Rapid Digitization Fueling Low-Code Development Platform Market Growth

The global low-code development platform market revenue stood at $12,500.6 million in 2020 and it is predicted to surge to $190,792.6 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 31.3% from 2020 to 2030 (forecast period). 

The market is being propelled by the burgeoning requirement for business digitization, less reliance on information technology (IT) professionals, enactment of strict government regulations, rising requirement for automation in business operations, and surging adoption of low-code development tools that minimize the issue of ‘shadow IT’.

The rapid digital transformation and digitization of business operations, owing to the growing penetration of the internet, are driving the demand for low-code development platforms. As per the World Economic Forum, many industries, such as manufacturing, retail, and banking, financial services, and insurance (BFSI), allocated nearly $1.7 trillion for digitizing operations in 2020, registering a Y-o-Y increment of 23%. 

This funding is predicted to rise to $2.4 trillion by 2022. With the mushrooming requirement for business applications in various industries, the demand for low-code development platform is soaring. This is because this platform plays a critical role in facilitating the rapid digitization of several business processes, such as accounting, operations, finance, and sales. 

Besides, the rising need for automation of workflows is also propelling the low-code development platform market. Enterprises with the lowest tolerance for data loss and downtime and the greatest requirement for independent security certification and regular audits are rapidly adopting applications developed with the help of low-code development platforms. Additionally, these platforms assist in the development of customizable applications that achieve certain objectives.

Read More

Government Policies Powering Global Sales of Adaptive Cruise Control Systems

The rising prevalence of road accidents is pushing up the demand for adaptive cruise control across the world. Road accidents are one of the major causes of deaths throughout the globe. According to various reports, Africa and Asia-Pacific (APAC) witness the highest and the second-highest number of road accidents in the world, respectively. This makes the incorporation of advanced safety systems and features such as adaptive cruise control extremely necessary in vehicles.

This is because these systems enhance the vehicular safety, which, in turn, reduces the incidence of road accidents. Moreover, these systems enhance the comfort features in automobiles and improve the overall driving experience. One of the biggest growth opportunities for the players operating in the adaptive cruise control market is the rapid integration of electronic systems in vehicles. The adoption of information and communications technology (ICT) and electronics systems is rising rapidly in automobiles. 

Besides the aforementioned factors, the growing deployment of electric vehicles all over the world is also propelling the sales of adaptive cruise control systems. In addition to this, the rising enactment of safety policies and regulations regarding vehicular safety in several countries is massively pushing up the demand for adaptive cruise control systems across the globe. Due to these reasons, the global adaptive cruise control market is registering huge expansion. 

The valuation of the market is predicted to grow from $4.8 billion in 2016 to $15.3 billion by 2023. Furthermore, the market is predicted to advance at a CAGR of 18.3% from 2018 to 2023. Radar, laser, ultrasonic, and Lidar are the most commonly adopted technologies in adaptive cruise control systems. Out of these, the adoption of the radar technology is currently being observed to be the highest in the world. 

Therefore, it can be said with surety that the sales of adaptive cruise control systems would skyrocket all over the world in the forthcoming years, primarily because of the rising prevalence of road accidents and the growing enactment of favorable government initiatives regarding vehicular safety in several countries around the world. 

Read More

Boom Expected in Asia-Pacific Lithium-Ion Battery Recycling Market in Future

The global lithium-ion battery recycling market revenue stood at $161.4 million in 2020, and it is predicted to surge to $991.5 million by 2030. Furthermore, the market will demonstrate a CAGR of 19.9% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the burgeoning requirement for electric vehicles and the limited availability of the lithium metal across the world. 

The mushrooming use of lithium in various industries is augmenting the requirement for lithium mining, which is creating concerns, owing to the limited availability of the metal all over the world. Moreover, lithium mining causes environmental damage, because of extensive chemical leakage. Owing to these factors, the popularity of lithium-ion battery recycling is soaring. Additionally, recycling assists manufacturers in ensuring that only required quantity of lithium is used in batteries and other applications.

Apart from the aforementioned factor, the ballooning deployment of electric vehicles is also fueling the expansion of the lithium-ion battery recycling market. As per the Sustainable Development Scenario of the International Energy Agency (IEA), the total number of electric vehicles (excluding three- and two-wheelers) will rise to 245 million units by 2030, which is expected to promote the recycling of lithium-ion batteries so that their worldwide requirement can be met. 

