Month: August 2020

Food & beverage industry is witnessing substantial growth because of urbanization, surging population, increasing disposable income, and expanding e-commerce industry. In addition to this, the competition in the food and beverage industry is also getting intensified and the companies are looking for ways which will give them an edge over their competitors.

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Attributed to this, the companies in the food & beverage industry are increasing focusing on food packaging. The demand for packaged food is growing rapidly as well, and the safety of packaged food items is of great importance, which is having an impact on the choice of printing technique that is being used in the packaging process.

As ultraviolet (UV) curing systems are ideal for adhesive, coating, and printing applications without causing any harm to the quality of food, their adoption in the food & beverage industry is increasing. The process of UV curing involves the usage of UV light for initiating a photochemical process which cures or dries the ink, adhesive, or coating on a substrate, such as plastic, semiconductor, glass, wood, and metal.

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Different types of UV curing systems are conveyor curing, spot curing, hand-held curing, and flood curing. Out of these, the conveyor curing systems are predicted to be the most in demand in the coming years, as they facilitate uniform ink curing because the speed of the conveyor ensures that each component is cured for the same amount of time.

Valued at $1,723.6 million in 2019, the global voice assistant market is predicted to attain a valuation of $26,872.6 million in 2030. The market is also expected to advance at a CAGR of 29.7% from 2020 to 2030, according to the estimates of P&S Intelligence, a market research firm based in India. The main factors driving the progress of the market are the soaring requirement of contact centers and the increasing demand for higher customer experience across the world. 

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The customers conducting voice searches expect quick and relevant solutions from the organizations. The voice assistant technology analyzes the received input and helps the customers in getting quick answers to their queries, which, in turn, improves the overall customer experience. Globally, the voice assistant market will exhibit the highest growth in North America in the upcoming years. 

Furthermore, many companies, across multiple verticals, are increasingly collaborating with various voice assistant solutions providing organizations for enhancing the customer engagement and satisfaction levels. Besides the above-mentioned factors, the growing incorporation of voice assistant technology in the education industry is also offering numerous growth opportunities for the players operating in the voice assistant market.

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The adoption of this technology in classrooms will enhance the learning experience for the students. Additionally, these technologies are rapidly becoming popular amongst the teachers, on account of their various beneficial features such as the ability to respond to multiple questions by teachers and students and provide rapid fact-based answers, either through proper references or directly.

With increasing security concerns, the uptake of fingerprint-sensing-technology-integrated smartphones is rising across the world. Seeing the growing demand, numerous smartphone manufacturers have started deploying this functionality in their products, in order to offer customers enhanced security and better convenience of changing their personal identification number (PIN) and password. Compared to 50% in 2017, almost 60% of the smartphones produced in 2018 had this technology.

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The need for making premises safe is rising all across the globe, as security threats are increasing. This is particularly important for government organizations, military headquarters, and courts where sensitive data is stored regarding different crucial matters. In order to make premises safer, such places have started making use of fingerprint sensors for authenticating identity and preventing duplication.

Owing to such factors, the global fingerprint sensors market is projected to register considerable growth in the coming years. These days, the adoption of in-display fingerprint sensors is increasing across the globe, which is majorly ascribed to the growing utilization of smartphones and the rising utilization of online payments. In addition to this, the extensive focus on making smartphones smoother and sleeker is also resulting in the increasing use of fingerprint sensors in these devices. 

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Take for example the Unique Identification Authority of India, which utilizes Aadhaar-based biometric identification for dispersing the benefits sanctioned under different social welfare schemes to population that is economically weak. Under this model, fingerprints of people are captured, thereby ensuring the authentication of identity while the distribution of benefits. 

Asia-Pacific (APAC), which accounted for the highest procurement rate of fingerprint sensors in the past, is set to experience the highest CAGR in the industry in the immediate future. This would be a result of the rapid adoption of such instruments like biometric sensors by the government of India, China, and Indonesia, along with the surging uptake of fingerprint-sensors-integrated smartphones by the booming population, which is also experiencing an increase in its spending power.

According to a study conducted by P&S Intelligence, the global ambient lighting market is predicted to reach a value of $156.5 billion by 2030, from $60.8 billion in 2019, progressing at a 9.2% CAGR during the forecast period (2020–2030). Geographically, the ambient lighting market was dominated by the Asia-Pacific region in 2019 and the region is further predicted to account for the major share of the market during the forecast period as well.

