Digital Twin Market Size Worth $26.07 Billion By 2025

The global digital twin market size is expected to reach USD 26.07 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to register a strong CAGR of 38.2% over the forecast years. Digital twin is a dynamic digital replica of a product, process, system, or facility, which can be used for various purposes including creating a sustainable environment and ensuring a better digital experience for customers. Such digital replicas can imitate real-world situations and help in optimizing systems and processes, examining products, and monitoring the performance and condition of machines, among others.

Digital twin technology is gaining traction owing to its potential to bridge the gap between the physical world and the virtual world. The global market is expected to grow significantly over the forecast period in line with the growing adoption of the Internet of Things (IoT) and big data analytics. Other factors responsible for this growth include rising need for cost-efficient operations, optimizing the processes, and reducing the Time to Market (TTM). At the same time, the way digital twins are created would continue to evolve in line with the innovations in the field of Virtual Reality (VR) and Augmented Reality (AR), thereby boosting the growth of the market.

Healthcare and life sciences, aerospace and defense, automotive and transport, manufacturing, and energy and utilities are some of the key end-use industries for the digital twin technology. Incumbents of these industries are particularly adopting the technology to enhance efficiency, augment productivity, ensure cost-efficient operations, and streamline the processes. For instance, hospitals can create a digital twin of their systems as part of the efforts to gauge the impact of any prospective changes to their systems and ensure a safer environment. Similarly, a surgeon can create a digital twin of the heart and study it before performing a surgery. The technology is also helping companies in adopting lean manufacturing.

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https://www.grandviewresearch.com/industry-analysis/digital-twin-market

Further key findings from the report suggest:

  • Growing adoption of the digital twin technology in various industries, such as automotive and transport and agriculture, is the major growth-driving factor for the global market
  • Digital twin incorporates Artificial Intelligence (AI), big data, Machine Learning (ML), and IoT, among others
  • This helps the end-use industries in accessing the technology more easily and implementing it cost-effectively, thereby supporting market growth
  • The manufacturing segment accounted for more than 20.0% of the global market share in 2017 and is expected to witness a strong CAGR over the forecast period
  • North America and Europe together accounted for more than 50% of the market share in 2017 on account of high adoption of industrial IoT and the presence of developed infrastructure in these regions
  • Prominent companies in the digital twin market include ABB Group; Hexagon Geosystems AG; PTC, Inc.; Dassault Systèmes; AVEVA Group plc; SAP SE; Schneider Electric SE; and Siemens AG. Most of these companies are investing in R&D to maintain their position in the global market

Smart Retail Market Size Worth $58.23 Billion By 2025

The global smart retail market size is expected to reach USD 58.23 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 23.9% during the forecast period. In the present day retail industry, conventional brick-and-mortar stores are facing intense competition from the rapidly expanding e-commerce sector. Therefore, traditional retailers need to incorporate smart retail technology to bring back their customers. The technology helps enhance the digital shopping experience in physical stores. Of late, customers demand personalized, high-quality assistance in a store as well as end-to-end connected experience to the internet environment.

The main components of a smart retail system are integration, connectivity, and big-data analytics. This allows retailers to provide their customers with products and services tailored to their preferences and help in effective client communication, which further improves customer experience and retention. The hardware segment held a significant share in the market in 2017. On the basis of application, the others segment, which includes robotics and analytics application, is estimated to gain traction over the forecast period and is expected to reach over USD 12.14 billion by 2025.

The growing use of big data analytics in order to understand the need of customers, improve customer engagement, and their shopping experience is anticipated to contribute to the growth of the market. Surging use of advanced technology such as BLE beacons, near field communications (NFC), and mPOS retailers can help enhance the customer experience as well as increase in-store data collection. This collected data can be further utilized to provide customers with products and assistance in a better manner.

