The luxury packaging market is worth $15.298 billion for the year 2019 and is expected to grow at 4.09% CAGR to reach a market volume of US$20.258 billion by 2026.
The luxury packaging market has gained significant prominence in recent years owing to the growing need for greater quality packaging options. Luxury packaging refers to the design, development, display, and manufacturing of packaging solutions for luxury brands. Luxury brands are investing heavily in stimulating the interest of younger segments of the population. Luxury brands use packaging solutions to market their products to high net value customers. These packaging solutions are subject to the highest standards of detail and design which aim to maintain the prestige and quality of the product. The vendors are focusing on investing heavily in innovative concepts to stimulate a positive response from the consumers in the market.
The luxury packaging market is segmented by material as glass, paperboard, glass, textile and plastic. The market is further segmented by use as products used in end-user industries such as cosmetics, Tobacco, fragrances, watches, Jewelry and premium beverages. The market can also be segmented based on gender, price and consumer segments.
Major packaging manufacturers are thriving on high-quality materials and various innovative methods to provide enhanced customer experience. Additionally, major market players are focusing on using the development of sustainable packaging solutions, apart from focusing on the intuitive appeal of the product. While small-scale suppliers are distinguishing their product line based on engineered support and packaging solutions to their target customers.
Notable players in the market are Crown, Classypac, Curtis packaging, Luxpac, Mclaren, Berry M&H, Delta global source, Westrock Group among others.
The Surge in the Use of Luxury Packaging Solutions:-
The luxury packaging market has been an integral part of Tobacco, Jewellery, premium beverages, watches, cosmetics and fragrances and confectionary market segments. The cosmetics and Fragrance market segment hold a significant market share in the luxury packaging market and is expected to grow at a notable rate over the forecasted period owing to increased spending by the younger generation on grooming and growing demand for natural deodorants and perfumes. However, the watches and jewelry segment are expected to witness the fastest market growth owing to a rise in disposable income and growing demand for these products in emerging markets. Whereas, the Alcoholic market holds a reasonable market share owing to the growing consumption of wine and beer.
Key Market Drivers In The Luxury Packaging Market:-
Growth in the luxury packaging market is fueled majorly by the growing demand for aesthetically appealing packaging solutions by consumers as it perceived to add superior value to the product. Marketing is an integral part of any product segment and through packaging, the brands aim to provide customers with the desired high-end appeal. Besides, Packaging serves as a silent marketer for products while ensuring continuity in brand messaging to foster growth in the market.
The luxury packaging market has witnessed an exponential rise owing to rising disposable income, urbanization and adoption of western culture in emerging economies such as Australia, India, China and Brazil. Further, growing environmental awareness among the consumers has propelled the manufactures to adopt more sustainable, biodegradable eco-friendly packaging solutions.
The onset of digital evolution globally has been a vital factor in the growth of the luxury packaging market. The digital mediums have allowed companies to expand their production and distribution lines globally, resulting in a spurred demand for luxury goods. Besides, innovation in the plastic packaging industry from end consumer has augmented demand for luxury plastic packaging solutions
Trends In Video Streaming Software Market By Region:
Key market players around the world have adopted various business strategies to sustain, grow in the luxury packaging market.
Companies in the luxury packaging market have adopted collaborative approaches such as are partnerships, acquisitions, mergers and other related commercial agreements which have supported conglomerates to provide superior quality solutions to their customers globally.
The luxury packaging market can be segmented by region into Europe, North America, Asia and Pacific and the Middle East and Africa. Europe has dominated the luxury packaging market owing to the presence of flagship stores and increase demand for online product distribution. Being home to major luxury manufactures and rising tourism in these regions has fueled the demand for luxury products. Markets like Germany, France and Italy are considered to be a hotspot for luxury brands, thus catering to a major share of packaging solutions in the region. Whereas, the Asia Pacific region is expected to grow at the fastest over the projected period owing to a rise in disposable income, increasing employment levels and dynamism in the market-leading to a shift in consumer preference towards luxury products. The North American region has endured continued growth in the market even as spending has risen faster than income in the region.
With more consumers demanding luxurious products and rise in penetration of online channel of distribution and innovative packaging solutions is collective going to boost growth in the market.
Emerging Trends and Opportunities
The emergence of e-commerce and penetration on the internet has opened several opportunities for manufacturers in the luxury product market. In the age of fast-changing opportunities, luxury companies have been keeping a tab on new emerging technological advancements and consumer classes. Besides, companies have been investing heavily in the digital market spectrum to digitally market their products globally and engage with the younger potential customers. The consumer market has become an integral focus of business for these companies; hence the companies are adopting an Omni-personal approach to provide increased personalization to their customers. Companies are heavily relying upon digital technologies such as AI, Big data to enhance and improve customer engagement. These factors have augmented an increase in sales and the need for innovative, personalized packaging solutions.
Besides, the companies have adopted various green packaging initiatives through the use of paper, cardboard-based recyclable packaging solutions.
Changing Trends in the Luxury Packaging Market
BlogThe luxury packaging market is worth $15.298 billion for the year 2019 and is expected to grow at 4.09% CAGR to reach a market volume of US$20.258 billion by 2026.
The luxury packaging market has gained significant prominence in recent years owing to the growing need for greater quality packaging options. Luxury packaging refers to the design, development, display, and manufacturing of packaging solutions for luxury brands. Luxury brands are investing heavily in stimulating the interest of younger segments of the population. Luxury brands use packaging solutions to market their products to high net value customers. These packaging solutions are subject to the highest standards of detail and design which aim to maintain the prestige and quality of the product. The vendors are focusing on investing heavily in innovative concepts to stimulate a positive response from the consumers in the market.
The luxury packaging market is segmented by material as glass, paperboard, glass, textile and plastic. The market is further segmented by use as products used in end-user industries such as cosmetics, Tobacco, fragrances, watches, Jewelry and premium beverages. The market can also be segmented based on gender, price and consumer segments.
Major packaging manufacturers are thriving on high-quality materials and various innovative methods to provide enhanced customer experience. Additionally, major market players are focusing on using the development of sustainable packaging solutions, apart from focusing on the intuitive appeal of the product. While small-scale suppliers are distinguishing their product line based on engineered support and packaging solutions to their target customers.