Depending on battery type, the lithium-ion battery recycling market is classified into lithium-ferro phosphate (LFP), lithium-cobalt (LCO), lithium-nickel-cobalt-aluminum oxide (NCA), lithium-ion-manganese oxide (LMO), and lithium-nickel-manganese-cobalt oxide (NMC). Out of these, the LCO category dominated the market in 2020 and this trend is expected to continue in the coming years as well. This will be because of the soaring use of LCO batteries in various portable electronics, such as tablets, mobile phones, and laptops, due to their high energy density.

Globally, Asia-Pacific (APAC) held the largest share in the lithium-ion battery recycling market in the years gone by and it is predicted to retain its dominance throughout the forecast period as well. This is credited to the large-scale deployment of electric cars, which is driving the demand for recycled old batteries in order to meet the soaring requirement for these energy devices in the region. Additionally, the rising public awareness about the various environmental benefits of electric cars is also propelling the growth rate of the market in the region. 

Hence, it can be safely said that the demand for lithium-ion battery recycling will skyrocket in the coming years, mainly because of the mushrooming adoption of electric vehicles and the limited availability of lithium across the world. 

Read More

Global Microdisplay Market To Grow At 17.1% CAGR during 2020–2030

The global microdisplay market was valued at $1,145.6 million in 2020, and it is predicted to generate a revenue of $5,535.6 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 17.1% from 2020 to 2030 (forecast period). The major factors driving the expansion of the market are the increasing use of heads-up display (HUD)-integrated advanced driver assistance systems (ADAS) and surging number of near-to-eye (NTE) applications.

The rising incidence of road accidents is pushing up the requirement for ADAS, especially in China, Japan, and the U.S. According to the World Health Organization (WHO), around 1.3 million deaths are recorded every year because of road accidents. According to the Federal Motor Carrier Safety Administration (FMCSA), the U.S. launched a project in order to promote the incorporation of ADAS in the trucking industry in 2019, owing to the ability of ADAS to mitigate the prevalence of road accidents and fatalities.

The government made an investment of $0.65 million in the project, which is predicted to be completed by the end of 2021. Besides, the soaring need for microdisplays in NTE applications is also propelling the microdisplay market across the globe. These screens are being increasingly used in NTE devices, such as HMDs, augmented reality (AR)/virtual reality (VR) headsets, full-color projection devices, and personal electronics, such as cameras and mobile phones.

Depending on technology, the microdisplay market is divided into liquid crystal on silicon (LCoS), organic light-emitting diode (OLED), digital light processing (DLP), and liquid crystal display (LCD) categories. Out of these, the OLED category is predicted to register the highest growth rate in the market in the coming years. This is ascribed to the mushrooming utilization of OLED screens in electronic devices and appliances, such as smartphones and TVs. Additionally, these screens provide a high pixel density and compact size, which is further boosting their popularity globally.

This market research report provides a comprehensive overview of the market

• The 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

Read More

Surging Construction Industry Driving U.S. Mattress Market Growth

A number of factors, such as the growing construction industry, booming hospitality and tourism sectors, surging concern toward sound and healthy sleep, and increasing prevalence of back and spine problems, across the country, are expected to drive the growth of the U.S. mattress market at a CAGR of 4.8% during the foreseeable period (2020–2030). According to P&S Intelligence, the market generated $16,716.5 million revenue in 2020, and it is expected to reach $26,790.4 million by 2030. 

One of the prime factors aiding the U.S. mattress market growth is the surging construction industry. For instance, as per the U.S. Census Bureau, construction spending reached $1.324 trillion in 2019, from $1.271 trillion in 2018 in the country. Moreover, the spending on private construction was 1.6% more in 2019 as compared to 2018. Likewise, residential construction spending was 2.7% higher in 2019, than the previous year. The data states that the construction sector is observing notable growth in the U.S., which is driving the demand for mattresses.

Furthermore, the booming hospitality and tourism sectors are also driving the need for mattresses in the U.S. For instance, travel activities in the country reached a total of 2.3 billion person-trips, augmented by 1.7%, in 2019. Moreover, domestic leisure travel activities stood at 1.9 billion person-trips, increased by 1.9%, in 2019. Similarly, domestic business travel activities reached 464 million person-trips, amplified by 1.1%, in 2019, as compared to 2018.

