The cloud storage market is projected to grow at a CAGR of 19.77% to reach US$184.180 billion in 2026 from US$52.098 billion in 2019.
Cloud storage is a next-generation technology that communicates with professionals in natural language and assists them in making better judgments by comprehending the complexities of unstructured data. The global market includes technologies like language processing, artificial intelligence, automated reasoning, and information extraction, which are used to translate unstructured data to perceive, infer, and anticipate the best answers. Cloud storage is a key component of cloud computing, serving the needs of a wide range of applications such as big data analytics, data backup, data archiving, Internet of Things (IoT), data warehousing, and many more. Cloud storage improves company operations by allowing for simple data gathering, archiving, access, and recovery for mobile workers. In addition, as compared to on-premise data centers, the cloud allows for storage scalability at a low cost. Due to its flexible, authentic, and secure form of knowledge storage and availability, cloud storage has gained traction among businesses.
Favorable Structural Factors Are Aiding the Market Growth
The rising need for cost-effective data storage and protection is propelling the cloud storage industry forward in a variety of user groups, including small, medium, and big businesses. Because of its speed, scalability, and flexibility, cloud storage is expected to grow in popularity. Cloud compliance needs, lower CAPEX and OPEX, mobile implementation, and business continuity. However, when it comes to using cloud storage, businesses confront several challenges, including the fact that not all business services are cloud-compatible, as well as tight government restrictions and the risk of losing supplier coverage.
Companies can store data on faraway servers that can be accessed through the Internet using cloud storage. Cloud storage service providers maintain, run, and manage these distant servers. The term cloud storage refers to a type of virtual data storage. Data stored in the cloud may be accessed via devices and the Internet. Cloud storage enables businesses to store data on remote servers accessible over the Internet. Cloud storage service providers maintain, run, and manage these distant servers. The term cloud storage refers to a type of virtual data storage. Data stored in the cloud may be accessed via devices and the Internet.
Rising Demand for Hybrid Cloud Storage to Contribute to Market Size
The need for cloud storage has risen in recent years as the demand for business mobility has increased. The increasing demand for hybrid cloud storage has manifested in the market share of cloud storage increasing. Along with the desire for hybrid cloud storage, the necessity for cloud storage systems that can be implemented quickly is driving up the worldwide cloud storage market demand. The industry’s multiple cloud storage market possibilities, such as cloud storage gateway, primary storage, data archiving, secondary software, and data archiving, enable the cloud storage market to expand to its full potential.
The Advent of New Technologies Is Augmenting the Adoption of Cloud Storage
Remote sensing, the Internet of Things (IoT), and sophisticated video systems like 4K resolution cameras have resulted in the production of large amounts of data. As a consequence, there is a raising need for these types of storage and networking technologies. Likewise, the growing use of artificial intelligence (AI) is anticipated to increase storage use to improve data security. For example, in February 2021, NextBillion Al, a California-based start-up, announced a partnership with Google Cloud to improve time-to-market technologies utilizing cloud SQL and cloud storage. Clients of NextBillion Al could anticipate data security and 99 percent uptime as a result of our partnership.
Machine learning and autonomous systems, such as driverless cars, are also anticipated to boost the use of cloud computing services, such as data storage, to provide real-time support. For example, Ford, a connected vehicle supplier, established a strategic collaboration with Google Cloud in February 2021 to enhance the connected vehicle experience. The firm is moving toward self-driving and driverless automobiles, intending to provide a better experience by combining Al, machine learning, cloud, and other technology.
Expanding Amount of Data Increases the Market Demand
With the exponential expansion in the volume and diversity of data with the rising number of data sprawl and data silos, organizations are confronting various data management and storage challenges. Hence, companies are rapidly gravitating toward the cloud environment for their storage requirements since it permits the storing of big data sets independent of the data type. Another reason driving cloud storage popularity is the ability to store and retrieve all current, less active, cold, and archiving data using deduplication. Cloud storage solutions may help organizations tap into the enormous potential created by exponential data expansion and provide a platform for them to gain a significant portion of the global cloud storage industry.
Increased Adoption by Various Sectors to Augment the Market Growth
Furthermore, due to the cheap cost of data storage and maintenance, numerous business sectors such as BFSI, retail, healthcare, manufacturing, telecommunications & IT, and media & entertainment are rapidly embracing cloud services. Because of the growing customer base and internet users, the BFSI industry is seeing technological deployment in the cloud storage market. In the future years, the market for cloud storage is projected to be driven by lower investment costs for new hardware and software in banking, insurance, and capital markets.
Impact of COVID-19 Pandemic
Cloud storage solutions are becoming increasingly popular as companies move toward a more dispersed work environment. These tools make it easier for employees to collaborate and remain connected. The spread of Covid-19 is allowing numerous companies to offer remote working while also managing massive amounts of data. For non-profit and critical care organizations, such as food and nutrition, public safety, and health assistance, Microsoft has increased the advantages of Windows and extended Azure cloud credits. Furthermore, the use of analytics-driven platforms aids businesses in the generation of enormous amounts of data.
North America to Dominate the Cloud Storage Market
Because of early acceptance of new technologies, large expenditures in R&D for cloud-based solutions, and improved IT infrastructure, North America is likely to maintain a major position. Furthermore, the availability of inexpensive and secure storage solutions leads to rapid industrial development. Some of the region’s most powerful players have been able to advance technology via research and development. Throughout the projection period, this is likely to increase cloud storage use.
Cloud Storage Market Scope:
| Report Metric |
Details |
| The market size value in 2019 |
US$52.098 billion |
| The market size value in 2026 |
US$184.180 billion |
| Growth Rate |
CAGR of 19.77% from 2019 to 2026 |
| Base year |
2019 |
| Forecast period |
2021–2026 |
| Forecast Unit (Value) |
USD Billion |
| Segments covered |
The solution, Services, Deployment, Enterprise Size, Vertical, And Geography |
| Regions covered |
North America, South America, Europe, Middle East, and Africa, MEA, Asia Pacific |
| Companies covered |
F Amazon Web Services, Inc., IBM, HP Inc., Google Llc, Microsoft, At&T Intellectual Property, Rackspace Technology, Box, Cisco, and Fujitsu. |
| Customization scope |
Free report customization with purchase |
Rising Growth of Dimethyl Carbonate
Thought ArticlesThe Dimethyl Carbonate Market is predicted to grow at a CAGR of 3.80% to attain a market size of US$1,198.128 billion by the end of 2026. This market was worth US$1,555.212 billion in the year-end of 2019.
Dimethyl carbonate (DMC) is an environmentally friendly compound that can help to enhance glycerol, fatty acids, polysaccharides, sugar-derived, and platform molecules. As the electronics industry continues to grow rapidly, batteries to power these devices are in high demand. In recent years, Li-ion batteries have found tremendous traction in smartphones and other small electronic devices. Considering that DMC is an integral part of the production of Li-ion batteries, its market is also expected to grow along with the Li-ion batteries market. Because of the high production of polycarbonate, the dimethyl carbonate market is more in demand globally. No acids or phenols are produced during the production of polycarbonate. The market demand increases with increased polycarbonate demand from the automotive and electronics industries. Production of dimethyl carbonate is growing rapidly as it takes care of the environmentally-friendly production of thermoplastics.
