Market Research Blog – Page 3028 – New Product Development

Sales Performance Management (SPM) Software Market Forecasted to Expand at 13.0% CAGR, Anticipating US$ 7,121.5 Million by 2033

The worldwide sales performance management (SPM) software market was valued at approximately US$ 2,091.8 million in 2023. Over the next decade, it’s projected to grow significantly, reaching around US$ 7,121.5 million by 2033. This indicates an expected Compound Annual Growth Rate (CAGR) of 13.0% from 2023 to 2033.

Sales Performance Management (SPM) software streamlines both operational and analytical tasks in sales by automating and integrating various back-office processes. Its primary aim is to enhance the efficiency and effectiveness of sales operations. This software encompasses several key features such as Incentive Compensation Management (ICM), sales planning and monitoring, Territory Management (TM), sales performance analytics, sales reporting, and quota management (QM). Currently, the SPM software market holds a significant share, accounting for nearly 30% of the global business process management market.

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The global SPM market is poised for substantial growth in the foreseeable future. This growth can be attributed to several factors, including heightened investment in sales automation, aimed at improving visibility into sales leads. Additionally, there’s a growing trend towards the adoption of metrics-driven sales tools and compensation planning strategies. These approaches are designed to bolster business development efforts and enhance overall sales performance. Furthermore, SPM software plays a crucial role in monitoring and guiding sales personnel, aiding them in improving their ability to effectively sell products or services.

Unlocking Growth Potential with Sales Performance Management (SPM) Software

In the dynamic landscape of sales, where competition is fierce and targets are constantly evolving, having a robust Sales Performance Management (SPM) Software becomes imperative for businesses to thrive. As companies strive to maximize their sales efficiency, streamline processes, and enhance performance, the SPM software market emerges as a critical ally in achieving these goals.

Understanding the Essence of SPM Software

At its core, SPM software is designed to empower organizations with tools and functionalities that enable them to effectively manage and optimize their sales operations. From performance tracking and incentive management to territory planning and quota allocation, SPM software offers a comprehensive suite of features tailored to the unique needs of sales teams.

Market Trends and Growth Dynamics

The SPM software market has witnessed exponential growth in recent years, driven by factors such as increasing adoption of cloud-based solutions, rising demand for data-driven insights, and the growing emphasis on sales force effectiveness. According to industry reports, the global SPM software market is projected to continue its upward trajectory, fueled by advancements in technology and the ever-evolving needs of businesses to stay ahead in the competitive landscape.

Key Components of SPM Software

Performance Tracking and Analytics: SPM software provides real-time visibility into sales performance metrics, allowing organizations to track key indicators such as revenue, conversion rates, and sales pipeline health. By leveraging advanced analytics capabilities, businesses can gain actionable insights to identify trends, forecast sales, and make informed decisions.
Incentive Compensation Management (ICM): One of the core functionalities of SPM software is its ability to automate and streamline incentive compensation processes. From calculating commissions to designing incentive plans and ensuring compliance, ICM modules enable organizations to align sales compensation with business objectives while motivating and rewarding sales teams for their performance.
Territory and Quota Management: Effective territory and quota management are essential for optimizing sales performance and maximizing revenue opportunities. SPM software offers features to define territories, assign quotas, and track progress against targets, empowering sales leaders to allocate resources strategically and drive accountability across the organization.
Sales Coaching and Training: In an era where continuous learning is paramount, SPM software integrates sales coaching and training functionalities to equip sales reps with the knowledge and skills needed to excel in their roles. Through personalized coaching sessions, performance feedback, and training modules, organizations can nurture talent, enhance productivity, and foster a culture of excellence.

The Competitive Advantage of SPM Software:

By leveraging SPM software, businesses gain a competitive edge in the marketplace by optimizing sales processes, maximizing revenue potential, and driving overall performance excellence. Whether it’s improving sales forecasting accuracy, reducing administrative overhead, or enhancing sales team motivation, SPM software empowers organizations to achieve their sales objectives efficiently and effectively.

Future Outlook and Opportunities:

Looking ahead, the SPM software market is poised for continued growth and innovation as vendors focus on enhancing product capabilities, expanding into new markets, and catering to the evolving needs of customers. With advancements in artificial intelligence, machine learning, and predictive analytics, the future of SPM software holds immense potential to revolutionize sales performance management and drive business success.

