Speech Analytics Market to Advance at 19.9% CAGR

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. 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. 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.

Speech analytics software is being deployed in various industries, such as retail, government, manufacturing, media & entertainment, healthcare, information technology & telecom, hospitality, and banking, financial services, and insurance (BFSI). In 2018, the highest deployment of the software was in the BFSI industry. Financial institutions struggle to engage customers, which is resulting in the deployment of this software to gain better visibility of customers and provide them a better experience. In the coming years, the fastest growth in demand in the speech analytics market is expected to be witnessed by the retail industry. With ever-changing requirements of customers, retailers are employing the software to understand the needs of customers to serve them better and enhance their brand image and up their customer retention rate.

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The demand for speech analytics software is rising from the small and medium enterprises (SMEs) by the day. These enterprises are taking help from the software for gauging customer preferences and current trends to expand their product portfolio and services. SMEs are including the software in their workflow to retain customers and offer them an improved service. Further, the cloud-based deployment of the speech analytics software has improved the accessibility of speech analytics solutions to SMEs, as it does not require any investments for any new hardware installation. 

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Start-Stop Technology Market to Display Healthy Growth During Forecast Period

The stringent emission control regulations and increasing adoption of hybrid vehicles are two of the major factors responsible for the growth of the start-stop technology market. In 2015, the market generated revenue of $2,100.2 million, and it is predicted to attain a size of $7,058.0 million by 2022, progressing at a CAGR of 18.8% during the forecast period (2016–2022). Start-stop technology automatically turns off the engine, when the vehicle is about to stop and restarts it again when the driver takes their foot off the brake in automatic-transmission vehicles or use the clutch in case of manual transmission.

On the basis of product, the start-stop technology market is divided into enhanced starter, direct starter, integrated starter generator (ISG), and belt-driven alternator starter (BAS). Out of these, during the historical period (2012–2015), enhanced starters dominated the market in terms of sales volume and revenue, and these are predicted to maintain their dominance during the forecast period. This is attributed to their better cost-effectiveness and fuel-efficiency compared to BAS and direct starters. Due to these benefits, the demand for enhanced starters is rising, thereby leading to the growth of the market. 

 Based on region, the market is categorized into Asia-Pacific, Europe, North America, and Rest of the World (RoW). Among these, during 2012–2015, Europe led the market in terms of sales volume, and it is projected to continue leading it during 2016–2021. This is ascribed to the high contribution by the U.K., Germany, France, and Italy to the European start-stop technology sector, which is dominated by colossal players, such as Continental AG, Robert Bosch Gmbh, and Denso Corporation.

Furthermore, the rapid development of the technologies in the automotive sector in European countries and surging concerns on carbon emission are two of the reasons behind the growth of the start-stop technology market. In accordance with the European government’s regulations, the average emission level from new cars decreased by 160 g/km during 2006–2012, and by 2020 it is expected to reduce to 95 g/km. In addition, the governments of various individual nations are formulating strict environmental guidelines focusing on reducing the vehicle emission.

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For instance, the Environmental Protection Agency (EPA) has implemented emission standards for light trucks and cars. As per EPA’s target for 2016, the permissible emission from a passenger car could not cross 225 g/mi (gram/mile). Similarly, in 2016, the allowed combined fuel economy for trucks and cars was 35.5 mpg, which is further to surge up to 54.5 mpg by 2025 in North America. Due to the increasing emission from fossil fuel-driven vehicles, the level of air pollution is rising, resulting in major concerns across the globe.

This, in turn, has compelled policy makers to come up with an alternative, i.e. low-emission vehicles. Although, natural gas-based public transit is still preferred as an alternative to fossil fuel-based public transit, hybrid vehicles are earning popularity nowadays owing to their zero-carbon dioxide emission, thus, boosting the progress of the start-stop technology market, mainly in developed nations. Despite the sluggish economic growth in European countries, such as France, Sweden, and Norway, hybrid and electric vehicle sales are expected to be augmented during 2016–2022.

Thus, the increasing penetration of such vehicles and stringent government regulations are projected to fuel the growth of the market during the forecast period.

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Largest Market Share in the Colombian Wound Care market is Expected to be Held by the State of Cundinamarca

Registering a CAGR of 3.6% during the forecast period (2019­–2024), the Colombian wound care market is predicted to reach $93.9 million by 2024, witnessing a substantial increase in its revenue from $76.1 million in 2018.

