How is Global Warming Contributing to Surge in Global Chiller Market?

Due to the surge in the global temperature, on account of air pollution, the demand for chillers is expected to increase significantly in the coming years. The increasing release of greenhouse gases into the earth’s atmosphere is causing a huge surge in the absorption of infrared energy released from the surface, by the atmosphere, which is, in turn, increasing the overall temperature.

According to the National Aeronautics and Space Administration (NASA), the global average temperature increased by 0.90 °Celsius from the 1951–1980 period to 2017.

Powered by the above-mentioned factors, the global chiller market generated revenue of $7.1 billion in 2018, and it is expected to attain a value of $9.5 billion by 2024. The market is also predicted to advance at a CAGR of 4.9% during the forecast period (2019–2024). 

Chillers are widely used in various residential, commercial, and industrial settings for cooling purposes. Amongst these, commercial spaces recorded the highest use of chillers in 2018, which was mainly due to the rising construction activities in the transportation and hospitality sectors.

The increasing demand for cooling equipment in various industrial applications is another factor boosting the need for chillers across the world. In industries, chillers are primarily used for the controlled cooling of factory machinery and products. 

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In addition to this, these devices are also used in chemical processing, pharmaceutical formulation, food and beverage processing, paper and cement processing, welding, power supplies, X-ray diffraction, and power stations. The increasing construction activities across the globe, on account of the rising infrastructural development projects and upcoming sporting events, are the other major factors pushing the demand for chillers throughout the world.

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How is Rising Need for Customer Engagement Fuelling Growth of Global Gamification Market?

The biggest factor responsible for the surging demand for the gamification technology is the soaring number of measures and efforts by several companies aimed at enhancing their engagement with customers. This is achieved by using the gamification technology in product exploration, interactive communication (which offers users useful features such as frequently asked questions or FAQs), game-based marketing, and loyalty programs. In addition to this, gamification encourages the customers to make more purchases and refer the brand to others, by offering various features such as reward-based promotions, progress indicators, personalized avatars, and loyalty programs.

The other major factor pushing the popularity if this concept is its increasing integration with social media, in order to connect better with the customers and offer them a personalized experience. Driven by these factors, the global gamification market size is expected to grow from $7,841.5 million in 2019 to $76,298.9 million by 2030, demonstrating a CAGR of 24.2% during the forecast period (2020–2030). There are two ways through which the gamification technology is deployed — cloud and on-premises. Of these, the cloud-based deployment recorded higher implementation in 2019, owing to the huge demand for configurable gamification platforms.

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The biggest trend presently being witnessed in the gamification market is the increasing focus on monitoring level progress, mainly on account of the ballooning efforts of the companies for improving customer engagement and employee performance. This is achieved by implementing activity feeds, in-house competitions, and progress bars that help businesses in monitoring and boosting the performance of their employees. Similarly, the customer–brand engagement is enhanced with the help of virtual gifts, avatars and storytelling, and virtual currencies.

Geographically, North America recorded the highest adoption of the gamification technology in 2019, and this trend is expected to continue during the forecast period. This is ascribed to the surging investments in the IT sector, increasing requirement of gamification solutions equipped with artificial intelligence (AI), rising focus of companies toward higher employee performance and customer engagement, and earlier implementation of this technology in this region. Asia-Pacific (APAC) is predicted to register the fastest growth in the adoption of the concept in years to come, owing to the mushrooming sales of smartphones and rising rate of digitization in this region.

Therefore, it can be concluded that owing to the rising need for higher customer engagement and employee performance, among numerous companies, and increasing requirement for enhanced brand popularity across the globe, the demand for the gamification technology is expected to surge in the coming years.

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How is Growing Adoption of Electric Buses Driving Electric Bus Charging Station Market?

Achieving sustainable living is a major concern at the present time across the globe. The utilization of alternative sources for generating energy instead of fossil fuels is one of the primary ways by which sustainability can be achieved. Because of this, electric vehicles are gaining traction around the world as more and more people are becoming aware regarding the degradation of the environment. While electric scooters and cars have been around since a while now, the concept of electric buses is fairly new. The adoption of electric buses in public transport fleet started in China, however, now several other countries are increasingly introducing electric buses for public transport.

