How Rising Business Competition Impacts Speech Analytics Market?

There is a popular saying, “The customer is always right”. Despite its literal meaning not always being true, what it actually means is that all requests, queries, and demands of customers must be tended to, if a company hopes to retain them and make consistent profit. In today’s times of intense competition, where fortunes can be made and destroyed in days, providing a satisfactory customer experience has become more important than ever. This is why an increasing number of companies are setting up customer support departments or outsourcing the task to contact centers.

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Thus, with the increasing number of contact centers, the speech analytics market is also prospering. Compared to $1,010.4 million in 2018, the sale of such software is expected to be worth $2,910.1 million in 2024, with the revenue increasing at a 19.9% CAGR during 2019–2024 (forecast period). As the term suggests, speech analytics software studies the speech on various parameters, such as volume and pitch, to determine the emotions of the speaker. Currently, among all applications of such software — call monitoring, agent performance monitoring, customer experience management, and risk and compliance management — it is mostly widely used for customer experience management.

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Speech analytics determines why the customer has called, their mood, and reactions to the products and services on offer. This helps customer support teams with pinpointing the areas where the team members need improvement, while interacting with customers, with a thorough knowledge of customers’ expectations and requirements. The better companies serve their customers, the more likely they are to retain them, which is why customer experience management has become an important focus area. As a result, even in the coming years, the use of speech analytics for this very purpose will grow the fastest.

The growing usage of this software is being mirrored by a shift of people from phonetic transcription to phonetic indexing. Compared to the former, the latter is easier, as it doesn’t require the scanning of a vast dictionary of words, which is also why it is faster than transcription. Speech analytics software working on the indexing method converts audible speech into a series of phonemes, following which it scours for just a predetermined words’ list. Therefore, with such solutions, a higher call volume can be analyzed without an increase in the number of servers.

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Protein Extracts from Single-Cell Protein Sources Market Growing due to Increasing Animal Feed Production

The protein extracts from single-cell protein sources market is being driven by the rising awareness on the environmental and human health benefits of alternative proteins, increasing initiatives by public and private-sector firms to meet the demand for these, and their surging usage in animal feed. From $5.3 billion in 2017, the market is expected to grow to $8.7 billion by 2023, witnessing a CAGR of 8.6% during 2018–2023 (forecast period). A number of unicellular organisms, including algae, fungi, yeast, and bacteria, serve as sources of proteins.

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Among these, proteins extracted from algae held the largest share, of 33.4%, in terms of value, in the protein extracts from single-cell protein sources market in 2017. This is attributed to the heavy demand for proteins derived from algae, such as chlorella and spirulina, in several sectors, including pharmaceutical and biotechnology, food and beverage, animal feed, cosmetics, and agriculture. As a result, this source category would also witness the highest CAGR, of 9.3%, during the forecast period.

Another factor driving the protein extracts from single-cell protein sources market progress is the initiatives being taken to raise the awareness on the benefits of alternative proteins. For instance, Algae Biomass Organization (ABO) and Valensa International entered into a partnership in 2017, to make people aware of the sustainability of microalgae as a protein source for animal feed, human nutrition, fuel, water treatment, and chemical production. Similarly, conferences and workshops are conducted by the European Algae Biomass Association (EABA), to promote the usage of algae-based products, owing to their environmental benefits.

In 2017, North America made the largest revenue contribution, of 37.3%, to the industry, as a result of the presence of established market players and a mature biotechnology sector. Further, several conferences on how to deal with challenges in protein product development also drive the regional market. During the forecast period, Asia-Pacific (APAC) would witness the highest protein extracts from single-cell protein sources market CAGR, of 9.8%, owing to a surge in animal feed production and usage of spirulina for dealing with malnutrition in pregnant women, infants, children, and AIDS patients.

Thus, the demand for proteins extracted from unicellular organisms would rise, owing to the surging awareness about their benefits for human health and environment and increasing requirement for animal feed.

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How is Rising Prevalence of Diabetes Driving Latin America Wound Dressing Market?

The prevalence of diabetes in Latin America (LATAM) is rising. As per the World Health Organization (WHO), the number of people with diabetes in LATAM is expected to reach 40 million by 2030 from 25 million in 2011. Furthermore, according to the Pan American Health Organization, obesity rate in adults is 30% high or more in Mexico and Belize. Diabetic foot ulcer, a complication of diabetes mellites, needs frequent dressing for its management. In addition to this, wounds tend to heal slowly and develop quickly. Due to this, the demand for wound dressing in the LATAM region is increasing rapidly.

