Market Research Blog – Page 3446 – New Product Development

FIDO Authentication Industry Hits $1.24 Billion in 2022, Set to Soar to $12.06 Billion by 2033

The FIDO Authentication Market has witnessed remarkable growth, with the total revenue reaching US$ 1,238.6 million in 2022. This impressive growth trajectory is projected to continue, with the market expected to surge to US$ 12,059.7 million by 2033, reflecting a robust Compound Annual Growth Rate (CAGR) of 23.1% from 2023 to 2033.

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Drivers and Opportunities:

The market’s expansion is driven by several factors, including the increasing adoption of FIDO authentication solutions across various industries. The rising concerns over cybersecurity threats have prompted organizations to seek robust authentication methods, further fueling market growth. Additionally, the growing popularity of biometric authentication methods and the proliferation of mobile devices are providing lucrative opportunities for market players to innovate and expand their offerings.

Competitive Landscape – Regional Trends:

The FIDO Authentication Market is highly competitive, with key players constantly innovating to maintain their market position. Regional trends indicate that North America dominates the market, owing to a high concentration of tech-savvy enterprises and stringent security regulations. Europe follows closely behind, driven by increasing awareness of data security. Meanwhile, the Asia-Pacific region presents significant growth potential due to the rapid digitalization of economies and the need for robust authentication solutions.

Restraints:

Despite its rapid growth, the market faces certain limitations, including concerns related to user privacy and data protection. Striking a balance between stringent security measures and user convenience remains a challenge for market players. Moreover, the high initial costs associated with implementing FIDO authentication solutions may hinder adoption among smaller enterprises.

Region-wise Insights – Category-wise Insights:

Regionally, North America leads the FIDO Authentication Market, with a substantial share of the global market. Within categories, biometric authentication solutions are gaining prominence due to their accuracy and user-friendliness. Moreover, the healthcare and financial sectors are witnessing substantial adoption of FIDO authentication, driven by the need for secure access to sensitive data.

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Competitive Landscape

As organizations around the world are challenged in controlling dynamic and hybrid IT environment, the need for secure mobile or online applications without compromising user convenience is increasing continuously.

Owing to this, most of the leading players in the FIDO authentication technology are coming with advanced and innovative solutions that meets the ever-changing demand from organizations for advanced security and privacy concerns.

In January 2021, Aware, Inc. announced the launch of AwareABIS, an automated biometric identification system (ABIS) used for large-scale biometric identification and deduplication. Designed to serve among 1-30 million identities or more, AwareABIS supports fingerprint, face and iris modalities, and features a modular architecture that helps security teams configure and optimize the system for civil or criminal applications.

FIDO Authentication Outlook by Category

By Solution:

FIDO U2F Authentication Devices
FIDO Authentication SDKs
- FIDO Client SDK
- FIDO Server SDK
Services
- Technology Consulting
- Integration & Deployment
- FIDO Certification Services
- Support Services

By Application:

Payment Processing
PKI/Credential Management
Document Signing
User Authentication
Others

By Industry:

BFSI
Healthcare & Life Sciences
IT & Telecom
Retail & CPG
Government & Defense
Energy & Utilities
Others

By Region:

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

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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.

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Unified Communication as a Service (UCaaS) Market Skyrockets to US$ 28.5 Billion in 2023, Set to Reach US$ 112.6 Billion by 2033

The Unified Communication as a Service (UCaaS) market revenue totaled US$ 28.5 Billion in 2023, according to Future Market Insights (FMI) analysis. Rising at a CAGR of 14.7% between 2023 and 2033, the overall market is expected to reach US$ 112.6 Billion by 2033.

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The demand for UCaaS solutions will accelerate with top 5 providers holding around 36.5% of total market in 2020.

Newly released data on the UCaaS demand outlook indicates 12.8% y-o-y growth in 2021. Among industry vertical, share held by BFSI sector will remain highest among all. However, the IT & telecom segment will grow at 18.1% CAGR through the assessment period.

COVID-19 Impact Analysis on UCaaS Market

The outbreak of coronavirus (COVID-19) has created the need for organizations to adapt today’s fast-paced world where the business continuity is a must. The outbreak of COVID-19 pandemic is marking a rare occasion where business leaders globally have to quickly enable their workforces to work remotely for an extensive period of time.

Owing to this factor, organizations are incorporating remote work into their businesses where the communication and remote work policy holds the key to meet the expectation between management and workforce.

According to Future Market Insights, the COVID-19 pandemic is expected to accelerate the adoption of cloud computing not just as a technological shift, but also as an operating model as enterprises across the globe acknowledges the limitations of their current situation.