Leading Key Players:

Oracle
Microsoft
PROS Holdings
Salesforce
Vendavo
Optymyze
Apttus
IBM
Anaplan
beqom
CDK Global
Iconixx
Incentives Solutions

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Sales Performance Management (SPM) Software Outlook By Category

By Type:

Integrated Software
Standalone Software
- Incentive Compensation Management (ICM)
- Territory Management
- Sales Planning and Monitoring
- Sales Performance Analytics and Reporting
- Others

By Deployment Mode:

On-premise SPM Software
Cloud-based SPM Software

By Enterprise Size:

Small and Medium-sized Enterprises (SMEs)
Large Enterprises

By Industry:

IT & Telecom
Retail
Government
Healthcare
BFSI
Manufacturing
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
The Middle East and Africa (MEA)

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Regtech Market US$ 45.3 Billion Surge, Forecasting 16.2% CAGR by 2032

The regtech market revenues were estimated at US$ 8.2 Billion in 2021 and are anticipated to grow at a CAGR of 16.2% from 2022 to 2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 45.3 Billion. Market revenue through cloud-deployed RegTech grew at a CAGR of 22.6% from 2015 to 2021.

While the pandemic has created numerous issues for businesses throughout the world, it has also created a new digital gap in the market for the RegTech industry. Money laundering suspicious activity reports are at an all-time high in several countries, including Germany and Switzerland.

In the United Kingdom, the UKFIU received and processed 573,085 suspicious activity reports (SARs) in 2019-20, reaching a record high (a 20 percent increase on the previous period). Financial technology (fintech) organizations had the greatest growth in SARs. They submitted 83,609 SARs in 2019-20, a 263.94% increase over the previous year (22,973). Fintech accounted for 64% of the overall increase in SARs.

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According to Muinmos CEO Remonda Kirketerp-Mller, before the crisis, RegTech was already a rapidly developing sector, and the pandemic has undoubtedly boosted its growth. The pandemic’s increase in online financial activities, combined with the need for robust, remote solutions for compliance officials working from home, generated an unprecedented demand for RegTech solutions.

The new environment created by the pandemic has tested the operational workflows of all companies across multiple verticals. Many businesses realized that their procedures were not as impermeable and automated as they believed. The realization imparted a sense of strong necessity to automate and digitize as many regulatory procedures and workflows as feasible.

In other words, it increased the demand for RegTech solutions. The automation of regulatory duties makes them dependable support of the business, and there is no going back. As a result, the pandemic aided in raising the prior status quo to a higher level, which now serves as the foundation for further automatization and digitization in the regulatory environment.

Key Takeaways from the RegTech Market Report:

Global RegTech Market is expected to reach a market size of US$ 10.1 Billion by 2022.
The Cloud deployment segment is expected to account for the highest CAGR of 15.8% during the forecast period.
United States is projected to remain the most dominant market with an absolute dollar growth opportunity of US$ 12 Billion during 2022 – 2032.
The market in Japan is set to experience the highest CAGR of 14.6% during the 2022-2032 forecast period.

Competitive Landscape:
The market is fiercely competitive, where key players are increasingly focused on obtaining a competitive advantage. The key companies in the RegTech Market are focused on R&D to produce innovative technological solutions.

In April 2022, GBG formed separate Americas and Global Product units to consolidate its recent biometrics acquisitions. According to the release, the merger makes GBG the Americas’ largest pure-play digital ID verification and fraud protection technology supplier. GBG also acquired Cloudcheck, a selfie biometrics business located in New Zealand, earlier this year. According to the release, the merger of Acuant and IDology establishes a network that already has 450 million digital identities, which can aid in the battle against synthetic identity theft.
In April 2022, Comply Advantage, a worldwide data technology business that increases the identification of financial crime, released a new Anti Money Laundering Essentials Guide for Startups. The new guide was created in collaboration with ComplyLaunch, a program that gives qualifying firms free access to ComplayAdvantage’s anti-money laundering and KYC solutions, as well as other resources.

