Stretch And Shrink Films Market Worth $25.2 Billion By 2030

 

Stretch And Shrink Films Market Growth & Trends

The global stretch and shrink films market size is expected to reach USD 25.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.4% from 2022 to 2030. Rising demand for the light-weight material for industrial packaging is expected to drive growth for the product over the forecast period. The introduction of superior shrink and stretch film materials such as Linear Low-density Polyethylene (LLDPE), extended Polyethylene (EPE) and High-Density Polyethylene (HDPE) is expected to further strengthen the pallet holding abilities of the films.

In addition, the development of bio-degradable stretch and shrink films by the leading manufacturers in a bid to counter the challenges of film disposal is expected to drive the demand over the forecast period. The demand is also expected to be driven by superior packaging properties such as improved printability, easier application and robust package sealing capabilities of the films. The low weight of the product results in a substantial decrease in the transportation cost thereby elevating the profit margins, resulting in the higher adoption of such packaging materials by the leading end-use industries.

Plastic packaging products are affordable and offer robust barrier properties, which contribute to their widespread penetration in food and beverage industry. With increasing government intervention in plastic product manufacturing, producers operating in stretch and shrink films packaging market are making efforts to offer products using eco-friendly and sustainable raw materials. Growing presence of large-sized packaged food, consumer goods, and pharmaceutical companies with robust penetration of distribution channels in Asia Pacific contributes towards the high market share of stretch and shrink films in the region. Additionally, upsurge in e-commerce sales in the countries of region such as India, China, Indonesia is expected to contribute towards the growth of the market during the forecast period.

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Stretch And Shrink Films Market Report

Stretch And Shrink Films Market Report Highlights

• The LLDPE segment is expected to witness the highest CAGR of 5.7% from 2022 to 2028. The demand for LLDPE is driven by its superior pallet unitization characteristics coupled with increased damage resistance during product transportation
• Stretch and shrink film hoods are expected to register highest growth rate during the forecast period. The growth is expected to be driven by increasing demand for hoods in industrial packaging and consumer goods packaging. Also, ease of packaging achieved by stretch and shrink film hoods are expected to drive the demand for the product over the forecast period
• The food and beverages segment accounted for revenue share of 40.6% in 2021 driven by the increasing demand for high strength, low weight packaging materials. In addition, ease of packaging material sterilization is expected to further drive the demand for stretch films for food packaging during the forecast period
• The sleeves and labels segment is expected to witness robust growth on account of rising demand for the product in the beverage industry. Also, easier product marketing and branding owing to the ease of application of the labels onto the bottle is expected to attract major beverage manufacturers towards the product segment
• The demand for the product in Asia Pacific is expected to witness growth owing to rapid growth of the application industries such as food and beverage and consumer goods. In addition, growing import and export activities by the developing economies such as India and China are expected to drive the demand for low weight packaging material for pallet unitization of industrial goods

Food Packaging Market Size Worth $562.3 Billion By 2030

 

Food Packaging Market Growth & Trends

The global food packaging market size is expected to reach USD 562.3 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% from 2022 to 2030. Increasing food delivery services globally and high demand for single-serve and portable food packs are expected to propel the industry growth over the next few years.

Rising concerns among consumers regarding contamination and food safety are predicted to bolster the demand for effective packaging solutions. In addition, an increasing number of retail chains globally, especially in developing economies such as China, India, and Brazil, is anticipated to propel the sales of packaged food, consequently driving the market.

Packaging products made of plastic are affordable and they feature strong barrier properties, which contribute to their wide use in the food & beverage industry. Government interventions in plastic product production have prompted producers operating in the plastic food packaging industry to use eco-friendly and sustainable raw materials in their products.

The global market is expected to be buoyed by the introduction of new and innovative packaging types and technologies, including modified atmosphere packaging (MAP), active packaging, and printing technologies. Additionally, players are investing in lightweight materials and materials with a high performance, which is further expected to benefit industry growth.

The hectic work schedules of consumers and the increased demand for convenient food options drive the market for packaged food items in North America. Moreover, the flourishing e-commerce industry in different countries of the region such as Canada and Mexico is fueling the sales of packed food items across the region.

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Food Packaging Market Report

Food Packaging Market Report Highlights

• The paper and paper-based material segment are expected to expand at a lucrative CAGR of 6.4% during the forecast period due to the increasing demand for biodegradable and more sustainable packaging solutions. Increasingly stringent environmental regulations have led to a ban on single-use plastic in major economies across the globe, thus positively contributing to the growth of paper and paper-based food packaging material
• By type, flexible packaging products are expected to witness the highest growth from 2022 to 2030 as they occupy lesser space during transportation, consume less plastic material, and present a better sustainability profile in comparison to their rigid counterparts
• The bakery and confectionery application segment account for the largest share of over 25.0% in 2021 owing to the high demand for cakes, candies, and frozen ready-to-eat bakery products
• The rigid type segment accounted for the second-largest revenue share in 2021. High adoption of rigid packaging products such as bottles and jars, trays and containers, and caps and closure by food and beverage companies owing to their durability and property of offering high protection to food products contribute to the segment growth
• Asia Pacific is expected to exhibit the fastest CAGR from 2022 to 2030. The market is expected to grow due to the increasing penetration of retail chains, online grocery delivery services, and online food ordering services. Increasing disposable income of consumers in the region has led to an increase in demand for convenient foods, thereby benefiting industry growth
• The market is highly fragmented with the presence of large-sized companies as well as small- and medium-sized domestic players. With the rising regulations on excessive plastic packaging along with growing awareness regarding sustainability among consumers, the market has been steadily moving toward sustainable packaging

Plastic Films And Sheets Market Worth $196.23 Billion By 2030

 

Plastic Films And Sheets Market Growth & Trends

The global plastic films and sheets market size is expected to reach USD 196.23 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.5% over the forecast period. Increasing demand for plastic films from the agricultural sector is a key driver for the industry. In the agricultural sector plastic sheets are mostly used in the construction of greenhouses, low tunnel covers, mulching, and walk-in tunnels. HDPE sheets are also witnessing extensive application in the agricultural sector. These films are equipped with multiple rows containing several holes, which assists in better growth and development of plants. They are lightweight, highly durable, weather-, corrosion-, & binding-resistant, and waterproof.

In the food and beverage industry, the demand for processed food is further boosting the usage of plastic films & sheets in packaging applications. The rapid growth of the food & beverage industry in countries, such as China, India, Indonesia, and Malaysia, is anticipated to boost the product demand over the projected period. Changing food habits and increasing preference for processed foods are likely to supplement the product demand. Moreover, market players are also engaged in manufacturing various types of plastics as per the user requirements and perishability of food. Eco-friendly plastics are gaining popularity across several application industries. Cellulose diacetate, Poly Lactic Acid (PLA), and RPET are the major types of eco-friendly plastics.