As per a report by P&S Intelligence, in 2018, the Latin America wound dressing market size generated a revenue of $309.1 million and is expected to grow at a 4.6% CAGR during the forecast period (2019–2024). Traditional and advanced are the two types of wound dressing, between which, advanced wound dressing products were utilized the most during 2014–2018. This is because of the innovative applications in the treatment of wounds and rising prevalence of chronic diseases in the region. Different types of advanced wound dressing products are hydrocolloids, alginates, collagen, wound contact layers, foams, films, hydrogels, hydrofiber, and superabsorbent. Other types include alcohol preps, tissue engineered skin substitutes, antimicrobial dressings, and charcoal dressing.

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The rising prevalence of chronic wounds is a key driving factor of the LATAM wound dressing market. The burden of degenerative and chronic diseases, including trauma, cancer, and cardiovascular diseases is increasing in the LATAM region. As per the WHO, about 1,318,000 deaths were caused by cancer in 2014. Cardiovascular diseases and cancer often lead to chronic wounds, which are hard to heal and need extensive care for longer period. In addition to this, chronic diseases need surgery at some point which also need wound dressing products. Attributed to these factors, the requirement for wound dressing products is rising.

The growing rate of injuries and trauma cases is also resulting in the rising need for wound dressing products in the LATAM region. As per the WHO Global Status Report on Road Safety 2013, about 19.2 road fatalities per 100,000 inhabitants was reported in LATAM, which is three times more than some European countries. Trauma and injuries are the most common causes of open wounds, thereby increasing the demand for wound dressing products. Apart from this, the growing aging population is also contributing significantly to the rising demand for wound care products. Elderly people are more prone to chronic diseases, the treatment for which requires surgery at some point. 

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How is Expanding Hospitality Sector Driving the Growth of U.A.E. Heating Equipment Market?

The hospitality sector in the U.A.E. is witnessing considerable growth, owing to the increase in tourism activities in the country. The rise in the tourism activities contributed a revenue of $18.6 billion to the national gross domestic product in 2016 in the country. It is further expected that the tourism industry will contribute $116.1 billion to the country’s economy. 

Several projects are being launched for attracting 20 million tourists to Dubai by 2020 and 10 million tourists to Sharjah by 2021. In order to cater to the needs of the rising number of people coming to the country from all the around, numerous hotels are being built in the country.

This increasing construction of hotels and other buildings will result in a rising requirement for heating systems as well. As per a P&S Intelligence report, the U.A.E. heating equipment market attained a value of $89.5 million in 2019 and is projected to generate a revenue of $121.4 million by 2030, advancing at a 2.9% CAGR during the forecast period (2020–2030). 

Geographically, Dubai created the largest demand for heating equipment in 2019, owing to the fact that Dubai is the financial hub and tourist center of U.A.E. Furthermore, on account of Dubai Expo 2020 preparations, there has been a rise in the construction of buildings and hotels.

Different types of heating equipment are unitary heaters, heat pumps, boilers, and furnaces. Out of these, the largest demand during the forecast period is projected to be created for furnaces. The fastest growth in demand is expected to be registered for heat pumps in the coming years. This is due to the fact that heat pumps provide better energy management advantages as compared to furnaces and boilers. 

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Major end users of heating equipment are commercial, residential, and industrial sectors. Among these, the commercial sector created the largest demand for heating equipment in the U.A.E. in 2019. The fastest growth in demand for heating equipment is predicted to be witnessed by the residential sector.

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Shift of businesses toward automation offering growth for patch management market

From $535.4 million in 2019, the patch management market is expected to grow to $3,245.6 million by 2030, at a CAGR of 17.8% during 2020–2030 (forecast period). The banking, financial services and insurance (BFSI) category led the market in 2019, among all industries, as the sector faces constant cyber threats from external as well as internal sources. This is leading to a strong focus on the adoption of vulnerability management and security solutions to secure customers’ financial data. 

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The rapid automation of business processes is the key patch management market trend. IT automation helps in integrating various processes and tools, via automated workflow. The conventional process of patch management creates the need for extensive human engagement, in not only accomplishing the process, but also keeping the software products updated with the newest compliance standards and most recently launched features. Contrarily, automating the process provides consistency, improved security, and better system insights, which lead to enhanced protection for organizations.

The major driver for the growth of the patch management market is the increasing need to make the system less vulnerable to security threats. Due to the rising vulnerabilities, the IT system of companies is rapidly being hacked, with the intent of causing harm. The impact of such attacks on integrity, availability of data, confidentiality, and complexity of attacks can be studied to determine the severity of the vulnerabilities. Though the internet has opened doors of growth, it has also increased the risk of cyber-attacks.

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During the forecast period, faster growth in the market would be experienced by the service category, based on component. This would be because of the fact that businesses around the world are increasing availing of maintenance, training, support, consulting, and other services related to patch management, to keep their security protocols up to date. In 2019, the healthcare sector held a significant revenue share, on the basis of end user, as the process delivers cyclic updates, which helps clinical systems prioritize their updates.

