How are Government Efforts Helping Patient Engagement Solutions Market Advance?

The primary drivers for the patient engagement solutions market include the launch of several value-based programs, government efforts to create a patient-centric healthcare model, rising adoption of such solutions by the elderly, surging cost of healthcare, increasing use of mobile health (mHealth), and growing requirement for wearable medical devices. Witnessing a 16.9% CAGR during the forecast period, the market revenue is projected to rise to $21.9 billion by 2023, from $8.5 billion in 2017. Such solutions utilize internet of things (IoT) to improve the doctor–patient communication.

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Under the component segment, services, software, and hardware are the three divisions. Among these, by generating 56.8% of the total revenue, the software division led the patient engagement solutions market in 2017. Across the world, the trend of software customization is growing, as such software helps smoothen the healthcare process and simplify complex data sets. During the forecast period, the services category is predicted to witness growth at the highest CAGR in the market.

The increasing support by the governments for implementing a patient-centric healthcare model is playing an instrumental role in leading the patient engagement market to prosperity. For instance, under the Health Information Technology for Economic and Clinical Health (HITECH) Act, the U.S. federal government offers incentives to medical centers, to encourage the adoption of electronic health records (EHR) and patient engagement solutions. On similar lines, the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) is aimed at improving patient care and engagement, via the Quality Payment Program.

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In 2017, North America was the largest patient engagement solutions market, on a regional basis, with a value share of 45.5%. This is credited to its advanced healthcare infrastructure, increasing number of healthcare information technology firms, and rising cases of chronic diseases. During the forecast period, Asia-Pacific (APAC) is expected to grow at the highest CAGR, of 18.8%, as a result of the increasing awareness on the usefulness of such solutions for disease management, rising prevalence of chronic diseases, and increasing population of the elderly.

Hence, with governments around the world taking active initiatives to tackle diseases and improve patient care, the usage of patient engagement solutions would surge further.

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Voice Assistant Market Analysis, Growth Opportunities and Recent Trends by Leading Manufacturers & Regions

Different application areas of voice assistant software are contact centers, messenger bots, and websites. Some other application areas are smartwatches, smartphones, smart speakers, and laptops. Out of these, the largest demand for voice assistant software was created for messenger bots during 2014–2019. The reasons for this are the rising utilization of online platforms for buying products and surging penetration of the internet. 

The U.S. voice assistant market is expected to lead the regional market on the basis of geography. The Asia-Pacific region is projected to witness the fastest growth in demand for voice assistant software in the coming years because of the increasing number of contact centers and rising penetration of smartphones in the region.

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The fastest growth in demand for voice assistant software is predicted to be witnessed for the contact centers application during the forecast period, as the integration of voice assistant solutions in contact centers aid in understanding customer insights in a better way. A major reason behind the rising popularity of voice assistants is the increasing need for enhanced customer experience. Voice assistant technology improves user experience by providing proper assistance in minimal time. 

Users expect quick and relevant answers from enterprises while making use of voice search. Attributed to this, the industry players are increasingly collaborating with voice assistant solution providers for enhancing customer experience. This is projected to result in an increased demand for voice assistant services and solutions in the coming years.  

When geography is taken into consideration, North America generated the largest demand for voice assistant software during 2014–2019 and the situation is predicted to be the same during the forecast period as well, owing to the changing lifestyle of people and swift adoption of technologies such as deep learning, machine learning, cognitive computing, and NLP. 

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Electric Vehicle Battery Swapping Market Developed Rapidly in India

Due to increased run-time and improved remunerative prospects for shared e-mobility drivers, the demand for electric vehicle (EV) battery swapping is rising in India. The market is likely to be dominated by electric three-wheelers as these vehicles are majorly used for passenger carrier and run on an average more than 100 km a day. Since with each full charge these vehicles run less than 100 km, these are required to be charged twice or thrice a day. Battery swapping technology offers best alternative to slow charging and helps the drivers to make optimum use of the operational hours. However, commercial vehicle category is projected to grow at the fastest rate during the forecast period in the Indian EV battery swapping market.

Pay-Per-Use Model Is Expected to Dominate the Market Throughout the Forecast Period
Based on service type, the pay-per-use category is expected to hold the larger share in the Indian EV battery swapping market in 2020, and is further projected to remain the dominant category during the forecast period. This can be buoyed by the preference of the vehicle drivers to pay as per their usage, due to lack of fixed usage pattern of their vehicles. For instance, it is observed that electric two-wheeler riders generally do not prefer driving for longer distances. Since they do not require much battery swaps for running for short distance, majority of the drivers are expected to opt for pay-per-use model.

