The rising consumption of sauces, dips, dressings, and condiments had surged the demand for sauces and dips to the US$138.195 billion in 2019. As per our report, the market is predicted to grow at a CAGR of 6.97% and will be worth US$207.049 billion in the year 2025. Sauces have been an inevitable part of many cultures around the world. The Chinese traditional dishes were made with soya sauce, chili sauce, oyster sauce, and fragmented bean paste. The 17Th century American households made sauces using salt, pepper, and vinegar, and this was carried by the European nations post colonialization. The British traditional cuisine included gravy, a sauce for the roasted dish. The French as well used sauces to enhanced taste. The traditional sauces were home-made and were made out of fresh herbs and natural ingredients.
However, with fast pacing life and higher disposable income, processed and packed sauces are preferred and consumed. Owing to their convenience, longer shelf-life, and easy availability, ready-to-eat sauces are preferred over home-made sauces. Moreover, processed sauces come in convenient packagings, such as tetra bottles, making consumption easier. Further, rising health concerns and increasing cross-cultural relations are boosting the market.
Quality and Variety of Sauces and Dips
Many companies are offering a large variety of flavors of sauces and dips. It includes soya sauce, chili sauce, tomato sauce, barbecue sauce, mayonnaise, cooking sauce, and more. With increasing competition and high demand for sauces for all purposes, from cooking to ready to eat, companies are innovating and launching sauces with varied cuisine specific flavors. Veeba, for instance, is a leading Indian sauce brand, has a humongous portfolio of sauces and dips, with and without egg. The brand aims to provide fresh and authentic flavors. KraftHeinz is a global leader with over 40 years of experience in the food and beverage industry. Heinz was the first company to offer Processed BBQ sauce. While Veeba offers cuisine specific BBQ sauces, Hickey Bottom Company offers sauces in Grill, Sweet, Hot, Honey, and smokey flavors. With increasing competition, companies are strategizing to increase their market. This involves mergers, accusations, contracts, and innovation. Heinz company, for example, merged with Top pitmasters to launch 5 new flavors of sauces.
Growth in Demand Due to Rising Health Concerns
The growth in consumption of sauces and dips can also be linked with rising health concerns. With the rise in the standard of living, consumers are becoming more health-conscious and pay to scrutinize attention to their dietary intake. Further, the availability of cheap fitness resources such as Zumba, aerobics, and yoga, along with a surge in gym culture has promoted protein-rich diets such as meat and poultry products, pulses, and others. This has also led to a shift in cooking style for better nutrition retention. The common deep-fried cooking method is scientifically proven to reduce the protein content in food and increase fats and cholesterol in the body. A shift towards smoked or baked cooking involves the usage of sauces to enhance the taste. The Mediterranean cooking style is an example of smoke cooking which though involves time but is much healthier. Further, this style also inculcates the consumption of vegetables that are easy to eat and digest. The smoke, bake, or grilled cooking style cooks the food in raw form and involves sauces and dips for additional flavors and spices.
The growing consumption of meat and poultry products for protein requirements is another source increasing the demand for sauces and dips. Meat and poultry products are often consumed with sauces and dips when grilled or smoked. Hence, the market growth of sauces and dips is also dependent on the growth of the meat industry.
Growing Cross-Cultural Influence
A recent surge in cross-cultural influence as well as a dominating factor leading the growth of this market. Particularly in the Asia region, where these are considered as western culture. Though traditional Chinese cuisine involves the addition of sauces such as soy, chili, and oyster, the western flavors such as mayonnaise, pasta, sour crème, and others are gaining popularity in the Country. Moreover, with emerging of local manufacturers along with the adoption of these sauces and dips in street food further boosting the demand. Further, a fusion of these sauces with local cuisine is gaining popularity.
Furthermore, the growing trend of exploring food along with the rise in tour and travel is an impetus in burgeoning the growth of sauces and dips market. Also, with increasing preferability to ready-to-eat food, the market is predicted to boom more as sauces and dips are consumed along with snacks, appetizers, meal courses, and food dressings.
Growing Hotel, Restaurants, and Cafeterias (HoReCa) Has LED to a Surge in Demand for Sauces and Dips
With the surge in tour and travel and enthusiasm for food exploration, the HoReCa industry is expected to see a surge in demand for quality food with the limited waiting time. Due to fast pacing life, consumers expect quality food been available without much waiting time. The pressure to satisfy their customers has led the industry to depend upon processed sauces and dips to save time. Further, growing dining-out and cafeterias trends require innovation and creativity. Hence firms in this industry are highly dependent on partially processed food, such as sauces, which are used as ingredients for cooking, and dips as sides and dressings. Dominos, for instance, use Veeba’s sauce and dips product range while serving their customer. Veeba also serves Burger King, Café Coffee Day, Taco Bell, PVR Cinema, and others for their processed sauces need. Therefore, an increase in the HoReCa business drives the growth of the sauces and dips market.
Geographical, Distribution, and Pandemic Insights
Geographically, Europe and North America have a significant share of the market. Sauces and dips are widely used in the HoReCa industry and households. The Asian region is also predicted to grow at a significant rate owing to rising disposable income, health concerns, and growing cross-cultural influence. With growing internet penetration and rapid urbanization, the online channel of distribution is expected to experience noteworthy growth. However, the offline retail channel still dominates the market.
The covid pandemic has led to a nation-wide shutdown and disturbance in the supply channel. Also, due to physical lockdowns, the shut of the HoReCa industry had severely affected the sauces and dips industry. However, retailers are moving towards an online channel of sales which can open new opportunities for the market. The market size is expected to contract in short term but restrain to normal levels in the long term.
Breast Imaging Market – Innovations and Awareness
BlogBreast imaging is the radiological technique which uses various technologies for the screening and diagnosing breast cancer and other breast-related diseases in both male and female. These include both non-ionizing and ionizing breast imaging technologies. The rise in the market of breast imaging is mainly driven by the prevalence of the breast cancer in women, investments by the government and others for breast cancer treatment and related research, and the technological advancements in the breast imaging modalities. In addition to this, the rise in the awareness about the breast cancer among the individuals and the companies are helping to spread consciousness about breast cancer and its treatment as a part of Corporate Social Responsibility is aiding in boosting the market growth of the breast imaging market.
The breast imaging market is well-diversified and competitive that had key players dominating the market on account of their core competencies. Some of the players of the breast imaging market include Trivitron Healthcare, CapeRay, Candelis, Inc., Telerad Tech, Hologic, Inc., Koninklijke Philips N.V., Hitachi, Ltd., General Electric Company, Siemens Healthcare Private Limited. The breast imaging market is projected to grow at a CAGR of 8.93% to reach US$10.818 billion by 2025, from US$6.475 billion in 2019.
