Market Research Blog – Page 3320 – New Product Development

Service Orchestration Market Sees 27% CAGR, US$ 67 Billion Value by 2033

The service orchestration market is poised for remarkable growth, projected to reach a staggering US$ 67 billion with a remarkable CAGR of 27% by the year 2033. This robust expansion is indicative of the increasing importance and adoption of service orchestration solutions across various industries. Service orchestration plays a pivotal role in streamlining and automating complex business processes, enhancing operational efficiency, and facilitating seamless collaboration among disparate systems.

As organizations continue to embrace digital transformation, the demand for sophisticated service orchestration platforms is expected to surge, driving the market to new heights. The projected CAGR underscores the sustained momentum and strong market potential, positioning service orchestration as a critical component in the evolving landscape of IT services and business operations.

Architectures and interfaces for service orchestration have been developing more quickly during the last few years. Providing dynamic and adaptable resource control and monitoring techniques is a primary goal of service orchestration.

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As businesses grow, they continuously want to increase their cost-effectiveness. Service orchestration helps them accomplish this by delivering enhancements predictably and dependably.

A wide range of organizations may access on-demand services thanks to service orchestration, which lowers network ownership costs. Multi-domain service orchestration also guarantees assistance for software development and integration to speed up service activation and improve agility. These factors are expected to increase service orchestration sales in both large and small/medium-sized businesses (SMEs) during the projection period.

The development of cloud computing technology has given businesses an efficient, scalable way to supply vital capabilities and services to their clients. The cloud has integrated seamlessly into contemporary business. The ability to use cloud computing allows enterprises to improve their operational efficiency, cut costs, and increase data and processing flexibility.

With huge amounts of data generated through multiple cloud environments, maintaining coherent cloud processes has become a difficult task. To meet these challenges, organizations are continuously integrating advanced service orchestration platforms, which will continue augmenting the growth of the market in the forthcoming years.

Key Takeaways from the Service Orchestration Market Report:

By solution, the service orchestration platform segment is anticipated to expand at a 23.2% CAGR through 2031.
The large enterprise segment is projected to hold 57.5% of the total service orchestration market share.
Demand for cloud-based services is expected to grow at a stupendous 25.8% CAGR through 2031.
Applications of service orchestration in the IT and telecom sectors are expected to remain high, enabling sales at a 29.9% CAGR over the forecast period.
The U.S. is anticipated to dominate the North American service orchestration market, accounting for 88.9% of the market share through 2031.
Sales of service orchestration solutions in the U.K. are projected to increase at a 30.2% CAGR.
China will emerge as an attractive service orchestration market, accounting for 58.8% of the East Asia market share in 2031.
Demand for service orchestration in Japan and South Korea is forecast to grow at 21.8 CAGR and 25.9% CAGR respectively.

Leading Key Players:

Cisco Systems, Inc.
Juniper Networks, Inc.
Hewlett Packard Enterprise (HPE)
Huawei Technology Co. Ltd.
IBM Corporation
NEC Corporation
Ericsson
MuleSoft, LLC
Anuta Networks
Netcracker

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Service Orchestration Market Segmentation:

By Platform

Cloud-based
On-Premises
Services

By Professional Services

Consulting & Advisory
Integration & Deployment
Support & Maintenance
Managed Services

By Enterprise Size:

Small and Mid-Sized Enterprises (SMEs)
Large Enterprises

By Industry:

BFSI
Retail & CPG
Healthcare
Government
Travel & Hospitality
IT & Telecom
Manufacturing
Others

By Region:

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

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Museum Tourism Market Eyes Exponential Growth: Forecasts Suggest 11.5% CAGR, Surpassing US$ 74.8 Billion by 2033 | FMI

The most recent statistics by FMI indicate that the museum tourism market could be worth around US$ 25.2 billion in 2023. However, the market outlook is much more intriguing as FMI projects a phenomenal CAGR of 11.5% from 2023 to 2033. By 2033, this business is expected to rise to a staggering US$ 74.8 billion in value bringing the global museum tourism industry to new heights.

People are lured to museums’ captivating experiences due to the widespread appreciation of art, history, science, and cultural heritage. The depths of human invention, ingenuity, and history offer an immersive and instructive experience and that is to encourage tourists to visit museums. In addition to this, the recent rise in footfalls in museums globally can be ascribed to extensive collections, interactive displays, and captivating narratives.

