Conversational AI Market Future Trends, Prominent Players, Industry Impact and Forecast by 2024

Valued at $3.2 billion in 2018, the conversational artificial intelligence (AI) market is expected to reach $15.0 billion in 2024, registering a 30.2% CAGR during 2019–2024. The market is witnessing growth due to the rising demand for AI-powered customer support services, positive return on investment (ROI) for companies deploying conversational AI solutions, and increasing number of solution providers in the market. 

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Among these, the retail & e-commerce industry accounted for the major share of the market during the historical period (2014–2018) and is going to retain its position during the forecast period. The fastest growth is projected to be witnessed by the BFSI industry.When application is taken into consideration, the conversational AI market is categorized into personal assistant, customer engagement and retention, customer support, branding and advertisement, and onboarding and employee engagement. 

The application of intelligent virtual assistants (IVA), chatbots, and intelligent interactive voice response (IVR) systems in different industries for automating interaction with customers and creating a personalized customer experience is called conversational AI. On the basis of industry, the conversational AI market is divided into retail & e-commerce, hospitality, media & entertainment, banking, financial services, & insurance (BFSI), healthcare, telecom, and others (which include oil & gas, government, energy & utilities, education, and automotive). 

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The largest share of the market was occupied by the customer support category during the historical period, which is further going to account for the major share of the market during the forecast period. This is because chatbots assist in increasing the response rate of customers. The personal assistant application is expected to witness the fastest CAGR during the forecast period. The rising demand for AI-powered customer support services is a major factor driving the growth of the conversational AI market.

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Automotive Fuel Injection System Market Set to Exhibit Tremendous Growth in Future

 The automotive industry has been witnessing a robust growth all across the globe, which can primarily be attributed to the rapid economic growth in developing countries, rising disposable income of people, and emergence of electric vehicles in the market. Because of all these factors, the production capacity of automobile industries has risen significantly. During the time period, 2005–2019, approximately 91.3 million motor vehicles sold worldwide, and the global automotive industry is predicted to generate a revenue of nearly $9 trillion by 2030. Moreover, about 92 million motor vehicles were produced around the world.  

Ascribed to these factors, the automotive fuel injection system market is expected to advance at a substantial pace in the coming years. among heavy commercial vehicles, light commercial vehicles (LCV), and passenger cars, the largest demand for fuel injection systems in the past was created for passenger cars. This is due to the growing disposable income of people and swift urbanizations. Other than this, the requirement for these systems for light commercial vehicles is also predicted to rise considerably in the coming years, on account of low cost of LCVs and their high adoption for logistics supply chains, particularly in emerging economies. 

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Diesel direct injection was the most in demand in the past, as these engines are currently the most efficient combustion engines and have the highest degree of thermal efficiency. The Asia-Pacific region is projected to emerge as the largest automotive fuel injection system market in the coming years. This is because of the high vehicle production and stringent regulations regarding emissions in the region. The enhanced economy and living standards in India and China have led to the increased sales volume of vehicles in the region. 

Hence, the demand for fuel injection systems is growing due to the surging sales of vehicles. 

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Rising Medical Tourism Driving Anti-Aging and Skin Rejuvenation Energy-Based Aesthetic Devices Market

This is due to the rising medical tourism, awareness about the safe use and advantages of anti-aging and skin rejuvenation energy-based aesthetic devices, geriatric population, and inclination toward minimally invasive aesthetic treatments. These devices are utilized for performing various virtually painless, fast, and non-invasive or minimally invasive aesthetic treatments by making use of different energy-based technologies.

On the basis of technology, the anti-aging and skin rejuvenation energy-based aesthetic devices market is divided into light-based, ultrasound-based, laser-based, electromagnetic energy-based, and plasma energy-based. Out of these, the laser-based technology accounted for the major share of the market (28.3%) in 2018 as it is increasingly being adopted for performing different aesthetic treatments for skin rejuvenation, signs of aging, and other applications. Attributed to these factors, the division is also expected to dominate the market during the forecast period.

When application is taken into consideration, the anti-aging and skin rejuvenation energy-based aesthetic devices market is categorized into fine lines & wrinkle reduction, oxygenation, skin tightening, and scar treatment. Among these, the largest share of the market was held by the category of skin tightening during the historical period (2014–2018). This was because of the increasing geriatric population, as aging results in the reduction of collagen in the skin, and anti-aging and skin rejuvenation energy-based aesthetic devices can be useful for treating the sagginess of the skin.  

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One of the primary factors driving the growth of the anti-aging and skin rejuvenation energy-based aesthetic devices market is the rising medical tourism. The medical industry has been growing rapidly due to globalization and rising awareness among people regarding alternate options for surgical aesthetic treatments. It has been observed over the last few years that patients from developed nations travel to countries such as South Africa, Singapore, Thailand, India, Turkey, Mexico, and Costa Rica for seeking treatment. This is majorly because the treatment offered in these countries is cheaper than in developed countries.   

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Coronavirus Business Impact – Battery Management System Market In-depth Analysis of the Industry with Future Estimations

The rising demand for electric vehicles (EVs) across the globe, on account of the increasing government policies and measures supporting the deployment of eco-friendly vehicles, is one of the major factors powering the sale of battery management systems (BMS) throughout the world. For instance, New Zealand joined the global EV initiative in 2018 that has put the country alongside the top electric vehicle markets.

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Additionally, the country plans to transition from fossil-fuel-powered transport to that running on clean and renewable electrical energy, over the next few decades. As a result, the battery management system market is expected to progress at a CAGR of 14.5% during the forecast period (2020–2030), at which its revenue would increase from $5.1 billion in 2019 to $22.3 billion by 2030.

