In-flight Catering Services Market Size Worth $24.75 Billion By 2025

The global in-flight catering services market size is expected to reach USD 24.75 billion by 2025, exhibiting a CAGR of 5.7% between 2019 and 2025, according to a new report published by Grand View Research, Inc. The market is expected to be driven by the rising passenger traffic owing to increased business and leisure travel, coupled with rise in the number of low-fare airlines worldwide. Also, the provision of lightweight packaging solutions and contemporary menu designs help the airlines form a strong brand image, thereby supporting the growth.

Increase in demand for nutritious and healthy food products onboard is anticipated to drive the market for in-house catering services over the forecast period. Airline caterers are increasingly making efforts to match passenger expectations in all terms, such as collaborating with celebrity chefs for creating multi-cultural and customized menus. Similarly, a few airlines are employing wine experts and chefs in an attempt to enhance their promotional activities.

The ongoing technological advancements are helping airlines with service enhancement during flight hours. In-flight catering has become one of the vital services offered by full-service carriers, whereas low-cost carriers have turned it into a prominent source of ancillary revenue. Many airlines prefer third-party caterers to achieve quality and provide affordable meal options to their customers.

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https://www.grandviewresearch.com/industry-analysis/in-flight-catering-services-market

Further key findings from the report suggest:

  • Growing preferences of passengers for organic, healthy as well as customized meal options during air travel is among the emerging trends in the market
  • Integration of technology for ordering F&B through the onboard In-flight Entertainment (IFE) system is anticipated to propel the demand for catering services in long-haul flights
  • The introduction of meals deigned by celebrity chefs as well as the availability of premium beverage offerings, such as wine, to attract the premium class passengers are expected to create significant opportunities for the airlines to maximize their ancillary revenue
  • Some of the leading key players in in-flight catering services market include Cathay Pacific Catering Services (H.K.) Ltd.; dnata; Gate Gourmet (gategroup); LSG Sky Chefs; and SATS Ltd.

Action Camera Market Size Worth $9.6 Billion By 2025

The global action camera market size is expected to reach USD 9.6 billion by 2025, expanding at a revenue-based CAGR of 16.7%, according to a new report by Grand View Research, Inc. A shift in consumer trends and demand for technologically advanced action cameras is likely to induce the market growth throughout the forecast period. 4K and above in parallel with high definition image resolution have made a huge difference to consumer perception about the camera industry in the recent years. For instance, display manufacturers are now focusing on providing adjustable contrast features for images with effective brightness.

Entry level pricing and consumer demand for latest technology are the major driving factors as the industry is progressing in terms of resolution, image quality, and enhanced VR aspects. Demand for 4K resolution in action cameras is accelerating owing to the increased sale of Ultra HD variants in the past few years. It is also anticipated that the adoption of 4K display technology will outpace the demand for Ultra HD technology in the forthcoming years. Such consumer buying patterns will enable manufacturers to produce massive units of digital media.

Recently, AKASO unveiled EK7000 Pro 4K waterproof action camera that involves adaptable view angle, auto image stabilization, and a wireless remote control. It is highly ideal for water sports to produce high quality images in the diving mode in underwater scenarios. The company has made the product available for consumers on Amazon.com and Amazon.co.uk at an attractive price. EK7000 Pro 4K exhibits features such as upside down and loop recording that is capable of recording in outdoor conditions and producing sensitive evidence in case of insurance claims.

Asia Pacific is likely to witness a steady growth owing to rise in demand for action camera with advanced lens and resolution features. Major factors triggering the demand for these devices are increasing expenditure on leisure, rising disposable incomes, adventure and sports activities, and the vast popularity of social media channels. Moreover, commercial availability of varieties of cameras along with growing presence of retail channels and e-commerce is also propelling the regional demand over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/action-camera-market

Further key findings from the report suggest:

  • Ultra HD segment is estimated to register remarkable growth owing to growing emphasis of the customers on image quality and resolution of the videos captured
  • Retail channels accounted for highest market share in 2018 owing to change in consumer trends and high reliability for aftermarket sales service
  • The action cameras are being increasingly used for capturing the actions and adventures of surfing, skiing, skateboarding, climbing, skydiving, biking, bicycle racing, among other sports, hereby supporting the growth for the sports segment
  • Action cameras are experiencing a surge in demand by professionals for capturing crucial moments of their adventures and sharing them on social media platforms with their followers
  • Asia Pacific is anticipated to register higher growth in the market owing to increasing number of sports leagues and tournaments in the region
  • Some of the key players mentioned are GoPro, Inc.; Sony Corporation; Nikon Corporation; Garmin Ltd.; SJCAM; YI Technology; and SZ DJI Technology Co., Ltd.

