Construction Equipment Market Size Worth $173.0 Billion By 2027

The global construction equipment market size is expected to reach USD 173.0 billion by 2027, expanding at a CAGR of 4.3% over the forecast period, according to a new report by Grand View Research, Inc. Rising construction activities, technological development, automation, and increased importance for incorporating safety features are expected to drive the market. The prominent manufacturers have an increased focus on product development and have identified it as the key strategy to achieve sustainable market progress. The companies have recognized the market shift toward electric mobility and a sustainable future. For instance, in December 2019, Hitachi Construction Machinery Co., Ltd. announced the development of a battery-powered mini excavator.

The demand had earlier witnessed a slowdown owing to sluggish growth of the construction industry and economic conditions. However, the market is expected to grow at a steady growth rate in the upcoming years. The prominent factors contributing to the market growth are growing residential, commercial, and industrial construction activities and increasing private-public partnerships. Customers now prefer renting the equipment rather than spending money on buying them, thus helping them save investments on procurement and maintenance of the equipment. Many companies are entering in the equipment rental business owing to its high profitability. However, in terms of large-scale projects that are time-intensive, the purchase of machinery proves beneficial.

The earthmoving machinery segment accounted for the highest market share of around 64% in 2019. Increasing demand for this equipment from developing countries is driving the growth of this segment. China is considered as a leader in the earthmoving machinery segment. The country faced weak economic conditions in 2019, thus the government actively implemented measures such as tax cuts and boosted the funding for infrastructure activities. These factors acted favorably in securing the market demand for various types of equipment. However, the recent coronavirus outbreak is projected to hamper the growth prospects owing to slow down in production and supply chain problems.

The North American construction equipment market is anticipated to perform positively in 2020, owing to the U.S. government’s keen focus on enhancing the transportation infrastructure. According to the American Road & Transportation Builders Association (ARTBA), the construction activity for parking lots, private highways, driveways, and bridges is estimated to reach a value of approximately USD 72 billion in 2020 and is projected to grow over the next five years. Thus, the development in construction activities is anticipated to drive the market growth in U.S. over the forecast period.

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

Further key findings from the report suggest:

Earth moving machinery emerged as the largest product segment in 2019 and is anticipated to reach more than USD 104.0 billion by 2027
The concrete and road construction machinery segment is expected to register a CAGR of 6.2% over the forecast period
The Asia Pacific region dominated the market in 2019 and is anticipated to expand at a CAGR of 4.9% over the forecast period
The market is highly competitive and relatively concentrated, with the top five companies dominating the market share
The top five key players in the construction equipment market are Caterpillar Inc.; Komatsu; Hitachi Construction Machinery; Liebherr; and Volvo construction equipment

Smart Electricity Meters Market Size Worth $18.9 Billion By 2027

The global smart electricity meters market size is expected to reach USD 18.9 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a revenue-based CAGR of 7.8% from 2020 to 2027. The rising demand for energy security has been prevailing in the energy sector for a long time. Renewable energy generation has sufficed this demand to a certain extent. Still, the energy provided by such systems is intermittent, and thus energy conservation and efficient utilization of power are the key aspects of energy security. Smart meters deliver instantaneous data regarding power consumption that can be analyzed and the consumption can be controlled, stabilizing the energy demands.

These smart systems help the commercial end-use segment considerably as they assist in increasing the energy efficiency by providing real-time pricing and consumption data, which is directly related to the spending of the division. Smart meters are a fundamental component of an intelligent grid network. The smart grids are used to monitor and control the transmission system, which is an enhancement over the conventional electrical network. The initialization of smart grids in various regions is expected to fuel the demand for smart electric metering systems over the forecast period.

Increasing regulatory initiatives for the installation of smart electricity meters in various regions around the globe are likely to spur the market demand over the forecast period. For instance, smart/intelligent electricity metering regulations have been established for the European region, set up by the European Commission and most of the European population have adopted smart electricity meters under this mandate. The benefits of smart meters, such as time-based pricing, net metering, energy prepayment, power quality monitoring, communications with other intelligent devices, and energy theft detection, are encouraging the adoption of smart electricity meters in all countries.

