The global iris recognition market is anticipated to surge at a compound annual growth rate of 15.51% from US$676.795 million in 2019 over the analyzed period to reach a market size of US$1,857.427 million in 2026.
Iris recognition is a vital technique employed in the identification of individuals. This technology uses the mathematical pattern-recognition technique on video photos are of the irises, whose difficult random patterns are stable, distinctive, and square measure visible from certain distances. This technology is widely used because of its non-invasive and non-intrusive nature. Iris recognition through its video recognition technology and infrared illumination, acquire pictures of the complex and detail wealthy structures of the iris that’s outwardly visible. Moreover, it’s currently been employed in completely different countries for various functions like passport-free machine-controlled border crossings and plenty of additional.
It uses pattern recognition techniques supported distortion-free and high-resolution photos of the iris. Numerous industries will use iris recognition per their wants.
Multi-factor authentication (MFA) is an authentication method wherever a minimum of 2 various factors of proof is needed. Three main styles of authentication are one thing you recognize (such as a password), one thing you’ve got (such as a card or token), and one thing you’re (biometrics).
Biometric identification utilizes physiological and behavioural characteristics to demonstrate a person’s identity. MFA has become a well-liked tool for organizations to demonstrate the identity of workers and vendors employing a company network.
Iris biometry software package provides one in all the foremost secure ways of authentication and identification because of its distinctive characteristics of the iris. This technology replaces current ways of passwords, token cards, or PINs, and if employed in conjunction with one thing the user is aware of in a very two-factor authentication system, then the authentication becomes even stronger.
Healthcare Sector to Own the Best Growth
The increasing demand for precise patient identification and also the has to be compelled to decrease healthcare fraud are the numerous factors driving the adoption of iris recognition technology within the market. Hospitals and attention facilities are more and more deploying biometric systems, like iris recognition, realizing the vitality of secure identification inside the care system. This shows that the healthcare sector needs to take measures, like putting in the biometry system, advanced security, and antiviruses within the system to reduce this range within the resulting years.
The evolution of existing technologies and the development of multi-layered authentication systems in competent prices are additionally expected to feature to the expansion within the adoption of biometric technologies in healthcare systems, worldwide, by victimization iris recognition.
Implementation of biometry is additionally expected to extend the protection for patients, doctors, and nurses, because of demanding new rules obligatory by the Health Insurance Profitability and Accountability Act (HIPPA) . These rules and measures are expected to drive the preparation of biometry within the healthcare system, thereby contributory to the market growth over the forecast amount.
Iris Recognition Market: Drivers and Restraints
The market is primarily driven by the increasing demand for security systems. The prevalence of cybercrimes, terrorist attacks, and plenty of different misappropriated activities has exaggerated the demand for high-security systems. This is often one of all the foremost secured and correct technologies to spot a person by analyzing the random pattern of the iris. Another necessary driver of this market is that the high demand from completely different travel and immigration and numerous government organization.
Due to high-security issues in several government organizations and travel and immigration, iris recognition is employed. This technology is correct, works perfectly, and is additional secured technology used for security functions. Further, distinctiveness, stability, and security also are one in all the necessary factors escalating the demand of the iris recognition market globally. The iris pattern is stable, uses a richness of textures details gift within the iris-like coronas, furrows, freckles, and stripes, thus they’re additional secured in nature.
The major restraint of this market is that the extremely expensive iris recognition systems. The value of this iris recognition system is therefore expensive that it probably costs 5 times over the price of fingerprint scanning. Another major restraint of this market is that the iris may be a little target to scan utterly. To scan the iris properly, the top of a person needs to be still. Moreover, something that causes reflection makes the systems troublesome to acknowledge the iris. Thus, it’s one of all the very important factors restraining the worldwide iris recognition market.
The major chance of the world iris recognition market is that the enlargement of iris recognition systems within the existing application areas like banking, finance, shopper electronics, travel and immigration, and plenty of others. Except for this implementation of those systems in automated teller machines, mobile devices, and pharmacy dispensing is additionally making ample opportunities within the world market when the forecast amount.
APAC to Account For the Biggest Market Share Throughout the Forecast Amount
Based on geography, the market is metameric into four regions: North America, Europe, Asia-Pacific, and the rest of the world. APAC is that the most engaging business destination for iris recognition product and answer suppliers because of the growing shopper industry, particularly this smartphone market during this region.
Samsung Electronics (South Korea), a vital smartphone and medicine manufacturer, that has adopted iris recognition technology to extend the protection and safety features of its latest devices, has its producing facilities set during this region. This subject is additionally completely impacting the expansion of the iris recognition market in APAC.
North America Conjointly Witnessed Major Market Share
North America holds the key share, in terms of revenue, and is anticipated to keep up its dominance over the forecast amount. The presence of distinguished players and high investment in R&D activities for the event of advanced technology are factors driving the expansion of the target market during this region.
Growing occurrences of cybercrimes, terrorist attacks, and different cross-border misappropriated activities have led to the necessity for high-security systems. As iris recognition technology is one of all the correct and secure techniques for distinctive someone, independent agency and enforcement divisions during this region are finance heavily into this technology to affect giant volumes of public information.
Moreover, the rising implementation of eye scanners on the U.S.A. borders is additionally expected to drive the market demand during this region. Additionally, increasing the adoption of iris recognition in security solutions for providing secure and correct recognition systems is another issue refuelling the expansion of the target market during this region.
Impact of COVID-19 Irruption on Iris Recognition Market
The unfold of novel coronavirus has influenced several organizations and people into adopting new practices, like carrying masks and social distancing. The crisis close immeasurable individuals around the world are additionally presenting associate unlikely business chance within the sector of biometry. Contactless biometric systems aimed toward combatting the COVID-19 virus square measure are being launched at a big rate.
Wearing facial masks has become traditional in people’s daily lives, and in and of itself, face recognition applications that were ordinarily used for unlocking mobile phones have met serious challenges. This, in turn, might accelerate and promote the broader use of iris recognition technology.
The adoption of iris recognition technology has shown vital growth throughout the pandemic because it might facilitate resolve technical barriers bestowed once face identification is untouchable. After all, the user’s face is roofed by a mask.
What Makes Glass Wafers a Popular Choice for Semiconductors?
BlogThe Global Semiconductor Glass Wafer Market is expected to grow at a compound annual growth rate of 5.84% over the analyzed period to reach a market size of US$530.472 million in 2026 from US$356.472 million in 2019.
Glass wafers are thin precision glass discs that are often composed of borosilicate glass, quartz, or fused silica and are used as a substrate carrier for attaching silicon and other substrates for MEMs (Micro Electro Mechanical Systems). Semiconductor glass wafers are used for a variety of scientific and industrial applications. This glass protects the semiconductor while allowing smooth operation. They are also utilised in display engineering and display glass inspection systems. The screens/displays used in televisions, automobiles, phones, and other electronic gadgets are made out of a “glass stack”—several layers of thin glass, each with a specific function, such as encapsulation glass, a glass TFT (thin-film transistor) backplane and a protective layer. All of these layers work together to create the visuals on the screen.
Dive Deeper into the Semiconductor Glass Wafer Market
This overview provides key insights. Access our comprehensive report for detailed market size forecasts, competitive analysis, and strategic insights to stay ahead in the semiconductor glass wafer industry.
Rising demand for semiconductors across several industrial verticals is expected to boost the growth of the semiconductor glass wafer market. The widespread adoption of these in electronic segments, together with technical improvement, would significantly contribute to the market’s growth. MEMC Electronic Materials, a subsidiary of Taiwanese business GlobalWafers, agreed to spend $210 million in its O’Fallon, Missouri, facility and add 75 jobs as part of the contract to expand U.S. operations in 2021. The primary cause for the expansion of its end-user industries is an increase in disposable income. Furthermore, new emerging requirements in the electronic packaging sector are broadening the scope of the semiconductor glass wafer market. The Internet of Things (IoT)’s debut and expansion is providing a rising market opportunity for semiconductor glass wafers. However, production restrictions and inaccuracy owing to human mistakes have the potential to hinder market expansion. Furthermore, the existence of alternatives, such as silicon, hampers market development.