Digital Lending Platform Market Size Worth $15.3 Billion By 2026

The global digital lending platform market size is expected to reach USD 15.3 billion by 2026, registering a CAGR of 20.7% from 2019 to 2026, according to a new report by Grand View Research, Inc. Digitization has been the most widely adopted strategy in financial institutions to improve their core processing competencies and to offer enhanced consumer services and insights. Digitization in financing services is helping the financial institutions and their customers in rapid application and disbursement process as well as in making better loan management decisions. The increasing focus of financial institutions on digitalizing their services to achieve business efficiency and better outcomes is further anticipated to contribute to the market growth.

Increasing government initiatives to promote the digital platform among businesses is expected to drive the market over the forecast period. For instance, in November 2018, the Government of India launched a digital lending platform for Micro, Small, and Medium Enterprises (MSMEs) in India. The platform allows MSMEs to apply for a loan up to USD 10 million within 59 minutes. Furthermore, the regulators in economies, such as the U.S., Singapore, U.K., Hong Kong, and Australia, have created sandboxes to support innovations in the financial sector. Such measures taken by regulators across the globe have boosted the market growth.

The emergence of innovative technologies such as blockchain, Machine Learning (ML), Artificial Intelligence (AI), and robotic process automation is helping financial institutions to enhance the security of customer data and make the paperless loan processing transparent. The innovations in digital lending have revolutionized businesses in the financial sector and helped end-use industries such as banks, credit unions, and insurance companies to streamline their processes and improve the quality of their services. For instance, AI-enabled digital lending platform possess capabilities to minimize loan processing time as well as operating costs. These factors are further expected to drive the digital lending platform market over the forecast period.

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

Further key findings from the report suggest:

  • The lending analytics segment is anticipated to exhibit the highest CAGR of 21.8% from 2019 to 2026. The increasing adoption of IoT, Artificial Intelligence (AI), and machine learning is expected to drive growth within the segment
  • The risk assessment segment is anticipated to grow at the highest CAGR of 23.1% from 2019 to 2026. Increasing demand to proactively respond to various cyber-attacks and the necessity to bring back the financial processes to a normal state is driving demand for the risk assessment segment
  • The cloud segment is expected to register highest growth rate over the forecast period, as it minimizes up-front costs among new entrants in the industry
  • Peer-to-peer segment is expected to emerge as the fastest-growing end use segment over the next seven years owing to increasing digitally savvy consumer base coupled with high adoption of paperless financing services for retail propositions
  • North American regional market held the largest share in 2018 due to the presence of large number of technology providers and robust infrastructure for digital lending platform
  • The key players operating in the digital lending platform market include Ellie Mae, Inc.; Fiserv, Inc.; FIS; Roostify; Nucleus Software; Sigma Infosolutions; Tavant; Wizni, Inc.; Newgen Software; and Pegasystems Inc.

Wheelchair Market Size Worth $4.2 Billion By 2026

The global wheelchair market size is expected to reach USD 4.2 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 7.6%. Growing disabled population along with rising geriatric population is among factors driving market growth. In addition, improvements in healthcare infrastructure are fueling the demand for wheelchairs.

Adoption and awareness of advanced wheelchairs products are also propelling growth. Growing integration of automation in healthcare devices, especially mobility devices, such as wheelchairs, is anticipated to boost growth. For instance, wheelchairs are integrated with non-linear processing circuits, guide sensors, pulse steering drive, and several controls for making the ride easy and smooth for patients.

Rising prevalence of lifestyle diseases, osteoporosis, and other autoimmune disorders that lead to the need for wheelchairs and growing baby boomers are also some factors driving the market. Presence of geriatric population is one of the key factors responsible for the largest share held by U.S. in North America.

Hospital segment held the maximum share in 2018. This can be attributed to rising high-end mobility equipment such as powered wheelchairs and manual wheelchairs, which are preferred by patients in different healthcare settings as these wheelchairs offer required mobility during hospital stays.