Advanced technologies are boosting the market growth
Breast imaging market by procedure has been segmented as Screening Mammography, Diagnostic Mammography, Breast Tomosynthesis, Breast Ultrasound, Brest MRIS’s and Others
New innovations in the breast imaging market are propelling the market and are anticipated to show lucrative growth over the forecasted period. Technological advances include digital mammograms, optical imaging, tomosynthesis, electrical impedance imaging, and molecular breast imaging. Government interventions include funding for research and development and awareness programs in the field of breast cancer which are expected the market growth of breast imaging. Besides investment by the government, even foundations are funding in the research and development of the breast cancer. For instance, The National Cancer Institute of the USA had invested approximately $559 million on the breast cancer research in 2013. While in United Kingdom, the government had launched a campaign ‘Be clear on cancer’ in 2013 with an objective of spreading awareness regarding early diagnosis of cancer, preventive measure and risk factors.
New techniques innovated for the breast imaging market are molecular breast imaging (MBI) which is also popularly known as breast-specific gamma imaging (BSGI). The innovation and offerings of new techniques are providing an opportunity for the market players of the breast imaging market to upgrade their product portfolio and offer enhanced machines. These factors are contributing to the market growth of the breast imaging market over the forecasted period.
Geographical Insights
The breast imaging market by region is segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to hold a major share in the market during the forecasted period on account of the rising prevalence of breast cancer and the rising death rate due to the breast cancer in both men and women which is encouraging the market players to increase their investment in research and development for better imaging solutions and to make the consumers regarding the breast cancer, In addition to this, the high adoption of the advanced diagnostic technologies due to the significant per capita annual healthcare expenditure in countries such as USA and Canada, the presence of favorable reimbursement scenario and rapidly expanding geriatric population in the North America with higher prevalence of chronic disorder than the global average are acting as the key factors that is contributing to the growth of the breast imaging market in North America. Whereas, Asia Pacific region is anticipated to witness the fastest growth in the market share in the forecasted period on account on government initiatives and policies to improve the healthcare system and the state of the diagnostic facilities and center which is the governing factors for the market growth of the breast imaging market.
Covid-19 Impact
The outbreak of covid-19 pandemic has affected every industry including the healthcare industry. The pandemic has severely impacted the healthcare industry including breast imaging market as many patients postponed or cancelled their examinations or diagnostics and were only visiting the hospitals when it was absolute necessity due to the fear of getting infected by the coronavirus. Few countries had cancelled breast diagnosis and screening and were only focusing on treating the patients that required more attention. The lockdown was lifted during the last months of 2020 and the activities were resumed then. The laboratories and diagnostic centers had resumed their work with precautions and safety. However, the mammography department are still facing challenges and few centers have launched new diagnosis methods such as tele-mammography consultations. Thus, the outbreak of covid-19 had an immense effect on the breast imaging market.
Agricultural Biologicals Market – Sustainable Products
Thought ArticlesAgricultural biologicals are a distinctive group of natural products such as topical or seed treatment products that are derived from naturally occurring micro-organisms, plant extracts, beneficial insects, and other organic matters. It is the fastest-growing segment in the agricultural input market. Biological farming is an environmentally sustainable and economical agricultural production system that encourages the adoption of safe products for the treatment of the crop. This is accomplished by minimizing the environmentally harmful consequences and by using non-renewable natural resources.
The agricultural biologicals are majorly used for the replacement of the chemicals used in agricultural farming as they are considered relatively safe and not leave the residue on the crop. Besides protecting the crop from pests, weeds, and diseases, it also enhances the overall fertility and productivity of the crops, thereby maintaining the health of the crops. Farmers are increasingly depending on the agricultural biologicals over the synthetic and chemical fertilizers. The market of the agricultural biologicals is driven by the rising pest attacks on the crop plantations. The crops are developing resistance towards some of the products of the plant protection which is positively impacting the market growth of the agricultural biologicals during the forecasted period.
Market Size of the Agriculture Biologicals Market
The rise in the incidence of the pest outbreak in the crops, growing awareness, and surge in the demand for the supreme quality yield from the farm produce, and the development of the pest resistance are some of the primary factors that are augmenting the market growth of the agricultural biologicals market. Chemical fertilizers and pesticides increase the yield at the cost of the quality of the crop. The exploitation of the environment due to the excessive usage of the chemicals is leading to rise in concern regarding the produce harming the health of the consumers is thus positively affecting the market of the agricultural biologicals. Agricultural biologicals don’t contain chemicals and make the yield healthier and more nutritious. The stringent regulations mandated by the agricultural product regulatory organization on the usage of the excessive amount of chemical or synthetic fertilizers and rising investment by the international market players for the development of the crop protection elements and crop nutrition products using natural references are positively impacting the market growth of the agricultural biologicals market. The government of India mandated the purchase of bio-fertilizers in August 2020 along with the purchase of urea. The government regulation states that for each bag of urea purchased, the farmer has to purchase a bag of bio-fertilizer. The intention behind implementing this rule is to encourage the use of biofertilizers over chemical fertilizers. Rising demand for the organically cultivated food products and untapped potential in the emerging market is expected to offer market growth opportunities.
However, the high cost of trials, lack of safety & regulations, low adoption rate and short-life of biopesticides and the technological and environmental constrains regarding the usage of the biologicals is expected to restrain the market growth of the agricultural biologicals.
Market Growth of Agriculture Biologicals Market
The agricultural biologicals market is segmented by application as soil treatment, seed treatment and foliar sprays. Soil Treatment and Foliar Sprays are expected to hold the significant market share on account of awareness and non-technical usage. Seed Treatment segment of the market is also expected to hold a noteworthy share and to increase at considerable rate on account of growing awareness. Further the rising demand for food due to the surge in global population which is resulting in the high demand for high agricultural yield, thus, is positively impacting the market of the agricultural biologicals. As per United Nation Department of Economic and Social Affairs, the global population is projected to reach USD 9.8 Billion by 2050.
On the basis of the region, the agricultural biologicals market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. Asia Pacific is expected to grow at the fastest region during the forecasted period on account of rapid urbanization, population boom, surge in the health concerns and growing industrialization.
Gowan Company announced its acquisition in March 2021 of all the shares of Piemme S.R.L from its shareholders and Giorgio Basile.
The outbreak of the covid-19 pandemic and the subsequent lockdown had impacted every industry. It had a positive impact on the agricultural biological industry. The lockdown and pandemic forced the government globally to scrutinize their rules and policies and to adopt sustainable measures to reduce the human carbon footprint. Further, the raised security and safety standards are encouraging the consumption of natural, healthy, and organic products for the better immunity and health.
Agriculture Biologicals Market
The increase in the crop productivity through eco-friendly substitute to protect with the biodiversity with the changing global climate is expected to augment the market during the forecasted period. Further, the limited availability of the arable land and increasing chemical resistance among the agricultural products is augmenting the market growth of the agricultural biologicals. Usually, Synthetic chemical pesticides were used to enhance the produce of agriculture, however, the chemical resistance against the pesticide in pests is global issue leading to major loss of agricultural produces. Bayer AG announced the launch of Vanity Citrus in March, 2021 that targets citrus farm pests and does not generate resistance or any residue in the harvest or environment. This is shifting the attention of the consumers towards adoption of the biologically produces pesticides and other agricultural biologicals.