Key Takeaways: UCaaS Market

By solution segment, the integrated UCaaS platform/suite is anticipated to account for the leading share in the global UCaaS market during the forecast period. The segment estimated to grow at a robust CAGR of 17.3% through 2031.
The demand for UCaaS in small and medium enterprises (SMEs) is expected to rise at maximum pace as these organizations continue adopting UCaaS and cloud based solutions for better ROI.
Demand for UCaaS in IT & Telecom and BFSI sector is estimated to grow at an impressive CAGR. Of these, BFSI industry is expected to account for leading share in UCaaS market during the forecast period.
North America is expected to lead the market followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
The market in Japan is expected to progress at a CAGR of more than 17% through 2031.
In the U.K., sales are expected to increase at a CAGR of close to 18% over the next ten years.

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Competitive Landscape

Intense competition and growing customer expectations are creating a storm in the global UCaaS market which is compelling solution providers to innovate and improve customer engagement. The accelerated shift by the customers to cloud communication is creating a demand for enhanced user productivity and flexibility and is creating the opportunities for advanced communications and collaboration tools.

For instance, in May 2021, 8×8, Inc. announced Experience Communications as a Service (XCaaS), a cloud communications deployment model that erases the boundary between Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS). With XCaaS, organizations can support the communications requirements of all employees as they work together to deliver differentiated customer experiences.

Some of the leading companies operating in the market are:

8×8 Inc.
Cisco Systems, Inc.
Google LLC
Microsoft Corporation
LogMeIn Inc.
RingCentral, Inc.
Mitel Networks Corporation
Fuze Inc.
Windstream Holdings, Inc.
ALE International
DIALPAD, INC.
Verizon Communications Inc.
NTT Communications Corporation

UCaaS Outlook by Category

By Solution, UCaaS Solutions are segmented as:

Software
Integrated UCaaS Platform/Suite
Standalone Solutions
Services
Professional Services
Managed Services

By Enterprise Size, UCaaS Outlook is segmented as:

Small and Medium Enterprises (SMEs)
Large Enterprises

By Vertical, UCaaS Demand is segmented as:

BFSI
IT & Telecom
Healthcare
Retail & CPG
Travel & Hospitality
Transportation & Logistics
Military & Defense
Others

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Beach Tourism Market Eyes US$ 265.1 Billion Milestone by 2033 | FMI

As per the latest findings of Future Market Insights, global beach tourism market revenue is anticipated to be US$ 152.3 Billion by the end of 2023. In the long term, the beach tourism market is evaluated to arrive at around US$ 265.1 Billion in 2033.

As per the latest update by Future Market Insights, the beach tourism market is forecast to increase at a prolific CAGR between 2023 and 2033. The strategic collaborations between the direct suppliers in the industry have paved the way for innovation on the back of the combined resources of such partners.

On the other side, while delivery and services are getting more dependable, relationships between indirect suppliers still exhibit transactional functioning. Due to these considerations, the market is seeing a covert increase in information exchange between direct and indirect suppliers, which is helping to address performance, and risk management challenges, and giving companies the ability to plan their spending.

Beach tourism holds a major segment of the holiday leading towards growth in major parts across the world. Each year, a tourist from all across the world are keen on encountering the bright sunshine and the warm winter, and they rush to the famous beaches.

When paired with different water sports including swimming, surfing, sailing, and other water sports, beach tourism encourages environmental consumption. Other amenities, such as hotels, resorts, villas, bungalows, campgrounds, etc., or recreational places, such as playground amusement parks or other activities that will draw people to the beaches, are needed for land and water use activities.

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Key Trends in the Beach Tourism Market

Introduction: Beach tourism continues to be a thriving sector, captivating travelers with its sun-soaked shores and picturesque landscapes. As the industry evolves, several key trends are shaping the beach tourism market, influencing destination choices and traveler preferences.

Sustainable Tourism: Amid growing environmental concerns, sustainable tourism practices have become a pivotal trend in beach destinations. Travelers are increasingly seeking eco-friendly accommodations, responsible tour operators, and initiatives that prioritize the preservation of coastal ecosystems. Governments and businesses are responding by implementing conservation measures to protect marine life and ecosystems, ensuring a harmonious coexistence with tourism.
Digital Transformation: The integration of technology is revolutionizing the beach tourism experience. From AI-powered virtual assistants providing real-time information to mobile apps offering personalized itineraries, digital innovation is enhancing convenience for travelers. Online platforms also play a crucial role in marketing and promoting beach destinations, influencing travel decisions through captivating visuals and user-generated content.
Experiential Tourism: Beyond traditional sunbathing, tourists are now seeking immersive experiences at beach destinations. Water sports, cultural events, and adventure activities are gaining popularity, transforming beach areas into multifaceted hubs of entertainment. The demand for unique and memorable experiences is driving local businesses to diversify their offerings, catering to a broader spectrum of traveler interests.
Health and Wellness Tourism: The rising awareness of health and wellness is influencing beach tourism trends. Travelers are increasingly viewing beach destinations as ideal locations for relaxation, rejuvenation, and fitness activities. Resorts and hotels are incorporating spa services, yoga retreats, and wellness programs, attracting health-conscious tourists seeking a holistic vacation experience.

