Global Chromatography Software Industry Surges, Expected to Reach US$ 3.2 Billion by 2033 at an Impressive 11.3% CAGR | FMI

The Global Chromatography Software Industry, a pivotal player in the analytical sciences domain, stands at the precipice of a momentous growth phase. Projections indicate that the industry is poised for a remarkable ascent—from its current valuation of US$ 1.1 billion in 2023 to an astounding US$ 3.2 billion by 2033

This substantial surge underscores the widespread adoption of chromatography techniques across diverse sectors, including the chemical and pharmaceutical industries, environmental testing labs, the food sector, and forensic science applications.

At the heart of this exponential growth lies the indispensable role played by chromatography software. Serving as the linchpin for precise and efficient separation and analysis of chemical compounds, these software solutions address the pressing needs of industries in an era marked by stringent quality control and an ever-growing demand for accurate results

Gas Chromatography Columns with Constant Development for Petrochemical Applications

Gas chromatography is one of the most widely utilized analytical procedures in the petroleum industry. This is because of its great susceptibility to volatile components. The use of specialized gas chromatography columns in petroleum analysis is increasing, with industry expectations for enhanced columns that improve overall analytical performance and chromatographic efficiency.

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Pricey Chromatography Tools

Chromatography instruments are expensive since they contain numerous innovative capabilities and features. However, the price of these instruments varies depending on the application. These instruments are widely used in the pharmaceutical industry because they use capillary columns to separate chemicals such as hydrogen, oxygen, and methane.

Small and medium-sized businesses in industries such as food and beverage, oil and gas, biotech and pharmaceutical, and research and academic institutions are requesting more of these systems for their procedures. As a result, the amount of money spent on such systems has expanded significantly.

Key Takeaways from the Global Chromatography Software Industry

  • The Global Chromatography Software Industry is expected to record a CAGR of 11.3% during the forecast period 2023 to 2033.
  • Configurable interface and user-friendly software, as well as increased demand for laboratory automation, are key drivers driving the chromatography software market
  • North America dominated the market for the chromatography software market.
  • From 2023 to 2033, the web and cloud-based software sector led the market, accounting for 10.8% of total revenue.

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Key Development in the Global Chromatography Software Industry

  • January 2022 – The United States Food and Drug Administration (FDA) increased the Waters Corporation Empower Chromatography Data Software (CDS) deployment to service its five field scientific laboratories. This deployment may complement the chromatography data system’s unique product portfolio and boost the company’s existing product line, opening a new market potential for designing highly effective solutions for gathering, processing, and reporting data from various measuring devices.
  • May 2021 – Waters Corporation struck an agreement with SCIEX, a global leader in life science analytical technology. Customers who acquire and implement SCIEX mass spectrometry (MS) systems will receive Waters Ultra-Performance Liquid Chromatography instruments that are fully set up and compatible.
  • August 2018 – Agilent Technologies announced the release of a new version of their chromatography data programmer, allowing laboratories to upload documents in the Allotrope Data Format (ADF), an advanced standard developed by a group of pharmaceutical companies. This strategic approach aided the organization in gaining a competitive advantage and strengthening its market position.

Global Chromatography Software Industry Key Segment

By Device Type:

  • Standalone
  • Integrated

By Deployment Type:

  • On-premise
  • Web & Cloud-based

By Application:

  • Pharmaceutical Industry
  • Forensic Testing
  • Environmental Testing
  • Food Industry

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Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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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Reconditioned Steel Drum Market Set to Exceed US$3.1 Billion by 2034, Fueled by eCommerce Expansion and Technological Advancements

The global reconditioned steel drum market is poised for remarkable growth, with projections indicating a valuation surpassing US$ 3.1 billion by 2034, boasting a robust Compound Annual Growth Rate (CAGR) of 4.5% until 2034. In 2024, the market size is estimated to reach US$ 2.0 billion.

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Key Market Highlights:

1. Rise of eCommerce Boosting Market Demand: With the exponential growth of the eCommerce industry, there’s a burgeoning need for customized reconditioned steel drums tailored for online retail packaging requirements. The demand for drums facilitating seamless handling, stacking, and secure transit in online distribution operations is on the rise, propelling the need for reconditioned steel drums.

Manufacturers are presented with an opportunity to tap into the expanding eCommerce landscape by positioning their offerings as eCommerce-friendly solutions that meet the evolving needs of online retail companies.

2. Emphasis on Lightweight Materials: The market for reconditioned steel drums is witnessing a shift towards lightweight alternatives. This strategic move addresses the objectives of reducing transportation costs and enhancing logistical efficiency.

Reconditioned steel drums crafted from lightweight materials retain the durability of traditional steel drums while cutting down shipping expenses. This trend aligns with organizations’ objectives of enhancing operational efficiency, streamlining supply chain logistics, and mitigating environmental impact by reducing fuel consumption in transportation.

3. Adoption of Artificial Intelligence in Quality Control: The reconditioned steel drum industry is undergoing a transformation in quality control processes with the integration of artificial intelligence (AI) tools such as machine vision and pattern recognition. AI-powered inspection solutions enhance the accuracy and efficiency of the reconditioning process.

This technological advancement ensures that reconditioned steel drums meet industry-set quality standards, enhancing product reliability, operational efficiency, and market competitiveness for businesses leveraging AI in quality control procedures.