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Product Launches Is the Strongest Strategic Measure Taken by the Players in the Market
To gain a competitive edge over other players in the Indian EV battery swapping market, the companies are focusing on offering products and services, and working in collaborations with other market leaders to expand their reach. From the competitive landscape view, the Indian EV battery swapping service providers can boost their market share by seizing the growth opportunities presented by:

• Forming partnerships with vehicle manufacturers, battery manufacturers, and utility providers in order to deploy battery swapping technology at faster rate
• Targeting electric autos and electric buses as these holds huge potential for service expansion
• Aiming shared mobility section, including two-wheeler sharing, as majority of electric vehicles will be deployed for shared mobility and drivers would opt for battery swapping to make optimum use of the operational hours
• Focusing on cities where battery swapping service deployment is profitable, such as Bangalore, Delhi, and Nagpur and entering into emerging areas, such as Hyderabad and Ahmedabad, where battery swapping holds significant opportunities

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Some key players operating in the Indian EV battery swapping market are Ola Electric Mobility Pvt. Ltd., Lithion Power Pvt. Ltd., SUN Mobility Pvt. Ltd., Exicom Tele-Systems Ltd., Panasonic India Pvt. Ltd., and Twenty Two Motors Pvt. Ltd. (22KYMCO).

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Automotive Aftermarket Industry Revenue and Market Expansion Strategies

The increasing internet penetration and growing online product portfolio of auto parts manufacturers are expected to fuel the growth of electronic retailing (e-tailing) in the global automotive aftermarket. Moreover, the availability of a wide range of products and hassle-free transaction options, with timely delivery, as per the consumer preference, will further result in a shift of consumers from traditional brick-and-mortar stores to e-commerce platforms. Equipment such as headlights and lighting components and dashboard instruments are easily available on online portals. Due to these factors, the global automotive equipment aftermarket is expected to grow from $78.18 billion in 2019 to $145.07 billion by 2030.

Automotive Aftermarket Industry

Based on component, the equipment category is expected to progress with the highest CAGR, of 5.89%, during the forecast period. Dashboard instruments, under the equipment category, are expected to witness the fastest growth during the forecast period. With the rapid installation of technologically advanced and connected aftermarket instruments, including smart instrument clusters, central displays, and warning and information lights, in passenger cars, the automotive aftermarket is expected to witness significant growth during the forecast period.

What are the factors impacting the growth of this market?

1. Online Distribution Channels are Expected to Register Higher Growth Rate throughout the Forecast Period
2. Mergers and Acquisitions, Divestures, and Partnerships to Generate Growth Opportunities for Automotive Aftermarket Component Manufacturing Companies

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Globally, Asia-Pacific (APAC) was the largest market for aftermarket components during the historical period (2015–2019). The regional market is mainly driven by the rising number of vehicles in operation and average age of vehicles in countries such as China, Indonesia, Malaysia, and India. Additionally, the Latin American, Middle Eastern, and African (LAMEA) automotive aftermarket is growing rapidly, on account of the escalating demand for electric vehicles in the region. This, in turn, is expected to increase the requirement for electrical and other related equipment in the region, during the forecast period.

The significant players operating in the global automotive aftermarket are Robert Bosch GmbH, DENSO CORPORATION, Delphi Technologies PLC, Continental AG, ZF Friedrichshafen AG, Mando Corporation, Dana Inc., Knorr-Bremse AG, Valeo SA, Meritor Inc., Tenneco Inc., BorgWarner Inc., and HELLA GmbH & Co. KGaA.

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ASEAN Air Compressor Market Projected to Generate $1.1 Billion in Near Future

The automotive and construction industries in Association of Southeast Asian Nations (ASEAN) region are growing rapidly. For example, the total vehicle (car) sales in Malaysia grew from 501,700 in 2017 to 565,000 in 2018. In addition to this, the combined value of megaprojects across the ASEAN region was around $3 trillion, as of 2018. 

Air compressors are utilized to increase the pressure of air by reducing its volume. In the automotive and construction industries, air compressors are used for tire inflation, engine construction, car painting, and air conditioning systems, and tunnel, port, bridge, subway, and highway construction, respectively. 

The global ASEAN air compressor market generated revenue of over $0.9 billion in 2018 and is predicted to reach $1.1 billion, growing with a CAGR of 3.6% in the coming years. Apart from construction and automotive industries, air compressors are also used in power, food & beverage, oil & gas, textile, chemical & cement, and industrial manufacturing sectors and heating, ventilation, air conditioning, and refrigeration (HVAC-R) systems.

Among these, the largest demand for air compressors was created by the industrial manufacturing sector during 2014–2018. Various manufacturing industries, such as shipbuilding, steel, cosmetics, electronics, pulp & paper, glass, toy, nuclear, machinery, tobacco, and arms & ammunition, utilize air compressors in plant air and instrument air systems. In the coming years, the requirement for air compressors from the food & beverage industry is expected to grow at the fastest pace. 