This is because of the increasing disposable income of people, surging population, and expanding IT market in the region. Within the region India is predicted to register the highest CAGR during the forecast period, which can be attributed to the rising focus of the government towards the replacement of incandescent lighting with LED lights and increasing investments in residential projects.   

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The increased focus on smart lighting solutions across the globe is a major factor leading to the growth of the ambient lighting market. Design structure and energy efficiency have resulted in the growing adoption of LEDs in residential and industrial sectors. In addition to this, the growth of Industry 4.0, penetration of internet of things, and growing need for smart home solutions are encouraging companies in the domain to experiment increasingly with LED lights.

Manufacturers are increasingly leveraging latest technologies for enhancing, functionality, and aesthetics of smart lighting solutions. The stringent regulatory policies related to energy efficiency are also resulting in the rapid growth of the ambient lighting market across the globe. These policies are aimed towards cost and energy savings in different sectors.

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As per the U.S. Department of Energy, the U.S. Energy standard for Buildings is a model code on a national level for commercial buildings and is a vital parameter for the design of the building and related systems. Such policies are leading to the growing demand for LED lighting solutions, thereby driving the market. Hence, the growth of the market is being driven by the growing focus on smart lighting solutions and strict regulatory policies. 

The hospitality sector in the U.A.E. is witnessing considerable growth, owing to the increase in tourism activities in the country. The rise in the tourism activities contributed a revenue of $18.6 billion to the national gross domestic product in 2016 in the country. It is further expected that the tourism industry will contribute $116.1 billion to the country’s economy.

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Several projects are being launched for attracting 20 million tourists to Dubai by 2020 and 10 million tourists to Sharjah by 2021. In order to cater to the needs of the rising number of people coming to the country from all the around, numerous hotels are being built in the country. The fastest growth in demand is expected to be registered for heat pumps in the coming years.

This increasing construction of hotels and other buildings will result in a rising requirement for heating systems as well. As per a P&S Intelligence report, the U.A.E. heating equipment market attained a value of $89.5 million in 2019 and is projected to generate a revenue of $121.4 million by 2030, advancing at a 2.9% CAGR during the forecast period (2020-2030).

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Major end users of heating equipment are commercial, residential, and industrial sectors. Among these, the commercial sector created the largest demand for heating equipment in the U.A.E. in 2019. The fastest growth in demand for heating equipment is predicted to be witnessed by the residential sector. This is due to the fact that heat pumps provide better energy management advantages as compared to furnaces and boilers.

A major trend being observed in the ultrasonic sensor market is the surging requirement for autonomous mobile robots (AMR) across the globe. Owing to the rising advancements in technology and growing focus towards increasing productivity, efficiency, and operational capacity in industries, the demand for AMRs has been rising rapidly. Automotive and oil & gas are the major industries that are creating the demand for AMRs, thereby driving the market.

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Geographically, Asia-Pacific dominated the ultrasonic sensor market in 2019, which can majorly be ascribed to the surging demand for automation in various industries. In addition to this, the growing focus on smart agriculture and increasing population in the regions are also resulting in the growth of the market.

China accounted for the largest share of the regional market in 2019, owing to the expansion of the large manufacturing industries, including chemicals, automotive, and food & beverage in the country. The region is further projected to witness the highest CAGR during the forecast period.  

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Ultrasonic sensors are utilized in AMRs for various applications, such as determining the distance between two objects and detecting obstacles. The increasing demand for ultrasonic sensors by veracious industries is among the key driving factors of the market. These sensors are being in utilized in industries for a number of applications, such as diameter measurement of roll, tank water level measurement, loop control, height measurement, and distance measurement.

In addition to this, the increasing industrial production in developing countries are further leading to the rising demand for these sensors, particularly for level measurement applications. Hence, the demand for ultrasonic sensors is growing due to surging need from end use industries and rising demand for AMRs.  

Increasing adoption of light sensors in consumer electronics, growing demand for smart home technology solutions, and increasing use of internet of things (IoT) sensors in the automotive sector are some of the major factors driving the growth of light sensor market across the world. Based on function, the light sensor market has been categorized into ambient light sensing, gesture recognition, RGB color sensing, proximity detection, and infrared radiation (IR) detection.