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As cultures become increasingly interconnected, international travelers are also increasingly looking for meaningful experiences beyond sightseeing. So, the museums tourism business, which provides a window into a place’s spirit and fosters a deeper appreciation for its regional and aesthetic characteristics, is in high demand these days. In conclusion, the overall market size is poised to expand as more people value learning about our common past and honoring creative accomplishments.

Key Takeaways from the Museums Tourism Market Study Report

The revenue share generated by the museums tourism market player based in the United was figured to be promising by the survey report. In 2022, the United States created a market opportunity for 5% of the global revenue share in museum tourism.
Australia was found to have contributed to nearly 6% of the global revenue generated by the overall museums tourism industry.
The tourism industry for museums is expected to rise rapidly in the Asia Pacific region, demonstrating their ongoing appeal in countries here. China, for instance, is projected to follow a year-on-year growth rate of 5.3% in the adoption of museum tourism services between 2023 and 2033.
India is another remarkably growing museum tourism sector market and is expected to register a 4% yearly growth rate during the forecast years.

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Key Manufacturing Companies

Louvre
National Museum of China
Russian Museum
Multimedia Art Museum
Metropolitan Museum of Art
Galleria degli Uffizi
National Gallery of Art
State Hermitage Museum
Museo Reina Sofía
Vatican Museums
Tretyakov Gallery
Centre Pompidou
Natural History Museum
Tate Modern
National Museum of Natural History
National Air and Space Museum
Shanghai Museum
London Science Museum

Recent Developments by the Museums Tourism Service Providers

In January 2023, the British Museum in London revealed the beginning of its new ‘Museums at Night’ initiative. This program may allow visitors and tourists to explore the museum after hours.
In December 2022, the Metropolitan Museum of Art in New York City announced the launch of its brand-new ‘MetKids’ app. The organization claims this digital platform may provide engaging educational opportunities for kids visiting the museum.

Global Museums Tourism Market by Category

By Museum Type:

Art Museum
History Museum
National Museum
Science Museum
Other Museum Types

By Booking Channel:

Online Booking
In Person Booking
- Domestic
- International

By Tour Type:

Independent Traveler
Group Trip
Family trip
Student trip

By Consumer Orientation:

Men
Women
Children

By Age Group:

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

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East & Africa (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

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Business Process as a Service (BPaaS) Market: Surging with an 11.2% CAGR, Forecasts a Sturdy Valuation of US$ 500,552.0 Million by 2033

The global business process-as-a-service (BPaaS) market is projected to reach a value of US$ 172,626.0 million in 2023. This demand for BPaaS is expected to grow steadily at a compound annual growth rate (CAGR) of 11.2%, reaching a market value of US$ 500,552.0 million by 2033. This growth is mainly driven by the increasing adoption of BPaaS in various industries. Notably, from 2018 to 2022, the BPaaS market experienced a CAGR of 9.1%.

Business Process as a Service (BPaaS) offers outsourcing services for various business operations through cloud-based solutions. It covers a wide range of business processes, both general and industry-specific. In today’s business landscape, companies are increasingly seeking service-based solutions to meet their outsourcing requirements. This growing trend has led to the widespread adoption of cloud services. Organizations are embracing BPaaS to gain a competitive advantage and set themselves apart from competitors by concentrating on their primary business activities.

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BPaaS can cater to various business processes including horizontal and vertical business services. Nowadays, companies are looking for service service-oriented approach to fulfill their BPO services needs which is one of the reasons cloud services have witnessed traction in their adoption globally. Companies are adopting BPaaS solutions to obtain a competitive edge and distinguish themselves from their competitors by focusing on their core business.

Growing acceptance of technologies such as cloud computing, business analytics, social media platforms, and process automation software are contributing to the growth of the market. BPaaS solutions assist in reducing cost and increasing operational efficiency by restructuring the system background, hence, providing a technological environment on a unified centralized platform.

Features of BPaaS

It includes all the three fundamental cloud services: SaaS, PaaS, and IaaS
It contains well deigned set of application programming interface (API)
It is able to handle massive scaling of process

Business Process as a Service (BPaaS) Market: Drivers and Challenges

The main driver of the BPaaS market is the growing need to improve business process agility at minimum cost. The growing adoption of service models with suitable payment options is also contributing to the growth of the market, with service providers offering pay-per-use pricing options. Factors such as globalization of markets, prominence of cloud technology, increasing adoption trend of BPaas in SMBs, and increased IT spending are also driving the growth of the global BPaaS market.