The Benefits of Using Glass in Semiconductors Will Fuel Market Expansion
Glass can be custom-made to meet the needs of the client. Corning, for instance, provides a diverse array of semiconductor glass in sizes ranging from 3.2ppm/degree Celsius to 12.4ppm/degree Celsius, with the option of resizing as needed by the client. Furthermore, semiconductor glass wafers have a lower thickness and wrap, therefore require less space and reduce yield loss. Furthermore, because glass is transparent, it allows for an effective laser de-bonding procedure. Glass wafers also have several advantages over traditional silicon wafers, such as lower electrical loss, better warp control (thermal expansion/stability and higher stiffness help in decreasing warping), lower cost, and the potential to enhance processes.
Explore the Global Silicon Wafers Market
Glass wafers offer advantages over silicon in specific applications. Dive into our detailed report on the Silicon Wafers Market to compare technologies, analyze trends, and uncover growth opportunities.
The Electronic Industry Will Have a Significant Share in the Market
The semiconductor glass wafer market is divided into three segments based on end-users: electronics, semiconductors, and biotechnology. Due to the increased demand for electronics, the market’s electronics end-user is projected to perform well. Semiconductor wafers, such as silicon wafers, are used in the manufacture of chips and microchips in electronic devices such as computers, laptops, smartphones, smartwatches, and others. Glass wafers are also used in wafer packing and as a substrate carrier in the industry. Along with its excellent functionality and high durability, it is also utilised in wafer packaging of delicate components, particularly in extreme environments. Technological development and an increase in disposable income have boosted consumer demand for electronic devices, which will drive the market demand for electronic and semiconductor wafer glasses.
Glass wafers are also used in the fabrication of semiconductors as a carrier substrate since they are made of a highly fragile material that may be readily twisted or torn. Despite its fragility and slimness, the glass allows for the safe handling of semiconductors. Because of its high chemical and thermal stability, glass is perfect for the manufacturing of semiconductors. During the predicted period, the growing need for semiconductors will boost the demand for semiconductor glass wafers.
Understand the Semiconductor Manufacturing Material Market
Glass wafers are critical in semiconductor production. Explore our in-depth report on the Semiconductor Manufacturing Material Market for insights into production processes, key players, and market trends.
Wafers and wafer glass are also used in the biotechnology sector to make microfluid chips, with the glass acting as a substrate. The glass provides the clear vision required by the biotechnology application, allowing for increased efficiency. Glass wafers are used as a substrate in integrated circuit packaging to improve performance and cost-effectiveness.
The Limitation in Manufacturing and Inaccuracy Caused by Human Error Is Hampering Market Expansion
The primary obstacle to the semiconductor glass wafer industry is manufacturing process limitations. For seamless operation, an efficient semiconductor set needs precision and accuracy in production. Human errors, on the other hand, may affect precision and have an influence on the glass wafer market. Furthermore, robots can be utilised to execute the work, removing the possibility of human errors. However, these robots are expensive, and financial restrictions may limit their adoption. In addition, silicon and metals are good replacements for semiconductor glass wafers. The abundant supply of silicon makes it more accessible, thus limiting the market scope.
During the Forecasted Period, the North American Region Will Show Robust Growth
The Semiconductor Glass Wafer Market, by geography, is divided into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America. The North American region is expected to hold a significant share over the projected period due to the faster adoption of technology and the region’s cutting-edge infrastructure. The Asia Pacific and Europe are projected to expand at a rapid pace as well. Surging demand for electronic devices will generate considerable market expansion in the Asia Pacific region.
The Impact of the Outbreak of COVID-19 on the Semiconductor Glass Wafer Market
The outbreak of the COVID-19 pandemic has had a significant impact on almost all industries around the world. Many countries have imposed strict nationwide lockdowns. It has had an impact on both sides of the economy and has caused supply chain disruptions. The global semiconductor glass wafer market was also affected by the coronavirus pandemic. A halt in production by end-user businesses in compliance with the government’s lockdown protocolled in a drop in demand for semiconductor glass wafers. Consequently, despite a temporary slowdown, the Semiconductor Glass Wafer Market is expected to grow during the forecast period.
Global Semiconductor Glass Wafer Market Scope:
Unlock Strategic Insights with Our Semiconductor Market Reports
This overview is just the start. Access our detailed reports for comprehensive data, forecasts, and competitive analysis to drive your business decisions in the semiconductor industry.
Each report offers actionable insights to help you navigate the rapidly evolving semiconductor landscape.
Rapid Diagnosis Devices: Making Early Disease Detection Possible
Thought ArticlesThe rapid diagnostic kit market is predicted to grow at a CAGR of 10.92 % to attain a market size of US$44.953 billion by the end of 2026. This market was worth US$21.757 billion in the year-end 2019.
Healthcare professionals have worked for decades to make disease diagnosis more rapid through testing. Rapid diagnostic tests (also known as immediate test kits) were developed as a result so that patients with various types of diseases could be diagnosed at the time and receive the therapy that they need. Cost-effective and easy to access (available 24/7), these rapid diagnostic test kits can detect any disease symptoms fast. Humans and animals alike can benefit from rapid diagnostic kits for detecting or diagnosing a wide range of conditions, infections, and diseases. In addition, these kits can diagnose diseases and conditions, such as malaria and pregnancy, with high accuracy. As a result of the rapid growth in preventive management and expanding awareness about the early diagnosis of diseases across the globe, the market is expected to witness significant growth during the forecast period. The continuous launch of new products and technological advances will also boost market growth during this forecast period. Likewise, rapid diagnostic kits will gain traction with the increase in demand for home-based diagnostic kits. While rapid diagnostics are emerging as a dominant diagnostic strategy for physicians, a lack of awareness and the fact that microscopy is still necessary may hinder the growth of the market during the given period.
Benefits of Rapid Diagnostic Tests
Rapid diagnostic tests (RDTs) are medical diagnostic tests that can be carried out quickly and easily. Medical screening with RDTs is suitable for hospitals with limited resources, as well as for emergency medical cases. Moreover, they allow primary care doctors to measure things that formerly could only be measured through laboratory testing. The results are delivered within 20mins to 2hrs. Currently, rapid tests are used in emergency cases to diagnose diseases quickly. RDTs have various characteristics, such as:
Easy-to-Use and High-Quality Tests
Among patients with chronic diseases, the risk of developing end-stage heart failure diseases is increased. For this reason, diagnosing and treating the chronic disease early can help decrease morbidity and mortality. A screening program aimed at high-risk patients, such as those with diabetes mellitus, hypertension, and the elderly, can detect diseases early. Thus, rapid diagnostic kits are available to identify many chronic diseases when they are asymptomatic, without showing any symptoms. The recent outbreak of the COVID-19 virus is directly impacting the rapid diagnostic kit industry, as several rapid diagnostic kits are being developed for the detection of the COVID-19 virus. As one example, Cipla Limited and Premier Medical Corporation entered into an agreement in December 2020 to commercialize antigen tests for Coronavirus disease ( Covid-19) that can detect the disease within 15-20 minutes.
As Cardiovascular Disease Becomes Increasingly Prevalent, the Need for Cardiometabolic Testing Kits Will Increase
The most common cause of death worldwide is cardiovascular disease (CVD), which accounts for 17.9 million deaths per year. Cardiovascular diseases affect the heart and blood vessels and can affect many patients, including coronary heart disease, cerebrovascular disease, rheumatoid arthritis and other conditions. According to a study in the Journal of the American College of Cardiology, more than half of all CVD deaths are caused by heart attacks or strokes. There was nearly a twofold increase in the number of CVD cases from 271 million in 1990 to 523 million in 2019 in the study, while the number of CVD deaths steadily rose from 12.1 million in 1990 to 18.6 million in 2019. Ischemic heart disease and stroke accounted for the majority of CVD deaths as of 2019, an increase steadily since 1990. CVD was the primary cause of 9.6 million men’s deaths and 8.9 million women’s deaths in 2019, accounting for roughly a third of worldwide deaths. The majority of these deaths were occurring in people between 30 and 70 years of age. Among the countries with the most CVD deaths are China, India, Russia, the United States, and Indonesia. (Source: acc.org)
Hospitals and Clinical Testing Will Be the Fastest-Growing Segment During the Forecast Period
As a result of the rapid technological advancements and increased number of diagnostic laboratories worldwide, the hospital and clinical testing segments are expected to offer significant growth to the market. The National Accreditation Board for Testing and Calibration Laboratories (NABL) reported in November 2020 that there were approximately 6200 NABL-accredited medical labs in India. There are also several foreign hospital groups collaborating with diagnostic companies in developing nations as well as emerging economies to provide adequate and extensive diagnostic services for patients. As an example, Quest Diagnostics announced a partnership with Houston Healthcare in February 2019 to enhance access to diagnostic screenings and services for Houston residents. Houston Medical Center and Perry Hospital will receive full laboratory management services through this partnership with Quest. Rapid diagnostic kits are expected to gain popularity as a result of all these developments currently taking place in this segment.