Types and Usage Of Dimethyl Carbonate
The dimethyl Carbonate Market can be categorized into three types based on the type of grade, namely pharmaceutical grade, industrial grade, and battery grade. These grades are all in high demand throughout the world. Polycarbonate, which is a widely used material in the manufacturing of plastics, accounts for the largest share of the market. Additionally, it is used as a solvent in paints and coatings, and as a pesticide reagent. The Asia Pacific building and construction industry is driving significant growth for the global paints and coatings industry. Several projected growth factors for the global industry are attributed to the Middle East and Africa. Dimethyl carbonate demand is then likely to grow over the forecast period due to this.
The growing infrastructure of Asia Pacific countries, particularly India, China, and Indonesia, and the ease with which durable building materials can be found, is expected to increase demand for waterproofing chemicals. During the Indian Union Budget 2021, the government has allocated 32.02 billion dollars to improve the country’s transportation infrastructure due to a major push behind the infrastructure sector. The government added 7,400 projects to the National Infrastructure Pipeline (NIP). ~217 projects totaling US$ 15.09 billion were completed by 2020. ‘ Larsen & Toubro (L&T)’s construction subsidiary, L&T Construction, has won contracts for various projects in India, Dubai, Africa, and Thailand. There are several orders placed by the construction company that is significant, which are valued between $133.5mn and $333.8 million. In the pharmaceutical industry, dimethyl carbonate is often used to manufacture antibiotics. A dimethyl carbonate solution can be used to manufacture either propofloxacin or carbadox. Antibiotics such as Ciprofloxacin are used to prevent certain bacterial infections. Also, it can be used to prevent or treat anthrax. In veterinary medicine, carbadox is used as an antibacterial agent.
Increasing Use For Polycarbonate From Various Industries Driving the Demand of Dimethyl Carbonate
In industries such as electrical & electronics, automobiles, building & construction, consumer products, and medical, polycarbonate (PC) is widely used because of its strength, transparency, thermal stability, chemical & heat resistance, and dimensional stability. Globally, polycarbonate resin production capacity was 5,100 kilotons/year in 2016 (Source: Plastics Insights). During the forecast period, the demand for polycarbonate will likely increase, resulting in increased global production capacity. Market share for dimethyl carbonate is dominated by the polycarbonate synthesis segment. The production of polycarbonates begins with dimethyl carbonate, a precursor to polycarbonate. Among its many uses in engineering plastic materials such as automotive, electrical, and electronics, polycarbonate is well-suited to the requirements of the end-use industries thanks to its superior physical properties like heat resistance, impact resistance, structural stability, and optical transparency.
Globally, the market for dimethyl carbonate is being fueled by the growing demand for polycarbonate in the automotive and electrical & electronics industries. In Asia Pacific, the polycarbonate industry is expected to grow at a rapid rate due to solid growth in the automotive and electronics industries. Due to modernization, like an increasing number of smartphone users and an increase in consumer disposable income, emerging economies in Asia Pacific are expected to be major markets for electronics. The demand for electrical components and its impact on the market growth are expected to increase. Construction and the automotive industry are the primary users of polycarbonate material. In this sector, higher incomes and expenditures on electronic equipment and automobiles lead to increased production of plastic polymers. The German, Japanese, Thai, and South African plastic polymer production industries, as well as government support and demand from packaging, electronics, and medical industries, contribute their share to global production of the polymer.
The Asia Pacific Market Is Estimated to Rise At the Fastest Rate
Dimethyl carbonate’s biggest market by region is Asia Pacific. Among the major countries contributing to the boost in demand for dimethyl carbonate in this region are China, India, Japan, and South Korea. As a material, dimethyl carbonate is mainly used in the production of polycarbonates in China, Japan, Korea, Thailand, and Taiwan, and India. Apart from this, it is also used for the manufacturing of medicines, paints, and pesticides. There is a significant increase in the demand for dimethyl carbonate in this region due to its use in the synthesis of polycarbonate in these countries. Asia-Pacific is expected to also drive the lithium-ion battery market, as well as the dimethyl carbonate market, as the electronics and automotive industries will demand more lithium-ion batteries.
Coronavirus Pandemic Insights
All businesses in 2020 have been affected by the ongoing pandemic, including the dimethyl carbonate industry. The key players in this lockdown faced massive losses in their business due to the fact that they were not able to supply their products to all countries. Suppliers of dimethyl carbonate are now developing new strategies to increase customer demand. As a result of customer needs in the COVID-19 period, some modified products have been introduced. In November 2020, PeptiAID Inc. was formed as a joint venture to research peptide-based therapies to balance both the current SARS and CoV-2 viruses. A contribution of USD 82,890 from Merck KGaA to the Eijkman Institute for Molecular Biology, Indonesia, will support vaccine development research and encourage the use of research instruments.
Dimethyl Carbonate Market Scope:
Smart Labels: Advanced Electronic Identification Slips
Thought ArticlesThe global smart labels market is predicted to grow at a compound annual growth rate CAGR of 10.03% to attain a market size of US$10.472 billion by the end of the analysis period, 2026. The market was valued at US$5.501 billion in 2019.
Smart Labels are advanced electronic identification slips that extend the functionality of packaging or the labels beyond traditional details printing. These labels have embedded chips that provide live tracking services and information regarding the product. Smart labels are different from barcodes and have radio frequency identification capability.
The key driver of growth in the market is the rising tech-savvy population who demands speedier and convenient delivery. Further, strict government regulation for discloser of product information for greater consumer awareness will support the market growth. However, the high cost of installation of these smart labels has the capability to hinder the market growth during the study period.
Difference Between Smart Labels and Barcode
Smart labels and barcodes are quite different and have different features. Barcode labels are physically scanned through a specific scanning device to obtain the product information such as size, color, price, and others, on the system the scanner is connected with. Smart labels, on the other hand, are a technologically advanced method over the traditional barcode. Smart labels are integrated microchips that are glued between two thin layers of paper. All the relevant data is stored in this microchip and data can be transmitted to the user by electronic waves. These microchips have radio frequency identification capability which enables the user to track and obtain the product information on any suitable device using websites/ tracking ids and passwords.
These radiofrequency waves can easily penetrate through materials. Hence, these labels need not be applied outside the package to transmit information. Further, the microchips can carry vast information about the product, reducing the need to print unrequired and extra information on the packaging. Further, in some cases, detection of this RFID equipped microchip provides 20 times faster information than barcodes. The riding of these chips is possible even if the chip is dirty. Contactless identification is also possible in the case of smart labels.
Stringent Government Regulation Will Significantly Boost the Market Growth
One of the key drivers of the smart labels market is stringent government and consumer courts rules and regulations for providing details and status about the product for better consumer awareness. These rules state providing clear and necessary information regarding the product on the package so that a consumer is not unaware of the details. In November 2000, the Indian Ministry of Commerce mandated the printing of information such as MRP, manufacturing and expiry dates, ingredients, and others. However, details such as origin, content, ingredients, manufacturer, and others take good enough space of the packaging, leaving little area for brand promotion and naming. Further, on a small packaging, printing this information may become congested which may result in unreadable text. Hence, smart labels are adopted by companies to accommodate vast information without losing areas for brand name and promotion.
Increasing Digitalization and a Tech-Savvy Population Encourages Market Size Growth
The other prime reason that supports the growth of the smart labels market is increasing digitalization and technological advancement leading to the adoption of advanced solutions for a better consumer experience. Companies are adopting smart labels to provide detailed information about their product and enable live tracking of the product during transportation. It helps in faster and convenient delivery to the customer and decreases the chances of loss of the package during transportation or theft during the procedure. Further, the emerging tech-savvy population prefers modern tracking and technology systems to keep an update about their purchase. Further, surging internet penetration along with rising online channels of trade has increased online purchases from unknown suppliers at several locations. Smart labels facilitate building trust between supplier and customer by providing details and a tracking system for a better experience. Hence, e-commerce giants such as Walmart and Amazon have adopted smart labels to manage and track their supply chain and logistics.