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

Further key findings from the study suggest:

  • Manual wheelchairs held the largest share in 2018 owing to their increasing use in hospitals
  • Features of electric wheelchairs such as superior quality braking system, especially to stop accidental rolling, self-reliance, and comfortability are anticipated to boost growth
  • Increase in medical emergencies is one of the key factors driving wheelchair market growth
  • Rising number of rheumatoid arthritis and osteoporosis procedures is expected to boost demand for rehabilitation wheelchairs
  • Adults segment held the largest share in 2018 due to presence of a high global geriatric population and rise in the prevalence of conditions requiring different types of mobility devices
  • North America dominated the market due to increased adoption of advanced technology in wheelchairs and rise in disabled population
  • Some of the players operating in the market are Carex Health Brands, Inc.; Drive Medical Design & Manufacturing; Graham-Field Health Products, Inc.; Invacare; Medline; Sunrise Medical LLC; Karman Healthcare; Quantum Rehab; Numotion; and Pride Mobility Products Corp.

Companion Animal Diagnostics Market Size Worth $4.1 Billion By 2026

The global companion animal diagnostics market size is expected to reach USD 4.1 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 8.4% during the forecast period. The anticipated rise in companion animal population would increase the demand for veterinary healthcare facilities. According to a 2018 report by the American Pet Products Association (APPA), the overall spending in the U.S. pet industry has increased by 4.1% from 2016 to 2017. Moreover, veterinary care spending has increased by 7% from USD 15.95 billion in 2016 to USD 17.07 billion in 2017.

The demand for advanced diagnostic facilities for rapid and accurate testing of sample is propelling the growth of companion animal diagnostics over the forecasted period. The approvals and the new product launches by the key industry players to deal with the rising demand are driving the market. The companies are constantly trying to develop innovative devices to tap the enormous growth potential of the market. For instance, Idexx Laboratories gained a significant presence in the market by launching the new chemistry analyzer. Zoetis increased their penetration by acquiring one of the top veterinary diagnostics company Abaxis in July 2018.

Moreover, the rising concern of people for their pets leads to an increase in insurance claims. Most of the pet insurance covers major chronic conditions except any pre-existing one. The millennials are considered an attractive target population for the companies playing in this space. Millennials around the world consider pets and presence of animals good for their emotional and physical health. The demand for easy to administer and rapid diagnosis is anticipated to further boost the revenue.

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https://www.grandviewresearch.com/industry-analysis/companion-animal-diagnostics-market

Further key findings from the report suggest:

  • In 2018, clinical pathology held the largest revenue share of the companion animal diagnostics market in terms of application owing to its wide usage for multiple disease diagnosis
  • Clinical biochemistry acquired major market share in 2018 within the technology segment and is expected to expand at the fastest CAGR by 2026. The growth can be attributed to the increased use of clinical chemistry analyzers and glucose monitors for rapid diagnosis of some chronic diseases in pets
  • On the basis of animal type, cats was the fastest growing segment in 2018 and is expected to register a CAGR of over 8.00% by 2026, majorly owing to increasing prevalence of chronic diseases such as arthritis and diabetes among others
  • The point of care/in house testing segment is expected to showcase lucrative growth over the forecast period, attributed to the rapidity, efficiency, and convenience of these tests
  • Asia Pacific is expected to emerge as the fastest growing region over the forecast period. North America held the largest revenue share in 2018 due to the presence of major industry players in the region
  • Some of the major market players include Zoetis Inc.; Idexx Laboratories Inc.; Heska Corporation; Thermo fisher Scientific; and Neogen

Recreational Oxygen Equipment Market Worth $299.8 Million By 2026

The global recreational oxygen equipment market size is expected to reach USD 299.8 million by 2026, according to a new report by Grand View Research, Inc., registering a CAGR of 16.2% over the forecast period. High prevalence of unhealthy lifestyle among a large section of the global population has increased the risk of respiratory disorders such as chronic obstructive pulmonary disease (COPD). This is a major factor driving the need for recreational oxygen equipment. In addition, growing geriatric population, who is prone to numerous health disorders requiring supplemental oxygen, is expected to boost the market.

Consumer oxygen efficiently treats dementia and muscle recovery. Increase in awareness levels pertinent to the benefits of consumer O2 in the treatment of Obesity Hypoventilation Syndrome (OHS), COPD, dementia, and stress are projected to drive demand in the coming years. In 2015, the total population suffering from dementia was pegged at 47.47 million and is anticipated to rise to 75.63 million by over the next seven years. This represents lucrative opportunities for manufacturers in the field.