North America Is Expected to Hold the Major Market Share Over the Forecast Period
The rapid diagnostics kits market industry is expected to be dominated by North America. In addition to the geographic presence of major industry players focusing on market development, a large base of patients with chronic diseases has also contributed to market growth. In the United States, diseases of chronic nature are the leading cause of death and disability. At least 45% of America’s population, which equals 133 million people, has a chronic disease, according to the Centers for Disease Control and Prevention (CDC). Every year, chronic diseases claim the lives of more than 1.7 million Americans, accounting for about seven deaths for every ten Americans.
The market growth is also likely to be boosted by the rising government support and initiatives in this region. For instance, in 2020, detecting COVID-19 early will be a key to limiting the spread of the new coronavirus across all of Canada. Canada has signed an Interim Order in response to COVID-19 so that medical devices important for the fight against COVID-19 can be imported and sold more quickly and more easily, including diagnostic kits for clinical use. Moreover, several strategic partnerships and collaborations have emerged among the key players and diagnostic laboratories in the country, which should propel the market’s growth. A recent acquisition by Illumina of Grail aims to accelerate the commercialization and adoption of transformative multi-cancer screening tests that have the capability of detecting cancer earlier and providing better outcomes. Due to these current market developments and the rising geriatric population, the market for these products is anticipated to grow substantially.
Pandemic Insights:
As a result of the recent outbreak of the COVID-19 virus, various rapid diagnostics kits are being developed and commercialized to detect the virus. Among the major factors driving the growth of the rapid diagnostic kits, market are government initiatives aimed at diagnosing infectious diseases and the rising need for rapid detection of diseases.
In the UK, in January 2021, the Department of Health and Social Care (DHSC) launched a nationwide community screening program for COVID-19, which is free for anyone not showing any symptoms of the illness. Rapid lateral flow tests will be used in this program, which can provide results within 30 minutes without requiring a lab visit.
Global Rapid Diagnostic Kits Market Scope:
Global Iris Recognition Market: Healthcare Segment Drives the Market Growth
BlogThe global iris recognition market is anticipated to surge at a compound annual growth rate of 15.51% from US$676.795 million in 2019 over the analyzed period to reach a market size of US$1,857.427 million in 2026.
Iris recognition is a vital technique employed in the identification of individuals. This technology uses the mathematical pattern-recognition technique on video photos are of the irises, whose difficult random patterns are stable, distinctive, and square measure visible from certain distances. This technology is widely used because of its non-invasive and non-intrusive nature. Iris recognition through its video recognition technology and infrared illumination, acquire pictures of the complex and detail wealthy structures of the iris that’s outwardly visible. Moreover, it’s currently been employed in completely different countries for various functions like passport-free machine-controlled border crossings and plenty of additional.
It uses pattern recognition techniques supported distortion-free and high-resolution photos of the iris. Numerous industries will use iris recognition per their wants.
Multi-factor authentication (MFA) is an authentication method wherever a minimum of 2 various factors of proof is needed. Three main styles of authentication are one thing you recognize (such as a password), one thing you’ve got (such as a card or token), and one thing you’re (biometrics).
Biometric identification utilizes physiological and behavioural characteristics to demonstrate a person’s identity. MFA has become a well-liked tool for organizations to demonstrate the identity of workers and vendors employing a company network.
Iris biometry software package provides one in all the foremost secure ways of authentication and identification because of its distinctive characteristics of the iris. This technology replaces current ways of passwords, token cards, or PINs, and if employed in conjunction with one thing the user is aware of in a very two-factor authentication system, then the authentication becomes even stronger.
Healthcare Sector to Own the Best Growth
The increasing demand for precise patient identification and also the has to be compelled to decrease healthcare fraud are the numerous factors driving the adoption of iris recognition technology within the market. Hospitals and attention facilities are more and more deploying biometric systems, like iris recognition, realizing the vitality of secure identification inside the care system. This shows that the healthcare sector needs to take measures, like putting in the biometry system, advanced security, and antiviruses within the system to reduce this range within the resulting years.
The evolution of existing technologies and the development of multi-layered authentication systems in competent prices are additionally expected to feature to the expansion within the adoption of biometric technologies in healthcare systems, worldwide, by victimization iris recognition.
Implementation of biometry is additionally expected to extend the protection for patients, doctors, and nurses, because of demanding new rules obligatory by the Health Insurance Profitability and Accountability Act (HIPPA) . These rules and measures are expected to drive the preparation of biometry within the healthcare system, thereby contributory to the market growth over the forecast amount.
Iris Recognition Market: Drivers and Restraints
The market is primarily driven by the increasing demand for security systems. The prevalence of cybercrimes, terrorist attacks, and plenty of different misappropriated activities has exaggerated the demand for high-security systems. This is often one of all the foremost secured and correct technologies to spot a person by analyzing the random pattern of the iris. Another necessary driver of this market is that the high demand from completely different travel and immigration and numerous government organization.
Due to high-security issues in several government organizations and travel and immigration, iris recognition is employed. This technology is correct, works perfectly, and is additional secured technology used for security functions. Further, distinctiveness, stability, and security also are one in all the necessary factors escalating the demand of the iris recognition market globally. The iris pattern is stable, uses a richness of textures details gift within the iris-like coronas, furrows, freckles, and stripes, thus they’re additional secured in nature.
The major restraint of this market is that the extremely expensive iris recognition systems. The value of this iris recognition system is therefore expensive that it probably costs 5 times over the price of fingerprint scanning. Another major restraint of this market is that the iris may be a little target to scan utterly. To scan the iris properly, the top of a person needs to be still. Moreover, something that causes reflection makes the systems troublesome to acknowledge the iris. Thus, it’s one of all the very important factors restraining the worldwide iris recognition market.
The major chance of the world iris recognition market is that the enlargement of iris recognition systems within the existing application areas like banking, finance, shopper electronics, travel and immigration, and plenty of others. Except for this implementation of those systems in automated teller machines, mobile devices, and pharmacy dispensing is additionally making ample opportunities within the world market when the forecast amount.
APAC to Account For the Biggest Market Share Throughout the Forecast Amount
Based on geography, the market is metameric into four regions: North America, Europe, Asia-Pacific, and the rest of the world. APAC is that the most engaging business destination for iris recognition product and answer suppliers because of the growing shopper industry, particularly this smartphone market during this region.
Samsung Electronics (South Korea), a vital smartphone and medicine manufacturer, that has adopted iris recognition technology to extend the protection and safety features of its latest devices, has its producing facilities set during this region. This subject is additionally completely impacting the expansion of the iris recognition market in APAC.
North America Conjointly Witnessed Major Market Share
North America holds the key share, in terms of revenue, and is anticipated to keep up its dominance over the forecast amount. The presence of distinguished players and high investment in R&D activities for the event of advanced technology are factors driving the expansion of the target market during this region.
Growing occurrences of cybercrimes, terrorist attacks, and different cross-border misappropriated activities have led to the necessity for high-security systems. As iris recognition technology is one of all the correct and secure techniques for distinctive someone, independent agency and enforcement divisions during this region are finance heavily into this technology to affect giant volumes of public information.
Moreover, the rising implementation of eye scanners on the U.S.A. borders is additionally expected to drive the market demand during this region. Additionally, increasing the adoption of iris recognition in security solutions for providing secure and correct recognition systems is another issue refuelling the expansion of the target market during this region.