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https://www.grandviewresearch.com/industry-analysis/smart-meters-market

Further key findings from the study suggest:

Growing adoption of smart grids by several regions is anticipated to drive the market growth over the forecast period
The residential segment is expected to hold significant smart electricity meters market share in 2019, owing to the need for customer energy management and flexibility in power load
The commercial end-use segment is expected to witness a considerable growth rate over the projected period owing to growing commercial buildings in urban areas
Europe market is expected to demonstrate substantial growth over the forecast period due to large-scale adoption of smart meters under regulations imposed by the European Commission
The key players in the smart electricity meters market areABB; GENERAL ELECTRIC; Holley Technology LTD.; Elster Group GmbH; Iskraemeco d.d.; Itron Inc.; Landis+Gyr; Schneider Electric, Inc.; and Siemens, among others.

HVAC Systems Market Size Worth $208.6 Billion By 2027

The global HVAC systems market size is anticipated to reach USD 208.6 billion by 2027, according to a new study by Grand View Research Inc., registering a CAGR of 6.1% over the forecast period. Growing commercial sector and rapid urbanization across the globe are driving the demand for HVAC equipment. Furthermore, incentives and rebate programs offered by various governments to promote the use of energy-efficient units is anticipated to drive the market growth.

Moreover, HVAC systems are being integrated with next-generation technologies, such as IoT sensors, remote control systems, and hybrid HVAC units, to increase efficiency and reduce energy consumption. This is also anticipated to support the global market expansion over the forecast period. On the other hand, high installation and maintenance costs, coupled with complexity of retrofit HVAC installations, may hinder the market growth. However, many prominent manufacturers are investing in R&D to develop cost- and energy-efficient units, which will fuel the product demand. For instance, a California-based company developed an ice-powered air conditioner. The new system reduces the energy consumption of the building by freezing a significant amount of water overnight and offers six hours of cooling the next day.

Several residential complexes and businesses are replacing old HVAC systems with new energy-efficient units for higher performance, energy savings, and cost reduction. Moreover, remodeling or new construction of residential, commercial, or industrial buildings require HVAC systems, which is another factor driving the market growth.

Asia Pacific dominated the global market in 2019. This growth is attributed to the rising disposable income and awareness regarding energy-efficient products. Furthermore, the growing real estate sector across the region as a result of increasing population will have a positive impact on product demand. The emergence of smart buildings and government initiatives promoting the use of energy- and cost-efficient systems are also expected to boost the regional market growth.

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https://www.grandviewresearch.com/industry-analysis/hvac-equipment-industry

Further key findings from the report suggest:

Cooling systems dominated the global market in 2019 and this trend is expected to continue through the forecast period owing to the rising demand from the residential and commercial sectors
The residential segment emerged as the leading product segment in 2019 owing to growth of the real estate sector in developing regions
Asia Pacific dominated the global market in 2019, driven by Japan and China, which collectively contributed to more than 50.0% of the total sales in the region. This can be attributed to the high populace, rising disposable income, and improved real estate market
Leading companies and several governments across the globe are promoting HVAC systems through endorsement labels such as ENERGY STAR for energy efficiency and incentive programs, which will boost the market growth
Some of the top companies in this HVAC systems market are LG Electronics, Inc.; Lennox International, Inc.; Carrier Corporation; Samsung Electronics Co. Ltd.; United Technologies Corporation; Johnson Controls International PLC; and Daikin Industries Ltd.

3D Printing Market Worth $35.38 Billion By 2027

The global 3D printing market size is estimated to reach USD 35.38 billion by 2027, according to the new report by Grand View Research, Inc. It is expected to witness a CAGR of 14.6% over the forecast period. 3D Printing (3DP) is also referred to as Additive Manufacturing (AM), as it involves the successive addition of layers of materials in various 2D shapes using an additive process. These layered 2D shapes build upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of material and the unnecessary material is ground out to obtain the desired object.

