Enterprise Asset Management Market Analysis, Post Covid-19 Impact | Potential Business Impacts for Key Players

One of the major driving factors of the Enterprise Asset Management Market is the surging adoption of EAM for efficient utilization of assets. The organizations make use of asset turnover ratio, which is the ratio of sales and price of assets, for the calculation of company’s productivity and efficiency. Hence, in order to increase the ratio, the company simply needs to grow its sales as compared to the price of its assets. The utilization of EAM enables the decision-makers to compare expected billing amounts and invoice and detect unusual activity to prevent fraud and reduce waste.

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Another factor driving the EAM market is the rising need for reduction in management and procurement expenses. EAM solutions and services can reduce maintenance costs by giving better information on capital investment decisions, closely tracking operation, and integrating the procurement to maintenance jobs for effective control of equipment. Furthermore, EAM aids in reducing operation costs by decreasing procurement of material cost, increasing project return on investment, and reducing maintenance cost. Because of these factors, businesses are optimizing their operating costs by making use of EAM software.

A major trend being observed in the EAM market is the rising integration of internet of things (IoT) with EAM solutions. IoT devices are increasingly being utilized in EAM for providing real-time data to the EAM system, which provides significant insights to the user. Because of this, the businesses can maintain, manage, and supervise their assets in real-time. Moreover, integration of IoT with EAM provides potential process control modifications, identification of performance non-conformities, and repair as well as replacement opportunities.

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This market research report provides a comprehensive overview of the AR and VR market

• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders

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Hybrid and Electric Vehicle Battery Market to Grow because of Technological Advancements

As more and more people are becoming aware regarding the negative impact of petroleum and diesel-based vehicles on the environment, the adoption of electric vehicles (EV) is rising. In addition, governments of different countries are playing a significant role when it comes to encouraging the adoption of electric vehicles by offering tax rebates, subsidies and grants, and other such financial benefits to people who purchase electric vehicles. In 2019, 3,269,671 units of electric vehicles were sold, and the number is predicted to reach up to 26,951,318 units by 2030. The market for electric vehicles is expected to grow at a 21.1% CAGR during 2019–2030. 

The hybrid and electric vehicle battery market is predicted to grow a significant pace in the years to come. The two major types of batteries which are used in EVs are nickel-metal hydride (NiMH) and lithium-ion (Li-ion). The larger demand in the coming years is predicted to be created for Li-ion batteries, which is majorly attributed to the lesser weight, greater energy density, and declining prices of these batteries. Furthermore, the shift toward lithium-nickel-manganese-cobalt oxide batteries is also rising because of the growing demand for electric passenger cars which can be driven for longer distance on a single charge. 

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When geographic scenario is taken into consideration, the Asia-Pacific (APAC) region is projected to emerge as the largest hybrid and electric vehicle battery market in the near future instead of North America. This is particularly ascribed to the presence of a large number of battery producers in Japan, China, and South Korea, thereby resulting in the low prices of batteries in APAC as compared to other regions. In addition to this, the availability of essential raw materials, including cobalt and lithium, in the region is also positively affecting the domain. 

Hence, the demand for electric vehicle batteries is rising because of the technological advancements in Li-ion batteries and growing adoption of EVs.  

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What are Major Factors Fuelling Growth of Global Hospital/Medical Vending Machines Market?

Due to the rapid technological innovations and increasing adoption of internet of things (IoT) in the healthcare industry, the popularity of connected devices is rising rapidly, which is in turn, boosting the sales of hospital/medical vending machines across the world. Many medical vending machines producing companies are increasingly focussing on developing vending machines which can be connected with the mobile devices and subsequently offer a wide range of menu options to the customers. The easy availability of vending machines providing the facility of digital payment is another important factor responsible for their rising sales across the globe.

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The increasing investments being made by the governments of many countries for promoting the utilization of medical vending machines is another major factor fuelling their rising adoption throughout the world. For example, the Indian Government has made huge investments for the procurement of hospital/medical vending machines in order to reduce the out-of-pocket spending of patients and their waiting time in hospitals and other healthcare settings. Furthermore, the vending machines producing companies in India are increasingly developing many drug vending machines for use in the government hospitals for various chronic diseases such as diabetes and blood pressure.

