North America Is Driving Digital Pen Market

In 2022, the digital pen market was worth around USD 2,311 million, and it is projected to advance at a 13.6% CAGR from 2022 to 2030, hitting USD 6,410 million in 2030, according to P&S Intelligence. This growth can be credited to the growing usage of digital pens to remove paperwork, increasing demand for enhanced features provided by digital pens, and mounting per-capita income.

Furthermore, digital devices, including computers, digital pens, and other hand-held computing devices are helpful for teachers as well as students, as they are constantly replacing books, pens, and other means of studying.

In 2022, the active pen category had the largest market share, at 46%. Such pens enable the utilizer to write straight onto the display of a computation device, such as a tablet, smartphone, ultra-book, or computer, The cursor is permanently underneath the tip; therefore, they are precise to a superior extent.

In 2022, the multiple OS category held the larger share, of above 70%. Furthermore, presently digital with greater than one operating system compatibility pens are gaining more traction among users. Additionally, numerous customers nowadays own more than one phone, with dissimilar operating systems, because of which the need for digital pens with multiple operating system compatibility is quickly growing.

The clinical documentation category is leading the industry, generating the largest revenue share. These pens enable clinicians to utilize their ideal technique of documentation, such as voice recognition, dictation, and transcription of medicinal documentation, into digitalized forms. It also supports the merger of natural language processing and clinical language understanding, which supports study the of clinical information.

In 2022, The healthcare industry, had the largest digital pen market share, at 25%. A specialist can easily access the cloud storage and join it to an automated medical record when the pen immediately transfers the stored information over Bluetooth. To guarantee accurate handwriting acknowledgment, the technology makes utilization of artificial intelligence. Furthermore, prescriptions can be modified to be used with the encoded paper for a diversity of applications.

The North American industry had the largest market share, at 38%. The rising use of digital pens in the healthcare and education sectors is contributing to the development of the regional market. Between 2020 and 2030, the service in healthcare professions is projected to raise by almost 16%. 

Furthermore, the snowballing utilization of smart device enhancements in digital technology, and rising disposal income are solidifying the progress of the industry. The U.S. is ranked sixth worldwide and first in North and Central America for IT invention and fourth for technical information.

Hence, the rising usage of digital pens to remove paperwork, increasing demand for enhanced features provided by digital pens, and mounting per-capita income, are the major factors, driving the digital pen industry. 

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Extended Reality Market Is Rapidly Growing with Rising Entertainment Industry

Extended reality is a term for a collection of visual technologies, such as virtual reality (VR), augmented reality (VR), and mixed reality (MR). An interactive environment is created by using software and equipment that deliver actual sounds and sights. It is currently used in a number of corporate hiring processes, including onboarding and employee training.

As per P&S Intelligence, the extended reality market is expected to hit USD 394.8 billion by 2030. This is due to the increasing acceptance of AR and VR as well as the expanding use of smartphones and linked devices.

Moreover, the primary drivers in the Indian industry are the rising use of the internet and the government's enhanced digitization ambitions. In addition, the business is expanding because of the increasing use of AR and VR in a variety of sectors, such as retail, entertainment, automotive, and construction.

The thriving entertainment industry is encouraging more people to use XR to watch live sporting events and concerts on their cell phones. Modern imaging techniques like magnetic resonance imaging and computed tomography (CT) scans also employ XR.

Along with the rise in chronic diseases and the rising demand to improve diagnostic accuracy, this is having a positive impact on how XR is utilized in the healthcare industry. Additionally, it is anticipated that as more people learn about its benefits, XR's application will expand internationally in the defense, transportation, retail, travel, and tourism sectors.

The XR sector is growing quickly as a result of increasing expenditures in VR and augmented reality technology and accelerating number of other technologies and connected devices.

With the use of 5G technology expected to rise, so will interest in XR technologies. Additionally, 5G is projected to resolve some of the primary problems with extended reality by providing a more effective allocation of computing resources to the network.

Application of VR and AR Is Swiftly Growing 

Another important factor that is predicted to assist the development of the XR market in the years to come is the increasing acceptance of AR and VR by companies and the general public. Applications fueled by the pandemic because of social distance restrictions have been extremely popular in recent years using AR and VR.

Previously viewed as a niche product in the entertainment and gaming sectors, 

AR/VR is now employed in a wide range of industries, including marketing, education, and healthcare.

In order to promote brand recognition, offer product demos, and give product information, businesses are increasingly utilizing AR/VR technologies to offer a more dynamic and engaging consumer experience.

On the other side, consumers are embracing AR/VR technology through immersive experiences for learning and pleasure. In light of this, market growth in the next years is anticipated to be driven by the rising adoption of HMDs.

Furthermore, AR had a significant share in the market owing to the rising demand for AR hardware and software in the retail, e-commerce, and healthcare sectors. Additionally, increasing expenditures in AR around the globe and an increase in consumer demand for technology are both contributing to the category's expansion.