Furthermore, the surge in the adoption of the organic farming by both developed and developing regions to reduce the hazardous impact of the chemical fertilizers, pesticides and others are expected to fuel the market growth of the agricultural biologicals during the forecasted period. Increase investment and favourable support by the government is creating new market growth opportunities for the agricultural biologicals market. For instance, Kerala state inaugurated its first bio-fertilizers and organic manure quality control laboratory in Pattambi in October 2020. The laboratory would help the farmers to resolve their issues by regulating their bio-products along with understanding government policies.
Modernizing the furniture market
Thought ArticlesFurniture has wide application in the residential and commercial such as in spa, office, clean room, camping, bedroom, outdoor, parks, library, restaurants among other places. Furniture is highly movable with wide applications and can be customized according to the end-users by machine-based processing or handcrafting. The furniture market is driven by the growing hospitality sectors and infrastructure, other factors include changing preferences of the consumers in the developing economies, growing residential and commercial development, and the growth in the organized retail. The rise in urbanization especially in the developing regions, along with the rising disposable income is leading to change in the lifestyle is adding up to the market growth of the furniture market.
In addition, the growing investment in smart city projects and infrastructural development is leading to increasing in the number of houses and extra spaces for an office. For instance, the Government of India identified 99 cities to be converted into smart cities throughout the country. In the Middle East region, the focus of the government on the growing real estate sector is leading to expansion of the residential and commercial construction activities which is projected to boost the market growth in the forecasted period. Thus, the rapid rise in the construction sector due to the impressive economic growth is expected to boost the demand of house and office furniture. According to the Ministry of Housing and Government Affairs, the number of new construction of housing units in India reached 182,861 by 2018 from 125,551 units in 2015.
The manufactures of the furniture market is innovating the market considering various factors such as consumer income, fluctuating urban landscapes, shifting lifestyles and economic factors. However, the lack of skilled labour, the growing cost of production, and cumulative growth of the market is pose a significant challenge and to hinder the market growth of the furniture market.
Market Size of the Furniture Market
The furniture market is highly fragmented on account of various market player in both international and regional players. The booming of the real estate industry is driving the global furniture market, in addition, the increase in the investments by the government in the infrastructural development of the residential and commercial is boosting the demand. There is an increase in the disposable income which is influencing the consumers to increase their expenditure on the furniture to raise their standard of living. The consumers are trying to meet the market trends by demanding innovative furniture that also functions in the save of the space this further impelling the sale of the branded furniture items in the furniture market. The rising construction due to increasing demand for commercial and residential spaces along with the increase in the middle-class income and government investment in the infrastructure development is among the key factors that will further improve the market size of the furniture market. The increasing number of strategic alliances and partnerships are expected to drive the market growth of furniture market.
The furniture market is continual striving to advance and present the products that will appeal to variety of lifestyle of the consumers globally. The integration of the internet of things in the furniture has substantially reduce the cost of the furniture which is revolutionizing the furniture market. The development and offering of the automated manufacturing system are expected to have a significant impact on the furniture market in the forecasted period. However, the low-cost furniture is also boosting the market growth of the market and the producers of the low-cost furniture such as Vietnam and China are contributing to the growth.
The market in Asia Pacific are experiencing a significant structural revolution due to the factors such as declining tariffs, penetration in the developing economies, expansion of the leading retail chains internationally and the partnerships between the foreign suppliers and large-scale distributors along with improvements in infrastructure and logistics, consequent growth in the demand of the low-price items and the receding per capita expenditure in the developed economies especially during and post-recession. Many key players are launching their own online platform and entering in the partnership with the online retail store to strengthen the network of distribution.
Market Growth of Furniture Market
The market of furniture is driven by the factors such as the growth of the real estate & hospitality industries, rise in the disposable income, and the demand for the premium and luxury furniture from the certain consumer sections. The significant rise in the number of industries, offices, and houses is boosting the market of furniture in the forecasted period. The government is also investing in various countries for the movement towards smart cities. For instance, the government in China has announced an investment of around US$255 billion in 2018 for its Shantytown Redevelopment Project for 6 million housing units. Additionally, in the Middle East, the government policies aimed towards infrastructural development such as the Saudi Vision 2030, UAE Vision 2021, and UAE Vision 2023 in which construction of metros, new hotels and airports is expected to impact the market growth in the forecasted period. The construction and architectural firms in the endeavours are using wooden framing as the environmental-friendly materials to build a ‘Green Building’. Other factors contributing to the market growth include rising disposable income, change in the lifestyle and the expansion of the construction sector. Asia Pacific region is expected to dominate the market of furniture during the forecasted period on account of rapid expansion of the furniture market and the growing per capita income with the presence of developing countries such as India, China and Japan are expected to offer significant market opportunities in the forecasted period. Further, the rise in the travel and tourism sector globally is leading to the construction of airports and new hotels which is expected to supplement the furniture market in the forecasted period.
Furniture Industry
Furniture supports basic everyday functions such as sitting, eating, and sleeping, currently the furniture is being modernized and is customised to match the consumers’ needs and is considered as an essential element for home décor. Furniture are widely used in spa, office, clean rooms, camping, bedroom, outdoor, laboratories, and many more places. The furniture market is shifted to the online channels of distribution, for instance, Pepperfry, Urban Ladder, and FabFurnish, Flipkart are some of the popular online platforms for the purchase of furniture.
The introduction of new species of wood tree used for the manufacturing of the furniture is expected to contribute to the market growth of the furniture globally. The manufactures are continual innovating the furniture to match the expectations by offering a variety of products that matches the preference and taste of the consumers and to capture the market share of the furniture market. The manufactures of the furniture market are trying to meet the rising demand for the multi-functional furniture with various features including a maximum storage facility, stylish design, various storage facility and innovative designs for space-saving is changing the furniture market and is expected to drive the furniture market in the forecasted period.
Ready-To-Assemble (RTA) furniture is flat-pack furniture which is not assembled by the manufactures and is delivered to the consumers in parts with the instruction manual for the assembling of the furniture. It is gaining traction especially among the homeowners and renters on account of its lower cost and compact designs. Rise in the disposable income is leading to the increasing brand consciousness and expenditure on the furniture goods especially with the aim for home décor are supporting the market growth of the furniture market.
Green Cement Market – A Step Towards Sustainability
BlogGreen cement is defined as the form of concrete or cement that is formed to reduce the carbon footprint during the manufacturing process. There has been rise in the awareness about the environment and the consumers are preferring to consume goods that is manufactured with a less global footprint which is driving the demand for the green cement market. The green cement is expected to foresee tremendous revenue growth during the forecasted period owing to the increase in the awareness regarding the use and benefit of the eco-friendly raw material in the construction. Green cement is available by the types of granulated blast furnace slag, recycled aggregates, fly ash-based and others. It is estimated that on average, a single ton of traditional cement releases approximately more than 5% of the total man-made carbon emission globally. The rise in urbanization is leading to the upsurge in the construction activities and the consumers are widely preferring the green building initiatives which is positively influencing the green cement outlook over the forecasted period. The global green cement market is expected to grow at a compound annual growth rate of 11.79% over the forecast period to reach a market size of US$40.916 billion in 2026 from US$20.962 billion in 2020.