Cellulose diacetate comprises a cellulose base, which is an organic compound. It contains 90% of cotton and the remaining 40% of wood. It is considered safe for food packaging applications and possesses a high moisture transition rate, which allows products to remain fresh for longer. Stringent regulations on the use of plastic films and sheets have been imposed in several countries, which is going to hamper the market growth over the forecast period. Numerous economies, including Bangladesh, Cambodia, Hong Kong, India, Indonesia, Malaysia, and Taiwan, have imposed additional taxes on the utilization of plastic films in packaging. In the U.S., several governmental, as well as non-governmental organizations, are also involved in discouraging the usage of plastic sheets and films in packaging organic produce.

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Plastic Films And Sheets Market Report

Plastic Films And Sheets Market Report Highlights

• The LDPE/LLDPE led the product segment in 2021 and is anticipated to maintain its dominance over the forecast period
• This is due to the use of LDPE/LLDPE in common applications in food packaging, textile packaging, and other special applications in tents and outdoor equipment
• Asia Pacific was the largest regional market in 2021 and is estimated to expand further at the fastest CAGR over the forecast period
• The packaging application segment led the market in 2021. Plastic films and sheets have attained significant popularity in packaging applications across various industries like food, medical, and consumer goods industries
• Most industry players, such as SABIC and British Polythene Industries PLC, are integrated across the value chain, due to which entry for new players is likely to be slightly difficult as the market grows

Car Care Products Market Size Worth $14.1 Billion By 2030

 

Car Care Products Market Growth & Trends

The global car care products market size is expected to reach USD 14.1 billion by 2030 and is expected to expand at a CAGR of 3.6% from 2022 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the increasing consumer awareness regarding vehicle repair and maintenance.

The increase in consumer spending on vehicle maintenance and the upkeep of its aesthetics is a significant driver for the market. In addition, the availability of automobiles at affordable prices in the form of used cars has proven to be a significant factor for today’s users to purchase vehicles. This, in turn, results in the need for upkeep of the vehicles, leading to the increased industry demand for car care products.

Various types of car care products are available in the market, including waxes, polishes, interior, and exterior car care products, paint protection, tire cleaners, and glass cleaners. These products have different applications and help maintain the vehicle’s overall appearance. Major players in the industry are focused on manufacturing products that can be used by different kinds of vehicles.

The industry exhibits a vast consumer base owing to a large number of vehicles in use. The products are used by automobile manufacturing companies and consumers directly. The industry players are located in different parts of the world and can easily switch suppliers owing to the presence of a large number of suppliers.

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Car Care Products Market Report

Car Care Products Market Report Highlights

• By product, car cleaning products accounted for the largest revenue share in 2021 as these help in safely removing dirt, grease, oil stains, and other contaminants from the vehicle body and maintaining the aesthetics of the vehicle
• The 251–500 ml packaging volume segment is expected to expand at a lucrative CAGR of 4.4% from 2022 to 2030. This is owing to the increasing focus of people driving newer cars on maintaining their appearance, which is expected to drive the demand for car polish, car wax, and glass cleaners, available in handy sizes, which is anticipated to benefit the segment growth
• The retail (B2C) end-use segment held the largest revenue share of over 70.0% in 2021. This is due to the growing trend of Do-It-Yourself (DIY) applications for car maintenance among individual owners
• By distribution channel, the retail chains segment held the largest revenue share in 2021. This is owing to the large-scale availability of car care products in organized retail outlets as per customer convenience
• The North American region held the largest share in 2021 and is expected to maintain its lead over the forecast period. This is attributed to the mature automotive market in the area and the expected growing demand for car care products for preowned vehicles

Hermetic Packaging Market Size Worth $6.06 Billion By 2030

 

Hermetic Packaging Market Growth & Trends

The global hermetic packaging market size is expected to reach USD 6.06 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.4% from 2022 to 2030. Growing defense expenditure and active research in military applications are anticipated to drive the demand for the product.

High-capital projects and steady innovation and research in the aeronautics and space sectors are expected to create a positive outlook for industry growth over the forecast period. The growing use of optical fiber devices in telecommunications is also expected to further augment the demand for hermetic packaging.

Hermetic packages in medical devices are expected to become more popular owing to the increasing demand for better healthcare services and equipment. Furthermore, technological advancements, resulting in the broader adoption of smart devices in developing economies, are expected to increase the demand for hermetic packaging.

Asia Pacific is expected to expand at the fastest CAGR over the forecast period. With the increasing automotive production and high demand for technology-driven vehicles, the use of hermetic packaging is predicted to increase over the forecast period. Extensive R&D activities are expected to promote the utilization of the product in automobile electronic devices, thus propelling the market growth.

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Hermetic Packaging Market Report

Hermetic Packaging Market Report Highlights

• The ceramic to metal sealing segment emerged as the largest product segment with a revenue share of over 50.0% in 2021. Growing utilization of the product in applications such as aeronautics and space and military and defense due to its reliability at extreme temperatures, coupled with the high mechanical strength of ceramics when welded with metals, is contributing to high industry growth
• The military and defense segment was the largest application segment in 2021. Technological advancements, coupled with significant investments in defense weapons by major economies globally, are expected to propel the industry demand, thereby positively impacting the sales of hermetic packaging
• The industry is characterized by intense competition among domestic as well as international players. Differentiation of products is likely to remain a key strategy for these players. Furthermore, various R&D activities are expected to rise in the industry as leading market players are keen on expanding globally
• The aeronautics and space application segment is expected to expand at the fastest CAGR of 7.3% over the forecast period. Asian markets have attracted an increasing number of foreign direct investments (FDIs), most prominently China and India, making these markets lucrative for the expansion of hermetic packaging products
• Asia Pacific is expected to retain its pole position in the industry throughout the forecast period. The presence of electronic hubs in countries such as China and Japan has been encouraging prominent market participants to expand their operations in this region

Erectile Dysfunction Drugs Market Size Worth $4.8 Billion By 2030

 

Erectile Dysfunction Drugs Market Growth & Trends

The global erectile dysfunction drugs market size is expected to reach USD 4.8 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 8.5% from 2022 to 2030. The increasing prevalence of erectile dysfunction is expected to contribute to market growth. According to the European Association of Urology, the overall prevalence of ED was found to be around 52% in the European male population aged 40–70 years in 2020. In addition, according to the Boston University School of Medicine, approximately 22.0% of 40 years aged male population and 49.0% by age of 70 years are affected by erectile dysfunction. Thus, the increasing geriatric population is anticipated to increase the prevalence of ED over the forecast period and is expected to create lucrative growth opportunities in the market.

