Optical Sensor Market to Witness Growth due to Rising Demand for Consumer Electronics

Various industries which utilize optical sensors are security and surveillance, aerospace &defense, healthcare, automotive, healthcare, building automation, material handling, chemical, manufacturing, consumer electronics, and food & beverages. 

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The consumer electronics industry made the most use of optical sensors in the past, which is owing to the increasing need for energy-efficient tablets, digital displays, smartphones, televisions, and laptops, particularly in the Asia-Pacific (APAC) region, and the fast-changing technology. In addition to this, the growth of the automotive industry is also resulting in the growing adoption of optical sensors.

North America has been a major consumer of optical sensors up till now, which is due to the surging requirement for consumer electronics, growing manufacturing industry, and rising usage of fiberoptic sensors in the oil & gas industry in the region. Apart from this, due to the growing adoption of these sensors, the APAC region is projected to emerge as the fastest-growing optical sensormarket in the coming years. Moreover, the increasing demand for consumer electronics in countries including India and China is also leading to the rise in requirement for optical sensors in the region.

In conclusion, the growing adoption of building automation systems and consumer electronics is resulting in the rising need for optical sensors.

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Coronavirus Business Impact –Call Center AI Market In-depth Analysis of the Global Industry with Future Estimations

The AI-powered systems provide much more improved customer services than the conventionally employed human operators and thus, help in enhancing the customer experience. Moreover, the AI-based systems provide 24*7 assistance and availability which significantly boost customer interaction, the company’s accessibility, and the user experience. Driven by these factors, the valuation of the global call center AI market is expected to increase from $914.5 million in 2018 to more than $2,990.1 million by 2024. The market is predicted to progress at a CAGR of 22.6% during the forecast period (2019–2024).

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The biggest trend currently being witnessed in the call center AI market is the burgeoning adoption of AI enabled chatbots by many organizations. These chatbots incorporate the use of the available information such as the organization knowledge base and frequently asked questions (FAQs) in order to provide enhanced customer service. In addition to this, the chatbots help in resolving customer queries in a much shorter period of time as compared to the human operators. The chatbots can provide customer care services to multiple customers at a single time and this makes them highly useful in large enterprises. 

The technology gathers information over time in order to establish patterns that can be addressed more readily, which make the process in call centers more efficient. AI also has speech recognition abilities, which can help in simplifying the communication between companies and customers, so that questions are answered readily and lead the customer to the right department or personnel quickly.

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Different AI-based technologies which are used in call centers include automatic speech recognition (ASR), NLP, machine learning, video recognition, computer vision, and cognitive computing. Because ASR technology allows customer self-service, creates customer database with accurate insights, optimizes complex process of interactive voice response, and improves quality monitoring, its demand was the highest in the past.

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How Geriatric Population Helps Protein Expression Market Grow?

Proteins have a vast array of functions than just ‘building the body’ as taught to children in school. They speed up several metabolic functions, help the ribonucleic acid (RNA) divide and proliferate, respond to numerous external and internal stimuli, provide cells with the proper structure, and ferry molecules from one site within the body to another. Since people have gained knowledge on how proteins are produced and manipulated within the body, the artificial synthesis of these biomolecules has become possible. The process, which is known as protein expression, is also used to study the proteins themselves, apart from producing them in labs.

Thus, with the increasing research and development (R&D) activities in the disease diagnosis, pharmaceutical, and biotechnology domains, the protein expression market is well on its way to garnering huge revenue in the coming years. The study of proteins is useful for gaining a deeper knowledge on chronic diseases. Many diseases, which are not caused by an external pathogen, such as a fungus, parasite, bacteria, or virus, have genetic causes, mostly a faulty protein. Many long-term diseases, including multiple myeloma and amyloidosis, have abnormal protein as the primary cause.

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Academic research institutes, pharmaceutical and biotechnology companies, contract research organizations, and numerous other types of entities use the products and services provided for protein expression processes. Among these, pharmaceutical companies are predicted to be the largest users of these services and products in the coming years, which is coherent with the fact that among industrial, therapeutic, and research, therapy would be the largest application area of protein expression. With the increase in the incidence of chronic diseases, especially CVDs and cancer, which carry an annual mortality of 17.9 million and 9.6 million, respectively, as per the World Health Organization (WHO), drug development activities are rising fast.

