Changes in Consumer Behaviour During COVID-19 Outbreak May Affect Growth of Natural Language Processing Market

By leveraging automatic translation, speech processing, natural language generation (NLG), and sentiment analysis, NLP helps prioritize the extracted information, thereby helping organizations in making the best use of structured as well as unstructured data. Therefore, the growing volume of data, especially in the unstructured form, is driving the natural language processing market, by creating the need for a technology which can help companies in effectively processing and studying it, in order to derive actionable insights.

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Information extraction, machine translation, question answering, text processing, and report generation are the various divisions under the application segment. Among these, the machine translation division dominated the natural language processing market in 2018, as organizations generate a heavy demand for solutions that can translate a given text into numerous languages. 

These chatbots establish the primary contact between the business and customers, sorting out as much of the latter’s concerns as possible, before handing over the case to human employees. The need to enhance customer experience is one of the major drivers for the natural language processing market progress. Customers communicate with organizations via chat messages, e-mails, social media platforms, and phone calls, thereby making it difficult to process all the data. 

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This is itself a result of the rising adoption of chatbots for enhancing the experience of customers, to build brand loyalty and increase revenue. Among the various virtual assistants employed by business in recent years, chatbots have been one of the most popular, as they help companies handle customers’ concerns quickly and efficiently. Further, chatbots which work on NLP are able to process various languages, which helps in the smoothening of processes, particularly those related to customer support. 

NLP helps here by studying the feedback, while saving time and reducing human involvement and errors. With the technology, companies are able to analyze consumers’ preference for the different services and products on offer as well as understand how their decisions are impacted by the cultural and technological scenario.

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What are Main Factors Expected to Cause Boom of DOA Testing Market in Asia-Pacific in Future?

Since the last few years, there has been a huge rise in the usage of illicit drugs, especially amongst the younger population all over the world. This fact is authenticated in the World Drug Report published by the United Nations Office on Drugs and Crime (UNODC) which says that almost 203 million people in the world, in the age group 15—64 years, used illicit drugs in 2013. Furthermore, the report said that the total number of people in the world using illicit drugs increased to 246 million in 2015.

Apart from revealing the total number of illicit drug users in the world in 2013 and 2015, the UNODC also reported that the consumption of cannabis amongst the high-school kids in the U.S. increased from around 24.7% to 25.8% during 2012—2013. This escalating consumption of illicit drugs has considerably increased the need for drug testing, which has, in turn, led to the development of various testing equipment such as breath analyzers and rapid test kits. Owing to these reasons, the global drug of abuse testing market will exhibit substantial growth in the forth coming years.

Geographically, the North American drug of abuse testing market recorded the highest growth over the last few years. However, the Asia-Pacific (APAC) region is predicted to generate huge demand for drug testing methods in the years to come, mainly on account of the rising consumption of illegal drugs and the increasing implementation of strict drug testing protocols in workplaces in various APAC nations. As per a report produced by the Australian Criminal Intelligence Commission (ACIC), 115,421 illegal drug seizures were made from 2015 to 2016 by the various police agencies operating in the country. 

Therefore, it can be said with full surety that the sales of drug testing equipment will shoot-up across the world in the near future, primarily because of the increasing consumption of illicit drugs all over the world.

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How will Advancing Healthcare Sector Drive Medical Robotic Systems Market in North America?

 The increasing geriatric population across the world is one of the key factors responsible for the surging usage of medical robotic systems. Moreover, the rising healthcare costs and dwindling number of healthcare providers and caregivers are significantly boosting the need for alternative caregiving methods. According to the American Association of Retired Persons (AARP), seven people in the age group 45–64 can provide care for every person aged 80 years and above, and this number will decrease massively by 2030, with only 4 people available for providing care for people aged 80 years and above.