3D printing is widely adopted in the industrial sector owing to the growing need for enhanced product manufacturing and a shorter time to market. The industrial vertical happens to be the most significant adopter of the 3DP technology and eventually leading to the highest market share of 3D printers for industrial applications over the forecast period. Additive manufacturing is anticipated to evolve with rising R&D and technological advancements.

3D printing continues to gain popularity among hobbyists and innovators. While individuals are using the technology for domestic and personal purposes, universities and educational institutes are using 3DP for conducting technical training. The market is subject to witness a considerable economical appearance rather than being just a labor-intensive industrial manufacturing technique. Particularly in developing economies, such as Brazil, South Africa, and India; machining shops have managed to adopt alternative business models by installing 3D printers and offer related services, such as 3DP materials, software, filaments, and 3D modeling.

Based on applications, the 3D printing market has been segmented further into prototyping, tooling, and functional parts. Automotive, healthcare, and aerospace and defense verticals are among the leading adopters of 3D printing technology. Incumbents of these verticals have an emphasis on accuracy, enhanced product designing, reliability, shorter time to market, and economical production processes. Given that the additive manufacturing possess can offer all these benefits, the adoption of three-dimensional printers by the automotive, healthcare, and aerospace and defense verticals is expected to gain traction over the forecast period.

The 3D printing and related technologies are evolving continuously in line with the intensive R&D activities being undertaken and the aggressive investments being made by the private sector as well as the public sector. Government funding and encouraging initiatives being undertaken in developed economies are prompting manufacturers to pursue improvements in technology and the adoption of new technologies.

North America accounted for the largest market share of more than 35% in 2019 as a result of the extensive adoption of 3D printers for 3D designing, modeling, and manufacturing in various industries. On the other hand, Asia Pacific has emerged as a manufacturing hub owing to an expanding consumer base as well as the continued rise in foreign investments. Hence, the regional market is expected to witness remarkable growth over the forecast period.

3D printing technology happens to be capital-intensive technology. At the same time, manufacturers are holding to their misconceptions about prototyping rather than realizing the advantages associated with 3D printing. Moreover, the market lacks the standard process controls and a skilled workforce required for 3D printing. These are some of the factors expected to restrain market growth. However, government initiatives aimed at increasing awareness and promoting the benefits of adopting 3D printers are expected to help counter the market restraints.

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

Further key findings from the report suggest:

3D printing technology is gaining traction owing to the ability of the technology to offer accurate and rapid prototyping and optimize the time to market
Increasing adoption of 3D printers in healthcare, automotive, and consumer electronics verticals is likely to drive the market growth significantly
Demand for desktop 3D printers is expected to increase over the forecast period, as 3D printing is gaining popularity among hobbyists for domestic, household, and personal usage as well as in the education sector for training purposes
The prototyping segment dominated the market in 2019 and is expected to expand its market share to more than 50% by 2027.
The polymer segment contributed to almost half of the entire industry share. However, the metal segment is expected to dominate the market in the next seven years. This is attributed to the increasing demand for metal 3D printing from industrial verticals such as automotive and aerospace & defense
The desktop 3D printing segment is expected to adopt the 3DP technique aggressively over the forecast period. It has been segmented further into educational purpose, fashion and jewelry, objects, dental, food, and others
Asia Pacific 3D printing market, which is emerging as a manufacturing hub for several industry verticals, is anticipated to grow significantly as the continued urbanization triggers the need for infrastructure and prompts the automotive, consumer electronics, aerospace and defense, and healthcare verticals to adopt 3DP, particularly in countries, including China, Japan, and South Korea
The prominent players in the market include Stratasys Ltd.; 3D Systems, Inc.; 3D Ceram; GE Additive; HP Inc.; Tiertime; EnvisionTec, Inc.; and Dassault Systemes

Europe Fluorosilicic Acid Market Size Worth $74.27 Million By 2027

The Europe fluorosilicic acid market size is projected to reach USD 74.27 million by 2027, expanding at a revenue-based CAGR of 4.5%, according to a new report by Grand View Research, Inc. Rising metal surface treatment and cleaning activities across Europe are projected to drive the demand for fluorosilicic acid. Demand for metal cleaners is driven by the increasing utilization of metal components from a broad range of sectors, such as agriculture, automotive, building and construction, textile production, and electronics producers.