Notable players in the market are Crown, Classypac, Curtis packaging, Luxpac, Mclaren, Berry M&H, Delta global source, Westrock Group among others.
The Surge in the Use of Luxury Packaging Solutions:-
The luxury packaging market has been an integral part of Tobacco, Jewellery, premium beverages, watches, cosmetics and fragrances and confectionary market segments. The cosmetics and Fragrance market segment hold a significant market share in the luxury packaging market and is expected to grow at a notable rate over the forecasted period owing to increased spending by the younger generation on grooming and growing demand for natural deodorants and perfumes. However, the watches and jewelry segment are expected to witness the fastest market growth owing to a rise in disposable income and growing demand for these products in emerging markets. Whereas, the Alcoholic market holds a reasonable market share owing to the growing consumption of wine and beer.
Key Market Drivers In The Luxury Packaging Market:-
Growth in the luxury packaging market is fueled majorly by the growing demand for aesthetically appealing packaging solutions by consumers as it perceived to add superior value to the product. Marketing is an integral part of any product segment and through packaging, the brands aim to provide customers with the desired high-end appeal. Besides, Packaging serves as a silent marketer for products while ensuring continuity in brand messaging to foster growth in the market.
The luxury packaging market has witnessed an exponential rise owing to rising disposable income, urbanization and adoption of western culture in emerging economies such as Australia, India, China and Brazil. Further, growing environmental awareness among the consumers has propelled the manufactures to adopt more sustainable, biodegradable eco-friendly packaging solutions.
The onset of digital evolution globally has been a vital factor in the growth of the luxury packaging market. The digital mediums have allowed companies to expand their production and distribution lines globally, resulting in a spurred demand for luxury goods. Besides, innovation in the plastic packaging industry from end consumer has augmented demand for luxury plastic packaging solutions
Trends In Video Streaming Software Market By Region:
Key market players around the world have adopted various business strategies to sustain, grow in the luxury packaging market.
Companies in the luxury packaging market have adopted collaborative approaches such as are partnerships, acquisitions, mergers and other related commercial agreements which have supported conglomerates to provide superior quality solutions to their customers globally.
The luxury packaging market can be segmented by region into Europe, North America, Asia and Pacific and the Middle East and Africa. Europe has dominated the luxury packaging market owing to the presence of flagship stores and increase demand for online product distribution. Being home to major luxury manufactures and rising tourism in these regions has fueled the demand for luxury products. Markets like Germany, France and Italy are considered to be a hotspot for luxury brands, thus catering to a major share of packaging solutions in the region. Whereas, the Asia Pacific region is expected to grow at the fastest over the projected period owing to a rise in disposable income, increasing employment levels and dynamism in the market-leading to a shift in consumer preference towards luxury products. The North American region has endured continued growth in the market even as spending has risen faster than income in the region.
With more consumers demanding luxurious products and rise in penetration of online channel of distribution and innovative packaging solutions is collective going to boost growth in the market.
Emerging Trends and Opportunities
The emergence of e-commerce and penetration on the internet has opened several opportunities for manufacturers in the luxury product market. In the age of fast-changing opportunities, luxury companies have been keeping a tab on new emerging technological advancements and consumer classes. Besides, companies have been investing heavily in the digital market spectrum to digitally market their products globally and engage with the younger potential customers. The consumer market has become an integral focus of business for these companies; hence the companies are adopting an Omni-personal approach to provide increased personalization to their customers. Companies are heavily relying upon digital technologies such as AI, Big data to enhance and improve customer engagement. These factors have augmented an increase in sales and the need for innovative, personalized packaging solutions.
Besides, the companies have adopted various green packaging initiatives through the use of paper, cardboard-based recyclable packaging solutions.
Ransomware Protection Market – Protection Against Ransomware
BlogRansomware is a malicious form of software that uses encryption to lock the people out of their data. Since the inception of the software, the criminal groups are lookout for the ways to exploit the people with encrypted attacks. The ransomware attaches itself to the data and prevents the access to the owner till the victim pays the ransom. Maharashtra Industrial Development Corporation (MIDC) was a victim to the ransomware attack in India in March 2021.
During the covid-19 pandemic, the criminal group were introducing new coronavirus phishing theme and as the dependency increased on their laptop and desktop, it increased the for Ransomware Protection Market. These result in creating a cyber hostage situation. The Cybersecurity and Infrastructure Security Agency (CISA) has been focusing towards the country’s digital defence, CISA has also warned organizations against the ransomware attacks exploiting Microsoft Exchange's severe vulnerabilities
The Ransomware Protection Market on the basis of Offering is segmented as Solution and Services.
The Ransomware Protection Market on the basis of the Deployment Model is segmented as On-premise and Cloud.
The Ransomware Protection Market on the basis of Enterprise Size segmented as Small, Medium and Large.
Some of the players of the Ransomware Protection Market are McAfee, Symantec Corporation, Trend Micro, Inc., FirEeye, Inc., Sophos Ltd, Bitdefender, Kaspersky Lab, Malwarebytes, and Zscaler, Inc.
The global ransomware protection market is expected to grow at a compound annual growth rate of 14.50% over the forecast period to reach a market size of US$33.320 billion in 2026 from US$12.875 billion in 2019.
Increase in the Technology Users
The increasing number of reliance on the technology especially during the pandemic is increasing the number of ransomware attacks and rising severity of these attacks are a major factor that is driving the market growth of the ransomware. The organization is considered to be three times more susceptible to suffer breach by social attacks than by actual vulnerabilities, thus increasing the necessity of employee cybersecurity education and demanding ransomware protection solutions. Organization can also deploy Ransomware protection software on all the devices including cloud storage and cloud servers and in addition, have data backup and retrieval policies and plans. As cloud storage is not resistant to ransomware threat, thus the ransomware can affect the cloud storage. The ransomware ‘SYNack’ had impacted the database servers and applicates hosted on the Cloud DC and local severs hosted in MIDC headquarters in Mumbai, India by encrypting the data stored in these servers.
However, the low adoption of the ransomware especially by the developing regions due to lack of awareness and huge investment in the IT department is posing restraints to the market growth of the Ransomware Protection.
North America Region to Hold the Major Share
Global Ransomware Protection Market on the basis of region is segmented as North America, South America, Asia Pacific, Middle East & Africa and Europe.