Radio Frequency Identification Labels (RFID) Will Have a Major Share in the Smart Labels Market
The smart labels market is segmented on the ground of technology as electronic Article surveillance (EAS), RFIS, Sensing labels, NFC, and electronic shelf labels (ESL). The RFID technology-based smart labels are anticipated to show robust market growth due to their superior advantages over others. The RFID technology does not require visual contact to read or write the data content. Further, several RFID labels can be recorded simultaneously and hence have mass production and recording advantage. In addition to the contactless identification feature, the position of the object that is to be recorded is less troublesome as it is sufficient for the object to be within the reading distance of the registration unit. And the reading is possible even if the tag is dirty. Also, no battery is required for the RFID technology to function. The EAS and ESL technologies will grow at a significant rate during the study period 2019 to 2026.
Transport and Logistics Will Dominate the Market for Smart Labels During the Study Period
The smart labels market, based on the end-users industry, is segmented into healthcare, FMCG, transport and logistics, retails, and others. the transport and logistics segment of the market is anticipated to dominate the market demand for smart labels owing to their live tracking feature for greater consumer satisfaction. This live tracking system enables tracking of the package if delivered incorrectly or location in case of loss. Further, these labels discourage robbery as they can not be easily separated from the packaging. The FMCG and retails sector will grow notably as these sectors are required to provide detailed information about their products. Further, smart labels facilitate better supply chain and logistic management.
Geographical and COVID Insights
The smart labels market is divided into regions based on contents as the North American region, the Asia Pacific region, the European region, the South American region, and the Middle East and African region. The North American smart labels market will dominate the global industry owing to the early adoption of technologically advanced products. however, with rising internet penetration and a growing technologically knowledgeable population, the Asia Pacific smart labels market will surge in the fastest region. The analysis report also covers the detailed impact of the coronavirus pandemic on the smart labels industry.
Smart Labels Market Scope:
Inclining Trend in the Smart Grid Software Market
Thought ArticlesA smart grid is a self-sufficient electric power network that uses digital communications technology for monitoring, control, and analysis within the supply chain, as well as the ability to act remotely on network incidents, thereby improving the supply and relationship with the environment by providing reliable and efficient power supply through a variety of smart grid applications and technologies. Smart grid software is a critical component of the smart grid infrastructure, as it aids in the deployment and operation of the smart grid, as well as improving process efficiency and lowering energy production costs.
Favorable Structural Characteristics Contribute to Market Growth
The market is expected to develop at a favourable rate during the projection period, thanks to increased government backing and significant investment by enterprises in smart grid technology deployment. During electricity supply to clients, this method improves use, distribution, and decreases transmission losses. The market for such systems is projected to rise as a result of these beneficial qualities. Furthermore, the industry’s expansion is expected to be aided by the ageing electricity distribution infrastructure. Another element that is expected to have a beneficial influence on the business in the next years is an improved communication network owing to error-free and efficient data transfer.
Investment in Research & Development to Lead To Opportunities in the Market
Growing expenditures in research and development (R&D) of smart technology software such as broad area monitoring and controlling, renewable energy integration, and enhanced metering infrastructure have been highlighted as prominent trends in the worldwide smart grid technology industry. Several countries are also seeking for effective techniques to manage energy distribution and minimise carbon emissions from traditional energy sources. Furthermore, due to the advent of new utility-scale and produced renewable capacity, power utility companies are increasingly required to improve and modernise their transmission and distribution (T&D) networks.
Growing Concerns About Reducing Carbon Footprint to Augment Market Size
The effective management of dispersed energy resources and growing concerns about reducing carbon footprint during power generation are two key aspects driving the growth of the smart grid software industry. These considerations are driving significant increases in grid modernization expenditures in transmission optimization and distribution automation. Grid connection is typically a one-way communication between the transmission provider and the end user, but it may be turned into a two-way communication with the introduction of smart grid connectivity. It allows the transmission provider to recover excess power from end users who generate electricity at their homes and businesses. Because of its ability to provide consistent, safe, and efficient power by integrating outage management systems (OMS), energy management systems (EMS), supervisory control and data acquisition (SCADA), and advanced fault and network analysis, the distribution management system has a significant market share.
Increased Digital Transformation Trends in the Energy Sector to Propel Market Growth
The expansion of digital transformation trends in the energy industry is one of the main reasons supporting the Smart Grid Software market’s growth. The digital transformation of the power sector is expected to be worth $1.3 trillion between 2016 and 2025, according to the World Economic Forum. It also stated that grid optimization and aggregation programmes can provide consumers with smart savings, increase employment, and decrease peak load, all of which contribute to lower greenhouse gas emissions, and are estimated to be worth $440 billion to industry and $1.2 trillion to society over a ten-year period.
The low-carbon nature of digitalization in the energy industry is expected to drive smart grid software market growth in the coming years. Digitalization, according to the International Energy Agency, may save about USD 80 billion per year, or around 5% of overall power generating expenses. The energy industry’s digitalization is energy efficient, which is boosting acceptance of digitalization in the energy sector, which is having a favourable influence on the market and is expected to play a key part in strengthening the smart grid software market’s growth throughout the projected period.
Favorable Government Initiative to Boost Market Expansion
Smart grid technology is being supported by governments all over the globe, which is expected to be a major contributor in the expansion of the smart grid software market, since smart grid software is utilised in smart grid systems. The Smart Grid Investment Grant (SGIG) programme, sponsored by the US Department of Energy, offers funding for initiatives using smart grid technology, tools, and approaches. Three additional smart grid initiatives were authorized under the National Smart Grid Mission, which got 30% financing from the Ministry of Power, according to the Department of Science and Technology of the Government of India. India’s Smart Grid National Program is putting Advanced Metering Infrastructure in place, which includes software for metre data collecting systems. The Indonesian government intends to develop and run 25 new smart grid networks as part of its National Medium-Term Development Plan (RPJPM). The Indonesian government has said that smart grid technology is the solution for improving the dependability of electric power systems in the country. The country has set a goal of employing smart grid technology to reach a national energy mix objective of 23 percent by 2025. These measures are positively impacting the smart grid software industry and are expected to drive market growth during the projected period.
North America to Dominate the Market
Due to investments in power supply, supporting government policies in place in the region, and the presence of technologically sophisticated nations like the United States, the North American region is expected to have a substantial market share. Because of the region’s fast digitization and the emergence of software technology, the Asia Pacific region is expected to grow significantly.
Cloud Storage – A Next-Generation Technology
BlogThe cloud storage market is expected to grow at a compound annual growth rate of 19.77% to reach a market size worth US$184.180 billion by 2026. This market was valued at US$52.098 billion in 2019.
Cloud storage is a next-generation technology that essentially helps in storing data and users to make better decisions by understanding the unstructured data more finely. The rising demand for low-cost data storage alternatives, faster data attainability and increase in cloud adoption among small and medium enterprises has increased the demand for Cloud Storage solutions. However, the high price associated with private cloud, security concerns, and risk of data theft in public cloud storage is expected to act as a restraint on market growth to a certain extent. The need for high-speed computing and the growing encouragement by the government is expected to provide a lucrative opportunity for cloud storage for the education market in the coming years.
