Latin America ERP Software Market Size Worth $2.73 Billion By 2025

The Latin America ERP software market size is expected to reach USD 2.73 billion by 2025, according to a new report conducted by Grand View Research, Inc. ERP applications have helped many large-scale organizations to bring clarity and visibility into their business. With rapidly growing small and medium enterprises (SMEs) and the adoption of evolving technology demand in SMEs is expected to grow over the forecast period. Furthermore, rising awareness among small & medium enterprises (SMEs) and increasing need for business process efficiency and transparency aid the market growth over the forecast period.

SMEs have been facing various barriers to the adoption of this technology because of the expensive and less user-friendly nature of the software. Many SMEs in Brazil, Mexico, Chile, and Peru are still using old IT systems to operate their business. There is a growing need for the adoption of upcoming IT systems to sustain in the competitive market. enterprise resource planning software helps the operation of core business processes including sales & distribution, supply chain management, accounting, financial control, and HR, which is expected to propel demand from various SMEs.

The cloud deployment segment is expected to witness a significant growth rate, due to its growing adoption, although the on-premise deployment segment is anticipated to dominate the market (in terms of size) by 2025. Cloud-based applications reduce IT infrastructure costs leading to the adoption of cloud-based applications among enterprises. The investment in cloud-connected mobile applications has increased as mobile owing to the growing penetration of Bring Your Own Device (BYOD) among the organizations. The vendors are developing cloud-based solutions that can be accessed via mobile platforms such as tablets and smartphones expected to influence the Latin America ERP software market growth further.

Click the link below:
http://www.grandviewresearch.com/industry-analysis/latin-america-enterprise-resource-planning-erp-software-market

Further key findings from the report suggest:

  • One of the major factors expediting market growth are the evolution of enterprise software and workplace automation industry practices in the Latin America marketplace.
  • Increasing investment in manufacturing coupled with rising demand for industry dedicated software is expected to propel growth over the forecast period.
  • Brazil region dominated the marketplace, accounting for the largest global market share (in terms of revenue) in 2016
  • In Mexico growth is driven by increasing vehicle and parts production particularly in the states of Aguascalientes, Guanajuato, and San Luis Potosi
  • The key industry participants include IBM (U.S.A.), Oracle (U.S.A.), Microsoft (U.S.A.), SAP SE (Germany), Infor (U.S.A.), and Sage Group Plc (U.K.).

Restaurant POS Terminal Market Size $25.1 Billion By 2027

The global restaurant point of sale terminals market size is expected to reach USD 25.1 billion by 2027, expanding at a CAGR of 6.8% over the forecast period, according to a new report by Grand View Research, Inc. The restaurant needs to optimize its process, starting from procuring raw material to customer feedback. Hence, the implementation of the point-of-sale (POS) terminal facilitated the management of customer, inventory, employee scheduling, table orders, and customer relationship. Moreover, the adoption of the mobile POS system increased over the recent past, primarily owing to the lower setup cost and ease of use.

According to the National Restaurant Association (U.S.), the higher preference for self-serving ordering kiosk by the customers is anticipated to be the key factor which will strengthen the business growth opportunity for the restaurant owners. It has been observed that the use of portable POS devices has been highly beneficial for the owners as they can be easily integrated and contribute towards improving operational efficiency. As the use of mobile POS systems empower the owners in establishing closer monitoring of their operations, irrespective of the location. Such benefits offered owing to the technological development in the POS terminals industry is expected to drive the market over the forecast period.

Restaurants’ POS system not only takes care of front-end operation but also helps in maintaining the back-end operation such as inventory, employee management, reservation, and queue management. Moreover, an increasing number of Quick Service Restaurant (QSR) and Full-Service Restaurant (FSR) in major cities across the world is boosting. Some of the largest QSR expanding its reach and benefiting from the installation of terminal are McDonald’s, Wendy’s, Subway, Starbucks, Pizza Hut, Dunkin’ Donuts, KFC, and Burger King. These large chains of eating houses need to streamline their everyday operation to avoid running out of stock and keep up with the increasing demand and rising number of customers at their outlets. Hence, the system helps by speeding up the ordering and payment processing while also facilitating the same service for online orders.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/restaurant-point-of-sale-pos-terminal-market