At the present time, about 400,000 electric buses are in operation across the globe. This number is further projected to increase in the coming years, which will result in the growing need for electric bus charging stations worldwide. According to a P&S Intelligence report, in 2018, the global electric bus charging station market reached a value of $6.6 billion and is projected to generate revenue of $12.3 billion by 2025, advancing at a 9.7% CAGR during the forecast period (2019–2025). Two types of chargers for electric buses are on-board and off-board.

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Recently, the requirement for ultra-fast charging stations has risen rapidly in order to decrease down the weight of the bus and reduce the charging time. These charging systems allow the power to be fed from the supply to the load in a cordless technique, which can further be charged flexibly in both static and dynamic ways. In addition to this, ultra-fast charging systems improve the performance of electric vehicles significantly as compared to the traditional plug-in chargers, which is why a number of companies around the world are focusing on the development of this type of electric charging for decreasing the effective bus charging time.

As mentioned above, China being the largest user of electric buses, Asia-Pacific is the largest electric bus charging station market and not North America. China accounts for about 99% of the total electric buses which are sold across the globe. This is creating a surging need for related infrastructure including bus charging stations in the country. In addition, the government in China has taken the initiative for installing 500,000 new public charging station 2015–2020 in order to further increase the adoption of electric buses.

Hence, the demand for electric bus charging stations is growing because of the rising adoption of electric buses.

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Business impacts of COVID-19 on Virtual Fitting Room Market. Strategies of Major Industry Competitors

The way people shop has changed drastically in the past few years, thanks to technological advancements. While, a few years back, people needed to make trips to shopping complexes if they wanted to buy anything, today, they can open up their laptops and computers and get whatever they need with just clicking on a few buttons.

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Online shopping trend has now become an important part of people’s lives, and thus, the e-commerce industry is growing rapidly. The e-commerce platform was responsible for $2.3 trillion in sales in 2017, and the number is predicted to double up to $4.5 trillion by 2021. Furthermore, it has been estimated that by 2040, 95% of purchases will be made online.

Now, the major point of technology is to make the lives of human beings as easy and as comfortable as possible. While shopping online has become quite normal for most people, some problems related to the technology still persist. For example, say a person buys clothes online but they don’t look good when they are delivered and tried upon.

Now, the person will have to go through the hassle of returning the clothes, wait for the refund, and buy something else. In order to deal with such issues, the technology of virtual fitting rooms has been developed.

With this technology, people can try on things on a virtual platform before they buy it, and with the rapidly expanding e-commerce industry, the virtual fitting room market is also predicted to grow at rapid pace in the years to come. Other than e-commerce platforms, virtual fitting rooms are also used in physical stores, which, in fact, made the larger use of this technology in the past.

In the near future, however, different e-commerce platforms are also projected to make considerable usage of this technology, owing to the increasing consumer preference for these platforms, as they are time efficient.

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How is Adoption of Electronic Health Records (EHR) Driving Big Data Analytics in Healthcare Market?

The rise in the demand for financial analytics is one of the major factors causing the surge in the need for big data analytics in the healthcare sector across the globe. Financial analytics offers healthcare companies greater visibility into the various factors responsible for revenue generation and thus helps them in reducing their operational costs. In addition to this, big data analytics makes use of sophisticated software technologies, such as specialized billing process and knowledge, in order to monitor and keep track of the claims processed and revenue generated from different operations.

Due to the above-mentioned factors, the big data analyticsin healthcare market size attained value of $7.0 billion in 2017, and it is predicted to garner revenue of $22.7 billion by 2023, demonstrating a CAGR of 21.8% during the forecast period (2018–2023). There are two ways by which big data analytics solutions are deployed by healthcare companies — on-demand and on-premises. Of these, the solutions deployed on-premises recorded higher use in 2017, owing to their ability to provide enhanced data security and greater control over the software and hardware.

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Geographically, the North America healthcare sector registered the highest use of big data analytics in 2017. This is primarily ascribed to the rising penetration of internet of things (IoT) and artificial intelligence (AI) in the healthcare sector, which is itself booming in the region. The big data analytics in healthcare market is expected to observe the most rapid advance in the Asia-Pacific (APAC) region in the near future, mainly due to the soaring investments in healthcare information technology (IT) infrastructure and increasing need for better healthcare solutions in several countries in the region.