Rising Educational Institutions Will Boost the Market Demand for Cloud Storage Solutions for Education
The growing number of educational institutions around the world are increasing the demand for cloud technology. The cloud storage technology is used by these institutions for different processes such as education, collaboration, teaching and learning. The global demand for cloud technology for primary as well as higher education is witnessing growth. The number of college and school students using personal connected devices such as smartphones, laptops and game consoles is increasing significantly. Moreover, the concept of Bring Your Own Device (BYOD) among teachers has become increasingly popular. All this is expected to contribute to the increase in the adoption of cloud storage solutions. Schools across the globe are actively promoting and using mobile devices with an aim to make curriculum content more accessible, leading to a high rate of adoption of virtualisation technologies. Cloud storage has made sharing of information, collaboration with teachers and students and education easy for both the teacher and student. The cloud storage market is expected to rise owing to the various benefits offered by the technology and a rising number of smartphone users. Moreover, the education sector is a major opportunity for companies in the cloud storage ecosystem to gain a competitive advantage in the market.
Backup Storage Will Have a Significant Market Share During the Study Period of 2019 to 2026
The cloud storage market is segmented, based on solution as primary, data archiving, cloud storage gateway and backup storage. During the study period, the market for backup storage is anticipated to witness remarks growth. Cloud storage is perfect for reducing costs when it comes to backups and archives. In addition, it helps in retaining immediate access. The market is witnessing an exponential rise in both the volume and variety of data. Enterprises are not only facing data management and storage issues but are also facing backup storage issues. Hence, organizations are quickly moving towards the cloud storage technology that not only enables them to store large data but also helps them in backing up their critical data for future use. This further helps in ensuring business continuity.
An Increase in the Adoption of Hybrid Cloud Storage Is Expected to Bolster the Market Growth
The cloud storage market is segmented, based on deployment models as public, private and hybrid cloud. Public cloud storage is the easiest way for end-users to license the storage capacity from a third party. This essentially helps in scaling the performance and is easy to deploy. On the other hand, Private cloud storage stores data at in-house storage servers. Unlike public cloud storage, it is not publicly accessible and is wholly owned by a single organization. Hybrid cloud storage uses both local and off-site resources for managing cloud storage. various sectors are extensively using the hybrid cloud model in order to minimise the total cost of ownership and thus removing the need for expensive hardware. According to the state of cloud, RightScale Survey Report, 51 percent of enterprises were engaged in using hybrid strategy in 2018.
The Application of Cloud Storage Solutions in Various Industries Is Expected to Drive the Cloud Service Market in the Forecasted Period
The cloud storage market, by industry verticals, is divided into BFSI, Education, Communication and technology, media and entertainment, manufacturing, Energy and Power, Government and Public Sector, Healthcare and Life Science, Retail and Consumer goods and Others. The demand for cloud storage in these industries has increased due to the low cost and less maintenance required. BFSI is increasingly adopting cloud-based storage technology due to the increasing number of internet users. In the banking and capital market, cloud-based storage systems are extensively used owing to the less investment cost of hardware and software.
Data Privacy Has Increased Security Concerns. Moreover, the Increasing Cost Has Raised Financial Pressure on the Users. This May Hinder the Market Size of Cloud Storage Solutions.
One of the prime factors that may hinder the market growth of cloud storage is data privacy and security concerns. DDoS and various other attacks have a serious impact on the availability of data in the cloud. Most of the organizations using public cloud storage are perturbed about the privacy and security of their data. Companies can assess security in cloud storage solutions but this comes with a huge cost. Moreover, lifetime storage using public clouds are pretty costly. The initial cost appears to be less, but over a period of time, as the volume of data rises, the organization needs to pay more in order to keep their data intact in the cloud. With increasing data, the networking cost also rises. Despite numerous benefits associated with cloud storage technology, the lifetime cost act as a major restraint for the market growth.
During the Forecasted Period, North America and the Asia Pacific Region Will Show Robust Growth
The cloud storage 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 Cloud storage market. The growth is due to the rising encouragement by the government to adopt cloud storage technology in various sectors. The region is also a hub for well-established suppliers as well users. Moreover, it is continuously working towards new technologies for increasing work productivity. Several large and medium enterprises offer cloud storage solutions including Google, Microsoft, Dell Technologies and IBM. Also, the rise in the adoption of e-commerce, electronic signature, cybercrimes and other digital services is also expected to drive the demand for cloud storage solutions.
Asia Pacific region is expected to grow at the fastest rate in the cloud storage market in the projected period. Rapid urbanisation, increasing digitalisation, increasing penetration of the internet and the growing number of smartphone users has resulted in demand for a cloud storage solution. Asia Pacific region is also investing heavily in the network infrastructure and the adoption of broadband.
The Impact of the Outbreak of COVID-19 on the Cloud Storage Market
The outbreak of the COVID-19 pandemic has severely affected the production of almost all industries across the globe. The government of many countries has imposed strict nationwide lockdown. It has affected the economy from both sides- it has created supply chain disruptions and has increased financial pressure on households. Numerous countries across the globe have implemented foot prohibition and issued work from home orders. This has also disrupted education in various countries owing to the school closure. enterprises are continuously striving towards increasing their online presence to deal with the impact of coronavirus on operational productivity. This has strained various organisations to adopt cloud storage solutions to deal with the ongoing crises and ensure the smooth functioning of the organisations. Cloud storage technology has acted as an aid during this weird time and has ensured work continuity and reduction in workload.
Cloud Storage Market Scope:
Growing Penetration in Telemedicine Market
Thought ArticlesThe telemedicine market is anticipated to achieve a market of US$36.126 billion in 2026 from US$16.135 billion in 2019, growing at a CAGR of 12.20%.
When the provider and the patient are not physically present for each other, telemedicine is a contemporary technology that allows physicians to care for patients distant from the office. Physicians and patients can transfer information from one computer screen to another in real-time. They have access to gather readings from medical equipment in various locations. Patients may see physicians for diagnosis and treatment without having to wait for an appointment thanks to telemedicine. Patients may search for a doctor from the comfort of their own homes. Patients may search for a doctor from the comfort of their own homes. Telemedicine is the delivery of healthcare services via the internet, such as consultations by telephone or teleconference, and it allows healthcare experts to diagnose and treat patients at a distance.
Telemedicine allows for remote healthcare delivery by using electronic communications and software to provide clinical services to patients without requiring an in-person visit. Telemedicine is a type of technology that allows doctors to diagnose patients using a smartphone and video conferencing. Medicine management, chronic disease management, and other clinical services are all aided by this technology. Telemedicine is being used by healthcare organizations, medical practices, and skilled nursing institutions to deliver more efficient healthcare. Telemedicine diagnosis and treatment can be done in real-time thanks to artificial intelligence provider monitoring.
Growing Geriatric Population to Aid Market Size
According to the National Institute of Health, there are 617 million persons aged 65 and up in the world, accounting for about 8.5 percent of the population. However, the global geriatric population is predicted to rise at an unprecedented rate, with projections indicating that by 2050, 17% of the world population will be 65 or older. In industrialized nations, telemedicine use among the elderly is anticipated to rise dramatically over the next decade. As a result, the telemedicine industry is expected to develop rapidly over the next decade due to the rapid increase in the elderly population and the growing acceptance of telemedicine among this demographic.
Growing Application as Remote Patient Monitoring to Facilitate Market Growth
Telemedicine has been one of the most significant digital health breakthroughs in the last decade. Remote patient monitoring is an important aspect of telemedicine since it allows healthcare practitioners to keep an eye on patients from afar. According to a poll conducted by the Consumer Technology Association (CTA), 68 percent of physicians in the United States want to employ remote patient monitoring soon, and this number is expected to rise. According to the same report, healthcare practitioners who use remote patient monitoring services have seen a 49 percent increase in patient outcomes and a 44 percent increase in compliance. As a result of improved patient outcomes and compliance rates, the need for remote patient monitoring among healthcare professionals is projected to rise, propelling the telemedicine market forward throughout the forecast period.