The surging demand for renewable energy due to global warming is another important factor propelling the uptake of battery management systems across the world. As per the International Energy Agency (IEA), renewable sources of energy currently make up nearly 26% of the global electricity consumption, and it is set to touch 30% by 2024, which is driving the sale of lead–acid and lithium-ion batteries.

A BMS helps prolong the life of the battery by making sure it doesn’t operate above the maximum voltage and current, collecting and analyzing operational data, and monitoring its health. Lithium-ion (Li-ion), lead–acid, and nickel batteries are widely used across the world.

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Amongst these, the integration of BMSs was recorded to be the highest in Li-ion batteries in 2019. This is primarily ascribed to the burgeoning adoption of Li-ion batteries, on account of their numerous advantages, such as higher density, longer life cycle, and stronger resilience. These batteries are also predicted to register the fastest growth in BMS integration during the forecast period.

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Autonomous Commercial Vehicle Market Future Trends, Prominent Players, Industry Impact and Forecast by 2030

 Vehicles have certainly made the lives of human being easier, however, the technology has certain drawbacks as well, one of which is the increasing number of road accidents. The major cause of road accidents is human error, since drivers often fail to pay attention properly, drive vehicles at inappropriate speed, and fail to keep safe distance from vehicles moving in front. It is ascribed to such factors that the need for enhancing safety on roads and requirement for safer and more efficient driving option has been surging rapidly across the globe.

This, in turn, is resulting in the growth of the autonomous commercial vehicle market, since the autonomous technology offers safer performance. In addition to this, the evolution in connecting vehicle technologies has also been leading to the growing demand for autonomous commercial vehicles. It is much easier to integrate autonomous technologies in connected vehicles as compared to traditional vehicles. Connected cars are being equipped with vehicle-to-interface and vehicle-to-vehicle connectivity, which are the key requirements for achieving autonomy of vehicles. This rising digitization in the industry is expected to result in the growth of the domain.

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Number of investments are being made for developing autonomous commercial vehicles, which is predicted to further the growth of the market. For example, Volkswagen AG made an announcement regarding investing $34 billion research & development of autonomous technologies in 2018. Similarly, the French government invested more than $45 million in 2018 for boosting the development of autonomous vehicle technology. Governments of several other countries are also investing extensively for developing autonomous driving technologies, which is expected to result in the growth of the market in the years to come.

According to a report by P&S Intelligence, the global autonomous commercial vehicle market size is expected to progress at an 8.2% CAGR during the forecast period (2020–2030). In terms of vehicle autonomy, the market is bifurcated into semi-autonomous and fully-autonomous. Between which, the semi-autonomous bifurcation held the major share of the market in 2019. For achieving level 1 automation, vehicle needs to be equipped with at least one of the advanced driver assistance system (ADAS) features or electronics stability control. Furthermore, countries in Europe and the U.S. have mandated the installation of basic ADAS features in new commercial vehicles, thereby making them semi-autonomous.

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Geographically, North America dominated the global autonomous commercial vehicle market in the past, as per a P&S Intelligence report. The demand for the technology is further expected to be the highest in the region during the forecast period. The rising research & development activities and increasing support from state and federal governments for the evolution of autonomous driving technologies are resulting in the growth of the regional market. The Asia-Pacific region is projected to exhibit the highest CAGR during the forecast period, due to the fact that the region is the largest automobile manufacturing industry across the globe.

In conclusion, the demand for autonomous commercial vehicles is growing due to the surging need for enhancing safety on roads, advancements in connected technologies, and heavy investments.

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Low-Code Development Platform Market Outlook By Size, Demand Status Of Type, Applications And Future Forecast

The key factors driving the growth of the low-code development platform market are the rapid digitization, less requirement for IT professionals associated with the technology, and regulatory uncertainty. The market revenue, which was $10.3 billion in 2019, is projected to increase to $187.0 billion by 2030, at a CAGR of 31.1% during 2020–2030 (forecast period). With the use of the low-code development platform, developers can combine several pre-programed application components to create a new app, thus staying less reliant on IT professionals.

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The fact that this technology significantly lessens the dependence on IT professionals is the primary reason for the low-code development platform market growth. Various departments within a firm need applications for smooth operations, but the delay in receiving the apps hampers productivity. To deal with this, companies hire IT professionals, who leverage platform as a service (PaaS) and programming languages, such as .NET and Java. 

In 2018, North America was the largest low-code development platform market, owing to the presence of a large number of computer and mobile app developers, deep internet penetration, and high disposable income. During the forecast period, the market is predicted to observe the fastest growth in Asia-Pacific (APAC), because of the increasing smartphone and internet penetration, expanding IT service industry, and rapid economic growth.

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The increasing usage of mobile phones is raising the demand for applications in the region. The low-code development platform market is also being positively influenced by uncertainty in the regulatory landscape. In the aftermath of crippling cyber-attacks, such as the data leak of around 87 million Facebook users in 2018, governments across the globe implemented strict regulations regarding the protection of customers’ personal data.

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Motion Sensor Market Share: In-Depth Coverage And Various Important Aspects by 2030

The demand for consumer electronics has been increasing rapidly across the globe, as the disposable income of people is rising. In addition to this, the price of products such as smartphones and laptops has decreased considerably since the past few years, owing to technological advancements, owing to which a larger number of people are now able to afford such products. 