Presently, the most productive protein expression market has been North America, as a result of the high prevalence of chronic diseases here. The Centers for Disease Control and Prevention (CDC) says that six in every 10 adults in the U.S. have a chronic health condition, while four in ten have at least two. Moreover, the continent is home to numerous critically acclaimed medical research centers and globally operating pharma companies, which are increasing adopting the protein expression technique for medical research, and drug discovery and mass production.

Hence, on account of the rising chronic disease prevalence and desire of the medical fraternity to understand the role of proteins here, these biomolecules will continue being artificially manufactured and analyzed.

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Air Ambulance Services Market Business Revenue Forecast (COVID19 Impact): Industry Growth, Size & Future Scope

As the number of vehicles on roads is growing, the prevalence of road crashes across the globe is also surging. There can be no doubt about the fact that the number of people owing private vehicles is quite higher than it was 10 years ago or even 5 years ago. This has resulted in the lowering of safety on roads. As per the World Health Organization, about 1.35 million people die every year because of road traffic crashes. About 20–50 million people suffer from non-fatal injuries, resulting in disability. In addition to this, these crashes cost various countries 3% of their gross domestic product. 

Attributed to these factors, the global air ambulance services market is predicted to reach a value of $15.9 billion by 2030, rising from $8.9 billion in 2019, advancing at a 5.4% CAGR during the forecast period (2020–2030). Fixed-wing and rotary-wing are the two aircraft types that are utilized for providing air ambulance services. Between these two, the demand for rotary-wing aircrafts or helicopters was higher in the past. Most of the patient transportation services take place for medium and short distances, within the city or state boundaries in a country. Characteristics including smaller landing and take-off area and hovering capabilities of these aircrafts is also leading to their rising demand. 

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Geographically, North America has been the largest air ambulance services market in the past, which is particularly attributed to the presence of a number of companies that provide air ambulance services, covering a large number of states in the region. Furthermore, the region already as associated infrastructure for these services and the high per capita income of people make these services more affordable. Apart from this, the adoption of air ambulance services is also expected to rise considerably in the coming years due to the rising prevalence of cardiovascular diseases in countries including India and China. 

Hence, the need for air ambulance services is increasing because of the surging number of road traffic crashes.   

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Global Carrier Screening Market Size Expected to Progress at a 10.9% CAGR in Near Future

The rising incidence of genetic diseases is one of the biggest factors responsible for the surge in the adoption of carrier screening processes across the world. The risk and severity of most of the genetic diseases depend on the patient’s ancestors and carrier status. The American College of Obstetricians and Gynecologists recommends the testing of all pregnant women and those considering motherhood in future in order to detect early the risk of various diseases such as fragile X syndrome, spinal muscular atrophy (SMA), and cystic fibrosis.

Due to the above-mentioned factors, the global carrier screening market size attained a valuation of $1,303.6 million in 2019 and is expected to exhibit a CAGR of 10.9% during the forecast period (2020–2030). There are mainly two types of carrier screening methods used for detecting genetic diseases — expanded carrier screening and targeted carrier screening. Of these, the expanded carrier screening method recorded higher utilization in 2019. This is ascribed to the fact that this method of carrier screening makes it possible to test for multiple diseases at the same time.

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One of the major trends currently being witnessed in the carrier screening market is the increasing acquisition of smaller organizations providing solutions for carrier screening tests by the larger biotechnology companies. For instance, Quest Diagnostics Inc. announced its acquisition of a specialist genetic testing solutions company called Blueprint Genetics in January 2020, in order to attain expertise in pharmaceutical drug research and development (R&D), rare genetic diseases, and in the various methods of improving patient care.

Globally the Asia-Pacific (APAC) region is expected to observe the fastest growth in the utilization of carrier screening methods during the forecast period. This is mainly credited to the soaring awareness amongst the masses about genetic screening tests in China, Australia, and India and the rising concerns amongst the people about the health and well-being of their future children. In addition to this, the high occurrence rate of genetic diseases in the various densely populated countries of APAC such as China and India will further propel the demand for carrier screening procedures in the region in future.