Leading Key Players:

IBM
MetricStream Inc.
Nice Ltd.
Thomson Reuters
Wolters Kluwer N.V.
Actico Gmbh
Acuant, Inc.
Ascent
Broadridge Financial Solutions, Inc.
ComplyAdvantage
Deloitte Touche Tohmatsu Limited
FundApps

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RegTech Market Segmentation:

By Component:

Solution
Services

By Application:

Anti-Money Laundering (AML) & Fraud Management
Regulatory Intelligence
Risk and Compliance Management
Regulatory Reporting
Identity Management

By Deployment Type:

Cloud
On-Premises

By End-User:

RegTech in Banking
RegTech in Insurance Companies
RegTech in FinTech Firms
RegTech in IT & Telecom
RegTech in the Public Sector
RegTech in Energy & Utilities
RegTech in Other End Users

By Enterprise Size:

Large Enterprises
Small & Medium Enterprises (SMEs)

By Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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In Vehicles Payment Market: Revving Up with an 11.7% CAGR, Envisioned to Hit US$ 14,134.1 Million by 2033

The in-vehicle payment market is expected to experience substantial growth, with a projected CAGR of 11.7% from 2023 to 2033. This means that the market as a whole is anticipated to expand from a value of US$ 4,660.6 million in 2023 to reach US$ 14,134.1 million by 2033.

During the COVID-19 epidemic, government-enforced lockdowns prohibited the use of passenger automobiles and public transportation. So, like the global automotive sector, in-vehicle payments systems will see slow market growth in 2020. As demand for contactless payment options grew globally, lockout limitations were eased in the coming years.

Moreover, big corporations started rolling out contactless payment options in-vehicle, resulting in a market recovery. The increased need for contactless payment solutions due to pandemics, for example, led to Mercedes introducing contactless petrol payments in March 2021 in Germany. By the end of 2021, the company plans to spread its fuel & pay service to additional European nations.

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Connected automobiles are vehicles that can interact with other technologies via the user’s daily life. Connected automobiles use their connectivity to allow passengers to pay in-car. As a result, the increasing use of linked automobiles is likely to increase global sales of in-vehicle payments systems. Also, major brands like Mastercard and Visa are investing in linked auto payment technology, which will likely boost market growth in the near future.

On the other hand, the global maturing 5G connection rollout, along with increasing autonomy in autonomous and connected cars, is likely to boost market development. Moreover, the increased use of connected automobiles in emerging markets like China and India is expected to drive demand for in-vehicle payment.

Manufacturers in the in-vehicle payments market get a big platform from which to serve the whole demand for in-vehicle payments. The worldwide sales of in-vehicle payments are seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for in-vehicle payments more accessible to customers.

Key Takeaways from the In Vehicles Payment Market Report:

Thus, infrastructure expansion for in-car payment is projected to drive market growth in the near future.
In addition to the convenience of paying via mobile devices and on-demand applications, the increased popularity of digital payment apps such as Google Pay, Apple Pay, and Amazon Pay is likely to fuel sector growth during the projection period.
The QR code/RFID industry is also predicted to develop rapidly in the future.
As of 2020, North America led the global market with a USD 1.38 billion market share.
The Asia Pacific is predicted to grow at a rapid rate in terms of sales of in-vehicle payments.

Competitive Landscape

BMW AG, CarPay Diem Cerence Inc., Daimler AG, General Motors Company, Gentex Corporation, Harman International Industries, Inc., Honda Motor Company, Ltd., Hyundai Motor Company, Jaguar Land Rover Automotive PLC, Mastercard Inc., Telenav Inc., ThinxNet GmbH, Visa Inc., Xevo Inc., and ZF Friedrichshafen AG.

In January 2019, Visa announced cooperation with SiriusXM Linked Vehicles Services Inc. to improve the in-car customer experience and provide manufacturers that use SiriusXM’s connected vehicle services with a SiriusXM e-wallet. Visa account customers will be able to use these payment services to pay for things like petrol, coffee, parking, movie tickets, and more.
Parkopedia launched a new multi-domain payment platform in May 2021. Parkopedia introduced its new integrated multi-domain payment platform in May 2021, which will enable all key in-vehicle payments, such as EV charging, parking, tolls, and fuelling.

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In Vehicles Payment Market Segmentation:

By Mode of Payment:

NFC, QR Code/RFID
Apple- Wallet
Credit/Debit Card

By Application:

Parking, Gas/Charging Stations
Shopping
Food/Coffee
Toll Collection
Others

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Cleaning Frenzy: The Cleaning Robot Market Zooms Ahead at a 21.7% CAGR Until 2034

The cleaning robot market size is poised to cross US$ 12.2 billion in 2024 and is likely to attain a valuation of US$ 87.0 billion by 2034. The cleaning robot market is projected to thrive at an astronomical CAGR of 21.7% from 2024 to 2034.

Manufacturers of cleaning robots are deliberately coordinating their offerings with the growing trend of smart house adoption. Considering the robust urbanization in countries like India, China, South Korea, and others, businesses are tapping into a profitable market segment looking for networked household appliances by including cleaning robots in smart home ecosystems. This connection strengthens cleaning robots’ value proposition and positions them as necessary elements of contemporary, digitally linked homes.