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Competitive Landscape

In this intensely competitive market, established firms in the sector are employing distinctive techniques to seize the market. To ensure that clients get value for their money, the players are deciding to maintain all aspects of the services and channel support in-house.

For instance, the airlines of New York City are investing millions of dollars in upgrading major airports including JFK, LaGuardia, and New York. Similarly to this, the USA will fly from New York to close to 445 destinations in 46 other countries.

Working with direct service providers, indirect suppliers are pacing their support channels to meet consumer needs. The beach tourism sector is steadily growing because of the rising trend of partnerships and collaborations between providers across the industry. For instance: Specialized luxury trips are offered by niche tour operators like Intrepid Travel, Exodus, and others based on the preferences of individual travelers.

Beach Tourism Market by Category

By Direct Suppliers:

Airlines
Hotel Companies
Train
Tour Operators
Government Bodies

By Indirect Suppliers:

OTA (Online Travel Agency)
Traditional Travel Agencies
TMC’s (Travel Management Companies)
Corporate Buyers
Aggregators

By Age:

Under 15
16-25
26-35
36-45
46-55
Over 55

By Activity Type:

Boating
Fishing
Surfing
Scuba Diving
Windsurfing
Others

By Demographic:

Male
Female
Kid

By Nationality:

Domestic
International

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Tour Type:

Individual travel
Professional Groups
Group travels

By Country:

USA
Canada
Brazil
Mexico
Germany
United Kingdom
France
Spain
Russia
India
China
Japan
Malaysia
Singapore
Australia
United Arab Emirates(UAE)
KSA
Italy
Qatar
Oman
ROW

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Business Analytics BPO Services Market Surges: Estimated to Reach US$ 29 Billion by 2033

The global Business Analytics BPO Services Market is projected to exhibit remarkable growth over the forecast period, with an estimated valuation of US$ 8 billion in 2023, surging to an impressive US$ 29 billion by 2033. According to the latest data released by Future Market Insights (FMI), the market is set to advance at a robust CAGR of 14% during this period.

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Key Takeaways:

The business analytics BPO services market is on a remarkable growth trajectory, estimated to reach US$ 29 billion by 2033, with a CAGR of 14%.
Manufacturing remains the dominant end-user, while the BFSI segment is set for robust growth at 17.8% CAGR.
The market empowers organizations to leverage data for strategic decision-making, with AI and machine learning playing a pivotal role.
Intense competition among industry players and regional trends shape the competitive landscape.
Data privacy, security concerns, and a shortage of skilled professionals pose challenges.
North America, Europe, and Asia-Pacific are key regions, with predictive analytics and data visualization services in high demand.

Drivers and Opportunities:

FMI’s data indicates a significant year-on-year growth of 12.8% in 2023. The manufacturing sector is anticipated to maintain its dominance as the primary end-user of business analytics BPO services. Notably, the BFSI segment is poised for exceptional growth, projected at an impressive 17.8% CAGR throughout the assessment period.

In an increasingly data-rich world, the business analytics BPO services market assumes a transformative role, enabling businesses to unlock untapped potential within their data. This dynamic market offers a wide array of services, ranging from predictive analytics to data visualization, adeptly catering to the evolving needs of organizations across various industries.

The synergy of cutting-edge technologies, such as artificial intelligence and machine learning, coupled with a pool of seasoned analytical experts, paves the way for data-driven decision-making and strategic insights. The market is marked by intense competition, where established industry players and agile niche providers vie for supremacy, each offering unique value propositions.

As organizations increasingly recognize the pivotal role of harnessing the power of their data, the business analytics BPO services market emerges as a vital catalyst for growth, innovation, and maintaining a competitive edge.

Competitive Landscape – Regional Trends:

The competitive landscape of the business analytics BPO services market is diverse, with regional trends shaping the industry dynamics. While established players maintain a stronghold in mature markets, emerging economies are witnessing a surge in demand for these services. Regional variations in regulatory frameworks and industry-specific requirements further contribute to the evolving competitive scenario.

Restraints:

Despite its promising growth trajectory, the business analytics BPO services market faces certain challenges. Data privacy and security concerns remain a critical issue, necessitating robust compliance measures. Additionally, the shortage of skilled analytical professionals poses a hindrance to market expansion. Market players need to address these challenges proactively to unlock the market’s full potential.