Additional Trends and Opportunities:

  • Growing focus on sustainability and the circular economy drives adoption of reconditioned items, particularly steel drums.
  • Integration of digital technology and Internet of Things (IoT) devices promotes smart packaging solutions in the reconditioned steel drum market.
  • Customized reconditioned steel drums gain popularity, catering to specific packaging needs in sectors like food, chemicals, and pharmaceuticals.
  • Introduction of eco-labels and certifications impacts consumer and industrial purchasing decisions.
  • Exploration of blockchain technology enhances transparency and traceability in the reconditioned steel drum supply chain.

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Opportunities for Innovation:

  • Integration of cutting-edge anti-corrosion technology into reconditioned steel drums.
  • Utilization of smart package labels for enhanced product security and quality assurance.
  • Exploration of diverse application prospects, including storage, transportation, and exhibition.
  • Investigation of nanotechnology for improved coatings on reconditioned steel drums.
  • Collaboration with artists to transform drums into functional artwork, offering unique and customized packaging solutions.

Key Players in the Reconditioned Steel Drum Market

  • Greif, Inc.
  • Mauser Packaging Solutions
  • Industrial Container Services (ICS)
  • Peninsula Drums
  • Clouds Drums Dubai LLC
  • THIELMANN
  • Myers Container LLC
  • Eagle Manufacturing Company
  • Sonoco Products Company
  • Tielman Group.

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Reconditioned Steel Drum Market Segmentation

By Material:

  • Stainless Steel
  • Cold Rolled
  • Carbon Steel

By Head Type:

  • Tight Head
  • Open Head

By Size/Capacity:

  • 10 to 25 Gallons
  • 25 to 40 Gallons
  • 40 to 55 Gallons
  • 55 Gallons and Above

By End-use Industry:

  • Food & Beverages
  • Pharmaceuticals & Healthcare
  • Building and Construction
  • Oils & Lubricants
  • Chemicals and Solvents
  • Paints & Dyes
  • Agriculture & Allied Industry (Fertilizers / Pesticides)
  • Others

By Region:

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

Author

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

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 

Future Market Insights Inc.
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T: +1-845-579-5705
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Loader Bucket Market Projected to Grow 4.6% CAGR From 2022 to 2029, Driven by Recycling & Waste Management Initiatives

The loader bucket market is poised for substantial growth in the forecast period spanning from 2022 to 2029, fueled by an increasing emphasis on recycling and waste management initiatives. Within this dynamic market, loader buckets emerge as pivotal tools, playing a crucial role in enhancing the efficiency of waste handling operations. The industry is dedicated to optimizing waste management processes, with loader buckets proving indispensable due to their versatile design and robust capabilities.

In today’s business landscape, heightened environmental concerns have prompted a significant shift in consumer behavior towards waste recycling and management practices. This transformative trend underscores the paramount importance of recycling initiatives and waste management strategies in addressing urgent environmental challenges. In this context, the role of material handling equipment, particularly loader buckets, cannot be overstated. They play a pivotal role in a diverse array of activities, including landfill operations and other critical processes integral to effective waste management. The anticipated growth of the loader bucket market reflects its crucial role in supporting the evolving landscape of sustainable waste management practices.

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Undoubtedly, the construction industry stands as a cornerstone in propelling the momentum of the loader bucket market, poised to secure substantial orders on a global scale. While the mining sector within Europe is undergoing a phase of resurgence, it is anticipated that the region will exhibit measured growth within the loader bucket market. This growth is underpinned by the advantageous dynamics of end-use industries and an escalating emphasis on effective waste management strategies.

With a keen eye on optimizing operational costs and ensuring longevity, loader bucket manufacturers are resolutely focused on presenting solutions that offer both low lifecycle expenditures and unwavering durability.

In the current landscape, it’s noteworthy that the construction and mining domains stand as the principal catalysts driving the utilization of bucket loaders. Nonetheless, a forthcoming surge is on the horizon, stemming from the waste management sector. This anticipated boost underscores the evolving significance of loader buckets in addressing the intricate challenges posed by waste management.

Key Highlights from the Loader Bucket Market:

  • Robust investments in construction ventures, both public and private, are poised to drive global material handling equipment sales, encompassing bucket loaders and related components.
  • The United Nations identifies an imperative for Asia Pacific, necessitating a remarkable $1.5 trillion infrastructural investment to ensure sustainable development, aligning with 5% of the region’s 2018 GDP.
  • Notable trends in mining spotlight surface mining for ferrous minerals and coal as the primary demand generator for loader buckets. Key hubs include the Americas and Asia Pacific.
  • Versatile general-purpose buckets take the lead, showcasing adaptability across tasks such as excavation, mining, grading, and more, capturing a substantial one-third of the loader bucket market globally.
  • Waste management’s global significance fuels the proliferation of recycling facilities. Countries like the U.S., Germany, South Korea, and China offer a burgeoning market for loader buckets alongside expanding waste recycling initiatives.

Key Players Operating in the Industry:

Major players in the loader bucket market are Komatsu Ltd., Liebherr, Volvo AB, Caterpillar Inc., Doosan Corporation, Deere & Company, J C Bamford Excavators Ltd., Wacker Neuson Group, and Takeuchi Mfg. Co, Ltd., ESCO Group LLC, Kenco Corporation, and VTN Europe S.p.A, among others.