Impact of COVID-19 Irruption on Iris Recognition Market
The unfold of novel coronavirus has influenced several organizations and people into adopting new practices, like carrying masks and social distancing. The crisis close immeasurable individuals around the world are additionally presenting associate unlikely business chance within the sector of biometry. Contactless biometric systems aimed toward combatting the COVID-19 virus square measure are being launched at a big rate.
Wearing facial masks has become traditional in people’s daily lives, and in and of itself, face recognition applications that were ordinarily used for unlocking mobile phones have met serious challenges. This, in turn, might accelerate and promote the broader use of iris recognition technology.
The adoption of iris recognition technology has shown vital growth throughout the pandemic because it might facilitate resolve technical barriers bestowed once face identification is untouchable. After all, the user’s face is roofed by a mask.
Online Survey Software Market: Asia Pacific Is the Quickest Growing Market
Thought ArticlesThe global online survey software market is expected to grow at a CAGR of 22.07%, from an initial value of US$8.077 billion in 2021 to US$32.626 billion by 2028.
Online survey software, the software used to do online surveys for a better understanding of the consumer behaviour. The first advantage of online surveys for analysts is that they raise potency by saving time. Data is accessible directly and maybe exported into specific statistical programs or spreadsheets at a very moment for elaborate analysis.
Online survey software is that the feedback or knowledge assortment software that gives data through online surveys or forms. Increasing penetration of the net, growing demand for online products and services could be a rising demand for the web survey tool for activity client satisfaction and feedback. Moreover, the growing trend of product selling including the rising want for marketing research survey code for understanding client behaviour is anticipating the expansion of the online survey software market.
Online software survey offers an easy-to-use platform that helps to make surveys with very little effort conjointly provides an economical answer for the survey that augmenting within the growth of the online survey software market. A growing want for a more robust understanding of client behaviour is that the rising demand for feedback or survey tools that anticipating the expansion of the online survey software market. However, the provision of open-source software is that the key impeding issue for the expansion of the online survey software market. Moreover, a rise in the adoption of digitation solutions and also the tremendous growth of the e-commerce sector is predicted to drive the expansion of the online survey software market.
Online surveys are currently a fairly common activity in international development programs. Online survey software’s are specifically designed to gather feedbacks or knowledge that brings unjust data through online surveys or forms. The software permits to make questionnaires and alter to share them online. The options offered by the online survey software might vary looking on the kind of surveys that are needed. However, some key options that any survey software should embrace are surveyed display choices, logic and branching, offline survey assortment, and the possibility for varied varieties of answers. Major online measure software’s are supported SaaS models that make them convenient to most varieties of users. With the requirement to spot the right sales channels and potential clients, businesses of all sizes are progressively adopting online survey codes which might propel the expansion of the online survey code market.
Rapid manufacture ends up in rising competition among varied industries whereas driving the trend for digitalization. The rise in adoption of digitation answers among organizations allows the implementation of online survey kind whereas driving the market growth. Moreover, the tremendous growth of the e-commerce sector including corporations rising concentrates on client satisfaction and drives the web survey code market. Alternative factors like up ICT infrastructure, availability of the high-speed web, and penetration of 3G and 4G technologies do contribute to the market growth considerably.
Merchant Analysis
The market is fragmented. The expansion of the players depends on many factors like market conditions, government support, and business development. To survive and reach such an intensely competitive market, players should distinguish their product and repair offerings through clear and distinctive worth propositions. Cisco Systems Inc., Medallia Inc., and QuestionPro Inc., are a number of the most important market participants. To create the foremost of the opportunities, market vendors ought to focus additional on the expansion prospects within the aggressive segments, whereas maintaining their position within the slow-growing segments.
The financial services and retail phase are foretold to carry a major share throughout the forecasted amount because of continual client knowledge necessities by these sectors. Within the retail phase, consumer data is needed to check consumers’ tastes and preferences for stocking and alternative operations. This data conjointly allows prognostication of client behaviour and predicting opportunities for business enlargement. within the financial service phase, data is needed to work out many economic indicators for formulating methods and observe growth. The manufacturing sector can hold an interesting role because of confirming the demand-supply ratio and alternative indicators.
The Need to Spot Potential Business Opportunities and Market Trends
The primary reason for businesses to conduct an online survey is to create effective selections that grow business by merchandising products and services to their existing customers and attract new customers by increasing the effectiveness of product/service to raised suit their desires. The feedback received from conducted surveys facilitates businesses to choose, on that product to focus, invest and enhance, and that product is comparatively defocused/discontinue. The survey alters businesses to expeditiously allot resources supported real, data-oriented insights from their customers. Thus, businesses of all sizes are progressively adopting online surveys software to spot potential customers and enhance business plans.
Increasing Web Penetration and Usage Across Rising Countries
The number of web users is calculable to extend in each urban similarly as rural regions, indicating a dynamic growth in access to web services. This increase in usage of the web has given rise to the quantity of individuals victimization internet applications around the world. Because the online survey software is wholly keen on net connectivity, poor or no web connectivity will cause important disadvantages. Countries with higher web penetration have seen an important increase in the adoption of online survey software. The rollout of the high-speed web has boosted the demand for online survey software among little and mid-sized enterprises.
Strict Government Policy Regarding Privacy and Growing Cyber Frauds Might Hinder Market Growth
A major hindrance facing the online survey software market is that the strict government policy of information assortment. Growing instances of cybercrimes have raised considerations by government bodies and organizations around the world leading to the implementation of stricter rules that bind the web survey code market similarly. Further, growing client awareness and preferability of a non-public life restraint the audience to fill such survey forms. Following an unknown link comes with a risk of phishing scams that decreases the trust of the audience in sure online sources and affects the information assortment by online survey code.
Regional Insights
Geographically, North America is predicted to drive the worldwide market of online surveys code because of the convenience of victimization cloud-primarily based online surveys over the premises model. Additionally, to the present, North America is home to some key business players that, in turn, drive the market growth.
North America accounts for an important market share because of the presence of major code vendors and world corporations that are continually centered on providing higher services and products to their customers to extend their sales. APAC is projected to be the fastest-growing regional market throughout the forecast amount. This growth is majorly attributed to the increasing retail and e-commerce business in countries like China and India besides the rising variety of little and mid-sized enterprises during this region. Rising internet penetration and increasing use of social media can give important market opportunities. The realm conjointly contains an outsized proportion of the worldwide population that gives a whopping marketplace for the information validation business. Statistics from Web World Stats show that 51.8% of worldwide web users board the Asia Pacific region. Thus, the region contains a wide prospect for the market.
Impact of COVID-19 Pandemic Happening on Online Survey Software Market
Coronavirus has currently become a threat to humans and to the worldwide economy. The pandemic has not solely modified the manner of economies that are functioning currently, however has forced worldwide groups and industries to alter the manner of managing their workforces. As organizations around the world are at pains to regulate this pandemic scenario, corporations, and businesses are progressively conducting online surveys to spot client demographics and the potential of their future business.
Online survey software is taking part in a crucial role within the growth of the business economy and to spot crucial business opportunities & market trends. The online survey software market has shown important growth throughout the pandemic. Online survey code alters business to boost client expertise and enhance business operations amid the COVID-19 lockdowns.
Global Online Survey Market Scope:
Quality Controlling the Infrastructure and the Industries
BlogThe global non-destructive testing (NDT) market is evaluated at US$14.445 billion for the year 2019 and is estimated to grow at a CAGR of 7.93% reaching the market size of US$24.639 billion by the year 2026.
Non-destructive testing (NDT) is a process used in industry to analyse the characteristics of a material, component, structure, or system for distinctive differences or welding flaws and discontinuities without causing damage to the original article. It refers to a set of inspection techniques primarily used in engineering industries that enable inspectors to assess and gather data about a material, system, or component without permanently altering them. Non-destructive testing (NDT) is sometimes referred to as non-destructive examination (NDE), non-destructive inspection (NDI), and non-destructive evaluation (NDE).