Environmental Awareness Boosting the Market Growth
The manufacture using ordinary Portland cement (OPC) are causing 5% to 10% carbon dioxide emissions as it contains toxic ingredients such as chromium and silica. Whereas, the green cement is reducing the carbon footprint by more than half during the manufacturing process and it also uses less water compared to ordinary cement. The rise in the awareness of the environment hazards of OPC production as it requires high temperature for the kiln operation and rising concern for the environment sustainability is driving the market growth of the green cement market. OPC production emits a high volume of greenhouse gas and carbon dioxide which changing the preference of the government, consumers, builders and architects to greener solutions as an important step to tackle the threat of climate change.
Green Cement are widely applicable in commercial, industrial, and residential areas. Due to these reasons, the demand for the green cement is increasing and it is leading to the market growth. European Union during the European Green deal introduced an action plan to convert the environmental and climate challenges to opportunities for making the economy sustainable. This plan included buildings and constructions to make them more energy-efficient. This deal created an opportunity for the green cement and it expected to boost the demand of the green cement during the forecasted period.
Geographical Insights
Green cement by region is segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America holds a major share in the green cement market due to the burgeoning investment by the major countries such as Canada, USA and others in the green building construction. For instance, United States Environment Protection Agency (EPA) has set strict regulations regarding the reduction of the greenhouse gases emission which is boosting the market growth of the green cement. Whereas, the phenomenal demand across the Europe region was due to the regulations imposed by the local government and the European Union regarding the carbon emission and the tension related to the taxes on the industrial demand. However, Asia Pacific is anticipated to surpass the Europe during the forecasted period on account of the growing construction activity, the rising investment in the green building, and the government initiatives to control the carbon emission is motivating the consumers to take up the green building initiatives and create sustainable living space.
Covid-19 Impact
The outbreak of the Covid-19 pandemic has negatively impacted all industries including the green cement industry. The demand for green cement contracted due to the lockdown globally. To curb the spread of the virus, the lockdown was imposed globally and which also led to the shutdown of the construction and related work which further affected the green cement market growth. However, in the long run, the green cement market is expected to grow due to the rising environmental concerns and the need for sustainability. The steps are being taken to reduce the carbon footprint which is giving the green cement market an opportunity to revive and reach the pre-pandemic growth. For instance, the government in Singapore has set a target to convert 80% of the buildings to green buildings by 2030.
Embedded System Security: A Necessity
Thought ArticlesThe global embedded security market is estimated to reach a market size of US$5,633 billion by the end of 2026. Embedded systems are a complex combination of computer memory, a computer processor, and input/ output devices, which are embedded into parts of electrical, electronic hardware, and mechanical devices. Most of the embedded systems are often based on microcontrollers, however, microprocessors are also common, particularly in complex systems. Since these systems are task-specific, engineers can optimize the technology to reduce the size, increase reliability, better performance efficiency, and reduce the cost of the product. Further, mass production of chips helps in driving benefit from economies of scale.
The development of microprocessors and microcontrollers was initiated by the invention of MOS integrated circuits in the early 1960s. the inculcation of MOS chips in computers began with the recognition of the ability of several MOS LIS chips to contain complete computer processor systems. Four-Phase system AL1, in 1969, and Garrett AiResearch MP944, in 1970, were World’s first multi-chip microprocessors developed by MOS LSI chips. Also, Intel 404 was World’s first single-chip processor, launched in 1971.
However, these embedded systems are vulnerable to attacks and breaches. These systems store crucial information, which may result in exploitation if it falls into the wrong hand. Moreover, a hacker can monitor the device of the users if he/ she is able to successfully hack the embedded system. Hence, the security of embedded systems becomes important, resulting in driving the market growth.
Critical Challenges Faced by Embedded Systems Security
While technological advancement is making the embedded systems more efficient, including smaller size and ability to increase their functionality, the security of embedded systems is often neglected. The assumption of no threat to embedded devices from cyberattacks and hacking along with the blind trust that encryption and authentication provide enough security, has further threatened the embedded systems. Such assumption led to a breach in the TJX credit card system, resulting in compromising 94 million credit and debit card numbers, over a period of 18 months. On investigation, the insecure wireless network connection was found to be the prime reason facilitating this bleach. Another example is Rebug, which is a custom firmware for Sony PlayStation, which got access to the developer-only network, allowing illegal operations.
Above these assumptions, embedded systems are not regularly updated for security. Post-installation. Embedded devices are not updated for security, for years. Furthermore, these systems lack the automated capability to allow the firmware update. Also, these devices are vulnerable to attack replication. Since embedded devices are produced in mass, having the same design and built, a single device hack will give access to all other devices produced in the lot. The major threat faced by embedded system security is from cyber-attack. Embedded devices are installed in many crucial devices such as communication systems. Cyber-attacks can result in an interruption in functioning, having catastrophic consequences. These embedded devices have a longer life, that may outspan the life of the device they are installed in. While firewalls can save the manufacturing firm from enterprise-specific threats, but security against industrial protocol attacks is a major concern. Also, since embedded devices are manufactured outside enterprise security premises, these may be directly connected to the internet, without any security layers. Such practices/ manufacturing process endangers the data of the device, in which these embedded systems are used, hence requiring the need for strong security systems to deal with them. These security concerns are a major reason for the non-adoption of IoT, as per IoT industry leaders. Hence the market size of embedded security systems is anticipated to grow for securer means.
Cyber-Attack: A Major Threat to Economies
Rising cybercrime concerns the governments around the world, as cyber-attacks and cybercrime result in robust losses for the economy. A report by McAfee Corp., published in the year 2014, states that global economic loss caused by cybercrime was worth US $445 billion. It includes a US $1,5 billion loss owing to online debit and credit card fraud, in the US. Another study, conducted by the Center for Strategic and International Studies (CSIS), observes that around 1 percent of global GDP, roughly accounting for around the US $600 billion, was lost due to cybercrime, in the year ending 2018. Cybercrime also severely affects the attacked companies, resulting in a huge loss caused due to loss of brand name, reduction in customer base, penalties, and other legal fees.
Information and Communication Technology (ICT) to Hold a Significant Share of the Market
As per the report, the ICT segment is anticipated to hold a significant share of the embedded security market. the key reason behind ICT’s major role is the sensitivity of data and information in the industry. The Automotive sector will also hold a noteworthy share in the market with an increasing number of connected cars. Moreover, strict regulation such as the Security and Privacy in Your (SPY) Car Act unfolds new opportunities in the market. the SPY Act which was passed by US legislation in 2015, mandates the installation of software systems to safeguard the vehicle from hacking. Consumer Electronics, manufacture, and healthcare sectors are also predicted to grow at a significant rate owing to rising technological adoption in the sectors. Companies, in the security industry, are developing better systems to ensure the security of embedded systems. IKV, for instance, launched software-based security systems that use Intrinsic ID’s BroadKey, specially designed for IoT security solutions. This updated security system enables manufacturers to secure their devices using a unique identity, which is generated internally.