The industry makes use of air compressors for processing, manufacturing, and preserving food and beverages, including edible oils, bakery products, sugar, drinks, dairy products, meat products, packaged food, and confectionery products.

The process of producing compressed air via oil-flooded air compressors results in condensation and contamination, due to which the preference toward oil-free air compressors is growing. 

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At the present time, food & beverage companies in the ASEAN region are utilizing oil-free air compressors for product handling, packaging, cutting and peeling food products to prevent their contamination, and in cleaning and manufacturing. 

Furthermore, the need for condensate treatment is eliminated by the use of oil-free compressors, resulting in the reduction of the hidden cost of testing, monitoring, and disposing of the condensate. These compressors use about 6% less energy than conventional compressors.

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Why Growing Integration Platform as a Service (iPaaS) Market Reflects Need to Reduce Operational Costs?

Often, it is not the company with the largest budget or product line which dominates the competition, but the one which quickly responds to the subtle or the highly apparent changes in the internal and external business environment, at the same time, ensuring it does not deviate from the path it originally started treading on. For this, companies are looking to cast away the obsolete information contained in their database and becoming more efficient, by embracing technological advancements. 

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The solution to this problem is being provided by integration platform as a service (iPaaS), which is essentially a comprehensive platform where all the IT devices, databases, and applications are connected. The various services available in the iPaaS market are application integration, cloud service orchestration, real-time monitoring and integration, application programming interface management, data transformation, training & consulting, and support & maintenance. 

Historically, the usage of cloud service orchestration has been the highest, as these services let companies automate all their business processes, which work with all types of automations happening at the lower levels. This helps in getting some specific resources as one integrated platform. Web portal and catalogue access and application program interface (API) are among the numerous levels of functionality, which are leveraged to offer cloud service orchestration.

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Additionally, with cloud service orchestration, companies can coordinate among and control their service delivery operations. It has a separate layer, known as the resource management layer, which manages the IT infrastructure, including virtualization, networking, and applications, as well as the bare metal servers. 

GLOBAL INTEGRATION PLATFORM AS A SERVICE (IPAAS) MARKET

By Service Type – Cloud Service Orchestration (Cloud Service Automation, Reporting & Analytics and Training, Consulting & Integration), Application Integration, Application Programming Interface Management, Real-Time Monitoring and Integration, Training and Consulting, Data Transformation and Support and Maintenance

By Deployment Type- Hybrid Cloud, Private Cloud, Public Cloud

By Organization Size – Large Enterprises and Small and Medium Enterprises

By Industry- Banking, Financial Services, and Insurance (BFSI), Telecommunications, Healthcare and Life Sciences, Government and Public, Manufacturing, Media and Entertainment, Education, Consumer Goods and Retail and Others (including Military, Hospitality and Oil & Gas)

By Region – North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa

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Industrial Refrigeration Systems Market to Register a 5.8% CAGR during 2018–2023

The food and beverages processing industry is witnessing rapid growth in developing countries. On an average, 90% of the produced food is processed in developed countries such as the U.S. While the growth of this industry was quite slow in developing countries, as compared to developed nations, in the past, the requirement for processed food is projected to increase significantly in the coming years. 

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The reason for this is the rising inclination toward ready-to-eat meal and growing number of food outlets in emerging economies. This rapidly increasing production and consumption of processed food in developing nations is further resulting in the rising requirement for industrial refrigeration systems.

Industrial refrigeration systems are utilized in different applications in various industries including chemicals & pharmaceuticals, oil & gas, and food & beverages. Some other industries which make use of these systems include construction and manufacturing. Among these, the largest demand for industrial refrigeration systems was created by the food & beverages industry during 2013–2017.

The fastest growth in demand for industrial refrigeration systems is projected to be registered by the chemicals & pharmaceuticals industry. The oil refining, petrochemical, and chemical industries require refrigeration for the preservation of compounds, condensation of gases, and dehumidification of air. In the pharmaceutical industry, refrigeration is needed for sterilization of products and maintenance of cleanliness of products. 

Industrial refrigeration systems are the refrigeration components utilized in process cooling and cold storage for industrial applications. In 2017, the global industrial refrigeration systems market generated a revenue of $23,862.7 million and is expected to advance at a 5.8% CAGR during the forecast period (2018–2023), as per a report by P&S Intelligence.

Additionally, the chemical industry needs advanced refrigeration to maintain the temperature limits of certain raw materials and semi-finished and finished products. Hence, the requirement for industrial refrigeration systems is increasing due to these factors. 

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