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In fact, the penetration of smartphones has been increasing considerably in developing countries such as China and India. Other than smartphones wearable devices have also become increasing popular among young people these days. Attributed to all these factors, the motion sensor market is predicted to generate a revenue of $7,590.8, rising from $4,430.7 million in 2019, and is expected to progress at a 5.1% CAGR during the forecast period (2020–2030). 

On the basis of type, the market is divided into combo sensor, infrared, gyroscope, accelerometer, tomographic sensor, and ultrasonic, among which, the combo sensor division, accounted for the major share of the market in 2019. This is due to the microfibrication of different types of motion sensors into a single device, as it offers enhanced accuracy while detecting motion. All these consumer electronic products make use of motion sensors for functioning properly. 

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A motion sensor is designed for detecting and measuring movement and are majorly utilized in business and home security systems. Motion sensors are integrated along with an embedded computer, a sensor unit, and hardware and are meant for performing highly specific functions, such as triggering audible alarms, alerting the police, activating floodlights, and activating floodlights. The global motion sensor market is predicted to advance at a significant pace in the years to come, owing to the increasing use of consumer electronics.

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Demand for Intelligent Traffic Camera Market to Experience a Significant Dip in 2030, Influenced by COVID-19 Pandemic

 The increasing prevalence of road accidents around the world is an important factor driving the growth of the global intelligent traffic camera market. The market generated $10,087.8 million revenue in 2019 and is expected to attain a value of $24,465.6 million in 2030, exhibiting a CAGR of 8.5% from 2020 to 2030.

According to the World Health Organization (WHO), almost 1.3 million road crashes occur annually all over the world. This road accident rate is much higher in the developing nations such as China, India, and Brazil, on account of the poor conditions of the roads and the high population and road congestion levels. Intelligence traffic cameras help majorly in curbing the incidence of road accidents and preventing deaths caused because of these crashes by capturing videos or images sequences and conducting face recognition and motion analysis of the same. Furthermore, these systems help in monitoring the road traffic levels with the help of vehicle detection and classification.

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Geographically, Europe had the highest market share, by volume, during the last several years. This is ascribed to the fact that many European nations have developed intelligent traffic systems for monitoring the road traffic conditions. This is done via the analysis of historical data pertaining to various parameters such as the usage of pedestrian crossings and car parks, the total number of automobiles in high- and low-congestion regions, roadworks, location, and frequency.

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The intelligent traffic camera market is not dominated by any single player. In fact, it is fragmented, with many global players and some domestic players operating in it. The major market players have taken numerous strategic measures such as partnerships and product launches for gaining a foothold in the global market. For instance, FLIR Systems Inc. launched a high-definition midrange surveillance system called the FLIR Ranger HDC MR in March 2020. This system can detect traffic activities and function properly in harsh weather conditions by using image processing and embedded analytics for reducing the cognitive workload and allowing the users to swiftly differentiate between the false and true traffic conditions and threats.

Some prominent market players are ARH Inc., Pelco Inc., FLIR Systems Inc., Nedap N.V., Sony Corp., Kapsch TrafficCom AG,Canon Inc.,Genetec Inc., Hangzhou Hikvision Digital Technology Co. Ltd., and VITRONIC GmbH.

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Boom Expected in Automotive Lithium-Ion Battery Sales in Future

The mushrooming requirement for electric vehicles is one of the major factors responsible for the soaring demand for automotive lithium-ion batteries across the globe. As per the observations of the International Energy Agency (IEA), “the global electric car fleet exceeded over 5.1 million in 2018 up 2.0 million in previous year”. In addition to this, the fluctuating prices of oil and gas and the rising environmental degradation caused due to the usage of oil and gas-powered automobiles are further boosting the sales of electric vehicles all over the world.

In addition to the above-mentioned factors, the increasing implementation of favorable regulations and policies by the governments of several countries is also propelling the sales of electric cars all around the world. Furthermore, the provision of various financial incentives and benefits by the governments of many countries on the purchase of electric cars is pushing up the sales of these vehicles, which is, in turn, boosting the demand for lithium-ion batteries as these batteries are extensively used for charging these cars throughout the world.

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Globally, the European automotive lithium-ion battery market will be very lucrative in the coming years, according to the estimates of P&S Intelligence, a market research company based in India. This is attributed to the rising sales of electric vehicles in the region, primarily on account of the presence of favorable government policies. Furthermore, the European Union (EU) has partnered with commercial lenders and battery manufacturing companies for developing an ecosystem that will make the region completely self-sufficient in automotive battery manufacturing in the near future.

The biggest example of such joint efforts is the recent approval granted by the European Investment Bank (EIB) for the provision of a loan worth $392.0 millionto NorthvoltEtt for setting up a battery manufacturing Gigafactory in Sweden. Similarly, the German government is also planning to increase the domestic manufacturing of automotive battery cells in the near future to make the country self-sufficient in lithium-ion battery production. These factors will boost the sales of automotive lithium-ion batteries in Europe in the years to come.

Hence, it can be inferred from the above paragraphs that the sales of automotive lithium-ion batteries will shoot-up all over the world in the forthcoming years, primarily because of the growing adoption of electric vehicles across the world.

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Changes in Consumer Behaviour During COVID-19 Outbreak May Affect Growth of Natural Language Processing Market

By leveraging automatic translation, speech processing, natural language generation (NLG), and sentiment analysis, NLP helps prioritize the extracted information, thereby helping organizations in making the best use of structured as well as unstructured data. Therefore, the growing volume of data, especially in the unstructured form, is driving the natural language processing market, by creating the need for a technology which can help companies in effectively processing and studying it, in order to derive actionable insights.