Teladoc Health and Microsoft established a collaboration in July 2021 to provide health systems and hospitals with virtual care integration. Teladoc will make its Solo platform available through Microsoft Teams. The cooperation aims to make telehealth technologies and administrative processes more efficient. Clinicians will be able to easily move between business and clinical operations with the option to access Teladoc Health Solo directly through Microsoft Teams, freeing them from administrative duties and allowing them to practice at the top of their licensing.
Rising Prevalence of Chronic Diseases and High Expense to Increase Adoption of Telemedicine
Chronic illness diagnosis and treatment at many hospitals or clinics is a highly expensive choice, and the bulk of the rural population in poor countries cannot afford it. Telemedicine is a traditional solution to this problem since it has shown to be a cost-effective platform for patient diagnosis and treatment by removing the requirement for patients to attend hospitals or clinics. The availability of a sufficient number of patients, the sharing of telemedicine infrastructure among multiple clinical users, and the efficiency of telemedicine in terms of patient utility and successful clinical consultations all contribute to telemedicine’s cost-effectiveness.
PAVmed Inc., a multi-product, commercial-stage digital healthcare business, said in July 2021 that Lucid Diagnostics Inc., a prominent, national direct-to-consumer telemedicine provider, has inked a formal deal with UpScriptHealth. According to the agreement, UpScript will facilitate Lucid’s forthcoming EsoGuard Telemedicine Program by offering a Lucid-branded web-based telemedicine forum for patients suffering from chronic heartburn ailments to require a video assessment by a clinician and, if patients require, a referral for Lucid’s EsoGuard® Esophageal DNA Test.
Security Concerns Might Restrain the Market Development
The technology-based alternative to traditional healthcare delivery is telemedicine. Poor security measures in telemedicine services, on the other hand, are likely to have a negative influence on the quality of treatment delivered. The most important component of establishing a relationship between healthcare professionals and patients, as well as promoting the adoption of telemedicine services, is data security. Poor data-centric security is likely to undermine healthcare professionals’ and consumers’ faith in the safety of telemedicine services, which would stymie their implementation. As a result, data security concerns are expected to impede the growth of the telemedicine industry to some extent.
North America to Dominate the Telemedicine Market
Due to strong demand in the recent past, North America led the telemedicine market and accounted for the biggest share in the projection period, followed by Europe. Due to growing healthcare awareness and the adoption of cloud-based technologies, these regional markets are projected to follow a similar trajectory during the projection period. Due to continuous research and development activities, a developed area such as North America has accounted for the largest revenue share in the worldwide business.
Due to the growing need for healthcare support, particularly in rural areas, developing regions such as the Asia Pacific, the Middle East, and Africa are projected to see favorable growth in the sector. India and China, among other emerging economies, are expected to rise during the next eight years. Shortly, innovation and progress in the field of telecommunications are expected to boost this region’s growth even further.
Telemedicine Market Scope:
Integrating Finance With Environmental Sustainability – Sustainability-linked Finance Market
Thought ArticlesThe sustainability-linked finance market is projected to witness a compound annual growth rate of 98.32% to grow to US$17,311.992 billion by 2026, from US$143.472 billion in 2019.
Sustainability-Linked Financing refers to performance-based financial instruments that do not limit the use of financing supplied through sustainability-linked channels and allow the issuer or borrower to use the money for any defined purpose, not just green expenditures, and activities. Furthermore, sustainability-linked finance enables businesses to enhance their sustainability performance by allowing them to use sustainability disclosures to get access to a fast-developing credit market that is fuelled by sustainability-linked financing.
Innovative Way of Financing to Facilitate Brand Image
The incorporation of ESG practices into financial decision-making processes is referred to as sustainable finance. Over the last two decades, the importance of sustainable finance has increased at an exponential rate. Sustainable Finance has evolved over decades from a technique for ethical investors to screen inept firms out of their portfolios to an essential element of risk management strategies for banks and other financial institutions. With a bright future ahead of it, sustainable finance is expected to develop into a technique used by investors to find and explore innovative possibilities that standard financial analysis misses.
Sustainability-linked bonds and sustainability-linked loans are two types of sustainability-linked financial products. The market’s expansion has been fueled by the rules and principles that govern how these financial products operate. Similarly, recent innovations in the market for Sustainability Linked Bonds have boosted demand for sustainable-linked financial products even further.
Recent Advancements in the Market Pave a Systematic Path for Market Growth
Similarly, recent advancements in the market for Sustainability Linked Bonds have boosted demand for sustainable-linked financial products even further. Sustainable bond guidelines (2018), Sustainable bond guidelines (2018), and Sustainability-Linked Bond principles (2020), among others, were recently issued by the International Capital Market Association (ICMA) and have aided in addressing investor concerns about greenwashing and providing assurance to bondholders. Similar efforts have been implemented for sustainability-linked loans, boosting investor trust and moving the sustainability-linked financing industry forward.
Flexibility for Use of Proceeds to Increase Market Adoption
Furthermore, issuers and borrowers are quickly adopting sustainability-linked financing due to the flexibility in generating sustainable finance while keeping complete control over how the profits are used. Financial institutions and investors are increasing their participation in sustainability-linked instruments due to the ability to retain full recourse over the borrower or issuers by ensuring that the borrowers or issuers’ SPT is subject to external verification or reporting through the terms of the instruments.
Favorable Association to Corporate Identity to Augment Market Demand
Moreover, both commercial and investment banks find sustainability-linked financial products appealing because they want to be seen as organizations that are committed to good corporate citizenship. For borrowers, sustainability-linked financial instruments provide an additional source of funding and may prove to be more cost-effective than traditional options.
Market Expansion Fueled by the Advent of the COVID-19 Pandemic
The openness and accountability provided by the system are one of the major motivations for the increased adoption of sustainability-linked funding. This is especially essential now that COVID-19 has emerged because society is increasingly turning to companies to lead the way in averting these catastrophic disasters. Furthermore, businesses in a variety of industries have experienced losses and are seeking ways to fund their recovery efforts; here is where sustainability-linked finance comes in to help these businesses reduce their cost of capital even further.
According to BNP Paribas research, as reported by the Wall Street Journal, governments, banks, companies, and others raised a little more than $150 billion globally from selling pandemic bonds as of the end of May 2020 to fund the manufacturing of vaccines or treatments, facilitate healthcare systems fighting the outbreak or provide relief to citizens.
Unpri Incorporating Esg Issues Into Investment Practice Propel the Market Size
The United Nations-supported Principles for Responsible Investment is a worldwide network of investors working together to implement six ambitious principles based on the premise that environmental, social, and governance (ESG) concerns may impact the profitability of investment portfolios. The United Nations Principles for Responsible Investment (UNPRI) is a long-running voluntary effort that was established in 2005 to incorporate ESG problems into investment practice. The UNPRI focuses on the inclusion of ESG concerns into investment analysis and ownership rules, as well as the disclosure of ESG issues, among other things. As a result, the UNPRI is a major driver of the sustainability-linked financing industry.
Adoption of the Equator Principles for Managing Esg Risks to Augment Market Growth
The Equator Principles is a risk management system advocated by financial institutions for intuiting, analyzing, and regulating environmental and social risk in finance. Although adoption of the Equator Principles is voluntary, many financial institutions in the project financing sector utilize them as a key instrument for controlling ESG risks and consequences. The Equator Principles set the stage for subsequent debt market sustainability efforts.
