Turkey Micromobility Market To Register 64.5% CAGR during 2021–2030

A number of factors, such as the rising need for maintaining a green environment, surging requirement for minimizing traffic congestion, and increasing demand for effective transportation systems for short-distance traveling, are projected to drive the growth of the Turkish micromobility market at a robust CAGR of 64.5% during the forecast period (2021–2030). According to P&S Intelligence, the market generated revenue of $92.8 million in 2020, and it is expected to reach $14,711.1 million by 2030. Moreover, the market is witnessing a trend of surging adoption of e-scooters in the country.

One of the prime factors aiding the Turkish micromobility industry is the rising need for maintaining a green environment. Environmental pollution is one of the major issues in the country. Air pollution level is above the guidelines of the World Health Organization (WHO), which leads to deadly diseases. Micromobility is helping in minimizing pollution levels, and thus, the micromobility ecosystem is expanding significantly, owing to its high availability, ease of functioning, low pricing, and environment-friendly. Moreover, the micromobility services are expected to replace cars being used for short distances in the long run, and they help in reducing emission levels.

The vehicle type segment of the Turkish micromobility industry is classified into e-scooters, e-bikes, e-pods, e-mopeds, bikes, and scooters. Among these, the e-scooters category accounted for the largest market share in 2020, and it is also expected to witness the fastest growth in the coming years. This is attributed to the rising fleet size of e-scooters. This leads to the high availability of e-scooters for micromobility services in the country, as compared to other vehicle types.

The key players operating in the Turkish micromobility market include Marti Technologies Inc., Inveo Yatirim Holding A.S., Hop Teknoloji A.S., Fenix Technologies Ltd., Bizero Robotics, Segway Inc., Kwang Yang Motor Co. Ltd., Niu Technologies, and Bisim Smart Bicycle Rental System. These players have been involved in investments and funding activities to gain a competitive advantage. For example, Inveo Yatirim Holding A.S. invested $2.8 million (TL 24.2 million) in Hop Teknoloji A.S. in May 2021. This is projected to elevate the growth of the latter company in order to buy new electric scooters and augment its business operations. 

Thus, the surging need for maintaining a green environment and the rising requirement for minimizing traffic congestion are expected to propel the market growth during the forecast period.

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Robotic Catheter Systems is Likely to Witness Significant Growth due to their Advantages

The major drivers of the market are the rising prevalence of cardiovascular diseases and reduced occupational hazards for cardiologists. These systems are medical robots that work through a joy stick or a remote to perform various diagnostic and therapeutic procedures, such as the stent implantation, myocardial biopsy, ablation, and coronary angiogram, among others.

The robotic catheter systems market is categorized into Middle East & Africa, Latin America, Asia-Pacific, Europe, and North America based on region. In 2018, the highest revenue generator in the market was North America, and in the forecast period as well, it would continue to dominate the market, in terms of revenue.  The major driving factors of the regional market are the high adoption of these systems for cardiovascular diagnostic and therapeutic procedures in hospitals and clinics and the large presence of key manufacturers.

The robotic catheter systems market is witnessing the trend of digitization of instruments, which has been a key factor in the evolution of integrated and automated cardiovascular interventional labs. The advancements in the robotic technology are taking place rapidly, which, in turn, is helping hospitals cut down on catheterization lab costs, particularly in remote areas. The operational efficiency of cath labs has massively improved due to the commercialization of such systems.  Even though these systems are pretty expensive, they are being heavily deployed owing to the advantages they offer over conventional catheterization procedures.

Access Report Summary - Robotic Catheter Systems Market Segmentation Analysis

With the technological advancements, the robotic catheter systems market would witness remarkable growth due to the extensive testing of these systems in the clinical trials. Catheterized cardiovascular procedures, such as catheter ablation, are popularly used in modern medicine, but robot-assisted catheterized procedures have not become as popular as their conventional counterparts due to the scarcity of skilled professionals. Companies, such as CorPath, Amigo, Sensei, and Niobe are commercializing robot catheterization systems, which may contribute in the demand for training people for operating the technology, thereby making them popular among patients and surgeons.

Hence, the market for robotic catheter systems is set to advance in the forecast period as the requirement for safer technologies for carrying out cardiovascular procedures is rising.

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Surging Construction Activities Fueling Indian Diesel Generator Set Industry Growth

The Indian diesel generator set market value stood at $816.0 million in 2021, and it is predicted to surge to $1,831.2 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 9.4% from 2021 to 2030 (forecast period). The major factors driving the expansion of the market are the booming manufacturing industry and burgeoning need for power for construction activities in the country.