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Information extraction, machine translation, question answering, text processing, and report generation are the various divisions under the application segment. Among these, the machine translation division dominated the natural language processing market in 2018, as organizations generate a heavy demand for solutions that can translate a given text into numerous languages. 

These chatbots establish the primary contact between the business and customers, sorting out as much of the latter’s concerns as possible, before handing over the case to human employees. The need to enhance customer experience is one of the major drivers for the natural language processing market progress. Customers communicate with organizations via chat messages, e-mails, social media platforms, and phone calls, thereby making it difficult to process all the data. 

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This is itself a result of the rising adoption of chatbots for enhancing the experience of customers, to build brand loyalty and increase revenue. Among the various virtual assistants employed by business in recent years, chatbots have been one of the most popular, as they help companies handle customers’ concerns quickly and efficiently. Further, chatbots which work on NLP are able to process various languages, which helps in the smoothening of processes, particularly those related to customer support. 

NLP helps here by studying the feedback, while saving time and reducing human involvement and errors. With the technology, companies are able to analyze consumers’ preference for the different services and products on offer as well as understand how their decisions are impacted by the cultural and technological scenario.

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What are Main Factors Expected to Cause Boom of DOA Testing Market in Asia-Pacific in Future?

Since the last few years, there has been a huge rise in the usage of illicit drugs, especially amongst the younger population all over the world. This fact is authenticated in the World Drug Report published by the United Nations Office on Drugs and Crime (UNODC) which says that almost 203 million people in the world, in the age group 15—64 years, used illicit drugs in 2013. Furthermore, the report said that the total number of people in the world using illicit drugs increased to 246 million in 2015.

Apart from revealing the total number of illicit drug users in the world in 2013 and 2015, the UNODC also reported that the consumption of cannabis amongst the high-school kids in the U.S. increased from around 24.7% to 25.8% during 2012—2013. This escalating consumption of illicit drugs has considerably increased the need for drug testing, which has, in turn, led to the development of various testing equipment such as breath analyzers and rapid test kits. Owing to these reasons, the global drug of abuse testing market will exhibit substantial growth in the forth coming years.

Geographically, the North American drug of abuse testing market recorded the highest growth over the last few years. However, the Asia-Pacific (APAC) region is predicted to generate huge demand for drug testing methods in the years to come, mainly on account of the rising consumption of illegal drugs and the increasing implementation of strict drug testing protocols in workplaces in various APAC nations. As per a report produced by the Australian Criminal Intelligence Commission (ACIC), 115,421 illegal drug seizures were made from 2015 to 2016 by the various police agencies operating in the country. 

Therefore, it can be said with full surety that the sales of drug testing equipment will shoot-up across the world in the near future, primarily because of the increasing consumption of illicit drugs all over the world.

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How will Advancing Healthcare Sector Drive Medical Robotic Systems Market in North America?

 The increasing geriatric population across the world is one of the key factors responsible for the surging usage of medical robotic systems. Moreover, the rising healthcare costs and dwindling number of healthcare providers and caregivers are significantly boosting the need for alternative caregiving methods. According to the American Association of Retired Persons (AARP), seven people in the age group 45–64 can provide care for every person aged 80 years and above, and this number will decrease massively by 2030, with only 4 people available for providing care for people aged 80 years and above.

The other major factors pushing the adoption of robotics in the medical sector are the burgeoning use of automated pharmacy systems across the world and increasing demand for medical procedures. Since the last few years, there has been a massive surge in the adoption of automated systems in the healthcare and pharmaceutical sectors, in order to streamline the work processes and optimize the services. Propelled by these factors, the global medical robotic systems market revenue is expected to increase from $7,626.1 million in 2019 to $55,528.1 million by 2030, exhibiting a CAGR of 20.1% during the forecast period (2020–2030).

The biggest trend presently being witnessed in the medical robotic systems market is the soaring number of technological developments. For instance, the California Institute of Technology (Caltech) is working on a microbot target therapy that utilizes near-microscopic mechanical particles for drug localization and administration to a certain part inside the human body, while being managed and controlled from the outside. Microbots, which consist of a coating of platelets and red blood cells and nanowires, are increasingly being deployed for destroying tumors via radiation and reducing the side-effects of medication.

Hence, it is clear that owing to the swift advancements in the healthcare sector, rising need for automated healthcare systems, and surging geriatric population, the demand for medical robotic systems will boom in the coming years.

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What are Major Factors Contributing to Boom of Carrier Screening Market in Asia-Pacific?

 The rising incidence of genetic diseases is one of the biggest factors responsible for the surge in the adoption of carrier screening processes across the world. The risk and severity of most of the genetic diseases depend on the patient’s ancestors and carrier status. The American College of Obstetricians and Gynecologists recommends the testing of all pregnant women and those considering motherhood in future in order to detect early the risk of various diseases such as fragile X syndrome, spinal muscular atrophy (SMA), and cystic fibrosis.

Due to the above-mentioned factors, the global carrier screening market attained a valuation of $1,303.6 million in 2019 and is expected to exhibit a CAGR of 10.9% during the forecast period (2020–2030). There are mainly two types of carrier screening methods used for detecting genetic diseases — expanded carrier screening and targeted carrier screening. Of these, the expanded carrier screening method recorded higher utilization in 2019. This is ascribed to the fact that this method of carrier screening makes it possible to test for multiple diseases at the same time.