Structural Factors and Associated Variables to Incline Slf Adoption
Furthermore, additional variables such as changes in demand and supply for climate reporting, the drive for improved climate change risk management, and advancements in reporting and risk analysis are allowing investors to see the benefits of climate-friendly investments. Additionally, structural factors such as comparatively reduced pricing, incentive mechanisms, brand image linkage, and market standardization have all aided the expansion of the sustainability-linked financing sector.
Lack of Uniformity and Inconsistent Methodologies to Restrain the Market Growth
There is uncertainty about what defines a sustainable project due to a lack of uniformity among worldwide ESG programs. Stakeholders are concerned because of the uncertainty. Furthermore, there appears to be insufficient consistency in the construction and comparability of ESG rating methodologies, despite significant progress in this area, which includes efforts by credit rating agencies, specialized firms, and market participants to dig up a significant amount of transparent and demonstrable data.
Emerging Trends in the Market Provide Room for Opportunities
Corporates of all sizes have an undeniable potential to benefit from access to new creative funding sources from lenders that recognize the worldwide shift in investor attitude. Green and sustainability-linked financial solutions are becoming increasingly accessible as financial institutions focus on ensuring that their lending fulfills their commitment to sustainability objectives. It has become clear that sustainable finance will play a critical role in a long-term and unstoppable post-pandemic global economic recovery to ‘build back better and greener’ without going backward.
Europe to Hold a Significant Share in the Market
Europe, the Nordics, and the United States will have the fastest growth in the next five years since they are substantially investing in sustainable linked loans, which will eventually boost their total growth. As more companies try to integrate financial and sustainability initiatives into their business models, there is plenty of potential for expansion.
Global Sustainability-Linked Finance Market Scope:
Growing Demand for Smart Grid Market
BlogThe smart grid market is projected to witness a compound annual growth rate of 13.33% to reach US$68,793.878 million by 2027, from US$28,647.530 million in 2020.
A smart grid is essentially an electric supply network that is integrated with digital communications technology in order to detect local changes in usage and automatically enable self-healing of the network. The growing modernization of grid infrastructure and rising awareness about carbon emission management is expected to be the major factors driving the smart grid market growth. Moreover, the government’s supportive policies are also expected to augment the market growth. On the other hand, the high initial costs required for the deployment of smart grid technology solutions and the generation of high volumes of complex and unstructured data that can lead to multiple threats are expected to act as a barrier to the growth of the smart grid market.
Rising Demand for Environment-Friendly Technology in the Developing Economies Will Boost the Market Demand for Smart Grid Technology
Smart grid essentially provides structured and well-founded power with the help of various smart grid applications and technologies. This ensures opportunity for both economies as well as the environment. Smart grid technologies are popularly being used across the globe. This has further created the demand for advanced metering infrastructure. In both underdeveloped and emerging economies, the government is recognizing the benefit of smart grid technology as a strategic infrastructure investment and is encouraging enterprises to deploy it in their production process. This will further ensure long-term prosperity. Moreover, it will help the enterprises achieve the carbon emission targets. These factors are anticipated to fuel the market growth.
The Rise in Investment by Both Public and Private Sectors Will Augment the Market Growth
The smart grid market is expected to witness growth owing to the increased investment in the market by both the public sector and private sector. For instance, in May 2018, an investment of US$ 94,90,000 was announced by Natural Resource Canada to incorporate the next-generation smart grid project. Many companies are constantly coming up with new technologies such as smart meters, EV Chargers, and other infrastructural technologies. This is anticipated to bolster the market growth of the smart grid market during the forecasted period. But on the other hand, due to the low accessibility to electricity, especially in underdeveloped nations, the poor regulations to deploy grid infrastructure by the government has restrained the growth of the smart grid market.
The Growing Awareness About Carbon Footprint Management Will Fuel the Market Demand
The regulatory pressure for reducing carbon emission is anticipated to be the prime factor driving the market for smart grids. Moreover, the global market is facing an increase in demand for electricity and the adoption of renewable generation. In addition, the globally rising population, industrialisation, increasing environmental concern owing to fossil power stations, and urbanisation has pressurised the government to plan regulatory standards for carbon emission, enact mandates for the implementation of smart grids and raise awareness about energy conservation. Moreover, incorporating a smart grid into use will save money for the end-users such as residential, commercial and industrial.
The Government’s Policies and Mandates Will Create an Opportunity for Various Companies to Expand Their Operations
Government across the globe have implemented various supportive policies and are giving fiscal incentives for deploying smart grid technology. The global market is witnessing a rise in the number of electric vehicles. This would further provide an opportunity for the expansion of the smart grid market. Moreover, much smart grid and utility companies are focusing on enhancing distribution efficiency. This would supplement the growth of the smart grid in the global market.
The Software Will Have a Significant Market Share During the Study Period of 2019 to 2026
The smart grid market is divided, based on software as Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, Grid Asset Management, Substation Automation, Smart Grid Security and others. Smart grid distribution management is expected to grow significantly. It is also known as Advanced Distribution Management. It helps in energy distribution management. Moreover, Advanced Metering Infrastructure is anticipated to witness significant growth owing to the rise in the efforts to advance the electricity grid, increase in the investment by the government in advanced metering infrastructure and reduction in T&D loss. Further, by hardware, the smart grid market is divided into Sensors, Programmable Logic Controllers, Smart Meters and Networking Hardware and by service, the market is segmented as Consulting, Deployment and Integration, and Support and Maintenance.
The High Initial Cost for Deploying a Smart Grid May Hinder the Market Size of the Smart Grid Market
One of the prime factors that may hinder the growth of the smart grid market is the high initial cost required for incorporating smart grid technology solutions. It initially requires huge investment to set up the smart grid technology. The rising cost can also add up to the government budget, thereby creating a fiscal burden. Moreover, the deployment of smart grid technology comes with high operational and maintenance costs.
During the Forecasted Period, the Asia Pacific Region Will Show Robust Growth
The smart grid market is segmented, based on geographies, like North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions. North America is anticipated to hold the highest market share and dominate the smart grid market during the projected period. The growth will be mainly due to the rapid technological advancement taking place in the sector of smart grid distribution management, distribution automation, and advanced metering infrastructure. The region is constantly increasing investment in the smart grid as well as smart city projects. Moreover, the growing demand for superior smart grid mechanisms is also creating the demand for smart grids in the region. In addition, the government has regulated various policies and encouraged the use of electric vehicles, this, in turn, will fuel the market demand.
The Asia Pacific region is expected to exhibit the highest growth rate during the forecasted period owing to a rise in the adoption of renewable energy, especially in developing countries. For instance, in India, the Ministry of Power has launched the India Smart Grid Forum initiative to promote the development of smart grid infrastructure. Countries like China and Japan are anticipated to hold a significant share in the market.
The Impact of the Outbreak of COVID-19
The threat posed by the outbreak of COVID-19 has drastically impacted the stakeholders of almost all industries. The entire market chain has been impacted by the spillover. The global lockdown has resulted in the shutdown of various enterprises and has disrupted the production process. This is mainly due to the hampered supply of various components and types of equipment. However, the demand for smart systems is expected to witness growth owing to the rise in grid operations.
Smart Grid Market Scope:
Surging Demand in Cloud Storage Market
Thought ArticlesThe cloud storage market is projected to grow at a CAGR of 19.77% to reach US$184.180 billion in 2026 from US$52.098 billion in 2019.