In recent years, 35% grade of fluorosilicic acid has gained popularity over other grades as it is used as a source of fluoride in the manufacturing of various hexafluorosilicate salts, as an organic reagent in the silylation process, as an electrolyte in Betts electrolytic process of lead refining, in wood preservation, manufacturing of disinfectants, and in the surface modification of calcium carbonate. Leading manufacturer, Honeywell International Inc., produces and supplies its fluorosilicic acid in this grade, especially to the metal surface treatment industry, while Xinxiang Yellow River Fine Chemical Industry Co., Ltd. caters to the demand from various applications including the manufacturing of fluorosilicates, disinfectants, and refining lead by electrolysis.

Manufacturing of high-density aluminum fluoride (AlF₃) is one of the major applications of fluorosilicic acid. AlF₃ is highly consumed as a molten electrolyte in the manufacturing of aluminum. Other applications of the product include the manufacturing of fluoroaluminate glass and ceramic.

Aluminum has a high demand in the manufacturing of lightweight vehicle parts in the automotive industry. The food and beverage industry highly prefers aluminum to produce cans owing to its rapid recycling rate. The metal also has a high demand in construction and aerospace industries owing to high resistance to corrosion and lightweight properties. These factors are anticipated to create a high demand for aluminum in the coming years, in turn, generating high demand for aluminum fluoride in aluminum manufacturing.

Spain was the largest consumer of fluorosilicic acid in Europe in 2019. Every year, Spain imports fluorosilicic acid, fluorosilicates, and other fluoride compounds worth over USD 15 million to cater to the domestic demand of the products in various end-use industries. China, Mexico, and Russia are the major sources of import for the country. Growing product demand in the surface treatment, electroplating, and lead refining industries are expected to propel the product consumption in the near future.

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https://www.grandviewresearch.com/industry-analysis/europe-fluorosilicic-acid-market

Further key findings from the report suggest:

The demand for 35% fluorosilicic acid is expected to expand at a CAGR of 4.0% from 2020 to 2027 by volume owing to increasing demand in various hexafluorosilicate salts, as an organic reagent in the silylation process, as an electrolyte in Betts electrolytic process of lead refining
Water fluoridation accounted for a market share of 1.12% in 2019 owing to growing concerns surrounding fluorine content in drinking water
Electroplating application is expected to expand at a CAGR of 3.8% from 2020 to 2027 by revenue owing to its application in manufacturing of pure lead which is used in the manufacture of electric batteries, ammunition, and lead alloys
Russia was valued at USD 4,146.8 thousand in 2019 owing to rising application in the synthesis of hydrogen and aluminum fluoride

Intelligent Traffic Management System Market Worth $18.2 Billion By 2025

The global intelligent traffic management system market size is expected to reach USD 18.2 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 12.0% over the forecast period. The ITMS market is expected to witness significant growth due to growing adoption of advanced traffic management system (ATMS) to enhance road safety.

Traffic monitoring system accounted for the largest revenue share owing to its rapid adoption in developed regions like North America and Europe. These solutions help in controlling signal lights, thereby ensuring smooth vehicle flow. Moreover, they help in reducing air pollution as well as road accidents by providing real time information. Moreover, supportive government initiatives in order to improve vehicle flow, increase transportation system efficiency, increase economic productivity, enhance mobility, and reduce negative environmental effects are likely to support the market growth.

Intelligent driver information system (IDIS) is expected to be the fastest growing solution over the forecast period. IDIS provides real time and avoids potential collision with the help of auto brake solutions. Moreover, these solutions detects the speed of a vehicle in the lane, and thus helps in avoiding collision.