The other major factors pushing the adoption of robotics in the medical sector are the burgeoning use of automated pharmacy systems across the world and increasing demand for medical procedures. Since the last few years, there has been a massive surge in the adoption of automated systems in the healthcare and pharmaceutical sectors, in order to streamline the work processes and optimize the services. Propelled by these factors, the global medical robotic systems market revenue is expected to increase from $7,626.1 million in 2019 to $55,528.1 million by 2030, exhibiting a CAGR of 20.1% during the forecast period (2020–2030).

The biggest trend presently being witnessed in the medical robotic systems market is the soaring number of technological developments. For instance, the California Institute of Technology (Caltech) is working on a microbot target therapy that utilizes near-microscopic mechanical particles for drug localization and administration to a certain part inside the human body, while being managed and controlled from the outside. Microbots, which consist of a coating of platelets and red blood cells and nanowires, are increasingly being deployed for destroying tumors via radiation and reducing the side-effects of medication.

Hence, it is clear that owing to the swift advancements in the healthcare sector, rising need for automated healthcare systems, and surging geriatric population, the demand for medical robotic systems will boom in the coming years.

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What are Major Factors Contributing to Boom of Carrier Screening Market in Asia-Pacific?

 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 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.

Report Coverage

·         Provides comprehensive understanding of the market with the help of informed market outlook, opportunities, challenges, trends, size and growth, competitive analysis, major competitors and Porter analysis

·         Identifies the key drivers of growth and challenges of the key industry players. Also, assesses the future impact of the propellants and restraints on the market

·         Uncovers potential demands in the market

·         Porter analysis identifies competitive forces within the market

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Global Gene Therapy Market to Register 31.1% CAGR during 2020-2030

 The burden of chronic diseases has only been increasing since past few years. The cases for cancer, for example, are growing rapidly. According to the American Cancer Society, from 2016–2019, the number of new cases of cancer in the U.S. increased from 1,685,210 to 1,762,450, and the cancer mortality rose from 595,690 to 606,880 during the same time period. Doubtless, a number of advancements have been made in the medical industry for developing a proper cure for cancer and other rare chronic diseases, however, the fact remains that there is a long way to go before anything certain comes to light.

The advancements regarding gene therapy though can significantly aid in getting closer to dealing properly with several chronic diseases. Gene therapy is designed for introducing genetic material into cells for compensating for abnormal genes or for making a beneficial protein. In case a mutated gene causes an essential protein to be faulty or non-existent, gene therapy may potentially be able to introducing a new copy of the gene for restoring the function of the protein. Attributed to these reasons, the gene therapy market generated revenue of $3,407.5 million in 2019 and is expected to advance at a 31.1% CAGR during the forecast period (2020–2030).

In 2019, North America was the largest gene therapy market, which is ascribed to the rising number of cancer and rare disease cases and the presence of a large number of key companies in the region. In addition to this, various gene therapy products are getting regulatory approvals in North America. Other than this, the adoption of gene therapy is also projected to rise substantially in the Asia-Pacific because of the cost-effective labor and rising activities of major industry players.

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This Study Covers

Historical and the present size of the gene therapy market

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

Major players operating in the gene therapy market and their service offerings

Recent strategic developments by the major players in the market

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mPOS Terminals Market | Covid19 Impact Analysis | Business Outlook, Growth, Revenue, Trends and Forecasts 2030

The rising sale of smartphones, high digitization rate, and increasing penetration of the internet are leading to the growing trend of contactless payments. As per Capgemini, compared to 598 billion in 2018, 876 billion digital payments would be done by the end of 2021. In India, specifically, this number increased by 58.8% in 2018–19, in comparison to 50.4% in 2017–18.

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Mobile POS solutions are extensively adopted in a wide array of applications such as those pertaining to the sports & entertainment, warehouse, hospitality, retail, and food service sectors. Out of these, the retail applications are expected to register the highest adoption of mobile POS solutions during the forecast period. 

Therefore, with the rising number of people preferring cashless payments, the global mobile POS market, which generated $19.5 billion in 2019, is predicted to experience a 17.9% CAGR between 2020 and 2030 (forecast period). This is because mPOS terminals enable companies to receive contactless payments and speed up the checkout process. 