Eli Lilly and Company is supporting ED patients by offering medicine at low cost through Lilly Patient Support Program (LPSP). This program provides financial assistance to eligible ED uninsured patients in Canada who may require registration for this program. Thus, the presence of such supportive programs for a branded version of Cialis may increase the affordability of the lower-income patient population and also aid in generating increased revenue. Moreover, companies have undertaken initiatives such as collaboration and partnership for the manufacturing and commercialization of products in the overseas market. For instance, in January 2022, Petros Pharmaceuticals Inc. partnered with a global Contract Manufacturing Organization (CDMO) for the commercial production of Avanafil tablets. This partnership was formed with an aim to replace the existing agreement with Vivus Inc. and continue product supply.

Furthermore, according to the National Library of Medicine (2021), a phase 3 clinical trial was conducted by Sichuan Haisco Pharmaceutical Co., Ltd. to evaluate the safety and efficacy of Stendra in patients with ED in mainland China. The results of the clinical trial showed improvement in Chinese ED patients after administration of two doses of Stendra 100 mg & 200 mg. Such proven clinical effectiveness may strengthen Strenda’s (Avanafil) position in the market. However, lack of awareness about erectile dysfunction, shame about treatment, false-positive beliefs, social stigma pertaining to the disease, and lack of discretion may restrain the market growth. As per the survey conducted by the European Association of Urology (EAU), only 18% of the Spanish population heard about ED treatment, whereas 68.0% of the population believes the treatment benefits.

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Erectile Dysfunction Drugs Market Report

Erectile Dysfunction Drugs Market Report Highlights

• By product, the viagra segment held the largest market share in 2021 due to the worldwide availability of Viagra and increased awareness about the product among ED patients
• The Cialis segment held the second largest market share in 2021 due to strategic initiatives undertaken by key companies for the development and commercialization of Cialis. In March 2022, the Saudi Chemical Co. Holding (SCCH) acquired Eli Lilly’s Cialis brand in Saudi Arabia
• Asia Pacific is expected to be the fastest-growing region during the forecast period. The growth of the region is attributable to the entry of new products into the region. For instance, in July 2021, Menarini Asia-Pacific Holdings Pte. Ltd acquired Eli Lilly’s Cialis in China

Medical Service Robots Market Size Worth $52.0 Billion By 2030

 

Medical Service Robots Market Growth & Trends

The global medical service robots market size is expected to reach USD 52.0 billion by 2030, registering a CAGR of 17.1% over the forecast period, according to a new report by Grand View Research, Inc. The major factors contributing to the industry growth are advancements in the healthcare infrastructure and the introduction of technologically advanced equipment like robotic catheter control systems (CCS), data recorders, data analytics, and others. Furthermore, the growing penetration of the 5G network and rapid adoption of AR/VR, IoT, and AI are opening new opportunities for the industry. In addition, various initiatives by governments to provide remote healthcare services further fuel the industry’s growth. The rising incidences of chronic disease and growing percentage of the geriatric population also support the demand for healthcare service robots including telepresence robots, as these can be used for regular monitoring and consultation from remote locations.

These robots provide customized and continuous monitoring of patients dealing with chronic diseases. The pharmaceutical industry is also rapidly adopting these robotic systems as these tools enhance the efficacy and efficiency of their work process. Furthermore, the COVID-19 pandemic supported industry growth as the utilization of these robots minimized human-to-human contact and assisted the frontline workers. However, stringent regulations and the high cost of robots are projected to hamper the growth in the forecast period. In 2021, the others product type segment dominated the industry followed by the disinfection robots segment. The disinfection robots segment growth can be attributed to the growing penetration of Hospital-acquired Infections (HAIs) and the benefits offered over manual robots by the disinfection robots. In addition, a growing economy and advancements in technology are anticipated to support the industry growth.

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Medical Service Robots Market Market Report

Medical Service Robots Market Report Highlights

• The global industry growth isdriven by the advancements in technology and rising investments in the healthcare sector
• The others product type segment dominated the global industry in 2021
• However, the dispensing robots product segmentis projected to register the fastest CAGR from 2022 to 2030
• In 2021, Asia Pacific held the largest share of the global revenue due to growing initiatives to improve the healthcare sector and provide healthcare assistance even in the remote areas
• Furthermore, the presence of key players in China, Japan, and South Korea is boosting the region’s growth
• Increasing investments in the R&D sector of IoT and AI are also opening new growth opportunities for the industry

Ophthalmic Handheld Surgical Instruments Market Worth $3.3 Billion By 2030

 

Ophthalmic Handheld Surgical Instruments Market Growth & Trends

The global ophthalmic handheld surgical instruments market size is anticipated to reach USD 3.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.8% from 2022 to 2030. The rising prevalence of ocular disorders such as glaucoma, cataract, and refractive errors and increased adoption of advanced surgical instruments are the factors expected to drive the growth.

Increasing patient preference for treatment methods that provide long-term and immediate relief from symptoms is one of the primary factors driving the ophthalmic handheld surgical instruments market. In addition, the presence of several initiatives undertaken by the government and NGOs to conduct awareness programs and surgical outreach camps is anticipated to aid the market growth.

Rising preference for minimally invasive surgical options and rapid technological advancements are expected to replace traditional surgical techniques. Growing trends in ambulatory surgery centers and patient preference for a minimal hospital stay are the factors expected to boost the demand for advanced handheld surgical tools during the forecast period.

Obsolete technologies due to high competition and shortage of ophthalmic surgeons globally are some of the factors anticipated to impede the ophthalmic handled surgical instruments market growth. The shortage of ophthalmic surgeons means longer wait times and thereby people choose alternative treatment methods over ocular surgeries.

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Ophthalmic Handheld Surgical Instruments Market Report

Ophthalmic Handheld Surgical Instruments Market Report Highlights

• Based on the product, forceps held a significant market share in 2021 owing to the wide usage of forceps during ophthalmic surgeries
• Ophthalmic knives are expected to be gradually replaced by advanced laser cutting systems
• Scissor and choppers segment is anticipated to register a lucrative CAGR during the forecast period
• Hospitals segment captured the largest market share in 2021 and is expected to grow at a significant CAGR over the forecast period owing to the factors such as the large patient pool, and the availability of technologically advanced instruments & skilled professionals
• North America holds the largest market share as the U.S. is one of the major suppliers of ophthalmic handheld surgical instruments across the globe
• Asia Pacific is expected to grow at the speediest CAGR during the forecast period due to rising demand in countries such as China, India, and Japan

U.S. Cannabinoids Market Size Worth $60.4 Billion By 2030

 

U.S. Cannabinoids Market Growth & Trends

The U.S. cannabinoids market size is expected to reach USD 60.4 billion by 2030 and is expected to expand at a CAGR of 16.2% over the forecast period, according to a new report by Grand View Research, Inc. Growing awareness regarding the health benefits provided by cannabinoids and the rising number of new players in the market, leading to expansion in the availability of products are fueling the growth. In addition, increasing acceptance and adoption of cannabis and cannabinoid-based treatments among consumers and medical professionals over the antibiotics treatment is further anticipated to boost the market growth in the forthcoming years.