Further key findings from the report suggest:

  • The QSR segment is anticipated to witness the highest growth over the forecast period owing to the increasing number of QSRs and ease of managing operations to ensure quick deliveries of orders
  • Revenue from the swipe card machine segment is expected to reach approximately USD 5.2 billion by 2027. The growth of the swipe card machine segment is attributed to the need for facilitating quick cashless payment using debit or credit cards
  • The Asia Pacific region is expected to witness the highest CAGR of 8.6% over the forecast period, owing to the increasing use of card payment and rising number of fine dine and quick service restaurants across India, Japan, Vietnam, Indonesia, and South Korea
  • Some of the key players present in the restaurant POS terminal market are Ingenico Group; PAX Technology Ltd.; Verifone Systems Inc.; NCR Corp.; Revel Systems; Aireus Inc.; Aireus Inc; Dinerware, Inc.; Posist; EposNow; Harbortouch Payments, LLC; LimeTray; POSsible POS; Oracle Corporation; Posera, ShopKeep; Squirrel Systems; Toshiba Corp.; TouchBistro; and Upserve, Inc.

Population Health Management Market Worth $150.6 billion By 2027

The global population health management market is expected to reach USD 150.6 billion by 2027, registering a CAGR of 21.1% over the forecast period, according to a new report by Grand View Research, Inc. The need for population health services that combine multiple functionalities is increasing due to the complex nature of care delivery and payment models. Population health management (PHM) solutions can process clinical, financial, and operational data that help improve efficiency and patient care. The health management program is also witnessing changes in medical reimbursement due to increasing emphasis on value-based payment (VBP) and Accountable Care Organizations (ACOs). In addition, the convenience offered by value-based payment models is responsible for the increased adoption of population health solutions by ACOs.

ACOs, consisting of hospitals, clinics, and other healthcare providers, collaborate with the payers (private and public) to provide high quality care to the patients. Private and public insurance providers have introduced various disease management programs that help in the treatment of chronic illnesses. These multidisciplinary efforts are expected to result in efficient treatment outcomes and are likely to suggest the best suitable courses of action that need to be undertaken. Successful large-scale trials in U.S. have enabled significant advancements in disease management programs.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/population-health-management-phm-market

Further key findings from the report suggest:

  • PHM software offers predictive data analytics, which can be applied for interpreting population characteristics from unstructured clinical data
  • The services product segment held a majority of the market share in 2019, as healthcare providers prefer in-house maintenance services
  • Healthcare providers held the largest market share of the end-use segment in 2019. The providers can focus effectively on patient-centric care and reducing overall costs
  • North America was the largest regional market in 2019 and is likely to retain its position over the forecast period, as the providers, payers, providers-payers, and accountable care organizations promote the use of PHM services
  • Asia Pacific population health management market is expected to witness the fastest growth in the coming years due to rising healthcare expenditure and improving healthcare infrastructure in the region
  • Allscripts, McKesson Corporation, and Cerner Corporation are some of the key PHM market players. Acquisitions and business partnerships with other market players are some of the strategic initiatives undertaken by these companies to strengthen their market presence

Immunoassay Instruments/Analyzers Market Worth $23.3 Billion By 2024

The global immunoassay instruments/analyzers market was valued at USD 14.7 billion in 2015 and is expected to reach a value of USD 23.3 billion by 2024. The prime factors driving the immunoassay analyzers market growth include constant introduction of advanced products. In addition, growing clinical applications for investigation and diagnosis of various chronic and related infectious diseases is expected to drive the growth of the immunoassay instruments market. 

The industry is rapidly growing due to the constant introduction and adoption of automated as well as advanced techniques for laboratory instruments and analyzers in developed countries. Rising prevalence of infectious diseases and chronic conditions, which require early diagnosis, prevention, and treatment, is one of the main factors boosting the demand for immunoassay analyzers and compact consumable products in the healthcare sector. In addition, industry is gaining speed with the launch of innovative products such as compact and portable ichroma II of Boditech Med, Inc., which is an FDA-approved fluorescence scanning instrument. Moreover, with the U.S. FDA approval of the iStat cardiac Troponin I test cartridge that uses enzyme-linked immunosorbant assay (ELISA) method, commercialization of such immunoassay products is also expected to increase significantly over the next few years. 

