Fuel Transfer Pumps Market Worth $2.41 Billion By 2027

The global fuel transfer pump market size is expected to reach USD 2.4 billion by 2027, expanding at a CAGR of 4.3%, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the increasing product demand in several applications, including transportation, chemical, food and beverages, and construction.

Developing economies in Asia Pacific, including China and India, are experiencing rapid urbanization and industrialization over the past few years, and the trend is expected to continue over the forecast period. The growth and evolution witnessed by leading industrial verticals, such as chemical, construction, and automotive has led to the growth of Fuel Transfer Pumps (FTPs) in the region.

Increasing industrialization, technological developments, rapid urbanization, and growth in infrastructure are the major factors contributing to the increased demand for fuel, in turn, resulting in high adoption of FTP in the oil and gas industry. Thus, the demand for FTPs is expected to grow stronger owing to the growing consumption of oil and gas globally.

Increasing customer expectations have led to increased spending in R&D activities to improve the quality of pumps along with advanced process control. The fuel transfer pumps market is highly competitive and dependent on technological advancements and product developments. Key market players strive to achieve new application developments to gain a competitive advantage over their competitors.

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https://www.grandviewresearch.com/industry-analysis/fuel-transfer-pump-market

Further key findings from the report suggest:

DC FTPs dominated the market and accounted for 49.3% of global revenue share in 2019 owing to the increased demand for FTPs in mobile and portable refueling applications
The chemical segment is expected to witness a CAGR of 5.0% from 2020 to 2027 on account of the increasing penetration of the FTPs for fluid transfer across various stages of chemical processing and manufacturing
North America constituted the second-largest revenue share in 2019 on account of the increased adoption of the product in key application sectors including transportation, construction, chemical, and food and beverage
Asia Pacific is expected to be witness a CAGR of 5.3% over the forecast period on account of the robust economic growth, an increase in business investment spending, and strong gains in manufacturing output
The key manufacturers in the market, design, develop, and offer a wide range of FTPs equipped with varied specifications that are suitable for a wide range of applications such as construction, agriculture, chemical, food and beverage, and military

PVA Films Market Size Worth $530.5 Million By 2027

The global polyvinyl alcohol films market size is anticipated to reach USD 530.5 million by 2027, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 5.4% over the forecast period. High demand for sustainable packaging on account of its ability to laid aid in reducing landfills and compliance with stringent regulations related to packaging along with safety, performance, and convenience are the factor expected bode well for the market growth.

Polyvinyl alcohol film is widely utilized as an environment-friendly polymer and has contributed significantly to the growth of sustainable packaging industry. Increasing government initiatives to support green packaging is also expected to be key driving factor for the PVA films market. However, volatile raw material prices are expected to be a key challenge for the growth over the forecast period.

Increasing global population, coupled with growing disposable income is offering high Purchase Power Parity (PPP) that has resulted in an improved standard of living is resulting in adoption of services such as laundry services. The bags used in laundries are mostly manufactured using PVA films as it becomes easier for the disposal. As a result, the booming laundry service industry is projected to contribute to the steady growth of polyvinyl alcohol (PVA) films market.

Growing hygiene consciousness among consumers coupled with rising standard of living is propelling demand for detergents. In addition, growth witnessed by the hospitality industry is also contributing significantly to the production of detergents. This, in turn, supplementing overall demand for PVA films in the detergent packaging industry.

Agrochemical packaging is one of the key driver for the market. Agrochemicals such as pesticides, herbicides, insecticides, fertilizers and other chemicals are witnessing augmented demand in agricultural sector. Thus, creating lucrative growth opportunities for polyvinyl alcohol films during the forecast period.

