Automotive Test Equipment Market Size Worth $3.2 Billion By 2027

The global automotive test equipment market size is expected to reach USD 3.2 billion by 2027, registering a CAGR of 4.5% over the forecast period, according to a new study conducted by Grand View Research, Inc. The market is experiencing substantial growth ascribed to the utilization of electronic components in modern vehicle. Testing tools are used to perform vehicle performance test to ensure maximum vehicle efficiency.

In addition, the equipment is also used for measuring the engine oil consumption, engine wear, clogging of after-treatment systems, lubricant aeration, fuel dilution, and evaporation. Manufacturers are increasingly focusing on implementing safety features in vehicles. Moreover, the rising safety consciousness among the consumers has resulted in stringent need for quality check, thus driving the demand for improved testing tools. All the aforementioned factors are anticipated to drive the market over the forecast period.

Governments across the globe have drafted stringent regulations with objectives of limiting emission from vehicles and to maintain passenger and vehicle safety. Furthermore, the upsurge in the adoption and production of the electric vehicle across the globe is anticipated to surge the demand for advanced testing tools to ensure vehicle performance and passenger safety.

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

Further key findings from the report suggest:

The market is driven by the rising demand for safety and comfort features within the vehicle
Increasing production volumes of both commercial and passenger vehicles are anticipated to drive the market by 2027
The Chassis dynamometer segment accounted for highest market share in 2019
The vehicle emission test system segment to witness fastest growth rate by 2027 ascribed to the rising concern regarding the vehicle emission
Handheld scan tools held largest market share in 2019. However, mobile device-based scan tools are expected to account for fastest growth rate owing to ease of handling and ability to detect errors better than handheld tools
Asia Pacific is anticipated to register a fastest growth rate during the forecast period
Growth in the automotive production coupled with high demand for advanced testing tools for vehicles from China and India to catapult market growth.

Revenue Assurance Market Size Worth $8.71 Billion By 2027

The global revenue assurance market size is projected to reach USD 8.71 billion by 2027, expanding at a CAGR of 11.1% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Revenue assurance is a prime factor that upholds operators’ margins. It mainly focuses on the important areas such as detecting leakage of revenues, correcting, or fixing the issue and then ensuring that changes are made to avoid recurring issues. It is imperative for operators to assess the complete lifecycle of capturing and identifying data leakages and recovering them to prevent revenue loss and establish a building block for fee or income transparency.

The telecommunication industry has undergone a rapid evolution. Technological advancements in regards with artificial intelligence (AI) capabilities, 5G networks, and IoT have mainly been led by the need to offer tailored services and applications effortlessly to users in a pervasive manner. Significant changes are expected to take place in existing telecommunications networks and service infrastructure for offering new and converged services across the heterogeneous access networks to a wide range of end users. For instance, changes in voice calling and networks have exposed many carriers to revenue losses. The deficiency of quality arises from concerns such as call routing across multiple networks. Poor or inadequate call quality compromises the customer experience and revenue is often delayed through inter-carrier differences over fair charges and the service quality delivered. This transformation in itself is a huge challenge for operators since they need to safeguard their unique and evolving infrastructure from fraud and revenue assurance threats.

Growing business complexities are expected to catapult the demand for revenue assurance solutions and services over the forecast period. An increase in complication of networks and services, coupled with rising usage of technology by fraudsters, is also expected to boost the demand for revenue assurance over the forecast period. The revenue streams processes have become complex due to rising number of participants and types of services being offered. Despite the improved technology infrastructure, revenue leakage occurs at several points alongside the revenue flow and are possibly very significant.

Nevertheless, lack of organizational empowerment and shortage of skilled personnel may pose a challenge to market growth. End-use industries often lack their responsibility towards empowering their resources and refuse to spend extra in investing in revenue assurance solutions and services, which is expected to restrain the demand in the years to come. Additionally, with millions of subscribers, a range of new and innovative products, customized solutions, operational support services, including order fulfillment, service configuration, billing, and customer care, are becoming complex. Hence, the cost of handling these operations requires skilled resources, thereby increasing the financial overhead. Lack of emphasis on change frequently leads to severe instances, which have a financial impact like unexpected revenue leakages that affect billing due to changes in the network, particularly if risk management activity is absent or weak. This is further projected to pose a challenge to market growth.