Currently, several cloud-based applications are available in the BPaaS market. The biggest challenge is identifying the most suitable business process service plan to cater to the needs of a particular organizational function and deploying it smoothly in the current work scenario. In a business organization, the existence of problems with IT integration is prevalent. Lack of understanding of the cloud and integration of BPaaS solutions within the existing infrastructure results in different business process outcomes, this is another challenge the global BPaaS market is facing.

Leading Key Players:

Accenture Plc.
Cognizant Technology Solutions
Capgemini SA.
Computer Science Corporation (CSC)
Fujitsu Limited
Genpact
IBM Corporation
Oracle Corporation
SAP SE
Wipro Limited

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Business Process-as-a-Service (BPaaS) Industry Segmentation:

By Process:

Human Resource
Finance and Accounting
Marketing and Sales

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

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Global Membrane Filter Cartridge Market Projected to Reach US$ 3300 Million by 2032

The global membrane filter cartridge market is on a trajectory of rapid growth, with a projected size of US$ 3300 million by 2032, according to recent market analysis. The market, which was valued at US$ 2042 million in 2022, is estimated to expand at a CAGR of 4.5% during the forecast period from 2022 to 2032.

Membrane filter cartridges, comprised of microporous filtration films with specific pore size ratings, are increasingly utilized across various industries including medical, petroleum refining, dairy processes, sterilization, and wastewater treatment. These cartridges function by capturing particles or microbes exceeding their pore size, making them indispensable in microfiltration, nanofiltration, ultrafiltration, and reverse osmosis processes.

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Key factors driving the growth of the membrane filter cartridge market include the rising demand across diverse applications, particularly in biotechnology and pharmaceutical sectors. Moreover, advancements in nanotechnology and the production of both patented and generic products are bolstering market expansion. However, challenges such as high costs and complex filtration processes remain significant hurdles.

North America is anticipated to dominate the market share, driven by high demand for bioprocessing solutions and technological advancements in nanotechnology. Meanwhile, the Asia Pacific and Japan regions are expected to witness accelerated growth owing to expanding pharmaceutical infrastructure and government subsidies.

Conversely, regions like Latin America, Eastern Europe, and the Middle East and Africa are forecasted to experience slower growth due to infrastructure limitations. Nonetheless, the presence of a limited number of global players presents lucrative opportunities in these regions.

The escalating demand for membrane filter cartridges underscores the critical role they play across various industries, propelling the market towards substantial growth in the coming decade.

Strong Demand Drives Growth in Membrane Filter Cartridge Market:

The membrane filter cartridge market is experiencing significant growth, fueled by rising demand across various industries. These filtration systems, composed of micro-porous films, offer a highly effective solution for particle and microorganism removal.

Key Factors Driving Market Growth:

Increasing Applications: The market is driven by the expanding use of membrane filter cartridges in critical sectors like biotechnology and pharmaceuticals. These filters ensure purity and eliminate contaminants, essential for these industries.
Technological Advancements: Innovations in nanotechnology are leading to the development of more efficient and versatile membrane filter cartridges. Additionally, the rise of patented and generic products is further propelling market expansion.

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Challenges and Considerations:

Cost and Complexity: The high initial cost of cartridges and the intricate setup of filtration systems can pose challenges for some users.
Limited Lifespan and Maintenance: The finite lifespan of cartridges and the potential for particle buildup within them necessitate regular replacements and maintenance, adding to operational costs.

Despite these limitations, the overall outlook for the membrane filter cartridge market remains positive. The increasing demand for clean water and stringent regulations in various industries are expected to create a strong growth trajectory for this market in the coming years.

Key Companies Profiled:

Technofilter Research & Manufacturing Enterprise Ltd.
Wolftechnik Filtersysteme
Pall Corporation
Saint-Gobain Filtration Technologies
Parker Hannifin Corp.
3M Company
Absolute Filter Solutions Pvt. Ltd.
Hangzhou Anow Microfiltration Co., Ltd.
Eaton, Brother Filtration
Merck KGaA
Meissner Filtration Products, Inc.
GE Healthcare Life Sciences
Sartorius Stedim Biotech S.A.
Graver Technologies
LLC
Koch Membrane Systems, Inc.