The North American Region of Us and Canada Is Estimated to Dominate the Market
The reports predict that the North American region will keep on growing at a significant rate in the forecasted period. The prime reason for this steady growth is favorable government regulation along with the region's start-of-art infrastructure, especially in the US. In 2019, the state government allotted us$15 billion for developing cyber-attack prevention and other cyber threat prevention activities. The US$32.4 million was sanctioned for the research and development of advanced security systems for airports and airways. The Canadian government budgeted US$145 million to safeguard from cyber-attacks, which will further increase the market for embedded security systems.
The Asia Pacific region will grow at a notable rate owing to rising cybercrime in the region. China and India are the first and third most cybercrime episodes countries in the world. Further, rising internet penetration in the region increases threats of cybercrime along with various advantages.
New Era of Advertisement In-Game Advertisement Market
Thought ArticlesAdvertising is an indispensable pillar of marketing and an interactive approach that aids the company in efficiently communicating with its target audience. The medium of advertisement is continuously evolving and has undergone a significant change according to the advertising trend, market trends, and customer preferences. The current trend is projected to change. Online advertising (through social media advertising and video and audio sharing sites) has gained traction due to the wide use of the internet especially by the millennials for surfing and other purposes. Similarly, in-game advertising has gained momentum in the advertisement market.
Growth in the adoption of gaming as entertainment by the consumers especially the millennials is shifting the advertisement trend towards the adoption of in-game advertisement. The in-game advertisement is the way of promotion of products and services via video games. The advancement of technology, the number of video games, and the players has increased which is one of the prime factors of driving the market growth of the in-game advertisement in the forecasted period. The popularity and increase in the demand for the games and number of the game players makes the games as the attractive platform for the advertisement and promotion of their product, service, brand or concepts. It is referred to as the monetization strategy that is adopted by the game developers to boost the revenue of the game and game developers. Advertisers pay and have their product or service featured in the video games.
Market Size of the In-Game Advertisement Market
The in-game advertisement can be integrated in to the game either by the display in the background, for instance, the commercial or billboard that displays during the time when the game loads or it can be highly integrated in the game that advertisement needs to be played or displayed to continue the game or it can be advertised during the cutscenes. The rapid growth of the technology is increasing the number of games and game players. The booming investments by the number of telecom providers in 5G technology is leading to the upsurge in the game players and in the adoption of games that require high internet requirement and this is expected to boost the market growth of in-game advertisement. The high availability of games especially due to the online multiplayer games feature is increasing the adoption of the games and the number of game players.
The games industry is also investing in the research and development and is offering various game features such as high graphic resolution, location-based games which is the prime factor of increase in the penetration of the video games among the consumers and is also propelling the in-game advertisement market. The main advantage of the in-game advertisement over the traditional is that the consumers are unlikely to multitask along with other media which playing the game, in-game platform has more opportunity that the players will pay attention to the advertisement. There are several types of in-game advertisement but the most popular and recent is the dynamic in-game advertisement that enable the advertiser to immerse into 3D game setting with the aid of virtual objects such as bus stops, billboards or posters. This is highly popular among the consumers due to its ease of planning and launch of advertisement campaign.
Market Growth of In-Game Advertisement Market
The technological developments in the internet along with the increasing commercial use is leading to rapid growth of the internet users globally. This have initialised in the expansion of the online advertisement platform and is innovating the market by offering different variety of advertising, new business models, market levels and players. The companies are preferring in-game advertisement over the traditional method due to its several benefits such as wide application, higher return on investment and more customer engagement with brand loyalty among other factors. The consumers are widely preferring the smartphone devices over the PCs or desktops due to convenience and portability, thus the operation in the mobile platforms is expected to grow lucratively. The market is introducing new platform and formats, for instance the video marketing is increasing, the six-second ad is increasingly gaining popularity. According to the study conducted by HubSpot in 2017, 54% of people wanted to see more video content from a brand they support and are 85% more likely to purchase after viewing a product video.
The increase in the connectivity of internet along with the bandwidth is expanding the use of the dynamic in-game advertisement type that allow the game developers or the advertisers to deliver globally but they target the advertisements based on the local companies and time. For instance, Kabam develops the game which are appealing for the APAC region and the marketing strategy focuses on local partners like local or regional ad networks, agencies or publishers to strengthen the network.
Advertisement Industry
The outbreak of Covid-19 and imposition of lockdown globally had increased our dependence on the technology and the average time spent in smartphone devices, laptops increased which also led to rise in the popularity of games. In addition, the growing penetration of smartphone users due to the rising disposable income and high internet speed gave the growth opportunity for the in-game advertisement. This was noticed in the developing regions such as the Middle East, South Korea and India where along with the rise in the internet and smartphone access, the time spent by the players especially the younger population on the smartphone and other devices also increased, this holds significant potential for the expansion of in-game advertisement. The growth in the adoption of gaming as the means of entertainment especially by the millennial player is shifting the trend from traditional advertisement to in-game promotions as the advertisement played during the games have long-lasting impression on the viewers with the rise in the brand loyalty.
Additionally, the in-game advertisement is considered cheaper than other advertisement means and have higher conversion rates giving high return on investment which acts as the key driver in propelling the adoption of in-game advertisement. The advertisement during the games is non-interrupting and allows the game players to seamlessly play their games without any disturbance. These factors are expected to foster the growth of in-game advertisement market during the forecasted period. The key players in the market are increasing their investment in research and development to develop games that focuses in specific region and meets the requirements which is anticipated to positively impact the in-game advertisement market in the forecasted period. However, the higher preference and popularity for other forms of mediums of advertisement is hindering the growth of the market as many of the advertisers do not consider in-game advertisements as a viable advertising medium due to difficulties in measuring the effectiveness despite the availability of GamePlay Metrics and uncertainty about the viewers and long development cycle.
Technology Integration in Smart Hospitality. Positive or Negative?
Thought ArticlesThe rise in the up-gradation of technology and rising internet penetration is transforming the hospitality smart to technology-driven market. Smart Hospitality refers to the integration of technology such as automated software and smart solutions for hospitality on account of the usage of social media, implementation of smart appliances, marketing automation, and cloud-based services. Smart hospitality aid in reducing the cost and gives a unique and memorable experience to the guest which motivates them to visit again.
Smart hospitality is transforming the infrastructure of the hotels, cruises, other business hotels, and resorts by installing smart technologies with the aim to enhance the offerings and it is being adopted extensively on the global scale. The smart hospitality solutions adopted by the hospitality management include contact center, automated lighting management, room automation, video integration, and other services which enhance the guest experience that boosts the revenue of the hospitality sector. The inclusion of smart technologies in their hospitality sector is allowing the hospitality sector to provide better and quality services to their guests and clients as they are improving the operational efficiency of the hotel staff and reducing human error by moving freely and provide quick customer service to the guest. Smart hospitality management solutions are turning to be a boon to the hospitality sector as they improve the guest experience and increase loyalty.