North America dominated the smart traffic management system market in 2018 and is expected to maintain its lead throughout the forecast period. Demand for ATMS is increasing in the region as it reduces road congestion and enhances the driver and passenger safety. For instance, in June 2016, the Texas Transportation Commission announced the approval of a USD 1.3 billion plan to reduce vehicular congestion in the most congested roadways in Texas. According to the commission, on an average, a Texas driver wastes around 52 hours annually stuck on the road, which costs over USD 1,200 annually.

Asia Pacific is anticipated to witness substantial growth due to rapid urbanization and growing population. Rise in the disposable income of the population will fuel the demand for vehicles. This is expected to increase road congestion and boost the demand for ATMS, thereby fueling the ITMS market growth.

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https://www.grandviewresearch.com/industry-analysis/intelligent-traffic-management-system-market

Further key findings from the report suggest:

Integrated corridor management (ICM) solution is projected to expand at a CAGR of 12.7% during the forecast period. Increasing need to reduce road congestion and improve travel time is expected to boost the demand for ICM solutions
U.S., Germany, and China are the prominent countries using ITMS due to heavy consumption of automobiles in these countries
Many cities in India have implemented traffic management with video surveillance solutions due to growth of the IP camera market. This will help the controllers with real-time data about the road congestion scenario as well as help in ensuring that the drivers are following safety regulations
The intelligent traffic management system market is highly competitive in nature due to the presence of many key global players. Rapid technological advancement is compelling the market players to invest heavily in research and development of these solutions to ensure easy implementation.

Influencer Marketing Platform Market Size Worth $23.52 Billion By 2025

The global influencer marketing platform market size is anticipated to reach USD 23.52 billion by 2025, exhibiting a CAGR of 26.8% over the forecast period, according to a new report published by Grand View Research, Inc. Technological proliferation in marketing practices is expected to offer significant growth opportunities to the market. Advanced technologies such as Artificial Intelligence (AI), Artificial Neural Networks (ANN), Natural Language Processing (NLP), and Machine Learning (ML) provides better search results and analytics, which is expected to guide marketers in taking better decisions.

Increasing adoption of AI-enabled influencer marketing platforms is expected to create an automated environment for marketers to establish efficient collaborations. ANN and NLP can be leveraged to offer essential insights to influencers by analyzing several image attributes, posts, and thus helping brands in simplifying workflow process. Furthermore, adoption of these technologies assists marketers in choosing which influencer to collaborate with, thus contributing to the market growth. For instance, CurationEngine offered by IZEA uses ML to process high volumes of information for programmatic analysis on influencer networks within the company database to improve network quality and identify influencers who meet brand safety requirements.

Cord-cutting is another important factor driving the influencer marketing platform market. The declining TV viewership and increased screen time provide an opportunity for marketers to focus more on social media marketing. Further, as more users have joined different social media platforms in the last few years, marketers are investing heavily to cater to the online masses by facilitating the next wave of brand deals.

The sports and fitness segment is expected to provide growth opportunities to the influencers over the next few years. The growth can be attributed to the need for better loyalty and increasing merchandise and ticket sales. Additionally, the rising trend of adopting a healthy lifestyle amongst sports enthusiasts and players is expected to provide an impetus to the growth of the market for influencer marketing platform. Furthermore, product innovations and access to affordable equipment have made sports more attainable to consumers. The integration of fashion and beauty into sports and fitness is promoting companies to venture out new lines of businesses, such as athleisure production, which is expected to further stimulate the growth.

The emergence of hybrid influencer is expected to promote market growth. Hybrid influencer enables brands to put social media ad spend on influencer posts either via social media or a branded content tool to get deeper insights and better interactions. For instance, Scrunch, a media and advertising firm, assists marketing teams to scale businesses using a hybrid influencer marketing platform.