Cloud storage is a next-generation technology that communicates with professionals in natural language and assists them in making better judgments by comprehending the complexities of unstructured data. The global market includes technologies like language processing, artificial intelligence, automated reasoning, and information extraction, which are used to translate unstructured data to perceive, infer, and anticipate the best answers. Cloud storage is a key component of cloud computing, serving the needs of a wide range of applications such as big data analytics, data backup, data archiving, Internet of Things (IoT), data warehousing, and many more. Cloud storage improves company operations by allowing for simple data gathering, archiving, access, and recovery for mobile workers. In addition, as compared to on-premise data centers, the cloud allows for storage scalability at a low cost. Due to its flexible, authentic, and secure form of knowledge storage and availability, cloud storage has gained traction among businesses.
Favorable Structural Factors Are Aiding the Market Growth
The rising need for cost-effective data storage and protection is propelling the cloud storage industry forward in a variety of user groups, including small, medium, and big businesses. Because of its speed, scalability, and flexibility, cloud storage is expected to grow in popularity. Cloud compliance needs, lower CAPEX and OPEX, mobile implementation, and business continuity. However, when it comes to using cloud storage, businesses confront several challenges, including the fact that not all business services are cloud-compatible, as well as tight government restrictions and the risk of losing supplier coverage.
Companies can store data on faraway servers that can be accessed through the Internet using cloud storage. Cloud storage service providers maintain, run, and manage these distant servers. The term cloud storage refers to a type of virtual data storage. Data stored in the cloud may be accessed via devices and the Internet. Cloud storage enables businesses to store data on remote servers accessible over the Internet. Cloud storage service providers maintain, run, and manage these distant servers. The term cloud storage refers to a type of virtual data storage. Data stored in the cloud may be accessed via devices and the Internet.
Rising Demand for Hybrid Cloud Storage to Contribute to Market Size
The need for cloud storage has risen in recent years as the demand for business mobility has increased. The increasing demand for hybrid cloud storage has manifested in the market share of cloud storage increasing. Along with the desire for hybrid cloud storage, the necessity for cloud storage systems that can be implemented quickly is driving up the worldwide cloud storage market demand. The industry’s multiple cloud storage market possibilities, such as cloud storage gateway, primary storage, data archiving, secondary software, and data archiving, enable the cloud storage market to expand to its full potential.
The Advent of New Technologies Is Augmenting the Adoption of Cloud Storage
Remote sensing, the Internet of Things (IoT), and sophisticated video systems like 4K resolution cameras have resulted in the production of large amounts of data. As a consequence, there is a raising need for these types of storage and networking technologies. Likewise, the growing use of artificial intelligence (AI) is anticipated to increase storage use to improve data security. For example, in February 2021, NextBillion Al, a California-based start-up, announced a partnership with Google Cloud to improve time-to-market technologies utilizing cloud SQL and cloud storage. Clients of NextBillion Al could anticipate data security and 99 percent uptime as a result of our partnership.
Machine learning and autonomous systems, such as driverless cars, are also anticipated to boost the use of cloud computing services, such as data storage, to provide real-time support. For example, Ford, a connected vehicle supplier, established a strategic collaboration with Google Cloud in February 2021 to enhance the connected vehicle experience. The firm is moving toward self-driving and driverless automobiles, intending to provide a better experience by combining Al, machine learning, cloud, and other technology.
Expanding Amount of Data Increases the Market Demand
With the exponential expansion in the volume and diversity of data with the rising number of data sprawl and data silos, organizations are confronting various data management and storage challenges. Hence, companies are rapidly gravitating toward the cloud environment for their storage requirements since it permits the storing of big data sets independent of the data type. Another reason driving cloud storage popularity is the ability to store and retrieve all current, less active, cold, and archiving data using deduplication. Cloud storage solutions may help organizations tap into the enormous potential created by exponential data expansion and provide a platform for them to gain a significant portion of the global cloud storage industry.
Increased Adoption by Various Sectors to Augment the Market Growth
Furthermore, due to the cheap cost of data storage and maintenance, numerous business sectors such as BFSI, retail, healthcare, manufacturing, telecommunications & IT, and media & entertainment are rapidly embracing cloud services. Because of the growing customer base and internet users, the BFSI industry is seeing technological deployment in the cloud storage market. In the future years, the market for cloud storage is projected to be driven by lower investment costs for new hardware and software in banking, insurance, and capital markets.
Impact of COVID-19 Pandemic
Cloud storage solutions are becoming increasingly popular as companies move toward a more dispersed work environment. These tools make it easier for employees to collaborate and remain connected. The spread of Covid-19 is allowing numerous companies to offer remote working while also managing massive amounts of data. For non-profit and critical care organizations, such as food and nutrition, public safety, and health assistance, Microsoft has increased the advantages of Windows and extended Azure cloud credits. Furthermore, the use of analytics-driven platforms aids businesses in the generation of enormous amounts of data.
North America to Dominate the Cloud Storage Market
Because of early acceptance of new technologies, large expenditures in R&D for cloud-based solutions, and improved IT infrastructure, North America is likely to maintain a major position. Furthermore, the availability of inexpensive and secure storage solutions leads to rapid industrial development. Some of the region’s most powerful players have been able to advance technology via research and development. Throughout the projection period, this is likely to increase cloud storage use.
Cloud Storage Market Scope:
Growing Innovations in Fresh Food Packaging
BlogThe global fresh food packaging market is expected to grow at a compound annual growth rate of 4.20% to reach a market size worth US$112.789 billion by 2026. This market was valued at US$84.562 billion in 2019.
Food requires careful and sanitized packaging since there is a time gap in between the production of the food and its consumption. Food products, such as fruits and vegetables, get rotten easily if they are not packed and stored at a desirable temperature and manner. Moreover, food production growth is far less than the population growth rate and food demand, creating food insecurity around the world. Hence, proper packaging is crucial to prevent food wastage and spoilage.
The prime reasons booming the growth of the fresh food packaging market globally are the booming demand for convenience food items and the technological advancement of a packaging method that enables the extension of the shelf life of food products. A shift in dieting trends is also influencing the growth of the fresh food packaging market during the forecasted period. However, disposal and eco-friendliness of the material used to pack the food product may constrain the market growth.
Growing Demand for Convenience Food Items Will Fuel the Market for the Fresh Food Packaging Industry
Burgeoning lifestyle standards along with surging disposable income have resulted in high purchasing power and desirability of a healthy lifestyle. This has, in turn, led to a surge in the demand for convenience food products. Convenience food is the segment of the food industry that includes salad bags, chopped food bags, chopped vegetable bags, vegetable trays, and others, that making cooking less time consuming and employ fresh food packaging modes to deliver the product from producer to the consumers. Plastic bags or paper and boards are used to pack these cut food and vegetables to be delivered to the consumers. Furthermore, this packaging helps in the extension of the shelf life of the food products and facilitates easy transportation. Plastic bags can be designed in various sizes, and hence enable producers to offer quantity options to their consumers. by locking out moisture and water, food packaging keeps the food fresh and rotten-free over a long time. Also, technological innovation in the industry is expected to increase the shelf life of the packed food.
Meat, Poultry, and Seafood Are Expected to Show Robust Market Demand During the Forecasted Period
The Global fresh food packaging market is divided on the basis of application as meat and poultry, fruits and vegetables, seafood, Dairy Products, and others. during the forecasted period, meat, poultry, and seafood are anticipated to hold a noteworthy share of the market. The prime reason being a significant surge in the popularity of a protein-based diet. Consumers who consumed a carbohydrate-rich diet are now shifting towards a protein, vitamins, and minerals-based diet for better muscular growth. The rising gym culture among youth along with the availability of cheap and convenient fitness activities such as yoga, aerobics, and Zumba has encouraged consumption of a protein diet for better muscular growth. Furthermore, growing awareness regarding the benefits of a protein diet is supporting the growth of the meat and poultry industry. Hence the industry is increasingly adopting advanced food packaging methods to deliver fresh food products. The fruits and vegetable segment of the market will also show notable growth owing to a surge in consumption for better health.