North America holds the major share of the Ransomware Protection Market as they were early technologies. The demand has been increasing due to the several incidents of the data encryption with the motive of generating a ransom for the decryption of the data. Government of USA are giving priority to the ransomware protection in their security agenda. US government had launched a program that focused on protecting voter registration databases and systems in 2019. These systems, which are utilized to confirm the eligibility of voters before they cast ballots, were compromised in 2016 by Russian hackers attempting to collect information. Thus, such increasing threats are creating massive demand for ransomware protection solutions to safeguard the country from major hacks.
COVID-19 Impact
The outbreak of the covid-19 pandemic has affected every industry and have disrupted the distribution channel. During the pandemic, the ransomware stacks have witnessed an increase in the number of cases majorly due to the rise in the number of individuals working from home and attending online lectures. This increased the chances of them falling prey to the ransomware attacks. The group of criminals were shifting their phishing themes to covid lure included financial defrauds by offering the payment of the government assistance during the lockdown, information regarding the vaccine, short supply goods and masks. Organization and government are actively participating in controlling the attacks by taking investing in the ransomware solutions. Thus, the demand for the ransomware protection service and solutions were in high demand.
The Global Fresh Food Packaging Market – Keeping It Fresh
Thought ArticlesThe Global Fresh Food Packaging Market is expected to grow at a compound annual growth rate of 4.20% over the forecast period to reach a market size of US$112.789 billion in 2026 from US$84.562 billion in 2019.
Packaging of fresh food is required for the transportation to avoid any spoilage and physical damage. Food products are packed using several materials to protect the contents from adverse environmental conditions such as pollution, weather adversities, and dust among others. The demand for ready-to-eat and packaged food is increasing among the consumers especially the millennials and this high demand is expected to continue during the forecasted period. The rising demand is motivating the players of the fresh food packaging market to focus and introduce innovative packaging solutions to provide convenience and a longer shelf-life of the contents.
According to the WRAP study, 60% of the household waste arise from the consumers not consuming edible food in proper time. But with a twofold approach of more effective labeling and branding, consumers can better understand the shelf life of the food and active packaging can allow the contents of the packaging to last longer.
In addition to the growing awareness regarding the environment, global warming and the impact of the plastic on the environment is a big concern for the consumers and government which is restraining the market growth of the fresh food packaging. This is motivating the players of the fresh food packaging to focus and introduce cost-effective and biodegradable packaging solutions. Amcor launched Amite Ultra Recyclable in 2019 which is made from the company’s revolutionary and more sustainable high-barrier polyolefin film which can reduce the carbon footprint by up to 64%. Disposal of food waste while the packaging is a major concern for the companies which is proving to be a challenge to find solutions to.
Market Players included in the report of the Global Fresh Food Packaging Market are Mondi PLC, DS Smith PLC, Coveris Holdings S.A., Bemis Company, Inc., Smurfit Kappa, Sealed Air Corporation, Amcor Limited, LINPAC Packaging, Sonoco Products, AEP Industries.
COVID-19 Impact
The outbreak of the Covid-19 pandemic has impacted every industry and have highly disrupted the distribution channel. The coronavirus moderately impacted the global fresh food packaging market. The decline in the consumption of the packaged food and the outbreak of the Bird Flu in various parts of India led to a decrease in demand for the packaged food or restaurant food. The demand for the fruits and vegetable market was increasing during the pandemic as people were trying to eat healthy to improve their immunity against the coronavirus, which was driving the market demand for the fresh food packaging.
Market Size
Global Fresh Food Packaging Market on the basis of region is segmented as North America, South America, Europe, Middle East, and Africa, and the Asia Pacific.
Asia Pacific region is expected to grow at a fast CAGR during the forecasted period. This can be attributed to the rising disposable income, increasing population and burgeoning demand for fruits & vegetables, poultry & meat products across the globe. The rising demand and shift of consumer demand towards healthy lifestyle and high purchasing power is expected to increase the demand in the region. For instance, on World Idly Day, iD Fresh Food, one of India’s giant fresh food brands, announced the launch of a Giant Home Kitchen which is a state-of-the-art facility and one of the world’s largest Idly and Dosa batter preparation and packaging plant in Anekal, Karnataka. The investment in this plant is close to INR 40 crores.
Fresh food packaging market by Type is segmented as Plastic, Paper and Board, Glass, Metal and Others. Convenience food include chopped vegetable bags, single-serve salad packaging, salad bags and fresh herbs packs which require different types of packaging materials.
While by Application, the fresh food packaging is segmented as Poultry and Meat Products, Dairy Products, Produce (Vegetables and Fruits), Sea Food and Others. In the emerging markets of MENA and BRICS, the increasing demand for such food items is increasing as the demand for the convenience and ready-to-eat products are driving the fresh food packaging market.
For instance, Bemis Company, Inc. provides flexible packaging solutions. The prominent players in the market are adopting various strategies such as mergers and acquisitions, collaborations, expansion, etc. to maintain their position in the market and to meet the rising demand for fresh food packaging material.
Restraints
The issue and impact faced during the disposing of the packaging material such as plastic or glass etc this is being faced by every country globally. The government of various countries are mandating various regulations and restriction regarding the disposal of packaging material which can highly impact the market growth of the fresh food packaging industry. For instance, In Europe, the regulations for plastic landfills are extremely stringent. The European Union expects to achieve ‘zero plastics to landfill’ by the year of 2025.
Another challenge includes the stringent rules and regulations regarding the raw material. Regulations regarding the food packaging to preserve the chemical, sanitary and physical integrity of the contents of the food packaging. For example, in the US, packaging materials that are harmful to health are removed based on analytical chemistry data. According to the European Union (EU), all food packaging materials need to be cleared based on a toxicological evaluation and published regulations, regardless of exposure. Similarly, China's Food Safety Law requires the approval of all food-related products, including food packaging materials.
Packaging
The global fresh food packaging market is expected to augment due to the rise in the consumption of the fresh food products. The demand for the fresh food products are majorly popular in developing countries such as China and India and is expected to grow even further during the forecasted period. After packaging, it takes time for the packaged food to reach the consumers and it might not be fresh and lose its aroma & taste before reaching its destination. To find a solution for this restrain, the industries of food processing are investing in the research and development to introduced new packaging techniques which will aid in increasing the shelf life and maintain the freshness of the contents.
