Photonic IC Market Projected To Reach $3.54 Billion By 2024

The photonic IC market is expected to reach USD 3.54 billion by 2024 according to a new report by Grand View Research, Inc. Photonic IC is an integrated circuit that uses optical wavelength as an information signal and provides multiple integrated photonic functions. Photonic IC, as such, is similar to an electronic IC and can be a viable replacement for it as well as for the copper-based wired transmission. Photonic IC forms an integral part of lasers, optical amplifiers, modulators, and MUX/DEMUX components, which are extensively used in the optical signal processing, optical communication, biophotonics, and sensing applications. The growing demand for sensing and optical devices are expected to fuel the growth of the photonic IC market.

There is an increasing need for cost effective, power efficient, and compact PICs which would further propel the photonic IC market over the forecast period across the mobile broadband Internet access, high-performance computing, datacenter, and enterprise networking, along with metro and long haul data communications, among many others. The increasing adoption of the high-level integrated PICs and application-specific PICs would boost the photonic IC market to strive for greater functionality and new product development across a number of verticals.

The photonic IC market is anticipated to grow substantially due to the continuous technological advancements and the evolving end-user demands. The laser, optical amplifier, and MUX/DEMUX component segments possess enormous growing opportunities, owing to the ability of photonic ICs to incorporate new optical functionalities that can be embedded on a single chip to achieve high efficiency and compactness.

The increasing demand for the optical communication and sensing applications is driving the growth of photonic ICs around the globe with an efficient management of datacenters and long haul networks providing a thriving market for them. Moreover, with the advancements in quantum computing, the adoption of photonic ICs are increasing as they allow multitasking that quantum computing readily requires. Also, the growing adoption of the biophotonic application in medical devices also holds considerable growth opportunities for the photonic ICs market. On the other hand, the high bandwidth and optimum performance requirements of the telecommunication industry, data storage, cloud service providers, and large business enterprises are expected to boost the optical communication and signal processing segments. This market will create many new opportunities culminating in an increased adoption of photonic ICs over the forecasted period.

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http://www.grandviewresearch.com/industry-analysis/photonic-integrated-circuit-ic-market

Further key findings from the report suggest:

There is a growing need for higher bandwidth and greater transmission speeds across the Information and Technology (IT) industry. Photonic ICs can be incorporated into the existing products to fulfill this demand in diverse industry verticals to transmit, receive, and switch high-speed digital signals in communication networks. Progressive research and developments are being made towards the low-cost, high-performance optics to help lower the cost of the high-speed Internet access and boost the efficiency of the telecommunication networks
The growing shift towards quantum computing and machine learning, among others, requires enormous parallel computing capabilities. The optical quantum computers can perform much faster than the traditional computers in terms of multitasking, higher level of integration, and efficiency while consuming lower power. This will open new avenues for photonic IC-based computing services across a wide range of verticals.
Broadcom Limited (U.S.), Viavi Solutions, Inc. (U.S.), and NeoPhotonics Corporation (U.S.) are some of the major industry players in this domain. Other key vendors include Oclaro, Inc., Kaiam Corp, Luxtera Inc., Infinera Corp., Finisar Corporation, Ciena Corporation, and Emcore Corporation, among others.

Neuromorphic Computing Market Size Worth $6.48 Billion by 2024

The global neuromorphic computing market size is expected to reach USD 6.48 billion by 2024, according to a new study by Grand View Research, Inc., registering a 20.2% CAGR during the forecast period. Rising demand for artificial intelligence and cognitive and brain robots is acting as a major growth driving factor for the market.

Neuromorphic chips allow users to avail numerous advantages such as high speed, low power consumption, cognitive computing, and optimum usage of memory. In addition, these chips find high application in aerial surveillance, satellite imagery, and audio and signal processing. There has been considerable demand from a wide range of industrial verticals, such as consumer electronics, automotive, robotics, and military and defense.