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https://www.grandviewresearch.com/industry-analysis/polyvinyl-alcohol-films-industry

Further key findings from the report suggest:

Detergent packaging emerged as the prominent product segment and accounted for more than 36% of total market revenue in 2019
In United States, demand for PVA films in the detergent packaging applications was valued at USD 39.29 Million in 2019. Demand for detergent packaging is primarily driven by growing penetration of automatic washers in the country
Prominent players operating in the market are Nippon Synthetic Chemical Industry Co., Ltd., Kuraray Co., Ltd., and Sekisui Chemical Co., Ltd.

Specialty Pulp & Paper Chemicals Market Worth $28.0 Billion By 2027

The global specialty pulp and paper chemicals market size is anticipated to reach around USD 28.0 billion by 2027, expanding at a revenue-based CAGR of 3.1% over the forecast period, according to a new report by Grand View Research, Inc. Growing consumer demand for sustainable and high-quality packaging materials is expected to drive the product demand over the forecast period.

These specialty pulp and paper products help in process improvement, weight reduction, increasing strength, and reducing water requirements thus lowering the production cost. These can be added during different stages of papermaking process including wet end size press or in the drying stage. Proper and efficient use of these chemicals involves details on addition sequence, knowledge of pH, and conductivity along with components in furnish.

The functional chemical segment is likely to hold a significant market share owing to widespread use of products such as starch, latex, binders, and other agents to enhance the quality of paper. Bleaching chemicals such as sodium hypochlorite, hydrogen peroxide, and enzymes are also gaining popularity as they enhance final brightness of the product and decrease the effluent color.

Increasing demand for high quality paper is expected to augment the consumption of Optical Brightening Agent (OBA) and Fluorescent Brightening Agent (FBA) over the next few years. However, growing awareness regarding toxic nature and impact of these chemicals on the environment are anticipated to negatively impact the specialty pulp and paper chemicals market and restrict the growth over the forecast period.

Ashland, Incorporated; BASF SE, Buckman Laboratories International, Inc.; The Dow Chemical Company; and Royal Dutch Shell Plc. are the leading providers in the market. These companies account for a substantial market share and sale of the specialty pulp and paper products due to high production capacities and superior client base.

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https://www.grandviewresearch.com/industry-analysis/specialty-pulp-paper-chemicals-market

Further key findings from the report suggest:

Functional chemicals is projected to be the largest product segment and is expected to expand at a CAGR of 2.4% from 2020 to 2027
Increasing demand for high quality paper products is expected to drive the demand for pulp and paper chemicals over the forecast period
Increasing production cost and rising competition for premium packaging is projected to positively influence the specialty pulp and paper chemicals market growth in the coming years
Asia Pacific is anticipated to be the fastest as well as largest emerging regional segment. Growth in retail infrastructure development is expected to support the growing need for packaged good in this region.

Fire Alarm And Detection Market Size Worth $75.3 Billion By 2027

The global fire alarm and detection market size is expected to reach USD 75.3 billion by 2027, expanding at a CAGR of 8.5% over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing awareness towards the safety and security of assets across the globe is expected to offer significant opportunities for technological innovations in the market. Additionally, rise in the consumer spending on fire protection devices especially across the enterprise and industrial sectors in order to reduce the risk of accidents is expected to spur market growth. Moreover, stringent government regulations and mandates regarding workplace safety, and increasing demand for state-of-the-art fire alarm & detection system is expected to fuel the market.

The need for upgrading the existing alarm and detection systems to advanced one and consequently complying with the stringent regulation will drive the market. Growing fire accidents has alarmed the need for installation of advanced alarm and detection systems across the residential, commercial, and industrial sectors. For instance, Legislative requirements from different countries including the National Fire Protection Association, USA, and Building Code of Australia have mandated the installation of fire detection devices, thereby boosting the demand for these devices.

North America dominated the market in 2019 and is expected to continue its dominance over the foreseen years. The anticipated growth in the construction industry in Canada owing to the government’s “Investing in Canada Plan”. Under the initiative, the government of Canada is planning to invest USD 139 billion in infrastructure till 2028. U.S. is attributed to the high demand for commercial and residential places across states such as Georgia, Florida, and North and South Carolina. Moreover, increasing automation in buildings and smart homes, stringent government regulations pertaining to safety standards, and the growing demand from the mining and manufacturing industries have fueled the demand for the alarm and detection systems in the region.