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Key Segments Profiled in the Membrane Filter Cartridge Market:

By Material Type:

Polyamide
Polyethersulfone
Polytetrafluoroethylene (PTFE)
Polypropylene
Ftoroplast 42L
Polyethylene terephthalate
Cellulose Acetate

By End User:

Biopharmaceutical Companies
Contract Manufacturing Organizations
Academic and Research Institutes
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific excluding Japan
Japan
Middle East and Africa

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Digital Freight Management Market: Projected to Surpass US$ 34,559.8 Million by 2032 with a Strong 9.4% CAGR

The global digital freight management market is projected to reach a value of US$ 34,559.8 million by the year 2032, a significant increase from the US$ 14,083.5 million it was valued at in 2022. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 9.4% over the forecast period. Several factors are contributing to this upward trend, including the expansion of both global and domestic trade, the handling of large volumes of data, and enhancements in service quality. These factors are driving the adoption of digital freight management solutions.

Digital freight management has risen the growth in many enterprises, by offering faster, more efficient, and flexibility for enterprises. Digital freight management is implemented in transport businesses to optimize the efficiency of commercial freight operations.

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Freight operation information system offers various features such as vehicle maintenance and repairs, freight tracking system, customer Electronic Data Interchange (EDI) interfacing, comprehensive operational reporting, and many others.

Digital Freight managements Market: Drivers and Challenges

The major driver for Digital freight management is the growth of free trade policy for different countries is increasing the business of imports and exports across the globe. Furthermore, the adoption of this software by many transport enterprises to improve their delivery capabilities.

There is also a rise in the demand for on-time delivery of products and raw materials that boosts the fleet owners to implement efficient Digital freight management. In addition to that, another factor for the growth of the Digital freight management market is an increase in global trade.

In contrast to this, the high cost associated with freight management solutions and lack of awareness regarding advanced freight management solutions restraining the Digital freight management market growth.

Digital Freight managements Market: Regional Overview

The digital freight management market is currently dominated by the North America region due to the increase in the adoption of Digital freight management tools in this region. Asia Pacific Digital freight management Market is expected to have the highest growth rate during the forecast period due to the wide adoption of Digital freight management market.

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FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace with confidence and clarity. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure our clients prepare for the evolving needs of their consumers.

Leading Key Players:

High Jump Software
JDA Software Group Inc.
Manhattan Associates
United Parcel Service of North America Inc.
C.H. Robinson
Cargocentric Inc.
J.B. Hunt Transport Inc.
Kintetsu World Express
Kuehne + Nagel International AG
Loadsmart Inc.
Panalpina World Transport (Holding) Ltd.

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Digital Freight Management Market Segmentation:

By Solutions:

Digital Logistics Management
Digital Baggage & Cargo Screening
Digital Freight Operational Management
Digital Freight Security Monitoring

By Technology:

Digital Freight Surveillance
X-Ray
Detectors & Radiators

By Services:

Professional
Support & Maintenance
System Integration

By Region:

North America
Latin America
Asia Pacific
Middle East and Africa
Europe

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Mountain and Ski Resorts Market Forecasted to Exceed US$ 50.4 Billion, Riding High on a 12.3% CAGR Surge Until 2033 | FMI

The mountain and ski resorts market is anticipated to be valued at US$ 15.8 billion in 2023 and is projected to reach US$ 50.4 billion by 2033 and is expected to increase at a CAGR of 12.3% from 2023 to 2033, according to recently released research from Future Market Insights (FMI).

During the forecast period, the mountain and ski resorts market is anticipated to be driven by increased programs to increase skiing participation and the number of individuals who choose to ski for enjoyment.

The number of ski resorts is expected to increase, and the government is expected to increase its efforts to promote skiing in the years to come. Also, technical improvements in this sector and the creation of new, creative goods to meet customers’ shifting requirements are likely to boost the market.

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Today’s normal hurried lifestyles and busy schedules frequently leave less time to spend meaningful family time together. Many families nowadays find it difficult to spend quiet time together. Thus, visitors are looking to ski resorts as a nice getaway. This provides new opportunities for the key players to increase their consumer base and add up to the revenue streams.

Key Takeaways

By 2033, the mountain and ski resorts market in the United Kingdom is likely to expand, with a CAGR of 4.8%.
In 2022, the United States developed the mountain and ski resorts business with a share of 5%.
The mountain and ski resorts market grew considerably to US$ 15 billion in 2022.
The mountain and ski resorts sector expanded at a CAGR of 10.7% from 2018 to 2022.
By 2033, China’s mountain and ski resorts market is projected to develop with a CAGR of 5.9%.
By 2033, India’s mountain and ski resort industry is projected to expand with a CAGR of 4.5%.
Japan’s mountain and ski resorts industry grew significantly, with a 4% share in 2022.
Australia’s mountain and ski resorts sector expanded with a share of 5.5% in 2023.
Germany’s mountain and ski resorts business grew, with a share of 3.9% in 2023.
In 2022, the skiing segment dominated the market, with a share of 20%, based on the service type.
In 2022, the online booking segment dominated the market, with a share of 56%, based on the booking channel.

