improved business, and events of crisis management among others. Such challenges faced by MSMEs can be addressed by levering factoring services by several banks
The healthcare segment is expected to observe a CAGR of 9.8% during the forecast period. Insurance-related complications and delays in medical bill payment of medical companies or professionals due to bureaucracy in the payment process are likely to accelerate the demand for factoring services in the healthcare segment during the forecast period

Thursday, 2 June 2022

Legal Process Outsourcing Market: Future Trends, Revenue Growth & Leading Players, Forecast To 2030

The global Legal Process Outsourcing Market size is anticipated to reach USD 117.89 billion by 2030, exhibiting a CAGR of 30.9% over the forecast period, according to a new report by Grand View Research, Inc. Legal process outsourcing provides legal support to law firms and legal organizations at a lesser cost. Even though the work outsourced to LPO providers is primarily process-oriented, there are several niche LPOs that carry out legal services with considerably high levels of analytical skills. These tasks include patent application drafting and legal research, subject to training imparted by the clients. The LPO industry has developed significantly over the years as the number of LPO providers has grown considerably.

Currently, the services are delivered from the LPOs with staff in England, U.S., South America, the Philippines, and Canada. Moreover, the players have expanded from small boutique providers to Business Process Outsourcing (BPO), global consulting, and technology firms. As the LPO players enter the market and the existing players expand their capabilities, it becomes more crucial for the customers to choose an LPO provider best suited for their requirements. Furthermore, offshore outsourcing has been employed to a large extent. The demand for onshore outsourcing is expected to increase during the forecast period as it is an attractive solution for companies that prefer to collaborate with organizations in the same country.

Outsourcing to companies in the same country also provides advantages, such as a shared regulatory framework. Notable industry trends include a preference for on-shore outsourced solutions for better control and security. Furthermore, increased demand by stakeholders for delivering efficient, cost-effective services with the help of unique and innovative methods has resulted in the use of advanced service delivery models, including the use of on-shore locations to deliver LPO services. A majority of LPO service providers have automated solutions that enable efficient language processing and searching within documents. As the legal departments of several corporate organizations lack automation and integrated technology solutions, critical legal tasks, which require detailed document verification, are outsourced to LPOs.

With technology penetrating deeply into internal operations, Artificial Intelligence (AI) is another factor taking the legal industry to a new level. The software solutions enabled with AI capabilities have garnered utmost importance among law firms to enhance their efficiency and reduce timelines. Document production and proofreading of documents are efficiently done with the help of automation software. Team collaboration software is further streamlining the execution of all documentation processes. The significance of all these developments and technologies has attributed a greater value to the LPOs by decreasing their costs and increasing convenience.

Related Press Release@ Legal Process Outsourcing Market Report

Legal Process Outsourcing Market Report Highlights

Outsourcing agreements are expected to be placed under increased scrutiny owing to the potential for rule changes in the U.S., U.K., and India
Legal Process Outsourcing is being viewed as the solution for reducing the internal headcount along with cost-saving in the long run
LPO providers primarily focus on the establishment of back offices or centers in emerging markets of India, the Philippines, and South Africa, among others
Law firms have started deploying document automation and NLP (Natural Language Processing) capabilities to cater significantly to the reinvention of the legal industry
Legal regulations differ geographically, which is viewed as a barrier by cautious organizations considering the outsourcing of legal services

Wednesday, 1 June 2022

Contact Lenses Market by Essilor International S.A., Alcon Vision LLC, Abbott Medical Optics, Inc., CooperVision, Inc.

The global Contact Lenses Market size is expected to reach USD 21.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.3% from 2022 to 2030. Innovative materials for manufacturing contact lenses and the increasing adoption of contact lenses are prominent factors boosting the market's growth. The rising tendency of youngsters to enhance their aesthetic appearance and the growing aging population is expected to drive the demand for contact lenses over the forecast period. The rise of astigmatism and myopia cases worldwide and the increased acceptance of these lenses in developing countries are boosting market expansion over the forecast period. Also, global factors such as the rising disposable income and improvement in the overall economy are anticipated to propel the market's growth.

Contact lens manufacturers are the source for wholesale and retail distributors, and manufacturers distribute their contact lenses through various channels. Significant market growth can be attributed to the increasing number of active lens wearers, technological advancements, and the development of silicone hydrogel material to fabric soft lenses. Orthokeratology (Ortho K) is a recent technological advancement that reshapes the cornea to improve vision which involves wearing specially developed overnight contact lenses to change the structure of the eyes during sleep. Increasing product launches and developments resulted in increased adoption of contact lenses. For Instance, In March 2019, Alcon Vision LLC, a manufacturer of eye care devices, introduced the AcrySof IQ PanOptix Trifocal IOL, which may be used for intermediate, distance, and close vision in the U.S. Market.