Asia Pacific is anticipated to exhibit the highest CAGR from 2020 to 2027. Growing industrialization and urbanization in emerging markets such as India, China, and Japan is expected to accelerate infrastructure spending including mass transportation such as airport security, including intelligent transportation systems across these regions is estimated to offer lucrative growth opportunities for the industry. However, the growing need for replacement and maintenance services of the deployed fire safety equipment owing to various building safety codes is offering lucrative opportunities for the manufactures to enter into the market.

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https://www.grandviewresearch.com/industry-analysis/fire-alarm-market

Further key findings from the report suggest:

The fire detectors segment is expected to dominate the market owing to stringent government regulations across different countries that have mandated the installation of the devices. For instance, in India, National Building Code (NBC) was published in 2016 to implement building standards ensuring safety through the use of active and passive smoke detection systems. The segment is expected to reach USD 38.1 billion by 2027
The smoke detectors segment is expected to dominate the fire detectors segment and the trend is expected to continue over the forecast period. The smoke detectors segment is anticipated to reach USD 17.0 billion by 2027. It is owing to the substantial use of smoke detectors in the commercial as well as residential buildings since they are cost-effective and have a longer lifespan as compared to other products
The fire alarm and detection market primarily includes applications such as industrial, commercial, and residential. The commercial application segment dominated the market in 2019 and is projected to exhibit a CAGR of 8.5% from 2020 to 2027. It is owing to the stringent regulations and norms by the government for the installation of smoke detection system across commercial places such as hospitality, government, healthcare, telecom and IT, BFSI, retail, and institutional
North America is projected to account for the majority share of the market over the forecast period owing to the booming infrastructural developments and implementation of stringent fire safety regulations and norms in the regions. The region is anticipated to reach USD 21.8 billion by 2027
The prominent industry participants include Bosch GmbH; Eaton Gentex Corporation; United Technologies Corporation; Honeywell International Inc.; and Johnson Controls.

LiDAR Market Size Worth $3.7 Billion By 2027

The global LiDAR market size is expected to reach USD 3.7 billion by 2027, expanding at a CAGR of 13.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing acceptance in environmental mapping, automobile safety application, construction and architectural sectors for monitoring, and 3D-modeling applications arenas is expected to boost the market growth. Furthermore, increasing development and adoption of self-driving cars and trucks is expected to boost the market growth, as Light Detection and Ranging (LiDAR) is one of the key sensing technologies that is required to enable hybrid to full autonomous driving.

The advanced driver assistance systems (ADAS) application segment is expected to grow at a remarkable pace owing to surging incorporation in automotive safety and forward-collision avoidance systems. In U.K., the regulatory authorities have mandated installation of certain automotive safety technologies such as the collision avoidance technologies. The Euro NCAP Advanced aims to provide buyers with clear guidance regarding the safety benefits offered by technologies such as blind spot monitoring, lane support, Autonomous Emergency Braking (AEB), speed alert, attention assist, vision enhancement, and pre-crash sensing. Rising developments in 3D scanning solutions is anticipated to boost the market growth over the forecast period. For instance, in October 2018, Faro Technology, Inc. introduced new airborne LiDAR scanning in partnership with STORMBEE, in order to provide cost effective airborne 3D scanning solution.

Furthermore, growing environmental concerns have enforced governments to establish regulations over the past decade. The authorities have been implementing strategies, activities, and policies to tackle the concerns. The ability to store large LiDAR point files has been a stumbling block for new users however, the technological advancements in spatial resolution of LIDAR-based digital terrain models are providing incredible accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways.