Region-wise Insights – Category-wise Insights:

Regionally, North America and Europe continue to dominate the business analytics BPO services market, owing to their advanced technological infrastructure and data-driven business cultures. Asia-Pacific is poised to exhibit the fastest growth, driven by increasing digitalization and adoption of analytics in emerging economies.

In terms of categories, predictive analytics and data visualization services are expected to witness significant demand, with organizations seeking to gain actionable insights from their data.

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Market Segmentation

By Services:

Data Analytics & Visualization Services
Risk Analytics Services
Marketing & Sales Analytics Services
Supply Chain Analytics Services
Financial Analytics Services
Others

By Enterprise Size:

Small and Medium Enterprises (SMEs)
Large Enterprises

By Industry:

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

By Region:

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

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Wellness Tourism Market Eyes US$ 2,635.2 Billion Valuation, Anticipates 10.2% CAGR by 2033 | FMI

According to Future Market Insights’ most recent research, worldwide revenue from wellness tourism market is projected to reach US$ 999.5 billion by the end of 2023. Long-term estimates place the value of wellness tourism at US$ 2,635.2 billion in 2033.

Wellness Tourism involves individuals traveling to destinations with the primary goal of improving their physical, mental, and spiritual well-being. It goes beyond the typical tourist experience, focusing on activities that promote health and relaxation.

There are two categories of passengers in the wellness tourism business. While secondary wellness travelers look for wellness activities wherever possible throughout their vacation plans, primary wellness travelers choose their destination based on its wellness offers. Of these, 85% to 90% of wellness tourism visits are taken by secondary wellness travelers, who also incur significant costs. Among these, secondary wellness travelers make up the majority of the market for wellness tourism.

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The average cost of traveling abroad is significantly greater than that of domestic wellness travel, even though domestic wellness travel is growing and makes up 80% to 85% of all wellness holidays. Since it covers the entire trip, the average cost is usually greater while traveling abroad.

Key Components of Wellness Tourism

To truly understand Wellness Tourism, let’s delve into its key components and the diverse experiences it offers.
One of the cornerstones of Wellness Tourism is the indulgence in spa retreats. These tranquil havens offer a variety of rejuvenating treatments, from massages to hydrotherapy, providing a sanctuary for relaxation.
For those seeking a mental and spiritual retreat, wellness tourism often involves visits to yoga and meditation centers. These serene locations foster a connection between the mind and body, promoting inner peace
Wellness extends to nutrition, making healthy eating retreats a popular choice. These retreats focus on cultivating good eating habits and often include cooking classes and farm-to-table experiences.

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Popular Wellness Tourism Destinations

Bali has become synonymous with wellness retreats, offering a blend of cultural richness and serene landscapes. Visitors can immerse themselves in yoga, meditation, and holistic healing practices.
Switzerland’s alpine regions provide a picturesque backdrop for wellness retreats. The crisp mountain air and natural beauty contribute to a rejuvenating experience.
Costa Rica combines lush rainforests with wellness offerings, providing a unique blend of nature and rejuvenation. Wellness tourists can enjoy activities like eco-friendly hikes and spa treatments.

Impact of Technology on Wellness Tourism

Advancements in virtual reality have given rise to virtual wellness experiences, allowing individuals to access mindfulness practices and fitness classes from the comfort of their homes.
Smartphone apps and wearables play a significant role in wellness tourism. These tools help travelers track their fitness, monitor their sleep patterns, and access wellness resources on the go.
Despite its popularity, the wellness tourism industry faces certain challenges that need addressing.

Wellness Tourism Market by Category

By Direct Suppliers:

Airlines
Hotel Companies
Tour Operators

By Indirect Suppliers:

OTA (Online Travel Agency)
Traditional Travel Agencies
TMC’s (Travel Management Companies)
Corporate Buyers
Aggregators

By Age:

Under 15
16-25
26-35
36-45
46-55
Over 55

By Tourism Type:

Thermal Water or Hot Spring Therapy
Yoga and Pilates Retreats
Culinary Wellness Retreats
Meditation Retreats
Wellness Cruises
Eco-tourism Retreats

By Demographic:

Male
Female
Kid

By Nationality:

Domestic
International

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Country:

USA
Canada
Brazil
Mexico
Germany
United Kingdom
France
Spain
Russia
India
China
Japan
Malaysia
Singapore
Australia
United Arab Emirates(UAE)
KSA
Italy
Qatar
Oman
ROW

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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Packaging Testing Market is Estimated to Reach US$ 53,748.03 Million During the Forecast Period 2033 | FMI

The packaging testing market is predicted to be worth US$ 16,099.87 million in 2023 and is likely to rise to US$ 53,748.03 million by 2033. Initially, the global market was expanding at a CAGR of 9.7% from 2018 to 2022.

