Speech Analytics Market Growth Rate, Developments In Major Areas, Market Size, Dynamics, Opportunities, & Forecast With Demographic Data Till 2030

In today’s competitive world, companies are finding it difficult to engage customers for the long-term. Due to many choices available to customers, it is being observed that they are no more brand loyal. Despite being provided with a better price and product quality, customers prefer buying products from competitors, if they face any service-related problems. Therefore, customer satisfaction, in terms of product-quality, pricing, and customer services, has become a major focus area for all businesses.

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Valuing $1,010.4 million in 2018, the speech analytics market is predicted to garner $2910.1 million, advancing a 19.9% CAGR in the coming years. The applications of the speech analytics software are risk & compliance management, agent performance monitoring, call monitoring, and customer experience management.

To enhance customer experience, companies are working to improve the customer retention rate and new customer acquisition process for higher product sales. One of the ways employed by business entities is the adoption of speech analytics software that helps in the monitoring and analyzing of all the attended calls.

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The software helps organizations evaluate the responses by agents as well as keep a track of changing demands of customers and gauge their level of satisfaction.Speech analytics software reviews and analyzes live customer calls and recordings to draw an analysis of overall customer experience, and help organizations in devising strategies for enhancing customer experience.

In 2018, the largest application area of this software was customer experience management. In fact, in the near future as well, it will continue being the largest application area of speech analytics software. This can be attributed to the rising need for the evaluation of the overall customer experience and further predict the customer satisfaction score to help companies improve their product and services sales.

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What are Key Factors Fuelling the Surge of Indian Advanced Driver Assistance Systems (ADAS) Market?

One of the biggest factors propelling the demand for advanced driver assistance systems (ADAS) in India is the rising incidence of road accidents in the country. Since the last few years, there has been a massive surge in the prevalence of road accidents and fatalities in the country, which have consequently boosted the need for the installation of ADAS in vehicles in order to improve vehicular safety. The Government of India (GOI) intends to make the integration of ADAS in passenger vehicles mandatory by 2022, in order to reduce the incidence of road accidents in the country.

The other important factors responsible for the surge in the demand for ADAS in India are the soaring disposable income of people and the increasing demand for vehicles equipped with automated artificial intelligence (AI)-driven systems. Nowadays, people are preferring vehicles equipped with various types of advanced systems, mainly on account of their higher purchasing capability and the rapid technological advancements in the automotive sector. Driven by these factors, the Indian advanced driver assistance systems market is predicted to witness rapid growth during the forecast period (2020–2030).

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There are multiple types of advanced driver assistance systems incorporated in vehicles — drowsiness monitoring system (DMS), adaptive cruise control system (ACCS), tire-pressure monitoring system (TPMS), blind spot detection system (BSDS), adaptive front-lighting system (AFLS), lane departure warning system (LDWS), parking assist system (PAS), and various other types of driver monitoring and night vision systems. Amongst these, BSDSs and ACCSs are predicted to observe wide-scale adoption in vehicles during the forecast period. The AFLS is anticipated to register the fastest growth in demand during the forecast period. 

There are different types of sensors used in the advanced driver assistance systems, namely infrared sensors, image sensors, radar sensors, ultrasonic sensors, laser sensors, and light detection and ranging (LiDAR) sensors. Out of these, the LiDAR sensors are predicted to record the highest growth in demand during the forecast period. In addition to this, the radar sensors are expected to register the highest sales amongst the different types of sensors, during the forecast period. 

The biggest trend currently being observed in the Indian ADAS market is the increasing number of technical collaborations amongst the major automobile and ADAS manufacturing companies. These collaborations are being formed mainly in order to meet the surging technology demands in the country. Moreover, the rapid technological advancements are significantly boosting the need for enhanced safety and comfort features in vehicles, which is in turn, propelling the demand for vehicles equipped with ADAS, in the country. For instance, Mando Corp. signed a contract for the supply of ADAS, with Mahindra & Mahindra Ltd. in April 2019. 

Hence, it is clear that owing to the increasing prevalence of road accidents in the country and the rising disposable income of the people, the demand for ADAS is expected to shoot-up in India over the next few years.

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What are Major Factors Fuelling Surge of Global Organ-On-Chip Market?

 One of the biggest factors propelling the demand for organ-on-chip is the increasing number of investments being made in research by the governments of several countries all around the world.  For instance, the National Center for Advancing Translational Sciences (NCATS) gave a research grant worth $2 million to Emulate Inc. in July 2017, in order to allow the company to leverage its human Brain-Chip system and create a fully automated research platform for conducting experiments on the International Space Station.