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Improving Quality of Life: The Rising Demand for Pressure Relief Devices in the Global Market

Pressure ulcers are defined as localized injuries to the skin underneath the tissue induced by the bony portion as a result of continuous pressure or pressure combined with sheer friction.

Devices that relieve pressure include those that spread out the weight of the body across a wide area and offer a conforming support surface. Patients of all age groups who have pressure ulcers should use these devices. Patients with numerous lifestyle-related disorders, including cardiovascular disease, diabetes, and obesity, benefit from the usage of such devices.

Geriatric Population Growth and Obesity

Obesity-related disorders and the rise in the senior population are driving the need for pressure ulcer devices. For example, research carried out in North America shows that the number of Americans 65 and older is expected to double from 45 million to 95 million in 2060.

Between 2009 and 2012, the "Population Reference Bureau" reported a sharp rise in obesity among older individuals in the United States, which now affects almost 40% of those between the ages of 65 and 75.

Numerous Low-Tech Devices Are in Use

Due to their simple operation, low cost, and outstanding performance in ulcer prevention, low-tech devices had the most share in the past and are anticipated to continue doing so in the coming years. Foam-based mattresses are the most prominent investors among low-tech gadgets because they absorb movement pressure, allowing for pain relief and uninterrupted sleep.

Need for Healthcare Infrastructure Is Growing

The worldwide healthcare system has been advancing and changing throughout time. The need for cutting-edge medical equipment, including pressure relief devices, has been rising in tandem with the fast growth of the healthcare infrastructure to meet the needs of pressure ulcer patients.

Growing public-private partnerships (PPP) and investments from third parties in medical facilities are also fostering the expansion of the medical sector, which in turn is fueling the demand for pressure relief devices.

Why Does North America Control the Most of the Market?

Due to the high frequency of pressure ulcers there, the North American market now owns a 37% share, and it is anticipated that the area will continue to dominate the industry. In addition, the development is being fueled by government support as well as the presence of an established reimbursement network.

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North America Is Driving Animal Healthcare Market

The global animal healthcare market was valued at USD 40.2 billion in 2022, and this number is projected to reach USD 84.9 billion by 2030, progressing at a CAGR of 9.8% during 2022–2030, as per a report by a market research firm, P&S Intelligence.

The growth of the industry can be credited to the snowballing consumption of milk and meat, increasing acceptance of pet animals, and rising frequency of food-borne zoonotic diseases.

Moreover, pet adoption in Germany is climbing sharply can be credited to the pandemic, with people looking for approaches to fight boredom and loneliness, hence boosting the need for dogs, cats, and other animals.

In the coming years, the companion animals’ category is predicted to advance at a higher CAGR, above 7%. This is mainly because of the snowballing number of companions and growing investment in their well-being. Globally, cat and dog ownership has been increasing progressively.

In 2022, North America had the largest revenue share, of approximately 35%. The need for feed additives is growing because of the heavy consumption of animal products. The U.S. is the world's major beef producer and prominent exporter as well. To supply nutritive animal-derived food, the need for feed additives is growing in the continent.

Hence, the snowballing consumption of milk and meat, increasing acceptance of pet animals, and rising frequency of food-borne zoonotic diseases, are some major factors that will drive the animal healthcare industry in the future. 

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Home-Use Beauty Devices Market Will Reach a Value of USD 89,535.1 Million By 2030

The Home-Use Beauty Devices Market is experiencing growth and is projected to hit USD 89,535.1 million by 2030, according to a research report by a market research company P&S Intelligence.

The market is boosted by the increasing awareness regarding appearance, rising frequency of skin diseases, growing elderly populace, and snowballing awareness of beauty devices.

Based on technology, the laser/light category had the largest market share in the past. The high acceptance of laser technology is mainly because of its capability to reduce the redness and irritation related to skin conditions, including rosacea and acne by aiming specific parts of the skin, while not impacting other areas.

The introduction of new and advanced beauty items in the past few years has altered the scenario of the home-use beauty devices industry by enabling the public to cure skin illnesses, advance skin texture, and reduces the signs of aging. Beauty product businesses are constantly emerging with better and more innovative products in response to the customer demand for cutting-edge skincare and haircare solutions.

The rising elderly populace plays a vital role in the development of the home-use beauty devices market. In the skin layers, aging causes the damage of fibrous tissues and a decreased glandular and vascular network, which causes dryness, wrinkles, pigmentary changes, and skin sagging. Anti-aging products, which support rejuvenating and tightening the skin, are being utilized in a large number to cure such skin difficulties in the aging population.

Moreover, countries such as Vietnam, India, China, Indonesia, and Thailand are providing abundant growth opportunities to the key players, basically due to their growing millennial populace. Also, the need for multifunctional items is increasing as cost-conscious customers are selecting products that provide multiple features.