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Competitors Winning Strategies

Mountain and ski resorts are adopting effective marketing strategies to draw guests to their different resorts. Several hotels are combining their efforts to provide package discounts to make visiting several resorts while on vacation simple. Key players are able to reach more prospective customers and make the investment profitable by using innovative holiday packages, clever marketing, and a brand-new launch of your ski resort-focused firm.

Recent Development:

A renowned maker of specialized sailing, ski, and high-end workwear, Helly Hansen AS is situated in Norway. The company’s ski uniforms are trusted by more than 60,000 professionals and are used by Olympians, national teams, more than 200 ski resorts, and mountain guide businesses worldwide.
2020 saw the extension of the relationship between Vail Resorts and PepsiCo to 18 Vail Resorts properties across North America, including Mount Snow, Whistler Blackcomb, and Hunter Mountain.

Key Players

Whistler Blackcomb
The Khyber Himalayan Resort and Spa
Hotel Highlands Park
Solang Valley Resort
The Vintage Gulmarg
Himalayan Castle Resort
Negi’s Hotel Mayflower
Manuallaya Resort
Fagu Ski Resort
Tochal Ski Resort
Chamonix
Breckenridge
Telluride Ski Resort
Valle Nevado
Arapahoe Basin Ski Resort
Snowbird
Jackson Whole Mountain resort
Hakuba Ski Resort

Key Segments

By Services Types :

Skiing
Trekking
Rides
Sledding
Snowmobiling
Others

By Booking Channel :

Online Booking
In Person Booking

By Tourist Type :

Domestic
International

By Tour Type :

Independent Traveler
Group Trip
Family trip

By Consumer Orientation :

Men
Women
Children

By Age Group :

15-25 Years
26-35 Years
36-45 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.

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Nandini Singh Sawlani

Banking-as-a-Service (BaaS) Platform Market Envisions US$ 16,715.3 Million Impact, 16.2% CAGR by 2033

The banking-as-a-service (BaaS) platform market reached a value of US$ 3,240.6 million in 2022. With steady progress, the market is predicted to reach US$ 3,713.7 million in 2023 and is poised to surge to a substantial value of US$ 16,715.3 million. Expected to maintain a CAGR of 16.2% from 2023 to 2033, the evolution of BaaS platforms is set to reshape the global financial services landscape.

The concept of banking-as-a-service (BaaS) presents an end-to-end model that facilitates direct connectivity between digital banks, third-party entities, and traditional banks’ systems through Application Programming Interfaces (APIs). This enables the construction of banking solutions atop regulated infrastructures provided by banks, unlocking the potential of open banking. This paradigm shift is reshaping the global financial services sector, allowing for the creation of innovative offerings.

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Revolutionizing the Financial Landscape: Banking-as-a-Service (BaaS) Redefining Collaboration:
In recent years, Banking-as-a-Service (BaaS) has emerged as an innovative avenue for collaboration between banks and third-party entities, offering customers digital-only banking products, enhanced experiences, and increased choices. This paradigm shift has transformed the dynamics of the financial services industry, benefiting both established players and newcomers.

Unveiling New Avenues with BaaS:
Banking-as-a-Service (BaaS) presents a comprehensive model that establishes direct links among digital banks, third-party entities, and traditional banks’ systems using APIs. This framework empowers stakeholders to create inventive banking solutions on regulated infrastructures, leveraging the potential of open banking. This transformative approach is reshaping the global financial services landscape.

Pioneering Open Banking: A Global Transition:
A remarkable transition is underway in the financial services sector as various countries adopt open banking regulations. This movement reflects an industry-wide shift toward shared data and infrastructure. Consumers are embracing this new normal, and the evolving landscape aligns with BaaS principles to foster collaborations among diverse stakeholders.

Seizing the Opportunity: Future-Proofing Through Tech-Savvy Strategies:
Forward-looking legacy banks with technological acumen are seizing the opportunity by establishing their own BaaS platforms. This strategic move not only positions them to leverage open banking ahead of competitors but also enables them to generate revenue by monetizing their platforms. The projected demand for BaaS platforms is set to surge with a (CAGR) of 16.2% from 2023 to 2033, surpassing the 14.1% CAGR observed from 2018 to 2022. This proactive strategy solidifies their position in a dynamic and evolving financial ecosystem.