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https://www.grandviewresearch.com/industry-analysis/lidar-light-detection-and-ranging-market

Further key findings from the report suggest:

The LiDAR market is estimated to grow significantly due to automation in industries, leading to reduced human efforts and increased efficiency. Technological superiority of LiDAR in engineering projects of large magnitude is estimated to trigger the demand further
Airborne systems are expected to remain the dominant product segment over the forecast period on account of the surging adoption of aerial mapping devices
North America is expected to emerge as one of the leading regional markets owing to rising R&D spending coupled with high adoption in the automotive sector and environmental scanning and modeling operations
Growing demand in emerging economies, such as India, Japan, and China, is driving the industry growth in the Asia Pacific region. The surge in the demand across the automotive industry is one of the reasons boosting the market demand
The key industry participants include Velodyne LiDAR, Inc.; Leica Geosystems Holdings AG; Faro Technologies Inc.; Trimble Navigation Limited; and RIEGL USA Inc.
The current market environment is witnessing an intense competition between the key players for achieving the market domination via product differentiation and enhancement of quality.

Image Recognition Market Worth $109.4 Billion By 2027

The global image recognition market size is expected to reach USD 109.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 18.8% from 2020 to 2027. Image processing and recognition have evolved with numerous powerful applications, such as security and surveillance, and medical imaging that have created a great value from a business perspective. Functions of figure identification, such as facial or object recognition, visual geolocation, barcode reading, and automated driver assistance, among other industrial automation-related functions, have demonstrated the versatility of this technology. When combined with AI, this technology has begun to create valuable growth opportunities in several verticals, such as gaming, social networking, and e-commerce. For instance, Twitter and Facebook, two major platforms in the world of social networking, have benefited from the technology in terms of audience engagement as they have created a more connected experience by encouraging users to share images and tag their friends.

The advent of digital cameras, particularly cameras built into smartphones, has led to an exponential growth in the volume of digital content in the form of images and videos. A vast amount of visual and digital data is being captured and shared through several applications, websites, social networks, and other digital channels. Several businesses have leveraged this online content to deliver better and smarter services to their customers, with the use of digital image processing. For instance, in October 2019, SnapPay Inc., a U.S. based payment platform provider, has launched facial recognition payment technology in the North America region. By using this thechnology in its payment solution, the company has aimed at allowing its customers a new level of convenience for payments at retail outlets.

However, data cleaning and hardware processing power remain as the two significant challenges involved in building areliable technology. Also, considering the time, complexity, and cost associated with software development for image identification, many companies may not have the resources who can produce acceptable and accurate results. Therefore, several companies are taking strategic initiatives to expand their business with the help of image processing and recognizing techniques. For instance, in July 2019, Star Alliance, a global airline, announced a partnership with NEC Corporation to develop a biometric data-based identification platform for the pass-through areas at the airports, such as boarding gates and check-in kiosks. This AI-based platform and biometric passport would help the passengers to get through passport control without the need to show documents to the border officials.

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

Further key findings from the report suggest:

Automated image organization offered by cloud-based applications and telecom companies is one of the most popular uses of the technology that has improved user experience and drawn the customers’ attraction toward this technology
Several benefits, such as better security and automation of identification, are the factors encouraging the implementation of facial recognition at major public spaces or events
Advent of large-scale cloud-hosted AI and machine learning platforms offered by tech giants, has led to the development of image processing software with multiple functions such as facial and object recognition, and landmark detection
Growing integration of digital image processing and mobile computing platforms in various applications such as digital shopping and document verification are propelling the image recognition market growth
Key players in the market are Attrasoft, Inc.; Google; Catchroom; Hitachi, Ltd.; Honeywell International Inc; LTUTech; NEC Corporation; Qualcomm Technologies, Inc.; Slyce Acquisition Inc.; and Wikitude GmbH; among others.