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https://www.grandviewresearch.com/industry-analysis/smart-retail-market

Further key findings from the report suggest:

  • The visual marketing segment emerged as the largest market in 2017 and is estimated to reach USD 16.01 billion by 2025
  • The software segment is anticipated to witness the highest CAGR of 26.1% over the forecast period
  • The Asia Pacific smart retail market is expected to experience the highest CAGR during the same period. Growing adoption of smart retail solutions such as RFID, facial recognition, and big data analytics by retailers in China and Japan in order to provide ease of online shopping experience within a physical store
  • Key players include Intel Corporation; IBM; Samsung Electronics; Amazon; Google, Inc.; Microsoft Corporation; Softbank Robotics Holdings; Ingenico S.A.; Verifone Systems; NCR Corporation.

Endoscopic Vessel Harvesting Systems Market Worth $3.4 Billion By 2025

The global endoscopic vessel harvesting systems market is expected to reach USD 3.4 billion by 2025, according to a new report by Grand View Research, Inc. Growing inclination of the patient population toward minimally invasive cardiac surgeries is one of the key factors expected to drive the market in the coming few years.

The introduction of endoscopic vessel harvesting technology in the field of cardiac surgery was a significant milestone in 1996. According to estimates by the Texas Heart Institute, every year over 200,000 procedures were performed in the U.S. Also, based on the statistics published by the department of surgery (Washington University School of Medicine in St. Louis), they perform Coronary Artery Bypass Grafting (CABG) surgeries on approximately 0.5 million people every year. The growing demand for these procedures and technologically advanced surgical procedures are among the few factors anticipated to boost the market over the forecast period.

The presence of favorable reimbursement policies in the U.S. pertaining to CABG surgeries is anticipated to increase the number of these surgeries. In July 2016, the Department of Health & Human Services announced that it will begin implementing bundled payment models for high-quality, coordinated cardiac and hip fracture care. The market is highly concentrated with a limited number of products and market players operating in this space. Many studies stated that the open vessel harvesting technique is as effective as a minimally invasive vessel harvesting technique. However, the growing awareness regarding benefits of Endoscopic Vessels Harvesting (EVH), such as minimally invasive nature, fewer complications, and quick recuperation are some of the factors that are anticipated to propel its growth during the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/endoscopic-vessel-harvesting-system-market

Further key findings from the report suggest:

  • The global endoscopic vessel harvesting system market size was estimated at USD 1,881.7 million in 2016 and is expected to grow at a CAGR of 6.1% from 2017 to 2025
  • Reusable EVH systems emerged as the largest product segment in 2015 and is estimated to generate revenue of over USD 2,136.0 million by 2025
  • Global disposable EVH systems was USD 639.3 million in 2016 and is anticipated to witness the fastest growth over the next 8 years
  • The industry in the Asia Pacific is projected to witness substantial growth over the next decade owing to various developments across major economies in the region. The regional market is expected to grow at a CAGR of 7.7% from 2017 to 2025
  • Some of the key players including MAQUET Holding B.V. & Co. KG; CARDIO MEDICAL GmbH; Terumo Cardiovascular Group; Med Europe S.r.l. (Elite Life Care); LivaNova plc. (Sorin and Cyberonics); and Saphena Medical, Inc. dominated the global endoscopic vessels harvesting systems market.

Radiation Oncology Market Worth $11.5 Billion By 2027

The global radiation oncology market size is expected to reach USD 11.5 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 7.3% over the forecast period. Increasing prevalence of cancer is one of the major factors driving the market growth.

Rising technological advancements in radiation therapy is expected to increase the adoption of radiation oncology. For instance, in April 2019, Accuray Incorporated launched Synchrony motion tracking and correction technology for Radixact system. This technology improves dose accuracy and treatment times and is relatively more effective when compared to conventional radiosurgery therapy systems. Such advancements in technology is expected to boost the market growth.

Key players in the market focus on strategic initiatives such as collaborations, new product developments, and acquisitions. For instance, in August 2019, Mevion Medical Systems and C-RAD integrated MEVION S250i Proton Therapy System and C-RAD Catalyst PT. Integration of these products supports seamless workflow throughout the treatment with patient tracking and monitoring from setup through treatment.

Rising adoption of radiotherapy by medical centers and hospitals is expected to drive the market growth. For instance, according to an article published in Seminars in Radiation Oncology in 2017, it is estimated that more than 12,000 additional treatment machines will be required by 2035 in low- and middle-income countries alone. Furthermore, by 2035, China, India, and Brazil are estimated to require over 3,800; 1,200; and 400 additional machines, respectively.