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https://www.grandviewresearch.com/industry-analysis/influencer-marketing-platform-market

Further key findings from the report suggest:

Influencer management is expected to be the fastest-growing segment over the forecast period owing to greater demand of brands to maintain efficient influencer relationships for longer and healthier collaboration
Small and Medium Enterprises (SMEs) are expected to benefit from the adoption of influencer marketing platform owing to cost-effectiveness and higher engagement rates
The sports and fitness segment is expected to witness significant growth over the forecast period, attributed to the rising consumer awareness regarding the benefits of maintaining a healthy and active lifestyle
Asia Pacific is expected to dominate the market by 2025, owing to increasing mobile penetration, which makes it easier to reach out to a larger number of people via social media
The key players dominating the influencer marketing platform market are AspireIQ Inc.; Grapevine Logic Inc.; Upfluence, Hypetap Pty Ltd.; and Speakr Inc.

Machine Learning Market Worth $96.7 Billion By 2025

The global machine learning market size is expected to reach USD 96.7 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 43.8% from 2019 to 2025.

Production of massive amounts of data has increased the adoption of technologies that can provide a smart analysis of that data. Technologies such as Machine Learning (ML) are being rapidly adopted across various applications in order to automatically detect meaningful patterns within a data set. Software based on ML algorithms, such as search engines, anti-spam software, and fraud detection software, are being increasingly used, thereby contributing to market growth.

The rapid emergence of ML technology has increased its adoption across various application areas. It provides cloud computing optimization along with intelligent voice assistance. In healthcare, it is used for the diagnosis of individuals. In case of businesses, the use of ML models that are open source and have a standards-based structure has increased in recent years. These models can be easily deployed in various business programs and can help companies bridge the skills gap between IT programmers and information scientists.

Developments such as fine-tuned personalization, hyper-targeting, searching engine optimization, no-code environment, self-learning bots, and others are projected to change the machine learning landscape. The development of capsule network has replaced neural networks in order to provide more accuracy in pattern detection, with fewer errors. These advanced developments are anticipated to proliferate market growth in the foreseeable future.

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https://www.grandviewresearch.com/industry-analysis/machine-learning-market

Further key findings from the report suggest:

The emergence of connected AI is expected to enable ML algorithms to learn continuously based on newly available information. Such developments are anticipated to drive the market in the coming years
The advertising and media sector accounted for the largest share in 2018 owing to capabilities such as buyer’s optimization, data processing, and analysis provided by the technology
H2O.ai announced a partnership with IBM Corporation, a multinational IT company, in June 2018. Through this partnership, H2O.ai will offer its GPU-powered machine learning, next-generation AI platform, and best-of-breed deep learning on IBM’s Power Systems platform
Key players in the machine learning market include Amazon Web Services, Inc.; Baidu Inc.; Google Inc.; H2O.ai; Hewlett Packard Enterprise Development LP; Intel Corporation; International Business Machines Corporation; Microsoft Corporation; SAS Institute Inc.; and SAP SE.

IT Asset Disposition Market Worth $27.9 Billion By 2025

The global IT asset disposition market size is anticipated to reach USD 27.9 billion by 2025 and register a CAGR of 10.8%, according to a study conducted by Grand View Research, Inc. Increasing use of electronic devices and growing need among enterprises to dispose their IT assets efficiently are the major factors driving the market. In addition, rising awareness regarding the benefits associated with proper disposition of assets is expected to boost the demand in the coming years.

Furthermore, on-going paradigm shift from housing IT infrastructure on-premise to deploying cloud-based services has necessitated businesses to dispose majority of their existing IT hardware. At the same time, the imminent need to secure data/information while disposing old assets has prompted businesses to prefer ITAD programs and services.

Over the last few years, the demand for IT asset disposition services has witnessed strong growth with business organizations emphasizing on limiting their carbon footprints. The market is poised to register strong growth in the coming years owing to growing awareness regarding the need to reduce the environmental threats created by e-waste and the prevailing dynamic regulatory landscape worldwide. With regulations in place and high penalties for defaulters, enterprises are increasingly availing services of ITAD vendors to dispose their assets as per the set standards.

Enterprises are leveraging services of third-party ITAD vendors for data sanitization, recycling and component recovery, and onsite hard drive destruction. They are focusing on reducing the inventory cost associated with obsolete hardware by opting for an efficient ITAD program offering any of the above-mentioned services. ITAD service providers are focusing on attaining the highest level of certifications such as eSteward and Responsible Recycling (R2) to get recognition and strengthen their market presence.

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https://www.grandviewresearch.com/industry-analysis/it-asset-disposition-market

Further key findings from the study suggest:

The mobile device segment is expected to register a CAGR of more than 11% due to penetration of smartphones, especially in developing economies
Asia Pacific is expected to witness substantial growth during the forecast period owing to positive outlook of the already established IT industry in the region
The IT asset disposition market is highly fragmented with the presence of large number of service providers. Some of the leading service providers in the ITAD market are CloudBlue Technologies Inc.; Arrow Electronics Inc.; Dataserv Group; Dell Inc.; LifeSpan International; Ingram Micro; Hewlett Packard Enterprise Development LP; and Sims Recycling Ltd.
Players are focusing on partnerships, acquisitions and mergers, and service portfolio expansion in order to strengthen their market presence. For instance, in June 2018, Sims Recycling Solutions (SRS) extended its hardware processing lines in the Netherlands and made further developments with respect to metal and plastic separation technologies.

Colombia Travel Retail Market Size Worth $686.0 Million By 2025

The Colombia travel retail market size is expected to reach USD 686.0 million by 2025, and it is anticipated to register a CAGR of 8.3% from 2019 to 2025, according to a new report by Grand View Research, Inc. The travel and tourism industry accounted for nearly 3.8% of Colombia’s Gross Domestic Product (GDP) in 2018. The industry’s demand has witnessed an increase of 12% in 2018 from the previous year. Columbia is one of the major tourist destinations with attractions including colonial cities, coffee plantations, mountains, and beaches. A rising number of international travelers is expected to be one of the prime factors driving the market growth.

According to Colombia’s Ministry of Commerce, Industry and Tourism (MinCIT), the country’s travel and tourism revenues was approximately USD 5.8 billion in 2018. However, the Colombian government plans to increase these revenues to USD 40 billion by 2022 by making tourism a high priority. Initiatives such as increasing airline routes to Colombia are subsequently expected to drive the growth of the market for travel retail in the country. Moreover, the rising middle-class population in developing countries and reasonably priced travel choices are anticipated to drive the market growth.

The retail market is getting increasingly competitive, owing to the entry of other duty-free retailers in the country. For instance, in 2017, Dufry and 3Sixty Duty Free signed a joint venture agreement and obtained duty-free store concession at the El Dorado International Airport in Bogota. The two companies signed a concession agreement with Opain S.A. for one duty-paid, seven duty-free, and two Hudson convenience stores. An improving economy, sustainable business practices, and favorable commercial trade agreements have created robust opportunities for international brands, which acted as a catalyst for market growth. According to the World Travel & Tourism Council (WTTC), Bogota accounted for more than 29% of Colombia’s overall travel and tourism activity.

Over two decades of political instability has impeded the growth of Colombia market. Despite decades of security challenges and internal conflicts, Colombia has been relatively steady in upholding democratic institutions characterized by transparent and peaceful elections and the protection of civil liberties. The increasing political stability and improving security situation is expected to open opportunities for foreign direct investments and subsequently strengthen the Colombian tourism industry. An active travel and tourism industry would further encourage international travel retail operators to consider entering the market in Colombia, where competition is currently relatively moderate.

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https://www.grandviewresearch.com/industry-analysis/colombia-travel-retail-market

Further key findings from the report suggest:

The perfume and cosmetics segment dominated the market with a value of USD 118.9 million in 2018. The segment is projected to continue its dominance over the forecast period
Rising investments for the development and upgradation of airports in Colombia has contributed to the growth of the market. The airport channel segment is anticipated to register the highest CAGR of 8.5% over the forecast period
The key players in the market focus on strategies such as partnerships and expansions to expand their presence in the market
Prominent players operating in the market include Duty Free Americas, Inc. (DFA); Dufry and 3Sixty Duty Free; Motta International; Areas; and Duty Free Partners.