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https://www.grandviewresearch.com/industry-analysis/revenue-assurance-market

Further key findings from the report suggest:

By deployment model, the cloud segment is expected to expand at the fastest CAGR of 13.21% over the forecast period. Owing to rising inclination towards cloud-based solutions, major players in the market are investing in cloud-based applications and are supporting the telecom operators to reduce revenue frauds
Based on end-use vertical, the telecom sector accounted for 35.04% share in 2019 and is expected to witness fastest growth over the coming years as revenue assurance is one of the major concerns affecting the telecom industry worldwide
Asia Pacific is expected to expand at the highest CAGR of 15.1% over the forecast period owing to the high amount of revenue leakages in the region.

Audiobooks Market Size Worth $15.0 Billion By 2027

The global audiobooks market size is expected to reach USD 15.0 billion by 2027, expanding at an estimated CAGR of 24.4% from 2020 to 2027, according to a new report by Grand View Research, Inc. Owing to the flexibility of the audiobooks to cater to the varied audiences, including non-English speaking, physically-abled, multi-taskers, and people who prefer reading over watching television, the market has gained enormous traction over recent years. Furthermore, the technological advancements in publishing industry, such as email distribution of manuscripts, digital editing and the use of smartphones or tablets instead of hard copy scripts, and reduction in distribution costs are some of the other driving factors for this market.

The versatility of audiobooks is anticipated to create opportunities as the target audience is able to listen to the content during commute times and while performing daily chores or along their hobbies. According to an annual survey conducted by Audio Publishers Association (APA) in 2018, 74.0% of people listen to paperback content in their cars during their travel time using in-dash or infotainment systems. Also, the survey determined that the proliferation of smart speakers or personal digital assistants thrives well for the market growth in future.

Furthermore, the emergence of digital transformation technologies is anticipated to likely harness innovations. For instance, key market participants are now incorporating Artificial Intelligence (AI) for recommending personalized results to their users based on their listening history. The other attributes offered by AI, such as automating narrations of recorded contents to upgrade the text-to-speech technologies and creating summaries of files with key takeaways, are likely to propel the market growth during the forecast period.

Furthermore, the ongoing COVID-19 outbreak has led to stringent lockdowns in various countries where most of the people worldwide are maintaining social distancing. Shutting down public libraries and schools indefinitely to reduce community gatherings has majorly impacted the conventional print & publishing industry, thereby benefiting the audiobooks market. On account of the ‘stay-at-home’ orders issued by governments worldwide due to this pandemic, public and private libraries are opting for audio as well as video digital resources, including audiobooks and e-books to ensure the active engagement of their audiences.

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

Further key findings from the report suggest:

In 2019, fiction genre accounted for over 65.0% of the total revenue share
The kids segment is anticipated to witness the fastest expansion with an expected CAGR of over 25.0% over the next seven years
U.S. and China accounted for the largest revenue share in 2019 and are anticipated to continue their dominance in the market from 2020 to 2027
The subscription-based model is expected to grow at a faster rate as compared to the one-time download model as the one-time tariff system is more expensive

Data Center Colocation Market Size Worth $104.77 Billion By 2027

The global data center colocation market size is expected to reach USD 104.77 billion by 2027, expanding at a CAGR of 12.9% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Colocation is the practice of renting infrastructure and space for servers and various storage devices at a third-party provider’s facility. Colocation providers provide enterprises with infrastructure, along with other related services, such as physical security, networking, and power and cooling components. Reduction in the overall IT cost, enhanced security for the data, free maintenance of servers, and predictable yearly or monthly costs are motivating enterprises to adopt colocation services.

Rising adoption of online shopping is anticipated to upkeep the market growth over the next few years. Rising number of online shoppers directly translates to an increased volume of data across the retail industry. Large volume of data has led to increased investments in IT infrastructure, especially in data centers. In order to save IT costs, more and more retailers are opting for colocation centers, which is driving the market in the retail sector.

Increasing number of smartphone users has led to a large volume of data for telecom operators to manage. Considering the rising disposable income in developing economies, the number of smartphone users is bound to rise, which will result in additional volume of data. Telecom operators are opting for colocation centers to minimize their IT expenditure and manage data efficiently, thus fueling the market growth. However, security concerns among customers can hinder the market growth over the forecast period. Colocation providers are offering additional services such as facility monitoring over CCTV cameras to gain the trust of their customers.