Key initiatives are being undertaken by the U.S. government to facilitate and support R&D in oncology. Cancer Moonshot, RAS Initiative, and NCI Community Oncology Research Program are some of the initiatives undertaken by the U.S. government and are expected to have a positive impact on market growth.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/radiation-oncology-market

Further key findings from the study suggest:

  • External Beam Radiation Therapy (EBRT) dominated the radiation oncology market in 2019 owing to high availability and penetration of sophisticated diagnostic tools and increase in awareness about available treatment options
  • Brachytherapy is projected to account for the largest share through the forecast period due to extensive usage of brachytherapy for the treatment of prostate and breast cancer
  • EBRT emerged as the largest application segment as this therapy is non-invasive and is used for the treatment of prostate, breast, lung, colorectal, head, and neck cancer owing to its ability to treat cancers in inoperable patients
  • The growth of the 3-D CRT technology segment is attributed to its precise radiation treatment and ability of radiation beams to form the same shape as the tumor at the specific site of cancer
  • North America dominated the global market in 2019. Presence of major players, reimbursement policies, and developed health infrastructure are the key factors driving the regional market growth
  • Key players operating in the market include Accuray, Inc.; Nordion (Canada) Inc.; Varian Medical Systems; IsoRay, Inc.; Ion Beam Applications SA; Elekta AB; C.R. Bard, Inc., Mallinckrodt Public Ltd.; Mevion Medical Systems, and NTP Radioisotopes SOC. Ltd.

Veterinary Anesthesia Equipment Market Worth $1.66 Billion By 2025

The global veterinary anesthesia equipment market size is expected to reach USD 1.66 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 7.2% during the forecast period. Increasing incidence of oral diseases in dogs & cats is creating a greater need for veterinary machines for dental surgery. This, in turn, is providing numerous opportunities to the manufactures operating in the veterinary anesthesia machines market space. In addition, rising incidence of foodborne & zoonotic diseases and bacterial infections that lead to critical conditions are anticipated to fuel the demand over the forecast period. The veterinary medicine field experienced drastic technological developments in the last 20 years.

Growing number of animal health practitioners in response to advanced anesthesiology is expected to augment the demand during the forecast period. In addition, rising penetration of pet insurance is anticipated to fuel the adoption of surgical practices for animals, which will thereby boost the growth of the veterinary anesthesia equipment market. Furthermore, increasing number of pet owners is anticipated to promote the adoption of animal health care services, which is likely to drive the overall market during the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/veterinary-anesthesia-machines-market

Further key findings from the report suggest:

  • The complete veterinary anesthesia equipment segment accounted for the largest revenue share in 2017. The demand for integrated systems by animal health practitioners in surgical procedures is projected to increase over the forecast period
  • The small animal segment, which includes companion animals, is anticipated to witness significant growth in the coming years due to growing pet adoption and increasing concerns regarding pet health by owners.
  • Clinics & hospitals are expected to witness substantial growth during the forecast period due to increasing pet owner’s preference and availability of surgeons in these facilities
  • Presence of a large number of established animal health clinics and laboratories that are consistently striving for extensive commercialization of their services in North America is bolstering the growth of the regional market
  • Asia Pacific is poised to experience lucrative growth in the coming years owing to increasing collaborations by public and private organizations to promote the adoption of animal health services
  • Some of the key companies present in the market are Mindmark, JD Medical, Smiths Medical, and Patterson Companies. The companies are involved in development of novel analgesic that gives relief to pets. There are various molecules in pipeline expecting approval during the forecast period.

Veterinary Surgical Instrument Market Size Worth $1.5 Billion By 2027

The global veterinary surgical instrument market size is expected to reach USD 1.5 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 7.0% from 2020 to 2027. Growing demand for pet adoption is expected to drive the market over the forecast period. Increasing income in developing countries is another driving factor. For instance, according to a report by the American Veterinary Medical Association (AVMA) in 2017, around 46.0% households had multiple types of pets in U.S. Furthermore, key players are implementing newer strategies to sustain in this competitive market. For instance, in March 2019, Bruhat Bengaluru Mahanagara Palike (BBMP) in India planned to introduce a rescue ambulance to rescue injured animals for faster treatment. The ambulance will be equipped with all the necessary tools such as surgical instruments and sterilizers.