Hence, the increasing appearance awareness and rising frequency of skin diseases, are the major factors that will drive the home-use beauty devices industry all over the world in the future as well.  

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Autonomous Mobile Robots Market To Reach USD 10,979 Million by 2030

The total size of the autonomous mobile robots market was USD 3,148 million in 2022, and it will reach a value of USD 10,979 million by 2030, advancing at rate 16.90% in the years to come, as per a report by a market research company, P&S Intelligence.

The logistics category had the largest share of revenue, of about 29% in the past. These robots are chiefly installed for transportation of goods within a warehouse or storage capacity, therefore allowing actual inventory management. This results in a decrease in the complete logistics cost and streamlining supply chain. 

Autonomous Mobile Robots Market Size and Share Analysis Report

Hence, as per the IFR, above 5 million AMRs will be functioning in about 60,000 warehouses worldwide by 2025.

Furthermore, a new breed of  AMRs is assisting logistics firms with various warehouse duties. AMRs can release the humans from routine duties, letting them to lay emphasis on more-rewarding and value-adding activities. 

In the years to come, a more-widespread acceptance of AMRs across a broader various use cases will be done, accompanied by progressions in their technical reliability and maturity.

The increasing requirement for factory automation solutions is a major factor driving the industry. Because of the increasing intricacies in manufacturing procedures, higher labor costs, lack of laborers, and growing emphasis on increased productivity, the requirement for factory automation solutions is increasing worldwide.

Likewise, logistical hubs and warehouses need AMRs for transportation and loading work. Additionally, in China and India, companies are more and more concentrating on automated solutions for compensating for labor shortages and advance the product quality, for competing in global markets.

APAC autonomous mobile robots market will have a significant growth rate of about 18.2% in the years to come. This will continue its dominance in the years to come. Peoples Republic, Japan, and South Korea are the key buyers of these robots, which, in line, is powering the global demand.

Moreover, because of the numerous government initiatives, for example Made in China 2025 and Make in India, which aim at accelerating automation in the manufacturing industry, the requirement for AMRs is increasing across the region, chiefly in India, Thailand, China, and Indonesia. 

For example, in the Made in China 2025 plan, the government of China is applying automation and robotics technologies in the manufacturing sector.

Correspondingly, the Indian government is concentrating on formulating an ecosystem for the propagation of Industry 4.0 in each manufacturing-related sector of the nation by the 2025.

It is because of the increasing requirement for the automation of factory operations and growing e-commerce sector, the demand for autonomous mobile robots will increase significantly in the years to come.

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Business Continuity Management Market Will Touch $1,673 Million by 2030

The global business continuity management the market was valued at $536 million in 2022, and this number is expected to reach $1,673 million by 2030, advancing at a CAGR of 15.30% during 2022–2030, as per P&S Intelligence.

This growth is mainly credited to the increasing dependency on digitization, snowballing IT expenditure, integration of cutting-edge technology, increasing operational hazards in administrations, and mounting acceptance of business continuity solutions in SMEs.

Business Continuity Management Industry Revenue Estimation and Demand Forecast to 2030

Business continuity management comprises an organization's policy and preparation to keep optimum operations or speedily recover after a disaster. It also involves the detection of threats. The benefits of a robust BCM strategy, include the ability to endure cyberattacks and natural disasters. Additionally, sustaining a strong financial status and offering a brilliant customer experience during mishappenings can be difficult. Here, continuity preparation guarantees that the service and product quality is upheld. This becomes exclusively important for businesses’ food items or healthcare-associated goods.

The solutions category held the larger revenue share in 2022 and it is expected to maintain its dominance during the projection period. The growth is mainly attributed to the increasing deployment of BCM solutions for risk management, crisis management, and audit management. Additionally, the promptly changing corporate environments and the development of data recovery or risk management solutions will drive the business continuity management market.

In 2022, the large enterprise category held the larger market share of 75% and is projected to remain in the leading spot in the future as well. This can be credited to the capability of large enterprises to do significant IT expenditures, to deploy and improve their business continuity strategies. Furthermore, large organizations have discrete operations and enormous amounts of Important enterprise data. Thus, they are bound to incorporate effective business continuity strategies to manage operations.    

The APAC market is projected to grow at a CAGR of 16.1% in the future. This is can be ascribed to the fast economic growth in the key countries, the snowballing occurrence of large enterprises, increasing IT services, lifting IT expenditure in emerging countries, including India and China, and the development of cloud technology in the region.

The region is witnessing rampant industrialization and corporatization, which are leading to a proliferation in the number of business enterprises operating here. Moreover, countries are upping their spending on digitization initiatives, which is a key reason behind the rising demand for BCM solutions.

Hence, increasing dependence on digitization, snowballing IT expenditure, integration of cutting-edge technology, increasing operational hazards in administrations and mounting acceptance of business continuity solutions in SMEs are major are major factors driving the business continuity management industry growth. 

 

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