Geographically, in the U.S. mattress market, the southern region held the largest share in 2020. This is because the region offers growth opportunities to players operating in the market, due to the high urbanization rate in this part of the country, and southern cities have a huge population base. For example, Metropolitan Atlanta has been observing a significant rise in its population, with an addition of 69,200 residents every year.

Thus, the growing construction industry and the booming hospitality and tourism sectors are expected to boost the market growth during the forecast period in the country.

Read More

Plant-Based Protein Market Being Propelled By Growing Intolerance to Animal Protein

The global plant-based protein market reached a revenue of $11,104.3 million in 2020 and it is predicted to advance at a CAGR of 9.2% from 2020 to 2030 (forecast period). According to the estimates of the market research company, P&S Intelligence, the market will attain a value of $26,721.3 million by 2030. The major factors driving the market are the growing intolerance of people to animal protein, surging customers’ expenditure, and rising public awareness about healthy plant-based foods. 

Plant-Based Protein Market Report - P&S intelligence 

The rise in customer spending and rapid improvements in the living standards of people are pushing up the sales of plant-based proteins across the globe. As per the World Bank, the total expenditure of customers rose from $49.33 trillion in 2010 to $64.130 trillion in 2019. Furthermore, the growing popularity of the vegan lifestyle, owing to its eco-friendliness, is also positively impacting the worldwide demand for plant-based proteins. Besides, the increasing incidence of animal protein intolerance among people, especially in Western countries, is also propelling the expansion of the plant-based protein market.

Geographically, North America contributed the highest revenue to the plant-based protein market in the past. This was because of the growing preference of people for natural ingredients in the food and beverage industry and surging concerns being raised over the rising prevalence of obesity in the region. In the coming years, the market is expected to exhibit the fastest growth in the Asia-Pacific (APAC) region, owing to the growing population of vegetarians, rising income of people, and soaring requirement for protein among people in the region.

Hence, it can be safely said that the demand for plant-based proteins will surge sharply in the upcoming years, mainly because of the growing disposable income of people, rising popularity of the vegan lifestyle, and increasing intolerance of people toward animal protein across the world.

Read More

Rising Infertility Cases Augmenting Female Fertility and Pregnancy Rapid Test Kit Demand

 As per the World Health Organization (WHO), infertility refers to the “failure to achieve a pregnancy after 12 months or more of regular unprotected sexual intercourse”. This is a disease of both the male and female reproductive systems. Infertility is caused by problems in the ejection of semen, abnormal shape and mobility of the sperm, or absence or low levels of sperm in the male reproductive system. Whereas, in the female reproductive system, this disease may be caused by a range of abnormalities of the endocrine system, fallopian tubes, uterus, and ovaries.

Access Report Summary - Female Fertility and Pregnancy Rapid Test Market Size and Value

The WHO estimates that around 48 million couples and 186 million individuals are living with infertility globally. Thus, the surging incidence of infertility is expected to help the female fertility and pregnancy rapid test market progress at a CAGR of 4.5% during 2016–2022. According to P&S Intelligence, the market will generate $489.3 million by 2022. Currently, women dealing with infertility issues are creating a huge requirement for such at-home diagnostic devices owing to their lower cost than laboratory tests.

Essentially, the high number of infertile women is the key factor driving the demand for the associated test kits. As per a study conducted by the WHO, between 1990 and 2012, the global female infertility burden remained almost the same, thus highlighting a high need for diagnoses. The most common examples of abnormal menstruation, which could be a symptom of infertility, affecting the global female population are oligomenorrhea, amenorrhea, and dysmenorrhea. Essentially, family history, smoking, polycystic ovarian syndrome (PCOS), premature ovarian insufficiency, and impaired hypothalamus and pituitary gland function can cause female infertility.

Geographically, North America will dominate the female fertility and pregnancy rapid test market in the foreseeable future due to the soaring incidence of uterine fibroids and PCOS. Additionally, the female population of the region is experiencing irregular and heavy bleeding, abnormalities of the uterus, and indescribable miscarriages, owing to which North America is witnessing a considerable use of such kits. As per the Centers for Disease Control and Prevention (CDC), “About 6% of married women aged 15 to 44 years in the United States are unable to get pregnant after one year of trying (infertility).”

Therefore, the burgeoning infertile female population will boost the adoption of fertility and pregnancy rapid test kits.

Read More