The other major factor fuelling the adoption of big data analytics is the rising usage of electronic health records (EHRs) by both private and public healthcare centers, primarily on account of various government initiatives and incentives. The governments of several countries have set up regulatory organizations, including the National ehealth Authority in India, dedicated to developing rules and standards for EHR and ensuring uniformity in them. Furthermore, EHR is enabling healthcare organizations to predict unexpected patient readmissions and inpatient mortality, improve patient care, and reduce duplicate tests.

Therefore, owing to the rapid developments in technology and its increasing integration in the healthcare sector, the demand for big data analytics solutions in healthcare is expected to grow to a considerable extent in the coming years.

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Why Government Efforts are Important for South American IoT Market Advance?

One of the predominantly developing regions of the world, South America is rapidly embracing technological advancements. Governments of regional countries as well as private companies are increasing their investments in the development of information technology (IT) infrastructure, with the aim to enhance the communication network. The reach of the radio-frequency identification (RFID), near-field communication (NFC), artificial intelligence, robotics, and low-power wide-area network (LPWAN) technologies is expanding in the continent, which is resulting in the deployment of internet of things (IoT) solutions.

Therefore, with improvements in IT infrastructure, the South American IoT market, which valued $3,258.3 million in 2017, is expected to mushroom to $19,407.1 million by 2023, at a 35.0% CAGR during the forecast period (2018–2023). The IoT ecosystem primarily consists of sensor-based devices that are able to transmit data across the internet, without human intervention. Because of being connected, many of these devices can also be controlled remotely, for instance via a smartphone app.

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For IoT to work properly, establishing a sound telecommunication network is the first step, which is why the focus on increasing the penetration of 5G in the region is high. This is encouraging an increasing number of start-ups to enter the region and work on the advancement of 5G. Once in place, the high-speed internet connection and IoT technology are expected to result in considerable progress in the setting up of smart cities in the region, which would drastically change the way resources are consumed.

Being the most developed country in the region, Brazil is projected to be South American IoT market in the coming years. This would be a result of the increasing efforts of its government to implement the technology and a growth in its agriculture sector. For instance, the Intelligent Brazil program, implemented by its government, is aimed at providing internet access and developing IoT, artificial intelligence, and smart cities. Other reasons for the surging deployment of IoT in Brazil would be the increasing awareness of people about the concept, rising disposable income, and accelerating rate of urbanization.

Hence, with economic growth and heavy investments in technological advancements, the uptake of IoT solutions would escalate in South America.

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How is Rising Urban Road Congestion Driving Smart Parking Systems Market?

It is true that the advent of vehicles and numerous advancements in the automobile industry has had countless positive effects, but vehicles these days are also causing a number of problems. As the disposable income of people has increased in various countries, owing a car stopped being a luxury since more than a decade. This has resulted in an alarmingly high number of vehicles on the roads, which further causes road congestion. Unorganized and inadequate parking spaces are also among factors which cause road congestion. As per industry experts, about 30.0% of the traffic congestion is on account of search for parking spaces.

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People violating parking rules and parking their vehicles incorrectly further add to this problem. Because of all these factors, the demand for smart parking systems is growing rapidly. Smart parking basically refers to solutions such as smart parking sensors, counting sensors, or cameras, which are embedded into parking spots in order to detect whether a parking space is free or occupied. The data is collected in real-time and is transmitted to smart parking mobile application that lets the user know about the availability of the space in a parking area. 

The global smart parking systems market is predicted to generate a revenue of $9.1 billion in 2024, from $3.4 billion in 2018, registering a 16.1% CAGR during the forecast period (2019–2024). Smart parking systems help to park a car on both on-street and off-street parking sites. Off-street smart parking systems help in facilitating an easy pay-and-park process for both long and short durations, due to which off-street parking is more in demand. Hardware, service, and software technologies are offered under smart parking solutions.

As smart cities are integrated with all kinds of connected technologies to make things more convenient for people, smart parking systems are bound to be a part of these cities. The major focus of smart cities is to offer managed operations to the residents and connected and advanced transportation facilities are a key component for accomplishing that. Smart parking solutions allow drivers to access real-time information regarding the availability of parking spots, before they set off on their journey. Considering these advantages, the smart parking systems market is expected to grow significantly in the coming years along with the development of smart cities.

Hence, smart parking systems are gaining popularity as they have the ability to tackle the problem of growing traffic on roads.

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