In North America, the government authorities and private companies have significantly contributed toward development of technology, supported research funding, and helped in commercialization of immunoassay analyzers and associated instruments. For instance, in June 2016, Abbott diagnostic launched Architect i1000SR, an automated immunoassay instrument that works on the principle of chemiluminescence. Using this system, number of different assays can be performed in a very short time.

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

Further key findings from the study suggest:

  • Rapid adoption of advanced technology and automation of laboratory work flow, laboratory instruments, and analyzers is expected to fuel the market growth with CAGR of around 5% over the forecast period.
  • Consumables segment was the largest revenue generating space with over 70% market share in 2015. Repeated purchase of consumables and portable point-of-care kits have contributed to its growth, thus capturing the largest revenue share.
  • In 2015, North America captured the largest revenue share of around 37% of the global market. The continuous research on treatment of infectious diseases and subsequent grants from government healthcare agencies are contributing toward the development of a potential market for the expansion of immunoassay analyzers in the region.
  • Asia Pacific is expected to rise as the fastest growing region during the forecast period. The growing geriatric population in India, China, and Japan has led to the increase in the prevalence of infectious diseases, such as tuberculosis, cholera, typhoid, and various chronic conditions, such as cancer and autoimmune diseases, thereby promoting the utilization of immunoassays in the region.
  • The immunoassay instruments sector is dominated by a few key participants, such as Abbott Laboratories, bioMerieux, Inc. and Roche Diagnostics. Some of the other prominent players operating in the market include, but are not limited to, Becton Dickinson & Company; Diasorin S.p.A; Bio Rad Laboratories; and Siemen Healthcare GmbH. Introduction and adoption of automated systems and innovative designs is expected to intensify the competition by changing the industrial framework over the forecast period. 

Scaffold Technology Market Size Worth $1.5 Billion By 2024

The global scaffold technology market size is anticipated to reach USD 1.5 billion by 2024, according to a new report by Grand View Research, Inc. The evolution of scaffold technology, which facilitates the transplantation process, has created opportunities to address tissue engineering-associated challenges such as vascularization. Also, scaffolds are used in the treatment of damaged and diseased organs or tissues to provide support to implants that are surgically inserted into the patient’s body. This is expected to further support the emergence of this vertical. 

Rise in the aging population and the number of organ defunctionalization cases coupled with the demand for effective treatments is some of the factors promoting the adoption of scaffold technology.

Click the link below:
http://www.grandviewresearch.com/industry-analysis/scaffold-technology-market

Further Key Findings From the Study Suggest:

  • In 2015, hydrogels-based scaffolds dominated the market with a share of over 41% with respect to revenue generation owing to their higher availability as well as continual progress in their development. Moreover, their promising use as cartilage tissue engineering scaffolds, which enable simultaneous cell growth and drug delivery, is fueling their adoption.
  • Even though nanofiber-based scaffolds are estimated to exhibit the lowest market penetration in the current scenario, this segment is expected to witness the fastest growth rate in the coming years due to their ability to mimic the nanoscale properties and structural characteristics of native extracellular matrix; this factor is expected to increase their incorporation in regenerative medicine and other clinical applications.
  • Biotechnology and pharmaceutical organizations held the largest share in 2015 and are expected to witness considerable growth over the forecast period due to the demand for robust tools in metabolic and toxicology profiling of drug moieties during the process of drug development. Also, several biotechnological companies have begun investing in the development of novel products targeting this vertical, which is expected to boost revenue generation through these entities.
  • In 2014, North America emerged as one of the largest markets. This is attributable to the developed healthcare infrastructure and the presence of a large number of key participants operating in this region. Asia Pacific is expected to be one of the fastest-growing regional segments owing to the rapidly improving infrastructure and favorable government initiatives pertaining to research and development in the pharmaceutical industry.
  • Some of the key players operating the scaffold technology market include Merck KGaA (Sigma-Aldrich Co. LLC); Thermo Fisher Scientific, Inc.; 3D Biotek LLC; Molecular Matrix, Inc; ReproCELL Europe Ltd (Reinnervate); Xanofi; Pelo Biotech GmbH; Corning, Inc; Becton, Dickinson and Company; 3D Biomatrix; Avacta Life Sciences Limited; Nanofiber Solutions; NuVasive, Inc; Vericel Corporation; Molecular Partners; Acelity (LifeCell Corporation); and Medtronic (Covidien plc).
  • These players are undertaking different market strategies to maintain their dominance in the market. These strategic endeavors include new product development, acquisitions and mergers, partnerships, and global expansion efforts.
  • Scaffold technology is considered as the leading candidate employed to perform 3D-culture assays including high throughput screening, cell to matrix interactions, cell to cell interactions, cell migration assays, and transfections, which collectively accounted for the largest segment share in 2015 and is anticipated to witness lucrative growth in the coming years. The significant share is attributed to the increasing use of scaffold technology to study cellular behavior and understand the underlying mechanism of diseases. 

Neurovascular Devices Market Worth $3.9 Billion By 2027

The global neurovascular devices market size is anticipated to reach USD 3.9 billion by 2027, registering a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. Rising demand for minimally invasive procedures, increasing incidence of neurological disorders, and introduction of technologically advanced products are driving the growth of neurovascular devices.

Increasing incidence of neurological conditions such as stroke and brain aneurysm, cerebral artery stenosis, and stroke are fueling the market growth. For instance, according to the Stroke Association, more than 100,000 people suffer from stroke every year in U.K. and stroke costs are up to USD 33.7 billion per year.

Decreased postoperative pain and speedy recovery are leading to increasing adoption of minimally invasive surgeries and triggering growth of R&D in this field. Several key players are investing in R&D for the launch of innovative minimally invasive surgical instruments, especially got the neurovascular diseases. The endovascular coiling used for the treatment of intracranial aneurysm is one of the minimally invasive procedures widely recommended by the physicians.

Furthermore, increasing number of technologically advanced product launches by the key market players are also contributing to the market growth. For instance, in January 2018, CERENOVUS, launched Galaxy G3 mini coil, the softest and smallest embolic finishing coil used in the treatment of hemorrhagic stroke and intracranial aneurysm.

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

Further Key Findings from the Study Suggest:

  • The cerebral embolization and aneurysm coiling devices segment dominated the neurovascular devices market in 2019 owing to increasing demand for minimally invasive procedures and rising incidence of cerebral artery stenosis
  • Based on therapeutic application, the stroke segment dominated the market in 2019 owing to increasing prevalence of stroke worldwide, awareness initiatives by various government and non-government organizations, and introduction of technologically advanced products
  • North America dominated the market with the highest revenue share in 2019 owing to increasing prevalence of stroke and brain aneurysm, increasing disposable income, and presence of key players in the region
  • Some of the major players operating in the market are Medtronic; Microport Scientific Corporation; Penumbra, Inc.; Stryker; Johnson and Johnson Services Inc.; Microvention Inc.; and Codman Neuro

Anti Money Laundering Market Size Worth $1.99 Billion By 2025

The global anti money laundering market size is expected to reach USD 1.99 billion by 2025, registering a CAGR of 13.6% over the forecast period according to a new report by Grand View Research, Inc. As the detection and prevention of money laundering threats increase with improvements in law enforcement activities, criminals and corrupt individuals are taking substantial care to conceal the sources of their illicit wealth.

Global concerns about the growing incidences of sophisticated organized crimes, terrorism, and corruption and their negative impact on peace, security, and development of countries globally have signaled a need for concerted action by governments. To meet the various compliance requirements set by governments, organizations are increasingly adopting solutions such as fraud detection and anti-money laundering. These solutions are anticipated to establish procedures to curb practices facilitated by cyber-criminals and corrupt individuals, reducing the concerns of converting or disguising illegally obtained funds as legitimate income.

AML solutions are expected to aid governments in mitigating the risk of anonymity in transaction and fund transfers that facilitate money laundering activities. This would help reduce the use of cash-based activities involved in activities such as drug trafficking, human smuggling and trafficking, and illicit retail transactions. Moreover, AML is expected to help enterprises to decrease the risk associated with cross-border transactions and the exploitation of virtual currency due to threats. AML solutions would subsequently curb activities such as ransomware, Distributed Denial-Of-Service (DDoS), and malware attacks conducted for money laundering or fraud.

The use of advanced technologies such as anonymous online payment portals, online banking platform, and Peer-to-Peer (P2P) money transfer applications for mobile phones have led to a notable rise in the number of e-transactions taking place across the globe in the past few years. While these developments have eased the way funds can be transferred between two nodes, they have also created vulnerabilities and several new ways for illegally transferring money that are more difficult to detect. Moreover, hackers are potentially transferring or withdrawing money, leaving a minute or no trace of an IP address with the use of anonymizing software and proxy servers. Thus, it is becoming increasingly difficult to detect or trace money laundering activities.

To protect citizens, financial organizations, and businesses from such threats, major nations worldwide are making continuous efforts to ensure that financial and other institutions comply with AML requirements. Moreover, several government regulators have started focusing on advanced FinTech solutions to detect and report financial crimes. Owing to the rising intensity, frequency, and sophistication of money laundering and illicit trading activities, organizations are adopting advanced technologies as legacy solutions fail to provide sufficient security and soon become obsolete.

Moreover, the deployment of advanced technology could boost data security and transparency in financial operations. Regulatory agencies and FinTech companies are also increasingly collaborating to improve Know Your Customer (KYC) and Customer Due Diligence (CDD) platforms. Thus, technologies such as authentication, smartphone-based context-aware authentication, and behavior analysis, as well as biometrics are anticipated witness increased traction, subsequently fueling the growth for anti money laundering market.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/anti-money-laundering-market

Further key findings from the report suggest:

  • The global market for anti-money laundering was valued at USD 857.2 million in 2018 and is expected to register a CAGR of 13.6% from 2019 to 2025
  • The software component segment accounted for the largest revenue share of over 62% in 2018
  • The customer identity management product type segment accounted for the largest revenue share of over 32% in 2018
  • The cloud deployment segment is anticipated to register the highest CAGR of 16.0% over the forecast period
  • The North American market accounted for the largest revenue share of over 48% in 2018
  • The market for anti-money laundering is currently dominated by key industry players including Accenture, ACI Worldwide, Inc.; NICE Actimize, Tata Consultancy Services Limited, and SAS Institute Inc.

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

Digital Experience Platform Market Size Worth $15.80 Billion By 2025

The global digital experience platform market size is projected to reach USD 15.80 billion by 2025, expanding at a CAGR of 10.9% from 2019 to 2025, based on a new study conducted by Grand View Research, Inc. The growing inclination of companies for developing customer centric strategies to deliver superior customer interaction is expected to drive the growth. Furthermore, the adoption of digital platforms by large Multi-national Companies (MNCs) and Small and Medium Enterprises (SMEs) as the primary channel for customer service and engagement is also anticipated to propel the adoption Digital Experience Platforms (DXPs).

The digital experience platform enables companies to design and deliver personalized user experience across multiple channels, touchpoints, and devices throughout the customer interaction and engagement process. DXP can be a single offering, however, in most of the cases, it usually consists of integrated set of technologies such as digital Content Management System (CMS), Web Experience Management (WEM), and related services. The capability of the DXPs to provide an architecture for companies to deliver connected customer experiences, digitize business operations, and gather actionable customer insight is expected to drive its adoption over the forecast period.