C-RAN Market Size Worth $43.35 Billion By 2027

The global C-RAN market size is expected to reach USD 43.35 billion by 2027, expanding at a CAGR of 22.7% over the forecast period, according to a study conducted by Grand View Research, Inc. Rapid technological advancements in optical and wireless communication systems is expected to drive the growth. Furthermore, multiple benefits such as reduced energy consumption, simplification of network management and operation, the lower total cost of ownership, enhance the efficiency of the spectrum, pooling of resources, and reuse of infrastructure have led to the cloud radio access network market witnessing an increased demand.

The growing network congestion owing to limited spectrum availability and the smart devices usage has compelled the demand for enhanced network architectures, such as cloud-RAN. The mobile operators are facing the challenge, as technology trend in the wireless networking industry is shifting from the current 3G wireless mobile communication technology to more advanced 4G technologies, such as LTE and LTE-A. This change has increased the cost of implementation, as in most scenarios, large network providers have been obliged to support multi-standard networks.

The rapid rise in the deployment of 5G will further increase the burden on the currently available operation model and infrastructure. The cloud-RAN architecture uses the small-cell model and has been recognized as a favorable methodology to address the 5G standards. It is an innovative architecture, which can solve different challenges that the mobile operators face while trying to support the growing needs of end users, then it is appreciated as a major technological basis for 5G network. The increasing activities to test 5G networks across countries, including South Korea, China, Japan, and U.S. is estimated to drive the market growth from 2020 to 2027.

Asia Pacific dominated the cloud radio access network market in 2019 and is projected to continue its dominance over the forecast period. The growth can be attributed to the initiatives taken by the network operators and governments across countries, such as Japan, South Korea, and China to roll out 5G deployment in the next five years.

The market for C-RAN is predominantly consolidated in nature with presence of several key participants dominating at global level. Some of the key players include Cisco Systems, Inc.; Nokia; SAMSUNG; Huawei Technologies Co., Ltd.; Telefonaktiebolaget LM Ericsson; ZTE Corporation; Intel Corporation; NEC Corporation; and Altiostar.

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https://www.grandviewresearch.com/industry-analysis/cloud-ran-market

Further key findings from the report suggest:

Centralized RAN segment is expected to dominate the market and is expected to reach USD 38.17 billion by 2027, owing to technological advancements offered for optical, wireless, and IT communication systems
Based on component, the infrastructure segment acquired the dominant market share of 51.30% in 2019 and is anticipated to continue leading over the forecast period, owing to rapid adoption of radio technology and architecture to meet 5G requirement
LTE and 5G segment held the largest share of the C-RAN market 94.11% in 2019 and is estimated to witness growth over the forecast period, as a result of the operators seeking for better alternative techniques and architecture, which can help reduce energy cost, provide better coverage, agile network traffic management as well as time-high-throughput
Based on deployment, the outdoor segment dominated the market in 2019 and is expected to reach USD 35.30 billion by 2027. The major deployment of C-RAN architecture by the mobile operator at the outdoor environment provides better coverage in areas, such as urban market, stadiums, and others
Asia Pacific is expected to be the largest regional market over the forecast period, owing to the factors such as growing deployment of C-RAN architecture as an initiative to commercialize of 5G in countries such as China, Japan, and South Korea
Prominent market participants include Altiostar; ASOCS Ltd; Cisco Systems, Inc.; Telefonaktiebolaget LM Ericsson; FUJITSU; Huawei Technologies Co., Ltd; NEC Corporation; Samsung Electronics Co Ltd.; Nokia Corporation; and ZTE Corporation

Next Gen Sequencing Data Analysis Market Worth $1.5 Billion By 2027

The global next gen sequencing data analysis market size is expected to reach USD 1.5 billion by 2027, expanding at a CAGR of 12.9%, according to a new report by Grand View Research, Inc. Next generation sequencing (NGS) has transformed the field of proteomic and genomic research as the technology is highly accurate, offering higher throughput and used for a variety of applications. This includes de novo assembly, transcriptome, whole-genome sequencing, and resequencing for DNA and RNA. Hence, the high adoption of NGS by academic and clinical settings for genomic and proteomic research drives the demand for NGS data analysis tools.