Moreover, technological advancements in surgical devices and availability of a number of detection techniques are anticipated to create growth opportunities in the market. These include micro fracture detection, laparoscopy, and 3D printing. For instance, in October 2017, Surgical Holdings launched two new products-chisels and osteotomes-to expand its product portfolio.

The global veterinary surgical instrument market is highly competitive in nature. It is dominated by participants such as B. Braun Vet Care GmbH, Medtronic, Jorgen Kruuse A/S , and SurgiVet. Market players focus on adopting strategies such as new product launches, partnerships, and collaborations. For instance, in July 2018, B. Braun Vet Care signed an agreement deal with CP Medical wherein the company will distribute B. Braun’s veterinary Infusion Therapy product line in U.S. and Canada.    

Click the link below:
https://www.grandviewresearch.com/industry-analysis/veterinary-surgical-instruments-market

Further key findings from the report suggest:

  • Increasing number of veterinary practitioners are anticipated to create growth opportunities in the market
  • Handheld devices accounted for the largest share in 2019, owing to their use for multiple purposes and ease of handling
  • The small animal segment is expected to exhibit lucrative growth over the forecast period owing to rising incidences of pet adoption and increased demand for efficient care
  • The dental surgery segment held the largest share in 2019 due to increasing prevalence of periodontal diseases and rising demand for pet dental care
  • North America dominated the global market in 2019 due to favorable pet insurance policies and new product launches by companies. However, Asia Pacific is anticipated to exhibit the most lucrative growth rate over the forecast period owing to the rising demand for pet adoption and increasing disposable income, particularly in Japan and India
  • Some of the key companies in the market are Medtronic, DRE Veterinary, B. Braun Vet Care GmbH, and Jorgen Kruuse A/S.

Payment Monitoring Market Worth $31.05 Billion By 2027

The global payment monitoring market size is anticipated to reach USD 31.05 billion by 2027, registering a CAGR of 16.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. The payment monitoring market growth trends include increase in digital payments and need for reducing money laundering, managing Know Your Customer (KYC) compliance, and Counter Terrorism Funding (CTF) activities. Hence, various organizations are focusing on deploying payment monitoring solutions to constrain illegal activities, which shuts off the cash flow and help reduce such activities.

People are becoming more digitally connected, which is driving the adoption of online transactions, hence, data control and personal identity theft have become a major concern for online retailers. Furthermore, the cyber thefts by hackers and cybercriminals are growing at an alarming rate, which costs companies several billion dollars each year. The high-level risk of identity theft and data loss can be reduced with the usage of payment monitoring solutions. Thus, the rising need for protection against cyber frauds will drive market growth during the forecast period.

The transaction monitoring market is witnessing the development of innovative technologies that aim to improve these solutions. Vendors are incorporating Artificial Intelligence (AI) in payment monitoring to create services more secure and smarter. Smart AI enabled payment monitoring solutions are equipped with features such as intrusion detection, network threat detection, behavioral analysis, and object classification. Thus, the integration of blockchain and AI technologies with payment monitoring solutions will propel market growth over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/payment-monitoring-market

Further key findings from the report suggest:

