Commercial Refrigeration Equipment Market to Witness Massive Growth Due to Growing Demand for Ready-to-Eat Products

The rapid development of such food outlets and the upgradation of small restaurants and grocery stores are bolstering the sales of commercial refrigeration systems as these systems are heavily required in these stores. Furthermore, the development of organized food retail chains and the growing popularity of e-commerce are boosting the need for food storage, which is, in turn, fueling the usage of large refrigeration systems. 

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The increasing population in several countries is massively propelling the demand for food products, which is subsequently leading to a sharp rise in the sales of refrigeration systems across the world. Because of the above-mentioned reasons, the global commercial refrigeration equipment market is predicted to register explosive growth in the future years. 

Walk-in coolers, beverage refrigeration equipment, ice merchandisers and ice vending equipment, and display showcases are the most widely used types of refrigeration systems around the world. Amongst these, the sales of the walk-in coolers were recorded to be very high during the last few years. This is ascribed to the burgeoning customer requirement for walk-in coolers. 

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Moreover, the walk-in coolers manufacturing companies are increasingly focusing on R&D (research and development) activities for developing refrigerants having low-global-warming-potential (GWP). The major application areas of the refrigeration systems are the food and beverage production, food and beverage retail, and food service. Out of these, the utilization of these equipment is predicted to be the highest in the food service applications in the coming years. 

This is credited to the rapid growth of the global tourism industry, increasing number of food outlets and restaurant chains, and the rising government support in many countries for the adoption of sustainable refrigeration solutions in hotels, restaurants, educational institutions, fast food chains, and hospitals.

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Legalization of Cannabis to Boost Cannabidiol (CBD) Oil Sales in Future

With its plethora of health benefits and close association with cannabis or marijuana, as it is popularly known, cannabidiol (CBD) oil is one such controversial substance that makes doctors and medical researchers come face to face with the conservative figureheads of the society. However, with growing public awareness and government support, the stigma associated with CBD oil is rapidly going away and the product is finding more and more consumers all over the world.

In the recent times, many countries such as the U.S. and Canada have legalized the usage of the compound and in the coming years, many more will follow. Several countries in Asa-Pacific (APAC), Europe, and Latin America (LATAM) such as the U.K., Norway, Spain, South Korea, Thailand, Japan, Mexico, South Africa, and Brazil have followed the U.S. and Canada and allowed the complete or partial sale of various cannabidiol-containing items in the last few years.

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The ballooning usage of cannabidiol oil in several countries is causing the advancement of the global cannabidiol (CBD) oil market. As a result, the market attained a revenue of $1,735.1 million in 2019 and is predicted to progress at a CAGR of 24.3% between 2020 and 2025. Cannabidiol is one of the more than 100 chemical compounds found in the marijuana or cannabis plant. It’s a cannabinoid or a non-psychoactive chemical, which has been extracted from the cannabis plant.

Depending on product, the CBD oil market is categorized into cartridges, capsules, topicals, and tinctures. Out of these, the tinctures category is predicted to demonstrate the fastest growth in the market in the forthcoming years, on account of the rising requirement for medical-use cannabidiol for treating patients diagnosed with anxiety, pain, movement disorders, and depression. Moreover, these products are widely available through various distribution channels such as e-commerce websites, specialty and retail stores, and pharmacies.

According to P&S Intelligence, a market research firm based in India, the North American CBD oil market will exhibit the highest growth during the coming years. The large-scale utilization of the compound in the U.S. and the presence of several companies such as Aroura Cannabis Inc.,Tilray Inc., and Medical Marijuana Inc. who are investing in the cultivation, storage, and distribution of cannabis in the U.S. are the major factors causing the boom of the market in this region.

Hence, it can be said without any doubt that the sales of CBD oil will surge all over the world and especially in North America in the upcoming years, owing to the rising cultivation of cannabis and the increasing usage of CBD oil for treating various medical conditions and ailments in many countries across the world.