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One of the major trends currently being witnessed in the carrier screening market is the increasing acquisition of smaller organizations providing solutions for carrier screening tests by the larger biotechnology companies. For instance, Quest Diagnostics Inc. announced its acquisition of a specialist genetic testing solutions company called Blueprint Genetics in January 2020, in order to attain expertise in pharmaceutical drug research and development (R&D), rare genetic diseases, and in the various methods of improving patient care.

Globally the Asia-Pacific (APAC) region is expected to observe the fastest growth in the utilization of carrier screening methods during the forecast period. This is mainly credited to the soaring awareness amongst the masses about genetic screening tests in China, Australia, and India and the rising concerns amongst the people about the health and well-being of their future children. In addition to this, the high occurrence rate of genetic diseases in the various densely populated countries of APAC such as China and India will further propel the demand for carrier screening procedures in the region in future.

Report Coverage

·         Provides comprehensive understanding of the market with the help of informed market outlook, opportunities, challenges, trends, size and growth, competitive analysis, major competitors and Porter analysis

·         Identifies the key drivers of growth and challenges of the key industry players. Also, assesses the future impact of the propellants and restraints on the market

·         Uncovers potential demands in the market

·         Porter analysis identifies competitive forces within the market

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Global Gene Therapy Market to Register 31.1% CAGR during 2020-2030

 The burden of chronic diseases has only been increasing since past few years. The cases for cancer, for example, are growing rapidly. According to the American Cancer Society, from 2016–2019, the number of new cases of cancer in the U.S. increased from 1,685,210 to 1,762,450, and the cancer mortality rose from 595,690 to 606,880 during the same time period. Doubtless, a number of advancements have been made in the medical industry for developing a proper cure for cancer and other rare chronic diseases, however, the fact remains that there is a long way to go before anything certain comes to light.

The advancements regarding gene therapy though can significantly aid in getting closer to dealing properly with several chronic diseases. Gene therapy is designed for introducing genetic material into cells for compensating for abnormal genes or for making a beneficial protein. In case a mutated gene causes an essential protein to be faulty or non-existent, gene therapy may potentially be able to introducing a new copy of the gene for restoring the function of the protein. Attributed to these reasons, the gene therapy market generated revenue of $3,407.5 million in 2019 and is expected to advance at a 31.1% CAGR during the forecast period (2020–2030).

In 2019, North America was the largest gene therapy market, which is ascribed to the rising number of cancer and rare disease cases and the presence of a large number of key companies in the region. In addition to this, various gene therapy products are getting regulatory approvals in North America. Other than this, the adoption of gene therapy is also projected to rise substantially in the Asia-Pacific because of the cost-effective labor and rising activities of major industry players.

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This Study Covers

Historical and the present size of the gene therapy market

Major factors driving the market and their impact during the short, medium, and long terms

Market restraints and their impact during the short, medium, and long terms

 Recent trends and evolving opportunities for the market participants

Historical and the present size of the market segments and understand their comparative future potential

Major players operating in the gene therapy market and their service offerings

Recent strategic developments by the major players in the market

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mPOS Terminals Market | Covid19 Impact Analysis | Business Outlook, Growth, Revenue, Trends and Forecasts 2030

The rising sale of smartphones, high digitization rate, and increasing penetration of the internet are leading to the growing trend of contactless payments. As per Capgemini, compared to 598 billion in 2018, 876 billion digital payments would be done by the end of 2021. In India, specifically, this number increased by 58.8% in 2018–19, in comparison to 50.4% in 2017–18.

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Mobile POS solutions are extensively adopted in a wide array of applications such as those pertaining to the sports & entertainment, warehouse, hospitality, retail, and food service sectors. Out of these, the retail applications are expected to register the highest adoption of mobile POS solutions during the forecast period. 

Therefore, with the rising number of people preferring cashless payments, the global mobile POS market, which generated $19.5 billion in 2019, is predicted to experience a 17.9% CAGR between 2020 and 2030 (forecast period). This is because mPOS terminals enable companies to receive contactless payments and speed up the checkout process. 

This is primarily attributed to the fact that the mobile POS technology drastically reduces the waiting time of the customer at the payment terminals and helps the retailers in attaining higher sales of their products at a shorter period of time. One of the major trends currently being witnessed in the mobile point-of-sale (mPOS) terminals market is the rising preference of companies toward the adoption of cloud-based solutions. 

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This is mainly due to the fact that the cloud-based mobile POS solutions have no on-site server requirements and therefore, have lower operational costs than the conventionally used POS solutions. According to Mckinsey & Company Inc., in the retail sector, the incorporation of cloud-based solutions is expected to increase from 57% in 2018 to 71% by the end of 2020.

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Used Car Market Status & Supply Demand | Industry Forecast Report To 2030

The global used car market attained 115.2 million units in 2019 and is predicted to reach 275.3 million units by 2030, exhibiting a CAGR of 8.7% during 2020­­–2030 (forecast period). The increasing number of organized sector players such as CarGurus Inc.,CarMax Inc., and Cars24 Services Pvt. Ltd. isone of the biggest factors fueling the advancement of the market. The organized sector companies not only offer certified used cars at competitive prices but they also provide service guarantees and warranties on their vehicles.
                                   
Based on sector, the used car market is divided into unorganized and organized categories. Between the two, the organized division is predicted to exhibit faster growth in the coming years. This is credited to the higher preference of customers for dealer certified vehicles as compared to the vehicles sold in the unorganized sector without any guarantees and warrantees. Due to this factor, the certified programs are becoming a critical differentiating factor for the organized sector players. In addition to this, the rising popularity of online portals for both buying and selling of used vehicles in the developed nations such as the U.K., the U.S., Japan, and Germany will further boost the progress of the organized sector division in the market in the future years.