Furthermore, changing perception and attitude toward cannabis products is further bolstering revenue growth. For instance, a 2020 article published in Cannabis products and research conducted by IRI & BDSA signified changing perceptions of consumers towards cannabis. The consumers were classified into three categories, namely consumers, acceptors, and rejectors. As per the research, around 33% of the population were acceptors and 36% were current consumers. In addition, mainstream acceptance increased by 10% in the past two years. Such instances signify the growing potential of the market soon.

In 2021, based on product, the cannabidiol (CBD) segment dominated the market with a revenue share of 27.2%. This growth is attributed to various factors, such as the rising consumption of CBD-based products in sports nutrition, health and wellness, cosmetics, and other fields. Furthermore, companies are trying to diversify their product portfolio into various forms for catering to a larger and growing consumer pool. It will help in improving the product visibility and penetration to newer customer segments.

In addition, players are constantly undertaking strategic initiatives, such as partnerships, collaborations, product launches, and much more to expand their revenue share and presence. For instance, in 2020, Marijuana Company of America, Inc. announced its mutual strategic investment and collaboration with Cannabis Global, Inc. This will help the company in gaining a foothold in the growing CBD market. In addition, this collaboration is also aimed at expanding the presence of both companies by leveraging the favorable resources of both companies.

The pandemic of COVID-19 has drastically impacted the overall cannabis industry, thereby impacting the U.S. market for cannabinoids. Supply chain disruption was one of the key factors that hampered the market during the pandemic. For instance, according to an article published in 2021 in Supply and Demand Chain Executive, disruption in the manufacturing, production, and distribution of cannabis and cannabinoid-based products led to shortages during the peak months of the pandemic. It also led to incurring additional costs for specialized transportation and/or distribution, thereby hampering the growth.

Other key factors that created obstacles during the pandemic include nationwide lockdown, panic buying of products, and price fluctuation. However, since the situation is heading towards normalcy, the adoption and demand for cannabinoid products are anticipated to increase.

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U.S. Cannabinoids Market Report

U.S. Cannabinoids Market Report Highlights

• The market size is projected to be valued at USD 60.4 billion by 2030, owing to increasing awareness regarding cannabinoids, their health benefits, and the growing use of cannabinoids
• Cannabidiol (CBD) dominated with the highest revenue share in 2021, owing to the rising consumption of CBD-based products in sports nutrition, health and wellness, cosmetics, and other fields
• CBGA products are expected to expand at the fastest CAGR over the forecast period owing to potential health benefits provided by CBGA in various health conditions

Enteral Feeding Formulas Market Worth $10.5 Billion By 2030

 

Enteral Feeding Formulas Market Growth & Trends

The global enteral feeding formulas market size is expected to reach USD 10.5 billion by 2030 and is estimated to expand at a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. Increase in the incidence of gastrointestinal (GI) diseases, renal failure, liver failure, hyperglycemia/diabetes, acute & chronic pulmonary disease is projected to drive the adoption of enteral nutrition formulas. In addition, the rise in the number of premature births that increases the need for enteral feeding formulation in the neonatal period is one of the major factors expected to boost market growth over the years.

The standard formulation segment dominated the market by product with a revenue share of 53.7% in 2021. Standard enteral feeding formulation, which is generally composed of different sources of micronutrients, such as carbohydrates, protein, and fats, is most commonly used by the patient population. Therefore, high availability and increase in consumption of standard formulation boost segment growth. On the other hand, disease-specific formulas are composed of varying micronutrient and macronutrient content according to the particular disease and are recommended to consume only as per specific medical recommendations.

Based on flow type, the intermittent feeding flow type accounted for the highest revenue share of 94.3% in 2021. This high segment share can be attributed to its better tolerance in patients and improved whole-body protein synthesis. In addition, the increase in adoption of intermittent feeding among hospitals and home care settings due to its benefits, such as increased insulin and peptide, improved mesenteric arterial blood flow, and reduced blood glucose concentration, is further supporting segment growth. Moreover, the continuous feeding flow segment is expected to witness growth at a lucrative rate owing to its increasing preference and recommendation for critically ill patients suffering from cancer, respiratory failure, and severe burns.

Based on stage, the adult segment accounted for the highest revenue share of 88.6% in 2021. This segment share can be attributed to the increasing incidence of chronic diseases in adult patients, such as cancer, diabetes, stroke, dementia, multiple sclerosis, Chronic Obstructive Pulmonary Diseases (COPDs), and chronic liver disease as well as the growing preference to consume enteral feeding formulas to manage health conditions. For instance, according to the American Cancer Society cancer statistics report, in 2020, approximately 89,500 cancer cases were estimated in young adults and adolescents (AYAs) ages 15 to 39 years in the U.S.

By region, North America dominated the global market with a revenue share of 28.9% in 2021. This share of the region can be attributed to the increase in the prevalence of gastrointestinal and chronic diseases, such as cancer, diabetes, and cardiovascular conditions. For instance, according to the Office of Disease Prevention and Health Promotion report, in the U.S., chronic diseases are the leading cause of death, i.e., 7 out of 10 deaths each year. In addition, increasing awareness among patients in this region to use home-based enteral therapy and the presence of a large number of key manufacturers further boost the market growth in this region.

Furthermore, the rapid increase in COVID-19 cases globally, coupled with a large number of people suffering from various chronic disorders and an increase in the geriatric population susceptible to various health conditions, is the major factor boosting the market growth. An increase in inpatient admission to the ICU due to COVID-19 infection and a growing preference to consume enteral nutrition to maintain health conditions also accelerated the market growth during the pandemic. Furthermore, COVID-19 infection has negatively impacted the nutritional status of patients due to multiple reasons, such as dysphagia, excessive coughing, chronic fatigue, dysphagia, and poor appetite, thus driving the adoption of enteral feeding formulas.