  • The watch list screening segment is forecasted to witness remarkable growth over the next eight years, as it enables organizations to efficiently and effectively screen their customers to successfully meet anticorruption, export control, anti-bribery, and other legal regulations as well as all AML and CTF legislation
  • The support and maintenance service helps clients understand their solutions and related processes. With the evolving business requirements, clients are looking for innovative solutions and services to manage their IT infrastructure and hence the companies require support and maintenance. Hence, it is anticipated to expand at a healthy CAGR by 2027
  • The cloud management segment is forecasted to witness a higher adoption over the forecast period, as it helps to avoid the costs associated with software, storage, hardware, and technical staff. It is also helpful for organizations with stringent budgets for security investments
  • The Small and Medium Enterprise (SME) is forecasted to witness a higher growth rate during the forecast period, owing to the increasing data protection regulations. SMEs are small in terms of their size, but are swiftly catering to large customer base globally
  • The fraud detection and prevention segment is forecasted to witness a higher adoption over the forecast period, owing to the increasing use of electronic transactions and increasing level of cyber-attacks across all the regions
  • The retail segment is expected to grow at a rapid rate over the forecast period, owing to rise in trend of online shopping, which has increased online payments
  • Asia Pacific is anticipated to grow remarkably by 2027, owing to the presence of emerging economies such as India and China that have become more aware of the payment monitoring process and its benefits and started adopting them for security
  • The key industry participants include ACI Worldwide Inc.; BAE Systems; Fair Isaac Corporation; Fiserv Inc.; FIS; Nice Ltd.; Oracle Corporation; SAS Institute; Software AG; and Thomson Reuters Corporation

Insurance Fraud Detection Market Size Worth $9.7 Billion By 2025

The global insurance fraud detection market size is expected to reach USD 9.7 billion by 2025, registering a CAGR of 13.7% over the forecast period, according to a new report by Grand View Research, Inc. Detecting and preventing fraudulent activities is a global challenge for insurers. However, the emergence of advanced solutions such as the use of automated business rules, self-learning models, text mining, predictive analytics, image screening, network analysis, and device identification is expected to deliver actionable insights to improve claims processes. As a result, insurance organizations are adopting fraud detection solutions that not only recognize the genuine claims process but also reduce the number of false positives.

The prevention and detection of fraud capabilities are increasing with the growing awareness of perpetrators and sophisticated crimes. Global concerns about the ever-increasing cases of insurance frauds coupled with sophisticated organized crime, have signaled a need for coherent action by all insurance companies. As per a research conducted by the Federal Bureau of Investigation (FBI), the total estimated cost of insurance fraud in the U.S. is expected to be more than USD 40 billion per year. As a result, in the U.S., it has led to an increased premium of approximately USD 420 to 700 per year for the average earning family. Similarly, according to the Association of British Insurers in the U.K., insurer unearthed more than 113,000 fraudulent claims and 449,000 dishonest insurance applications, valued at USD 1.3 billion. Thus, to curb fraudulent claims coupled with the various stringent regulations set by the government, enterprises are expected to adopt these solutions in the near future. These solutions are expected to enable an enterprise to identify fraudulent activities with higher speed and accuracy, thereby improving the consumer experience by realizing fast payouts.

In the insurance sector, fraudulent activities are primarily categorized as criminal and cultural. In criminal type, professional perpetrators habitually try to identify a weak system to attack. While in cultural type, a genuine claimant is opportunistic by exaggerating a claim. With the help of data analytics, insurance companies can analyze and detect the possibility of fraudulent activities. The user can enter data, and claim applications are automatically given a score to indicate the likelihood that scam has occurred. Thus, the use of predictive modeling can potentially produce a quantified score that helps a company to understand the propensity of a scam. Monitoring the arrived score through the use of advanced solutions is expected to show more accurate and effective results than that of traditional fraud detection methods. However, relying solely on technology for suspecting the fraudulent activities to be flagged is expected to be a key challenge for the insurers. Thus, to overcome such challenges, analysts are required to initiate immediate action and follow appropriate measures to help the company reduce losses.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/insurance-fraud-detection-market

Further key findings from the report suggest:

  • Solutions segment held the leading market share in 2018 and is expected to continue leading over the forecast period
  • Managed services segment is anticipated to exhibit the fastest CAGR of 15.6% over the forecast period
  • Large enterprise segment dominated the market with highest revenue share in 2018
  • The Asia Pacific region is anticipated to witness the fastest CAGR over the forecast period

Yacht Market Size Worth $9.0 Billion By 2025

The global yacht market size is expected to reach USD 9.0 billion by 2025, registering a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth owing to the increasing coastal and marine tourism activities across the globe. Furthermore, the rising standard of living and growing corporate tourism activities across the globe are expected to further drive the market.