Leading Key Players:

Sopra Banking Software
Solarisbank AG
Bankable
Treezor
11:FS Foundry
Clearbank Ltd.
Q2 Software, Inc.
Green Dot Corporation
Sterling National Bank
Banco Bilbao Vizcaya Argentaria (BBVA), S.A
Unit Finance Inc.
Starling Bank
Treasury Prime
ADVAPAY OÜ
Technisys

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Banking-as-a-Service (BaaS) Platform Market Segmentation:

By Solution:

Banking as a Service Platform
Banking as a Service APIs
Services
- Payment Processing Services
- Digital Banking Services
- KYC Services
- Customer Support Services
- Others

By Enterprise Size:

Small and mid-sized Organizations
Large Organizations

By End User:

Banks
FinTech Corporations
Investment Firms
Others

By Region:

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

Authored By:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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.

Contact Us:

Nandini Singh Sawlani

Global Feline Atopic Dermatitis Treatment Market Expected to Reach US$ 7 Billion by 2032, Reports Future Market Insights

Future Market Insights (FMI) has released a comprehensive report on the global feline atopic dermatitis treatment market, projecting a positive 4.5% Compound Annual Growth Rate (CAGR) during the assessment period of 2022-2032. The market, which was valued at US$ 5 billion by the end of 2022, is expected to surge to US$ 7 billion by 2032.

The rising adoption of cats as companion pets worldwide is cited as the primary driver behind the market’s growth. With more households welcoming feline friends into their lives, the prevalence of atopic dermatitis in cats is on the rise.

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“Atopic dermatitis, characterized by skin inflammation in cats, is predominantly triggered by causative allergens, either inhaled or through skin contact,” explains a spokesperson from FMI. “As per the Canadian Veterinary Journal, the prevalence of atopic dermatitis in cats exceeds 12.5%. This condition not only causes distress but also results in fur loss and discomfort for our feline companions.”

Professionals are increasingly resorting to steroid and antibiotic treatments to alleviate the symptoms of atopic dermatitis in cats. Given their cost-effectiveness and efficacy, the corticosteroids segment is expected to witness significant traction over the forecast period.

“To address the burgeoning incidence of atopy in cats, the use of steroids and antibiotics has become commonplace,” adds the spokesperson. “These treatments aim to reduce itchiness and fur loss, thereby enhancing the quality of life for affected felines.”

The FMI report provides valuable insights into market dynamics, including key trends, growth drivers, challenges, and opportunities shaping the global feline atopic dermatitis treatment landscape.

Rising Feline Atopic Dermatitis Treatments Market Driven by Pet Love and Growing Veterinary Care:

This surge in the feline atopic dermatitis treatment market is fueled by several key trends:

More Cats in Our Homes: Pet adoption statistics are purrfectly positive! The National Kitten Coalition reports a staggering 1.3 million cats finding loving homes around the world each year. With more cats becoming cherished members of the family, pet parents are increasingly attentive to their feline companions’ health.
Focus on Feline Allergies: Alongside rising cat adoptions, there’s a growing awareness of allergies and other health conditions in felines. Atopic dermatitis, a type of skin allergy, is a prevalent concern for cat owners. This heightened awareness translates to a greater demand for effective treatment options.
Veterinary Expertise on the Rise: Developed regions like North America and Europe are witnessing a significant increase in the number of veterinarians. This expanded veterinary care infrastructure provides easier access to diagnosis and treatment for feline atopic dermatitis, further propelling the market forward.

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The feline atopic dermatitis treatment market is poised for significant growth, driven by the increasing number of cat adoptions, rising awareness of feline allergies, and a growing veterinary healthcare sector. This positive trend ensures that our feline friends can receive the best possible care to keep their fur healthy and their purrs strong.

Key Companies Profiled:

Bausch Health Companies Inc.
Bayer AG
Pfizer Inc.
Novartis AG
Eli Lily Company
Sanofi
Bristol-Myers Squibb Company
Boehringer Ingelheim International GmbH

Key Segments Profiled in the Feline Atopic Dermatitis Treatment Industry Survey:

By Drug Class:

Corticosteroids
Antihistamines
Antibiotics

By Route of Administration:

Oral
Topical
Injectable

By Distribution Channel:

Veterinary Pharmacies
Retail Pharmacies
Online Pharmacies

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific
Japan
Middle East and Africa

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Hostel Market on the Rise: Aiming for US$ 12.1 Billion by 2033 with a 10.20% CAGR | FMI

In 2023, the hostel market is predicted to be worth US$ 4.6 billion. The market is expected to reach US$ 12.1 billion by 2033, growing at a CAGR of 10.20% between 2023 and 2033. Several factors contribute to the development and popularity of the hostel industry among tourists.