Thus, the demand for carrier screening procedures will grow exponentially across the world, especially in the APAC region, in the coming years, on account of the rising prevalence of genetic diseases and increasing awareness amongst the people about genetic screening tests.

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ASEAN Air Compressor Market to Register 3.6% CAGR during 2019–2024

The countries in Association of Southeast Asian Nations (ASEAN) are registering economic growth and infrastructural development, due to which the construction industry is growing at a swift pace. The combines value of mega-projects across ASEAN stood around $3 trillion, as of 2018. Some of the major contributors to this amount are Singapore, Thailand, Philippines, Malaysia, Indonesia, and Vietnam. 

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In addition to this, a number of infrastructural projects are in the pipeline in Malaysia under ‘Eleventh Malaysia Plan’, which includes the construction of mass rapid transit, highways, water treatment plants, electricity power plants, and light rail transit.

Because of this robust growth of the construction sector, the demand for air compressors in the ASEAN region is growing rapidly, as they are widely utilized in a number of applications in the industry. Generally speaking, compressors are mechanical devices which are utilized for increasing pressure in a variety of compressible gases or fluids, air being the most common of them. 

Apart from the construction industry, air compressors are used in textile, power, food & beverage, industrial manufacturing, automotive, heating, ventilation, air conditioning, and refrigeration (HVAC-R), oil & gas, and chemical & cement sectors as well. The industrial manufacturing sectors accounted for the major demand for air compressors in the past, which is ascribed to the high industrial growth in the Philippines, Indonesia, Malaysia, and Thailand. 

In the construction industry, these devices are utilized in the development of tunnels, highways, subways, bridges, and ports construction. According to a P&S Intelligence report, in 2018, the ASEAN air compressor market reached a value of $902.9 million and is expected to progress at a 3.6% CAGR during the forecast period (2019–2024).

Positive displacement and dynamic are the two types of air compressors, between which the positive displacement variants were more in demand in 2018. This is because of the rising requirement for these devices from industrial manufacturing and food & beverages sectors.

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15.9% CAGR Expected in Global Automotive Lithium-Ion Battery Market During 2019—2024

One of the major factors fuelling the rise in the requirement of automotive lithium-ion batteries is the increasing adoption of electric vehicles (EVs) all over the world. As per the International Energy Agency (IEA), the number of electric cars in the world increased from 2.0 million in 2017 to more than 5.1 million in 2018. Moreover, the utilization of electric vehicles is expected to further surge in the coming years, on account of the increasing pollution levels and massive fluctuations in oil prices across the world.

The increasing number of incentives and financial benefits being provided on the purchase of electric vehicles by the governments of many countries in order to promote the adoption of these vehicles is another important factor pushing the demand for automotive lithium-ion batteries across the globe. Due to these factors, the revenue generated from the worldwide sales of automotive lithium-ion batteries is expected to increase from $24.2 billion to more than $74.3 billion from 2018 to 2024. The global automotive lithium-ion battery market is predicted to advance at a CAGR of 15.9% during the forecast period (2019—2024).

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Hence, it can be said with full surety that the sales of automotive lithium-ion batteries will increase significantly all over the world over the coming years, due to the rising adoption of electric vehicles in several countries and the presence of favorable government policies and regulations for the usage of electric vehicles in many countries all around the world. 

The research offers market size of the global automotive lithium-ion battery for the period 2014–2024.

Market Segmentation by Vehicle Type

·         Two-Wheeler

o    Bike

o    Scooter/ Motorcycle

o    Kick scooter

·         Passenger Car

o    Hatchback

o    Sedan

o    Sports utility vehicle (SUV)

·         Commercial Vehicle

o    Bus

o    Truck

Market Segmentation by Battery Type

·         Lithium-Iron Phosphate (LFP)

·         Lithium-Manganese Oxide (LMO) 

·         Lithium-Nickel-Manganese-Cobalt (NMC)

·         Lithium Titanate Oxide (LTO)

·         Lithium-Nickel-Cobalt-Aluminum Oxide (NCA)

Market Segmentation by Vehicle Technology

·         Hybrid

·         Plug-in Hybrid

·         Fully Electric

Market Segmentation by Structural Design

·         Cylindrical

·         Prismatic

·         Pouch

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