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https://www.grandviewresearch.com/industry-analysis/data-center-colocation-market

Further key findings from the report suggest:

By colocation type, the wholesale segment is projected to expand at the fastest CAGR of 16.2% over the forecast period as global companies, such as Microsoft Corporation and Oracle Corporations, are renting wholesale colocation centers for their servers
On the basis of enterprise size, the SMEs segment is expected to expand at the fastest CAGR of 15.5% from 2020 to 2027. This is due to the cost reduction benefits offered by colocation providers for SMEs that rely on digital infrastructure for their business growth
Based on end use, the IT and telecom segment held the largest market share of 26.58% in 2019.This is attributed to escalating number of mobile internet users, which has led to a rise in the volume of digital data
The market is characterized by intense competition owing to the presence of several large organizations. Key players in the market are focused on expansion of their geographical presence to sustain competition.

Premium Spirit Market Worth $235.74 Billion By 2027

The global premium spirit market size is expected to reach USD 235.74 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.3% from 2020 to 2027. Rising demand for better tasting and good quality alcoholic beverages among millennial consumers has been fueling market growth across the world. Furthermore, the growing association of high-end spirits, such as scotch and bourbon whiskey, with lifestyle, along with the launch of innovative products, has been expanding the premium spirits industry scope.

Selfie time. Cute young girl smiling and taking selfies in the bar while drinking

Vodka dominated the market with more than 25.0% share in 2019 in terms of revenue. Authentic and flavored vodkas have gained traction among the consumers owing to the growing cocktail culture. For instance, in October 2018, CÎROC, a vodka brand of Diageo, launched its CÎROC Black Raspberry. This vodka is made with grapes with a unique blend of black raspberry, which offers a citrus flavor and a smooth finish. Introducing innovative flavors is a strength of the CÎROC brand.

The tequila segment is expected to witness the fastest growth over the forecast period. With the improving quality, consumers’ interest in tequila has been rising, along with its price. The 100% blue agave tequila category has been gaining traction among the consumers and boosting the segment growth. In September 2019, Cincoro Tequila launched one of the finest quality tequilas made with 100% Weber Blue Agave.

As of 2019, Asia Pacific held the largest volume share of more than 40.0%. The growth of the market is majorly attributed to the growing middle-class population and the increasing adoption of alcoholic beverages in the emerging economies of the region. China, India, Australia, and South Korea are key markets of the region where the products have been gaining popularity over the years.

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https://www.grandviewresearch.com/industry-analysis/premium-spirit-market

Further key findings from the study suggest:

The off-trade distribution channel is expected to register the fastest CAGR of 10.4% from 2020 to 2027 in terms of revenue. The provision of promotional prices and the emergence of e-commerce has been fueling the growth of this distribution channel
The vodka product category dominated the market by accounting for over 25.0% share of the global revenue in 2019. Increased launch of flavored products has boosted the adoption of the product across the world
The on-trade distribution channel held the largest share of more than 55.0% in 2019 in terms of revenue. These channels are expected to gain popularity as a result of the increasing interest of millennials in spending their weekends in restaurants and bars.

Cognac Market Size Worth $5.09 Billion By 2027

The global cognac market size is expected to reach USD 5.09 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.5% over the forecast period. The growing popularity of the product is attributed to the increasing demand for premium brandy among the consumers at the global level. The unique taste and flavor of the product have led to some ardent factions of the product. Cognac generally does not have an age stated on the bottle. Over the past few years, it has evolved as an international spirit sold across the U.S., China, Singapore, and Russia.

Product launches have played a vital role in creating a wide penetration of the product. In May 2020, Douglas Laing launched a new product, Cognac Finished Lowland Malt Scotch Whisky. The product has a natural golden color, which belongs to the Epicurean Wood Series and is packaged with ABV content of 48%. The product is a move towards exhibiting the significant effect of the cask on whiskey. The company claimed that these spirits are composed of tropical style notes with fiery ginger, lychee, coconut, and sandalwood.

North America dominated the market and accounted for over 35.0% share of the global revenue in 2019. The strong foothold of the region is attributed to the strong consumption of high-end alcoholic drinks among the students and working-class people in countries, including the U.S. and Canada.

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

Further key findings from the report suggest:

The V.S. cognac grade segment accounted for more than 50.0% share of the global volume in 2019. The segment growth is propelled by the constant demand for new products among customers
By distribution channel, on-trade is expected to register the fastest CAGR of 6.4% from 2020 to 2027 in terms of volume. Rising spending on providing attractive offers to the customers while ordering alcoholic drinks in bars and restaurants is expected to remain a favorable factor for the segment growth
Asia Pacific is expected to register the fastest CAGR of 4.0% from 2020 to 2027 in terms of revenue. This growth is attributed to increasing demand for cognac in Far-East countries, including China, Japan, South Korea, Singapore, and Vietnam
Off-trade distribution channel led the market and accounted for more than 55.0% share of the global volume in 2019. Consumers prefer buying drinks from various liquor stores, as these come at a cheaper price than most other on-trade distribution channels.