Recreational oxygen is also helpful during strenuous physical activities such as mountain climbing, where the altitude makes it difficult to breathe normally. Apart from this, these products have also been utilized in other recreational sports like skiing, hiking, biking, snowboarding, or floating at altitude. Owing to increasing popularity of these sports, demand for portable O2 devices for recreational use is on the rise. However, low awareness regarding the benefits of these devices in underdeveloped economies is hampering market growth. Key players in the market are focusing on creating awareness among consumers for medical as well as sports use, especially in untapped regions. This will help them establish a strong market presence over the course of the forecast period.

Companies are also investing in developing new, more effective, and innovative equipment to gain a foothold in the market. For instance, Sub Sea Systems installed the world’s first underwater oxygen bar in Cozumel, Mexico in April 2015. This underwater attraction is designed to give customers the experience of being in a 13,000-gallon aquarium to play games and take pictures, all the while breathing in enriched O2.

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https://www.grandviewresearch.com/industry-analysis/recreational-oxygen-equipment-market

Further key findings from the study suggest:

  • Portable oxygen concentrators accounted for the largest revenue share by product in 2018. Manufacturers have been focusing on manufacturing compact, stylish portable oxygen concentrators to cater to changing consumer demands. This segment is also expected to exhibit the fastest growth over the forecast period
  • The athletics segment is expected to witness lucrative growth in the coming years. Professional athletes have been increasingly adopting this equipment owing to availability of portable and user-friendly products
  • New product launch has been the focus of manufacturers in the market. Key industry participants include Oxygen Plus, Inc.; Boost Oxygen, LLC; Koninklijke Philips N.V.; Chart Industries; and Inogen.

Prosthetic Liners Market Worth $369.81 Million By 2026

The global prosthetic liners market size is expected to reach USD 369.81 million by 2026, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.1% during the forecast period. Rising prevalence of osteoarthritis, orthopedic injuries and other extremities that require prosthetics is expected to drive the product demand.

In addition, a paradigm shift toward cost-effective and durable materials used in prosthetic procedures is anticipated to fuel the market growth. Rise in road traffic accidents and sports injuries can be attributed to the growing demand for prosthetic procedures. This factor is projected to drive the demand for prosthetic liners over the forecast period.

Strategic initiatives such as technologically advanced product launch, mergers & acquisitions, and collaborative agreements are adopted by the market participants to gain greater market share. For instance, in July 2018, Blatchford announced the launch of Orion3 programming app for clinicians via Bluetooth for enabling faster and straight forward limb setup available on iOS. This innovative app provides reliable connectivity. Such initiatives are expected to boost the growth of the prosthetic liners market over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/prosthetic-liners-market

Further key findings from the report suggest:

  • Silicone material is the most preferred material for prosthetic liner manufacturing and hence accounted for the largest market share in terms of revenue in 2018
  • Upper extremity led the prosthetic liners market in 2018, owing to rising application of the product as they offer rapid and painless recovery. It also helps regain normal functioning of the affected area within a short period. Major companies manufacturing this product are Zimmer Biomet Holdings Inc.; Blatchford Inc., and Össur
  • Hospitals accounted for the largest revenue share in 2018 due to the availability of highly skilled professionals and an increasing number of orthopedic surgeries performed in these settings
  • North America registered the dominant market share in 2018, due to the presence of a large number of industry players and supportive government initiatives
  • Asia Pacific is expected to witness the fastest CAGR over the forecast period owing to increasing number of target population and awareness among prosthetists regarding the benefits of liners for better health outcomes
  • Some of the key market players are Blathford Inc.; Fillauer LLC; Ottobock Healthcare GmbH; WilliowWood Company; and Zimmer Biomet

Fitness equipment market size to grow at 3.6% CAGR from 2015 to 2022

The global fitness equipment market is anticipated to reach USD 13.24 billion by 2022. Key factors that are expected to fuel growth include urbanization leading to changing lifestyles, growing awareness of health & wellness and drastic increase of obese population.

Emerging economies have been observing growing trend for healthcare programs across all segments. In addition, governments in these countries are persistently attempting to conceptualize and establish effective healthcare plans. The introduction of new fitness regimes and healthcare programs across various corporates to encourage employees is expected to trigger growth. Fitness equipment market is projected to grow at a CAGR of 3.6% from 2015 to 2022.