Biosimulation: Computer-Aided Simulation of Biological Process
BlogBiosimulation is referred to as the simulation of the biological process and system by a computer-aided program. It is being extensively adopted for pharmaceutical drug development as a wide application in drug discovery and development. The designed medicine through the simulation is observing its impact on the disease and the body. It is predictive tools which is widely used in the discovery stage to determine the future outcomes of the current experimental trials. Further, there is an increase in investment for research and development which is proving to be the major reason for the growth of the biosimulation market. Simulation Plus acquired Lixoft of Paris in 2020. Lixoft of Paris focus on the designing the software solutions which will help in the reduction of the cost and increasing the rate of the success in the development of the new drug.
However, due to the lack of standardization in the biosimulation in the process of the drug development and discovery and the shortage of skilled labour in the developed countries are expected to restrain the market growth of the biosimulation during the forecasted period.
Some of the players of the biosimulation market are Rhenovia Pharma, Accelrys, Certara, Genedata, Leadscope, Compugen, Archimedes, Simulations Plus Inc., Schrodinger Inc., and Insilico Biotechnology.
The global biosimulation market is estimated to grow at a CAGR of 13.55% to reach US$5,680.595 million in 2026 from US$2,333.475 million in 2019.
Growing Adoption of Biosimulation Software
The regulatory bodies are increasingly adopting the biosimulation software which is expected to drive the market growth. Biosimulation are being widely adopted to assess the disease, model cellular process, and engineer cells. The recent advancement in the biomedical simulation’s development is playing an imperative role in augmenting the overall growth of the biosimulation market. Market players that are operating in the biosimulation market are focusing on enhancing the quality of biosimulation by the introduction of simulation models, leveraging tools and practicing utilization in the software engineering. Model engineering trend have gained the considerable momentum during the past few years and is expected to exhibit impressive growth during the forecasted period. Software engineering is witnessing progress and is expected to largely benefit the development of the biosimulation models in terms of design, construction, error checking, and testing among others.
Market players are expected to address the current underlying issues related to the biosimulation such as reuse, readability and reproducibility. The advancement in the model engineering techniques is expected to play an essential role in the development of the overall biosimulation market during the forecasted period. The increasing demand for the biosimulation market is motivating the major players such as Simulation Plus and Certara to focus on the enhancement of their global presence by adopting inorganic growth strategies.
North America Dominating the Data Monetization Market
The biosimulation market is North America, South America, Europe, Middle East and Africa, Asia Pacific. North America is expected to witness a significant growth in the biosimulation market. The expansion of the pharmaceutical and biotechnology industry, increase in the research and development by the industry of biotechnology and pharmaceutical and the growing use of the personalized medicine are some of the key factors that are driving the market growth of the biosimulation in the region. United States have considerable number of patients in every disease category which is the key reason for the pharmaceutical companies to conduct the clinical trials for the new drug in this region. Moreover, the U.S. Food and Drug Administration (FDA) recommend the simulation process in the drug development and discovery thereby boosting the market growth of the biosimulation in the region. Furthermore, companies involved in the business of delivering biosimulation software and services are expanding their scope in drug discovery and drug development by utilizing advanced tools and better software optimization.
COVID-19 Impact
The biosimulation market faced low impact due to the outbreak of covid-19 and is witnessing growth during the pandemic. Research and development activities are expected to continue during the coronavirus crisis as the medical expert and researchers are exploring the potential of the biosimulation to curb the transmission of the coronavirus. Thus, the demand for the biosimulation solution and platform is expected to witness steady growth during the pandemic. Certara, the global leader in the biosimulation announced its plan in 2020 to develop a new biosimulation platform for Covid-19 vaccines and major enhancement in its immunogenicity and immune-oncology QRS platform. Certara’s mechanistic model helped the researchers to examine how a drug or a biologic is handled by the human body in computer-generated, virtual patients. Schrodinger announced its collaboration agreement with Google Cloud in February 2021. This collaboration will help to accelerate the capacity and speed of capacity of its physics-based computational platform for the discovery of drugs and materials science.
Compound Semiconductors Are Better
BlogThe Compound Semiconductors market is anticipated to grow at CAGR 10.65% and reach a market size worth US$102.764 billion by the end of 2026. The market was valued at US$50.606 billion in 2019. The prime region driving the growth in this market is the surging adoption of compound semiconductors in the consumer electronic and automotive industry.
Compound Semiconductors are semiconductors that are made from more than one element, particular is a combination of more than one element from Group 3 and Group 5 of the periodic table. Efficient compound semiconductors can also form from elements mixture of group 2 and group 6. Group 4 has unique properties that elements within the group have the capability of formation of compound semiconductors. Silicon, germanium, and selenium are examples of semiconductors which are not a compound semiconductor as they are made from fewer elements from the same group (except those from group 4). These semiconductors are widely used across the consumer electronics and automotive sectors. However, the market is constrained by high costs across the complete supply chain owing to complicated systems.
Simple Semiconductors Give Competition to Compound Semiconductors
The compound semiconductor market faces great competition from simple semiconductors, even though they possess more properties that outperform simple semiconductors. Silicon, germanium, and selenium are an example of simple semiconductors which are efficient and lower in cost, as compared with compound semiconductors. Silicon is the 2nd largest available element on Earth, after water, and is found in soil, water, plants, and trees. However, it is not available in pure form. For semiconductors, 99.999% pure silicon is required, which is extracted using processing. Furthermore, since compound semiconductors involve a merger of more than one element from different groups, there are chances and risk of defaults, which constrain the market for them.
Consumer Electronics Segment of the Market Has Huge Growth Potential For Quantum Compound Semiconductors During the Forecasted Period
Based on End-Users Industry, the market for compound semiconductors is segmented as consumer electronics, automotive, energy and power, communication and technology, healthcare, and others. the consumer electronic segment of the market is anticipated to grow the demand for compound semiconductors at an exponential rate during the forecasted period owing to surging demand for their industrial goods. Compound semiconductors have the property of electron mobility, lower power consumption, and significant temperature limits, making them quite useful in electronics and equipment. The consumer electronic industry has realized exponential market demand growth in the past decade with surging demand for advanced products such as smartphones. Research and development have resulted in innovation in the industry and the launch of new products such as smartwatches, smart tabs, smart TVs, health-tracking devices, and others. Moreover, a surge in disposable income, especially in developing nations, along with increased consumer expenditure on the latest electronics has spiked the demand for compound semiconductors to be used in consumer electronics.