Sparkling Water Market Worth $59.67 Billion By 2027

The global sparkling water market size is expected to reach USD 59.67 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.8% over the forecast period. Growing consumer drink preferences for healthy alternatives to carbonated and other types of sugary soft drinks are expected to promote market growth.

Moreover, improvement in economic indicators in emerging economies, such as China, India, South Africa, and Brazil, as a result of supportive government policies at the national level is expected to open up new avenues for the carbonated beverage manufacturers to invest in the near future.

Over the past few years, sugary carbonated as well as soft drinks have led to various health problems, such as obesity, diabetes, and cardiovascular diseases. Owing to the harmful effects of such drinks, people are increasingly adopting naturally carbonated water with a good amount of minerals, which is beneficial for the body. Moreover, skyrocketing drinking water contamination across the globe has fueled the demand for clean, purified, and safe bottled water with added minerals.

Product innovation is expected to remain one of the key success factors over the next few years. In February 2020, PepsiCo Inc. launched caffeinated sparkling water under the brand ‘bubbly’. The company has launched this new product line in order to compete with the caffeinated water category offered by competitors, including Keurig Dr Pepper, The Coca-Cola Company, and Nestlé S.A.

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https://www.grandviewresearch.com/industry-analysis/sparkling-water-market

Further key findings from the report suggest:

Unflavored sparkling water was the largest product segment with a share of more than 65.0% in 2019 and is expected to maintain the lead over the forecast period owing to the availability of a wide range of products in the global market
The flavored segment is anticipated to witness the fastest growth with a CAGR of 12.0% from 2020 to 2027 owing to the increasing popularity of alternatives to sugary and carbonated drinks among consumers across the globe
On-trade was the largest distribution channel segment with a share of more than 40.0% in 2019. Increasing spending on dine-out among millennials at the global level is expected to remain a key driving factor for promoting the scope of on-trade channels over the next few years
North America emerged as one of the largest regional markets with a share of more than 25.0% in 2019. New product launches in premium bottled water variants in countries, including the U.S. and Canada, are expected to favorably impact the industry growth in the region.

Tactical Footwear Market Worth $2.37 Billion By 2027

The global tactical footwear market size is anticipated to reach USD 2.37 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.1% from 2020 to 2027. Tactical footwear is usually heavier in terms of weight compared with conventional shoes and are used by military personal, paratrooper, public safety workers, and adventure sports enthusiasts.

However, increasing technological innovation in design has been an important aspect of driving the demand for tactical footwear. For instance, in January 2018, TBL Licensing LLC launched FlyRoam tactical boots, which are built with durable leather materials and Aerocore energy system technology that features an aerodynamic design and ultra-lightweight tactical boots with enhanced cushioning.

Tactical footwear provides the wearer many benefits compared to other traditional boots, including flexibility, slip resistance, sturdy uppers, and breathability, which promote airflow to keep the feet cool during performing rigorous exercise. Most of the tactical footwear feature enhanced insole and outsole, which offers extra cushioning, traction, and flexibility and comes with a toe rand that wraps over the exterior of the shoe’s toe for added protection.

Covid-19 pandemic has affected the sales of tactical footwear adversely as people have become more focused on their buying behavior and consider avoiding buying expensive apparel and footwear. The sale of the complete footwear market has been severely impacted by the lockdown condition and supply chain disruption. According to The European Textile, Clothing, Leather, and Footwear (TCLF) Association, the disruption of supply chains, and the shutdown of retail outlets due to the Covid-19 pandemic have completely destabilized these industries. This has dramatically reduced the sales, leading to extreme contractions of revenues and financial distress among the companies.

Based on the product, the tactical boots segment led the market and accounted for 68.5% share of the global revenue in 2019. Renowned footwear manufacturers such as Adidas AG and Under Armour, Inc. have been offering innovative tactical boots with advanced attributes, which has been fueling the segment growth. For instance, in June 2019, Adidas announced the launch of a military-inspired, tactical boot called GSG9.2 Boot. The boot is made up of full-grain leather upper with water-resistant treatment and comes with the ADITUFF feature offering high abrasion resistance in the toe. Tactical boots are highly preferred by law enforcement professionals‚ military service members, private and public security personnel, and adventure aspirants looking for protection from sand‚ mud‚ water‚ difficult terrain‚ and other hazards on the ground.