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Under the vehicle type segmentation of the used car market, the main categories are small, medium, and large. Out of these, the medium division accounted for a majority of the market share, in volume, in the past. The main factors responsible for the advancement of the category are the high supply of good-quality, less-driven second-hand vehicles and the growing spending power of buyers, especially in the various developing nations around the world.
 
Under the propulsion segmentation, the internal combustion engine (ICE) category recorded higher growth in the market during the last few years. Furthermore, this category is predicted to exhibit rapid progress in the developing regions across the globe such as Latin America, Middle East, and Africa (LAMEA) and Asia-Pacific (APAC) in the coming years, primarily due to the surging average age of the automobiles using ICE propulsion. For example, in China, the average age of automobiles is presently ~5 years, while in other nations such as the U.S., the average vehicle age is currently ~11 years. Thus, the ICE division will demonstrate higher growth in the used car market between 2020 and 2030.
 
Geographically, the used car market is predicted to register the highest CAGR in the LAMEA region in the forthcoming years. The major factors driving the progress of the market in this region are the surging manufacturing of automobiles and the increasing disposable income of the people in various developing countries such as Mexico, Brazil, and Argentina. The market is extremely fragmented in the Middle Eastern nations such as Saudi Arabia and the U.A.E., on account of the presence of numerous unorganized players such as Gargash Enterprises LLC,AL FUTTAIM COMPANY LLC, and The Elite Cars in the region.

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The major players operating in the used car market are increasingly focusing on getting into strategic partnerships and launching mergers with each other, mainly for gaining a foothold in the market. For instance, AB Volvo (U.S.), TrueCar Inc., and PenFed Credit Union started a partnership for each other in December 2019. They worked together on a private incentive program that offers competitive pricing and various other incentives such as access to special rates and incentives on AB Volvo’s premium vehicles to the members of PenFed Credit Union.
 
The COVID-19 pandemic has caused large-scale unemployment and reduced earnings, which has, in turn, caused a sharp fall in the spending power of people, thereby hampering the progress of the market. Furthermore, the pandemic has made many market players and industry stakeholders re-examine their strategies for the medium and long-term growth of the industry.

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Forklift Market Analysis 2020 Insight Growth Analysis Technology Innovation, Opportunity by 2030

The global forklift market generated a revenue of $33,878.7 million in 2019 and is predicted to attain a value of $42,519.4 million in 2030, advancing at a CAGR of 2.8% between 2020 and 2030. The major factors driving the advancement of the market are the development of autonomous and electric forklifts and the rapidly growing e-commerce industry across the globe.

The adoption of advanced technologies such as robotics, analytics, and internet of things (IoT) by logistics organizations has significantly mitigated the problems associated with the timely and cost-efficient delivery of products. Furthermore, these firms are making huge investments in various automation technologies such as autonomous forklifts for gaining a foothold in the global forklift market.

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In terms of class, the forklift market is classified into multiple categories namely class 5, class 4, class 3, class 2, and class 1. Out of these, the class 5 division held the highest share in the market, in value, during the last few years. This is ascribed to the large-scale utilization of the class 5 forklifts in the developing nations such as India, China, Mexico, and Brazil. Internal combustion engines (ICEs) are used for powering these forklifts. These forklifts are primarily used for heavy lifting purposes, on account of being equipped with pneumatic tires. These tires make these forklifts suitable for use in various work environments such as lumberyards, where the risks of tire punctures are much greater.

Based on engine type, the forklift market is categorized into electric and ICE. Between the two, the electric category is predicted to exhibit faster growth in the market, in value, in the coming years. This is credited to the burgeoning demand for environment-friendly and cleaner forklifts in factories and warehouses. Furthermore, the falling prices of the lithium-ion (Li-ion) batteries are boosting the adoption of electric forklifts in various warehouse and factory operations. The forklifts belonging to the class 3, 2, and 1 categories are low-power machines and thus, require the incorporation of electric propulsion for attaining the required operating power.

Geographically, the forklift market is currently demonstrating the highest growth in the Asia-Pacific (APAC) region. In this region, China is presently dominating the market. However, in the future years, the Latin America, Middle East, and Africa (LAMEA) forklift market is predicted to exhibit the fastest growth, on account of the rapid industrialization and advancing warehousing sector in the various developing nations of LAMEA.

The COVID-19 pandemic has massively disrupted the advancement of the forklift market, with stable progress only expected in the last quarter of 2020. The decline in the automotive and industrial sectors and the subsequent fall in the sales of forklifts in the first quarter of 2020 considerably hampered the progress of the market, with nearly 15% decline recorded in global trade during this time. Furthermore, the unstable costs of the raw materials, intense competition amongst the various market players, and the ban imposed on exports and imports by many countries in order to curb the spread of the COVID-19 infection will lead to reduced sales of forklifts over the next few months.

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The players operating in the forklift market are increasingly focusing on R&D (research and development) activities and developing innovative and technologically advanced forklifts that are lighter, either semi or fully automated, and eco-friendly. For instance, Hyster-Yale Materials Handling Inc. launched four trucks in April 2020 for various low-intensity applications. These trucks will be sold by the Yale Europe Materials Handling subsidiary.