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Cleaning robots can become essential parts of modern building management systems through integration with smart building technology. Together, these efforts can increase energy efficiency, predictive maintenance, and cleaning schedules dependent on building occupancy.

Businesses can benefit from the increasing interconnectivity of devices and data in the home environment by outfitting cleaning robots with Internet of Things connectivity. Manufacturers boost user comfort and accessibility by offering remote monitoring and control of their robots through internet connectivity. Furthermore, these capabilities enable firmware upgrades to be downloaded over the air, guaranteeing that the IoT-enabled cleaning robots always have advanced features and performance improvements.

Key Takeaways from the Cleaning Robot Market Report

The global cleaning robot market size expanded at a 25.9% CAGR through 2034.
The personal cleaning robot segment is projected to rise at a 21.5% CAGR through 2034.
The floor-cleaning robot segment is expected to develop at a 21.3% CAGR through 2034.
The market size in the United States is projected to rise at a 21.9% CAGR through 2034.
The market size in Japan is anticipated to develop at a 22.8% CAGR through 2034.
The market size in the United Kingdom is estimated to surge at a 23.0% CAGR through 2034.
The market size in South Korea is expected to thrive at a 23.6% CAGR through 2034.

“Understanding customer trends, encouraging innovation, and guaranteeing regulatory compliance are critical to success in the ever-evolving cleaning robot market. Strategic alliances and a dedication to sustainability further improve market positioning. Being flexible and agile is necessary to survive in this changing environment.”- says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights.

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Competitive Landscape

The cleaning robot market is extremely competitive, with fast startups posing a threat to established industry titans like iRobot and Ecovacs. Key elements include strategic alliances with top technology firms, an emphasis on AI capabilities, and localization for preferences. One of the most important success aspects is fostering brand loyalty through competitive pricing tactics and great customer experiences. The dynamic nature of the market is influenced by strategic partnerships, technical innovation, and a deep comprehension of changing customer needs.

Recent Developments

In January 2024, Samsung Electronics announced a new range of AI vacuum cleaners at CES® 2024. The Bespoke Jet Bot ComboTM vacuum and mop robot cleaner will include upgraded AI features as well as steam cleaning to make cleaning easier for customers.
In November 2023, SIMPPLE Ltd., a leading provider of advanced technological solutions in the PropTech industry, introduced its patented 2-in-1 Multi-Functional (Cleaning and Security) Robot, revolutionizing facility management. The new robot is expected to change how facility owners and service contractors manage resources, expedite operations, and improve security.

Key Players in the Cleaning Robot Market

iRobot Corporation
Ecovacs Robotics
SharkNinja
Xiaomi Corporation
Samsung Electronics Co., Ltd.
Neato Robotics
ILIFE Robotics
bObsweep
Roborock
Dyson Ltd.

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Cleaning Robot Market Segmentation

By Type:

Personal Cleaning Robot
Professional Cleaning Robot

By Product:

Floor-cleaning Robot
Lawn-cleaning Robot
Pool-cleaning Robot
Window-cleaning Robot
Others

By Application:

Residential
Commercial
Industrial
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
Japan

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Nandini Singh Sawlani

Biodegradable Films Market to Reach US$ 1.7 Billion by 2032 Invest in Sustainable Packaging Solutions | FMI

The market for biodegradable films is anticipated to expand at a CAGR of 5.6%. By 2032, the market value is anticipated to have grown from US$ 1,040.1 million in 2022 to US$ 1.7 billion.

Globally, the biodegradable films market is expanding rapidly due to strict laws controlling the disposal of plastic waste and growing public awareness of environmental conservation. Renewable resources including plant starch, polylactic acid (PLA), polyhydroxyalkanoates (PHA), and others are used to create biodegradable films. These films are quite popular since they break down naturally in certain environments and don’t leave any toxic leftovers behind.

Biodegradable films are gaining popularity because of their environmental friendliness and the increased awareness of the harmful effects that plastic waste has on the environment. Biodegradable film will likely become more and more necessary as more countries across the world enact legislation to reduce the amount of plastic waste generated.

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Factors Driving the Growth of Biodegradable Films Market

Shift Towards Eco-Friendly Packaging

As consumers become more environmentally conscious, there is a growing demand for sustainable packaging solutions. Biodegradable films offer an excellent alternative to conventional plastics, reducing carbon footprint and minimizing waste accumulation in landfills.