Nevertheless, smart hospitality is experiencing restraints such as high initial cost of deployment, limited availability of technically skilled personnel, and integration complexity over the legacy systems and networks, these restraints are hampering the growth of the smart hospitality market. Another major challenge faced by the smart hospitality market is the security threat as the hospitality sector stores the personal information of their guest which increases the risk during the security breach.
Market Size of the Smart Hospitality Market
Smart Hospitality Market offers software and service to the end-user such as hotels, restaurants, and resorts & spas. The growing inclination of the industry towards the Internet of Things is encouraging the hospitality sector to offer guests smart solutions with the aid of digital technology. The number of contractors teaming up with different tech firms to build smarter hotels that are cost-effective and saves time. The rising demand for the smart hospitality market is allowing the hospitality sector to provide excellent customer service. Many players of the hospitality sector are entering the market with the aim of enhancing the experience of the guests. For instance, InterContinental Hotels Group in August 2019, announced the expansion of Avid Hotel brands that will include 95 rooms that will be designed with the latest technology such as for entertainment, ordering high-quality breakfast, to give the guest a unique and quality experience to the guests.
The expansion in the adoption of smart hospitality solutions and the advancement of technology by hotels is driving the smart hospitality market. The demand for real-time optimized guest experience management is increasing which is positively impacting the smart hospitality market growth. For instance, the guest in various hotels is using their smartphones to control the environment of the room by giving them access to the window blinds, room temperature among others. The deployment model segment of the smart hospitality market includes Cloud and On-Premise. The hospitality sector is increasingly using on-premise and cloud for the purpose of better managing the hotel resources and improving the hospitality services. where the growing use of cloud computing across the hospitality sector is one of the key factors for the market growth of smart hospitality.
Market Growth of Smart Hospitality Market
Smart hospitality solutions are widely adopted by the hospitality industry due to their benefits in serving the guests as they assist the guests of the hotels in conferences, conducting meetings,s and also aids in connecting with the associates globally. This is enhancing the experience of the guests and motivates them to return to the hotel again. The solutions also help the hotels with easy check-in options, room selection, room service, and comfortable stay. The players of the market are realizing the benefits of smart hospitality solutions and are adopting in their hotels. The global chain of hotels is increasingly investing in smart hospitality solutions with the aim of enhancing the satisfaction and experience of the consumers, in addition to this, they are cost-effective and generate more revenue. The smart hospitality solution allows an energy-efficient management system as the growing concerns regarding the environmental and rising focus of CSR among the hotel companies is also motivating the hospitality sector to adopt smart hospitality solutions. Market players in the global smart hospitality market are adopting various strategies to capture the market share. For instance, SG Developers announced the acquisition of IIPL in August 2019 with the purpose to develop smart solutions using technology, to expand the research and development capabilities, and develop next-generation and smart solution products for the hospitality industry.
The booming of the travel and tourism industry is leading to the upsurge of the smart hospitality market growth globally. According to the World Bank Data, the arrival of international tourists across the world has increased to 1,442 million in 2018 from 911.85 million in 2009. Which is further motivating the market players of the hospitality sector to use smart solutions in hospitality services to the guests
Hospitality Industry
The innovative smart hospitality allows the guest to easily check-in options, room selection & service thus the demand for smart hospitality is boosting to serve the consumers with aim of enhancing the experience and satisfaction. In 2019, InterContinental Shenzhen, Huawei, and Telecom signed a strategic cooperation agreement for the innovation of the world’s first 5G smart hotel. The increasing disposable income is improving the lifestyle of the consumers which is leading to rising in the demand for resorts and spas which aids them in earning more revenue. The increase in up-gradation of technology and increasing penetration is driving the smart hospitality market adoption in various sectors of hospitality. Other factors include the usage of the Internet of Things and smart applications, web-based remote management, real-time HVAC control, and usage of wireless communication devices. The smart hotel industry aids in emergency management response systems, water management, parking management, building energy management, and security management which allows the hotels to reduce cost and save time, thus positively impacts the smart hospitality market.
However, the outbreak of the Covid-19 pandemic has been severely impacting the travel and tourism industry thus, the smart hospitality market due to the lockdown globally led to travel restrictions, and the industry was impacted. This led to the restriction in the growth of the smart hospitality market as the shutdown of the hospitality sector and loss made the installation and the maintenance of the smart hospitality solutions expensive.
Rising Sauces and Dips Consumption
Thought ArticlesThe rising consumption of sauces, dips, dressings, and condiments had surged the demand for sauces and dips to the US$138.195 billion in 2019. As per our report, the market is predicted to grow at a CAGR of 6.97% and will be worth US$207.049 billion in the year 2025. Sauces have been an inevitable part of many cultures around the world. The Chinese traditional dishes were made with soya sauce, chili sauce, oyster sauce, and fragmented bean paste. The 17Th century American households made sauces using salt, pepper, and vinegar, and this was carried by the European nations post colonialization. The British traditional cuisine included gravy, a sauce for the roasted dish. The French as well used sauces to enhanced taste. The traditional sauces were home-made and were made out of fresh herbs and natural ingredients.
However, with fast pacing life and higher disposable income, processed and packed sauces are preferred and consumed. Owing to their convenience, longer shelf-life, and easy availability, ready-to-eat sauces are preferred over home-made sauces. Moreover, processed sauces come in convenient packagings, such as tetra bottles, making consumption easier. Further, rising health concerns and increasing cross-cultural relations are boosting the market.
Quality and Variety of Sauces and Dips
Many companies are offering a large variety of flavors of sauces and dips. It includes soya sauce, chili sauce, tomato sauce, barbecue sauce, mayonnaise, cooking sauce, and more. With increasing competition and high demand for sauces for all purposes, from cooking to ready to eat, companies are innovating and launching sauces with varied cuisine specific flavors. Veeba, for instance, is a leading Indian sauce brand, has a humongous portfolio of sauces and dips, with and without egg. The brand aims to provide fresh and authentic flavors. KraftHeinz is a global leader with over 40 years of experience in the food and beverage industry. Heinz was the first company to offer Processed BBQ sauce. While Veeba offers cuisine specific BBQ sauces, Hickey Bottom Company offers sauces in Grill, Sweet, Hot, Honey, and smokey flavors. With increasing competition, companies are strategizing to increase their market. This involves mergers, accusations, contracts, and innovation. Heinz company, for example, merged with Top pitmasters to launch 5 new flavors of sauces.
Growth in Demand Due to Rising Health Concerns
The growth in consumption of sauces and dips can also be linked with rising health concerns. With the rise in the standard of living, consumers are becoming more health-conscious and pay to scrutinize attention to their dietary intake. Further, the availability of cheap fitness resources such as Zumba, aerobics, and yoga, along with a surge in gym culture has promoted protein-rich diets such as meat and poultry products, pulses, and others. This has also led to a shift in cooking style for better nutrition retention. The common deep-fried cooking method is scientifically proven to reduce the protein content in food and increase fats and cholesterol in the body. A shift towards smoked or baked cooking involves the usage of sauces to enhance the taste. The Mediterranean cooking style is an example of smoke cooking which though involves time but is much healthier. Further, this style also inculcates the consumption of vegetables that are easy to eat and digest. The smoke, bake, or grilled cooking style cooks the food in raw form and involves sauces and dips for additional flavors and spices.