The sports segment is expected to exhibit high growth owing to its use in personal activities as well as sports events. The increasing number of recreational sporting events, yacht trade shows, and events organized by OEMs are supporting the growth of the market in developed regions such as North America and Europe. Significant increase in the number of people participating year-on-year in marine recreational activities is also expected to further boost the market growth in these regions. Moreover, rising marine tourism and the growing population of high net worth individuals are also likely to contribute to the growth of the regional markets.

According to the World Bank, HNWI accounts for less than 1% of the world’s total population and more than 40% of the world’s total wealth. The growing HNWI population is driving the spending on leisure activities, including yacht travels. The demand for modern leisure yachts is particularly growing as it provides a connected experience while cruising, fishing, and so on.

The increasing adoption rate of yachts has compelled manufacturers to invest in research and development on building yachts using high strength composite material for physical structures. Significant amounts of R&D budgets are also assigned for the integration of technologies such as IoT that enable the exchange of information through a single network. Furthermore, digitalization of propulsion systems has also significantly increased the efficiency of yachts, thus reducing fuel consumption.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/yacht-market

Further key findings from the report suggest:

  • The yacht market is anticipated to experience substantial growth with a CAGR of 5.6% on account of the growing emphasis on marine tourism
  • The sports segment is anticipated to register a higher CAGR over the forecast period owing to its increasing adoption in personal as well as sports applications
  • The 20 to 50 ft length segment is expected to witness higher growth owing to the low operational cost, maintenance, and fuel consumption of yachts of this length size
  • Asia Pacific is anticipated to register a higher CAGR over the forecast period owing to the presence of government initiatives to boost marine tourism and the rising disposable income of individuals
  • The market is oligopolistic in nature and is dominated by key players such as Brunswick Corporation, Azimut Benetti S.p.A., Damen Shipyards Group, Heesen Group, The San Lorenzo S.p.a, Sunseeker International, Ferretti S.p.A., Alexander Marine International Co., Ltd. (AMI), and Princess Yachts Limited, among others.

Automotive Cyber Security Market Size Worth $5.56 Billion By 2025

The global automotive cyber security market size is expected to reach USD 5.56 billion by 2025 expanding at a CAGR of 21.4% during the forecast period, according to a study conducted by Grand View Research, Inc. Increasing risks of data breaching due to rise in number of connected and automated vehicles will drive the market. Moreover, growing emphasis of OEMs on strengthening cyber security policies is expected to propel the demand for automotive cyber security over the projected period. Cloud infrastructure, mobile cross platforms, and automotive data taxonomy, are the key connectivity trends in the automotive cyber security market.

Technological advancements pertaining to network connectivity in autonomous vehicles are gaining traction owing to increasing data and volume of data exchange, which is also likely to contribute to the market growth. Moreover, onboard electronic information-control systems like tire-pressure, electric power steering, fixed-speed cruise control, and auto-braking sensors have become mandatory across all the vehicle categories. Other sophisticated systems are also making their way into automotive electronics applications, such as infotainment, ADAS, navigation, powertrain, and safety systems. This, in turn, would further increase the vehicle-to-everything communication, thereby creating lucrative growth opportunities for the market in automotive sector.

North America is the largest regional market due to increasing demand for autonomous vehicles and quick adoption of new technologies like smart antenna and connected car systems. Moreover, rising investments and stringent measures taken by the government towards incorporating cyber security policies for the automotive market have bolstered the regional market growth. Some of the prominent industry participants include Vector Informatik GmbH, Arilou Technologies, NXP Semiconductors N.V., Argus Cyber Security Ltd, ESCRYPT, Continental AG, and HARMAN International.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/automotive-cyber-security-market

Further key findings from the report suggest:

  • The passenger car segment in Europe is expected to account for 77.1% by 2025 due to rising production of Electric Vehicles (EVs), development and implementation of cyber security strategies, eco-friendly initiatives, and growing scope of data exchange
  • Infotainment application led the market in China due to quick adoption of advanced vehicle technologies
  • Wireless network security segment is expected to account for the largest share of the global automotive cyber security market by 2025
  • Emphasis of OEMs on capabilities offered by connected car systems that have enabled a broad range of service and features contributes to growth of the market in developed economies