Numerous tools, such as EpiGentek’s Targeted Methyl-Seq platform and Agilent’s HaloPlex capture system, are used to determine DNA methylation profiles across any individual genome. Bisulfite-methylation mapping of whole-genome is currently a feasible technique for targeted sequencing. Besides, expansion of targeted methylation NGS analysis by techniques such as Single Molecule Real-Time Bisulfite Sequencing is driving the market.

Epigentek Group, Inc.; Novogene Co., Ltd.; and CD Genomics are among the few companies that provide services related to targeted bisulfite or methylation sequencing data analysis. Furthermore, key companies are constantly expanding their product line to suffice significant upswing in the demand for these solutions globally. For instance, in July 2020, Pacific Biosciences introduced SMRT Link v9.0 software that is compatible with its Sequel II System.

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https://www.grandviewresearch.com/industry-analysis/next-generation-sequencing-ngs-data-analysis-market

Further key findings from the report suggest:

Analytical software is expected to witness significant growth over the forecast period due to the high demand for data management software for managing a large amount of sequenced information
QIAGEN’s CLC Genomics Workbench is one such solution that is a complete toolkit for analyzing transcriptomics, metagenomics, genomics, and epigenomics in one single program
The NGS tertiary data analysis segment held the largest share for workflows in 2019 as it involves the usage of numerous tools
In addition, the tertiary step is an experiment-specific, complex, and time-consuming step of NGS workflow
Availability of software and tools, such as PolyPhen, SIFT, and CIViC, for variant interpretation and annotation, is attributive to the larger share of the segment
The outsourced mode segment has gained immense popularity as it minimizes the requirement of expensive computational infrastructure and complex software tools
SciBerge.Kfm, a German firm, offers outsourced analyzing services to allow its users to interpret NGS information in a fraction of the total price incurred for deep sequencing and DNA library preparation
The wide availability of algorithms and alignment tools for analyzing whole-genome, amplicon, 16S rRNA, methylation, and tumor-normal sequenced data contributes to the dominant revenue share of the short-read segment in 2019
TopHat, Bowtie2, STAR, BWA, Minimap2, and HISAT2 are the commonly used alignment tools for high-throughput short-read sequencing
The academic research end-use segment dominated the market in terms of revenue share in 2019
The rise in the number of skilled professionals, usage of NGS computational tools, and availability of on-site bioinformatics courses and training programs contribute to a larger revenue share
North America dominated the market in 2019 in terms of revenue generation
The launch of large-scale projects to sequence genome, high demand for personalized medicine, constant approval, and favorable reimbursement policies for NGS-based diagnostic tests are among few factors attributive for the region’s larger share
Major market participants have undertaken strategic initiatives to expand the scope of NGS computational tools
For instance, in October 2019, Thermo Fisher signed an agreement with Genialis and integrated its Invitrogen Collibri Stranded RNA Library Prep Kit with Genialis Expressions analysis software to ease the evaluation of RNA sequenced data.

Dental Practice Management Software Market Worth $3.8 Billion By 2027

The global dental practice management software market size is expected to reach USD 3.8 billion by 2027, expanding at a CAGR of 10.2% during the forecast period, based on a new report by Grand View Research, Inc. Market growth can be attributed to the increasing geriatric population along with an expected increase in oral healthcare expenditure and in number of dental practices.

According to the U.S. Census Bureau’s International Data Base, the population of individuals who are 45 years and older is expected to grow by about 12.0% between 2015 and 2025, while the total U.S. population will increase by about 8.0% during the same period. Furthermore, the expected increase in oral health insurance coverage and favorable government initiatives could drive the market during the forecast period.

The usage of various modules increases the productivity and efficiency of dentists. Furthermore, technological advancements in the field and growing investments by companies in emerging economies are expected to propel market growth. Integrated software solutions help in streamlining the dental practices.