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Market Analysis by Category:

By Capacity:

  • Below 1 yd3
  • Between 1 yd3 to 5 yd3
  • Above 5 yd3

By Bucket:

  • General Purpose Buckets
  • Light Material Buckets
  • Heavy Duty Buckets
  • Multi-purpose Buckets

By Loader:

  • Excavators
  • Wheeled Backhoes
  • Wheeled Loaders
  • Skid Steer Loaders
  • Others

By Application:

  • Rock
  • Woodchip
  • Coal
  • Sand & Gravel
  • Waste Handling
  • High Dump

By Fit Type:

  • First Fit
  • Re-Fit

By End Use:

  • Construction
  • Mining
  • Waste Management & Recycling

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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
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Carbide Advancements Propel Global Woodworking Router Bits Market Towards US$ 288.2 Million Valuation by 2033, Fueled by Robust 5.7% CAGR

The global woodworking router bits market is poised for remarkable growth, targeting a projected valuation of US$ 166.0 million in 2023. Looking forward to 2033, fueled by a robust Compound Annual Growth Rate (CAGR) of 5.7%, the market anticipates a substantial surge, aiming for an approximate market size of US$ 288.2 million.

A pivotal driver propelling this growth is the sustained and escalating demand for carbide-based woodworking router bits. Insights from Future Market Insights (FMI) indicate that the carbide segment is poised to make a significant contribution, projected to account for over 42.6% of the market’s value share in 2023.

Woodworking router bits, serving as specialized cutting tools in woodworking routers, play a crucial role in shaping and crafting wood with precision. Available in diverse sizes and forms such as straight, curved, and spiral flutes, these tools are designed to facilitate precise and intricate cuts in woodworking projects, emphasizing their essential role in achieving excellence in craftsmanship.

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Crafting Success: The Precision and Profitability of Carbide-Tipped Router Bits in the Woodworking Market

In the multifaceted world of woodworking, router bits have emerged as indispensable tools, offering versatility across a spectrum of applications. From precision milling to meticulous engraving, from intricate profiling to artistic carving, router bits are the driving force behind the craft’s evolution.

What sets the carbide-tipped router bits apart in this competitive arena is their unparalleled accuracy and precision. They’ve become the darlings of woodworking professionals, carving a niche with their ability to deliver impeccable results, time and time again. In the ever-evolving global market, this precision factor has become a compelling competitive edge.

Another intriguing facet contributing to this growth story is the high resale value of carbide-tipped router bits when compared to their high-speed steel (HSS) counterparts. This makes them not just tools of the trade but also valuable assets in the hands of craftsmen. As we venture into the next decade, this economic incentive is poised to drive the global market to even greater heights.

In essence, the woodworking router bits market is an intricate tapestry of precision, creativity, and economic value. It’s a world where every cut matters, every design is unique, and every investment holds its worth. As businesses navigate this dynamic landscape, they find themselves at the intersection of craftsmanship and commerce, shaping the future of woodworking, one precise cut at a time.

“In the woodworking router bits market, products with high-end precision and durability are necessary for complex woodworking operations. Manufacturers are capitalizing on this trend by actively providing customized products for application-specific woodworking operations.”

Woodworking Router Bits Market: Competitive Landscape

The woodworking router bits market has become increasingly competitive as manufacturers are launching advanced products that offer various operational benefits and are compatible to the woodworking industry. There are a significant number of organized and unorganized players actively operating in the global market. Key players involved in the woodworking router bits market are:

  • Freud
  • Yash Tools
  • Whiteside Machine Company
  • Amana Tool
  • CMT Orange Tools
  • MLCS Woodworking
  • Bosch
  • Infinity Cutting Tools
  • Rockler
  • Porter-Cable
  • DeWalt
  • Festool
  • Diablo Tools
  • Eagle America, among others.

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Market Segments Analysis:

By Material:

  • High-Speed Steel
  • Carbide
  • Others

By Shank Diameter:

  • 6mm
  • 8mm
  • 10mm
  • 12mm
  • 16mm
  • 19mm

By Cutting Edge:

  • Single
  • Multiple
  • Two Flute
  • Three Flute

By Application:

  • Edge Forming
  • Joinery
  • Grooving and Slotting
  • Panel Raising
  • Lettering and Engraving
  • Flutting and Beading
  • Template Routing
  • Others

By Region:

  • North America
  • Latin America
  • East Asia
  • South Asia Pacific
  • Western Europe
  • Eastern Europe
  • Central Asia
  • Russia & Belarus
  • Balkan & Baltic Countries
  • Middle East & Africa

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Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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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MVNO Market Set to Soar: Estimated Worth of $81.42 Billion in 2024, Projected to Reach $167.7 Billion by 2034

The MVNO market is expected to be worth US$ 81.42 billion in 2024. The industry is anticipated to reach a valuation of US$ 167.7 billion by 2034, rising at a CAGR of 7.5% over the forecast period. The mobile virtual network operator industry is expanding globally due to the rising demand for personalized mobile services and competitive regulations. The rise in the Internet of Things applications with technological developments is also contributing to the market’s growth.