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The other major factor responsible for the rising demand for organ-on-chip is the increasing need for alternatives to the conventionally used animal models in research activities. In many countries, doctors and medical researchers are raising concerns over the scientific validity and translatability of the animal alternatives of human diseases and this is massively boosting the demand for alternative drug and diseases research techniques. The increasing initiatives being taken by the pharmaceutical companies for promoting the adoption of organ-on-chip models are expected to further push the demand for organ-on-chip based research methods in future.

Driven by the above-mentioned factors, the global organ-on-chip market is predicted to advance at a 40.1% CAGR during 2018–2025 (forecast period). The valuation of the market is expected to rise from $11.0 million in 2017 to $163.1 million by 2025. Organs-on-chips are essentially tiny models of body parts, which can simulate the functioning of the real thing. These products are used in various applications, such as physiological model development, toxicology research, and drug discovery. Amongst these, the drug discovery applications are expected to record the fastest growth in the usage of organ-on-chip products during the forecast period.

Hence, it can be concluded that owing to the surging investments in advanced technologies and research methods in the healthcare industry and the shifting focus toward alternative testing models in drug discovery and disease research processes, the demand for organ-on-chips will increase considerably in the coming years.

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Tire Mold Market Set to Exhibit Tremendous Growth in Future

 As the spending power of people across the globe is increasing, the production of vehicles is rising as well. Now due to urbanization and economic growth, people in developed and developing countries are able to spend money on luxury items, such as cars. In addition to this, because of technological advancements, vehicles themselves have become more affordable. It is because of all these reasons that that the production of vehicles is growing worldwide. For example, approximately 92 million vehicles were produced globally in 2019. Among the major producers of cars, namely China, Germany, and Japan, China produced the largest number of cars, i.e. 21.3 million cars, in 2019.

There is no doubt about the fact that this growing production of vehicles is creating an increasing demand for different automobile components, including tires. This, in turn, is driving the demand for tire molds around the world. Under the tire molding process, raw rubber structure is shaped into a functional tire having specified properties and dimensions. A designated pressure is required for the green tire in a mold in order to provide it the final shape. Furthermore, heat energy is needed for stimulating the chemical reaction between rubber and other materials. The global tire mold market is expected to progress at a substantial pace in the coming years.

Two types of tire molds are two-piece and segmented molds, between which, the demand for two-piece tire mold was higher in the past. This is because of the lesser complexity and easier operation of these tire molds as compared to segmented molds. However, this being said, the demand for segmented tore molds is projected to increase considerably in the near future, which is due to the higher efficiency in molding and curing of green tires with these molds.

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The different applications of tire molds include off-the-road (OTR) tires, passenger car radial (PCR) tires, and truck & bus radial (TBR) tires. Out of these, the largest demand for tires molds was generated for PCR tires in the past, which can be attributed to the emerging trend of increasing automotive ownership. Other than this, the demand for tire molds for TBR tires is also predicted to increase in the years to come due to the rising demand for logistics and transport sectors.

When geography is taken into consideration, the Asia-Pacific region emerged as the largest tire mold market in the past, which is owing to the high number of vehicles in the region and mature automotive manufacturing industry in China. In addition to this, a large number of key tire manufacturers are operating in the region. Other than this, the demand for tire molds in North America is also expected to grow considerably in the years to come because of the recent restrictions on trade from China.

In conclusion, the growing automobile ownership and increasing disposable income of people is driving the demand for tire molds across the globe.

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Rising Demand for Seamless Video Streaming to Boost Development of Edge Data Centers in Future Years

Edge data centers are the facilities that provide cached content and cloud computing resources to the end users. These facilities are situated close to the people that they serve and usually connect to a bigger central data center or multiple data centers. These centers help organizations mitigate latency and provide a greater user experience by processing data and other services closer to the end users. 

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Moreover, the processing of data so close to the end users reduces the load time of webpages, which, in turn, improves the ranking of the website, thereby generating more revenue for the organization. In recent times, these facilities have become incredibly important, on account of the increasing mobile data traffic all over the world. 

The rising penetration of smartphones and various internet of things (IoT) systems is a key factor responsible for the growing mobile data traffic around the world.Besides the increasing volume of data being generated throughout the world, the surging over-the-top (OTT) traffic is also boosting the demand for edge data centers across the globe. 

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According to a report published in February 2019 called the Cisco Visual Networking Index: Global Mobile Data Traffic Forecast Update 2017–2022, “the mobile data traffic has been estimated at nearly 26.8 exabytes per month in 2019, and it is predicted to reach over 77.5 exabytes per month by 2022”.

The main reasons behind the soaring OTT traffic are the increasing consumer preference for online content and the growing requirement for OTT services in several countries. According to Cisco, “the global internet protocol (IP) video, gaming and multimedia streaming traffic is estimated to reach more than 81% of all internet traffic by 2021, from 75% in 2019”.