Trade liberalization, advancements in communication and transportation technologies, and the expansion of multinational corporations in the retail food industry all contributed to an increase in globalization. This increased trading, which highlights the demand for packaging testing solutions.

Package testing became even more crucial as a result, as damaged goods increase expenses for manufacturers and retailers and result in dissatisfied customers. Several tests are carried out to determine the reliability of the package, including drop, vibration, and shock testing, as instructed by reputable organizations like the International Seed Testing Association (ISTA).

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The global e-commerce market is expanding quickly. By doing technology-advanced equipment testing on their packaging solutions, e-commerce, and retail businesses are boosting their offerings.

They are emphasizing the need for packaging suitable for its intended use and that can withstand challenging shipping situations. As a result, it is setting the groundwork for producers of package testing equipment to increase their market share globally.

Key Takeaways

In 2023, the United States is expected to lead the packaging testing market, with a size of US$ 3,414 million and a CAGR of 10.3%.
The packaging testing market was significantly expanding, with a size of US$ 14.25 billion in 2022.
Market shows amazing opportunities due to the rising need for effective packaging designs, and expects a Y-o-Y growth of 13% in 2023.
The market in China is anticipated to expand at an adequate CAGR of 19.8% by 2033.
By 2033, Germany is likely to expand in the packaging testing market, with a size of US$ 3,411.86 million.
Canada is anticipated to expand at an adequate CAGR of 7.7% by 2033.
The expansion in the United Kingdom is anticipated to expand at an adequate CAGR of 12.1% by 2033.
Based on the material type, plastic is likely to lead the market and expects a size of US$ 6,995 million in 2023.
Based on the testing type, microbiological continues to dominate the sector during the forecast period, with a CAGR of 13.6%.

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Key Strategies in the Industry

Packaging compatibility testing is growing in popularity among important stakeholders. It involves several different kinds of studies, including tests for extractable and leachable, accelerated aging, and migration. In the market under study, competitive competition is moderately high, firm concentration is modest, and consolidation is anticipated over the next few years.

It is anticipated that the rivalry gets even more intense. Long-standing firms like Intertek Group PLC, Eurofins Scientific SE, SGS SA, and Bureau Veritas SA are anticipated to continue their market dominance by providing cutting-edge package testing solutions services to ratchet up market rivalry.

Recent Developments

In Kazakhstan, SGS S.A. opened a brand-new hybrid commercial onsite geochemistry laboratory in 2020. By diversifying its offering of laboratory testing services, the company seeks to break into the chemical packaging market.
In June 2022, Bureau Veritas purchased Advanced Testing Laboratories, a company that offers scientific sourcing services. ATL offers services like product validation, production, and packaging, in addition to research and development. The company’s footprint in North America is anticipated to grow as a result of the acquisition.

Key segments

By Testing Type:

Physical
Chemical
Microbiological

By Material Type:

Plastic
Paper and Paperboard
Glass
Wood and Others

By Packaging Application:

Food and Beverages
Healthcare
Pharmaceuticals
Medical Devices
Chemical and Fertilizers
Personal Care and Cosmetics
Electrical and Electronics
Automotive
Industrial

By Region:

North America
Latin America
Europe
Middle East and Africa

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Commercial Air Fryer Market Size Soars to US$ 1,409.2 Million by 2033

The Commercial Air Fryer Oven market is poised for substantial growth, with its size expected to surge from US$ 848.8 million in 2023 to surpass US$ 1,409.2 million by 2033. This significant expansion is attributed to the increasing demand for commercial air fryers, driven by the growing popularity of fast food and snacks prepared using healthier cooking methods.

Air fryer producers promote their products as a way to prepare and consume fried food without the associated health dangers. items that are air-fried may be healthier since they contain less fat than items that are deep-fried.

Fried food consumption is directly associated with a higher risk of developing a number of ailments. As a result, people start to wonder why they don’t eat a lot of deep-fried items that are high in calories and fat.

Deep-fried food that is prepared in a sizable pot of hot oil carries risk and may be harmful. Air fryers do get hot, therefore there is a chance of leaks, splashes, or unintended contact with hot oil. Users should handle frying equipment properly and in accordance with directions if they want to ensure their safety.

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An important benefit of an air fryer is that it heats up really rapidly, and the moving air helps the food cook uniformly, brown, and get crispy without much of your input. As a result, you can shorten the time you spend cooking. Aside from the fact that it heats up more quickly than an oven, an air fryer cooks food more quickly than an oven since it is smaller.