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Enteral Feeding Formulas Market Report

Enteral Feeding Formulas Market Report Highlights

• The global market size is anticipated to be valued at USD 10.5 billion by 2030, owing to the increasing prevalence of gastrointestinal & chronic diseases and a rise in preterm births
• The standard formulas segment dominated the market in 2021 with a revenue share of 53.7%, owing to high availability and increasing adoption
• The intermittent feeding flow segment dominated the market in 2021 with a revenue share of 94.3%, owing to better tolerance in patients shown by intermittent flow as compared to bolus feeding
• The adults segment accounted for the largest revenue share of 88.6% in the market in 2021, owing to the rising adoption of tube feeds in adults and the availability of a large number of tube feeds or products for adults on a commercial level
• North America dominated the global market with a revenue share of 28.9% in 2021, owing to the increasing prevalence of gastrointestinal and chronic diseases, such as cancer, diabetes, and cardiovascular conditions

U.S. Toilet Partition Market Size Worth $985.6 Million By 2030

 

U.S. Toilet Partition Market Growth & Trends

The U.S. toilet partition market size is expected to reach USD 985.6 million by 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to the rising development of commercial constructions. Growing demand for the product in public toilets, commercial washrooms, hotels, public utility spaces, and other spaces is likely to support the growth.

The materials used for making toilet partitions include stainless steel, powder coated metal, solid plastic, plastic sheets, and other materials like black core solid phenolic, color-thru phenolic sheets, and solid color reinforced composite materials. Of these, powder-coated metal has the highest share owing to its durability and wide availability.

Technological advancements have resulted in the production of toilet partitions with scratch & scuff resistance and easy-to-clean & maintain properties. The manufacturers are actively working on designing vandal-proof toilet partitions and increasing product life. Companies are providing an option of anti-graffiti-coatings that can be easily cleaned with a simple non-abrasive cleaner.

The U.S. toilet partitions market is dominated by the extensive presence of a number of distributors, who offer a wide portfolio of key manufacturers including Bobric, Scranton, and Inpro to the consumers. In addition, key industry participants operate their business in the state through third-party or official distributors.

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U.S. Toilet Partition Market Report

U.S. Toilet Partition Market Report Highlights

• The powder-coated metallic segment accounted for the largest revenue share in 2021 due to its wide availability, lightweight, and durability. These are powder-coated sheets that are made with honeycomb cardboard and covered with thick metal sheets on both sides which enhance durability
• Improvements in the U.S. economy and the growth of commercial establishments such as commercial buildings, office spaces, hospitals, hotels, and, drinking places are expected to drive the growth of the toilet partition market over the forecasted period
• The healthcare and educational sectors within the U.S. are expected to witness a moderate CAGR during the projected period on account of increasing government and private investments in these sectors. Therefore, are likely to drive the demand for toilet partitions over the forecast period
• Other materials used for the construction of the toilet partitions include black core solid phenolic, color-thru phenolic sheets, and solid color reinforced composite materials have projected a CAGR of 6.0% during the forecasted period. These materials are durable and have an extended lifespan which will increase their utilization for the construction of toilet partitions in public spaces and commercial spaces
• Southeast U.S. regions are expected to emerge as market leaders growing at a CAGR of 5.9% in terms of revenue over the forecasted period. The construction industry in the southeast U.S. is anticipated to grow on account of major upcoming construction projects that include the development of new cities with residential spaces, healthcare facilities, educational buildings, and other commercial buildings
• The market consists of several global and regional players providing price differentiation, thus leading to high competition in the industry. The market players focus mainly on innovation for developing cost-effective, durable, and low-maintenance toilet partitions for a wide range of applications such as public toilets, office premises, transit stations, terminals, shopping malls, and others

Membrane Separation Technology Market Worth $62.4 Billion By 2030

 

Membrane Separation Technology Market Growth & Trends

The global membrane separation technology market size is expected to reach USD 62.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.2% from 2022 to 2030. This growth can be attributed to the rising adoption of membrane separation technology in the dairy processing and beverages industry. The market is likely to witness growth owing to the growing demand for water treatment processes across the world. One of the major reasons for the rise in demand for water treatment is the scarcity of quality drinking water. The growing population has accelerated the depletion of water resources coupled with the contamination of ground and surface water bodies, which has encouraged the adoption of water treatment processes.

The growth of membrane separation technology is also influenced by several regulatory and technology trends, which play a critical role in driving the market. In addition, stringent environmental regulations governing wastewater discharge are presumed to positively impact the growth of membrane separation technology over the forecast period. The ultrafiltration technology segment is estimated to grow at the highest rate over the forecast period. It is a single-membrane filtration process that serves as an effective barrier to harmful bacteria, viruses, and other contaminants. It has emerged as an economical and versatile solution for clarification, concentration, and purification of various types of liquids such as water, milk, and oils.

Key players in the market are focusing on achieving optimal operational costs, enhancing product quality, maximizing production output, and the acquisition of small players to sustain the competition. Furthermore, the players are focusing on recovering and recycling the end-of-lifecycle membranes to reduce the raw material costs and complete the circular economy in membrane manufacturing.

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Membrane Separation Technology Market Report

Membrane Separation Technology Market Report Highlights

• Reverse osmosis emerged as the largest technology segment with a market share of 42.0% in 2021. This is attributed to its widespread utilization in residential and industrial applications. Furthermore, the growing adoption of reverse osmosis as an alternative to the thermal desalination process is expected to boost segment growth
• Various governments and several regulatory agencies have issued multiple regulations and mandates concerning water treatment and disposal to safeguard the environment. Strict enforcement of these regulations is prompting industries to adopt environment-friendly wastewater treatment processes, thereby, favorably influencing the global demand for membrane separation technologies
• In North America, the market is anticipated to experience rapid growth on account of the rapid adoption of the technology for its utilization in application industries. The demand for ultrafiltration in North America is expected to witness growth at a rate of 10.9% over the forecast period owing to stringent norms and industrial laws governing water filtration performance and standards established by the EPA
• The COVID-19 outburst across the globe severely impacted the trade relations of major players. The supply of raw materials and finished goods has been hampered owing to restrictions on trade and manufacturing in some economies. However, gradual resumption of industrial activities and trade operations to smoothen economic conditions, several economies are offering ease in trade operations, thus, are positively impacting the market
• The market is dynamic and competitive. The players in membrane separation technology are increasingly focusing on mergers and acquisitions, joint ventures, and agreements

U.S. Adhesives And Sealants Market Worth $12.7 Billion By 2030

 

U.S. Adhesives And Sealants Market Growth & Trends

The U.S. adhesives and sealants market size is expected to reach USD 12.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% over the forecast period. The increasing investments in the Electric Vehicles (EVs) industry is expected to augment the demand for adhesives and sealants in the country across the forecast period.

For instance, the U.S. government targets to make half of the new auto fleet electric by 2030. Also rising investment by the private players is anticipated to increase the market growth. For example, in May 2022, Hyundai Motor Group announced that they are going to invest USD 5.5 billion in the construction of an EV manufacturing plant in Georgia. The plant is going to commence by 2025.

Adhesives and sealants are used as mechanical fasteners in various industries such as aerospace, automotive, and packaging. These products can resist aging, softening, or cracking when they are exposed to high pressure and temperature. Thus, it can help to reduce material consumption and also helps in the weight reduction of the vehicle.