On the basis of equipment type, the industry is segmented into strength training, cardiovascular and devices such as trackers & monitors. Commonly used equipment across all age groups to maintain fitness and manage weight include stationary bicycles, treadmills, weightlifting machines and stair climbers.

Demand for cardiovascular training devices is comparatively greater than strength training devices on account of dual benefit of well-being and disease prevention. Cardiovascular training devices are estimated to strengthen their hold on the industry in the next seven years and grow at a CAGR exceeding 3.0% from 2015 to 2022 owing to its increased adoption. Cardiovascular training devices such as treadmills, stair machines, and rowing machines stair machines. They are extensively used to keep Body Mass Index (BMI) within limits and maintain body fitness. 

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http://www.grandviewresearch.com/industry-analysis/fitness-equipment-market

Health clubs and gyms accounted for nearly 45.0% of total market share and dominated the market in 2014 as they form an essential prerequisite for health clubs. However, home users buy different equipment for their use. Purchase of these devices by commercial firms such as hospitals, hotels, and corporate offices to enhance customer experience is also expected to drive growth in the market.

Asia Pacific is a lucrative market with a high requirement for advanced and sophisticated fitness equipment. It is projected to grow at a CAGR of over 7.0% from 2015 to 2022. Outsizing youth population coupled with increasing disposable incomes in emerging economies is anticipated to propel growth.

North America is expected to be a major market for this industry owing to rising overweight population. North America acquired nearly 45.0% of the total industry share in 2014 and is expected to continue the trend over the forecast period at a CAGR of over 2.0%.

Firms in this business are very competitive and strategize by introducing updated version of existing products or launching newer and improved equipment. Key strategies being adopted by the companies include product innovations and exclusivity owing to technological enhancements. Market players engage in forming alliances to gain market share and dominate the industry. It includes Cybex International Inc., Brunswick, Johnson Health Tech., Paramount, Precor and Nautilus Inc.

Automotive Cyber Security Market Size Worth $5.56 Billion By 2025

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

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

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

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https://www.grandviewresearch.com/industry-analysis/automotive-cyber-security-market

Further key findings from the report suggest:

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

Service robotics market to grow at 23.7% CAGR from 2014 to 2020

The global service robotics market is projected to reach USD 15.69 billion by 2020, at an expected CAGR of 23.7% from 2014 to 2020. The demand for the global service robotics is anticipated to surpass 18 million units by 2020. The major factor driving the industry is the rising occurrences of supported living and the demand to fight against increasing costs of labor in the developed countries.

Good friends. Girl in orange shirt and robot spending time together

The foremost advantage offered by service robotics includes assistance in carrying out those tasks which would otherwise have been tough and risky. Moreover, the ordinary routine tasks can be effortlessly dealt with having a high degree of accuracy with the help of these devices.

The global industry has witnessed a massive growth in the number of companies trying to enter the industry and gain share by evolving and refining their automation techniques. The components involved in the manufacturing these machines include microcontrollers, actuators, manipulators, sensors, and power supply.

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http://www.grandviewresearch.com/industry-analysis/service-robotics-industry

In 2013, personal robots had the highest share of the market regarding volume. However, the highest revenue generating segment included professional robots. These professional service robots accounted for over 70% of the global market in that year. Professional service robots are further segmented into field, medical, defense, and logistic robots. Out of these, in 2013, the defense professional service robots led the global industry concerning revenue generation and accounted for over 40% of the total revenue. This was due to their utilization of unmanned aerial vehicles.

North America emerged as the largest market in 2013, accounting for more than 35% of the overall volume share. The U.S. was the primary revenue generator of North America. This high growth in the region can be attributed to the quick rise in the development of production capacities as well as industrialization. Furthermore, the rapidly growing automotive industry in North America is also projected to drive the demand for the overall industry.

The global service robotics industry is highly branded as there is intense competition between the specialized service robot manufacturers and the industrial robot manufacturers. The major corporations operating in the market include Samsung Electronics, Toyota Motor Corporation, Hanool Robotics Corp, Honda Motors Co. Ltd. Other participants include GeckoSystems, Yujin Robot, iRobot Corporation, AB Electrolux, Fujitsu Frontech Limited, LG Electronics Inc., and Sony Corp. Over the next six years, companies including Amazon, Google, and Apple are also expected to enter into the global service robotics market.