Mobile virtual network operators cater to new and existing clients by targeting a certain demographic, selling, and branding their wireless services separately. Cloud-based solutions, virtual conventions, and the shift by organizations toward remote work increase collaboration and connectivity, driving demand for network brands and cellular plans that facilitate secure data management and remote operation.

The MVNO market is expected to grow over the forecast period due to the rising demand for services such as cloud computing, mobile money, and machine-to-machine (M2M) transactions. The adoption of e-SIM is anticipated to expand the reach of the MVNO market. The e-SIM provides MVNO vendors with convenience and flexibility through the remote provisioning standards developed by the GSMA.

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“The telecommunication industry is evolving, leading to a rise in niche markets and innovative business models. This trend is expected to expand the mobile virtual network operator (MVNO) sector, with partnerships between MVNOs and carriers becoming more common. Technological advancements and regulatory changes are further diversifying the market, presenting opportunities for innovation and growth,” says an analyst at FMI. 

Key Takeaways from the MVNO Market 

  • The United States MVNO industry is projected to experience a sluggish CAGR of 4.4% through 2034.
  • Germany’s mobile virtual network operator market is expected to demonstrate a rapid CAGR of 7.0% through 2034.
  • The Japanese mobile virtual network operator market is anticipated to witness a promising CAGR of 8.7% through 2034.
  • Australia’s market showcases an impressive CAGR of 11.0% through 2034.
  • China’s MVNO market is expected to display a CAGR of 8.0% through 2034.

Competitive Landscape of the MVNO Market

The expansion of the MVNO market is due to the rise in innovative business models and the evolving mobile industry. With the growing demand for adaptable and personalized mobile services, partnerships between MVNOs and established carriers are likely to become more prevalent.

As 5G and other technological advancements continue to develop, generating new avenues for MVNOs to provide improved and unique services. Furthermore, regulatory changes may also impact the dynamics of the sector, promoting market expansion and competition. The MVNO market is well-positioned to continue changing and diversifying in response to changing customer needs and market trends. There are many ventures for innovation and growth in the MVNO industry.

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Key Segments

By Type:

  • Firstly, Business
  • Secondly, Discount
  • Next, M2M
  • Additionally, Media
  • Moreover, Migrant
  • Furthermore, Retail
  • In addition, Roaming
  • Lastly, Telecom

By Operational Model:

  • On the other hand, Brand Reseller
  • Conversely, Service Provider
  • Meanwhile, Full MVNO

By Subscribers:

  • To begin with, Business
  • In contrast, Consumer

By Region:

  • Primarily, North America
  • Subsequently, Europe
  • Likewise, Asia Pacific
  • Consequently, Middle East and Africa (MEA)
  • Lastly, South America

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Author:

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 a consumer electronics will likely remain the leading end-use sector cross 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 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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Global Pharmaceutical Drug Delivery Industry is expected to reach a US$3.5 Trillion milestone by 2033, growing at a 6.4% CAGR | FMI

The Global Pharmaceutical Drug Delivery Industry is poised for unprecedented growth, with a robust Compound Annual Growth Rate (CAGR) of 6.4% forecasted throughout the projection period. Recent data from 2023 reveals a substantial market valuation of US$1.9 trillion, expected to soar to an impressive US$3.5 trillion by 2033, as per Future Market Insights (FMI).

This remarkable expansion is propelled by the rising mortality rates among elderly and cancer patients, triggering a surge in demand for advanced pharmaceutical medication delivery systems. These innovative systems not only enhance the efficacy of anticancer drugs but also mitigate their toxicity, representing a significant leap forward in patient care.

The industry’s growth is further propelled by substantial investments in research and development by pharmaceutical development companies. These investments are strategically aimed at discovering breakthrough therapies targeting chronic and noncommunicable diseases such as cancer, diabetes, and hypertension.

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In addition, Johnson & Johnson finalized the acquisition of Taris Biomedical in 2019. One of the primary motivations for the purchase is said to be its principal investigational medicine, TAR-200. The development of new goods with improved safety and usability is expected to attract the vast pharmaceutical industry. Furthermore, improved dosage characteristics complement pharmacological treatment outcomes and expand the possibility for illness management in home care settings.

For instance, Ypsomed announced YpsoMate in November 2021, claiming it to be the world’s first auto-injector for prefilled syringes with an integrated connection. It is suitable for self-administration. Moreover, industry participants are increasingly collaborating with pharmaceutical firms to develop and commercialize goods. KINDEVA DRUG DELIVERY, for instance, joined Cambridge Healthcare Innovations Limited (CHI) in April 2021 to develop and market CHI’s Aeolus dry-powder inhaler (DPI) platform technology. Topical pharmaceutical drug delivery entails drug transfer from a product on the skin to a local target location, followed by clearance to the rest of the body and deeper tissues via diffusion, metabolism, and dermal circulation.

According to statistics published in the World Health Organization’s Global Health Expenditure Database in 2016, the average per capita public spending on health in middle-income countries has more than doubled since 2000, as these nations progress in their transition to domestic funding. Global health spending in 2016 was US$ 7.50 trillion, which equates to 10.0% of the global GDP. The increased execution of strategic initiatives and the creation of unique goods are the primary drivers driving the segment’s growth. In March 2021, for example, scientists at Stanford University and the University of North Carolina at Chapel Hill (UNC) developed a 3D-printed vaccination patch that they claim gives better protection than a standard vaccine injection. The creation of such unique goods is fueling the use of medication delivery products, which is boosting the market growth. ​

However, various regulatory approval techniques are used for highly sophisticated items. The severe rules imposed by regulatory organizations to evaluate product performance and safety are projected to hinder the introduction of technologically sophisticated and novel items throughout the forecast period.