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Automotive Aftermarket Revolutionary Trends in Industry Statistics

Due to the increase in the average age of vehicles, the demand for replacement components is expected to surge in the coming years, especially in emerging economies, such as those in Asia-Pacific (APAC) and Latin America, Middle East, and Africa (LAMEA). For instance, the average age of the vehicles is predicted to increase from four years to six years in China from 2010 to 2020, mainly due to huge improvements in the quality of the automobiles being manufactured, which is itself a result of the rapid adoption of advanced products.

The other major factors pushing the demand for automotive parts across the world are the burgeoning demand for electric vehicles, on account of the increasing implementation of government policies and regulations promoting the adoption of eco-friendly modes of transportation. Moreover, there has been a huge rise in green consciousness throughout the world since the last few years, which is boosting the popularity of electric vehicles. Fuelled by the above factors, the global automotive aftermarket is expected to grow from $803.22 billion in 2019 to $1,370.17 billion in 2030, with a CAGR of 5.07% during the forecast period (2020–2030).

Automotive aftermarket parts refer to the replacement parts incorporated in vehicles after their sale to the consumers; these parts may or may not be made by the original equipment manufacturers (OEMs). The major types of automotive components requiring replacement are engine parts, suspension and braking parts, electrical parts, equipment, drive transmission and steering parts, and miscellaneous parts. Amongst these, engine parts, owing to the strict government policies regarding vehicular emissions, recorded the highest demand for replacement during the historical period (2015–2019).

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Automotive aftermarket components are available via two distribution channels, namely offline and online distribution channels. Of these, the volume of automotive components procured through offline distribution channels was higher during the historical period, as compared to the ones available through online distribution channels. This was mainly due to the easier availability of original equipment suppliers (OES) and independent repair/replacement/maintenance services by service providers. Moreover, these service providers offer quick, cheap, and customized services, which help in the easier maintenance of vehicles.

The biggest rage currently being witnessed in the automotive aftermarket is the rising number of joint ventures amongst the major vehicle manufacturing companies, vehicle repair service providers, and other stakeholders. This allows the major companies to transfer the vehicle manufacturing technology to the smaller service providers, manufacture new aftermarket devices, and penetrate the markets of developing nations. For instance, DENSO CORPORATION and Smiths Manufacturing (Pty.) Ltd. announced a joint venture in July 2019, named DENSO Sales South Africa (Pty.) Ltd., in order to sell various aftermarket products and services in South Africa.

Geographically, the highest demand for vehicle component replacement was observed in Asia-Pacific (APAC) in 2019, and this trend is set to continue during the forecast period. This is primarily ascribed to the rapid rise in the number of vehicles in operation (VIO), especially in China and India. Moreover, the presence of major companies supplying automotive aftermarket components in APAC is predicted to further fuel the rise in the demand for these components in the region.

Therefore, it can be concluded that owing to the increasing sale of automobiles in various countries across the world, the demand for aftermarket components is expected to witness substantial growth in the coming years.

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How are Rising Research & Development Activities Driving Demand for Protein Assays?

As the prevalence of diseases across the globe is increasing, the demand for effective drugs and treatments is growing as well. This is leading to the increasing number investments in the pharmaceutical & biopharmaceutical research & development (R&D). As per a publication by the Pharmaceuticals Research & Manufacturers of America, about $58.8 billion were spent by the member organizations of PhRMA on R&D activities, and the amount was the highest contribution to the biopharmaceutical R&D spending in the U.S. in 2015. A number of research and development activities in the pharmaceutical and biopharmaceutical industry make use of protein assays, which is leading to their increasing demand.

These products are used in life science research for detecting the presence of protein in a sample, which is crucial for electrophoresis, atomic science, protein cleansing, cell science, and research applications. A wide variety of protein assays are available, however, it is important to consider their suitability for a specific application before usage. Each assay is characterized by some advantages and limitations, and it is not rare to obtain more than one assay for several research applications. As per a report by P&S Intelligence, the global protein assay market size is expected to advance at a significant pace in the years to come.

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Geographically, North America emerged as the largest protein assay market in the past, which can particularly be attributed to the increasing investments in the pharmaceutical & biopharmaceutical industry. Apart from this, the demand for protein assays is also expected to increase considerably Asia-Pacific, majorly in India, China, and Japan, in the coming years. This is because of the rising R&D spending in the life science industry and growing funding by several private and government organization for proteomic research.

In conclusion, the demand for protein assays is growing due rising expenditure in pharmaceutical and biopharmaceutical industry.

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