It is a very valuable technique that can save both money and time in product evaluation, troubleshooting, and research since it does not permanently alter the article being inspected. It is an important quality control tool in the production process since can detect surface and subsurface abnormalities in finished and work-in-progress (WIP) articles early. Factories, bridges, railway lines, and pipeline networks as well as industrial equipment are examples of industrial assets and public infrastructures where NDT is used to identify structural integrity and defects. To identify defects and damage in a wide range of goods and facilities (including buildings) in the UK, the British Institute of Non-Destructive Testing reports that more than 25,000 inspections are performed in factories and on-site every day; it is estimated that more than 120,000 inspectors work globally.
The rising costs of machine breakdowns in a variety of end-use sectors are the primary driver of this industry. Other key factors driving the demand for NDT equipment in many sectors across the world include the increasing complexity of machinery and equipment, rigorous government laws governing worker safety, stringent quality control standards, and strict product usage criteria.
The rise in automation in the industrial production and infrastructure sectors has also resulted in a significant increase in the need for defect detection linked to cracks, porosity, manufacturing disorders, and so on. As a result, compliance with industrial safety standards is a key element driving the growth of the NDT market.
The Growing Demands From the Energy and Power Sector Will Fuel Market Expansion
According to the research conducted by the International Atomic Energy Agency (IAEA1), the global fuel failure rate is about 10-5, which translates to 1-3 faulty fuel rods for every 100,000 fuel rods in operation. The failure rate is reduced when NDT is implemented.
With the global emergence of nuclear power and an increase in the number of applications in different sectors, the demand for NDT is projected to expand in the future years. Nuclear power is used to generate energy in numerous nations throughout the world. In fact, nuclear power facilities generate more than half of the electricity in several nations (Lithuania – 81.5%, France – 78.2%, Belgium – 60.1%). The primary challenge of nuclear power engineering is ensuring the dependable and safe functioning of nuclear power facilities. It is particularly dependent on the quality of nuclear fuel and the process equipment used to generate fuel.
Furthermore, approximately 67 nuclear reactors throughout the world are expected to achieve an operating age of more than 40 years in the next four years. As nuclear power facilities age, the significance of maintenance grows, as does the demand for inspection technology.
China and India, according to the World Nuclear Association, have plans to build 43 and 14 nuclear reactors, respectively, by May 2019. As a result, the demand for power plant maintenance will rise, generating a market for nondestructive testing.
Government Rules Regarding Public Safety and Product Quality Are Stringent.
Prior evidence of infrastructure failures, such as leaks in nuclear reactors, pipeline explosions, and refinery blasts, has driven governments throughout the world to adopt rigorous safety rules. Several governmental agencies and regional bodies, such as the American Society of Mechanical Engineers (ASME) and the International Organization for Standardization (ISO), have been established around the world to implement stringent measures for assuring instrument safety and overseeing engineering services testing. This is necessary for obtaining permissions and certificates from the appropriate authorities. This had a beneficial influence on the worldwide NDT market.
Major factors driving market expansion include the increasing complexity of machinery, the need for precise product usage specifications, and continued strict implementation of government laws to guarantee the safety of workers, as well as stringent quality control requirements.
The Scarcity of Competent and Qualified Individuals to Perform NDT and Inspection Tasks May Pose a Challenge
The demand for NDT and inspection services is growing faster than the need for NDT and inspection equipment. Furthermore, it has become crucial for players to increase their worldwide footprint while also developing a highly skilled staff to provide efficient NDT and inspection services. As a result, having a trained staff with the necessary NDT and inspection expertise is a strategic issue for businesses. Stringent government requirements, along with the high complexity of NDT and inspection procedures, result in a rising need for experienced testers and inspectors.
The Impact of the Outbreak of COVID-19 on the Non-Destructive Testing (NDT) Market
The severe slump in numerous industries throughout the world has contributed significantly to the fall in demand for non-destructive testing (NDT). Furthermore, the pandemic brought the refinery industries to a halt internationally, limiting project building, exploration, and production operations. Following the initial lockdown period, some activities were permitted, but with restrictions and certain protocols that had to be followed, such as the refinery operating at a lower capacity, requiring less labor to come into contact, and social distancing had to be maintained in the premises as well. Furthermore, sales in the industry fell during the first few months of the year as a result of the lockdown, which forced merchants to close for a time. Several nations across the world experienced an oil price war as a result of a negative impact on the oil and gas sector. With sectors progressively recovering from the pandemic, the oil and gas industry is projected to function at full capacity beginning in the third and fourth quarters of 2020.
Global Non-Destructive Testing (NDT) Market Scope:
Digital Signage Market: Advertising, Infotainment and Much More
BlogThe digital signage market is expected to grow at an annual growth rate of 11.67% to reach a market size worth US$11.372 billion by 2026.
Digital signages is referred to the technology such as LED, LCD, e-paper and projection to display weather data, web pages, video, digital images, text or restaurant menus which can be found in transportation systems, public places, retail stores, hotels, restaurants, corporate buildings, museums etc. to provide exhibitions, outdoor advertising, marketing and wayfinding. These are centrally managed network of electronic displays and individually addressable for the display of animated or video messages, for information advertising, entertainment to target based audience. However, the lack of superior quality digital signages to withstand harsh weather conditions is expected to act as a restraint on market growth to a certain extent. Moreover, the need of contactless engagement during the COVID-19 pandemic is expected to bring growth opportunities in the digital signage market.
Rising Demand of Digital Signages From the Commercial Sector Will Boost the Market in the Forecast Period.
The growing number of applications in various commercial sectors and industry verticals around the world are increasing the demand for digital signages. The use of digital signages in the commercial sector allows businesses to interact with customers effectively and efficiently, which gives more business opportunities for industries by increasing brand awareness among people, catching the attention of a passer-by, enhancing customer experience, promoting new products in the market and increasing brand awareness among consumers. Retailers with the help of digital signage can project videos and images to market their product and can compose content and arrange displays to create a dynamic and artistic atmosphere. Due to the rapidly growing digitization, consumers mainly depend on online content to discover deals, new ideas and to find information before buying a product. In a recent study conducted by Cisco IBSG, more than 40% consumers find that digital displays such as products marketed on video walls and big screens change their perception on buying products. The use of digital signage on helping customers by providing relevant information at the time of purchase has led to larger sales uplift and higher brand awareness. The use of digital signage in the hospitality sectors has upsurged in the recent time due to the highly transmissible COVID-19 virus which has helped the industry in understanding the importance of digital communication to ensure proper safety precautions have been met and to ensure patient satisfaction.
The Hardware Solutions will have a Significant Market Share During the Study Period of 2019 to 2026
The digital signage market is segmented, based on solution as hardware, software and services. Hardware is further segmented into LCD displays, LED displays, OLED displays, projector and services are further segmented into maintenance and support services installation services and others. During the study period, the market for hardware services is anticipated to witness remarkable growth. Hardware components include components, displays which are required for the manufacturing process of digital banners, panels, etc. The growing R&D and technological advancements such as 4K, 1080p and 8K display are anticipated to upsurge the demand of hardware components. The advancement in digital display units such as OLED displays and 3D technology will propel the its growth in the forecast period.
The Application of Digital Signage in Retail Is Expected to Drive the Digital Signage Market in the Forecasted Period.
The digital signage market, by industry verticals, is divided retail, government, transportation and logistics, healthcare and pharmaceuticals, media and entertainment, education, hospitality and leisure and Others. The demand for digital signage in the retail industry has increased in the forecast period owing to the use of digitized advertisements for promoting and marketing their products and services. The need for companies to have a competitive edge over others due to a variety of product offerings in the industry has upsurged the growing awareness of effective marketing strategies. Hence, the use of digital posters has widely grown in the retail sectors as it is considered as a marketing strategy for their product offerings.
The Lack of Superior Quality Digital Signages Products for Harsh Conditions May Hinder the Market Size of Digital Signages.