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Consumption of Omega-3 Set to Surge in Future

The growing incidence of chronic diseases is a major factor responsible for the surging demand for various supplements and functional food items such as omega-3. The high occurrence rate of chronic diseases is affecting the people of both low- and middle-income countries (LMICs) and high-income nations. “According to the World Health Organization (WHO), 9.6 million people died of cancers in 2018 and out of which around 70% were reported in LMICs”. Further, the increasing prevalence of heart disorders in several countries, especially developed nations, is boosting the requirement of heart-healthy food supplements such as omega-3 fatty acids.

Omega-3 supplements play a major role in protecting the body against various diseases and disorders such as asthma, rheumatoid arthritis, depression, and cardiovascular diseases. Besides this, it has also been found through various studies and surveys that omega-3 fatty acids help in slowing down cognitive decline. Furthermore, omega-3 acids contain docosahexaenoic acid (DHA) and are thus, highly essential for pregnant women and breastfeeding mothers. Additionally, the increasing public awareness of healthy foods is boosting the requirement of omega-3 supplements across the globe. As these fatty acids are not synthesized in the body, they need to be obtained through the diet.

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Hence, with the growing consumption of omega-3 supplements, the global omega-3 market will grow, in value, from $19.7 billion to $49.7 billion from 2019 to 2030, advancing at a CAGR of 8.8% from 2020 to 2030. Depending on source, the market is categorized into animals and plants. Of these, the animals category will hold a higher market share in the future years. This is ascribed to the fact that the EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid), found in animal-based omega-3, are required by the human body in significantly larger amounts than the ALA (alpha-linolenic acid) found in plant-based omega-3.

In the future years, the Asia-Pacific (APAC) omega-3 market will exhibit the highest and the fastest growth in the world, as per the calculations of P&S Intelligence, a market research company based in India. This is attributed to the growing requirement of omega-3 supplements and other products in the various APAC nations such as India, Australia, and China. In addition to this, the ballooning utilization of fish oil in food items and the mushrooming public awareness of health and wellness will push up the sales of omega-3 food items in the region in the forthcoming years.

Hence, it can be said with confidence that the sales of omega-3 food products will boom all over the world in the upcoming years, primarily due to the growing requirement of omega-3 supplements and capsules, mainly because of their numerous health benefits, especially with respect to the heart, in several countries around the world. 

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Ambient Lighting Solutions Becoming Popular as Smart Lighting Solutions

The global ambient lighting market is expected to generate a revenue of $156.5 billion by 2030, increasing from $60.8 billion in 2019, advancing at a 9.2% CAGR during the forecast period (2020–2030). On the basis of type, the market is divided into surface-mounted lights, suspended lights, strip lights, recessed lights, and track lights. The recessed lights division held the major share of the market in 2019. 

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These lights can be utilized for an extensive range of settings, such as commercial and residential. Recessed lights further improve the quality of lighting and provide better feel and look to the space. In terms of end user, the market is categorized into automotive, residential, corporate, industrial, healthcare, and hospitality & retail, out of which, the automotive category is predicted to register the faster growth during the forecast period. 

The adoption of interior lighting solutions in vehicles has risen significantly, along with which, the production of vehicles has grown substantially as well, thereby driving the demand for ambient lighting solutions in the automotive industry. The Asia-Pacific (APAC) region dominated the ambient lighting market in 2019, and the region is further predicted to account for the largest share of the market during the forecast period, as per a report by P&S Intelligence. 

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The adoption of ambient lighting is increasing the commercial and residential in APAC, owing to the increasing disposable income, rising population, and expanding IT market. Within the region, India is predicted advance at the fastest pace. In conclusion, the increasing focus on energy efficiency and stringent government regulations are resulting in the growth of the market.

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Automotive HMI Industry Future Trends, Prominent Players, Industry Impact and Forecast by 2030

The global automotive human-machine-interface (HMI) market generated a revenue of $18,822.3 million in 2019 and is predicted to attain a value of $55,318.4 million in 2030, advancing at a CAGR of 10.8% between 2020 and 2030. The key factors augmenting the growth of the market are the rapid advancements in IoT, virtual reality (VR), and augmented reality (AR), and connectivity technologies, their increasing integration in HMI solutions, and the rapid digitization in vehicles.

The soaring disposable income of people and the rising sales of premium vehicles are the other major factors fueling the expansion of the automotive HMI market across the globe. Another key factor causing the surge of the market is the increasing incorporation of safety features in automobiles all over the world. This is mainly because of the rising prevalence of road accidents in several countries, because of various human errors.