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Among these, the ambient light sensing category held the largest share in the market in 2018. This can be attributed to the increasing use of ambient light sensors in automobiles for automatic dimming and visibility maintenance. Moreover, ambient light sensors help save battery power through the automatic adjustment of the backlight. Owing to this, the demand for these sensors is increasing globally.

On the basis of output, the light sensor market has been categorized into analog and digital. Between the two, the digital category is expected to register faster growth during the forecast period. Digital light sensors offer higher reliability, energy efficiency, and performance. Due to these factors, their demand is expected to increase in the near future. North America held the largest share in the global light sensor market in 2018.

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This can be ascribed to the increasing adoption of light sensors in vehicles in the wake of rising accidents in the region. Light sensors are widely used in consumer electronics, industrial, automotive, healthcare, and entertainment sectors. Out of these sectors, the automotive sector is predicted to observe the highest growth in the usage of light sensors in the coming years. 

Geographically, North America dominated the HR analytics market in 2018, which is majorly due to the presence of a large number of industries with a highly skilled workforce. Moreover, technological advancements and rising IT spending are also driving the demand for HR analytics solutions in the region. Apart from this, the Asia-Pacific region is expected to progress at the fastest pace during the forecast period, which can be ascribed to the increasing IT investments by companies for enhancing operations in emerging economies, majorly in China and India. 

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According to a research conducted by P&S Intelligence, the global human resources (HR) analytics market is predicted to attain a value of $4,763.5 million in 2024, increasing from $2,045.5 million in 2018, advancing at a 15.6% CAGR during the forecast period (2019–2024). The growing requirement for efficient hiring is a major driving factor of the HR analytics market. These solutions offer insights into prospective hires after analyzing their expertise and skills.

They further guide the organization in making an impartial and informed decision on the basis of this data, thereby decreasing hiring biasness. Enhanced recruitment can aid companies achieve faster growth and further offer a competitive advantage in the domain which impacts the business performance directly. Therefore, as productive hiring enables businesses to be more agile and proactive, their demand is increasing across different industries. 

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While large enterprises have been increasingly making use of HR analytics solutions in the past, these solutions are now also being adopted by small and medium enterprises (SME). The number of SMEs has been increasing since the past few years and these enterprises are now utilizing HR analytics solutions for enhancing productivity. The players in the domain are also focusing on offering more-flexible services and solutions to SMEs, since these enterprises are increasingly focusing towards data-driven decision making for scaling up their business operations. 

In conclusion, the demand for HR analytics solutions is growing due to the surging need for efficient hiring and increasing demand from SMEs.  

Many North American companies such as International Business Machines (IBM) Corporation, Microsoft Corporation, and Google LLC are making huge investments in the quantum computing technology, mainly for commercializing it and gaining a foothold in the industry. Similarly, in China, Alibaba Group Holding Limited, one of the leading e-commerce companies in the world, is constructing a quantum research laboratory.

Furthermore, the government is building a $10 billion national quantum research laboratory in Hefei, that will become operational by 2020 and allow major R&D in quantum computing technology in the country. In addition to making huge investments, the governments of many countries, including the U.S. are also launching several initiatives for encouraging the commercialization of the technology.

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For instance, the National Quantum Initiative Act was enacted in the U.S. in December 2018, under which, the U.S. House of Representatives allocated $1.2 billion to the National Quantum Initiative Program for accelerating the development of quantum computing technology and QIS (quantum information science) applications in the country. Thus, with the growing adoption of quantum computing technology all over the world, the global quantum computing market will grow from $89.6 million to $1,866.8 million from 2019 to 2030, exhibiting a CAGR of 33.1% between 2020 and 2030.

This technology is extensively used in banking, financial services, and insurance (BFSI), manufacturing, information technology (IT) and telecom, healthcare, energy and utilities, and aerospace and defense industries. Amongst these, the BFSI industry recorded the highest adoption of the quantum computing technology in the last few years, because of the ballooning requirement of streamlined business processes in banks and other financial institutions.

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Geographically, the quantum computing market will register the highest growth in North America in the future years. Further, the market is predicted to exhibit the fastest growth in Europe in the forthcoming years, as per the estimates of the market research firm, P&S Intelligence. This is primarily ascribed to the tremendous investments being made in the U.K., the U.S., Russia, Germany, and Canada for the development of quantum computing technology.