Revenue Explosion Predicted in Global Voice Assistant Market From 2020 to 2030

Valued at $1,723.6 million in 2019, the global voice assistant market is predicted to attain a valuation of $26,872.6 million in 2030. The market is also expected to advance at a CAGR of 29.7% from 2020 to 2030, according to the estimates of P&S Intelligence, a market research firm based in India. 

The main factors driving the progress of the market are the soaring requirement of contact centers and the increasing demand for higher customer experience across the world. In many contact centers around the world, voice assistant technology is being increasingly adopted for assisting customers and providing an enhanced customer experience. 

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This technology is basically based on the natural language processing (NLP) technology, that enables interaction between humans and systems and offers real-time query solving to the users. Voice assistants assist contact centers in data gathering regarding customer opinions, purchasing habits and patterns, and preferences. 

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This data is then analyzed with the help of this technology, which subsequently allows businesses to offer customized product recommendations and experience. Additionally, the integration of voice assistant technology in business operations improves the customer engagement levels, which, in turn, enhances the overall customer experience. The customers conducting voice searches expect quick and relevant solutions from the organizations. 

The voice assistant technology analyzes the received input and helps the customers in getting quick answers to their queries, which, in turn, improves the overall customer experience. Furthermore, many companies, across multiple verticals, are increasingly collaborating with various voice assistant solutions providing organizations for enhancing the customer engagement and satisfaction levels. 

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How is Rising Penetration of Internet Driving Medical Device Connectivity Market?

As the penetration of internet is increasing across the globe, almost all industries are taking advantage of internet of things for providing better services to their customers. Similarly, the adoption of connected medical devices in the healthcare industry is growing as well. The demand for improving the quality of care in medical settings is growing as well, since the number of patients is surging all across the globe. In addition to this, there is a pressing need for decreasing healthcare cost, due to which, the demand for enhanced services is increasing.

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Ascribed to these factors, the global medical device connectivity market is expected to advance at a substantial rate in the coming years. Medical device connectivity help in analyzing data, which is important in the healthcare industry due to the growing utilization of telehealth solutions. The demand for medical device connectivity services is predicted to rise significantly in the near future, owing to the growing need for maximum consumption of connectivity solutions by users, surging implementation of healthcare information exchange system, rising regulatory demand for healthcare reforms, and increasing requirement for effective implementation.

Medical device communication also saves time of organizations on lengthy repairs by providing information regarding when preventive maintenance measure need to be taken. Geographically, North America is expected to emerge as the fastest-growing medical device connectivity market in the coming years. This is because of the surging requirement for eHealth solutions, rising funding for advancements in the medical sector, better accessibility to technologies, and rising government focus on the quality of care in the region.

In conclusion, the demand for medical device connectivity is growing due to the need for remote patient monitoring and reducing the cost of healthcare.

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E-Bike Market to be worth $25.9 billion by 2025

The increasing pollution levels caused because of the large-scale usage of conventional fuels-powered vehicles and bikes are making the people switch to eco-friendly modes of transportation such as e-bikes. Additionally, the governments of several countries are increasingly implementing various incentives and policies such as subsidies or discounts on the prices of e-bikes, for promoting their adoption in the transport fleets. For instance, the Swedish government launched a subsidy of up to nearly $1,119 (or 25%) on the purchase of an e-bike for the following three years.

Due to this subsidy, there was a huge rise in the sales of e-bikes in Sweden, from more than 67,000 units to over 100,000 units from 2017 to 2018”. Besides the government subsidies, the increasing road congestion in urban areas and major cities and rising popularity of low-speed electric vehicles such as the pedal-assist e-bikes, especially for traveling short distances are the other major factors fuelling the sales of e-bikes across the world. These pedal-assist bikes also serve as good alternatives to cycling and are thus, becoming very popular amongst the ageing population.

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The above-mentioned factors are predicted to cause the growth of the global e-bike market, in terms of value, from $14.4 billion to more than $25.9 billion from 2019 to 2025, as per the forecasts of P&S Intelligence, a market research organization based in India. The market is also expected to demonstrate a CAGR of 10.3% from 2020 to 2030. E-bikes are mainly used for personal commuting purposes and in bike sharing services and systems. Between the two, the personal ownership of these bikes was observed to be higher in 2019.

Geographically, the North American e-bike market will exhibit the fastest growth over the next few years. This is predominantly credited to the surging popularity of these bikes for short-distance commuting and trekking purposes amongst the people of various North American nations. In addition to this, the adoption of shared e-bikes is increasing at a lightening pace in North America, which is, in turn, boosting the demand for e-bikes in the region.

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Hence, it can be said with conviction that the demand for e-bikes in market will surge all over the globe in the forthcoming years, mainly because of the increasing pollution levels and the rising enactment of favorable government incentives and policies in many countries around the world.

 

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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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