With the implementation of various supportive government regulations, the manufacturing industry in India is predicted to expand massively in the coming years. As per the India Brand Equity Foundation (IBEF), in India, foreign direct investments (FDI) in the manufacturing industry amounted to $89.2 billion between April 2000 and December 2019. The country witnessed a sharp rise in FDI during this period, owing to the provision of various incentives, relaxation of tax laws, and advancements and innovations in the infrastructure.

Additionally, many automobile and mobile phone manufacturers are either setting up their production facilities or commissioning these plants in India, which once completed will push up the requirement for diesel gensets. Besides, the increasing construction activities in the country, on account of rapid urbanization and industrialization, are also fueling the demand for diesel gensets. In recent years, the country has witnessed the launch of several massive construction projects, such as those pertaining to the development of refineries, ports, buildings, roads, and highways.

Karnataka is predicted to be the fastest-growing state in the Indian diesel genset market throughout the forecast period. This is attributed to the development of commercial infrastructure and growing number of residential facilities in the state. For example, as per an article published in Business Today in December 2020, the Central government would launch infrastructure development projects worth $15.68 billion in Karnataka in the near future. Additionally, as per the Economic Times, the Karnataka government decided to build 900,000 houses over a duration of two years in the state under various housing projects, in July 2021.

Hence, it is safe to say that the sales of diesel gensets will soar in India in the coming years, mainly because of the surging construction and infrastructure development activities in the country.

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Rising Prevalence of Cyberattacks Propelling Network Telemetry Usage

With the rising internet penetration, the prevalence of cyberattacks is growing all over the world. According to the World Bank, around 57.0% of the global population had access to the internet in 2019. During cyberattacks, the networks and servers of organizations are breached and critical data is stolen, thereby causing enormous losses. Attackers are stealing information and hacking servers from various sources at the workplace, such as internet of things-enabled gadgets, that are commonly used within a centralized network. 

Thus, in order to mitigate the incidence of cyberattacks and protect data, enterprises are increasingly adopting network telemetry solutions and services, thus fueling the expansion of the network telemetry market. Besides, the burgeoning need for the optimization of the network infrastructure, owing to the rising internet traffic and demand for solving downtime issues, is also pushing up the requirement for network telemetry solutions. Downtime primarily occurs when the system becomes unavailable for a certain period of time, when real-time data is transmitted to multiple locations by network devices.

To solve this problem, the overall network infrastructure must be optimized, which can be done with the help of network telemetry solutions and services. Owing to these factors, the revenue of the network telemetry market reached $300 million in 2020. Managed service providers, cloud service providers, and telecom service providers are the major end users of network telemetry solutions. Amongst these, telecom service providers generated the highest demand for these solutions in the past, mainly because these solutions assist them in optimizing and managing their network infrastructure. 

This was because of the existence of several network telemetry market players, such as Pluribus Networks Inc., Arista Networks Inc., and Juniper Networks Inc., strong competition in almost every industry, and soaring use of advanced technologies, such as the IoT and AI, in the region. Across the globe, the leading market players are focusing on getting into partnerships in order to reach out to a large number of people and augment their revenue. For example, Forescout Technologies Inc., which is a provider of enterprise of things security solutions, entered into a partnership with Arista Networks Inc. in February 2021 for providing faster and effective zero-trust defense for enterprises. 

Hence, the demand for network telemetry services and solutions will surge sharply in the coming years, mainly because of the rising prevalence of cyberattacks and growing adoption of advanced technologies by enterprises. 

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Poor Power Grid Infrastructure Propelling Nigerian Diesel Genset Market To New Heights

The Nigeria diesel genset market value stood at $445.1 million in 2021, and it is expected to exhibit a CAGR of 6.8% from 2021 to 2030 (forecast period). According to the estimates of the market research organization, P&S Intelligence, the market will reach a value of $806.8 million by 2030. The market is being driven by the soaring requirement for power in various industries, growing power transmission losses, and substantial base power deficit in the country. 

The power infrastructure in Nigeria is considerably weak, on account of the existence of huge power transmission losses and high-value base power deficit in the country. Moreover, the country is witnessing a sharp surge in the demand for diesel gensets, owing to the rising urbanization rate and rapid economic progress. As per an article published in the International Trade Administration, the Nigerian government is making huge investments for boosting power production through small, medium, and large hydrostatic power plants with a total capacity of 6,024 MW in several cities, such as Kashimbila (40 MW), Makurdi (1,000 MW), and Mambila (3,050 MW). 

Furthermore, the increasing construction and oil and gas exploration and production activities are further boosting the need for diesel gensets in the country. Oil and gas fields are usually located in various remote locations and thus, the lack of proper grid connectivity is pushing up the demand for diesel gensets in the country. Depending on application, the Nigerian diesel genset market is classified into residential, industrial, and commercial. Out of these, the commercial category is holding the largest share in the market.