Taking the geography of the country into consideration, the largest market share in the Colombian wound care market is expected to be held by the state of Cundinamarca. This is mainly ascribed to the increasing research & development activities and rising expenditure on healthcare due to supportive government policies and initiatives. Other states, such as Bolivar, Atlántico, Valle del Cauca, Santander, and Antioquia also hold significant shares in the market on account of the surging incidence of traumatic injuries, burns, and diabetic wounds as well as rising geriatric population.

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The Colombian wound care market is witnessing growth due to the rising focus on healthcare services. The wound care facilities in Colombia are witnessing a surge in demand as both the public and private organizations are increasing healthcare coverage. An article published in the Health and Human rights journal in 2016, mentioned that in the country, the healthcare coverage witnessed a remarkable increase during 1991–2016; starting from 25% population in 1992, the health cover facilities were available to 96% population in 2016. This is indicative of the rising focus of the government on providing excellent healthcare facilities and means to the residents of the country.

Stem cell therapy in wound management is becoming the trend in the Colombian wound care market. Extensive research on stem cells has established their remarkable regenerative abilities, which may help in speeding up the wound healing process. A biotechnology company, BioXcellerato LLC, has its treatment center in Colombia by the name of Torre Medica El Tesoro that provides stem cell treatment for various cosmetic and other conditions. Further, it is involved in stem cell therapy and regenerative medicine research for finding prospective treatments for wound and other skin disorders.

Some of the major players in the Colombian wound care market are Paul Hartmann AG, Acelity L.P. Inc, Smith & Nephew plc, Coloplast A/S, BSN medical GmbH, B. Braun Melsungen AG, 3M Company, Mölnlycke Health Care AB, and ConvaTec Group plc.

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Development of Organized Retail Driving Commercial Refrigeration Equipment Market Globally

In 2017, the global commercial refrigeration equipment market generated a value of $41,396.7 million and is expected to advance at a 6.2% CAGR during the forecast period (2018–2023). The market is witnessing growth due to the rising demand for ready-to-eat products and beverages and development of organized retail. 

The freezers and refrigerators that are utilized for storage, merchandizing, and commercial retail within hypermarkets, convenience stores, supermarkets, restaurants, and other commercial spaces are referred to as commercial refrigeration equipment.

There has been a major transformation in the refrigeration technology in the past few years, as manufacturers have shifted from fluorinated gases (F-gases) to natural refrigerants. Geographically, developed countries in Europe and North America are on the verge of completely eliminating the use of F-gases from their commercial refrigeration equipment.

For instance, a key player in the commercial refrigeration equipment market, Carrier Corporation, changed the technology of its MiniCO2OL commercial refrigerator series quite early by replacing F-gases with natural refrigerants, such as carbon dioxide.

The manufacturing cost of MiniCO2OL refrigerators is quite low, compared to similar F-gas-based equipment. The cost-efficiency factor of such natural refrigerant-based equipment is increasing their demand among small and medium-scale food retailers.

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On the other side, developing countries in Asia-Pacific (APAC) have not yet phased out F-gases, because manufacturers here are yet to get their hands on advanced technology for F-gas elimination. But, considering the CAGR forecasted in the region (9.3% in terms of revenue), it is being assumed that manufacturers will be able to acquire the technology and do away with F-gases.

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Rising Bus Sales Augmenting Automotive Air Suspension System Market Growth

The automotive air suspension system market is being driven by the growing disposable income, demand for luxury buses, population, and rate of urbanization. The market valued $4,963.6 million in 2015, and it is projected to progress at a 7.6% CAGR during 2016–2022 (forecast period). Air suspension systems comprise various individual components, which are integrated in vehicles to provide a smooth journey by reducing the effects of jerks as vehicles go over potholes or rough terrain.

An integrated system comprises an air spring, shock absorber, air compressor, height sensor, electric control unit, and air reservoir. Among all these, the automotive air suspension system market was dominated by shock absorbers in terms of revenue as well as sales volume during the historical period (2012–2015). Apart from minimizing the effects of jerks, shock absorbers also prevent the vehicle from tilting too much to one side when cutting a sharp curve. As these systems make the vehicle more stable and easily controllable, these are expected to continue leading the market during the forecast period.

In terms of vehicle type, the market is divided into buses, light commercial vehicles, and passenger cars. Throughout the historical period, buses were the largest division in the air suspension system market in value and volume terms and are predicted to retain their position during the forecast period. This is attributed to the rising pollution levels, which are impelling people to switch to public transit, which most commonly consists of buses.

Air Suspension System Business in Auto Sector

The major reason behind the rising pollution is rapid urbanization, which is accompanied with the setting up of factories that emit harmful substances into the atmosphere. The World Health Organization claims that currently 50.0% of the worldwide population lives in urban areas, and their proportion would increase to 70.0% by 2050. It also mentioned that air pollution killed 3.7 million people prematurely across the world in 2012. So, as governments raise awareness on the same and popularize public transport, the sale of buses will continue to drive the air suspension system in  automotive sector growth.

Apart from climate change and the need to reduce carbon emissions, the increasing demand for luxury buses is another reason for the growth of this division. With the rising popularity of mass transit, people are preferring to travel by buses for comparatively longer distances than before. Therefore, state governments as well as private transport agencies are rapidly purchasing luxury buses to offer passengers a comfortable journey with less jerks. The demand for luxury buses with air suspension systems for overnight journeys is also increasing as these offer passengers a sound sleep.

Another factor helping the automotive air suspension system market grow is the rise in the disposable income, which is encouraging customers to purchase premium cars. As per the National Bureau of Statistics of China, the annual per capita disposable income of urban households rose to $4,692.9 in 2014 from $2,818.6 in 2010. Similarly, in India, the per capita GDP, which was $1,432.3 in 2010, grew to $1,500.8 in 2012. Due to such factors, the sales of personal vehicles, especially in the premium segment, are drastically increasing.

in 2012, China became the second largest market for premium cars after the U.S. by recording 1.25 million car sales, which are further predicted to grow to 3 million by 2020. With this, China will become the largest market for such cars. As these cars come installed with air suspension systems, the growth in the premium car market in China would contribute to the global Vehicle air suspension system market progress.

Therefore, the market for automotive air suspension systems will grow with the rising premium car and luxury bus sales.

GLOBAL AUTOMOTIVE AIR SUSPENSION SYSTEM MARKET 

• By Technology – Manual Air Suspension, Electronic Air Suspension 
• By Component – Shock Absorber, Air Spring, Air Compressor, Air Reservoir, Height Sensor, Electric Control Unit (ECU), Others 
• By Vehicle Type – Bus, Passenger Car, Light Commercial Vehicle (LCV) 
• By Region – Europe, North America, Asia-Pacific and Rest of the World

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Blockchain Trend in Auto Industry - Technologies shaping the Future of Auto Sector

The global automotive blockchain market is projected to grow at a considerable rate during the forecast period. This can be mainly attributed to the benefits offered by the blockchain technology in the automotive industry, such as real-time monitoring, auditability, and scalability of information. The application of blockchain in various automotive functional areas is on the rise, as automotive original equipment manufacturers (OEMs) continue to invest in the technology to uncover its potential in the industry.

Blockchain in Auto Industry

On the basis of application, the automotive blockchain market has been categorized into manufacturing, supply chain logistics, retail finance and leasing, mobility solutions, and others. Of these, the market for mobility solutions is expected to witness significant growth in the coming years on account of the rapidly growing shared mobility industry, rise in the consumer demand for advanced mobility services, and inclusion of blockchain in automotive business models.

Based on the type of blockchain used, the automotive blockchain market has been categorized into public, private, and consortium. Of these, the public and private blockchains are the most preferred types, with their applications varying based on the business model adopted. During the forecast period, the market for private blockchain is expected to grow at a considerable rate, as the adoption rate of the technology is higher in the private domain as compared to other domains. Also, public blockchain has low scalability and involves high transaction costs, which make the private blockchain the preferred category in the automotive blockchain industry.

What are the factors impacting the growth of this market?

The major growth drivers for the automotive blockchain market are the benefits offered by the blockchain technology, such as real-time monitoring, auditability, and scalability of information. Also, with growing digitization, the technology has become an integral part of information technology (IT) budgets in the automotive industry. Blockchain in the automotive industry is useful in various areas such as mobility solutions, connected cars, supply chain logistics, retailing and leasing, autonomous driving, and IoT applications. The financial divisions of OEMs are now exploring the technology for financial applications. In the coming years, OEMs are expected to employ the technology in other automotive applications.

Also, various participants in the automotive ecosystem have started taking initiatives toward the formation of consortiums and formulation of policies to comply with the regulatory mandates on a global scale. In the coming years, besides disrupting the automotive industry, the blockchain technology is expected to create growth opportunities and facilitate digital transformation in the industry. Thus, it can be said that these factors are likely to boost the growth of the automotive blockchain market in the near future.

Industry Challenges

The growth of the automotive blockchain market is primarily hindered by the lack of proper legislations regarding blockchain technology applications and data protection. For instance, in European countries, the deployment of the blockchain technology-based applications is restricted by the rights granted to the public/private entities under the European General Data Protection Regulation (GDPR). The blockchain technology and its applications come with several potential technical and economic risks. It is due to this that the governments across the world are concerned about the potential threats that the technology poses to the data protection rights and privacy of individuals.

The global automotive blockchain market is characterized by changing consumer behavior, technological advancements, increased use of data for improvement in logistics and mobility services, and evolving operating models in different automotive functional areas. Although the market is in its nascent phase currently, it is expected to witness notable growth in the coming years on account of the increasing adoption of the technology by automotive manufacturers.

Some of the key players operating in the automotive blockchain market are IBM Corporation, Microsoft Corporation, Accenture PLC, carVertical, Helbiz Mobility System PTE Ltd., Tech Mahindra Ltd., ShiftMobility Inc., BigchainDB GmbH, ConsenSys, Context Labs BV, Ethereum, Factom Inc., Mesosphere Inc., Oaken Innovations, Productive Edge LLC, Project Provenance Ltd., Ripple Labs Inc., and XAIN AG.

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How is Rising Demand for Medication Management Helping Clinical Decision Support System (CDSS) Market Grow

Doctors, nurses, pathology labs and pharmacies, are just a few elements of the healthcare industry, which are involved in patient care. Sometimes, depending on the condition of patients, rehabilitation services are also availed.  As many components are involved in caregiving, the need for proper communication among them and the patients is necessary. This would not only help in reducing medication errors, but would also help in providing coordinated care. To achieve this, the demand for healthcare information technologies (HIT) is rising, which include medication management systems and Clinical Decision Support System (CDSS). These technologies help in consolidating patient-related medical information to aid in decision making for creating a suitable treatment plan, including medication, rehabilitation, and care. The advanced application of the HIT system that is providing clinical decision support (CDS) to healthcare professionals by assisting in clinical decision-making tasks for better outcomes.

The CDSS market is witnessing growth and expected to register a CAGR of 21.5% CAGR in the coming years. The software finds application in drug dosing support, clinical guideline, clinical reminder, drug–drug interaction, and drug allergy alert. During 2012–2015, the software was used the most for drug allergy alert applications. Many drugs are known to trigger allergic reactions in some patients, or if they are consumed with some other drugs. These drug-induced allergic reactions may prove to be fatal, and, therefore, drugs should be prescribed with utmost care. CDSS solutions not only help in studying possible drug–drug interactions, but also help in identifying the type of interaction that may initiate an unwanted immune response in the body. Majority of the electronic medical records (EMR) and computerized physician order entry (CPOE) systems have data related to a patient’s allergies. The database has all the information regarding the medication and allergies stored, which generates an alert if a potential drug interaction is detected. These CDSS systems are gaining popularity among healthcare service providers due to their high success rate and immediate query response.

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The clinical decision support system (CDSS) market is advancing due to the rising popularity of the software in healthcare facilities due to its advanced applications, including drug reminders, double-checking medication administration properties, and drug allergy alerts. They help in reducing the chances of adverse effects of drugs and medication errors, thereby improving the quality of healthcare services provided to patients at a reduced healthcare cost. In home healthcare settings, the medication management system is integrated with the CDSS, and simplifies the task for caregivers by correctly calculating the dosage and administration of medication. At times, patients are unable to remember their entire medication regimen and end up missing a dose. In such scenarios, the CDSS-integrated smartphone-based self-management systems enabled with real-time medication monitoring technology issues reminders to patients to timely consume the required dose of medicine.

In developed countries, mainly of Europe and North America, majority of the hospitals and other healthcare facilities are equipped with HIT including the CDSS software. In emerging economies of Latin America, Asia, and Africa, the deployment of the software is still in the nascent form.  With the improving economy of these regions, the healthcare sectors are booming with the construction of more hospitals and pharmacies, which are deploying the CDSS software for providing better healthcare facilities to the residents. 

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