How are Innovations in Industrial Processes Driving Machine Condition Monitoring Equipment Market?

Now that industries have been established in almost every corner of the world for manufacturing numerous different types of products, innovation and advancements are bound to happen for making industrial processes more efficient. Some of the challenges which are being faced by firms at the present time include high labor cost, demographic change, resource & energy inefficiency, rising operational cost, and surging capital. 

For chemical factories, stringent regulations are being imposed by regulatory bodies for minimizing chemical contamination and ensuring the safety of workers through legislations including OHSAS 29 CFR 1910.107 and OHSAS 18001, which are imposing heavy penalties for the violation of the prescribed norms.

The equipment collects and analyses certain signals from motor in order to identify developing faults and inefficiencies. The process helps in avoiding unplanned downtime. According to a P&S Intelligence report, the global machine condition monitoringequipment market reached a value of $2.2 billion in 2017 and is projected to generate a revenue of $3.2 billion by 2023, advancing at a 6.8% CAGR during the forecast period (2018–2023).

Attributed to this, several companies are increasingly making use of plant automation solutions for ensuring regular monitoring of plant operations and processes. This is done by using machine condition monitoring equipment. Condition monitoring is a vital tool for predictive maintenance of machines. 

Various types of monitoring are motor current signature analysis, corrosion monitoring, ultrasound emission, thermography, lubricating oil analysis, and vibration monitoring. Out of these, the largest demand for condition monitoring equipment in 2017 was created for vibration monitoring, which is ascribed to the rising requirement for vibration monitoring in important applications including chemical and manufacturing industries that are highly prone to defects. 

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Fixed and portable are two types of monitoring systems, between which, fixed systems are predicted to become more popular as they provide more detailed analysis and monitoring in comparison to portable systems.

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Improved legislation to support research and education efforts makes sure growth of quantum computing market

The quantum computing market valued $507.1 million in 2019, from where it is projected to grow at a CAGR of 56.0% during 2020–2030 (forecast period), to ultimately reach $64,988.3 million by 2030. Machine learning (ML) is expected to progress at the highest CAGR, during the forecast period, among all application categories, owing to the fact that quantum computing is being integrated in ML for improving the latter’s use case.

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Government support for the development and deployment of the technology is a prominent trend in the quantum computing market, with companies as well as public bodies realizing the importance of a coordinated funding strategy. For instance, the National Quantum Initiative Act, which became a law in December 2018, included a funding of $1.2 billion from the U.S. House of Representatives for the National Quantum Initiative Program. The aim behind the funding was to facilitate the development of technology applications and quantum information science, over a 10-year period, by setting its priorities and goals.

Moreover, efforts are being made to come with standards for the quantum computing technology. Among the numerous standards being developed by the IEEE Standards Association Quantum Computing Working Group are the benchmarks and performance matrix, which would help in analyzing the performance of quantum computers against that of conventional computers. Other noteworthy standards are those related to the nomenclature and definitions, in order to create a common language for quantum computers.

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In 2019, the quantum computing market was dominated by the quantum annealing category, on the basis of technology. This is because the physical challenges in its development have been overcome, and it is now being deployed in larger systems. That year, the banking, financial services, and insurance (BFSI) division held the largest share in the market, on account of the rapid expansion of this industry. Additionally, banks and other financial institutions are quickly deploying this technology to make their business process streamlined as well as secure their data.

Chapter 1. Research Background

1.1 Research Objectives

1.2 Market Definition

1.3 Research Scope

1.3.1 Market Segmentation by Offering

1.3.2 Market Segmentation by Deployment Type

1.3.3 Market Segmentation by Application

1.3.4 Market Segmentation by Technology

1.3.5 Market Segmentation by Industry

1.3.6 Market Segmentation by Region

1.3.7 Analysis Period

1.3.8 Market Data Reporting Unit

1.3.8.1 Value

1.4 Key Stakeholders

Chapter 2. Research Methodology

2.1 Secondary Research

2.2 Primary Research

2.2.1 Breakdown of Primary Research Respondents

2.2.1.1 By region

2.2.1.2 By industry participant

2.2.1.3 By company type

2.3 Market Size Estimation

2.4 Data Triangulation

2.5 Assumptions for the Study

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How is Need for Less-Harmful Alternatives to Tobacco Smoking Driving South Korean E-Cigarette Market?

Growing awareness about the ill-effects of tobacco smoke inhalation and technological advancements are leading to the growth of  South Korea e-cigarette market globally. From $874.3 million in 2018, the market is predicted to expand to $3.5 billion by 2024 at a 24.3% CAGR during the forecast period (2019–2024).

Electronic cigarettes do not contain tobacco, rather come with a nicotine solution in a refill or vial, which, on being burnt, creates mist instead of smoke. The product segment of the South Korean e-cigarette market is categorized into t-vapor, vaporizer, vape mod, and cig-a-like.