Major industry players are focusing on development of neural processing units, which can be combined in a processor chip for reverse-engineering of the human brain. Companies increasingly making significant investments in R&D activities pertaining to development of neuroscience and computing before foraying into the industry.

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https://www.grandviewresearch.com/industry-analysis/neuromorphic-computing-market

Further key findings from the study suggest:

The consumer electronics end-use segment dominated the global neuromorphic computing market, accounting for a share of over 62.0% in 2016. This can be attributed to increasing utilization of brain computers and smart wearable devices
North America dominated the market and acquired 34.0% of the total market in 2016. This can be majorly attributed to presence of key neuromorphic chip vendors in the region
The signal processing application segment accounted for 30.0% of the global revenue in 2016, owing to increasing demand for processing acoustic and audio signals
Key industry participants include Brain Corporation (U.S.); CEA Leti (France); General Vision, Inc. (U.S.); Hewlett Packard (U.S.); HRL Laboratories LLC (U.S.); IBM Corporation (U.S.); Intel Corporation (U.S.); Knowm Inc. (U.S.); Numenta, Inc. (U.S.); Qualcomm Inc. (U.S.); and Vicarious FPC, Inc. (U.S.)
Industry vendors are emphasizing on product development for new applications and forming technology alliances to gain a competitive edge in the industry.

Healthcare Cyber Security Market Worth $10.85 Billion By 2022

Global healthcare cyber security market size is expected to reach nearly USD 10,848.87million by 2022, according to a new report by Grand View Research, Inc. Key factors attributing to the growth of the market include the increasing incidences of cyber attacks for misuse of electronic patient health records (E-PHR), social security records, IP theft, and others.

Cyber attacks are constantly increasing across the globe. On previous encounters it was witnessed that cyber attacks were focused on stealing, financial information, billing information, and bank account numbers using stolen devices with un-encrypted data, phishing and spam mails. Technological advancements have led to advanced cyber warfare using SQL injections, advanced persistent threats (APT), zero day attacks, and advanced malware.

Lack of adequate IT spending by healthcare organizations and lack of awareness about cyber crime have exposed the vulnerabilities of healthcare organizations. The overall impact of cyber attacks on the hospitals and healthcare systems is estimated to be nearly six billion per year.

Furthermore, these organizations face internal threats due to factors such as the use of cloud services, unsecure networks, employee negligence, bring your own device (BYOD), lack of internal identification and security systems, stolen devices with un-encrypted files.

Healthcare cyber security market is segmented by, type of threat into malware, ddos, advanced persistent threat (apt), spyware, lost and stolen devices, others. In 2013, Boston Scientific, St.Jude Medical and, Medtronic witnessed cyber attacks and hacking. In 2015, Anthem, which is the second largest health insurance provider in the U.S., witnessed a massive cyber attack leading to loss of 80 million customer records.

Security information and event management (SIEM),risk and compliance management, DDoS mitigation, antivirus, antimalware, identity and access management, intrusion detection system (IDS)/intrusion prevention system (IPS) and others are the solutions included in the scope of the study. These solutions can be used individually or can be used as a suite of products providing layer wise security.

Market dynamics in this sector are dependent on the type of threat, effectiveness, and frequency of attack, ability to detect and destroy. New types of threats are detected each day, hence, the solutions need to be upgraded constantly to provide adequate firewall security and prevent data breach.

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http://www.grandviewresearch.com/industry-analysis/healthcare-cyber-security-market

Further key findings from the study suggest:

In 2014, North America held the largest market share of more than 41% owing to the presence of sophisticated healthcare infrastructure, and increasing collaboration between pharmaceutical, medical device industries, with regulatory authorities. This can be illustrated using the U.S FDA guidance document on networked medical devices.
Furthermore, the U.S. is a prime target for cyber crimes due to, the presence of large fortune 500 healthcare organizations, full scale implementation of digital patient records, and use of extensive social security ids for various transactions.
Asia Pacific is identified as one of the most lucrative regional market, growing at a CAGR of over 8.5% during the forecast period. Rapidly improving healthcare infrastructure and high level economic growth in developing countries such as China, India, and South Korea is expected to boost usage rates over the forecast period.
Increasing number of internet users in China and India is expected to create a huge user base vulnerable to cyber attacks. According to data published by the Internet and Mobile Association of India (IAMAI), the internet user base in India is expected to reach nearly 402 million by December 2015
Key players operating in the healthcare cyber security market include, Cisco, IBM, MacAfee, Paulo Alto Networks, Symantec, Trend Micro Lockheed Martin, FireEye, Northrop Grumma, Kaspersky etc.

Aminoglycoside Market Size To Reach $1.68 Billion By 2022

Global aminoglycoside market is expected to reach USD 1.68 billion by 2022 growing at an estimated CAGR of 3.5% from 2015 to 2022, according to a new report by Grand View Research, Inc. This expected growth in demand can be ascribed to the increasing incidences of animal disease outbreaks leading to high utilization of antibiotics.

However, reduction in prescription rate of aminoglycoside antibiotics due to side effects associated with usage of these drugs that include severe ototoxicity, nephrotoxicity, and neuromuscular blockade are expected to affect the market growth negatively. Furthermore, regulatory disapproval for the usage of certain aminoglycoside in regions is also anticipated to attribute for subordinate growth in this industry.

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Further key findings from the report suggest:

Neomycin and tobramycin together contributed for over USD 600 million as revenue in this market owing to higher usage and prescription of these drugs for treatment of different bacterial infections. Neomycin finds higher usage in topical formulations for treatment of different skin infections.
Injectables accounted for the largest share of revenue amongst other routes of administration owing to higher usage for treatment of tuberculosis, MDR-TB, and XDR-TB. Use of second line anti tuberculosis drugs such as kanamycin & capreomycin by global organizations is attributive for generation of maximum revenue in this segment.
Human use for treatment of respiratory disorders accounted for largest share in applications segment owing to rise in global incidence of tuberculosis. Furthermore, other bacterial infections of respiratory tract that can be treated using aminoglycoside class of antibiotics are anticipated to contribute for expected growth in this segment.
Veterinary treatment is expected to boost industrial growth in the coming years owing to higher incidence of animal diseases outbreaks. However, these drugs have restrictive regulations for administration to food-producing animals as it may lead to toxic effects and resistance development on humans after consumption of animal originated food.
Asia Pacific was the largest market, accounting for over 40% of revenue in aminoglycoside industry owing to, the presence of market players in this region coupled with higher rate of tuberculosis incidences herein.
South Africa spearheaded growth in the MEA market. The presence of relatively higher demand and consumption of injectable solutions in this region because of increase in incidence rate of MDR-TB and other drug resistant infections are some regional growth drivers.
Key participants of the aminoglycoside market include Vega Pharma Ltd., Kremoint Pharma Pvt. Ltd, Xian Wison Biological Technology Co., Ltd., Jiangxi Bolai Pharmacy Co., Ltd., Medson Pharmaceuticals, Hangzhou Uniwise International Co., Ltd., Yi Chang Veterinary Medicine Factory, HuvePharma, and Medico Remedies Pvt. Ltd.
Market players are involved in the development of products with newer formulations and lesser side effects in order to treat eradicate bacterial infections that are resistant to other class of antibiotics.

Narcolepsy Therapeutics Market Size To Reach $3.85 Billion By 2025

The global narcolepsy therapeutics market is expected to reach USD 3.85 billion by 2025, according to a new report by Grand View Research, Inc. The increasing awareness about this sleep disorder among public and healthcare providers is a key factor contributing to the market growth.

The Narcolepsy Network has estimated that out of every 2,000 people 1 is afflicted by this condition. Moreover, Narcolepsy UK states that around 25% patients are identified and remaining 75% are untreated as they remain undiagnosed or are misdiagnosed, which is alarming. Some organizations and networks are constantly working to spread awareness about this condition among the patients and physicians.