Due to the confluence of factors, such as digital transformation and disruption, many companies are now radically reengineering their business practices to be extremely customer oriented. Hence, the companies focus on digital experience platforms due to their omnichannel orchestrations and superior content customization and management capability. They leverage these capabilities to provide an integrated multi-channel experience spanning across applications, portals, websites, and devices. Due to the growing demand for DXPs across multiple end-use industries, the key solution providers in the digital experience platform market are aggressively focusing on acquisitions and new product development to establish a strong presence in the fragmented market.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/digital-experience-platform-market

Further key findings from the study suggest:

  • Platform segment dominated the digital experience platform (DXP) market in 2018 and is also anticipated to emerge as the fastest-growing segment over the forecast period owing to increasing adoption of the component by organizations to deliver superior customer interaction and engagement
  • The cloud segment is expected to gain traction over the forecast period owing to the growing preference for cloud based DXPs due to the rapid deployment capability and reduced investments in physical infrastructure
  • Business-to-Consumer (B2C) application is anticipated to witness the fastest CAGR over the forecast period due to the increasing demand for content personalization to enable superior customer engagement
  • The retail segment is anticipated to witness significant growth over the next six years owing to the rapid growth of online B2C and B2B e-tailers and the increased focus on omnichannel marketing
  • Asia Pacific is expected to expand at the fastest CAGR from 2019 to 2025 owing to the growing consumer preference coupled with high adoption of web and mobile shopping applications in developing countries such as India and China
  • Key players operating in the market include Acquia Inc.; Adobe; CoreMedia AG; Episerver; IBM Corporation; Liferay Inc.; Oracle Corporation; Microsoft Corporation; SAP SE; Open Text Corporation; Salesforce.com, Inc.; and Sitecore among others

Multi-mode Receiver Market Worth $1.3 Billion By 2025

The global multi-mode receiver market size is expected to reach USD 1.3 billion by 2025, according to a new study by Grand View Research, Inc., recording a 4.4% CAGR during the forecast period. Multi-mode receiver (MMR) plays a crucial role in augmenting navigation and landing capabilities of an aircraft. As a result, the number of aircraft deliveries emerges as a crucial factor for the MMR market. Although worldwide aircraft shipments have dropped from 2,331 in 2015 to 2,262 in 2016 as stated by the General Aviation Manufacturers Association (GAMA), air passenger traffic has increased significantly over the past 10 years, particularly in developing economies such as India and China. This is expected to propel market growth.

An MMR integrates multiple functionalities into a compact unit, thereby reducing the weight and space factor of an aircraft. It also assists the pilot in positioning, navigating, and landing the aircraft, even in unfavorable conditions. These factors are likely to work in favor of the MMR market.

Another important factor contributing to market growth is initiatives undertaken by airlines across the world to modernize their fleets. Stringent mandates have been laid down for the aviation sector worldwide. At the same time, new technologies such as Automatic Dependent Surveillance-Broadcast (ADS-B) Out are also emerging. While airlines are undertaking various aircraft modernization programs and upgrading their fleets, they also have to make sure their aircraft support the latest technologies and evolving Required Navigation Performance (RNP) navigation approaches. As a result, airlines are spending aggressively on advanced navigation systems. However, safeguarding aircraft avionics systems/technologies from cyber-attacks is one of the crucial challenges faced by the aviation industry.

At present, a handful of market players holding expertise in manufacturing MMR systems are dominating the market. The strong geographical presence of these incumbents, coupled with existing long-term supply contracts, will ensure steady growth of the MMR market over the forecast period. Market players are also adhering to strategies aimed at new product development and expansion in order to strengthen their foothold in the market. For instance, in 2017, Honeywell International Inc. developed a new integrated MMR that complies with GLS CAT-III navigation standards.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/multi-mode-receiver-mmr-market

Further key findings from the study suggest:

  • The retrofit segment is expected to exhibit a CAGR higher than that of the line-fit segment, as airlines remain keen on retrofitting their aircraft with the latest avionics
  • The fixed-wing segment is anticipated to register the highest CAGR over the forecast period in line with the increasing number of aircraft being delivered in developing economies of Asia Pacific
  • The North American region held a market share of 43.0% in 2016 as a result of strong demand from major aircraft manufacturers such as Bombardier and Boeing
  • While MMR helps reduce power consumption, it also happens to be lighter and smaller as compared to receiver solutions available in the market at present. Such favorable factors would ensure steady growth of the MMR market over the forecast period
  • Players such as BAE Systems; Honeywell International Inc.; Leonardo S.p.A.; Rockwell Collins; and Thales Group are dominating the market leveraging their technical expertise.