Based on technology, reactive and other held the largest revenue share of the U.S. adhesives market in 2021. Reactive-based products are used in applications where substrates require high strength and substantial permanency such as high-tech devices. The increasing production of the high-tech devices in the country is expected to boost the consumption of reactive-based products in the said forecast period.

The paper and packing application segment in the country is expected to register a 4.9% growth rate from 2022 to 2030 of the U.S. adhesives market. The growth is attributed to the increasing demand for bio-based packing anticipated to propel the demand for hot melt technology-based products. As hot melt adhesive in packaging areas offers 100% recyclability making it ideal for bio-based packaging.

Based on region, the South U.S. held the largest revenue share in 2021. The growing investment in the infrastructure and construction industry coupled with the increasing production of EVs is driving the growth of the market. For instance, In April 2022, Navistar Inc. opened a new assembly plant for the mass production EV trucks in Texas.

The U.S. adhesive and sealant market is highly competitive in nature owing to the presence of numerous market players. The manufacturers are following strategies such as acquisition and mergers to stay ahead in the competition. For instance, in April 2022, APPLIED Adhesives acquired Denver-based PRIME Industries. The acquisition aims at enhancing the company’s foothold in the North American region.

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U.S. Adhesives And Sealants Market Report

U.S. Adhesives And Sealants Market Report Highlights

• Based on technology, the water-based segment is likely to witness a CAGR of 5.0%, in terms of revenue, from 2022 to 2030. The growth of technology is attributed to changing lifestyles, which has increased the consumption of packaged food
• Based on end-use, the medical segment is expected to register a lucrative growth from 2022 to 2030. Owing to increasing expenditure by government and private players in the medical industry
• Based on region, the West segment is expected to register a CAGR of 4.9%, in terms of revenue, across the forecast period. Factors such as rising investment in the construction of residential and commercial buildings are contributing to the growth of the market in the region
• Based on end-use, the footwear and leather is expected to expand at a CAGR of 5.7% in terms of revenue over the forecast period. The changing lifestyle habits and rising income of the people are driving the demand for footwear and leather in the country

Tartaric Acid Market Size Worth $468.15 Million By 2026

 

Tartaric Acid Market Growth & Trends

The global tartaric acid market size is expected to reach USD 468.15 million by 2026, as per the new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2022 to 2026. The industry growth is majorly attributed to the rapid growth of the food, wine, and beverage industries and an increase in the population. Tartaric acid is a type of organic acid that is abundantly found in grapes in its natural form. It is synthetically produced from Maleic anhydride owing to its structural similarities. The product is used in several end-use applications including food, beverages, pharmaceutical, cosmetics and personal care, animal feed, construction, and metal cleaning.

Raw materials used to manufacture the product using the natural route are fruits, especially grapes, while raw materials used in the synthetic route include maleic acid and hydrogen peroxide. The manufacturers of the product have established supply agreements with raw material suppliers to ensure uninterrupted availability of raw materials at competitive prices, in order to smoothen production operations. Tartaric acid is widely used in the wine industry for improving taste, reducing pH, and as a preservative in wine. Factors such as the increasing disposable income of consumers and the growing acceptance of wine among the young population have boosted global wine consumption. Additionally, increasing wine production in major markets, such as Italy, France, Spain, and the U.S., has further fueled the growth of the wine industry.

The product is extensively used in functional foods, nucleotides, and energy drinks on account of its anti-oxidant and inflammatory properties. Increasing awareness regarding the health benefits of anti-oxidants and growing consumer preference for a healthy diet across the world are expected to have a favorable impact on the demand for tartaric acid during the forecast period. The major end-use industries of the product are food, beverages, and pharmaceuticals, which were less severely impacted by the COVID-19 pandemic as they are classified under essential services. This had a positive effect on the demand for tartaric acid as these industries were operational to some extent despite the lockdown. With the situation returning to normal by the end of 2021, the product witnessed an increase in demand from other industries, thereby normalizing the market.

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Tartaric Acid Market Report

Tartaric Acid Market Report Highlights

• Europe captured the largest revenue share of over 35.0% in 2021. This is owing to the presence of a large number of wineries in the region
• The maleic anhydride source segment held the largest revenue share of over 55.0% in 2021. This is owing to the high demand for cost-effective synthetic tartaric acid, which is manufactured utilizing maleic anhydride
• The beverages application segment held the largest revenue share of over 40.0% in 2021. This is attributed to the high demand from the wine industry
• The market is consolidated with a few yet large players that are operating globally. It is a well-established market with a developed value chain. The players are involved in increasing their geographical reach to gain a competitive edge and enter the untapped markets
• Companies such as Thirumalai Chemicals have integrated through the value chain from production and supply of raw material maleic acid to tartaric acid production. This enables the company to cater to a wide range of application markets

Aerospace And Defense MRO Market Worth $187.3 Billion By 2030

 

Aerospace And Defense MRO Market Growth & Trends

The global aerospace and defense MRO market size is expected to reach USD 187.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.5% from 2022 to 2030. The growth of the aerospace and defense MRO industry is underpinned by expansions of aircraft fleets, rapid urbanization in emerging economies, an increased number of tourists worldwide, and the penetration of low-cost carriers (LCC).

The increasing defense expenditure of emerging economies such as China and India is driving investments in the modernization of equipment deployed in existing aircraft, primarily by incorporating them with new and sophisticated technologies. The rise in air passengers in commercial aircraft and freight traffic worldwide has led to a surge in aircraft fleet utilization, thereby augmenting the need for aircraft MRO services.

OEM and global third-party MRO companies operating have adopted advanced predictive and preventive aircraft maintenance technologies to digitize and automate their airframe maintenance activities to enhance the overall efficiency of the maintenance processes. The deployment of advanced technologies such as artificial intelligence and machine learning is expected to provide opportunities for firms to compete at the global level and reduce MRO expenses.

There is a presence of a large number of players with various MRO capabilities offering services both globally and regionally. The leading players are focusing on maintaining strategic relationships with aftermarket suppliers of aircraft parts to ensure uninterrupted MRO services. Moreover, declining market growth, leveling off outsourcing, and rising number of OEMs in the aftermarket have intensified the competitive rivalry in the MRO market.