Key Takeaways from the Commercial Air Fryer Oven Market Study:

The Commercial air fryer oven market is estimated to be market value USD 1,200.0 Mn in 2023
The North American Commercial air fryer oven is value at USD 456.0 Mn expected to register a 4.0% CAGR between 2023 and 2033
The demand for Commercial air fryer oven in Europe is expected to grow at a 5.3% CAGR between 2023 and 2033
Air fryers being safer than deep fryers also then cut down on deep-fried foods reduces disease risk, versatility of equipment, faster than oven cooking, reheating of foods with ease, ease of clean the equipment are few drivers of the market

Who is winning?

The buildup and strengthening distribution channel in the key companies, invocative product launches by the key player are few key strategies by key players in the market Cuisinart, Calphalon, Kalorik, Black & Decker, Havells, Brava Home, Ninja Kitchen, Hamilton Beach Brands, COSORI, Breville, Philips, Gowise, Inalsa, KENT are expected to be the top players driving the market growth.

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Get Valuable Insights into Commercial Air Fryer Oven Market

FMI, in its new offering, provides an unbiased analysis of vegan tuna presenting historical demand data (2018-2022) and forecast statistics for the period from (2023-2033). The study divulges compelling insights on the demand for Commercial Air Fryer Oven Market based on by Type (Manual, Digital) By Wattage (Below 1200 Watt, 1200-1500 Watt, 1500-1800 Wattage, 1800-2200 Wattage, 2200 Wattage & Above), By Capacity (Less than 4 Quarts, 4 – 5 Quarts, 5- 6 Quarts, 6 – 8 Quarts, more than 8 Quarts) across seven major regions.

Commercial Air Fryer Oven Market by Category

By Type:

Manual
Digital

By Wattage:

Below 1200 Watt
1200-1500 Watt
1500-1800 Watt
1800-2200 Wattage
2200 Wattage & Above

By Capacity:

Less than 4 Quarts
4 – 5 Quarts
5 – 6 Quarts
6 – 8 Quarts
More than 8 Quarts

By Region:

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

Off-Highway Tires Market Share to Hit US$ 13.4 Billion by 2033, Driven by Growth in Construction and Mining

According to Future Market Insights, the global off highway tires market share will be valued at US$ 9,405.4 Million in 2023 and will increase at a CAGR of 7.9% from 2023 to 2033. The top 3 countries are predicted to account for 25-30% of the market by the end of 2023.

Off-highway tires manufacturing is currently undergoing a significant transition on a global scale. The rising use of off-road vehicles for military and recreational purposes is a key factor fueling the off-road vehicle industry’s expansion. Off-road vehicles are used in military operations to transfer supplies and ammunition. These trucks are also used to transport heavy, loaded weapons during times of war. Additionally, new technology, such as GPS on these trucks, allows for reduced soil compaction and time savings while planting by mapping the lines. This technology is used to establish field borders and mark field lines.

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Off-road machinery is used in the farming and agricultural sectors to do crucial daily activities. Among other agricultural jobs, utility off-road vehicles are used for crop planning and scouting, irrigation, and rock picking. The majority of farm work is now done by machines, which requires regular tyre replacement, fueling the growth of the global off-highway tyres market during the course of the forecast period.

In an upcoming market research study, Future Market Insights (FMI) lays bare undercurrents and opportunities prevailing in the global Off Highway Tires market. The report provides in-depth insights on the Off Highway Tires market through a detailed analysis of key growth drivers, restraints, trends, challenges, and revenue growth based on historical data. Valuable information and forecast statistics covered in the Off Highway Tires market report will help existing and potential new market players to craft long-term strategies as well as maintain business continuity during a crisis.

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Off Highway Tires Market: Competition Analysis

The FMI’s study presents an extensive analysis of global, regional, and country-level players operating in the Off Highway Tires market based on their innovative launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the Off Highway Tires market report.

Key Companies Profiled

Bridgestone
Michelin
Goodyear
Yokohama Tire
China National Tire & Rubber
MRF
Continental AG,
Belshina
Cheng-Shin Rubber
Eurotire

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Key Segments Profiled in the Off Highway Tires Market

By Sales Channel, Off Highway Tires Market is segmented as:

Replacement Tires
OEM

By End Use, Off Highway Tires Market is segmented as:

Industrial
Agriculture
Mining
Construction

By Region, Off Highway Tires Market is segmented as:

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

Crucial Questions Answered in the Report

Which end-use industry remains the top consumer of Off Highway Tires in different regional markets?
At what rate has the global Off Highway Tires market been expanding during the forecast period?
How will the global Off Highway Tires market look like by the end of the forecast period?
What innovative technologies are the Off Highway Tires market players adopting to stay ahead of the pack?
What are the restraints affecting the growth of the global Off Highway Tires market?