The availability of vending machines having several advanced features such as energy saving features is another major factor propelling the sales of these machines all over the world. Due to these factors, the global hospital/vending machines market is expected to exhibit huge expansion in the forthcoming years.   In many countries, there has been a huge rise in the incorporation of advanced technologies in the hospital/medical vending machines such as liquid crystal display (LCD) touchscreens and digital payment facilities.

Therefore, it can be said with full confidence that the sales of hospital/medical vending machines will skyrocket all over the world in the coming years, mainly because of the increasing healthcare spending, improving healthcare infrastructure, and rapid technological developments and adoption of advanced technologies such as IoT in the healthcare industry.

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Rising Minimally Invasive Treatment Volume To Boost MEA Energy-Based Aesthetic Devices Market

The medical tourism industry in developing countries, including India and nations in Middle East and Africa (MEA), is advancing at a rapid pace. The major reasons for the growth of the industry are rapid globalization, increasing disposable income, and rising awareness regarding alternatives to surgical aesthetic treatments. People from developed countries, including Australia, the U.K. and the U.S. have been travelling to countries in the MEA region for seeking medical treatment, as they get cost-effective treatment in these countries. This, along with the increasing focus on physical appearance, is resulting in the increasing demand for energy-based aesthetic devices in MEA.

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As per a report by P&S Intelligence, the MEA energy-based aesthetic devices market is expected to attain a value of $129.4 million by 2024, increasing from $87.6 million in 2018, progressing at a 6.9% CAGR during the forecast period (2019–2024). Different types of energy-based aesthetic devices on the basis of technology are light-based, laser-based, ultrasound-based, electromagnetic energy-based, plasma-energy based, suction-based, and cryolipolysis. Out of all these, the demand for laser-based devices was the highest in the past, which is due to the increasing awareness regarding safety levels of these devices as compared to other types of treatments.

In addition to this, the surging prevalence of skin diseases and growing number of dermatology and cosmetic clinics are also leading to the growing demand for these devices. Geographically, Saudi Arabia emerged as the largest MEA energy-based aesthetic devices market in the past and is further predicted to make the most use of these devices in the coming years as well. This is majorly attributed to the surging consciousness regarding health and appearance among the people. Moreover, the expanding medical tourism industry in the U.A.E. is also expected to lead to the increasing need for these devices in the country.

Hence, the increasing consciousness about appearance and growing medical tourism industry are driving the demand for energy-based aesthetic devices in MEA.   

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Conversational AI Market Growth Rate, Developments In Major Areas, Market Size, Dynamics, Opportunities, & Forecast With Demographic Data Till 2024

There are two ways in which conversational AI solutions are deployed, namely cloud and on-premises. Of these, the conversational AI solutions deployed through cloud recorded higher demand in 2018, and this deployment method is expected to remain more popular in the coming years. This is primarily attributed to the ballooning demand for scalability and easier maintenance features and 24*7 services offered by these solutions.

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Furthermore, many major companies are adopting cloud-based solutions for increasing their operational flexibility and reducing their operational costs. Coherent with these facts, the biggest phenomenon currently being observed in the conversational AI market is the mushrooming implementation of chatbots, as well as IVA, in various healthcare applications.

Geographically, the highest demand for conversational AI market share has been witnessed in North America in the last few years, and the next few years will witness a similar situation. For instance, a Maharashtra-based online shopping website, called Try and Buy Fashion, patented a software in 2019 that would design a virtual trial room for online shoppers.

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The main factors pushing the demand for these solutions in North America are the swift technological innovations taking place in the region, the presence of major companies, such as Microsoft Corporation, International Business Machine (IBM) Corporation, Google LLC, and Oracle Corporation, offering conversational AI solutions, and the increasing government measures to support to the development of AI-based technologies.

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How is Rising Prevalence of Infectious Diseases Driving Hand Sanitizer Market?