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Aerospace And Defense MRO Market Report

Aerospace And Defense MRO Market Report Highlights

• Based on product, the engine segment held the largest share in 2021 owing to the adoption of additive manufacturing technology and the requirement for the proper maintenance and repair of aircraft engines and their components. Engine MRO service providers use new technologies such as robotics, artificial intelligence, digital twinning, blockchain, and big data for capturing data related to the health of aircraft engines and monitoring them regularly
• By application, narrow-body aircraft accounted for the largest share in 2021. These aircraft are preferred by commercial airlines due to the high-frequency service, competitive environment in which airlines operate, and the way airport capacity is priced and allocated. Growing international travel and trade have increased the travel frequencies of narrow-body commercial and cargo planes, which has propelled the growth of the MRO services in the narrow-body aircraft segment
• Asia Pacific is expected to register the fastest CAGR over the forecast period. Rapid economic growth, urbanization, the launch of new domestic airlines, low-cost labor in countries such as India and China, and government support in establishing the aerospace clusters are driving the need for more aircraft and expanded aviation services in the region
• The market went through an unprecedented disruption due to the COVID-19 pandemic. With the easing of lockdowns and restrictions on international travel, airlines have announced the expansion of operations, which is expected to fuel the demand for commercial aircraft MRO services. Commercial airplanes and services are showing signs of recovery from the impact of COVID-19, while the global defense, space, and government services have remained stable
• To ensure uninterrupted MRO services, leading players put a strong emphasis on maintaining strategic relationships with aftermarket suppliers of aviation parts. The rivalry in the MRO sector has also increased as a result of declining market growth, leveling off outsourcing, and a rise in OEMs in the aftermarket

A2P Messaging Market Size Worth $96.73 Billion By 2030

 

A2P Messaging Market Growth & Trends

The global A2P messaging market size is anticipated to reach USD 96.73 billion by 2030, registering a CAGR of 4.7% over the forecast period, according to a new report by Grand View Research, Inc. A2P messaging is the process of sending an automated message from an enterprise or a business application to a subscribed user for advertising, marketing communications, notifications, appointment reminders, chatbots, PIN codes, or One-time Passwords (OTPs).

The A2P messaging solution allows enterprises to manage bulk messaging services instantly by leveraging quality mobile communications routes across the globe. The increasing number of mobile subscribers and rising use of messaging services in several industries are the factors fueling the growth of the industry. The A2P messaging services offer a centralized tool to manage messaging services worldwide without setting up agreements with all the destination operators. A2P messaging builds better client relations and ensures better connectivity and expansion of sales. In addition, a growing emphasis on customer acquisition and engagement is further anticipated to boost the market growth.

Also, several regulations of the communications practices of A2P messaging vary at regional or country levels. For instance, the A2P messaging must comply with the FCC Telephone Consumer Protection Act (TCPA) rules that are subject to certain conditions. The FCC rules are there to provide protection against over-messaging and match message content, such as the importance of the message and timeliness, with the broadcast channel.

The report covers the competitive analysis of the top ten market players, including TWILIO INC., Dialogue Communications, Infobip ltd., Sinch, Proximus, Tata Communications, AT&T, China Mobile Limited, Orange, and Genesys. The market players are adopting several key strategies and development such as product launches, partnerships and collaborations, and mergers and acquisitions to obtain a significant market share. For instance, Microsoft announced the acquisition of Xandr from AT&T in December 2021. The acquisition will accelerate the delivery of digital marketing, advertising, and retail media solutions for the open web.

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A2P Messaging Market Report

A2P Messaging Market Report Highlights

• The market is expected to witness a CAGR of 4.7% over the forecast period owing to a rise in the adoption of smartphones and mobiles globally. Also, growing mobile advertisements & SMS marketing has increased the adoption of A2P messaging among end user during the COVID-19 pandemic
• Based on the component, the platform segment accounted for the largest revenue share of over 61.92% in 2021 as the A2P messaging platform is extensively used in several verticals such as retail & e-commerce, BFSI, travel & hospitality, and healthcare. Technological advancement in retail marketing, such as Omni channel marketing automation, enables real-time engagement with behavior-based triggers and segments customers based on the collected data
• The deployment model segment comprises on-premises and cloud. The cloud segment dominated the market in 2021 and is expected to witness a significant CAGR of 5.4% over the forecast period owing to the integrated marketing campaign and highly engaging cloud-based services offered by the key players
• The customer relationship management (CRM) services segment is expected to dominate the application segment and register a healthy CAGR of 3.6% over the forecast period as several industries are investing highly in customer engagement tools and are focusing on the adoption of A2P messaging. As CRM is the core of business operations, many industries are focusing more on adopting A2P messaging for CRM as these messaging services help to send appointment reminders, purchase confirmation, follow-up surveys, and other tasks
• Based on vertical, the market is segmented into BFSI, healthcare, media & entertainment, retail & E-commerce, travel & tourism, and others. BFSI industry vertical dominated the A2P messaging market owing to increasing payment transactions and online services in the BFSI industry
• Asia Pacific dominated the market in 2021 and accounted for the largest revenue share of 42.23%, owing to the extensive adoption of smartphones and growing internet subscribers across the APAC region. Enterprises operating in this region are increasingly adopting A2P messaging to increase brand recognition and positively impact the growth

Outdoor Payment Terminal Market Worth $2.9 Billion By 2030

 

Outdoor Payment Terminal Market Growth & Trends

The global outdoor payment terminal market size is expected to reach USD 2.9 billion by 2030, according to a new study conducted by Grand View Research, Inc. The market is expected to witness a CAGR of 8.7% from 2022 to 2030. Smartphone-based transactions are one type of payment method frequently used at the Outdoor Payment Terminal (OPT) at the global level. This is because of the rising consumer awareness about the security features such as facial recognition and biometric software offered by smartphone-based payments.

There is an increasing need for digital payment solutions, especially in small-scale businesses, which is expected to drive market growth. Small businesses possess dynamic growth potential; by adopting OPTs, they can utilize their capabilities better, and can thereby improve operational efficiency. Thus the growing number of small businesses is expected to create new opportunities for the market.

The real-time payment capabilities of OPTs enable users to make payments 24/7. Adopting this technology helps business owners save on costs and meet the latest security standards. As a result, leading companies across the globe are adopting online payment culture, which is anticipated to boost the demand for the OPT portals. The pandemic outbreak has contributed positively to the industry’s growth. Major hospitals and other essential service providers have shifted from traditional payment terminals to more advanced outdoor payment terminals. Further, the growing digitalization and the introduction of technology-based payment terminals powered by prominent players such as Invenco and Verifone are some of the major reasons associated with market growth over the forecast period.

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Outdoor Payment Terminal Market Report

Outdoor Payment Terminal Market Report Highlights

• The contactless payment segment is expected to witness the fastest growth over the forecast period. The introduction of contactless payment platforms aggressively by some of the major companies such as RazorPay and PayU worldwide is expected to drive the growth of the segment
• The refuel segment is expected to witness the fastest growth over the forecast period. Reduced waiting time and multiple payment options at fuel stations by using OPT platform are expected to play a decisive role in driving the segment growth
• The Asia Pacific regional market is expected to witness the fastest growth over the forecast period owing to the developing IT infrastructure in the region which will enable developing countries like China and India to utilize OPTs more effectively

Tokenization Market Size Worth $13.53 Billion By 2030

 

Tokenization Market Growth & Trends

The global tokenization market size is expected to reach USD 13.53 billion by 2030, registering a CAGR of 24.09% from 2022 to 2030, according to a new report by Grand View Research, Inc. Tokenization is a software-based data security technology. The advancements in data and technology have been adopted by industries handling and dealing with sensitive data to offer an improved and significantly secure process for consumers. As the technology has become advanced and easily compatible with various devices, the industries have found it easier to incorporate it and enhance their offerings.