Mergers and acquisitions for the development and commercialization of products are likely to drive market growth in the coming years. In 2018, Henry Schein, Inc., formed Henry Schein One, LLC in a joint venture with Internet Brands, a software company. The new company was launched with an intention to provide integrated dental technology to medical practitioners in order to improve patient communication and practice management.

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https://www.grandviewresearch.com/industry-analysis/dental-practice-management-software-market

Further key findings from the report suggest:

By deployment mode, the web-based segment dominated the dental practice management software market in 2019 owing to the reasonable pricing structure. The cloud-based segment may surpass the web-based and on-premise segments over the coming years owing to the additional advantages
The cloud-based dental practice management software segment is projected to grow at the fastest rate during the forecast period. This is due to its flexibility, disaster recovery system, automatic software updates, increased collaboration, ability to work on any internet connected device, security, environment-friendly features, and ability to establish competition
By end use, the dental clinics segment accounted for the largest market share in 2019 and is expected to exhibit the fastest CAGR over the forecast period
In 2019, North America dominated the global market due to favorable government initiatives, local presence of key players, growing geriatric population, and high oral healthcare expenditure
Asia Pacific is expected to grow at the fastest rate over the forecast period owing to increasing investments by industry players and rising awareness about oral healthcare
Some of the market players operating in the industry are Henry Schein, Inc.; Patterson Companies, Inc.; Carestream Dental; Curve Dental, Inc., DentiMax, LLC; Practice Web, Inc.; NextGenHealthcare Information Systems, LLC; and ACE Dental Software.

Laboratory Informatics Market Size Worth $4.72 Billion By 2027

The global laboratory informatics market size is expected to reach USD 4.72 billion by 2027, expanding at a CAGR of 6.6% from 2020 to 2027, according to a recent study conducted by Grand View Research, Inc. Increasing requirement for the life science companies to comply with regulatory demands has further promoted the incorporation of laboratory information management systems (LIMS) as they help professionals understand and fulfill the complex regulatory obligations. Furthermore, demand for cost-efficient workflow management systems is anticipated to boost the growth of the market over the forecast period.

Rising adoption of LIMS solutions by biobanks, coupled with increasing demand for integrated healthcare solutions, is a key contributing factor for the growth of the market over the forecast period. In addition, growing awareness levels amongst the end-use segments and technological evolution of LIMS solutions are anticipated to fuel the market growth in the coming years.

Demand for fully integrated LIMS platforms is growing in accordance with the requirements of life sciences and research industries to reduce the incidence of errors in data management and qualitative analysis of research information. The above-mentioned factors are expected to drive the growth of the LIMS segment.

It is anticipated that upgraded laboratory informatics technologies such as electronic lab notebook and Enterprise Content Management (ECM) solutions will witness increased demand amongst research professionals and industry players, respectively, over the forecast period. Associated benefits of ECM, such as database management of large unstructured or structured medical information, and supportive government initiatives are expected to contribute to the growth of ECM segment over the forecast period.

Cloud-based services are expected to witness significant growth over the forecast period. Introduction of technologically advanced software solutions and their widespread adoption by the healthcare IT providers are expected to impede the growth of the on-premise segment over the forecast period. Furthermore, advantages associated with the usage of cloud-based services, including remote access to information, reduced operational cost, and real-time data tracking, are contributing toward their rising demand.

North America led the market and accounted for a share of 45.7% in 2019. Asia Pacific is likely to exhibit the fastest growth over the forecast period due to increasing R&D expenditure deployed by the public and private sectors, coupled with increasing awareness levels pertaining to LIMS.

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

Further key findings from the study suggest:

On the basis of product, LIMS dominated the market in 2019 owing to the associated benefits such as data tracking and management with fewer errors
By delivery mode, cloud-based services are anticipated to expand at the fastest CAGR over the forecast period due to their growing acceptance by industry participants
North America dominated the market as of 2019 owing to supportive government initiatives promoting the adoption of LIMS.