Key Offerings of the Report

Growth Drivers and Opportunities: Comprehensive analysis on growth-driving factors and opportunities for market players in different regional markets
Recent Trends and Forecasts: Detailed assessment on the latest trends, technological developments, and forecasts for a 5-year or 10-year period.
Segmental Analysis: Extensive analysis on each segment and factors differentiating the role of these segments in market revenue forecasts and growth rate analysis
Regional Market Forecast: Thorough analysis of each regional market to arm stakeholders with necessary information to take critical decisions
Competitive Landscape: All-inclusive insights on both leading and emerging players vying for a slice of the Off Highway Tires market

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)

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Turbofan Engines Market Set to Reach US$ 5.1 Billion by 2032, Soaring at 17.2% CAGR

The turbofan engines market is expected to be worth US$ 1.05 billion in 2022. The industry increased by 6.3% year on year over the last year. Turbofan Engines sales are expected to grow at a CAGR of 17.2% from 2022 to 2032, reaching a value of US$ 5.1 billion by the end of 2032.

Demand for turbofan engines in the commercial segment to remain strong, while demand for turbofan engines in wide-body aircraft to grow at a rapid pace during the assessment period. The turbofan engines market to be dominated by the North American region.

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Keys to success for Turbofan Engine Market Growth

With rapid urbanisation and global passenger traffic, an accelerated and more comfy mode of transportation is obligated. To encounter this demand, the airline business is growing at a rapid pace. A rapid way to transport goods is also required by the burgeoning transportation sector.

The most effectual mode of transportation is air transport. As the airline industry expands, so does the demand for new innovations and fuel-efficient engines. This factor is believed to have a promising potential the turbofan engines market during the forecast period.

Demand for next-generation engines and technological improvements are intensifying in the military sector, which is expected to increase market pressure for turbofan engines over the forecast period.

Pivotal Roadblocks to the Turbofan Engine Market Economic Boom

Notwithstanding the numerous benefits, turbofan engines have some downfalls, such as inefficiency at very higher elevations and massive increase areas, which are expected to thwart the turbofan engines market growth over the forecast period. When compared to other aircraft engine types, turbofan engines have slightly elevated manufacturing costs.

North America

North America is anticipated to be the lucrative turbofan engines market, owing to the ever-increasing demand for new technologies in the airline business as well as the continued growth for efficient engines. Over the forecast period, the region’s turbofan engine market is expected to grow remarkably.

The United States is North America’s largest turbofan engines market, followed by Canada. The United States is projected to continue to expand in the coming decade, thanks to an increase in orders and deliveries of turbofan engines in the commercial, military, and general aviation sectors.

Asia Pacific

Due to emerging economies such as China, India, and Japan, the Asia Pacific turbofan engines market is expected to grow significantly. The growing population and air traffic are expected to drive up demand for aircraft with fuel-efficient engines.

The growing number of airports in the region, as well as the demand for new aircraft with better and more efficient engines for transportation and travel, are expected to drive up demand for turbofan engines.

Key Takeaways

The turbofan engines market increased by 6.3% year on year over the last year.
The APAC turbofan engines market is expected to exceed US$ 16 billion by 2032, growing at a 5.3% CAGR over the forecast period.
Wide-body aircraft are expected to be in high demand in Asia-Pacific markets due to their ability to carry large loads over long distances.
The commercial segment is expected to be the largest and fastest-growing segment, owing to rising demand for technologically advanced engines to replace conventional engines.

Competitive Landscape

The turbofan engines market is much consolidated, with a few companies influencing a substantial portion of total output. GE Aviation, a division of General Electric Company, is a major manufacturer of turboprop and jet engines. The company is expected to dominate the global market due to its superior product technology and diverse product portfolio.

Rolls Royce Holdings Plc., Safran SA, CFM International SA, and others are also market leaders. The key strategy implemented by the turbofan engines market’s major players is the introduction and modernization of advanced technology in order to offer a more diverse product portfolio to their customers.

Key Companies Profiled

GE Aviation
Rolls-Royce Plc.
United Technologies Corporation – Pratt & Whitney Division
CFM International
Engine Alliance LLC
International Aero Engines
Williams International
SE Ivchenko-Progress
United Engine Corporation
EUROJET Turbo GmbH
IHI Corporation
Safran SA

Recent Development

Saudi Arabian Airlines has awarded CFM International, a joint venture of General Electric and Safran Aircraft Engines, a contract for CFM International LEAP-1A engines to power its new fleet of 35 Airbus A321neo and 30 Airbus A320neo planes.
The US Air Force awarded GE Aviation a USD 1.58 billion contract to supply F110 engines for the Boeing F-15EX Eagle II in October 2021. As a result of this decision, GE to be the sole propulsion source for the US Air Force’s entire planned F-15EX fleet.