Plastic Food Packaging Will Have a Major Share in the Market. However, Rising Environmental Concerns and Plastic Disposable Issues May Constrain the Market Growth
Based on type, the global fresh food packaging market is segmented into plastic, paper and board, glass, metal, and others. The plastic food packaging method is anticipated to outstand the market and grow at a considerable rate during the forecasted period. Plastic packaging is spill proof and does not let the outer environment influence the packed product. The packaging is water-proof and saves the content from attacks of insects or other organisms. Further, plastic has the capability to withstand the hot and cold and changing environment. Since plastic is easily moldable, various sizes of packaging can be formulated according to the quantity that is to be stored. Of all, food stored in plastic packaging is easily transferable and transportable even to long distances.
However, the growing environmental concerns on the use of plastic will hinder the market growth. though plastic is an efficient packaging alternative, it is non-biodegradable. If not disposed of cautiously, this plastic causes pollution. Hence governments and environment agencies are encouraging the adoption of different packaging methods which are environment friendly. Paper and board food packaging are promoted as they are a better alternative to plastic while concerning environmental impacts. Companies are also coming up with innovative packaging methods in place of plastic packaging. Several retail outlets around the world are reducing single-use plastic employment by using banana leaves to pack fruits and vegetables.
The Asia Pacific Fresh Food Packaging Market Is Forecasted to Show Promising Growth
The global fresh food packaging market is regionally segmented as the Asia Pacific region, the South America region, the Middle East and Africa region, the European region, and the North America region. Of these, the Asia Pacific fresh food packaging market is anticipated to depict promising growth owing to surging disposable income and rising adoption of convenient food products. The booming FMCG industry in the region will encourage market growth during the forecasted period.
COVID Insights
The coronavirus pandemic had a positive effect on the global fresh food packaging market. Lockdown implemented to curb the spread of the virus resulted in an increase in demand for packed food products for consumption. Moreover, unsure upon opening up resulted in panic stockpiling by household sectors, which further boosted market demand.
Fresh Food Packaging Market Scope:
Saving Life Through Blood Collection
Thought ArticlesThe Global Blood Collection market is expected to grow at a compound annual growth rate of 5.29% over the analyzed period to reach a market size of US$14.068 billion in 2026 from US$9.804 billion in 2019.
The prime reason driving the growth of the market is due to surging cases of chronic diseases. Further, technological advancement and awareness have made medical treatment affordable and accessible, increasing the demand for blood to regain the loss during surgeries. Also, a rise in medical tourism significantly increases the demand for blood in the host country, surging the regional market. Furthermore, growing instances of accidents and emergencies result in blood loss and injuries, increasing the market demand exponentially. However, most of the person hesitate to donate blood, fearing weakness, needles, or other reasons, which constraints the market growth.
The Surging Prevalence of Chronic Diseases Around the World Will Boost the Market Growth
One of the prime reasons driving the market for blood collection is surging cases of chronic diseases. Chronic diseases can be explained as a disease that may last more than a year, most of the last a lifetime, requiring continuous medical attention and periodic treatments. Chronic diseases such as cancer, diabetes, and heart disease widely prevail in the US and are the leading cause of death in the country. 6 out of every 10 people in the US suffer from one chronic disease. While 4 in 10 adults have more than 1 disease. The chronic disease health care cost in the country is around US$3.8 trillion, annually. Further, one-third of deaths in the country are caused by some cardiovascular disease, which cost the healthcare system US$214 billion. The cost of cancer treatment in the country was US$174 billion in 2020. Cancer was the second leading cause of death, globally, in 2018, and had caused 9.6 million deaths in the year. Moreover, data from the International Diabetes Federation, the number of diabetes patients will increase from 460 million in 2019 to 700 million in 2045.
The rise in chronic diseases has positively affected the blood collection market. Patients with chronic diseases are required to perform regular check-ups to determine the status of their disease. Check-ups involve blood collection and investigation, for analyzing the disease progress, i.e., to determine whether it can be treated with medicines or an operation and/ or other medical treatment. The blood collection market is segmented, based on application as diagnostics and treatment. The diagnostic blood collection market will have a significant share in the industry owing to regular check-ups by people for keeping a healthy medical track and early detection of disease if they suffer from any. The treatment segment of the market will surge exponentially with rising medical tourism and the affordability of the treatment. Further, technological advancement in the medical industry along with growing awareness will significantly boost the market during the forecasted period.
The Hospital Blood Collection Market Will Have a Significant Share
The blood collection market is segmented on the basis of end-users as hospitals, blood banks, diagnostic laboratories, and others. the hospital blood collection market is predicted to have a significant share of the market during the forecasted period due to the fact that hospitals are the place of treatments and diagnostics are also conduct at hospitals, under the guidance of doctors. Emergencies and accident cases injure a person’s life, resulting in the need for blood for treatment and recovery. Hospitals also have their blood banks to meet the demand of emergencies. The blood bank blood collection segment will grow exponentially during the forecasted period owing to the increasing participation of people to donate blood and tie-ups of hospitals and blood banks for blood supply in case of emergencies. At present, India has 2,760 blood banks of which 1,131 are supported by the Ministry of Health and Family Welfare. The American Association of blood banks is the major blood bank association in the US, with more than 2,400 member institutions including hospitals, communities, regional blood centers, and others.
People Hesitation May Constrain the Market Growth
Based on products, the blood collection market is segmented into needles, blood collection tubes, and syringes, blood bags, and lancets. These products are combined to collect blood for donation. However, needles, syringes, and lancets are enough to collect blood for diagnostic purposes. Blood donation helps fulfilling blood requirements during emergencies, having the potential to save the patient’s life. Moreover, the donor is easily able to replenish the lost blood with 24 to 48 hours, without causing weakness or side effects. But people, in general, hesitate to donate blood due to several myths, fear, and other non-medical reasons. This may constrain the market growth during the forecasted period. in the US alone, 40% of the population is eligible to donate blood, but only 5% of them donate. The prime reasons given by eligible people for not donating blood are that they are either feared of needles and donating blood or that they are afraid of catching the disease from the non-sanitized needle or equipment. Further, unsuitable or nutrient deficit blood is ineligible for donation, limiting the market size of the blood collection market.
The Asia Pacific Blood Collection Market Will Grow Significantly During the Forecasted Period
The blood collection market is regionally divided into the Asia Pacific region, the Middle East and African region, the European region, the South American region, and the North American region. The North American blood collection market is predicted to dominate the industry during the forecasted period owing to the region’s state-of-art infrastructure and growing government initiatives for blood supply. Further, the increasing chronic disease instances will significantly boost the market. However, the Asia Pacific blood collection market is expected to grow at an exponential rate. The prime reason driving the market growth in the region is surging chronic disease prevalence and better health cautiousness as a result of increased standard of livings. Moreover, the booming medical tourism industry will considerably support the market growth during the forecasted period.
COVID Insights
The coronavirus pandemic has a negative impact on the blood collection market. Fear of the virus refrained people from undertaking regular check-ups. Further physical lockdowns resulted in lower blood donation. However, the market is anticipated to normal growth with recovering activities.
Blood Collection Market Scope: