Business Process Outsourcing Market Worth $405.6 Billion By 2027

The global business process outsourcing market size is expected to reach USD 405.6 billion by 2027, expanding at a CAGR of 8.0 %, according to a study conducted by Grand View Research, Inc. The major factor encouraging companies to outsource their business activities is cost saving. However, enhanced operational efficiency, improved customer service, innovation, and flexibility are some other factors that will bolster market growth over the forecast period.

The outsourcing of business activities enables companies to focus on their core competencies and enhance their business activities, thereby reducing operational costs. Thus, the essential need to reduce operational costs is a key factor that is anticipated to drive the growth of the market over the forecast period. Furthermore, numerous companies are considering outsourcing as a solution to meet their back-office requirements owing to benefits such as increased productivity and workload management.

Business Process Outsourcing is an integral element of the global outsourcing industry. Additionally, Business Process Outsourcing (BPO) is rapidly gaining momentum across an array of verticals such as Banking, Financial Services, and Insurance (BFSI), healthcare, manufacturing, IT and telecommunications, retail, and others. The others segment includes government, education, travel and transportation, construction, and utilities. BFSI is expected to emerge as the fastest-growing segment over the next few years. Furthermore, BPO addresses the challenges of the BFSI industry. It ensures data management and data integrity. Additionally, it also offers reliable, relevant, and timely data delivery to improve decision making.

Although the market is expected to grow considerably over the forecast period; companies/market players exhibit a dependency on external outsourcing service providers; this dependency presents a potential security risk with reference to integrity and confidentiality of user’s data. Furthermore, maintaining and preserving the confidentiality and integrity of user’s data is a fundamental concern common for all companies. Moreover, rising budgetary pressures and lack of effective frameworks to ensure quality of service are some of the key factors restraining the growth of BPO market.

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https://www.grandviewresearch.com/industry-analysis/business-process-outsourcing-bpo-market

Further key findings from the report suggest:

In 2019, the customer service segment held over 31.0% of the global market share due to extensive and widespread establishment of call centers across the world and increasing requirement of technical and maintenance staff across various sectors such as IT and telecommunications and healthcare
The human resource service segment is predicted to exceed 8.0% CAGR over the forecast period, on account of increasing need of resources across its various sub-segments such as administration, recruitment and relocation, payment processing, and other employee benefit services
In 2019, North America accounted for the largest share of the global business process outsourcing market and is anticipated to register substantial growth over the forecast period. This growth is ascribable to rapid proliferation of IT and telecommunication sectors in U.S. For instance, in 2019, the IT and telecommunication segment in U.S. held the largest market share exceeding 30.0%
The market is fragmented in nature and characterized by large and medium size companies. The major global players operating includes Accenture, Infosys Limited, Wipro, and HCL.

LED Driver Market Size Worth $11.31 Billion By 2025

The global LED driver market size is expected to reach at USD 11.31 billion by 2025, according to a new report by Grand View Research, Inc. The light-emitting diode driver market is projected to expand at a CAGR of 16.3% over the forecast period. LEDs have emerged as an energy-efficient alternative to traditional light sources in the last decade; thus, they have extensive demand in lighting and display segments across several industries. LED lighting is replacing the traditional lighting products due to their benefits, such as longer life, higher energy-efficiency, miniaturization, lower heat output, and directionality.

Moreover, rising demand for IOT-based connected lighting solutions due to the rising number of smart homes in developed countries will contribute to the LEDdrivermarket growth. Furthermore, governments of various countries have launched Smart City initiatives to improve the energy-efficiency of populated cities, which is anticipated to boost the market further. Demand for the constant current LED driver has witnessed exponential growth from 2015 to 2018; these drivers are widely used in high brightness and outdoor lighting applications.

The consumer electronics segment is the largest application segment in the market as LEDs have extensive demand in television and display panels applications. Many leading manufacturers are collaborating with other companies to deliver public lighting systems to cities around the world connected with remote management for energy saving and efficient maintenance. For instance, Philips Lighting N.V. has collaborated with Vodafone Limited to deploy IoT-based wireless Smart Street lighting across the globe.

There is a high demand for energy-efficient and highly reliable products with a smaller system package and lower cost for applications in the low- to mid-power range. To meet these requirements, manufacturers are incorporating Primary-Side Regulation (PSR) to lower the costs by eliminating secondary feedback circuitry and Power-Factor Correction (PFC) circuitry for higher power quality.

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https://www.grandviewresearch.com/industry-analysis/led-drivers-market

Further key findings from the study suggest:

The constant current segment is anticipated to expand at the highest CAGR of 16.7% from 2019 to 2025. These type of drivers provide greater system reliability for general lighting applications
The application lighting segment is anticipated to witness the maximum CAGR of 18.6% over the forecast period
On the other hand, consumer electronics application segment is estimated to account for the largest market share by 2025
Asia Pacific led the market in 2018 and is projected to maintain the dominance throughout the forecast years due to stringent regulations across region, which fuel the demand for efficient lighting solutions
Key industry participants include AC Electronics; Atmel Corp.; Cree, Inc.; General Electric Company; Koninklijke Philips N.V.; Lutron Electronics Co.; On Semiconductor Corp.; and Osram GmbH

Microcontroller Market Size Worth $47.7 Billion By 2027

The global microcontroller market size is predicted to attain USD 47.74 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 10.8% over the forecast period, owing to the increasing focus on automation and Artificial Intelligence (AI) across various verticals such as automotive and industrial. Globally, more than 30 billion Microcontroller Units (MUCs) were shipped in 2019. Increasing demand for embedded control systems in multifunctional devices, such as vehicles, robots, medical devices, mobile radio, and residential appliances, is also playing a principal role in driving the market. The growing use of consumer electronics in day to day lives is anticipated to drive the need devices with higher performance and greater functionalities. Microcontrollers would play a crucial role in the development of such devices leading to the market growth.

Rising need for agility and flexibility in the industrial ecosystem due to the reducing product lifecycles is expected to further spur the demand for MCUs. The consumer electronics segment has also witnessed a significant growth owing to innovative technological developments such as wireless sensing and connectivity, automation, along with the emergence of Internet of Things (IoT) ecosystems in homes. Many market players are developing products with state-of-the-art architecture to make them compatible with such devices. Miniaturization of microcontrollers and the delivery of high performance with extremely low power usage are some of the key advantages offered by some of the new microcontroller units.

Rising demand for devices supporting Ethernet and IoT is also expected to impact the demand for microcontrollers over the forecast period favorably. The demand for MCUs integrated with wireless interfaces, such as ZigBee, microcontrollers, and Bluetooth, has witnessed a considerable rise. Furthermore, the rising need for wireless sensor-based networks for the controlling and monitoring of systems has enhanced the interest of companies in implementing a combination of low-cost systems. Increasing focus on the implementation of energy-efficient solutions for both discrete and process industries is anticipated to propel sustainable manufacturing in industrial automation for a more efficient process. Flexible production and asset management would also influence the factory integration, offering high potential for automation and customized solutions among industrial applications.

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https://www.grandviewresearch.com/industry-analysis/microcontroller-market

Further key findings from the study suggest:

The 32-bit microcontroller is anticipated to emerge as the fastest-growing product segment over the forecast period, owing to its ability to offer high computational power. Technological developments in the production of semi-autonomous and fully autonomous driving systems also require 32-bit microcontrollers, thus driving the growth of the product segment
The automotive application segment dominated the global market in 2019 and is estimated to witness a CAGR exceeding 11% over the forecast period. Increasing demand for enhanced safety features, convenience functions, and entertainment systems, along with government regulations on emission control are driving the segment growth
North America is expected to maintain its dominance over the forecast period. The use of microcontrollers for smart energy management and photovoltaic systems is expected to be the significant factor contributing to the regional growth
Asia Pacific microcontroller market is anticipated to witness substantial growth over the forecast period, owing to the rapidly growing consumer electronics sectors, as well as the presence of major market players, such as Yamaichi Electronics Co., Ltd and Fujitsu Semiconductor Limited
Factors such as the Brexit and U.S.-China trade war have led to declining market conditions. New American tariffs on Chinese goods and slowdown in the Chinese economy are the major factors affecting the steady growth of the market
Key market players include Infineon Technologies AG; Microchip Technology Inc.; NXP Semiconductor; Renesas Electronics Corporation; STMicroelectronics; and Texas Instruments Incorporated

Home Energy Management Systems Market Worth $2 Billion By 2020

The global home energy management systems (HEMS) market is expected to exceed USD 2 billion by 2020, according to a new study by Grand View Research, Inc. Owing to increasing energy cost coupled with growing environmental concerns, energy management has emerged as a significant priority, which is expected to fuel the HEMS market. The need to conserve and optimize energy utilization is expected to serve as a key market driver. Increased connectivity and widespread adoption of smartphones is also expected to favorably impact the market growth. Energy management products demand has gained momentum over the last few years owing to use of variable pricing schemes offered by service providers. Favorable regulatory initiatives in the U.S. pertaining to energy conservation are expected to propel regional HEMS market growth.

High installation cost coupled with system complexity is expected to pose a challenge to market growth over the forecast period. Lack of consumer awareness regarding home energy management systems and the benefits they offer may also hinder the HEMS market. Technological proliferation along with decreased sensor and display costs, improved device-level information processing capability, and roll-out of smart utility meters provide avenues for market growth.

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http://www.grandviewresearch.com/industry-analysis/smart-home-energy-management

Further key findings from the study suggest:

Wi-Fi emerged as the dominant segment in 2013; it is expected to continue accounting for considerable market share over the forecast period. ZigBee, a standard for wireless networks, is expected to be a high growth segment over the forecast period. This can be attributed to its ability to support needs of various utilities, government groups and product manufacturers.
The HEMS market is dominated by control devices and systems; these include thermostats, whole home lighting systems and home automation systems. Enabling technologies are expected to witness high growth over the next six years due to popularity of technologies such as home area network, ZigBee and sensing.
On account of favorable government initiatives and growing need to address issues related to aging infrastructure, North America is expected to emerge as the most dominant regional market over the forecast period. Smart meter mandates by utilities is primarily expected to drive the HEMS market in Europe.
Key market participants include Intel Corporation, Panasonic Corporation, Cisco Systems Inc, General Electric Co. and Honeywell International. Innovations and extensive product development are expected to be the key growth strategies over the forecast period.

Latin America Insulin Market Is Expected To Reach USD 3,760.7 Million By 2020

The Latin America Insulin market is expected to reach USD 3,760.7 million by 2020, according to a new study by Grand View Research, Inc. Growing prevalence of diabetes (type I and type II) coupled with government initiatives to develop insulin in markets such as Brazil by providing medical and financial aid to the population in the form of subsidies and the entrance of multinational companies such as Novo Nordisk, Sanofi Aventis, etc is expected to drive regional insulin market. Affordability of medicines is perceived to be a key challenge for market development, as a significant part of the population may not be able to afford the product.

In 2013, Type II applications lead the regional market, with revenue of USD 1,183.7 million and are expected to grow at a CAGR of 15.8 % from 2014 to 2020. Type I applications are expected to have faster growth, at an estimated CAGR of 20.3 % from 2014 to 2020.

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http://www.grandviewresearch.com/industry-analysis/latin-merica-insulin-market

Further key findings from the study suggest:

Long acting products dominated insulin demand in Latin America, with estimated revenue of USD 548.6 million in 2013. Other leading products include rapid acting and premixed analogs, with the latter expected to grow at a CAGR of 14.3 % from 2014 to 2020.
In 2013, Analog was a dominant insulin source and is expected to grow at a CAGR of 17.7 % from 2014 to 2020.
R&D initiatives, changing lifestyle affecting health of people specially children and growing rate of old aged (above 40) population are also expected to have a positive influence on market demand.
In 2013, Brazil was the largest regional insulin market in terms of revenue, accounting for 38.0% share of Latin American demand, followed by Mexico and Argentina. Brazil insulin demand is estimated to grow at a fastest CAGR of 18.2 % from 2014 to 2020.
Some of the key manufacturers in Latin American insulin market include Sanofi Aventis, Novo Nordisk, Nanjing Xinbai Pharmaceutical Co. Ltd, Takeda Pharmaceuticals, Eli Lilly and Company.

Hemoglobinopathies Market Worth $12.6 Billion By 2026

The global hemoglobinopathies market size is expected to reach USD 12.6 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 10.2% during the forecast period.

Rising prevalence of hemoglobin disorders such as Sickle Cell Disease (SCD), thalassemia, Hb C, and Hb E is estimated to be a high impact rendering driver for the market. According to the World Health Organization (WHO), hemoglobin disorders are endemic in over 60% of 229 countries affecting over 70% of births. It is also reported that minimum 5% of the world population are carriers of significant hemoglobin variation.

Prevalence of hemoglobinopathies is high in low-income countries from regions, such as Sub-Saharan region and South-east Asia. 85% of the affected population in U.S. and Europe has ancestral base in these regions.

Governments are collaborating with local institutes to undertake awareness programs for curbing the effect of hemoglobinopathies-related mortality rate. For instance, Sickle Cell Disease Coalition (SCDC) was founded by The American Society of Hematology (ASH) in 2016 to promote awareness for the condition and enhance outcomes for individuals.

Insufficient healthcare infrastructure and low levels of disease diagnosis and treatments are some of the key factors contributing to the increase in target population in low-income regions such as South-east Asia, Mediterranean basin, and Africa.

North America led the overall hemoglobinopathies market in terms of revenue in 2018. Growing prevalence of blood disorders, favorable government programs, and high level of awareness among healthcare professionals and patients for hemoglobinopathies-related genetic testing, are the factors attributed to the growth.

Asia Pacific is expected to witness lucrative growth over the forecast period owing to the presence of high unmet clinical needs, improving healthcare infrastructure, and rising economic levels. Moreover, introduction of low-cost diagnostic alternatives for hemoglobinopathies is likely to further boost the growth.

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https://www.grandviewresearch.com/industry-analysis/hemoglobinopathies-market

Further key findings from the report suggest:

SCD segment held the largest market share in 2018 owing to rising prevalence of sickle cell disease and presence of strong product pipeline such as LentiGlobin
Genetic testing for diagnosis of sickle cell disorders is expected to witness lucrative growth over the forecast period. Increasing awareness coupled with rising government programs is anticipated to enhance the usage rates for diagnostic tests pertaining to SCD
Pre-implant genetic diagnosis is estimated to witness lucrative CAGR of over 8.0% during the forecast period owing to rising awareness levels among the population and increasing healthcare expenditure
Blood transfusion was the largest therapy segment for hemoglobinopathies, owing to high acceptance of this treatment option and significant success rate
Key market players include Gamida Cell; Alnylam Pharmaceuticals; Sanofi; Sangamo Therapeutics Inc.; Global Blood Therapeutics; bluebird bio Inc.; Emmaus Life Sciences Inc.; Prolong Pharmaceuticals; and Celgene Corporation

3D Bioprinting Market Size Worth $4.2 Billion By 2027

The global 3D bioprinting market size is expected to reach USD 4.2 billion by 2027, expanding at a CAGR of 17.4%, according to a new report by Grand View Research, Inc. Rising prevalence of COVID-19 cases and increasing prevalence of chronic diseases are some of the major factors contributing towards market growth.

The COVID-19 epidemic is ever increasing since it was first identified in China in December 2019. Until May 26, 2020, more than 4.8 million cases of COVID-19 were reported globally, with more than 318,465 deaths, across 185 countries and territories including all 50 states of the United States. This pandemic has fast tracked the development of vaccine and drug testing, as scientists are using newer technologies to enable safety testing in people soon after preclinical phase is completed.

In the meantime, various 3D bioprinting companies are focused on research and development of artificial tissues. With the help of U-FAB, and other bioprinting technologies, CLECELL company has created respiratory epithelium artificial tissue which will help to prevent infection and tissue injury through the use of the mucociliary elevator. This pandemic has not only affected the well-being of people, but has also affected the economy, and various other healthcare infrastructures worldwide. This has severely disrupted the medical devices and pharmaceutical supply chains across the world. In such critical situation, various 3D bioprinting companies have created a global movement to supply emergency medical equipment such as ventilators, and personal protection equipment (PPE), to the healthcare workers.

North America held the highest share of the market, accounting for about 33.1% of the market share in 2019. Increasing adoption of 3D bioprinting for the production of medical products is expected to be one of the major factors contributing to market growth in this region. Whereas, Asia Pacific is anticipated to witness increased technological development in pharmaceutical and biopharmaceutical sector.

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https://www.grandviewresearch.com/industry-analysis/3d-bioprinting-market

Further key findings from the report suggest:

The medical segment dominated the market with a share of 21.1% in 2019 due to the increasing investment made in R&D
The magnetic levitation segment is anticipated to witness the highest CAGR of 8.9% over the forecast period due to technological development, and increasing adoption of magnetic levitation technique by various innovators
North America dominated the market in 2019. Growing government expenditure on healthcare industry is one of the major factors driving the market in this region
Few of the key market players include 3D Systems; Organovo; CELLINK; Envision TEC; Materialise NV; Bio3D Technologies; Oceanz 3D printing & Additive Manufacturing; Solidscape; Stratasys Ltd.; and Voxeljet.

Medical Imaging Market Size Worth $28.83 Billion By 2027

The global medical imaging market size is expected to reach USD 28.83 billion by 2027, according to a new report published by Grand View Research, Inc. It is projected to register a CAGR of 4.0% during the forecast period. Increasing demand for advanced diagnostic systems in developing countries and rising collaborations among market players are the factors driving the growth.

Developing countries have shown a surge in the volume of imaging procedures in the past few years. The low density of installed imaging systems in these regions is expected to provide significant growth potential during the forecast period. Favorable government policies and booming medical tourism in these countries are expected to attract global market players toward untapped markets.

Integration of multiple imaging modalities is expected to play an important role in market growth. These systems have accurate diagnostic capabilities and are available at affordable prices. The integration of imaging modalities with surgical suites is anticipated to open a new avenue for the medical/diagnostic imaging market at a global level in the forthcoming years.

Development of portable diagnostic tools is important to expand the applications of imaging devices in ambulatory care, clinics, and emergency care departments. Handheld ultrasound devices provide quick and safer images that are critical in emergency care. Ongoing trials and studies to explore the potential of MRI technology for early detection of neurological conditions are showing positive results. The development of new radiofrequency coils is anticipated to expand these applications during the forecast period.

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https://www.grandviewresearch.com/industry-analysis/medical-imaging-systems-market

Further key findings from the report suggest:

Ultrasound captured the largest market share in 2019 and is expected to dominate throughout the forecast period
Computed tomography is expected to expand at the fastest CAGR during the forecast period
Rapid technological advancements, such as the development of hybrid imaging modalities and integration of Artificial Intelligence (AI) is anticipated to fuel growth of the CT segment
Hospital segment is currently dominating the medical imaging market for diagnostic imaging due to blooming healthcare service industry in developing countries
Ambulatory care centers segment is anticipated to report the fastest growth during the forecast period
North America captured the largest medical/diagnostic imaging market share in 2019

Fiber Optic Connector Market Worth $5.9 Billion By 2025

The global fiber optic connector market is expected to reach USD 5.9 billion by 2025, according to a new report by Grand View Research, Inc. The fiber optics segment is expected to grow, significantly, over the forecast period. Fiber optic connectors have huge potential to be incorporated into a wide range of applications in the healthcare, railway, defense & aerospace, and oil & gas sectors.

The technology is under constant R&D and aims to develop low-cost applications and technological solutions for the mass market. The fiber optic technology has gained prominence over the past few years, owing to the persistent research & development activities and the escalating demand from high bandwidth communication and data services.

The growing penetration of fiber optics technology is encouraging manufacturers and suppliers to invest in research & development for developing better products. Researchers are focusing on innovating reliable and cost-effective fiber optic products, as the production and installation of fiber optic products are quite tedious and costly. Manufacturers strive to optimize production processes, by regulating efficiency and prices, to curb other alternatives of the fiber optics technology.

The fiber optics market includes different fiber optic connectors such as SC connector, LC connector, FC connector, ST connector, MTP connector, and others. Based on fiber optic applications, the market is segmented into military & aerospace, oil & gas, telecom, medical, BFSI, railway, and others. The telecom sector is the biggest application sector, in terms of revenue, and is regulated by the regulations imposed by the government and other related regulatory authorities.

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http://www.grandviewresearch.com/industry-analysis/fiber-optic-connectors-foc-industry

Further key findings from the report suggest:

In 2015, the LC connector segment dominated the overall market, in terms of revenue. An LC connector is used in high-density connections such as Cisco Catalyst switches and Hewlett Packard Pro Curve.
In 2015, the North American regional market dominated the overall market and accounted for the largest global market share (in terms of revenue)
The growing demand for fiber optic connectors can be attributed to the ever-growing bandwidth requirements across enterprise and carrier networks
Fiber optics connectors find dynamic applications across the medical industry, as they are mainly deployed in flexible bundling, light conduction & illumination, and laser delivery systems
The key industry participants include Corning, Inc., Optical Cable Corporation, Sterlite Technologies Limited, 3M, and OFS Fitel, LLC.

Intelligent Vending Machines Market Size Worth $11.84 Billion By 2025

The global intelligent vending machines market size is expected to reach USD 11.84 billion by 2025, according to a new study by Grand View Research, Inc. The surge in the penetration of self-services technology across North America and Europe is anticipated to drive the industry growth over the next nine years. Intelligent vending machines incorporate energy efficient electronic equipment including efficient lighting components, such as LEDs, compressors, and sensors, that help in conserving energy.

Industry players are progressively participating and promoting initiatives, such as Refrigerants and Naturally!, that help in eliminating and minimizing the release of hydrofluorocarbons (HFC) from vending machines. This is subsequently impelling the demand for HFC-free products such as intelligent vending systems.

The incorporation of ground-breaking features, such as voice and face recognition that enables interaction between the machine and the consumer, is energizing the industry growth prospects. These features add intelligence to the systems by detecting and responding to consumers and offer a dynamic visual experience with interactive promotions.

The increasing consumer preference toward cashless payments is a favorable trend observed in the market. The acceptance of payments through technologies, such as Near-field Communication (NFC), is instrumental in driving public interest owing to the easier, faster, and contactless modes of payment. These modes help in decreasing the cash management costs and subsequently decrease threats such as theft and vandalism.

Intelligent dispensing systems help in gaining insights regarding consumer behavior, preferences, and buying patterns. Interactive displays help vendors to generate more revenue through the display of advertisements and loyalty programs.

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http://www.grandviewresearch.com/industry-analysis/intelligent-vending-machines-industry

Further key findings from the study suggest:

The hot drinks type segment dominated the industry, accounting for more than 62% of the overall volume due to the surging demand for refreshment drinks
Office vending systems are expected to gain momentum as they facilitate employees to grab a quick snack in between breaks without the need of placing an order and waiting for it to be processed
The Asia Pacific region is predicted to emerge as the fastest growing market due to the increased demand in public transport applications in emerging countries, such as India and China
Prominent vendors operating in the intelligent vending machines market include Crane Co., Advantech Co. Ltd., Bianchi Vending Group S.p.A, Azkoyen Group, and Rhea Vendors Group
Increased focus on research and development activities and adoption of inorganic growth strategies are being observed in the industry