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Key Segments Covered in the Turbofan Engines Industry Survey

Turbofan Engines Market by Type:

Wide Body Aircrafts
Narrow Body Aircrafts

Turbofan Engines Market by End Use:

Turbofan Engines for Commercial Aircrafts
Turbofan Engines for Transportation Aircrafts
Turbofan Engines for Business Jets
Turbofan Engines for Military Aircrafts
Turbofan Engines for Transport Aircrafts
Turbofan Engines for Fighter Jets

Turbofan Engines Market by Region:

North America Turbofan Engines Market
Latin America Turbofan Engines Market
Western Europe Turbofan Engines Market
Eastern Europe
APEJ Turbofan Engines Market
Japan Turbofan Engines Market
Middle East & Africa Turbofan Engines Market

Author

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 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

ePharmacy Market Anticipates a Staggering Valuation of US$ 351.9 Billion by 2033

The global ePharmacy market share is expected to have risen at a 14.3% compound annual growth rate from US$ 81.5 billion in 2022 to US$ 351.9 billion by the end of 2033.

The demand for mail-order medications is rising as e-commerce and internet usage gain traction. Around the world, a great deal of online pharmacies are known as ePharmacies. They deliver right to your door.as well as the dispensing of prescription and over-the-counter drugs. Since the advent of ePharmacy, patients no longer need to visit the pharmacy, and market growth has been facilitated by the simplicity of ordering across many provider platforms. The need for the online pharmacy business has grown due to the internet’s rapid expansion and the emergence of digital health, or eHealth.

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Leading ePharmacy firms also offer medications at lower costs as compared to conventional brick-and-mortar pharmacies. Result of greater investment by e-commerce big players throughout the healthcare sector, the ePharmacy market is anticipated to grow at a significant rate over the forecast period. A massive patient pool across the globe opts for doorstep delivery of medical supplies because of the unavailability of some prescription medicines at retail pharmacy stores. ePharmacies significantly reduce the need for senior citizens and people with chronic illnesses to rely on other parties to get their medications and medical supplies. Similarly, it is anticipated that increased internet usage and awareness will increase ePharmacy market sales.

Key Takeaways:

Smartphone adoption is rapidly expanding which is further assisting the market growth over the assessment period. Furthermore, the adoption rate of smartphones was earlier around 65.0% in 2019 and is predicted to reach 80.0% by 2025, according to The Mobile Economy 2020.
The rapid expansion of the healthcare industry and high operating expenses have made it vital to use ePharmacy platforms. To reduce operational costs, epharmacy platforms are perfect. Demand for numerous healthcare products, especially medications, is rising as chronic conditions become more common. This represents a greater opportunity for online modes of drug procurement worldwide.
An increase in internet consumption, easier access to web-based and other online services along with a surge in the usage of e-prescriptions in healthcare facilities are all factors contributing to the growth of the e-pharmacy market.
Some of the key players within the global ePharmacy market enable people to order medication through an application for pickup at a nearby pharmacy or home delivery. Due to the increase in service usage and expansion, such acquisitions in the e-pharmacy market are anticipated to fuel market growth.
The rising global accessibility of the internet and online commercial platforms and their products has offered numerous lucrative opportunities for ePharmacy in order to build a large customer base within developed as well as growing economies. In addition to that, youngsters of the current population heavily rely on online shopping for products like cosmetics/cosmeceuticals and over-the-counter pharmaceuticals.

Competitive Landscape

In order to gain a competitive edge and solidify their market positions, key manufacturers within the global ePharmacy market are exploring several growth strategies. The global ePharmacy market is expected to have significant growth due to increasing consumer demands. Online retail platforms’ easy access to regulated prescription drugs such as stimulants, painkillers, and tranquilizing hypnotics is indirectly contributing to market growth.

Key Companies:

Netmeds Marketplace Ltd.
TEasyMedico
Medlife
Amazon. Inc
Apotek
The Kroger Co.
Walgreen Co.
Giant Eagle, Inc.
Others

More Insights into the ePharmacy Market

The North American market is set to dominate the global ePharmacy market over the assessment timeframe. The United States is set to account for around 34.6% of the global market in 2023. Some of the major drivers in the growth of the USA market are propelling the usage of e-commerce platforms, an aging population, and a developed healthcare infrastructure. Additionally, the majority of USA citizens are involved with ePharmacy and the evolving tendency toward the direct-to-patient approach.

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Key Segments:

By Product:

Over the Counter Product
Prescription Medicines

By Region:

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

Author By:

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)

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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