The growing consumption of meat and poultry products for protein requirements is another source increasing the demand for sauces and dips. Meat and poultry products are often consumed with sauces and dips when grilled or smoked. Hence, the market growth of sauces and dips is also dependent on the growth of the meat industry.
Growing Cross-Cultural Influence
A recent surge in cross-cultural influence as well as a dominating factor leading the growth of this market. Particularly in the Asia region, where these are considered as western culture. Though traditional Chinese cuisine involves the addition of sauces such as soy, chili, and oyster, the western flavors such as mayonnaise, pasta, sour crème, and others are gaining popularity in the Country. Moreover, with emerging of local manufacturers along with the adoption of these sauces and dips in street food further boosting the demand. Further, a fusion of these sauces with local cuisine is gaining popularity.
Furthermore, the growing trend of exploring food along with the rise in tour and travel is an impetus in burgeoning the growth of sauces and dips market. Also, with increasing preferability to ready-to-eat food, the market is predicted to boom more as sauces and dips are consumed along with snacks, appetizers, meal courses, and food dressings.
Growing Hotel, Restaurants, and Cafeterias (HoReCa) Has LED to a Surge in Demand for Sauces and Dips
With the surge in tour and travel and enthusiasm for food exploration, the HoReCa industry is expected to see a surge in demand for quality food with the limited waiting time. Due to fast pacing life, consumers expect quality food been available without much waiting time. The pressure to satisfy their customers has led the industry to depend upon processed sauces and dips to save time. Further, growing dining-out and cafeterias trends require innovation and creativity. Hence firms in this industry are highly dependent on partially processed food, such as sauces, which are used as ingredients for cooking, and dips as sides and dressings. Dominos, for instance, use Veeba’s sauce and dips product range while serving their customer. Veeba also serves Burger King, Café Coffee Day, Taco Bell, PVR Cinema, and others for their processed sauces need. Therefore, an increase in the HoReCa business drives the growth of the sauces and dips market.
Geographical, Distribution, and Pandemic Insights
Geographically, Europe and North America have a significant share of the market. Sauces and dips are widely used in the HoReCa industry and households. The Asian region is also predicted to grow at a significant rate owing to rising disposable income, health concerns, and growing cross-cultural influence. With growing internet penetration and rapid urbanization, the online channel of distribution is expected to experience noteworthy growth. However, the offline retail channel still dominates the market.
The covid pandemic has led to a nation-wide shutdown and disturbance in the supply channel. Also, due to physical lockdowns, the shut of the HoReCa industry had severely affected the sauces and dips industry. However, retailers are moving towards an online channel of sales which can open new opportunities for the market. The market size is expected to contract in short term but restrain to normal levels in the long term.
Going Green With Green Cement
Thought ArticlesThe Green Cement is a revolutionary initiative to reduce the carbon footprint of the world. The Cement Industry, alone, is responsible for the emission of around 5% of global carbon-dioxide gas, one of the prime gasses causing global warming. As per a study by Columbia University Earth Institute, concrete, made up of cement, is World’s second most consumed substance, post water. the study further states that the average annual growth on concrete is 2.5%, and at this rate annual production will rise to 4.4 billion by end of 2050. It also shows average annual per-person consumption is 3 tons.
Production of Cement leads to both, the direct and indirect release of greenhouse gasses. Limestone heating, burning of fossil fuels, and heating of kiln, all are crucial steps to produce cement and involves the emission of C02 gas in abundance. Green cement, on the other hand, is a substitute for original cement with additional features of less energy consumption and be more environmentally friendly. Hence, green cement is a better and greener alternative to ordinary cement.
Ordinary Cement and Environmental Threat
Ordinary Cement leads to the emission of an enormous amount of CO2 gas. The process of calcination, breakdown of limestone’s calcium carbonate into calcium oxide, and carbon-di-oxide, alone results in 50% emission of CO2 directly in the atmosphere, of the industry. The burning of fossil fuel to heat Kilns further adds to the account of CO2 production. CO2 is a greenhouse gas, which heats the Earth’s temperature as a result of the absorption and emission of radiant energy.
Increasing human carbon footprint in the world has severely threatened the existence of species on Earth. The Paris climate agreement aims to indulge countries in a pledge to decrease the global temperature rise below 2 degrees Celsius. Further, the agreement also plans to halt the burning and usage of fossil fuels before 2050. Moreover, the agreement involves each country to sustainably manage forests and their enhancement. The rising world population is another threat to the environment.
Green Cement Features
Green Cement is a reliable and sustainable solution for any ordinary cement. Initially produced in Denmark, this cement lasts longer. Furthermore, concrete made of green cement, generally referred to as green concrete, is non-corrosive. This means structure made out of this cement withstand pollution and longer life. Green cement also has fire-resistance property. The study claims that green concrete can survive as high as 2400 F temperature.
Green cement also requires less energy. Particularly, fly-ash based cement which is a byproduct of another industrial product. Further, owing to its temperature resistance property, green cement also reduces the cost of temperature regulators for the inhabitants. Of all, green cement reduces CO2 emission of the cement industry. Research shows that the production of green cement reduces CO2 emission by about 80%. Moreover, the adaptability of green cement to be used in the construction of buildings, roads, bridges, and others makes it a more appealing alternative.
Residential Use Dominates the Demand for Green Cement
It is predicted that demand for green cement for the construction of residential buildings dominates the market and is expected to rise at exponential growth. The increasing World’s population is the prime reason behind the surge in this demand. As per a report by the United Nations, the world population will rise to 9.8 billion by the year 2050. Also, India and China will be the leading countries contributing to this population. Thus, leading to surging in need for residential buildings for habitation. Growing disposable income and reduced borrowing costs will further drive the demand for residential buildings.
Along with the growing population and want for a residential location, the need for commercial structures, such as educational institutes and healthcare centers, will drive the demand for green cement in the commercial sector. The industrial sector, as well, is anticipated to show a noteworthy growth in the predicted timeframe.
Fly-Ash Based Green Cement to Dominate the Market
By product type, fly-ash based cement is widely preferred over other types of green cement. It is generally used along-side Portland cement or plastic concrete to increase durability and strength. However, inhalation or ingestion of fly-ash can cause severe lung, kidney, gastrotential, or nerve disease/ illness leading to a person’s change in behavior, nervous function, or cognitive defects.
Granulated Blast furnace slag cement as well is predicted to show a noteworthy growth owing to increased awareness about its benefits. This type of cement has high CSH and is highly cementitious. In addition to its strength and durability, concrete from this cement is quite appealing in appearance. The GFBS cement can also be used along with Portland cement or with other pozzolanic materials for construction.