Semiconductors facilitate several functions in a vehicle, such as power for battery management, in-car entertainment, and driver assistance, hence having a crucial role in the automobile industry. compound semiconductors are slowly adopted by the automotive industry which is growing at a significant pace. Skyrocketing demand for automotive, especially passenger cars for private and commercial use is boosting the demand for spare parts, including compound semiconductors. The healthcare sector as well is anticipated to contribute considerably to the market growth of compound semiconductors while the energy and power and communication and technology segment provide immense market potential. The telecommunication industry is expected to increase market demand for compound semiconductors with surging usage of smart devices and demand for an advanced network such as the 5G network.
The Atomic Layer Deposition Fabrication Process of Compound Semiconductors Will Grow at a Significant Rate During the Analyzed Period
Based on the fabrication process, the market for semiconductors is fragmented as Hydride Vapor Phase Epitaxy (HVPE), Metalorganic Vapor Phase Epitaxy (MVPE), Atomic layer deposition (ALD), and others. the ALD fabrication process is predicted to grow at a significant rate during the forecasted period while HVPE and MVPE will dominate the market for the fabrication process of compound semiconductors.
The online distribution channel has seen a surge in demand with rising internet penetration across the world. Firms are also launching online channels or selling their products through existing online spaces. Texas Instruments, for example, announced in December 2020 the availability of its high-reliability semiconductor products on the online platform TI.com, facilitating defense and aerospace companies to receive authentic TI products.
Asia Pacific Region Will Outstand the Market and Grow at an Exponential Rate
Based on Geography, the market for compound semiconductors is segmented as North American region, South American region, European region, the Middle East and African region, and the Asia Pacific region. The North American region is predicted to dominate the market during the forecasted period owing to its state-of-art infrastructure and technological advancement. The government as well as supporting the development of infrastructure for better technological penetration. In November 2020, the U.S. government contracted with Qorvo Inc. to develop state-of-art infrastructure for the development of heterogeneously integrated packaging RF production and prototyping center.
The Asia Pacific region, on the other hand, is predicted to grow at the fastest rate during the forecasted period and attain a huge market. the prime reason for market growth is mushrooming consumer electronic and automobile industries in the region demanding more semiconductors for production. The region has also incurred a booming market for consumer electronics with the rise in consumer disposable income. Firms operating in the industry in this area are also strengthening their strategies to incorporate the growing market demand. Toshiba, for instance, merged its two subsidiaries to form Toshiba Electronic Device Solution Corporation for better R&D of its semiconductor business. The market has huge growth potential in the region.
COVID Pandemic Impact
The coronavirus pandemic has a severe impact on the compound semiconductor market which is covered in detail in the analysis report. Nationwide lockdown resulted in a disturbed supply chain and sluggish production, harming the industry significantly.
Connected Logistics Market – Connecting the World
Thought ArticlesThe connected logistics market is estimated to be valued at US$8,669.325 million in 2019.
Connected logistics is defined as an interdependent set of communication devices, joints, and Internet of Things (IoT) technologies that can change the key logistical processes to become more customer-centric by sharing data, information, and facts with the supply chain partners. Increase in the adoption of Internet of Things (IoT) technologies and sensor-based technologies such as RFID in various domains including the Supply Chain Management (SCM) system is expected to boost the connected logistics market in the forecast period. In addition, the decreasing cost of sensors and the requirement of the operational efficiency is further augmenting the connected logistics market during the forecasted period.
The advancing future technologies such as Advanced analytics and Big Data will act as the catalyser for the Logistics 4.0 adoption. The data is collected from the connected and smart supply chain and logistics which can be converted into actionable insights using the Artificial Intelligence systems thus improving the capacity planning.
According to CISCO, the global internet traffic from the non-PC devices was 47% of the total IP traffic in 2019 and is expected to be 71% of the total IP traffic in 2020. In addition, Machine-To-Machine (M2M) connections is expected to be the half of the total connected devices and connections in the world by 2023, thus, there will be 14.7 M2M connections by 2023 from 33% in 2018.
However, the lack of uniform governance standards, logistics security and safety issue and the lack of the data management and interoperability is expected to create a challenge for the market growth of the connected logistics during the forecasted period.
Market Players included in the report of the Connected Logistics Market are Intel Corporation, Losant IoT, Bosch Service Solutions GmbH, SAP SE, E2open, IBM Corporation, Infosys Limited, Freightgate Inc., Agility, and ATT Logistics
Market Size by Region
Global connected logistics on the basis of region is segmented as North America, South America, Europe, Middle East, and Africa, and the Asia Pacific.
North America is expected to hold the major share of the market. This is primarily due to the early adoption of the technology and the presence of the well-established internet infrastructure. North America have adopted connected logistics solutions that leverage advanced technologies such as big data, machine learning, cloud computing, artificial intelligence, and the Internet of Things (IoT). For instance, King County Department of Transportation upgraded to Infor Inc’s asset tracking solutions – CloudSuite EAM in 2019 to efficiently manage 1,500 buses and 171 transit base structures/facilities. The CloudSuite EAM solution is estimated to track 46,988 pieces of in-service equipment which span across multiple divisions and departments. However, due to the outbreak of Covid-19, the government of the United States have shut down all the logistic operation which is negatively impacting the industry. The government is however showing more flexibility towards online assistance and telework which is expected to drive the connected logistics market during the forecasted period.
While Asia Pacific region is expected to witness a rapidly growing CAGR during the forecasted period due to the increasing number of SMEs, increasing expenditure towards setting up the internet infrastructure, booming e-commerce industry, and focusing to develop Internet of Things-enabled solutions for the effective supply chain management. China is the largest e-commerce market globally and the region witness over 50% of the transactions. According to Dezan Shira and Associates, China’s e-commerce market is predicted to be larger than USA, UK, Germany, France, and Japan combined in 2020. China online retail sales reached USD 1.33 trillion in 2018 and is forecasted to reach USD 1.99 trillion by the end of 2019. Growth is majorly attributed to the establishment of a global logistics network and the development in the internet infrastructure.