The hybrid contact lens is expected to portray the highest CAGR over the forecast period in the material segment. By application, the adoption of corrective contact lenses is anticipated to rise, owing to the increasing use of these lenses to correct refractive errors. They are also used to compensate for various deficiencies in vision such as hypermetropia, presbyopia, astigmatism, and myopia. Based on usage, the daily disposable contact lenses accounted for the largest market share in 2021.

Related Press Release@ Contact Lenses Market Report

Contact Lenses Market Report Highlights

Soft lenses/Silicone Hydrogel lenses have the highest acceptance rate, owing to their flexibility, comfort, and oxygen permeability to the eyes. The soft lenses are expected to be the highest growing segment by revenue over the forecast period
The toric design segment is expected to portray a CAGR of 6.7% over the projected period
In South America, the market is expected to have significant growth over the forecast period, owing to the large-scale penetration of contact lenses

Mining Automation Market Size is Estimated to Witness 7.3% CAGR till 2030

The global Mining Automation Market size is expected to reach USD 8.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.3% from 2022 to 2030. The increasing demand for accuracy and productivity required during mining activities is the high impact rendering driver for the market. The growing adoption of the automated mining is attributed to the advantages associated with automated systems. For instance, in January 2022, Hexagon AB, one of the eminent players in digital reality solutions combining sensors, independent technology, and software programs, acquired Minnovare, one of the prominent players in drilling technology that enhances the cost, speed, and accuracy of drilling underground. The initiative aims to strengthen and accelerate Hexagon AB’s underground roadmap and strengthen the drill and blast portfolio.

The industry witnesses the adoption of drones as a step towards the evolution of unmanned and aerial data collection technology at mining sites. The automated drone system is poised to become an essential strategic part of the future of mining. For instance, in June 2020, Caterpillar Inc., a manufacturer in the construction, mining, and transportation sector, acquired Marble robots Inc, which operates as a robotic company that includes machinery for package delivery, prescriptions, and groceries. The initiative aims to expand Robotization and autonomy strategy and demonstrates its commitment to the coming generation of Jobsite results. Structure on its leadership in independent mining, the company plans to work and bring scalable results to meet the changing requirements of construction, chase, artificial, and waste diligence.

Additionally, the implementation of Geographic Information System (GIS) in mineral exploration activities has supplemented the market growth. GIS enables mining professionals to perform in-depth analysis and get insights on mineral mining, evaluate mining conditions, and display geochemical or hydrological data. The transition from conventional mining techniques to automation has negatively impacted the market. The incorporation of drones, autonomous machinery, and sensors has substantially affected the local employment at the mine sites. Moreover, skilled workers that specialize in handling remotely automated and controlled systems are expected to be in demand. For instance, in September 2021, ABB launched eMine, a fast and powerful truck charging that helps and diverts toward a zero-carbon mine, making an all-electric mine possible with electrification and a digital system. They also unveiled the piloting of the groundbreaking capability and gave FastCharge, one of the most crucial charging systems designed to affiliate with all makes of electric mining.

Furthermore, the upcoming concept in mining operations is the use of central or virtual control room that monitors several mines in distant sites from a single location. The virtual control room is expected to facilitate benchmarking and comparison of identical processes at different plants. For instance, in January 2022, Accenture, a services-based company that provides a wide range of services in interactive, strategy, and consulting technology and operations, collaborated with Celonis. This data processing company sells software as a service (SaaS) to enhance business processes, and it has formed a partnership to work in process mining. They both have to create an alliance to help the organization gain some insights through which they update and optimize their business process. Accenture has set Celonis’ data-driven operation and capabilities into its tools and platforms to give new situations and insights to inform decision-making.

Related Press Release@ Mining Automation Market Report

Mining Automation Market Report Highlights

The equipment automation solution segment is expected to witness a CAGR of over 7.5% over the forecast period. Retrofitting the mining equipment with automated technology is expected to substantially contribute to segment growth
The autonomous trucks are expected to dominate the market over the forecast period. Increased deployment of autonomous trucks at the mining sites to increase productivity and safety of the workers is expected to keep the segment buoyant
The metal mining application segment is expected to witness a CAGR of over 6.9% over the forecast period. Increased gold exploration activities globally are expected to account for segment growth