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Global Pharmaceutical Drug Delivery Industry Key Takeaways:

  • The United States is expected to dominate the global pharmaceutical medication delivery market during the forecast period. Obesity rates in the United States are rising owing to rapid changes in lifestyle, resulting in a slew of chronic ailments such as diabetes and heart disease. Nanotechnology advances have significantly improved drug design, enabling focused, safe, and effective medicinal formulations including nanoparticles (NP).
  • Throughout the estimated period, China is expected to lead the Asia-Pacific pharmaceutical drug delivery market. The growing prevalence of chronic diseases in China has increased the use of medication delivery systems, particularly disposable needles. The International Diabetes Federation’s Diabetes Atlas 2021 predicts that the age-adjusted comparative prevalence of diabetes in China in 2021 is expected to be 10.6%, 11.8% in 2030, and 12.5% in 2045.
  • Owing to the simplicity of consumption, the ‘oral drug delivery’ route of administration type is expected to hold the greatest revenue, through the forecast period.
  • As the majority of income earned by biotech and pharmaceutical businesses offers resources to the healthcare industry, the ‘infectious diseases application type is the most creative segment for key companies, accounting for a sizable portion.

Global Pharmaceutical Drug Delivery Industry Key Players:

  • Novartis International AG
  • Hoffmann-La Roche AG
  • Pfizer Inc.
  • Becton Dickinson & Company
  • GlaxoSmithKline PLC
  • Merck & Co. Inc
  • Sanofi S.A.
  • Bayer Medicine Products AG
  • 3M

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Global Pharmaceutical Drug Delivery Industry Recent Developments:

  • In December 2020, Pfizer, Inc. received United States FDA clearance for BRAFTOVI (encorafenib) with cetuximab to treat patients with brafv600e-mutant metastatic colorectal cancer who have previously undergone therapy (CRC).
  • In July 2021, Darzalex, a subcutaneous solution developed by Johnson & Johnson, was approved by the United States Food and Drug Administration.

Global Pharmaceutical Drug Delivery Industry Key Segments Profiled

By Route of Administration:

  • Oral Drug Delivery
  • Injectable Drug Delivery
  • Topical Drug Delivery
  • Ocular Drug Delivery
  • Pulmonary Drug Delivery
  • Nasal Drug Delivery
  • Transmucosal Drug Delivery
  • Implantable Drug Delivery

By Application:

  • Infectious Diseases
  • Cancer
  • Cardiovascular Diseases
  • Diabetes
  • Respiratory Diseases
  • Central Nervous System Disorders
  • Autoimmune Diseases
  • Others

By Facility of Use:

  • Hospitals
  • Ambulatory Surgery Centers/Clinics
  • Home Care Settings
  • Diagnostic Centers
  • Others

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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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Global Ride-On Mower Market Primed to Surpass US$ 4,530.0 Million by 2032, Fueled by Innovation and Consumer Demand, Backed by Robust 4.1% CAGR

The global ride-on mower market is positioned for significant growth, with projections indicating a valuation exceeding US$ 4,530.0 million by 2032. This notable trajectory marks a substantial increase from its 2022 value of US$ 3,040.0 million, driven by a commendable Compound Annual Growth Rate (CAGR) of 4.1% over the forecast period.

Central to this exceptional growth narrative is the rising demand for ride-on mowers, characterized by their distinct advantages over traditional counterparts. Departing from manual pushing or towing requirements, ride-on mowers empower users to effortlessly maintain their lawns and gardens while comfortably seated, reshaping the landscape of convenience in lawn care.

In an era where consumers prioritize efficiency and ease in lawn maintenance, the global ride-on mower market emerges as a key player, offering transformative solutions that redefine the standards of convenience in outdoor landscaping. The projected growth underscores the industry’s commitment to delivering innovative solutions aligned with evolving consumer preferences, highlighting the market’s pivotal role in shaping the future of modern lawn care from a business perspective.

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Global Ride-on Mower Market: Dynamics

The key driving factor for the growth of the ride-on mower market is the ease of work for a rider to mow large areas at high speed in the shortest time possible and receive optimum results. The sustainable and efficient environmental practice raises demand for an electric riding mower that is energy efficient and saves the fuel cost which is a potential factor in the growth of the ride-on mower market.

Another potential factor to the ride-on mower market growth is its appeal to ride to anyone who owns a big property and is interested in mowing lawns by themselves and enjoys zooming around the yard. Ride-on mower is a safe choice when it comes to using its alternative which can lead to safety issues while handing a typical towing mower or a walk-behind mower.

The cost associated with a ride-on mower is relatively higher than the towed mower which restraints the demand for a ride-on mower. Moreover, technological advancement in biotechnology has given rise to artificial grass which is gaining consumer popularity in recent years. Thus the use of artificial grass eliminates the requirement of any mower as they don’t recurring watering, fertilizing, and mowing as required by natural grass and adds a major challenging factor to the ride-on mower market.