Furthermore, the proliferation of Internet booking platforms and review websites has made it simpler for tourists to identify and book hostels, improving their accessibility and market awareness.

For starters, the growing trend of budget-conscious travel has increased demand for inexpensive lodging choices, and hostels give a cost-effective answer. Furthermore, the increasing popularity of backpacking and solo travel has increased demand for hostels, which provide a social and communal setting for like-minded travelers to interact.

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Despite its growth trajectory, the hostel industry is not without its obstacles. The strong rivalry in the lodging industry, which includes hotels, guesthouses, and vacation rentals, is a key constraint. Hostels must distinguish themselves to attract tourists by providing unique experiences, high-quality facilities, and appealing amenities. Furthermore, legal requirements and compliance standards in various locations and nations might provide obstacles for hostel owners, forcing them to keep up to date and follow certain laws and regulations.

The increase in experiential travel, in which tourists seek real and engaging encounters, is one prominent possibility. Hostels may take advantage of this trend by providing guests with customized activities, cultural exchanges, and local experiences. Furthermore, the growing emphasis on sustainability and eco-friendly practices allows hostels to include green initiatives such as energy-efficient systems, recycling programs, and locally produced items, enticing environmentally aware guests. Furthermore, the rising popularity of co-living and co-working spaces allows hostels to broaden their products and better meet the demands of digital nomads and remote employees.

Several notable changes shape the hostel industry’s environment and influence the visitor experience. One major trend in hostel operations is the use of technology, such as smartphone check-ins, keyless access systems, and tailored digital experiences. This improves visitor comfort while streamlining operational efficiency for hostel owners. Another emerging trend is the rise of themed and boutique hostels, which provide one-of-a-kind and customized experiences centered on certain interests such as art, music, or sustainability.

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Key Takeaways from the Hostel Market:

The United States accounted for a share of 3.00% and a value share of the hostel market in 2023.
Germany held a share of 4.40% in 2023, contributing to the value share of the global hostel market.
Japan captured a share of 5.00% in 2023, reflecting its significant presence in the global hostel market.
During the forecast period, Australia is projected to experience a CAGR of 5.40% in the hostel market.
China is expected to witness a CAGR of 6.30% in the hostel market, showcasing its strong growth potential.
India offers promising investment opportunities with a projected CAGR of 4.70% in the hostel market.
The United Kingdom is anticipated to grow at a CAGR of 4.00%, indicating a stable hostel market.
The private rooms segment holds a significant share of 28.0% in the hostel industry, offering a preferred accommodation option for travelers.
Online booking channels play a crucial role in the market, capturing a substantial share of 32.0% and enabling convenient customer reservations.

Key Player

eZee Frontdesk
Hostelworld
Safestay plc
Room Master
Hostelling International
Green Tortoise Hostel
London Backpackers
Newquay Backpackers
Canada Hostels
WOKSEN
A&Os and Hostels
Travelers House
Generator Hostels
Wombats City Hostel
Greg and Tom Hostel
La Banda Rooftop Hostel
Ecomama
Alter Hostel
Urban Garden Hostel

What are Key Players Doing to Thrive in the Hostel Market?

The hostel industry is highly competitive, with numerous players vying for market share. Key factors that contribute to the competitive landscape include location, pricing, amenities, services, and guest experience. Well-known hostel chains and brands have a significant presence in the market, leveraging their reputation and established customer base. They often offer consistent quality, standardized amenities, and loyalty programs, attracting travelers who seek familiarity and reliability.

Independent Hostels: Independent hostels, often smaller in scale, focus on providing unique experiences and personalized services. They can differentiate themselves through distinctive themes, local partnerships, and a more intimate atmosphere, catering to travelers who value authenticity and individuality.

Online Travel Agencies (OTAs): OTAs play a crucial role in the hostel industry by connecting travelers with various hostel options. They provide a platform for hostels to showcase their offerings, manage bookings, and reach a wider audience. OTAs also offer user reviews and ratings, influencing travelers’ decision-making process.