Market Size by Segment
Connected Logistics Market on the basis of software is segmented as Asset Management, Warehouse IoT, Security, Data Management, Network Management and Streaming Analytics. Walmart is using machine learning, the Internet of Things (IoT), and Big Data to transform its retail operation and apply it to improve the experience of its customers. Walmart was one of the early adopters of RFID tags to track their inventories.
The connected logistics market on the basis of transport is segmented as Roadways, Railways, Airways, and Seaways. Roadway’s segment is expected to hold the largest share of the connected logistics market by basis of transportation and is expected to grow during the forecasted period. This mainly attributed to the rising requirement to organize and manage the flow of the good in distribution, production.
While seaways segment is expected to witness the fastest-growing segment on account of rising the need for the ocean freight solution for the transportation of the frozen cargo.
Market Growth
The increasing applications and adoption of future technologies and the Internet of Things (IoT) by different technologies is expected to increase the market demand of connected technologies. Huawei released the Smart Logistics Solution during MWC 2019 to aid the enterprises in enhancing the efficiency in logistics industry such as in warehousing, transportations, distribution, thus, facilitating agile innovations and achieving digital, intelligent and information-based management. The organisations are increasingly adopting technology-based logistics to increase the efficiency and speed of their transactions. According to the survey conducted by Verizon is 2019, concluded that more than one-third of the fleet managers who do not use the fleet tracking solutions expect an increase in productivity if they implemented the technology. Further, the survey also indicates that over 53% of the companies who make use of the asset tracking solution report the actual productivity increase as most of the respondents to report positive growth in productivity (53% respondents) and compliance (52% respondents).
Intel announced cost-effective internet of things (IoT) solution, the Intel Connected Logistics Platform (Intel CLP) in 2019 that enable the users to monitor the condition of the location and condition of assets throughout the supply chain in any environment.
Active Packaging is Smart Packaging
Thought ArticlesThe global active packaging market is predicted to grow at a CAGR of 6.62% to attain a market size of US$31.924 billion by the end of 2026. This market was worth US$20.386 billion in the year-end 2019. One of the prime reasons driving the growth in this market is its capability of increasing the shelf-life of the product stored inside the package. Active packaging is also considered as smart or intelligent packaging and widely used by numerous industries. It is a packaging system that is developed and coordinated to ensure maintenance and improvement of health and nutrition property, organoleptic properties, and the quality of food packed.
The innovation was a resulted of surging demand for easy-to-cook but fresh semi-prepared food products which saves cooking time. Moreover, hectic lifestyle and level-up standard of livings has originated demand for ready-to-eat and healthy food products having fewer treatments or chemical interference and have a long shelf-life. Active Packaging ensures food limited chemical interaction by increasing the shelf-life using its advanced technology.
Types and Advantage of Active Packaging
There are several types of active packaging based on the system it is used for. With the help of active elements, which are placed in the package, to deliver several operations. These elements are either small packets, envelop or label that are incorporated through extrusion, printing, or lamination, decreasing consumer worry of finding additional objects in the package. Active packaging with temperature systems enables food to be heated or cooled within the package, before serving. Vsteam bags are one such example of active packaging with a temperature control feature. The bag can be directly transferred into the refrigerator or microwave and cool or heat the content by decreasing or increasing the inside temperature. Active packaging having absorption and elimination property has the capability to absorb and eliminate unwanted substances, excess moisture, and taste and smells. The advantage of these packaging includes extended shelf-life without chemical interference. They also facilitate a reduction in food wastage and are biodegradable.
Based on packaging technology, the active packaging market is separated as oxygen scavengers, moisture controllers, antimicrobial agents, UV blocking, and others. UV blocking active packaging technology is predicted to grow at a measurable rate during the forecasted period because of its capability of absorbing excess oils and fats from the stored food, reducing the risk of them oxidizing when exposed to atmospheric temperature or light. It also prevents oxidation of vitamins and colors, being highly efficient at protection at the microbiological level.
Fast-Pacing, Hectic Lifestyle Is Boosting the Disposable Income, Increasing the Demand for Active Packaging For a Better Product Experience
Based on the end-user industry, the global active packaging market is segmented into food, beverage, pharmaceutical and healthcare, electronic application, consumer care, and others. The food and beverage segment of the market is expected to outstand other segments and grow at an exponential rate during the forecasted period. The prime reasons resulting in such immense growth is the rising adoption of active packaging owing to surging demand due to fast-pacing, hectic lifestyle adoption which has significantly increased consumers disposable income and escalating demand for ready-to-eat food and beverages and semi-cooked food products. The food and beverage ecosystem today are far more completed than it was a decade ago. In the past, a straight chain of distribution carried food and beverages from processors to consumers. However, today’s food supply chain is much more complex, involving more agents. Furthermore, with rising internet and technology adoption along with new channels of business, today’s customer is both, the supplier/ restaurant, and the end product consumer. These complex chains require batter packaging so as to ensure healthier food delivery to the final users, significantly surging the usage of active packaging. Since active packaging involves minimal usage of chemicals and stores the food using gases, the food remains fresh and healthy.
Food Supply Chain in Past
Food Supply Chain Today
The Pharmaceutical sector is expected to grow at a considerable rate during the time frame. Rising chronic diseases and adoption of advance packaging method is driving the market growth. Consumers today prefer the sole package of pills, then glass bottles, as they are convenient to carry and helps in keeping a track record of medicine intake. The consumer care fragment will grow at a significant rate with surging use of consumer care products such as face masks, eye masks, feet mask, and others. The global skincare market is booming, with an increasing preference for organic products without chemical interference. Manufacturers in the industry are employing active packaging technology to supply 100% organic products to their consumers. Active Packaging also facilitates a longer life of these organic products. hence the skincare market has significantly increased the market size.