Global Ride-on Mower Market: Region Wise Outlook

The global ride-on mower market is divided into seven regions, namely North America, Latin America, and the Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan, and the Middle East and Africa (MEA). North America holds a major share in the global ride-on mower market.

Countries in North America such as the U.S. consists of people who prefer large outdoor spaces and have landscaping yards which gains significant momentum in the region. Followed by North America is Europe which also has to landscape of yards gains the momentum in the region. Moreover, in Europe, the demand for the electric ride-on mower is high owing to the factor of energy efficiency which boosts the overall ride-on mower market.

Thus the developed regions of North America and Europe are estimated to witness a high CAGR regarding value in the forecast period of the ride-on mower market. APEJ is estimated to hold a significantly lower major share in the global ride-on mower market and will also witness a lower CAGR owing to the behavior of the consumer that is not similar to that of the Western consumer of ride-on mower market that prefers to mow large area on their own.

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Global Ride-on Mower Market: Prominent Players

Few of the prominent players in the Ride-on mower market are as follows

  • Deere & Company.
  • Ariens Company.
  • SPARTAN MOWERS
  • Toro Garden company
  • Cub Cadet LLC
  • MTD Products
  • Swisher Mower & Machine Company, Inc.
  • Dirty Hand Tools
  • Ryobi Hardware manufacturing company
  • Husqvarna Group

Key Market Segments in the Ride-On Mower Market:

By Type:

  • Zero turn mower
  • Garden tractor
  • Lawn tractor

By Mower:

  • Rotary mower
  • Reel mower
  • Sickle mower
  • Flail mower

By Energy Source:

  • Electronic Gasoline Injected Engine
  • Electric riding mower

By Transmission:

  • Automatic/hydrostatic transmission
  • Manual transmission

By Region:

  • North America
  • Latin America
  • Asia Pacific
  • MEA
  • Europe

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Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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
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Greening the Future: Packaging Waste Recycling Market Set to Surge to US$48.4 Billion by 2033, Fueled by Industrial Sector’s Embrace of Sustainable Solutions

The global packaging waste recycling market is valued at US$ 30,900.2 million in 2023 and is projected to reach US$ 48,446.3 million by 2033. The market is anticipated to expand at a CAGR of 4.6% over the forecast period.

The packaging waste recycling market recorded a CAGR of 2.2% during the historical period. It attained a market value of US$ 29,590.0 million in 2022 from US$ 27,150.7 million in 2018.

The growing demand for eco-friendly packaging solutions has led to a rising adoption of methods such as recycling and reuse across the globe. Growing climate change and health issues led consumers to change their living patterns and compelled them to adopt eco-friendly solutions.

Consuming more eco-friendly packaging solutions and adopting recycled materials have increased recently. Manufacturers are providing awareness and advertisement for the benefits of recycling and its efficiency to improve brand loyalty and adoption rate.

There has been a rise in the adoption of recycled packaging solutions in the e-commerce sector. Rising environmental concerns over packaging waste are driving the market. E-commerce giants are adopting recycled materials for packaging, which will help them to acquire brand loyalty.

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Key Takeaways from Packaging Waste Recycling Market-

  • The global packaging waste recycling market is valued at 30,900.2 million in 2023.
  • The market is projected to reach 48,446.3 million by 2033.
  • The market is anticipated to expand at a CAGR of 4.6% over the forecast period.
  • Based on material, the paper and paperboard segment is expected to rise at a CAGR of 6.7% by 2033.
  • In terms of end-use, the industrial segment is projected to surge at a 4.7% CAGR by 2033.

Competitive Landscape

Packaging waste recycling companies are focusing on improving recycled packaging quality, compatibility, and sustainable integrity. Prominent companies in this market are Ball Corporation, Smurfit Kappa Group, International Paper, WestRock Company, and DS Smith plc. Key players are directed toward mergers, partnerships, investments, product launches, and development to expand their market reach.

For instance,

  • In October 2022, KW Plastics signed an agreement with Clean Planet Energy, a renewable and alternative energy company.
  • In September 2022, Novolex invested US$ 10 million in its North Vernon, United States facility to increase its recycling capacity.

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Market Segmentation

By Material:

  • Paper and Paperboard
    • Coated Unbleached Kraft
    • Bleached
    • Molded Fiber Pulp
  • Plastic
    • PE
    • PET
    • PP
    • PVC and Others
  • Metal
    • Steel
    • Aluminum
  • Glass
    • Type 1
    • Type 2
    • Type 3
  • Wood & Others

By Form:

  • Primary
  • Secondary
  • Tertiary

By Packaging Format:

  • Flexible
    • Films and Wraps
    • Labels
    • Bags and Pouches
    • Sachets and Stick Packs
    • Other (Liners, Laminates)
  • Rigid
    • Bottle and Jars
    • Boxes and Cartons
    • Cups
    • Drums
    • Cans
    • Trays
    • Tubes
    • Others (Vials, Lids)

By Recycling Process:

  • Open Loop
  • Closed Loop

By End-use:

  • Industrials
    • Food and Beverages
    • Pharmaceuticals
    • Personal Care and Cosmetics
    • Homecare
    • Chemicals
    • Other Industrial
  • Commercial
    • Offices
    • Hospitals
    • Educational Institutes
    • Malls
    • Other Commercials
  • Food Service
    • Hotels
    • Cafes
    • Restaurants
  • Household