Stringent Government Regulations

Governments worldwide are implementing stringent regulations and policies to reduce plastic waste and promote sustainable practices. These regulations create a favorable environment for the growth of the Biodegradable Films Market as companies strive to comply with these mandates.

Increasing Adoption in Various Industries

The Biodegradable Films Market is witnessing increased adoption in various industries such as food and beverages, pharmaceuticals, agriculture, and personal care. These films are being used for packaging applications like bags, pouches, wraps, labels, and more.

Global Biodegradable Films Market: Geographical Outlook

The popularity of biodegradable films in North America and Europe is expected to gaining traction owing to local governments push toward sustainability and manufacturers increased research and development activities. The ban on plastic and consumers’ acceptance for biodegradable packaging options are expected to speed up the growth of the biodegradable films market in the coming decade.

Japan, China and India are planning to reduce 100% of single-use plastic by the end of 2025, which is expected to boost the demand for biodegradable films in the Asia Pacific region. Latin America and Middle East & Africa regions witnessed sluggish growth for biodegradable films market in the past five years, which is projected to accelerate in the next decade.

Global Biodegradable Films Market: Key Players

Some of the key players operating in the global biodegradable films market are as follows:

Taghleef Industries Group
Cortec Corporation
Clondalkin Group
Futamura Group
Storopack, Inc.
Transilwrap Co., Inc.
Accredo Packaging, Inc.
POLYNOVA Industries Inc.
Tipa Corporation
Plastiroll Oy Ltd.

Global Biodegradable Films Market: Segmentation

The global biodegradable films market has been segmented into material, application, thickness, and end-user industry.

On the basis of material, the global biodegradable films market has been segmented into:

Bio-LDPE (Low Density Polyethylene)
Bio-MDPE (Low Density Polyethylene)
Bio-HDPE (Low Density Polyethylene)
Bio-based PLA (Polylactic Acid)
Others

On the basis of application, the global biodegradable films market has been segmented into:

Bags
Mulch Films
Wrapping Films
Liners
Others (Sheets, etc.)

On the basis of thickness, the global biodegradable films market has been segmented into:

Up to 1 mil
1-3 mil
Above 3 mil

On the basis of end-user industry, the global biodegradable films market has been segmented into:

Food & Beverages
Healthcare
Personal Care & Cosmetics
Agriculture
Waste Management
Others

On the basis of Region, the global biodegradable films market has been segmented into:

North America
Latin America
Europe
Middle east and Africa
East Asia
South Asia
Oceania

IoT Device Management Market Surges: Predicted 16.8% CAGR, Projecting US$ 28,118.5 Million by 2033

The IoT device management market is predicted to be valued at US$ 4,965.4 million in 2023, rising to US$ 28,118.5 million by 2033. During the projection period, sales of IoT device management are expected to grow at a substantial CAGR of 16.8%. Rising demand for IoT services, as well as greater penetration of communication and networking technologies, are expected to drive the market over the next few years.

As part of the Internet of Things, data created by edge devices is transferred, stored, managed, and analyzed. Cloud systems assist with this by providing analytics capabilities. With low-cost, easy-to-deploy technologies, a cloud platform eliminates the need for on-premises data centres.

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IoT device management data is saved in the cloud and on cloud platforms. This enables enterprises to comprehend IoT device management and, as a result, build regulations governing it. Furthermore, the expansion of IoT device management has hastened IoT device management adoption across a variety of industrial verticals.

Cloud platforms enable enterprises to link traditional information systems to IoT device management in innovative ways. The cloud solutions of various organisations in the IoT node and gateway industry are being tailored to match the needs of their clients.

NXP Semiconductors N.V., for example, announced the EdgeLock 2GO IoT device management platform in February 2021, which is designed for zero-touch, secure deployment, and security management of IoT device management across their full lifespan. Companies have understood the value of cloud computing in offering IoT device management to their clients, fueling the IoT device management industry even more.

Data centres have become more important as a result of the massive amount of fresh data that is being produced and will need to be stored. For example, when users create new accounts, all of their personal and financial information, as well as usage statistics, must all be saved and encrypted.

The use of data centres will expand as a result of this. With such a significant increase in data consumption and traffic, connectivity between devices and data centres will need to be greatly upgraded, with each one requiring a data connection to operate and interact with other devices. As a result, IoT device management adoption is expected to rise in the future years.

Sales of IoT device management are expected to rise significantly. In addition to this, sales of IoT device management are rising on account of US$ 19.92 Bn by 2026. Increasing sales of IoT device management are also projected to contribute to the growth of the IoT device management market share.