One of the prime factors that may hinder the market growth of digital signages is the lack of superior quality digital signages as they are used in both indoor and outdoor applications which include billboards, signboards and kiosks. The usage of digital signage in outdoor applications in harsh weather conditions such as dirt, snow, extreme temperatures and rain could affect its performance and even might degrade it. The effect of direct sunlight for prolonged hours on digital signages could affect its performance and develop thermal management issues which also effects its long-term use of these digital signages. Therefore, choosing cooling filters and thermal management software is extremely important to manage heat build-ups in digital signages. Hence the scarcity of superior quality digital signages which can function in harsh weathers like these could impact the overall growth of digital signages in the global market.
During the Forecasted Period, North America and the Asia Pacific Region Will Show Robust Growth.
The digital signage market, by geography, is divided into North America, Europe, Middle East and Africa, Asia Pacific and South America. The North American region holds the largest share and is predicted to grow at an increasing rate in the digital signage market. The growth is due to the high demand of signage in the retail industry and the presence of dedicated product suppliers in the region. The U.S, Germany, and U.K. are attributed to hold a significant share owing to the growing research and development programs by product manufacturers and the growing government initiatives for the installation of digital signages in various offices to maintain a continuous information flow system.
Asia Pacific region is expected to grow at the fastest rate in the digital signage market in the projected period. The lower cost of implementation and installation, lower labour costs is attributed to he growth of digital signages in the Asia Pacific region. Also, the advanced audio visual solutions integrated with next- generation technologies which include AI and AR and the increasing adoption and penetration of digital technologies have further boosted the growth of digital signages in the region. The infrastructural developments in many developing nations such as India, South Korea and China have boosted the growth in BFSI, transportation facilities and retail which is one of the prime reason for the growth of digital signages in the Asia Pacific region.
The Impact of the Outbreak of COVID-19 on the Cloud Storage Market
The COVID-19 pandemic has had an adverse effect on industries and their manufacturing and production units. The government of many nations have imposed strict nationwide lockdown due to the extensive spread of the virus. The COVID-19 virus has had a negative impact on the digital signage market owing to the negative impact on the display industry as due to the lockdown implemented manufacturing unit were forced to temporarily shut which slowed the overall production process. The spread of the virus has not only impacted the operations of companies manufacturing digital signage but also has had a deep impact on the supply chain management. The slow domestic demand and the failure in export shipments of digital signage and display units is anticipated to slowing the demand of digital signages and will therefore have a negative impact on the industry. The key manufacturers of display units including LG Display, Samsung, Xiaomi and others have suspended their manufacturing units in India, China, South Korea and other European countries. The pandemic has had a negative impact on the demand of display integrated devices by consumers due to the lockdown implemented in various parts of the world.
Global Digital Signage Market Scope:
Digital Out of Home Market: Commercial Vertical Holds Major Share
Thought ArticlesThe Digital Out of Home Advertising market is predicted to grow from US$21.333 billion in 2022 at a compound annual rate of growth of 10.61% over the forecast amount to achieve a market size of US$43.208 billion in 2029.
DOOH, conjointly called digital signage has effectively replaced the normal and orthodox sorts of selling and advertising. This method permits advertisers and native vendors to have to interact with their customers in real-time to trace effectiveness from the selling messages displayed using DOOH. Based on end-user, the market is divided into Automotive, care & home, Entertainment, Retail, Food & Beverages, Telecom, BFSI, Others. In the current business state of affairs, it’s crucial to use economical systems for in-transit advertising, owing to the increase in the development of diverse user engagement devices and applications. DOOH caters to the public interest by using real-time screens and live knowledge feeds. Because the web has currently gained prominence, the power to create awareness and acquire spectacular results is simpler via DOOH.
With the advancement of mobile-based digital networks, digital-out-of-home advertisers are extending location-based advertisements to have interaction customers from any place. Because of advancements in digital-out-of-home technologies, digital-out-of-home is reworking ancient outdoors advertising. There’s a rise in the usage of digital screens at airports globally, as they attract the eye of the audience. These digital screens show the advertisements of brands and real-time news, weather, and entertainment that draw the eye of travelers at airports.
Moreover, factors like long dwell time, frequent flyers, business category travelers, etc. produce opportunities for advertisers to supply recurrent exposure of their brands because the travelers are forced to pay hours watching for their flights. These factors are contributory to the expansion of the digital out of home market. Within the current business state of affairs, it’s crucial to use economical systems for in-transit advertising, due to the increase in the development of diverse user engagement devices and applications. DOOH caters to the public interest by using real-time screens and live knowledge feeds.
Although the market could also be matured, there still exists intense competition among players. The presence of the numerous native and international players is gathering the competitive nature of the world’s digital-out-of-home market. It’s changing into a lot of and tougher for players to remain abreast of the advances in technology and so, to survive within the market, it’s changing into compelling for players to remain before one another. Differentiating their product and service offerings is that the best bait and players are achieving this through a novel worth proposition.
Top Impacting Factors
Reduced Price of Digital Screen
The fall among the prices of LCD & LED display technology and increase among the event of the programmatic market have rose to the speedy growth of the DOOH market.
Rapid Digitisation and Reduce in Demand for Ancient Billboard
Digitization will increase the expansion of the DOOH market as it removes the hurdle of restricted reach of the audiences and displays multiple advertisements of various firms on a very single screen. Thus, digitization has increased the usage of DOOH within the international market.
Increase Within the Trend of Online/Broadcast Advertising
An increase in the adoption of online/broadcast advertising could be a threat to the world DOOH market because it avails the good thing about the handiness of huge audiences over the web and is a smaller amount expensive as compared to the massive digital screens employed in DOOH.
High Growth Market Share Witnessed by Outdoor Market
Based on Application, the market is divided into Indoor, Outdoor. The out of doors displays are widely employed in the transportation, sports, and hospitality verticals. Billboard advertising usually represents giant advertisements in high-traffic areas for passing pedestrians and drivers. This attracts many shoppers because the advertisements are for the most part visible at categorical highways and high-density client exposure areas. Digital billboards are designed using computer software to permit outdoor advertisements. Perpetually dynamic or blinking text creates a control on the purchasers and permits a large exposure to the targeted audience. Daktronics (US) could be a world-leading player in producing outdoor displays. Outdoor displays are factory-made considering the tough atmosphere. These displays are seldom waterproof and may face up to high temperatures due to their inherent cooling systems.
Commercial Vertical Expected to Carry the Most Important Market Share Throughout the Forecast Amount
The business vertical is predicted to carry the most important share of the digital-out-of-home market throughout the forecast amount. This is often primarily because of the increasing demand for digital out-of-home systems in business applications, alongside enhancements in technology offerings and infrastructure expansions. The business vertical includes retail and hospitality, within which the client interaction largely takes place through kiosks and interactive billboards. Print advertising has decreased because the digital out-of-home screens are being targeted toward the audiences with the assistance of interactive content to create the message enticing by practicing it effectively per the demand within the market.
Regional Insights
Based on regional analysis, the world Digital Out of Home Market is assessed into North America, Europe, Asia Pacific, and the remainder of the planet. North America is predicted to carry the most important share and dominate the Digital Out of Home Market throughout the forecast amount. North America being the foremost technologically advanced could be a leader within the marketplace for providing leading-edge technology, that is employed within the advertisement sector. North America is that the early adopter of the latest show technology, and there’s a continual awareness concerning the advantages of economic displays within the region. Among the aforementioned regions, the Latin American market and therefore the Asia-Pacific marketplace for digital out-of-home advertising are going to be the quickest growing, attributed to the expected increase within the gross domestic product within these regions and increase in the ad disbursal.
The Middle East & Africa marketplace for digital out of home advertising is predicted to carry the third market position by the top of the forecast amount surpassing the North American market and Western Europe marketplace for digital out of home advertising.
COVID-19 Scenario
Due to the COVID-19 pandemic, many markets are adversely affected because of the repercussions on the operating profits of the businesses. Digital out-of-home is one such market anticipated to witness a decline in growth over the longer-term years. Amongst the opposite markets, media and advertising are doubtless to foresee tremendous disruption within the gettable revenues over the approaching amount. Whereas digital advertising platforms have preponderantly earned opportunities for engaging customers just because of the apparent correlation between time reception and media consumption, the normal Out-Of-Home (OOH) advertising market is foretold to say no over the longer-term years. With the fact that transport modes act as a definite atmosphere for the unfolding of a deadly illness like this, the DOOH market is conceivably witnessing lower reach, particularly at the transport locations as target customers are largely staying inside and avoiding crowded places the maximum amount as attainable.