By Region:

  • North America
  • Latin America
  • East Asia
  • South Asia and Pacific
  • Western Europe
  • Eastern Europe
  • Central Asia
  • Russia and Belarus
  • Balkan and Baltic Countries
  • Middle East and Africa

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Author

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

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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Paper and Paperboard Market Projected to Reach US$ 351 Billion by 2034, Fueled by Eco-Friendly Solutions Across Food, Beverage, and Retail Industries

The future growth trajectory of the paper and paperboard packaging market appears promising, driven by several key factors. With an anticipated valuation of US$ 351 billion by 2034, the market is set to experience steady expansion despite a relatively sluggish CAGR of 4.6%. One of the primary drivers of this growth is the increasing demand for sustainable and eco-friendly packaging solutions across various industries including food and beverage, pharmaceuticals, and retail. Consumers and regulatory bodies alike are placing greater emphasis on reducing environmental impact, favoring paper and paperboard packaging due to its recyclability and biodegradability.

Furthermore, the industry is witnessing a continued focus on technological innovations and product development by key players. These efforts aim to enhance packaging performance, meet evolving market demands, and ensure competitiveness in the digital age. The enduring appeal of paper and paperboard packaging, coupled with its eco-friendly attributes, positions the market for sustained growth in the foreseeable future, catering to the evolving needs of both businesses and environmentally-conscious consumers.

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Growth Opportunities:

  1. Sustainable Packaging Solutions:
    • Consumers are increasingly demanding eco-friendly packaging options. Paper and paperboard offer a sustainable alternative to plastic packaging. Companies investing in biodegradable, recyclable, and compostable paper-based packaging solutions are likely to see significant growth opportunities.
  2. Customization and Personalization:
    • With advancements in printing and packaging technology, there’s a growing trend towards customized and personalized packaging. Brands can leverage digital printing techniques to create unique packaging designs that resonate with consumers. This trend opens up opportunities for companies to offer tailored packaging solutions to their clients.
  3. E-commerce Packaging Solutions:
    • The rise of e-commerce has led to a surge in demand for efficient and durable packaging solutions. Paper and paperboard packaging companies can capitalize on this trend by providing packaging solutions optimized for e-commerce logistics, such as lightweight yet sturdy packaging materials and innovative designs that enhance the unboxing experience.
  4. Functional Packaging Innovations:
    • Consumers are increasingly seeking packaging solutions that offer added functionality, such as easy opening, resealability, and enhanced product protection. Paper and paperboard packaging manufacturers can invest in research and development to create innovative packaging designs that meet these evolving consumer needs, thus gaining a competitive edge in the market.
  5. International Market Expansion:
    • With globalization on the rise, there’s an opportunity for paper and paperboard packaging companies to expand into new international markets. Emerging economies with growing consumer bases present attractive opportunities for market expansion. Companies can leverage strategic partnerships, distribution networks, and localized marketing efforts to tap into these markets and drive growth.

Upcoming Industry Trends:

  1. Digitalization and Automation:
    • The paper and paperboard packaging industry is witnessing a shift towards digitalization and automation to streamline manufacturing processes, improve efficiency, and reduce costs. Automation technologies such as robotics and artificial intelligence are being increasingly adopted to enhance production capabilities and meet growing market demands.
  2. Smart Packaging Solutions:
    • Smart packaging, equipped with sensors and data tracking capabilities, is gaining traction in the industry. These innovative packaging solutions enable real-time monitoring of product freshness, temperature, and other variables, enhancing supply chain visibility and improving overall product quality and safety.
  3. Circular Economy Initiatives:
    • There’s a growing emphasis on implementing circular economy principles within the paper and paperboard packaging sector. Companies are exploring closed-loop recycling systems, sustainable sourcing practices, and waste reduction strategies to minimize environmental impact and promote resource efficiency throughout the packaging lifecycle.
  4. Bio-based Packaging Materials:
    • With increasing consumer awareness of environmental issues, there’s a rising demand for bio-based packaging materials derived from renewable sources such as plant fibers and agricultural residues. Paper and paperboard packaging manufacturers are exploring innovative bio-based alternatives to traditional petroleum-based packaging materials, aiming to reduce carbon footprint and promote sustainability.
  5. Interactive Packaging Experiences:
    • Interactive packaging experiences, enabled by technologies like augmented reality (AR) and near field communication (NFC), are becoming popular among brands seeking to engage consumers in unique and memorable ways. Paper and paperboard packaging companies can leverage these technologies to create interactive packaging designs that provide additional value and enhance brand loyalty.

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Key Takeaways from the Market Study

  • Based on type, the corrugated boxes are projected to expand at 4.5% CAGR by 2034.
  • China is estimated to register at a CAGR of 5.3% by 2034.
  • South Korea experiences significant growth, projected at a CAGR of 6.6% by 2034.
  • Based on grade, folding boxboard is anticipated to expand at a CAGR of 4.4% by 2034.

Competitive Landscape

The competitive landscape of the paper and paperboard packaging market is marked by intense rivalry among key players striving for market dominance. Companies focus on innovation to meet the demand for sustainable packaging solutions across diverse industries.