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COVID-19 Impact Review: Outdoor Lighting Market Outlook in 2020? | Know the Challenges and Trend Analysis

The prime focus of the different governments across the world at the present time is saving energy due to the surging energy crisis. It is because of this that the demand for energy efficient lighting solutions, primarily light emitting diodes (LED), is growing. Since LEDs can work efficiently for long operating hours and have low maintenance cost, they are particularly beneficial in outdoor lighting applications.

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Outdoor lighting includes illumination of public landscapes and private gardens for the purpose of security, safety, convenience, and nighttime aesthetics. As per a research conducted by P&S Intelligence, in 2017, the global outdoor lighting market generated a revenue of $8,740.0 million and is expected to advance at an 8.0% CAGR during the forecast period (2018–2023).

In addition to this, LEDs make excellent directional light source and are substantial with a long lifespan, which is why many local authorities, such as municipalities of different counties, have initiated projects to change their conventional outdoor lighting sources to LEDs. Apart from LEDs, high intensity discharge (HID) lamps, plasma lamps, and fluorescent lights are also utilized for outdoor lighting applications.

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Among these, the largest demand during 2013–2017 was created for HID lamps; however, during 2020–2023, the requirement for LED lights is predicted to be the highest. Out of these, the largest demand for outdoor lighting solutions was created for street lighting applications during 2013–2017 and the situation is expected to be the same during the forecast period as well due to the rising adoption of LED and solar-based lighting around the world.

Different types of outdoor lighting solutions are distributed by commercial and retail distribution channels. The higher demand for outdoor lighting is projected to be created by the commercial distribution channel in the coming years.

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How is Growing Preference of Herbal Personal Care Products Driving Demand for Neem Extract?

 The demand for personal care products has been soaring these days all across the globe. As people are now extremely conscious regarding their physical appearance, they are increasingly investing in personal care products that can aid in enhancing their aesthetic appearance. Moreover, the increased disposable income of people, thanks to the strong economic growth, in various countries is also resulting in the increasing demand for personal care products. These day the demand for herbal personal care products has been rising as well, since people are getting increasingly aware regarding the side-effects of cosmetics.

Several skin and hair care products contain chemicals that can prove harmful for the human body. Owing to this, the demand for neem-based products has increased substantially over the past few years, thereby resulting in the growth of the global neem extract market. Other than this, the preference for Ayurvedic medicines has also been rising in various parts of the world. For example, while the popularity and easy availability of allopathic medicines increased considerably in India a few years back, now the focus is again shifting towards Ayurveda, which is further resulting in the increasing demand for neem extract. 

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Neem contains various chemicals which are capable of reducing blood sugar levels, preventing pregnancy, healing ulcers in the digestive tract, killing bacteria, and preventing the formation of plaque in the mouth. Owing to such advantages, the plant is widely utilized as a natural and home remedy for taking care of several ailments. In addition to all this, the plant also has antioxidant properties and can help in protecting the skin from pollution, harmful ultraviolet radiation, and other environmental factors. The presence of fatty acid and vitamins in neem also helps in maintaining and improving the elasticity of skin and in reducing fine lines and wrinkles.

It is because of all these factors that the global neem extract market is predicted to generate a revenue of $1,868.2 million by 2022, progressing at a 16.3% CAGR during the forecast period (2016–2022). On the basis of segment, the market is categorized into bark extract, seed extract, and leaf extract, among which, the bark extract division is projected to witness the fastest growth during the forecast period. This can be ascribed to the rising requirement for bark extract from the Asia-Pacific (APAC) region.

In terms of application, the neem extract market is divided into animal products, agriculture, and health & personal care, out of which, the animal products division is expected to account for the highest CAGR during the forecast period. This is due to the rising requirement for herbal animal food from countries including Brazil, the U.S., and France. Geographically, the APAC region dominated the market in the past, according to a report by P&S Intelligence. This was primarily because of the presence of the major Ayurvedic companies in the region that consume the product on a large-scale.

In conclusion, the demand for neem extract is growing due to the increasing demand for herbal personal care items and focus towards Ayurvedic medicines.

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Popularity of UHT Milk Set to Soon Eclipse That of Regular Milk

 In recent times, there has been a steep rise in the popularity of UHT (ultra-high-temperature) processed milk all over the world. This is predominantly because of the lack of proper refrigeration space and equipment and long power outages in several countries around the world. Moreover, the high refrigeration costs in various other countries are pushing up the popularity of food items such as UHT milk that can last long without requiring refrigeration. Unlike regular milk which requires continuous refrigeration till consumption, this type of milk can be stored for as long as nine months without refrigeration.

The ability of the UHT milk to remain fresh for such a long period of time and without requiring continuous refrigeration makes it a highly popular food item, particularly in the developing countries that have a poor cold storage infrastructure. Additionally, the longer shelf life of the product is boosting its popularity amongst the people living in apartments, especially in the developing nations of the Middle East, Africa, and Asia-Pacific. Moreover, the rising adoption of busier lifestyles is fueling the consumer demand for ready-to-eat/drink items, which is, in turn, propelling the advancement of the UHT milk market across the world. 

In China, 60% of the total milk drinkers consume UHT milk these days, as per many reports and surveys. This share of UHT milk drinkers is predicted to rise further in the future years, mainly because of the rapidly increasing population of the country. The other major factors contributing to the surging sales of UHT milk are the increasing disposable income of people and the availability of affordable private-label UHT milk in numerous hypermarkets and supermarkets in several countries around the world.