For Aircraft Paints – Why Every Layer Adds More Than Just Aesthetics
Thought ArticlesThe aircraft paint market is anticipated to grow at a CAGR of 3.14% during the forecast period to reach a market size of US$5.393 billion in 2026 from US$4.342 billion in 2019.
Aircraft have to endure extreme weather conditions, flex, bending, and other forces since they are travelling miles above the ground. To protect and maintain their look, a wide range of materials and finishes are applied to them. Aircraft paint is a type of paint that is used on both new and old commercial aircraft. Primers, enamels, lacquers, epoxy, and other multipart finishing formulas are some of the paints used on aircraft. The primary purpose of this paint is to offer corrosion resistance for various parts so that they can withstand pressure.
The increasing number of air travellers has increased the number of journeys for aircraft. According to the International Civil Aviation Organization (ICAO), the overall number of passengers transported on scheduled flights increased to 4.5 billion in 2019, a 3.6% increase from the previous year, while the number of departures increased by 1.7% to 38.3 million in 2019. The increasing number of air travellers will contribute to higher aircraft wear and tear, which will drive the market demand for aircraft paints throughout the forecast period. Aircraft paints are used to protect the interiors and exteriors of an aircraft. Since the interiors are not exposed to severe conditions, aircraft paint is utilised to prevent corrosion and degradation, on the other hand, these paints are employed to offer protection and provide an attractive look to exposed areas such as the exteriors of the aircraft. Airlines also utilise decorative paints to improve the physical appearance of the aircraft by painting the company’s brand and insignia, as well as apply decals, identification numbers, and letters on the aircraft. Last year, Garud Indonesia painted masks on their aircraft to spread awareness towards COVID. The numerous applications for aviation paints are expected to boost the market in the coming years.
Airlines across the globe are investing heavily in the development of new next-generation aircraft, which, along with increasing expenditure by corporations on aircraft repairs and maintenance, will fuel the expansion of the aviation paints market. Furthermore, recent advancements in new environmentally friendly aircraft painting and coating materials that can reduce weight and maximize fuel efficiency are likely to drive market expansion throughout the projection period.
Aircraft Paint Industry players are also employing various strategies in order to gain a competitive advantage. For example, in May 2021, PPG Industries Inc., a global supplier of paints, coatings, and specialty materials, announced that it had received regulatory approval from Russia’s Federal Antimonopoly Service to complete its tender offer for all shares of Tikkurila Oyj, a Finnish paints and lacquers manufacturer.
Air Travel Continues to Increase Due to Affordable Carriers in the Emerging Regions
The commercial air travel segment is growing internationally. Low-cost carriers (LCCs) have proven to be formidable market rivals, notably in the growing economies of Asia Pacific, the Middle East and Africa, and South America. More travellers are expected to fly more often in these regions. Emirates (UAE), Qatar Airways (Qatar), and Etihad Airways (UAE) are among the major commercial aviation operators in the Middle East area. These carriers also handle the majority of commercial air traffic between Europe and Asia. The number of people utilising commercial flights is growing, which is pushing the demand for larger planes. This need is expected to stimulate the expansion of aircraft coatings.
Additionally, the launch of new aircraft, such as Airbus’ A320neo and A350, and Boeing’s 737 MAX and 787, has increased demand for aircraft coatings and paints, resulting in the expansion of the North American aircraft paint industry.
Increased Aviation Transport and Business Travel Will Support the Market Growth
According to IATA, airlines carry approximately 52 million metric tonnes of cargo every year, accounting for more than 35% of global trade in terms of value but less than 1% in terms of volume. This amount translates to products worth $6.8 trillion yearly or $18.6 billion per day. Demand for air cargo increased by 9% in April 2021 and is anticipated to rise more in the next years. As a result, the rise in air transport will fuel market development since the aircraft would need to make more flights, resulting in frequent wear and tear, boosting the market need for aircraft paints.
Along with other factors, such as government assistance, the demand for aircraft coatings consumption throughout the projection period is expected to rise.
Expenditure Required for Aircraft Paints Will Be a Major Market Restraint
The expenditures of constantly painting an aircraft’s interiors or exteriors are quite significant airlines may not want to spend large sums of money on repainting aircraft on a regular basis. The airline may seek cheaper alternatives, which may stifle market development.
Asia-Pacific Region Is Expected to Have a Prominent Market Share
The rise in air travel, as well as rising military aircraft procurements by developing nations such as India and China, is projected to drive market development. Furthermore, in order to attract more travellers, airlines such as China Eastern Airlines and Hainan Airlines are introducing unique themes, which are projected to enhance demand for aircraft paints throughout the projection period.
Due to the increase in air cargo, the total commercial aircraft fleet is anticipated to reach 8,270 in 2037, according to the Federal Aviation Administration (FAA). In addition, owing to the obsolescence of the present fleet, the US mainliner carrier fleet is anticipated to increase at a rate of 54 aircraft each year which will eventually boost the aircraft paint market.
The Coronavirus Pandemic Had a Negative Effect on the Airline Business
The passenger count plummeted by 60%, according to ICAO, with just 1.8 billion passengers travelling during the first year of the outbreak, compared to 4.5 billion in 2019. These figures also show that the COVID-19 pandemic cost airlines 370 billion dollars in financial losses, with airports and air navigation service providers (ANSPs) losing another 115 billion and 13 billion, respectively. Any improvement in the global picture is predicted to be only by the second quarter of 2021, depending on the efficacy of pandemic management and vaccine rollout. Passenger counts are anticipated to rebound to 71% of their 2019 levels by June 2021, according to the most optimistic scenario. A more gloomy scenario predicts just a 49% recovery.
Aircraft Paint Market Scope:
Modular Instruments: Transforming the Wireless Device Industry
BlogThe modular instrument market is expected to grow at a compound annual growth rate of 9.31 % to reach a market size worth US$3.052 billion by 2026.
Modular instruments consist of various types of functional cards that are assembled to accommodate several input/output channels for different applications and to enable the user to customize their measurement capabilities. As a result, it uses a computer-based user interface instead of display and control devices built into the instrument, hence the name “faceless instruments”. Additionally, it is equipped with programming interfaces known as drivers. Electronic and mechanical products can be designed, built, maintained, tested, and repaired using this equipment. Due to their cost-effectiveness, compactness, flexibility, and speed, modular instruments are utilized in photonic, submicron, and nanoscale technologies, as well as mechanical and electrical engineering. The equipment can be used to test, monitor, and perform user-defined measurements. The market growth is expected to be driven by technological advancements and advancements in communication and networking, as well as an increase in electronic device adoption.
The Growth of IoT Devices Is Generating New Opportunities for the Market
By 2026, 30 billion devices will be connected, according to a GSMA report. Aside from tracking devices, vehicles, utility meters, consumer electronics, and vending machines with wearable technology, IoT-connected devices also include smartphones and tablets. As a result, with the growing adoption of smart devices, test, inspect, and verify equipment has become essential for ensuring that the devices are functioning accurately and reliably. Additionally, the proliferation of connected devices motivates more testing of the devices’ feasibility, which in turn leads to the adoption of modular instruments. Providing smart IoT solutions to the world, Dahua Technology, a leading video-centric IoT player, has launched its DSS Video Management Software (VMS) Version 8.0 in North America. As part of the software upgrade, a smaller installation package has been implemented, faster startup time has been achieved, as well as a secure design that is easy to deploy. In addition, the DSS is highly scalable and efficient, optimizing users’ investment.
Rise of Wireless Devices
A number of factors including wireless devices and the emergence of Narrowband IoT (NB-IoT) and mobile IoT standards such as Bluetooth Low Energy (BLE) and LTE-M will drive the market growth. Thus, the growth of mobile devices and the adoption of smart devices have spurred the demand for wireless technologies. Increased adoption of smartphones and better network coverage has also contributed to the growth of mobile data. As a result of the aforementioned developments, modular test equipment is now needed to minimize issues in the initial development of wireless equipment. As an example, the US Department of Defense’s base budget for FY 2021 is USD 633 billion, which is the largest defense budget for the year. This may eventually result in higher sales of modular testing equipment since modular testing equipment is used to monitor command and communication networks as well as surveillance applications.