Strategic collaborations, mergers, and acquisitions are common, reflecting a dynamic industry where businesses aim to strengthen their market positions and offer cutting-edge solutions in response to evolving customer needs.

Leading Players Profiled in Paper and Paperboard Packaging Industry, 2024-2034

  • Amcor Ltd.
  • ITC Ltd.
  • Cascades Inc.
  • RockTenn Company
  • Clearwater Paper Corporation
  • Packaging Corporation of America
  • DS Smith Plc.
  • Mondi Group
  • Metsa Group
  • Nippon Paper Industries Co., Ltd
  • Georgia-Pacific LLC

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Key Segments of Paper and Paperboard Packaging Industry Survey

By Type:

  • Corrugated Boxes
  • Boxboard
  • Paper Bag

By Grade:

  • Folding Boxboard
  • Solid Bleached Sulfate
  • White Line Chipboard
  • Coated Unbleached Kraft Board
  • Others

By Region:

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

Author

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

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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Revolutionizing Business Efficiency: IT Asset Management Market Set for 6.9% CAGR Growth by 2032

According to a recent analysis by Future Market Insights, the IT asset management market is predicted to develop at a compound annual growth rate (CAGR) of 6.9%, reaching US$ 2.3 billion by 2032. During the forecast period, the market is expected to grow at a faster rate due to the increasing need to manage audits, adhere to regulatory compliance guidelines, manage and optimise the purchase, deployment, maintenance, use, and disposal of software applications within the business, as well as reduce software spend costs.

Furthermore, the market is expanding as a result of companies’ increasing need to employ cutting-edge technology to improve organisational efficiency.The need for IT asset management increased at a compound annual growth rate (CAGR) of 7.5% between 2015 and 2021, with an estimated global value of US$ 1.1 billion.

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Key Takeaways from the Market Study

  • Global IT asset management market to reach US$ 1.2 Billion by 2022-end
  • The U.S to account for the highest value share of US$ 320.8 Million of global market demand for IT asset management in 2032
  • By deployment, the cloud category constitutes the bulk of IT asset management market with a CAGR of 7.0%
  • IT asset management solutions for large enterprises to remain preferred, flourishing at a 6.2% CAGR
  • India to emerge as a highly opportunistic market, documenting a value of US$ 224.8 Million
  • China and Japan to document value CAGRs of 2.3% and 7.8% respectively until 2032
  • Global IT asset management market to nearly double during the forecast period

Driving Factors for Market Growth

The study identifies several driving factors propelling the growth of the IT asset management market. The increasing adoption of cloud-based IT asset management solutions, coupled with the growing demand for efficient asset tracking and inventory management, is boosting market expansion. Additionally, the rising focus on optimizing IT infrastructure and reducing operational costs is stimulating the uptake of IT asset management solutions across various sectors. Furthermore, the surge in data breaches and security threats is driving the need for robust IT asset management practices, fueling market growth.

Challenges to the Global Market

Despite the favorable growth prospects, the IT asset management market faces certain challenges. Complex IT environments, data security concerns, and interoperability issues pose hurdles to the seamless implementation of asset management solutions. Moreover, the initial setup cost and ongoing maintenance expenses might deter some businesses from adopting advanced IT asset management practices. However, the report highlights the importance of overcoming these challenges to unlock the market’s full potential.

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Competitive Landscape

Players in the global IT Asset Management Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:

  • In July 2021, Snow Software introduced Snow Atlas, the first integrated platform built to help organizations discover, monitor, and optimize their technology investments both on-premises and in the cloud. The first solutions available on the new cloud-native platform are SAM, SaaS management, and ITSM integrations which were earlier delivered as a service, are now in early access.
  • In May 2021, Flexera introduced interoperability between its Software Vulnerability Manager solution and VMware Workspace ONE Unified Endpoint Management. Through this interoperability, customers will be able to identify, prioritize, and satisfy the need for third-party patch deployment to remediate software vulnerabilities.

Know More about What the IT Asset Management Market Repost Covers

Future Market Insights offers an unbiased analysis of the global IT Asset Management Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the IT Asset Management Market, the market is segmented on the basis of enterprise size, deployment, and end-use across five major regions.

Key Segments Covered in the IT Asset Management Industry Report

IT Asset Management by Enterprise Size:

  • IT Asset Management for SMEs
  • IT Asset Management for Large Enterprises

IT Asset Management by Deployment:

  • On-Premise IT Asset Management Deployment
  • Cloud-based IT Asset Management Deployment
  • Hybrid IT Asset Management Deployment

IT Asset Management by End-Use:

  • IT Asset Management for BFSI
  • IT Asset Management for Telecom and IT
  • IT Asset Management for Healthcare
  • IT Asset Management for Transportation
  • IT Asset Management for Government
  • IT Asset Management for Energy and Utilities
  • IT Asset Management for Manufacturing
  • IT Asset Management for Other End Use Industries

IT Asset Management by Region:

  • North America IT Asset Management Market
  • Latin America IT Asset Management Market
  • Europe IT Asset Management Market
  • Asia Pacific IT Asset Management Market
  • Middle East and Africa IT Asset Management Market

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Author:

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 a consumer electronics will likely remain the leading end-use sector cross 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 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
LinkedIn| Twitter| Blogs | YouTube