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Among these, vaporizers dominated the market during the historical period (2014–2018) in terms of volume and value, as these offer a similar experience provided by traditional cigarettes.

While these will keep leading the market in the forecast period, t-vapors would experience the highest revenue CAGR (30.6%), with global brands competing intensely to capitalize on their growing popularity.

The various distribution channels for e-cigarettes in the country include vape shops, tobacconists, hypermarkets/supermarkets, and online platforms. Among these, hypermarkets/supermarkets, vape shops, and tobacconists accounted for almost 65.0% value share in the South Korea e-cigarette market in 2018.

During the forecast period, online channels will experience the fastest growth as manufactures are increasingly using them to sell their products. As the health effects of such products are still unclear, the national government increased the taxes on e-cigarettes by 117.0% in 2015, making manufacturers look for alternative sales platforms. 

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Chronic Pain Treatment Market being Driven by Surging Geriatric Population

In 2017, the global chronic pain treatment market size reached a value of $69.3 billion and is expected to advance at a 6.4% CAGR during the forecast period (2019–2024). The market is registering growth due to the surging geriatric population, rising prevalence of chronic health conditions, and increasing government support for chronic pain management. The pain that persists in a patient beyond a period of three months is referred to as chronic pain. Chronic pain may limit mobility and reduce stamina, flexibility, and strength in patients.

In terms of indication, the chronic pain treatment market is divided into arthritis pain, cancer pain, fibromyalgia, neuropathic pain, chronic back pain, migraine, and others (which include nociceptive pain and visceral pain). Among these, the neuropathic pain division dominated the market during the historical period (2014–2018) and is projected to grow at a 6.2% CAGR during the forecast period. The reason for this is the rising incidence of neuropathic disorders and surging aging population around the world. Cancer pain is predicted to grow at the fastest pace during the forecast period.

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When product is taken into consideration, the chronic pain treatment market is bifurcated into devices and drugs, between which, the drugs category accounted for the larger share of the market during the historical period because of the growing prevalence of several types of chronic diseases. The category is further classified into non-steroidal anti-inflammatory drugs, antidepressants, opioids, anticonvulsants, and others. The devices category is expected to advance at the faster CAGR of 11.0% during the forecast period and is further classified into analgesic infusion pumps, neurostimulation devices, ablation devices, and others.

The increasing government support for chronic pain management is also among the primary driving factors of the chronic pain treatment market. The national and international government organizations have taken several initiatives in order to increase the awareness and funding for the effective management of chronic pain. For example, the Association for the Study of Pain (IASP) launched an IASP Developing Countries project in January 2018 for increasing pain education and practice in developing countries by providing sufficient grants.

Hence, the market is growing due to the increasing geriatric population, rising government support for chronic pain management, and surging prevalence of chronic health conditions across the globe.

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How growing volumes of big data across the internet is driving machine translation market ?

In 2016, the machine translation (MT) market generated a revenue of $122.3 million and is projected to advance at a 6.7% CAGR during the forecast period (2017–2023). The market is growing due to the rising demand for content localization and increasing volumes of big data across the internet. Machine translation is a process that translates a text from one natural language to another with the help of a computer. In terms of deployment type, the market is divided into cloud and on-premises, between which, on-premises is expected to dominate the market during the forecast period.

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When technology is taken into consideration, the machine translation market is categorized into statistical machine translation (SMT), neural machine translation (NMT), rule-based machine translation (RBMT), and others (which include hybrid machine translation and example-based machine translation). Among these, the SMT category held the largest share of the market during the historical period (2013–2016) and is expected to dominate the market during the forecast period as well. The reason for this is that the technology offers more advantages over other translation technologies in terms of resource requirement, customizability, and community collaboration.

In terms of application, the machine translation market is divided into media & entertainment, military & defense, retail & manufacturing, healthcare & life sciences, IT & telecom services, automotive, electronics, travel & hospitality, banking & finance, legal & law firm, and others (which include learning, advertising & marketing, and energy & utilities). Military & defense accounted for the major share of the market in 2016 and is predicted to dominate the market during the forecast as well, as the sector needs swift translation of high-volume content for communicating with multilingual populations on real-time basis.

Make Enquiry Before Purchase @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=machine-translation-marketThe emerging demand for content localization is a major driving factor of the machine translation market. Companies are witnessing a rising need for localizing their applications, products, and websites. The enterprises across the world are increasingly focusing on meeting the demands of customers outside their local market. Localization helps organizations in communicating with the target market in its language and integrating industry-specific aspects with the specific culture and further develops a local appeal. MT aids in reducing the cost associated with translation and time-to-market and is best referred for content where exact translations are not needed.