This is primarily attributed to the fact that the mobile POS technology drastically reduces the waiting time of the customer at the payment terminals and helps the retailers in attaining higher sales of their products at a shorter period of time. One of the major trends currently being witnessed in the mobile point-of-sale (mPOS) terminals market is the rising preference of companies toward the adoption of cloud-based solutions. 

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This is mainly due to the fact that the cloud-based mobile POS solutions have no on-site server requirements and therefore, have lower operational costs than the conventionally used POS solutions. According to Mckinsey & Company Inc., in the retail sector, the incorporation of cloud-based solutions is expected to increase from 57% in 2018 to 71% by the end of 2020.

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Used Car Market Status & Supply Demand | Industry Forecast Report To 2030

The global used car market attained 115.2 million units in 2019 and is predicted to reach 275.3 million units by 2030, exhibiting a CAGR of 8.7% during 2020­­–2030 (forecast period). The increasing number of organized sector players such as CarGurus Inc.,CarMax Inc., and Cars24 Services Pvt. Ltd. isone of the biggest factors fueling the advancement of the market. The organized sector companies not only offer certified used cars at competitive prices but they also provide service guarantees and warranties on their vehicles.
                                   
Based on sector, the used car market is divided into unorganized and organized categories. Between the two, the organized division is predicted to exhibit faster growth in the coming years. This is credited to the higher preference of customers for dealer certified vehicles as compared to the vehicles sold in the unorganized sector without any guarantees and warrantees. Due to this factor, the certified programs are becoming a critical differentiating factor for the organized sector players. In addition to this, the rising popularity of online portals for both buying and selling of used vehicles in the developed nations such as the U.K., the U.S., Japan, and Germany will further boost the progress of the organized sector division in the market in the future years.

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Under the vehicle type segmentation of the used car market, the main categories are small, medium, and large. Out of these, the medium division accounted for a majority of the market share, in volume, in the past. The main factors responsible for the advancement of the category are the high supply of good-quality, less-driven second-hand vehicles and the growing spending power of buyers, especially in the various developing nations around the world.
 
Under the propulsion segmentation, the internal combustion engine (ICE) category recorded higher growth in the market during the last few years. Furthermore, this category is predicted to exhibit rapid progress in the developing regions across the globe such as Latin America, Middle East, and Africa (LAMEA) and Asia-Pacific (APAC) in the coming years, primarily due to the surging average age of the automobiles using ICE propulsion. For example, in China, the average age of automobiles is presently ~5 years, while in other nations such as the U.S., the average vehicle age is currently ~11 years. Thus, the ICE division will demonstrate higher growth in the used car market between 2020 and 2030.
 
Geographically, the used car market is predicted to register the highest CAGR in the LAMEA region in the forthcoming years. The major factors driving the progress of the market in this region are the surging manufacturing of automobiles and the increasing disposable income of the people in various developing countries such as Mexico, Brazil, and Argentina. The market is extremely fragmented in the Middle Eastern nations such as Saudi Arabia and the U.A.E., on account of the presence of numerous unorganized players such as Gargash Enterprises LLC,AL FUTTAIM COMPANY LLC, and The Elite Cars in the region.

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The major players operating in the used car market are increasingly focusing on getting into strategic partnerships and launching mergers with each other, mainly for gaining a foothold in the market. For instance, AB Volvo (U.S.), TrueCar Inc., and PenFed Credit Union started a partnership for each other in December 2019. They worked together on a private incentive program that offers competitive pricing and various other incentives such as access to special rates and incentives on AB Volvo’s premium vehicles to the members of PenFed Credit Union.
 
The COVID-19 pandemic has caused large-scale unemployment and reduced earnings, which has, in turn, caused a sharp fall in the spending power of people, thereby hampering the progress of the market. Furthermore, the pandemic has made many market players and industry stakeholders re-examine their strategies for the medium and long-term growth of the industry.

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