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http://www.grandviewresearch.com/industry-analysis/narcolepsy-therapeutics-market

Further key findings from the report suggest:

The narcolepsy therapeutics market is expected to grow substantially owing to the worldwide increasing incidence of this disorder.
Narcolepsy with cataplexy was identified as the largest type segment in 2016. It is expected to retain its position throughout the forecast period owing to the rising cases of cataplexy in patients suffering from narcolepsy.
Narcolepsy without cataplexy is likely to witness the fastest growth over the forecast period due to increasing awareness about Excessive Daytime Sleepiness (EDS) through various mediums, such as awareness campaigns
Sodium oxybate dominated the product segment in terms of revenue share in the year 2016, and it is also expected to be the fastest growing segment over the forecast period. Drugs belonging to this class have higher costs and favorable coverage policies.
Xyrem is the only FDA-approved drug in this category and is extensively prescribed for the treatment of cataplexy and EDS. American Academy of Sleep Medicine (ASSM) recommends it as a standard treatment of this disorder.
Europe dominated the regional market in terms of revenue share in 2016 because of increase in capital investments and existence of established healthcare infrastructure along with a large target population
The H1N1 influenza postvaccination pandemic of the year 2009 has resulted in growth of number of narcolepsy patients
Asia Pacific is likely to exhibit fastest growth during the forecast period due to the rising healthcare expenditure in this region, rising awareness among people, highest prevalence in Japan, and presence of emerging economies such as China & India
Some of the major market players are Jazz Pharmaceuticals PLC;Teva Pharmaceutical Industries Ltd.;Graymark Healthcare, Inc.;Addrenex Pharmaceuticals, Inc.; and BIOPROJET.
Mergers and acquisitions are strategic initiatives undertaken by these market players in an attempt to remain competitive. In addition, companies are expanding their geographical presence to untapped markets.

RFID in Healthcare Market Worth $10.65 Billion By 2025

The global rfid in healthcare market size is expected to reach USD 10.65 Billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 22.4% during the forecast period. Some of the key contributors to the growth include rising focus on reducing operational costs and streamline the workflow, demand for efficient supply chain management, and need to improve the quality and efficiency of care.

High operational costs associated with the healthcare industry is expected to boost the adoption of RFID technology in healthcare organizations. Pharmaceutical companies, medical device manufacturers, hospitals, and various other healthcare organizations integrate this technology to control inventory costs. RFID technology enables these organizations in efficient inventory management and help avoid stock out and overstock situations. RFID tags enable the surgical staff in easy tracking of medical devices used in operation theatres, thereby improving patient safety. Growing requirement for reduction in operating costs is expected to drive the increase in adoption of RFID. This technology is also used in laboratories, blood banks, and pathology labs for efficient product tracking and better workflow management.

The use of RFID technology enables better communication, adequate patient monitoring, patient identification, and patient tracking. This method aids in decreasing medication errors and increases safety. The rising need for patient monitoring and mandates for increasing safety are also contributing to the growth. Patient tracking across different hospital sections using this technology helps reduce waiting times and is thus gaining significance in hospitals.

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https://www.grandviewresearch.com/industry-analysis/rfid-in-healthcare-market

Further key findings from the report suggest:

RFID tags product segment held majority of the market share in 2018 due to rising awareness regarding the benefits of these devices
Increasing use of tags for tracking various assets, patients, staff, pharmaceuticals, and donated blood is expected to boost the market during the forecast period
Pharmaceutical tracking application segment held the largest market share in 2018, owing to rising needs to identify counterfeit drugs and demand for inventory management
North America led the global market owing to increasing number of hospitals and presence of regulations on patient safety
Asia Pacific is anticipated to witness the fastest CAGR owing to the presence of a large pharmaceutical industry requiring this technology for process streamlining
Some of the key players operating in the RFID in healthcare market include LogiTag, CenTrak, SpaceCode, Impinj, Zebra Technologies Corporation, Biolog-id, Terso Solutions, Carinal Health, Mobile Aspects, Tagsys RFID, Pepperl+Fuchs, and metraTec GmbH