Manufacturers in the IoT device management market get a big platform from which to serve the whole demand for IoT device management. The worldwide sales of IoT device management are seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for IoT device management more accessible to customers.

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Key Takeaways from the IoT Device Management Market Report:

Software solutions are designed to solve interoperability issues caused by a wide range of heterogeneous devices, as well as to manage large amounts of data while maintaining security and privacy.
The most important software solutions in the field of IoT device management are data management solutions because large amounts of data generated by IoT device management make it difficult for technology providers to deal with.
 IoT device management has several advantages, including quick device registration, simple IoT device classification, quick device locating, and remote device administration.
North America will lead the IoT device management industry in 2030.
The use of wireless sensors and networks across numerous end-use industries such as healthcare, retail, consumer electronics, industrial, automotive, and transportation is propelling the global IoT device management market forward.

Competitive Landscape:

Intel Corporation (U.S.); Qualcomm Technologies (U.S.); Texas Instruments Incorporated (US); STMicroelectronics (Switzerland); IBM (U.S.), and others are major participants in the IoT device management industry.

Intel released new 3rd Generation Intel Xeon Scalable CPUs in April 2021, together with Intel’s Optane persistent memory and storage, Ethernet adapters, FPGAs, and optimised software solutions.
Texas Instruments introduced a new Ethernet physical layer (PHY) in October 2020 that can deliver 10-Mbps Ethernet signals up to 1.7 kilometres over a single pair of twisted wires.
Qualcomm and LTE signed a 5-year direct worldwide patent licence deal in August 2019 that included 3G, 4G, and 5G single and multimode devices.

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IoT Device Management Market Segmentation:

By Component:

Solution
Service

By Solution:

Real-Time streaming analytics
Security solution
Data management
Remote monitoring
Network bandwidth management

By Service:

Professional services
Managed services

By Organisation Size:

Large Enterprises
Small and Medium-Sized Enterprises

By Deployment:

Public cloud
Private cloud
Hybrid cloud
By Application

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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Pop-Up Hotels Market Sees Bright Future, Anticipates US$ 34.24 Billion by 2032

The pop-up hotels market is poised to reach a valuation of US$ 19.12 Billion in 2022. Sales are projected to grow at 6% CAGR, with the market size reaching US$ 34.24 Billion by 2032.

As the trends like ‘Minimal Lifestyle’ and ‘Sustainable Life’ are among young generation, people will keep coming to experience such trends at least once. There is market available for pop-up hotels during seasonal tourism and cultural festivals celebrated around the globe.

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The Pop-up Hotel market is increasing slowly and steadily. There are not many popular Pop-up Hotel companies around the world, but there are few ones which are operating really well on their own. These organizations have developed their own market based on different events and tourism trends, where they can provide services to tourists.

Key Takeaways from the Pop-up Hotels Market Study:

The North America, Europe and Asia Pacific regions hold a market share of ~20%, ~24% and ~28% respectively.
The Covid-19 pandemic had a 100% impact on the value of the Pop-up Hotels sector.
Pop-up Hotel market is contributing 2.5% to Global Hotel Industry.
Tents and Yurts are the most common accommodations used in Pop-up hotels.

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Who is winning?

There are pop-hotel companies providing accommodation for tourists, mainly to campers and visitors to cultural festivals. These are not the only possible market; as pop-up hotels are also starting to provide customized lodging to different tourist’s locations and minimal accommodations in many important cities around the globe.

The key players in the Pop-up Hotels market

Black Tomato
Terra Glamping
Zand Hotel
The Pop-Up Hotel
Snooze Box
Sleeping Around
San Giorgio
Icehotel
The Kimpton Gray
Others

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Future Market Insights, in its new offering, provides an unbiased analysis of the global Pop-up Hotels market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022 to 2032.

The Pop-up Hotels Sector by Category

By Accommodation Type:

Tents
Yurts
Huts
Containers
Others

By Tourism Type:

Cultural & Heritage Tourism
Eco/Sustainable Tourism
Adventure Tourism
Wellness Tourism
Others

By Event Type:

Festivals
Concerts
Business Events
Others

By Tourist Type:

Domestic
International

By Tour Type:

Independent Traveller
Package Traveller
Tour Group

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Hotel Central Reservation System Market Outlook: Predicting an 8% CAGR towards US$ 800.84 Billion by 2032

In 2022, the market for hotel central reservation systems is anticipated to be valued at US$ 400.06 billion. The market is predicted to expand at an 8% CAGR and reach US$ 800.84 billion in sales by 2032.