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What is the Impact of Eco-Friendly Mattresses on the Mattress Market?

The number of health-conscious consumers is increasing, which is resulting in the rising demand for daily-use products, such as mattresses. As the disposable income of people is increasing, they are willing to spend extra amount for products that help improve their health. The fast-paced life and busy schedules of people are inducing mental tiredness in them, further making sound sleep a necessary compulsion. The people in developed countries are increasingly adopting premium mattresses as the quality of sleep is becoming important for them. In addition, people in the Asian countries are increasing their budget for mattresses to opt for technologically advanced mattresses instead of traditional cotton-filler mattresses. 

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According to a report by P&S Intelligence, in 2017, the global mattress market generated a revenue of $31.1 billion and is predicted to advance at a 3.8% CAGR during the forecast period (2018–2023). Mattresses come in four different sizes, namely king, single, queen, and double. Out of these, the largest demand during 2013–2017 was created for queen size mattresses and the situation is projected to remain the same in the coming years as well. Queen size mattresses are preferred the most across the world because they provide adequate space for two people. The fastest growth in demand is expected to be witnessed by the single size mattresses during the forecast period. 

The different types of mattresses are latex, innerspring, memory foam, and others (which include hybrid, water, gel, and air). Out of these, the highest demand during 2015–2017 was created for memory foam mattresses and their demand is further projected to be the largest in the near future. The awareness among consumers regarding their health is growing, which is why they are increasingly adopting memory foam mattresses, as these mattresses conform to the user’s body and aids in relieving muscle pain and body stress.

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Because of the rapid environmental degradation, the requirement for eco-friendly mattresses is surging as well. The public is becoming increasingly aware regrading issues including toxic pollution and volatile organic compounds that are emitted from polyurethane foam mattresses. A large number of customers are now opting for organic and natural products, including eco-friendly mattresses, which are made up of environment friendly materials, such as natural latex organic wool, organic cotton, and other alternatives that have less chemical and ecological impact. The demand for organic mattresses is also growing due to the negative impact of off-gassing, flame retardants, adhesives, and other chemicals, which are utilized in the manufacturing of mattresses. 

Among the different regions, namely Latin America, North America, Middle East & Africa, Asia-Pacific (APAC), and Europe, North America dominated the mattress market during 2013–2017, however, the APAC region is predicted to account for the largest value share of the market during 2020–2023. This is because of the large population in countries including Indonesia, China, and India, which is leading to an increased demand for consumer goods including mattresses.

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How is Need for Advanced healthcare Information System Driving Internet of Things (IOT) in Healthcare Market?

The demand for advanced healthcare information systems around the world is rising. Healthcare systems are fragmented worldwide, i.e., there are various healthcare providers for treating an individual with a particular illness. This lack of coordination among healthcare patients and professionals has had a negative impact on the quality of healthcare and its cost, which has further resulted in the fragmentation of healthcare information, including medical history, billing and administrative data, and patient demographics. It is due to these factors that the need for advanced healthcare systems for compiling fragmented information into a single channel is increasing.

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Internet of things (IoT) applications aid in compiling patient information related to rehabilitation, diagnosis, care, and treatment. The heterogenous computing through wireless communication system is referred to as IoT healthcare. The technology generates trillions of data by connecting several sensors and devices with the internet through several access networks. As per a report by P&S Intelligence, the global IoT in healthcare market size generated $56.1 billion in 2017 and is projected to reach a value of $267.6 billion by 2023, advancing at a 30.2% CAGR during the forecast period (2018–2023). Major end users of IoT healthcare are research & diagnostic laboratories, hospitals, surgical centers, & clinics, and clinical research organizations.

  

The major components offered under this technology are services, medical devices, and systems & software. Out of these, the largest demand during 2013–2017 was created for medical devices. Different types of medical devices are stationary, wearable external, and implanted. Wearable external devices were used the most during 2013–2017. Systems & software are expected to witness the fastest growth in demand in the coming years. Types of systems & software provided under IoT healthcare are network security, application security, data analytics, network bandwidth management, and remote device management. Among these, the largest demand during 2013–2017 was created for remote device management.

The growing penetration of connected devices in healthcare is a key driving factor of the IoT in healthcare market. The market for connected medical devices is witnessing rapid growth due to the requirement for improving patient care, reducing treatment costs, and increasing efficiency and accountability. IoT-based medical devices can facilitate quick discharge of hospitalized patients and prevent the need for frequent hospital visits, which further decrease healthcare costs. Attributed to these factors, IoT connected devices, including oxygen tanks, insulin pumps, cardiac monitoring devices, continuous positive airway pressure machines, and defibrillators, are increasingly being adopted in remote monitoring. These devices provide patients and their caregivers important information and eliminate the need for frequently visiting healthcare facilities.

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