The Asia Pacific Market Is Expected to Grow at the Fastest Growth Rate While the North American Region Will Dominate the Market
Based on Geography, the market for active packaging is segmented into the North American region, South American region, European region, the Middle East and African region, and the Asia Pacific region. The North American region is predicted to dominate the market during the forecasted period owing to the high consumption of ready-to-eat or semi-prepared food and beverages. The pharmaceutical and personal care segment will also boost the market growth. The Asia Pacific market is eyed to grow at the fastest rate during the predicted period. The prime reasons are growing disposable income along with the adoption of package food. The personal and consumer care sector will contribute to significant growth. China is one of the biggest consumers of personal care products. Customers prefer organic products, such as CBD skincare products, over chemical products, increasing the employment of active packaging. Moreover, the booming consumer electronic manufacturing sector creates a huge market potential for active packaging.
Coronavirus Pandemic Insights
The analysis report offered also consist detailed study regarding the effect of the coronavirus pandemic in the packaging industry, noting crucial effects on the active packaging market. The pandemic and lockdown had a severe impact on the active packaging business de to disturbed supply chain and physical shut down, along with travel restrictions.
Technological Advancements Adding More Dimensions to the Teleradiology Industry
BlogTeleradiology helps healthcare professionals to access the patient information irrespective of the distance which improves the diagnostic coverage. The rise in the adoption of teleradiology for timely diagnosis is expected to propel market growth. Clinics and hospitals were expected to be the largest end-users of teleradiology. Further with the advancement of technology and digitalization, the hospitals are further adopting it for automation and digitalization the patient records. The adoption of advanced imaging modalities is expected to improve the workflow of the hospitals and boost the market demand for teleradiology during the forecasted period. The rise in the number of imaging procedures is expected to adopt the teleradiology solution for reliability and efficiency. Teleradiology is adopted by the trained professionals to transmit images such as CTs, MRIs, and X-Rays from one location to another to effectively analyze the case study. Teleradiology is easily available to the rural population.
However, Protecting Access to Medicare Act (PAMA) from January 2020 will require referring providers to consult Appropriate Use Criteria (AUC) using a Clinical Decision Support (CDS) tool when ordering advanced diagnostic imaging services – CT, MR, Nuclear Medicine, and PET – for medical patients. These developments will significantly hamper the growth in the US market.
Some of the players of the teleradiology market are Sectra AB, All-American Teleradiology, Everlight Radiology, StatRad, LLC, 4ways Limited, Task Force Health Care, and Telemedicine Clinic. The teleradiology market is estimated to grow at a CAGR of 13.81% to reach US$9.049 billion in 2026 from US$3.658 billion in 2019.
Market Drivers
The teleradiology market is rising due to emergencies, shortage of healthcare professionals such as musculoskeletal radiology, neurology, and pediatrics, especially during the pandemic. The integration of Artificial Intelligence (AI) into the teleradiology of Picture Archiving and Communication System (PACS) further the rise in the activities of research & development related to eHealth are the key factors that are predicted to boost the market demand for teleradiology solutions during the forecasted period. For instance, HDM world chose RamSoft’s PowerServer PACS for its business model and is expected to increase the safety and safety of the patient data transfer thus allowing quicker diagnosis. Demand for the out of hours reporting is considered a critical application especially in the cases of very serious injury and requires a fast and accurate diagnosis. Because of the lack of on-site radiologists working out of hours, the diagnostic image can be sent externally to the tele radiologists. However, the advancement of technology can have a significant positive impact on teleradiology which will improve the speed, accuracy, and decision support. In November 2020, 4ways has recently invested in a new Interactive Voice Routing telephony system to help them deliver greater efficiency across their urgent services.
North America to Hold the Major Share
The teleradiology market is segmented by region as North America, South America, Europe, Middle East, and Africa, Asia Pacific. North America is projected to hold the largest share of the teleradiology market due to the rising geriatric population, increase in awareness regarding teleradiology among individuals, technological advancement, and the prevalence of high chronic diseases. The region is expected to maintain its dominance during the forecasted period. Further, the supportive initiatives by the government, increase in the demand for efficient teleradiology solutions and developed infrastructure are likely to boost the teleradiology market in this region.
While Europe accounts for a significant share of the market. The rise in the number of awareness programs regarding teleradiology and its application is expected to augment the teleradiology market.
The Teleradiology market is estimated to be driven by the shortage of radiologists in certain regions. According to the Association of American Medical Colleges specialist shortfall will continue to increase and will reach nearly 42,000 by the year 2033. Moreover, in Europe, the UK and Eire have an exceptionally high shortage of radiologists; in the year 2019, there was an estimate of 7 radiologists per 1,00,000 people in the UK and Eire.
COVID-19 Impact
The outbreak of the covid-19 pandemic and subsequent lockdown impacted every industry including the teleradiology market. The teleradiology market has been on the upward trend and is expected to continue to surge during the forecasted period. During the pandemic, the market demand for teleradiology services increased as the lockdown has led to rising dependence on the technology due to work from home and the shift of university and schools online. Teleradiology offered by the providers is flexible, scalable quality with reporting service that can respond to the time constraints, various subspeciality, reporting delivery, and geography constraints. It is expected that post-covid-19 the teleradiology market will witness lucrative growth during the forecasted period as it is estimated that post-crisis teleradiology will be adopted as the daily routine of the radiology services.
Motion Sensor Market – Increases the Standard Of Living
BlogMotion sensor is an electronic device that is used to detect nearby motion with help of sensing technology which is connected to the automated system. It is also used to alert or perform the task depending on the application for which it is used. The emerging trend of smart homes and the number of household applications such as home control and automated lighting control among other applications is further augmenting the market demand. The market of the motion sensors is expected to witness promising growth during the forecasted growth due to the burgeoning investment in the automation solution across various industrial verticals.
The market is witnessing significant growth due to the surge in the demand for wearable devices and smartphones, especially in developing regions. The high demand is encouraging the market players of the motion sensor to invest and focus on the research and development to offer new and enhanced sensor technologies. For instance, TDK corporation introduced InvenSense SmartBug in August 2020 that is integrated with TDK’s six axes IMU with ultrasonic sensors and high-precision algorithms. It can be adopted by consumer and commercial IoT applications.
The motion sensors are ideally suitable for various industrial and scientific applications such as medical research, automotive, and robotics. For instance, Bosch Limited had recently launched a BMA456 accelerometer that includes optimized hearable features which is integrated with one sensor. The sensor can also be used to reduce power consumption and to increase the overall battery life.