CMOS Image Sensors Market Size Worth $10.17 Billion By 2020

The global CMOS image sensors market size was valued at USD 7.21 billion in 2013 and is likely to be worth USD 10.17 billion by 2020. Increasing demand for handheld equipment such as tablets and smartphones has initiated the development of smart sensing approaches with remote diagnostic and monitoring capability.

Global market was 1,601.8 million units in 2013 and is anticipated to reach 2,643.4 million units, growing at a CAGR of 7.5% by from 2014 to 2020. The industry has observed tremendous growth over the past few years owing to the growth of its application industries, particularly medical and automotive. In addition, technological innovations leading to the evolution of refined sensing technology are expected to drive growth.

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https://www.grandviewresearch.com/industry-analysis/cmos-image-sensors-market

Dexterity to manufacture smaller pixel devices and provide high resolution with cost effective approach is expected to be one of the primary factors driving growth. Rising demand for computation and communication equipment has led to a growing need to develop upgraded processes for better optical administration. The requirement for on-chip integration and focal plane processing are still on improvement phase.

Consumer electronics was the largest application accounting for over 50% of the total market revenue in 2013. These sensors are widely used in numerous consumer electronic devices including entertainment devices, home appliances, communication products, and information technology. The CMOS image sensors market for consumer electronics is likely to grow at a CAGR of 3.3% from 2014 to 2020.

With an increasing focus on research & development, sensing equipments have become smaller, cheaper, and more power-efficient, which serves as a gratifying opportunity for industry players. This is particularly beneficial to the healthcare industry as these products help in improving diagnostics and provide appropriate treatments that rely on this technology. Medical applications are anticipated to grow at a CAGR of 9.9% from 2014 to 2020.

Multimedia-enabled equipment provides more benefits with more data safety over the internet. The application of sensing devices for indoor navigation, health monitoring, and related niche segments is anticipated to offer prominent growth opportunity for prosperity of this market. These gadgets are predominantly used in the U.S., however, the market is anticipated to witness significant gains in emerging economies such as China, India, and Brazil.

North America CMOS image sensors market exceeded 30% of the total revenue share in 2013. Focus on technological advancement coupled with high adoption rate of new technologies and gadgets have resulted in established of a large market in the region. However, the market has reached its maturity phase and is anticipated to grow at a CAGR of 4.1% from 2014 to 2020.

Asia Pacific is expected to witness significant gains over the forecast period at a CAGR of 6.6% from 2014 to 2020. The market was valued at USD 2.37 billion in 2012. Availability of large number of semiconductor manufacturers in Asia Pacific, especially in Japan, China and Korea, is projected to bolster market growth in this region. Presence of cheap labor and establishment of production facilities by foreign organizations are anticipated to favorably affect industry growth in this region. Growing demand for latest gadgets owing to increase in disposable income of consumers is anticipated boost market growth to reach an estimated value of USD 3.95 billion by 2020.

Key players include OmniVision Technologies, Sony Corporation, Canon Inc., and Samsung Electronics. Sony Corporation and Samsung Electronics are projected to dominate the CMOS image sensors market in the near future. Companies are constantly engaging in research & development to introduce innovative products in the market.

Samsung Electronics Co. Ltd. has announced its new 8-megapixel R-W-B sensing device based on ISOCELL and NFC integrated circuit technology with advanced frequency performance.In March 2015, OmniVision Technologies Inc. launched the OV8865, a CMOS image sensor positioned on OmniBSI-2 pixel planning. It is utilized in high speed photography with low power consumption application. Samsung Electronics Co. Ltd. introduced a 280-megapixel APC-C image sensor, which employs advanced 65-nanometer and illuminated pixel technology to implement energy-efficiency and better picture aspect.