Peer-to-Peer Platforms: Peer-to-peer platforms, such as Airbnb and Booking.com, have expanded their services to include hostel accommodation. These platforms allow individuals to list their spare rooms or entire properties as hostels, providing additional options for travelers seeking affordable and unique stays.

Some hostels cater to specific niches, such as eco-friendly, party, or family-friendly hostels. By targeting a specific audience and tailoring their offerings accordingly, these niche players can carve out a niche market segment and attract travelers with specific preferences.

In addition to global players, regional and local hostel operators contribute to the competitive landscape. They often focus on catering to the unique demands of their specific location, capitalizing on local attractions, culture, and experiences to attract domestic and international travelers.

Innovations and Technology: Hostels that embrace technological advancements, such as smart locks, mobile apps for seamless check-ins, and automated services, gain a competitive edge. These innovations enhance the guest experience, improve operational efficiency, and position the hostels as modern and convenient choices.

Global Hostel Market by Category

By Accommodation Type:

Private Room
Twin Sharing
Family Room
Suite
Others

By Booking Channel:

Online Booking
In-person booking

By Tourist Type:

Domestic
International

By Tour Type:

Independent Traveler
Group Trip
Family trip
Student trip
Corporate Traveller

By Consumer Orientation:

Men
Women
Children

By Age Group:

15 to 25 Years
26 to 35 Years
36 to 45 Years
46 to 55 Years

By Region:

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

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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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Advanced Distribution Management Systems Market Set to Hit US$ 12,102 Million by 2029 at 20% CAGR

The advanced distribution management systems market is predicted to reach US$ 12,102 Million by 2029 and show a remarkable 20% CAGR between 2022 and 2029. Advanced distribution management systems have significantly benefitted users looking for efficient data security, higher reliability, improved power distribution, and flexibility in restoring normal functions after a natural disaster.

These systems supply situational intelligence that ensures efficient and reliable smart grid analysis and management during a rapidly switching network. The adoption of advanced distribution management systems is increasing in smart cities, as these systems manage, control, optimize, visualize, and automate distribution networks.

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Key Takeaways from the Advanced Distribution Management Systems Market Report:

The energy & utilities industry is estimated to continue to hold significant market share among all segments by industry during the forecast period, owing to optimized energy distribution, reduction in electricity losses, and minimal electricity shortages.
Among all the applications, fault location and isolation & service restoration are estimated to register notable CAGR, as FLISR reroutes power to reduce power supply faults, power shortages, and other disturbances.
Asia Pacific excluding Japan is witnessing an impressive growth rate in the global advanced distribution management systems market, as governments in countries such as China, South Korea, and India are trying to balance the demand and supply of power to ensure efficiency and cost-effectiveness.

Urbanization, Industrialization, and Increasing Rate of Electrification Driving Market Growth:

The world is witnessing an increase in the transmission, generation, and distribution of energy. With growth in the energy sector, the electricity demand is increasing at a rapid pace. In 2021, the global electricity demand increased by 4% to more than 23,000 TWh.

Also, rising urbanization on a global scale is increasing the rate of electrification at houses, commercial places, and end-use sectors, which is further boosting the demand for advanced distribution management systems. Furthermore, rapid industrialization in various developed and emerging economies is generating demand for electricity as a primary source for modern development.

Apart from this, strong economic growth in emerging countries such as India and China, combined with rapid urbanization and growth in investments in these countries, are factors propelling market growth. The Government of India has invested US$ 44.9 Billion in smart grid infrastructure, which is bolstering the demand for smart grid technology and thus, fueling the growth of the advanced distribution management systems market.

Leading Key Players:

Schneider Electric
ABB Corporation
Capgemini SE
GE Digital
Oracle Corporation
Siemens AG
Tata Power DDL
Open Systems International
Survalent Technology Corporation
DNV GL
Etap
Axxiom
Grid Bright
Alstom
S&C Electric Company
Advanced Control Systems
Hitachi
Anterix
Hexagon Safety & Infrastructure

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Advanced Distribution Management Systems Market Segmentation:

By Solution :

ADMS Platforms
Services
- Support &Maintenance Services
- Consulting
- Integration & Implementation

By Application :

Supervisory Control & Data Acquisition
Distribution Management Systems
Outage Management Systems
Distributed Energy Resource Management Systems
Geospatial Information Systems
Fault Location and Isolation & Service Restoration

By Industry :

Transportation & logistics
Energy & Utilities
Oil & Gas
Manufacturing
Others

By Region :

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific excluding Japan
Japan
Middle East & Africa

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Nandini Singh Sawlani