Market Dynamics

3.3.1 Trends

3.3.1.1 Continuous technological advancements

3.3.1.2 Combination of TM and MT systems leading to fully integrated workflows

3.3.1.3 Migration of machine translation to cloud services


3.3.2 Drivers

3.3.2.1 Emerging demand for content localization

3.3.2.2 Growing volumes of big data across the internet

3.3.2.3 Impact analysis of drivers on market forecast


3.3.3 Restraints

3.3.3.1 Threat from free translation service providers

3.3.3.2 Lack of quality and accuracy

3.3.3.3 Impact analysis of restraints on market forecast


3.3.4 Opportunities

3.3.4.1 Soaring demand for post editing machine translation (PEMT) services

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Requirement for Reducing Overall Healthcare Cost Driving Ambulatory EHR Market

In 2016, the global ambulatory electronic health record market reached $4.0 billion and is projected to grow at a 5.9% CAGR during the forecast period (2017–2023). The market is registering growth due to the rising usage of EHR solutions, adoption of healthcare intranet technologies (HCIT) and increasing government initiatives, and need for reducing the overall healthcare cost. The electronically stored medical records of patients, which include information about medical care and surgeries that do not require the patient to be admitted in a hospital or non-hospital settings, are called ambulatory EHR.

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In terms of application, the ambulatory EHR market is divided into patient management, referral management, decision support, e-prescribing, practice management, population health management, and health analytics. Among these, the practice management application occupied the largest share of the market during the historical period (2013–2016) and is projected to retain its position during the forecast period. This is due to the several advantages of EHR implementation, such as increased efficiency of day-to-day operations of healthcare practices. E-prescribing is predicted to grow at the fastest pace during the forecast period.

Another factor driving the ambulatory EHR market is the surging need for reducing overall healthcare cost. The shift from traditional data record systems to ambulatory EHR records decreases the cost associated with storing the data. While before the data stored on paper required a lot of care while handling it, now with the introduction of ambulatory EHR, the data can be electronically stored with ease. As per the data published by the University of New Mexico Hospital, the hospital saved over $200,000 annually due to reduced overtime and healthcare cost.

The emergence of cloud-based ambulatory EHR solutions is opening up wide opportunities for the players operating in the ambulatory EHR market. Because of the advent of cloud-based ambulatory EHR solutions, it is possible to keep data secure, safe, and fully accessible regardless of network traffic or time. In addition to this, cloud-based solutions demand fewer IT resources, update automatically, take up less space, and require less capital, which results in cost savings for clinics without needing extra time and more staff members for supporting bulky hardware installations.  

Hence, the market is growing due to the rising need for decreasing overall healthcare cost and increasing adoption of HCIT.

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How is Adoption of Bring-your-own-Device (BYOD) Culture Driving WiGig Market?

Companies are increasingly adopting the bring-your-own-device (BYOD) policy, as it aids in saving operational costs. The policy also provides convenience to the employees, who are more comfortable with working on their own device. However, people carrying their own devices, such as laptops and tablets, need to connect their devices to peripherals, such as mouse and local area network (LAN). In order to eliminate the requirement for individually connecting these devices, businesses are making use of WiGig in docking stations that would connect all computer peripherals. By making use of this technology, employees only need to connect their laptops to the dock. 

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The WiGig technology is a wireless standard designed to provide high wireless speeds and work on an altogether different frequency. Conventional wireless internet makes use of 2.4 GHz and 5 GHz bands, while WiGig makes use of 60G Hz bands for transmitting information. According to a P&S Intelligence report, in 2018, the global WiGig market generated revenue of $1,078.7 million, and it is projected to reach a value of $4,386.1 million by 2024, at a 27.9% CAGR during the forecast period (2019–2024). The two types of WiGig are 802.11ac and 802.11ad, between which, the former was more in demand in 2018.

The two major products which use the WiGig technology are networking devices and consumer electronics. Between these, consumer electronics made more utilization of the WiGig technology in 2018, which is ascribed to the rising requirement for portable consumer electronics that support faster internet services. This is why consumer electronics are predicted to create the largest demand for the technology in the near future as well. The entire WiGig market is driven by two technologies, namely integrated circuits and system on chips (SoC), between which the SoC technology used more in WiGig devices in 2018. This was due to the rising penetration of smartphones in countries including India and China.

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The different industries which make use of WiGig include retail, residential, banking, financial services, and insurance (BFSI), IT & telecom, healthcare, and government. Out of these, the IT & telecom industry is expected to make the most use of WiGig communication in the coming years, while its fastest adoption is predicted to witnessed in the healthcare industry. These solutions are increasingly being used in mission-critical applications in the industry, including telemedicine, cardiac and radiology imaging, and handheld scanners. The expansion of the healthcare industry is further providing opportunities to the companies operating in the domain.

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