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Because of the above-mentioned reasons, the consumption of UHT milk will increase tremendously in the coming years, which will, in turn, cause huge expansion of the global UHT milk market in the future. The market is categorized on the basis of segment into semi-skinned, skimmed, and whole. Out of these, the whole category recorded the highest volumetric growth in the market during the last few years. The largest consumers of whole milk were children in the age bracket (2 years and below). This is because this milk contains all the necessary nutrients required by a toddler for growing up properly.

Globally, the UHT milk market registered the highest volumetric growth in Europe in the years gone by, as per the findings of the market research firm, P&S Intelligence. This is ascribed to the high consumption of various dairy products and the high per capita consumption of milk in the Netherlands, Belgium, Germany, and several other European countries. In addition to this, the easier production and distribution of this milk in the European nations in comparison to the other countries led to huge sales of this milk in this region in the past few years.

Therefore, it can be said with surety that the requirement for UHT milk will rise enormously all over the world in the forthcoming years, mainly because of the longer shelf life of this milk than regular milk and the lack of proper refrigeration space and facilities in various countries across the world.

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Wearable AI Devices Market | Analysis, Post Covid-19 Impact | Potential Business Impacts for Key Players

The demand for AI-enabled voice assistance is gaining popularity, with voice assistance feature being integrated in them to support multiple functions. Such technology allows users to search through the web on the device with a voice command, related to the weather, news, reminders, scheduling appointments, making calls, reading messages, and much more. The wearable AI devices market is expected to advance due to the rapid demand for voice assistants in consumer electronics. North America held the largest share in the wearable AI devices market in 2018. 

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The wearable AI devices market was valued at $11,182.8 million in 2018, and it is projected to reach $49,240.6 million by 2024, witnessing a CAGR of 29.0% during 2019–2024 (forecast period). The market growth across the globe is primarily driven by the changing lifestyle of people, surging use of fitness bands and healthcare applications, and demand for next-generation smartwatches. Such devices are used by consumers to track their fitness level, via inputs in the form of heat, light, sound, and pressure.

It was mainly due to the strong presence of already established market players, such as Facebook Inc. and Apple Inc., in the region. The fastest wearable AI devices market growth is to be witnessed in Asia-Pacific (APAC) during the forecast period, driven by the growing demand for AI-integrated wearables, particularly in India and China, which is itself mostly owing to the increasing concerns for health and fitness. 

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The wearable AI devices market is a promising opportunity for the players to integrate the AI-enabled voice assistant technology in wearable devices. Thus, it is clear that the market will continue to grow substantially during the forecast period, as the demand for advanced consumer electronics, which performs multiple functions, rises.

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Booming Automobile Sales to Boost Demand for Automotive Electronics in Future

Automotive electronics are key components of automobiles and therefore, the mushrooming sales of automobiles are positively impacting the requirement for automotive electronics across the globe. According to many reports, automotive electronics nowadays account for nearly 35% of the total cost of an automobile as compared to their share of only 5% of the total price of a vehicle in 1970.

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Furthermore, as per the predictions of the industry experts, this share will grow to 50% by 2030, which will, in turn, lead to huge revenue generation from the sales of these electronics systems. In the recent times, there has been a drastic rise in the sales of automobiles throughout the globe, primarily because of the rapid growth of the automotive industry in several countries and the surge in the disposable income of the people, especially in the developing nations around the world. 

Globally, the Asia-Pacific (APAC) automotive electronics market will be very prosperous in the future, as per the forecast of P&S Intelligence, a market research firm based in India. Moreover, the sales of vehicles will push up in the future years, which will consequently boost the sales of various automotive components such as electronics. As per the findings of the Organisation Internationale des Constructeurs d'Automobiles (OICA), global vehicle sales increased at a CAGR of 1.8% between 2014 and 2018. The organization also found that 95.1 million automobiles were sold across the world in 2018.

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Furthermore, the growing popularity of electric and autonomous vehicles will lead to a sharp rise in the sales of automotive electronics in the coming years. Besides the burgeoning sales of vehicles, the growing requirement for efficient and safe automobiles is also fueling the worldwide demand for automotive electronics systems. The rising incidence of road accidents has considerably boosted the popularity of vehicles equipped with various safety systems such as advanced driver assistance system (ADAS).

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Speech Analytics Market Growth Rate, Developments In Major Areas, Market Size, Dynamics, Opportunities, & Forecast With Demographic Data Till 2030

In today’s competitive world, companies are finding it difficult to engage customers for the long-term. Due to many choices available to customers, it is being observed that they are no more brand loyal. Despite being provided with a better price and product quality, customers prefer buying products from competitors, if they face any service-related problems. Therefore, customer satisfaction, in terms of product-quality, pricing, and customer services, has become a major focus area for all businesses.

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Valuing $1,010.4 million in 2018, the speech analytics market is predicted to garner $2910.1 million, advancing a 19.9% CAGR in the coming years. The applications of the speech analytics software are risk & compliance management, agent performance monitoring, call monitoring, and customer experience management.

To enhance customer experience, companies are working to improve the customer retention rate and new customer acquisition process for higher product sales. One of the ways employed by business entities is the adoption of speech analytics software that helps in the monitoring and analyzing of all the attended calls.

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The software helps organizations evaluate the responses by agents as well as keep a track of changing demands of customers and gauge their level of satisfaction.Speech analytics software reviews and analyzes live customer calls and recordings to draw an analysis of overall customer experience, and help organizations in devising strategies for enhancing customer experience.

In 2018, the largest application area of this software was customer experience management. In fact, in the near future as well, it will continue being the largest application area of speech analytics software. This can be attributed to the rising need for the evaluation of the overall customer experience and further predict the customer satisfaction score to help companies improve their product and services sales.

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