Hotel Central Reservation Systems are all-in-one software used by the hospitality sector, for easier management of bookings and reservations, along with inventory and property management. The hotel and resort chains with multiple properties in different regions find it hard to manage these properties and the bookings, especially during the holidays and touring seasons.

Bookings at the front desk are tiresome and confusing, and reservations on the phone or by third-party operators are risky and uncertain. At such times, tourists are relying on online booking channels. The booking channels are connecting tourists to a number of hotels and resorts and making bookings lot easier.

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Hotel management use CRS, which automates processing and sorting of bookings and reservations in accordance with customer requests, to manage these bookings made through mobile applications, websites, and OTAs.

Key Takeaways from the Hotel Central Reservation Systems Market Study:

The North America, Europe and Asia Pacific regions hold a market share of ~26%, ~22% and ~18% respectively.
COVID-19 affected 0.45% to the Hotel Central Reservation Systems market.

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Key Manufacturing Companies:

OPERA Property Management System
eZee Front desk
Room Master
Hotelogix PMS
MSI CloudPM
Rezlynx PMS
CenDyn
Vertical booking
Amadeus
eRevMax
SHR
GuestCentric

Hotel Central Reservation System by Category

By Operation Type (% of Demand):

Offline
Cloud-Based

By Booking Channel (% of Demand):

Phone Booking
Online Booking
In Person Booking

By Sales Type (% of Demand):

Direct Sales
Distribution Sales

By User (% of Demand):

Big Enterprises
Small Enterprises
Individuals

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Nandini Singh Sawlani

Robotic Revolution: The Household Robot Market Gears Up for a 20.6% CAGR by 2034

The household robot market value is estimated to be around US$ 14.7 billion in 2024, increasing from US$ 5 billion in 2019. Sales of household robots are expected to surge at a CAGR of 20.6% from 2024 to 2034 in comparison to the 24.7% recorded from 2019 to 2023. Consequently, the household robot manufacturing industry is forecasted to garner a revenue of around US$ 96 billion by the end of the projected period.

The demand for intelligent and effective home management solutions is at an all-time high among consumers with busy professional lives. The popularity of household robots skyrocketed during the pandemic years as at-home solutions for daily activities became necessary to follow strict cleanliness routines.

By taking care of a typical home task, robotic vacuum cleaners have played a crucial role in the rise of household robots in the last decade. An increase in the percentage of the elderly population is expected to fuel the home companion robot market sales in the Western and Eastern Asia markets in the coming decade.

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“To minimize human intervention and prolong cleaning life, robot vacuums and mops are being equipped with self-emptying and cleaning stations. Artificial Intelligence (AI) advancements and their integration with household robots are aiding in the development of companion robots that can communicate with their owners,” says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights.

Key Takeaways from the Household Robot Market Study Report:

The market is predicted to witness an absolute growth opportunity of US$ 80 billion over the next ten years.
The United States currently accounts for 17.7% of the market, which is poised to advance further at a CAGR of 20.8% through 2034.
In Europe, the United Kingdom holds a lucrative market and is forecasted to thrive at a 21.2% CAGR from 2024 to 2034.
China is the leading manufacturer of household robots in Asia, which is likely to develop further at a CAGR of 21% until 2034.

Competitive Landscape

The market is concentrated in nature as most of the leading players are currently located in China, Europe, and the United States. Industry-wide initiatives, like the IEEE Robotics and Automation Society standards, are underway to create standards for data security, connectivity, and robot design.

Key Players:

Samsung Electronics Co. Ltd.
iRobot
Neato
Ecovacs
LG Electronics Inc.
Dyson
Alfred Kärcher
Lego
John Deere
iLife Innovation
BSH Hausgeräte
Miele
Robomow
Blue Frog Robotics
Husqvarna

Recent Developments

According to some leaked documents in May 2023, Amazon Inc. has a new generative AI technology dubbed Burnham, which can make its Astro home robot smarter. As per these confidential docs obtained by Insider, Amazon is working on a covert new AI robot project to provide smart home robots with intelligence and a conversational spoken interface. Large language models and other cutting-edge AI are anticipated to enable the robot to engage in a Q&A dialogue on what it saw and take action.
In January 2024, Samsung introduced a spherical home robot, Ballie, for those who need a little additional assistance around the house. Samsung has been introducing seemingly prototypes of Ballie since 2020. However, this revised model is the company’s first real effort to create a companion robot for the house, as opposed to merely a motorized device like an intelligent vacuum cleaner.