Geographical Insights
The dominant user of this market in North America, which burgeoning investment in green buildings. The governments are also promoting and mandating the construction of green buildings. The United States Environmental protection Agency (EPA), for instance, implemented strict regulations regarding greenhouse gases emission. This in turn increased the demand for green cement in the country. The European region is also expected to show significant growth in the market.
The Asia Pacific is predicted to be the fastest-growing region in the World. The rising population leading to a rise in demand for residential spaces and commercial buildings is the prime factor driving the market. Moreover, rising CO2 emission is a reason of concern for the government, who now is promoting greener, environmental products such as green cement. This further boosts the market size. Africa and the Middle East region as well are expected to show notable growth. The rising focus of institutions towards increasing carbon footprints will drive the demand for green cement.
Covid-19 Impact
The impact of the coronavirus pandemic can be segmented on time base scale. In the short run, particularly during the pandemic, the demand for green cement contracted due to national lockdown and shutdown of construction and related work. To curb the spread of the virus, governments imposed shutdowns of work, leading to a halt in construction. FLSmidth, for instance, recorded a 22% decrease in cement order in the year 2020, impacting the firm operationally and financially.
Though in the long-run, the market for green cement is forecasted to expand, looking at raised awareness and steps to decrease human carbon footprint on the environment. The Singapore government has set a target to convert 80% of its buildings into green buildings by the end of 2030. This opens opportunity for the companies producing green cements to revive from the pandemic. This will further drive the market growth along with sustainability.
Wearable Display Market Reinvents the Wheel
Thought ArticlesThe wearable display device is a display device that uses wireless network connections that let consumers connect to mobile handsets and tablets to send data for reporting, storage, analysis, and also to receive instructions. Wearable Display includes smart wearable devices such as smartwatches, fitness bands, and other health tracking wearables and head-mounted display services like Augmented Reality (AR) and Virtual Reality (VR) headsets that work on the technologies such as OLED and LED-backlit LCD.
Augmented Reality is an enhanced version of the real physical world that is attained by the use of digital visual elements, sounds, or other sensory stimuli accomplished by technology. It is being used in smartphones, PCs, and laptops.
The market is anticipated to grow over the forecasted period due to a rise in disposable income. There has also been an increase in usage of the flexible OLED displays in the smart wearable device and the adoption of AR and VR headsets. The growing demand for OLED displays has forced manufacturers to develop and adopt the technology in wearables. The manufactures also innovate the displays by offering sharper color performance, excellent contrast, and better viewing angles
However, with the rise in the incorporation of the new technologies as features and functions into smart wearables, the prices of the devices will grow substantially high which can hinder the growth of the wearable display market. With the rise in the price, the consumers might not be able to afford it and will account for the variability in the demand or the consumers will find a substitute, the manufactures can find a resolution to this by introducing new technologies with lesser manufacturing cost and prices.
Market Size of the Global Wearable Display Market
The global wearable display market by industry vertical has been classified as consumer electronics, healthcare, military and defense, and others.
The healthcare sector is noticed to be the most dominating segment of the wearable display market. It is accounted for the high market attractiveness and usage. The wearable devices are very useful in the path of fitness as it regularly tracks the various health parameters such as tracking calories, footsteps, and heartbeats among other functions. Availability of a variety of functions like this allows better awareness of health. This functionality is the major driver for the growth of wearable display market. Along with the growth of the wearable display market, it is anticipated that the healthcare industry will also experience large benefits
The rising disposable income is leading to growth in the demand for wearable products. Furthermore, there has been a rise in the awareness of health and fitness and to keep up to trend, the consumers are adopting various methods including adapting the fitness bands and other health tracking wearables. Due to the increase in adoption of various devices by the consumers, the market is noticing a steady increase in the wearable display market.
Head devices are accounted for a higher share in the wearable display market segments by the product. It is used for various functions besides entertainment, in the defense sector it is used for training simulation and analyzing military maneuvers, Porsche uses AR that allows the company’s engineers in the remote areas to connect with Porsche Atlanta-based service headquarters to get real-time assistance. Harley Davidson has developed an app for its customers to let them view a motorcycle in-store and customize it on their phone, it is also used in the sectors such as engineering, logistics, automotive, and firefighting.
Nevertheless, the application of AR & VR devices in the mobile and gaming sector is driving the growth of the market and is expected to further unravel many possibilities in the future.
Market Growth of Wearable Display Market
Along with small LED displays, the manufacturers are incorporating AR and VR. This is expected to boost the wearable display market. Additional technological advancements in wearable products are expected to boost the growth opportunities in the display wearable market over the forecasted period.
Internet of Things is in great demand among the consumers and due to this growing popularity, the manufacturers are trying to take this opportunity to capture the market. They are launching wearables with this feature to cater to a wide market of IoT services and are rigorously innovating to keep up to date with the market.
With the growing adoption of AR and VR by the consumers in various sectors besides gaming and entertainment, the manufacturers are innovating the devices to increase their market share and rise above the expectations of the consumers. Currently, the mobile application Pokémon Go is an augmented reality game developed, even the social media platforms Instagram and Snapchat uses a mixture of AI and AR to develop filters. The future of Augmented Reality is expected to be interlinked with artificial intelligence and virtual reality and to bring an array of sophistication in the industrial aspect. Furthermore, many applications are believed to make augmented reality update in the forecasted period.
The wearable display market in the Asia Pacific is anticipated to grow at a faster rate in the forecasted period. The Asia Pacific uses the devices in a variety of sectors such as healthcare, consumer electronics, military, and industries. The manufactures of Asia Pacific are also innovating and launching g the devices with the latest technologies thus this is also increasing the production and demand for this device. In the developed and developing regions of this part, more consumers are demanding smartphones and internet mobility
Technology Industry
By technology, the wearable display market is divided into OLED and LED.
Most of the devices communicate to the wearer through a user interface that can include the inputs such as motion sensing, buttons, and touch panels. However, a display is the most efficient method to communicate with the user. The wearable device is defined as a compact, smaller that can be moved from one place to another. Other features of the wearable display devices include lightweight design, high-speed functioning, and wireless connectivity with flexible function. Key players such as LG Display Co.Ltd, Lumus Ltd, Japan Display Inc., HannStar Display Corporation, and Samsung Electronics Co. Ltd are giving the most importance to incorporating innovative designs to their product portfolio by launching the products with advanced manufacturing technology.
Google, Microsoft, Amazon, Facebook among others are the front-running tech companies, they are aiming at AR-based software and applications that will increase the investments in AR technology.
With the innovations in display technology, manufactures have acquired a vast share in the wearable display market. While most of the smart bands and fitness watches are adopting PMOLED displays that not only offers higher efficiency but also gives a small size and greater contrast.
Other watches that are more advanced and sophisticated use AMOLED displays that offer higher performance and better resolution. This technology is also used in AR and VR devices that present high image quality, fast refresh rate, and power efficiency. The demand for OLED displays in the products such as smartwatches offers a technological shift and has developed energy-efficient products. This not only expands the market but also makes the wearable display market attractive.