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These displays project essential information and stats such as system warnings, multimedia information, and driving status on the windshield of the car, which improves the overall safety of the vehicle and enhances the driving experience. Geographically, the Asia-Pacific (APAC) automotive HMI market generated the highest revenue in the years gone by. Further, the market will exhibit the highest CAGR in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India.

The main factor driving the expansion of the automotive HMI market in the APAC region is the rising requirement for passenger cars in the APAC countries. The surging disposable income of people, on account of the rapid economic growth of these countries, is increasing their purchasing power, which is, in turn, boosting the sales of automobiles in these countries. Due to these reasons, the market will grow at an explosive pace in this region in the upcoming years.

Hence, it can be said with certainty that the market will prosper all over the world in the forthcoming years, on account of the rising incorporation of safety systems in vehicles and the increasing consumer preference for premium vehicles equipped with advanced safety features and other technologies over the conventionally used cars.

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Why is Customer Satisfaction Important and how can Speech Analytics Aid in improving it?

Businesses these days are focusing intently on satisfying their customers, since customers these days are not really loyal to a single brand. They have a large number of options to choose from, which is why, the burden on companies has risen increasingly. They need to incorporate customer satisfaction strategies into their marketing campaigns, otherwise, customer retention would become hard. Therefore, in order to enhance customer experience, improve customer retention, sales, and new customer acquisition, companies are widely making use of speech analytics. 

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The process of analyzing live customer calls to contact centers and voice recordings through speech recognition software for finding useful information and providing quality assurance is referred to as speech analytics. The technology analyzes audio patterns and identifies words for detecting emotions and stress in the voice of the speaker. The wide utilization of this technology is predicted to result in the growth of the speech analytics market in the years to come. 

The global speech analytics market is predicted to attain a value of $2,910.1 million by 2024, increasing from $1,010.4 million in 2018, progressing at a 19.9% CAGR during the forecast period (2019–2024). When offering is taken into consideration, the market is divided into service and solution, between which, the solution division accounted for the major share of the market in 2018. A large number of industries are adopting speech analytics solutions for providing customers with improved service and monitoring agents’ performances. 

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The demand for the speech analytics technology is particularly rising from SMEs. The number of such companies has risen widely across the globe since the past few years and they are increasingly making use of new and advanced technologies to get ahead in the market. Speech analytics technology can significantly aid SME when it comes to expanding their shares and product portfolios. Furthermore, SMEs are also adopting speech analytics for retaining their consumer base and improving their customer services. 

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Acoustic Vehicle Alerting System Market to be over $10,578.8 Million Investment Opportunity by 2030

The global acoustic vehicle alerting system market is predicted to advance at 11.9% CAGR from 2020 to 2030 and reach a valuation of $10,578.8 million by 2030. This would be because of the rising incorporation of acoustic vehicle alerting systems (AVAS) in electric vehicles including both passenger cars and two-wheelers. According to the findings of P&S Intelligence, a market research company based in India, as many as 24.7 million units of such systems were installed in electric vehicles in 2019.

The increasing pollution levels in several countries, rising consumer preference for electric vehicles over the fossil fuel-powered automobiles, surging implementation of strict emission norms and regulations, and the provision of subsidies, grants, and tax rebates by the governments of various countries on electric vehicles are the main factors propelling the acoustic vehicle alerting system market growth across the globe. Additionally, the incorporation of AVAS is increasingly being made necessary in EVs for enhancing pedestrian safety.

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Globally, the acoustic vehicle alerting system market is predicted to register the highest growth in the Asia-Pacific (APAC) region in the future years. This is because of the mushrooming sales of EVs in China, which is home to the largest EV industry in the world with sales of over 90% of the total electric two-wheeler sales (15 million units of scooter, motorbike, and moped) and nearly 50% of the total electric car sales all over the globe in 2019.

Hence, it can be said with full surety that the market would demonstrate explosive growth throughout the world in the upcoming years, mainly because of the growing adoption of electric vehicles and the rising enactment of government regulations all around the world that mandate the incorporation of AVAS in electric vehicles.

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