The banking and finance industry’s rapid digitization has enabled banks and financial institutions to solidify the security and impenetrable nature of their services. For instance, in December 2021, PhonePe, a mobile payment application, introduced tokenization in its service and implemented deleting all card on file details after a Reserve Bank of India regulation for the industry.

The main advantage of the technology is that it can be deployed in multiple factors such as online payments, data storage QR-based payments, in-app payments, and so on. The market remains strong even during the current pandemic and the global presence of the industry is growing rapidly as industries push for digitization and follow governmental regulations. This technology has gained immense traction in India after the emergence of a Reserve Bank of India guideline to all merchants and e-commerce platforms to delete all sensitive data of users including their card details by September 30, 2022.

Tokenization is widely present in Europe and North America and is increasingly being adopted in Asia. Tokenization is growing in popularity as it is not for just payment security but also to protect all types of sensitive data. Along with the banking and financial industry, this technology is deployed by the healthcare, information technology, and retail industries. This technology is often deployed in conjunction with encryption to add an even stronger layer of security for sensitive data.

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Tokenization Market Report

Tokenization Market Report Highlights

• The solution component segment accounted for over 80.0% share of the total revenue in 2021 owing to industries approaching tokenization companies to secure digitized data
• The payment security application area segment held the largest revenue share of over 30.0% in 2021
• The gateway-based technology segment is predicted to record a CAGR of 25.26% from 2022 to 2030
• The Middle East and Africa is anticipated to register the highest CAGR of 27.52% from 2022 to 2030

Alternative Lending Platform Market Worth $14.47 Billion By 2030

 

Alternative Lending Platform Market Growth & Trends

The global alternative lending platform market size is expected to reach USD 14.47 billion by 2030, growing at a CAGR of 23.6% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growing integration of technology in the financial sector worldwide is anticipated to drive the growth. The strong emphasis by market players on offering enhanced lending solutions to revolutionize the financing ecosystem also bodes well for the development of the industry.

In June 2022, HES FinTech, a loan management platform provider, based in Lithuania, collaborated with Nordigen, a transaction analytics platform based in Latvia. This partnership was aimed to revitalize the lending ecosystem in the European markets by delivering integrated and seamless solutions for end-to-end digital lending. They are focused on a technologically advanced approach to making the lending sector more accessible by eliminating the hassle of traveling to offices and signing documents.

Industry incumbents across the globe are focused on customer acquisition by providing attractive products. For instance, in December 2021, Kabbage from American Express launched Kabbage FundingTM, providing flexible lines of credit between USD 1,000 and USD 150,000 to qualified small businesses. Small businesses may apply for loans in minutes with Kabbage Funding to get working capital available around the clock to help them manage their cash flow.

The outbreak of COVID-19 is expected to play a vital role in driving the growth of the market during the forecast period. Although the outbreak took a toll on the lending market, the need for credit, on the other hand, increased as many individuals suffered financial losses. This created unique opportunities for alternative lenders to cater to the vast credit requirement globally.

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Alternative Lending Platform Market Report

Alternative Lending Platform Market Report Highlights

• The lending analytics segment is expected to witness the fastest growth during the forecast period. The rising prevalence of alternative lending increased the need to track and analyze loan data points which thereby created the need for lending analytics
• The managed services segment is expected to witness the fastest growth during the forecast period. The rising adoption of technology and rapidly changing industry trends are expected to increase the demand for managed services
• The cloud segment is expected to witness the fastest growth during the forecast period as the cloud-based deployment model aids in reducing operational costs and increases efficiency
• The peer-to-peer lending segment is expected to grow at the fastest CAGR. The increased utilization of internet applications and smartphones is expected to create growth opportunities for the segment growth during the forecast period
• The Asia Pacific is expected to witness the fastest growth during the forecast period. The rapid technological developments and acceptance of algorithm-based modern credit solutions that can match borrowers with a best-suited lender offered by companies such as Wechat and Lendingkart in China, India, and Japan are the primary factor boosting the growth

Emotion Detection And Recognition Market Worth $136.46 Billion By 2030

 

Emotion Detection And Recognition Market Growth & Trends

The global emotion detection and recognition market size are anticipated to reach USD 136.46 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.7% from 2022 to 2030. The increasing demand for emotional intelligence across sectors and the growing use of emotion detection and recognition solutions among businesses are driving the demand for emotion recognition software.

However, privacy concerns over data harvesting are projected to limit the market expansion to some extent. The growing use of voice-driven and gesture-driven navigation systems and workstations propels growth in the software and hardware segments. Furthermore, substantial development in IoT-based technologies, amplified adoption of wearable technologies, and immense growth in the use of smartphones are also fostering the growth of the market.

Emotion detection and recognition techniques are widely utilized to gauge consumer satisfaction through video evaluation and image processing. It can identify a customer’s mood in a variety of demographic categories. Emotion detection using AI technology integration is also gaining significant prominence. Thus, artificial intelligence and emotion detection experts collaborate with business teams to improve the shopping experience.

One of the primary reasons fueling the expansion of the emotion detection and recognition market is the increasing need for enhanced security solutions. The need for emotion detection and recognition solutions is predicted to rise as the demand for efficient systems to monitor crowd behavior and detect possible threats grows.

The market for emotion detection and identification is projected to witness prominent growth in the coming years due to the continuing advancement of machine learning and natural language processing. Additionally, the emotion detection and identification industry are expected to benefit from sentiment analysis based on changes in facial expression.

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Emotion Detection And Recognition Market Report

Emotion Detection And Recognition Market Report Highlights

• The growing trend in the development of AI-based systems is predicted to be the primary growth driver. The use of deep learning algorithms in emotion detection and recognition solutions to improve outcomes is projected to be a significant element in the growth of the technology-based segment
• North America is the leading revenue provider. Increased internet usage and increasing adoption of IoT and cloud-based applications across various end-use sectors are driving the regional market growth
• The increasing application of emotion recognition in the various industrial sector is expected to drive industry expansion, due to changes in lifestyle in various nations, including the U.S., Germany, and the U.K. Growing industries in India and China are also expected to fuel market growth
• To develop superior products with a larger user base, key industry participants are concentrating on implementing artificial intelligence technologies in emotion detection and recognition