Some of the players of the motion sensor market Honeywell International Inc., Microchip Technology Inc., Robert Bosch GmbH, STMicroelectronics, Texas Instruments Incorporated, Analog Devices, Inc., NXP Semiconductors N.V., TDK Corporation, TE Connectivity, and Sensta Technologies, Inc. The global motion sensor market is expected to grow at a compound annual growth rate of 7.42% over the forecast period to reach a market size of US$7.733 billion in 2026 from US$5.034 billion in 2020.
Automobile Segment
The demand for motion sensors is increasing rapidly in the automobile sector because of their extensive usage in the Micro-Electro-Mechanical Systems (MEMS) and the Advanced Driver Assistance Systems (ADAS). The extensive usage of the MEMS technology is resulting in the miniaturization of the motion sensors and can be attributed to the requirement for the detection and prediction of natural calamities including volcanic eruptions and earthquakes. For instance, the State of California has installed an earthquake early warning system that uses motion sensors for the detection of earthquakes. Various applications of motion sensors in the detection of noise, harshness, and vibration indicators are increasing the market demand for motion sensors. MEMS-based motion sensors are also being used in the airbags of various automobile vehicles. For instance, Bosch has already introduced MEMS-based motion sensors to detect any abrupt vehicle deceleration. Thus, the rising awareness for safety and security in automobiles is primarily driving the market of motion sensors. According to World Health Organization (WHO), approximately more than 1.35 million people die in road accidents every year globally and about 50 million people approximately get injured.
Asia Pacific To Grow At Fastest CAGR
Asia Pacific region is projected to grow at the fastest CAGR during the forecasted period. This is majorly attributed to the rapid industrialization, urbanization, and high demand for motion sensors from China, South Korea, India, Japan, and Indonesia. The emergence of the Electronic Vehicles (EV) & 5G and the rise in the manufacturing of electronic devices and equipment such as tablets, smartphones, lighting systems, electronic medical devices, automation equipment, and gaming consoles is augmenting the motion sensor market. For instance, according to the Ministry of Industry and Information Technology China, the number of mobile phone subscriptions per 100 inhabitants in China has increased in comparison to 2018 by 1.96% in 2019. The countries such as Japan and China are regarded as the manufacturing and assembling hubs for the manufactures of consumer electronics such as Sony Corporation and Samsung. Many big enterprises such as Xiaomi and Samsung are investing in the market for sensor technology advancement owing to its adoption of various wearable fitness and health tracking device among various consumers. Xiaomi Corporation launched new motion-activated night light for sale in India in September 2019.
COVID-19 Negative Impact
The outbreak of the Covid-19 pandemic and its subsequent lockdown across the world have impacted every industry majorly due to the disrupted distribution channel. The motion sensor market is expected to be moderately impacted by the pandemic which can be attributed to the halted manufacturing process across the world, unavailability of the raw materials, and disrupted channel of disruptions. Further, the low capital investment and strict regulations mandated by the government have slowed down the market growth of the market. Nevertheless, the rise in the requirement for various consumer electronic devices and medical equipment especially for house security is expected to offset the impact of the pandemic and lead to a gradual increase in the market growth of the motion sensor market. The surging automation and robotics market is further expected to propel the market growth during the forecasted period.
Night Cream – A New Era
BlogThe night cream market was valued at US$14.241 billion in 2019. Consumers are separating the use of cosmetics into daily routine, night routine, and during college or work. The night cream has a light base that provides moisture to the skin before sleeping. The night cream has many benefits for the skin such as moisturizing, providing texture, and anti-aging. These features are attracting consumers especially the generation Z towards the night cream. The demand for the night cream is driven by consumers with oily skin type and other factors include the rising requirement for skin repair solutions, increase in the awareness of maintaining the elasticity of the skin and the increase in the pollution is driving the demand of the night cream market.
Rapid Product Innovation Is Boosting the Demand of the Night Cream Market
The rising expectations of the consumers is motivating the key players of the market to invest in research and development and to offer new products. For instance, The Ozone group in May 2018 announced the offering of the premium range of the skin products, this shows the potential of the market to grow and expand in the forecasted period. The key players of the market are using ingredients such as alcohol, paraben-based preservatives, and artificial dyes which can result in the side effects like rashes and skin irritation. However, the rise in the awareness of the consumer towards the organic product is also propelling the opportunities of the market players to offer and gain a competitive edge over other market players. For instance, Amway Corporation launched new herbal skin products to be sold in India such as day cream, night cream, and face wash. The aim of the players presents in the market to offer potential the market holds is playing a significant role in boosting the night cream market.
The key players of the industry are focusing on solutions that eliminate the toxicity and impurities from the skin. Solutions include offering the night cream that is specific to the requirement of the consumer’s skin condition and issues faced by oily skin, dry skin, combination skin, etc. The key manufacturers of the night cream market such as Estee Lauder, L’Oréal, and Shiseido Co. Ltd., are focusing and prioritizing the innovation of new formulation developments such as emulsion and vesicular delivery system, to gain a competitive edge in the market over others. Most of the companies are focusing on the deep moisturizing applications with anti-wrinkle and anti-aging as they key areas which is expected to boost the market in the forecasted period. Tatcha, LLC, a Japan-based beauty company announced the launch of a luminous night cream with ingredients such as purple rice, hyaluronic acid, and Okinawan algae blend in 2019.
Recent Market Developments
Europe – Key Growth Region
Night creams are rising in demand due to the increase in pollution, increasing awareness of maintaining skin elasticity and rising demand for skin repair solutions. Europe region holds the largest share which is driven by the rise in the demand in the countries such as France, Germany and United Kingdom. For instance, Germany consumes the largest number of personal care and cosmetic products. It is expected to hold a decent share in the night cream market in the forecasted period on account of the presence of the well-established industry and various cosmetic companies such as Beiersdorf AG, L’Oréal SA, Avon Inc. and Shiseido Group across the region. The manufactures in the region are also focusing and innovating the product packaging to expand the usability of the skincare products. The rise in the demand for multi-function products is paving the way for the new entries in the market which is leading to the entry of the new players in Europe regions with their innovative product offerings. The entry of new players and the wide-spread product offering is boosting the demand for the night cream market in the forecasted period.