The Nigerian diesel genset market is currently witnessing the trend of decreasing imports of low-power diesel gensets. As per the UN Comtrade, the import value of gensets in the country has been plunging since 2015. The enactment of government regulations and policies aimed at mitigating the import of low-power gensets is one of the major factors fueling this trend. Furthermore, large, medium, and small gensets produce 699 g/kWh, 883 g/kWh, and 1,580 g/kWh of CO2 in the atmosphere, respectively. These low-power gensets are majorly used in hostels, small commercial facilities, such as salons, small offices, and restaurants, and houses. 

Hence, it can be safely said that the demand for diesel gensets will soar in Nigeria in the coming years, primarily because of the presence of a poor power grid infrastructure, huge power transmission losses, and increasing construction and commercial activities in the country.

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Digital Transaction Management Solution Use To Surge in Saudi Arabia

According to the Household Income and Expenditure Survey released by the General Authority for Statistics, the average household monthly income and average monthly per capita income of Saudi Arabia was 14,823 Riyal and 7,940 Riyal, respectively, in 2018. The survey also reveals that the per capita monthly expenditure of the country was 2,857 Riyal in 2018. The rising spending power of people, owing to the soaring income, will increase the penetration of digital transaction platforms in Saudi Arabia.

Thus, the surging income of people is expected to drive the Saudi Arabian digital transaction management market (DTM) at an exceptional CAGR of 35.7% during 2020–2030. According to P&S Intelligence, the market was valued at $60.88 million in 2020, and it will generate $1,288.27 million revenue by 2030. Additionally, ongoing technological advancements and the increasing focus of enterprises on digital platforms for business operations will also propel the demand for DTM solutions in Saudi Arabia.

Saudi Arabia Digital Transaction Management Market

Moreover, the soaring focus of the government on digital transformation will also encourage the use of DTM solutions in the country. The government aims to establish information and communication technology (ICT) as a central pillar of the development of the country under its Vision 2030 strategy. Likewise, the National Transformation Programme (NTP) has laid the foundation for digital-transformation-led innovation in the country. Both these initiatives are an outcome of the constant efforts of ministers to strengthen the ICT ecosystem of the nation.

Geographically, the central region accounted for the largest share in the Saudi Arabian digital transaction management market in 2020, and it is expected to demonstrate the fastest growth during the forecast period (2021–2030) as well. The growth of this region can be credited to the mounting IT expenditure, the growing focus of business entities on business expansion and improvement, and increasing government support for small and medium-sized enterprises (SMEs). Besides, the rapid adoption of digital services by corporates will also contribute to the market growth in the region.

Therefore, the surging focus of the government on digital transformation will augment the use of DTM solutions in Saudi Arabia.    

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Rising Need for Enhanced Productivity Fueling Robotic Process Automation Demand

Robotic process automation (RPA) software helps enterprises enhance work efficiency because it can run in the background round the clock, which enables the mechanization of back-end processes. The increasing adoption of this software, therefore, allows human employees to engage themselves in more-important tasks, such as client handling. Thus, the rapid digitization of businesses to enhance productivity and product and service quality will facilitate the deployment of the RPA software in the coming years. Additionally, businesses are also opting for training, professional, and implementation services for RPA solutions due to the high digitization rate.

Additionally, the burgeoning demand for virtual workforces is expected to drive the robotic process automation market at a robust CAGR of 36.3% during the forecast years (2020–2030). According to P&S Intelligence, the market was valued at $2,078.3 million in 2020, and it will generate $45,982.0 million revenue by 2030. In recent years, hefty investments have been made in emerging RPA companies and startups in order to cater to the needs of the expanding customer base. This became a prominent market trend.

Robotic Process Automation Market

Presently, the robotic process automation market is highly fragmented, due to the presence of umpteen players, such as Automation Anywhere Inc., Blue Prism Ltd., Celaton Ltd., IBM Corporation, IPsoft Incorporated, NICE Ltd., Pegasystems Inc., Redwood International Business Group B.V., UiPath Inc., and Xerox Corporation. Nowadays, the market players are focusing on product launches and partnerships to consolidate their position. For instance, in March 2020, Blue Prism Ltd. collaborated with Red Hat Inc., a U.S.-based multinational software company, to create state-of-the-art intelligent automation solutions.

In recent years, the North American region has emerged as the largest user of RPA solutions due to the high penetration of process management and automation solutions in the U.S. and Canada. In addition, the presence of numerous offshore customer service providing companies and major vendors is also accelerating the adoption of RPA solutions in the region. Moreover, the rapid adoption of the latest technologies, high IT investment, and the existence of developed IT infrastructure also offer a conducive environment for adopting such solutions.

Therefore, the mounting focus of business organizations on improved productivity and quality and rising demand for virtual workforce will accelerate the adoption of the RPA software in the forthcoming years.

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