Washing hands before eating or after coming from back home from outside is considered to be traits of a well-mannered person. The practice is, of course, related to maintaining good hygiene, since it is through one’s hands that a number of communicable diseases spread. Because of this, it is advisable for people to wash their hands frequently, to make sure that the germs from their hand don’t transfer to the body. Now with the surging pollution all across the globe, the need for keeping hands clean has risen significantly. However, it is quite impossible to carry a soap everywhere, which is why people are increasingly adopting hand sanitizers.

Such products effectively kill pathogenic microorganisms on the hands and palms, due to which the hand sanitizer market is witnessing rapid growth. Most of the infectious diseases spread through contaminated water, and if the hands are not cleaned after coming in its contact, pathogens can be transmitted inside the body, after the unclean hands come in contact with mouth and eyes. Some of the most common and often-deadly diseases that are caused by contaminated water include salmonella, typhoid, E. coli, gastroenteritis, dysentery, hepatitis A, giardia, and cholera.

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Other than this, hand sanitizers are extensively utilized in different hospital settings, which is another reason for the growth of the hand sanitizer market. Even before coronavirus, hand sanitizers were common products in hospital settings, as in medical facilities, the chances of a healthy person contracting a disease is quite high. Furthermore, doctors need to follow strict mandates of sanitizing their hands after every physical check-up or surgery. As per the Centers for Disease Control and Prevention (CDC), one in every 31 hospital patients records a hospital-acquired infection every day in the U.S.

The awareness regarding the usage of hand sanitizers is growing rapidly on account of coronavirus, and more people are making their use to stay safe, when they are out of their houses. Apart from this, with the surging number of COVID-19 patients every day across the globe, hospitals, both permanent and temporary, are being built everywhere. Moreover, hotels and college dormitories are also being told to install isolation rooms and purchase other essential products, in order to quarantine patients until they are recovered, because of the shortage of beds in hospitals.

Attributed to these reasons, the requirement for cleaning and sterilizing products, including hand sanitizers, is expected to grow considerably.

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Virtual Mobile Infrastructure Market Growth Rate, Developments In Major Areas, Market Size, Dynamics, Opportunities, & Forecast

Presently, the enterprises are looking for different ways to enhance efficiency and productivity of their employees with the help of technological advancements. Organizations have started implementing bring-your-own-device (BYOD) policy due to the rising demand for mobility in the workplace. The policy enables the employees to carry their own devices, such as tablets, laptops, and smartphones, to the workplace and use these devices to access confidential company information, application, and other company resources. The implementation of this policy further helps the organizations to reduce IT expenditure and IT setup time. Because of the increasing implementation of BYOD, organizations are also using virtual mobile infrastructure (VMI) to provide remote access to company resources from any device. 

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A platform which allows enterprises to host corporate apps and data within a secure mobile operating system on centralized servers is referred to as virtual mobile infrastructure. As the platform provide remote access to an organization’s resources, no data is stored on employee’s devices, thereby reducing the chances of data theft. As per a report by P&S Intelligence, in 2018, the global virtual mobile infrastructure market attained a value of $115.8 million and is projected to reach $194.3 million by 2024, witnessing a 9.7% CAGR during the forecast period (2019–2024). Both platform and services are provided to enterprises under this domain. 

The different industries which make use of VMI are government, banking, financial services, & insurance (BFSI), healthcare, and information technology (IT) & telecom. Out of these, the BFSI sector created the largest demand for VMI during 2014–2018 as VMI solutions provide access to sensitive client transactional data from both privately owned and company owned devices while making sure that maximum security is complied with according to the global financial services regulations. Data leaks lead to financial losses and also negatively affect the company’s reputation, which is why different financial services institutes are utilizing VMI. Due to these factors, the industry is further predicted to created the highest demand for VMI during the forecast period. 

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Among the different region, namely Asia-Pacific (APAC), North America, Europe, and Rest of the World, highest demand for VMI was created by North America during 2014–2018 and the situation is projected to remain the same in the coming years as well. This is because of the developed IT infrastructure, rising internet penetration, technological advancements, growing number of smartphone users, and developed healthcare, BFSI, and It & telecom industries. The fastest growth in demand for VMI is expected to be witnessed by the APAC region during the forecast period, owing to the rising penetration of smartphones and increasing number of data breaches.

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