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Key Segments Covered by Household Robot Industry Survey Report:

By Type:

Domestic
Entertainment

By Component:

Product
Services

By Application:

House Cleaning
Lawn Mowing
Companionship
Toys and Hobby
Other Applications

By Region:

North America
Latin America
Europe
East Asia
South Asia and Pacific
Middle East and Africa (MEA)

Author

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Nandini Singh Sawlani

Online Travel Agencies Market: Projected Growth at 13.8% CAGR by 2033

The online travel agencies market is expected to capture a value share of US$ 1,694.2 million in 2033, up from US$ 465.1 million in 2023, securing a CAGR of 13.8% from 2023 to 2033.

The online travel agencies market is experiencing a digital disruption fueled by emerging trends such as the rise of mobile bookings and virtual tours.

With the widespread adoption of smartphones, travelers are increasingly turning to mobile platforms to research, plan, and book their trips conveniently on the go. This shift in consumer behavior has reshaped the landscape of online travel agencies, prompting them to optimize their services for mobile devices and provide seamless booking experiences.

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The integration of virtual tours and immersive experiences has revolutionized the way travelers explore destinations before making their bookings.

By leveraging advanced technologies and providing personalized recommendations, online travel agencies are enhancing customer engagement and driving the growth of the market. As these trends continue to shape the industry, the online travel agencies market is poised for further transformation and innovation in the travel sector.

One of the primary reasons for the success of online travel agencies is the unparalleled convenience they offer to travelers.

With just a few clicks, individuals can access a vast array of travel options, including flights, hotels, car rentals, and activities, all in one place. This convenience empowers travelers to compare prices, read reviews, and make informed decisions, saving them time and effort.

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Online travel agencies have recognized the importance of personalization in enhancing the travel experience. Leveraging advanced algorithms and artificial intelligence, OTAs can offer tailored recommendations based on individual preferences, previous bookings, and travel history.

This personal touch ensures that travelers receive customized options that align with their specific needs, enhancing customer satisfaction and loyalty.

While online travel agencies have revolutionized the travel industry, they also face challenges. The increasing dominance of a few major players has raised concerns about market consolidation and competition.

The dynamic market also presents opportunities for new entrants to innovate and differentiate themselves through unique offerings, specialized niches, or localized expertise.

Key Takeaways:

China is likely to exhibit a CAGR of 5.70% in the online travel agencies industry, showcasing strong growth potential.
The market in India demonstrates robust growth with a CAGR of 6.00% from 2023 to 2033.
The United Kingdom online travel agencies industry is projected to secure a steady CAGR of 5.00% during the projected period.
The transportation sub-segment held a significant market share of 22.0% in 2022 based on service type.
By device platforms, the mobile end-use segment was at the forefront of the online travel agencies industry with a share of 32.0% in 2022.

Key Players

Airbnb
Expedia Group Inc.
Booking Holding Inc.
Trip Advisor Inc.
MakeMyTrip Pvt. Limited
Hostelworld Group PLC (HSW)
Trivago N.V
Thomas Cook India Ltd.
Lastminute.com Group
Despegar
Orbitz Worldwide
GetGoing
Walt Disney World
Skyscanner
Kiwi.com
Hotwire
Agoda

How Intense is the Competition in the Online Travel Agencies Industry?

The competition in the online travel agencies industry is intense, driven by the rapid growth of digital platforms and the increasing demand for convenient and personalized travel experiences.

Established players and new entrants alike are vying for market share, constantly innovating and expanding their service offerings to attract and retain customers.

With advancements in technology, data analytics, and artificial intelligence, online travel agencies are striving to provide seamless user experiences, tailored recommendations, and competitive pricing.

This fierce competition is beneficial for consumers, as it drives continuous improvements, encourages innovation, and offers a wide range of options for travelers to choose from.

Segmentation Analysis

By Service Type:

Transportation
Vacation Packages
Accommodation

By Device Platform:

Mobile
Desktop

By Payment Modes:

UPI
E-Wallet
Debit / Credit Card
Others (Vouchers, Discount Codes)

By Booking Type:

Online Travel Agents
Direct Travel Agents

By Customer Segment:

Corporate Traveller
Individual Traveller

By Age Group:

15-25 Years
26-35 Years
36-45 Years
46-55 Years
66-75 Years

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Nandini Singh Sawlani