Bring Your Own Device Market Size To Reach $238.39 Billion By 2020

The global BYOD market is expected to reach USD 238.39 billion by 2020, according to a new study by Grand View Research, Inc. Growing proliferation of smartphones and tablets coupled with the preference to use a single device is expected to fuel market growth over the next six years. Grand View Research also observes that reduction in OpEx and CapEx is expected to drive BYOD adoption across enterprises.

Concerns regarding theft of the mobile device and safety of classified data are key challenges for enterprises implementing BYOD. Solutions such as mobile device management (MDM) and mobile application and content management have been employed by organizations in order to maintain security and management of data. Techniques including infrastructure provisioning, virtualization and containerization are used to ensure management.

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http://www.grandviewresearch.com/industry-analysis/bring-your-own-device-market

Further key findings from the study suggest:

Smartphones were the most widely used BYOD devices and accounted for the largest market share in 2013. Although laptops are also used to a large extent, they are expected to exhibit slower growth as compared to tablets, which serve the dual purpose of higher processing power and increased portability.
Mid-to-large sized businesses accounted for over 75% of the overall market in 2013. BYOD can also help small businesses drive profitability as well as improve job satisfaction. Reduced hardware/device costs along with the use of cloud-based solutions are expected to favorably impact BYOD implementation. In terms of industry vertical, financial/insurance and healthcare have been among active adopters.
North America led the market and accounted for 34.7% of the global market share in 2013; and is further expected to remain the largest regional segment over the next six years. BYOD adoption is expected to remain high in emerging markets. This can be attributed to relatively lower provision rate of corporate mobile devices in these regions coupled with high degree of comfort and flexibility of individuals in working during traditional downtime. BYOD demand in Asia Pacific is expected to grow at the fastest rate of 20.6% from 2014 to 2020.
Key industry participants include Cisco Systems, MobileIron, IBM Corporation, and Good Technology Inc. among numerous others. In order to ensure successful implementation, it is essential to enforce BYOD policies and avoid data security risk.

Gas Sensor Market Size Worth $4.10 Billion By 2027

The global gas sensor market size is anticipated to reach USD 4.10 billion by 2027, registering a CAGR of 8.3% from 2020 to 2027, according to a new report by Grand View Research, Inc. Factors such as increased demand for smart and wireless gas sensors and regulatory initiatives in developed markets of North America and Europe have propelled the adoption of gas sensors. The introduction of embedded electronics, coupled with sophisticated firmware and improved manufacturing techniques, has enabled developments in gas detection technologies.

A gas sensor is a device that detects the presence of gases in a particular area and is often integrated into a safety system. These sensors consume low power and can be integrated into portable handheld devices, which is expected to create opportunities for market growth.Technological developments, such as enhancement of Microelectromechanical Systems (MEMS) sensors, and need for hydrogen detection on account of its use as a fuel are also expected to contribute to the growth.

The increased adoption of gas sensors can be attributed to the high need for safety in the industrial sector such as oil and gas, power generation, and manufacturing.For instance, theOccupational Safety and Health Administration under the U.S. Department of Labor has implemented the Health and Safety at Work Act, which requires industrial facilities to install gas sensors for monitoring the emission levels and air quality among industries. In addition, implementation of advanced wireless sensor technologies with mesh network in industries is further creating opportunities for the market growth. The infrared technology segment is anticipated to witness substantial growth as it enables the measurement of a wide variety of gases including methane, carbon dioxide, and Volatile Organic Compounds (VOC) such as acetylene, benzene, and butane. This is anticipated to further fuel the market growth.

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https://www.grandviewresearch.com/industry-analysis/gas-sensors-market

Further key findings from the report suggest:

The demand for gas sensors has increased over the years owing to their reliability in performance, real-time monitoring, and cost effectiveness
The demand for oxygen sensors is expected to be supported by the improved precision, decreasing per unit cost of sensors, and growing applications across end-use industries
The wired segment dominates the gas sensor market owing to the cost-effectiveness and accuracy. However, the demand for wireless segment is expected to witness significant over the forecast period, owing to the less complexity and easy accessibility
The high demand for electrochemical sensor can be attributed to their use in applications such as indoor air quality detection, emission control, and landfill gas detection
The U.S. government is investing considerable amount of monetary and non-monetary resources to encourage the adoption of gas sensors across various sectors and carry out initiatives such as smart cities
Stringent safety regulations to protect workers from hazardous gases in industries are boosting the market growth
Key market players include AlphaSense, City Technology Ltd.,Dynament Ltd., Figaro Engineering, Membrapor AG, Nemoto & Co., Ltd., Robert Bosch LLC., ABB Ltd., Siemens AG, and GfG Europe Ltd

Personalized Customer Service to Augment Outsourced Consumer Care Services Market By 2020

Global outsourced consumer care services market are expected to witness a significant growth over the forecast period owing to increased direct involvement of customers with the products and the companies. Today, various companies are trying their best to achieve higher-end user satisfaction.

In order to be in constant touch with their customers, companies make sure that they contact their existing and potential customers regularly to be able to know the needs and reviews about their products. This in turn needs to be done by a set of well-qualified customer care professionals who can cater to the customers in the best possible way. Companies have understood that providing the customers with an amazing experience can actually bring about a lot of difference to the business.

Customers are more connected to the business today, unlike the old days, which is a major reason for the growth of outsourced consumer care services market in the past few years. With the intention to modernize the customer experience, the companies have started focusing on customization and on increasing the involvement of customers in the business, products, and services.

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http://www.grandviewresearch.com/industry-analysis/outsourced-customer-care-services-market

The current shift in the direction of cloud-based services is expected to assist companies and businesses to enter their respective markets. Also, the ability to reach the customers though mobile mediums and thus market their product has led to overall increase in the demand of global outsourced consumer care services market.

Improving the customer experience by offering personalized and customized interactions will lead to the overall increase in the outsourced customer care service market. Mobile customer service across different platforms, interaction via non-voice channels, and a transition in direction to host-based customer services in addition to social media and big data are expected to augment the global outsourced consumer care services market at a CAGR of 5.2% considering the forecast period from 2014 to 2020.

On the basis of services catered to, the global customer care market is segmented into customer relationship management, logistics, and customer interaction. Customer relationship management is all about managing and retaining existing customers and attracting potential customers in order to increase overall sales. Customer interaction is majorly used by companies to lure potential customers and engage the existing customers and it includes various activities including sales, customer care, marketing, product support, and technical support.

Various other activities included in outbound customer service are email & chat support, telemarketing, inbound & outbound calls, customer helpdesk, technical support, lead generation, billing, and collection. However, setting a dedicated customer service center is not only complex but incurs cost in recruitment, and hence, outsourcing the customer care services will provide better opportunities of gaining high customer satisfaction.

Many companies have taken the route of outsourcing, not only for providing customer support, but also for back-office duties like data processing and order management. Customer-driven services focus on aiding the customer with pre-sales and post-sales services to attain a higher customer retention rate in the rising competitive scenario. CRM enables the organizations to operate their key business areas and increase the return on investment.

Global outsourced customer care service market is segmented on the basis of regions into EMEA, South America, North America, and Asia Pacific. North America is expected to continue to be the largest regional market in the coming years. Mobility and communication channels are identified as the key factors leading to the growth of customer service market in North America.

Asia Pacific has been accounted the second largest region in the market due to its growth in mobile services market and wireless market .However, consumer’s concerns about data privacy and security may hamper the growth as they might prefer traditional customer care service over cloud-based or mobile services. Key players in the global outsourced customer care service market are Sykes Enterprises, Stream Global Services, Convergys Corporation, Teleperformance SA, and West Corporation.