Industry Growth in Electronics and Semiconductors
Various components and devices are tested using modular instruments at different stages of the manufacturing cycle, gauging system efficiency and efficiency of the components. Meanwhile, the development of the global 4G and 5G infrastructure has also contributed to the growth of the market. Significant increases in long-term evolution (LTE) systems, as well as the adoption of smart devices and substantial growth in mobile data traffic, have resulted in a growing need for advanced modular instruments for the development of newer technologies, such as 4G and 5G. For instance, The Japanese government has a high priority when it comes to deploying 5G. Ministry of Internal Affairs and Communications (MIC) is the agency leading the 5G initiative. The largest number of subscribers belongs to NTT DOCOMO, Japan’s oldest mobile carrier. Japan’s major cities will be the first to enjoy limited commercial 5G service starting on March 25, 2020. Over $7 billion will be invested in expanding the company’s network by 2025 to cover 97% of the country’s population. The company plans to build 8,001 base stations in the 3.7GHz and 4.5GHz spectrum bands, and 5,001 base stations in the 28GHz band.
The High Cost of Modular Instruments Can Hamper the Growth
High instrument costs combined with the requirement of highly skilled labor are limiting the growth of the market. In addition, the increasing demand for leasing and rental services for modular instruments also hampers the market. Yet, smart product companies and wireless technology companies are concerned about modular instruments’ costs and use. Therefore, the steady growth of the market has been caused by a growing concern among companies. As a result, companies adopting modular instruments use rental and leasing services to take advantage of cost savings opportunities.
A Significant Market Growth Is Expected in North America
There is a surge in the number of connected devices due to LTE, technological advancements in wireless connectivity technologies including general packet radio service (GPRS), Wi-Fi, and global interoperability of microwave access (WiMax) in various fields. Thus, automated test and measurement (T&M) is increasingly being configured using modular devices in North America. As North America’s interest in electric vehicles grows, so does the need for a seismic shift in how to design verification and performance testing are done. In order to reduce cycle times and increase productivity, engineers are now using emulation methods to test components. A survey by the US National Renewable Energy A good example is Tesla’s acquisition of Maxell Technologies in 2019, a firm that pioneered the development of ultra-capacitors and high-power density capacitors. Maxwell’s dry battery electrode technology could enable Tesla to extend electric car range beyond 400 miles and achieve its goal of cheap, long-lasting batteries.
Impact of COVID-19
The modular instruments market was negatively impacted by COVID-19. A significant reason for the decline in modular instruments is the massive downturn in the global semiconductor industry. A number of countries imposed lockdowns in response to the pandemic, causing further disruption throughout the supply chain. In the initial period, these difficulties made obtaining raw materials even more challenging.
Global Modular Instruments Market Scope:
Mixed Signal ICs: The Nexus of Technology and Data Transmission
BlogThe Mixed-Signal IC Market is expected to grow at a compound annual growth rate of 3.24 % to reach a market size worth US$87,116.810 billion by 2026. This market was valued at US$69,670.713 billion in 2019.
The mixed-signal IC combines analog/digital circuits on the same chip. It is commonly used to convert analog signals into digital signals, which can then be used by digital devices. Mixed-Signal ICs are important for a number of applications, which include consumer electronics, security and surveillance, automotive, healthcare, communications, and industrial equipment. A key advantage of these ICs is that they are able to convert data from digital into analog and from analog to digital simultaneously.
A number of consumer electronics, telecommunication, and other industries are experiencing exponential growth, which is driving the use of mixed-signal IC in mobile phones and electronic devices. A growing number of low-power consumption devices and the advent of the 5G network have led to the growth of the mixed-signal IC market.
The Introduction of 5g Technology Will Spur the Market for Mixed-Signal ICS
Switching circuits for high-frequency technology are in great demand for 5G. Most of these switching circuits can be found in mixed-signal ICs. A growing number of wireless technologies are being adopted and these products are becoming more popular. Higher frequencies are associated with higher losses and distortion. As a result, mixed-signal ICs use special techniques that support this. In addition, mixed-signal integrated circuits are widely used in consumer electronics, where they can be found in mobile phones, led drivers, tablets, laptops, and a wide range of other electronic devices. Capital expenditures for establishing 5G networks are expected to total more than $14 billion over the next five years among the four Japanese mobile operators. Fiber optics, base stations, and servers are all included in this. Over $720 million in telecom equipment was exported from the United States to Japan in 2019.
The Japanese government has a high priority when it comes to deploying 5G. Ministry of Internal Affairs and Communications (MIC) is the agency leading the 5G initiative. The largest number of subscribers belongs to NTT DOCOMO, Japan’s oldest mobile carrier. Japan’s major cities will be the first to enjoy limited commercial 5G service starting on March 25, 2020. Over $7 billion will be invested in expanding the company’s network by 2025 to cover 97% of the country’s population. The company plans to build 8,001 base stations in the 3.7GHz and 4.5GHz spectrum bands, and 5,001 base stations in the 28GHz band. There are four major networks in the UK: EE, O2, Three, and Vodafone. A new 5G network was launched by EE in the UK for the first time in May 2019. EE currently offers 5G in 71 UK cities and towns. Taiwan released its 5G Action Plan in 2019 to stimulate 5G development on the island, which included funding of up to US$658 million over a four-year period. As a result of this public investment, U.S. ICT companies can work with the five largest mobile phone service providers in Taiwan: Chunghwa Telecom, Taiwan Mobile, Far EastTone, Asia Pacific Telecom, and Taiwan Star Telecom.
(Source: trade.gov)
The Consumer Electronic Segment Is Expected to Drive the Mixed-Signal IC Market in the Forecasted Period
Global revenues of the mixed-signal IC market are expected to be captured by the consumer electronics segment by the end of the forecast period. Mixed-signal ICs functions are highly prevalent in mobile phones and electronic devices, as a result of the rapid development of telecommunications, electronics, and other industries. A combination of the 5G network and the high demand for low-power devices will propel the global market for mixed-signal ICs into growth.
In the Forecast Period, Mixed-Signal ICs Will Be Constrained by Their Complex Integration Processes
In the mixed-signal IC industry, multiple functions are incorporated in a single IC, which results in complex designs. The development of a complex device requires robust methodologies, skillsets, and an array of integration tools. Due to these technological innovations, more features are being added to systems, which increases their complexity. Furthermore, including multiple circuits into one IC, such as an analog and a digital circuit, is a challenging task. The combined effect of all these factors restrains the growth of the global mixed-signal IC market.
Market Growth Is Expected to Be the Highest in the Asia Pacific Mixed-Signal IC Market
The market share of APAC is predicted to be the largest in 2020. As new technologies are adopted across various sectors in the region, the region is undergoing rapid transformations. In APAC, specifically in Japan, South Korea, Australia, Singapore, China, and India, the infrastructure development, along with the deployment of 4G and 5G networks, presents huge potential for offering new 5G services. Several countries take the strategic lead in regions like Singapore, South Korea, China, Australia, and Japan, paving the way for 5G, edge computing, and blockchain technology to be a dominant force in the coming years. The 5G infrastructure market is dominated by Huawei (China). A global leader in information and technology solutions, the company provides services in over 150 countries worldwide. With more than 36 joint innovation centers and 14 research and development centers, the company operates in about 150 countries and receives customers from all over the world. Additionally, the company provides network infrastructure for telecom companies.
COVID-19 Scenario:
Many countries have implemented lockdown measures that have disrupted manufacturing. During this time period, the supply chain was disrupted and businesses slowed. Access to the market has been limited by trade barriers.
Due to the stoppage of daily operations in the automotive industry, there was a significant reduction in demand. Manufacturing and sales of automobiles were suspended or reduced.
The semiconductor and electronics industries experienced business continuity issues, affecting demand for mixed-signal ICs. Nonetheless, demand continued to increase steadily after the lockdown ended.
Global Mixed Signal IC Market Scope: