Product Analytics Market Analysis, Growth Opportunities and Recent Trends by Leading Manufacturers & Regions

The global product analytics market is projected to generate a revenue of $38,049.5 million in 2024, advancing at a 18.8% CAGR during the forecast period (2019–2024). The key driving factors of the market include the surging adoption of smartphones, rising focus of product teams to offer personalized services and products to their customers, shift from web-based internet surfing to mobile-based internet surfing, and advancements in cognitive technologies. In terms of service type, the market is divided into professional and managed services.

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The professional services category dominated the product analytics market in 2018 due to the increasing demand for expert training and insights into the deployment and usage of advanced analytics solutions and growing requirement for consultancy. In terms of deployment type, the market is classified into cloud-based and on-premises. The cloud-based classification held the larger share of the market in 2018 and is further projected to grow at the fastest pace during the forecast period. The reason for this is that the cloud-based deployment allows fast data access to product teams, which improve customers’ behavior tracking to gain competitive edge, and flexible storage. 

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When industry is taken into consideration, the banking, financial services, and insurance (BFSI) category is expected to account for the largest share of the product analytics market during the forecast period. This is attributed majorly to the shift in preference from conventional banking to digital banking, rising demand for personalized banking services, improved customer service experience, and growing preference of customers toward digital channels. The enterprises are increasingly adopting intelligent analytics in order to enhance their interactions with the customers, which leads to the business’s sustainability, growth, and profitability.  

A key driving factor of the product analytics market is the advancements in cognitive technologies. The cognitive technologies, which include deep learning technologies, such as convolutional neural networks, are based on the human brain’s ability to learn through inference and decomposition. These technologies are projected to become the standard approach for the processing of complex data streams produced for offering active insurance products to the customers as per their individual activities and behavior. 

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Which Region Offers Brightest Growth Prospects for Private Healthcare Insurance Market Players?

Three type of plans are generally available in the private healthcare insurance market — medical insurance, income protection, and disease insurance. Disease insurance provides coverage and benefits for certain types of diseases and conditions, including cancer, heart attack, multiple sclerosis, paralysis, coma, and renal failure. Such plans reimburse patients for every medical expense incurred and every day spent at a hospital. These benefits can be availed upon the disease occurrence, after diagnosis, or during treatment.

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Similarly, the medical insurance plans offered by the private healthcare insurance industry players reimburse a part of the several costs incurred, such as those for hospital beds, ambulatory patient services, and emergency services. Such plans offer cover for prescription drugs, hospitalization, laboratory services, substance use and mental health disorder services, and pediatric services. Different from both these types of coverages, income protection offers policyholders regular financial assistance, if they are unable to work due to a disease or injury and suffer loss of income.

In the U.S., the demand for private healthcare insurance is increasing on account of the rise in the geriatric population, surging medical expenses, growing incidence of chronic diseases, and government funding for such policies. As per the Aging in the United States report published by the Population Reference Bureau, the number of people in the country above the age of 65 will cross 98 million by 2060. As the elderly are hospitalized quite often, due to their susceptibility to various diseases and physical injuries, the demand for insurance is rising.

In the coming years, the growth of the private healthcare insurance market would be the most rapid in Asia-Pacific (APAC). This progress will be especially robust in Japan, China, Australia, and India, owing to the growing medical insurance industry, surging awareness of people about healthcare, and rising number of people suffering from chronic diseases. Other reasons for the prosperity of the players in the regional industry are the rise in the medical tourism activities, increase in the healthcare expenditure, and enhancements in the medical infrastructure.

Additionally, several private and public companies are hosting seminars, conferences, and training sessions, which are leading to the rising awareness of the populace in the regional countries about medical insurance and its importance in today’s scenario. For instance, a healthcare insurance conference was organized in Hong Kong in November 2018 by Insurinnovator Connect. It was attended by a large number of insurance providers, primarily those with customers in the APAC region.

Hence, with the growing geriatric population, prevalence of chronic diseases, and healthcare costs, an increasing number of people are opting for private insurance.

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Connected Logistics Market Dynamics Trends, Segmentation, Key Players, Application And Forecast

The connected logistics market is projected to reach $73,846.1 million by 2023 at a 33.0% CAGR during the forecast period (2017–2023). The market is growing due to the increasing adoption of smart devices and demand for temperature-sensitive products’ management and a significant decline in the cost of sensors. In order to make the traditional logistical processes more customer-centric, connected logistics uses a set of advanced network connections, communication devices, and internet of things (IoT). 

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This is achieved by sharing logistical information, historical facts, and relevant data with the supply chain partners. On the basis of platform, the connected logistics market is categorized into connectivity, device, and application management. Out of these, device management occupied the largest share of the market during the historical period (2014–2016) and is expected to dominate the market during the forecast period as well. 

This is due to its assistance in managing, tracking, and securing the smart devices used in the connected logistics ecosystem. Application management, however, is predicted to witness the highest CAGR during the forecast period. In terms of software, the connected logistics market is divided into security, data management, warehouse IoT, asset management, streaming analytics, and network management. Asset management contributed the highest revenue to the market in 2016. 

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However, the security division is expected to grow at the highest CAGR during the forecast period as it offers transportation and logistics providers with protection of logistical operations and critical information during the entire supply chain process. It also monitors the information moving among various computing systems in a connected environment.

The emergence of cloud-based logistics solutions is one of the major trends in the connected logistics market. These solutions enable logistics providers with real-time inventory management and pricing, recognition of equipment and utilization patterns to escalate optimization and eliminate wasteful excess, and office resource flexibility such as universal access to information in real time regardless of time and location. Cloud-based services also have low costs, due to which more logistics operators are becoming inclined to adopt them. This is further leading to the penetration of these solutions in the supply chain management industry.

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How is Rising Need to Recruit Right People Aiding in HR Analytics Market Growth?

Human resource management (HR) is used as an umbrella term for describing the management of employees in an organization. The term ‘human resources’ was coined in the 1960s for the very first time. Human resource management aims at increasing the effectiveness of a business or an organization. The HR analytics market is predicted to advance at a 15.6% CAGR in the coming years, as reported in a P&S Intelligence study. 

Businesses can be small, medium, or large, and depending on the size, appropriate work force is required to carry out activities smoothly. For that, the need for workforce optimization is being felt as it helps in making operations more efficient. Workforce optimization does that by aligning skills and resources to a specific job, empower the HR manager to monitor an employee’s contribution and performance, record performance data in a structured form that helps in decision making, and track work progress and identify missed goals. 

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This helps in developing an understanding of an employee’s strengths and weaknesses. Therefore, by articulating a commendable workforce planning strategy, HR analytics software is helping organizations remain strong and flourish. HR analytics is helping industries, such as retail, banking, financial services, and insurance (BFSI), government, manufacturing, energy & utilities, entertainment, oil & gas, hospitality, automotive, logistics, information technology & telecom, education, and healthcare organize their workflow. 

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The BFSI sector faces a crisis in recruiting new talent and finding a replacement for people nearing the age of retirement or people who leave. Further, as the job profile in this sector is pretty rigid, the BFSI sector doesn’t come across as the ideal choice of workplace for many young professionals. The entire spectrum of work, such as creating, cultivating, and managing the employer–employee relationship comes under human resources.

Therefore, the HR analytics software is helping these organizations in creating a personalized employee experience in the same way as marketing departments work for providing personalized customer experience. Further, the software employs artificial intelligence (AI) and cloud computing to establish trends from the HR data and data from other sources, such as the social media. 

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Asia-Pacific Anti-Drone Market Demand - Research Report

Compared to 36 cases in 2016, 75 cases of illegal drone or unmanned aerial vehicle (UAV) use were reported in Japan in 2017, according to the National Police Agency. In recent years, there has been a sudden surge in the usage of UAVs for personal and commercial purposes, which often ends up creating security risks, either intentionally or unintentionally. This has prompted governments across the world to regulate such devices as well as adopt countermeasures, in case the UAV is hostile. Thus, with an increase in the usage of drones, the Asia-Pacific anti-drone market is predicted to grow to $2,105.0 million by 2025.

Among the various kinds of security risks created by unauthorized UAVs is that they often come in close contact with aircraft, which can lead to disasters. For instance, a Chinese national, on tour, led a UAV into the area manned by the Central Industrial Security Force (CISF), after breaching the security at the Taj Mahal, in October 2018. Such incidents are leading to the installation of counter-active systems to thwart any possible threat. For instance, China deployed its first anti-drone system at Guangzhou Baiyun International Airport in November 2017.

Commercial, military & defense, and government are the major end uses of such products. Among these, anti-UAVs were the most widely procured for military & defense purposes in 2017, as a result of the increasing defense budget of regional nations. Across APAC, drones are rapidly being used for illegal and terrorist activities, which has fueled the need for effective countermeasures. For instance, 26 people were arrested in China, in March 2018, on suspicions of illegally airlifting two 660-foot cables to Shenzhen from Hong Kong, on UAVs, in order to smuggle iPhones.

Lucrative opportunities for anti-drone system manufacturers are available in the developing countries in APAC, which are increasing procuring such countermeasures. Although the usage of such systems is quite low in nations such as India and Japan, their defense establishments are expected to up their spending on anti-UAVs significantly in the coming years, to mitigate the increasing security threats posed by drones to general public, industrial installations, and other important assets.

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To cater to the demand for such platforms, manufacturers are launching new variants with advanced technology. For instance, in May 2018, a Chinese company, named Poly Technologies Inc., unveiled its Silent Hunter system in Kazakhstan. The device can ambush and stop drones and other aerial objects, which fly at low altitudes at a low velocity. Similarly, in the February of that year, the DroneGun Tactical anti-UAV gun was launched by DroneShield Limited. In addition to a strike range of 1,000 meters, the gun also has the capability to disrupt the target’s global navigation satellite system (GNSS) and multiple-radio frequency (RF) bands.

The APAC anti-drone market has historically been the largest in China, as it has the highest defense budget in the world, after the U.S., which it uses to better arm its security forces. Additionally, numerous established defense and aerospace companies are headquartered in China, which is another reason for its dominance on the industry. In the coming years, the procurement for such platforms would increase at the highest pace in India, as the country is focusing on the modernization of its troops and offering its citizens and other assets an enhanced level of security.

Hence, as UAVs become more popular among criminals and terrorists, governments of APAC nations would also adopt effective measures to counter them.

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U.K. E-Cigarette Market Flourishing as People Shun Tobacco Smoke

Respiratory diseases are among the biggest killers across the world, with the World Health Organization reporting in 2017 that 3 million people die from chronic obstructive pulmonary disease (COPD) and 1.6 million succumb to lung cancer each year, while 1.4 million died of tuberculosis (TB) in 2015.

From $2.0 billion in 2018, the U.K. e-cigarette market is projected to grow to over $6.4 billion by 2024, at a 19.6% CAGR during 2019¬–2024 (forecast period). Vape mods, vaporizers, cig-a-likes, and T-vapors are the various times of electronic smoking devices.

One of the major causes of such health issues in cigarette smoking, and with the rising prevalence of such problems, the awareness of people on the harmful effects of smoking is also rising. Consumers are realizing that tobacco cigarettes have around 4,000 chemicals that lead to such deadly diseases.

Among these, vape mods are expected to grow significantly in demand during the forecast period, as they let users customize the flavors contained in the vial. The introduction of various flavors by e-cigarette manufacturers is already a key trend in the country. Users are getting drawn to mint, menthol, cola, chocolate, and bubble gum as well as fusion flavors.

Several vaping devices now come with a customization option, where consumers can mix their own do-it-yourself (DIY) juice (smoking liquid). People get a base liquid, along with flavoring additives, with the e-cigarette.

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This offers consumers an enhanced smoking experiencing, which is why an increasing number of users of tobacco-based devices are switching to electronic variants. To tap the demand and make the most of it, manufacturers are expanding their flavor portfolio to include exciting products.

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Self-Checkout Systems Market Size, Key Vendors, Growth Rate, Drivers, Volume and Forecast Report

The global self-checkout systems market is being driven by numerous factors, such as their ease of use and faster check-out speed as compared to manual handling and the fact that these solve the issue of labor shortage. In 2017, the market was valued at $2,522.1 million, and it is expected to grow at a CAGR of 10.7% during the forecast period (2018–2023). Self-checkout systems scan products, provide their details and take payments, thus leading to a complete transaction at a retail store.

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 They serve as a substitute for a cashier and offer several services. A self-checkout system is an integrated software, hardware, and services package. The system helps the consumers take charge of the whole process, from choosing the products and generating the bill to depositing the amount for the purchase without direct involvement of a human employee at the counter. Retail stores are benefiting from self-checkout systems as these enable store owners to cut their labor costs by automating the work of clerks and cashiers.

One of the factors driving the self-checkoutsystems market is the smooth user experience that these systems offer in terms of being less time-consuming by helping people avoid long queues at the billing counter and keeping human interaction to the minimum. Such systems offer a well-rounded experience in terms of services that consumers expect from store attendants. This results in a faster shopping experience, as customers can simply generate the final bill themselves without having to wait in lines.

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The self-checkout systems market is segmented on the basis of offering, mounting type, model type, retail store, vertical, and geography. In the mounting type segment, the market has standalone, and wall-mounted and countertop systems as its categories. Standalone systems were the larger revenue accumulator, accounting for $1,519.0 million in 2017. The wall-mounted and countertop systems category is expected to prosper at a higher CAGR of 12.7% during the forecast period. Their popularity can be attributed to their less space-occupying feature, which makes them a suitable choice for small store owners.

Based on offering, the self-checkout systems market is divided into software, hardware, and services, among which the hardware category dominated the market in 2017 with more than 38.0% sales volume share. This was because a number of manufacturers and suppliers exist in the market, who sell different components for such systems. Further, with technology advancements, the hardware needs to be upgraded regularly unlike software and services. Further, different types of machines are needed for different goods, which was another reason for the dominance of hardware on the market.

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