By distribution channel, the offline segment dominated the market and accounted for 76.7% share of the global revenue in 2019. Physical verification and durability check of the footwear are among the prominent reasons fueling the segment growth. Tactical shoes are comparatively costlier than other shoes and come with specific features suited for various applications owing to which consumers mostly prefer to buy these products after carefully examining the making of the footwear. In addition, wide product range and offering and seasonal discounts are the key strategies opted by such offline channel stores to increase revenue and footfall in any store.

North America dominated the market for tactical footwear and accounted for 38.7% share of the global revenue in 2019. Growth in the market is powered by the strong presence of many manufacturers, including Adidas AG, 5.11 Tactical, and Maelstrom Footwear, along with a well-developed supply chain in the region.

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https://www.grandviewresearch.com/industry-analysis/tactical-footwear-market

Further key findings from the report suggest:

Asia Pacific is expected to expand at the fastest CAGR of 5.4% from 2020 to 2027. Social media marketing campaigns and growing preference for tactical footwear by law enforcement personnel are expected to drive the market in the region
The online segment is expected to witness the fastest growth throughout the forecast period. The increasing availability of a wide number of tactical footwear of different brands at a competitive price on e-retailer platforms is one of the main reasons fueling the segment growth
Tactical footwear offers many additional benefits while doing vigorous physical activities, such as comfort, extra cushioning, breathability, and slip resistance feature to maintain sure footing on ice‚ grease or slick liquids.

Cell Expansion Market Worth $39.7 Billion By 2027

The global cell expansion market size is expected to reach USD 39.7 billion by 2027 registering a CAGR of 9.4%, according to a new report by Grand View Research, Inc. Cell expansion techniques are increasingly employed for the development of cellular and gene therapies from a single cord blood collection. These techniques can also be used for the expansion of stored Stem Cells (SCs) for the development of cancer therapies. Therefore, significant developments in cord blood SCs expansion technologies are expected to boost market growth.

Companies have made heavy investments for the expansion of tissue-engineered products and the development of biologics. For instance, in March 2019, Merck KGaA invested USD 168 million for the expansion of its biologics manufacturing facility in Switzerland. Such initiatives are expected to boost the demand for solutions required for biologic development, thereby leading to market growth.

Bioreactors are fundamental tools in this market. Extensive research studies related to the applications of bioreactor engineering approaches have led to the incorporation of novel culture technologies. Moreover, the combined use of automated bioreactors with the microcarrier technology leads to an efficient expansion and enrichment of the cancer SCs. As a result, these approaches have gained immense traction in this market.

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https://www.grandviewresearch.com/industry-analysis/cell-expansion-market

Further key findings from the report suggest:

Broad portfolio of automated expansion systems along with improvements in bioreactor design for large-scale bioproduction results in the lucrative growth opportunity for instruments
The microbial cells segment is expected to witness the fastest growth rate owing to the implementation of high-throughput cultivation approaches and techniques that avoid the formation of biofilms
Biopharmaceuticals segment held the largest revenue share in 2019 due to growth in the demand for biosimilars, continuous R&D investments in biomanufacturing, and rise in the number of approvals for biologics
Asia Pacific is anticipated to grow at the maximum CAGR from 2020 to 2027 due to presence of several consortiums that focus on the evolving fields in the biomedical industry
For instance, in November 2019, the Cell & Gene Therapy Asia 2019 held in Japan focused on the evolving field of SCs for their deployment in pharmaceutical discovery and cellular therapies

Endoluminal Suturing Devices Market Size Worth $103.8 Million By 2027

The global endoluminal suturing devices market size is expected to reach USD 103.8 million by 2027, registering a CAGR of 12.0% over the forecast period, according to a new report by Grand View Research, Inc. The rapid growth can be attributed to factors such as increasing incidence of obesity and rising number of minimally invasive surgery. According to the World Health Organization (WHO), in 2016, more than 1.9 billion people aged 18 and above were overweight, out of which over 650.0 million people were obese. Furthermore, rising awareness about personal care and the availability of various weight reduction techniques will boost the market during the forecast period.

Technological advancement and the high adoption rate of endoluminal suturing devices are expected to boost market growth. In addition, the integration of robot-assisted surgery modalities in the field of gastroenterology is expected to expand the application of endoluminal procedures with high precision and reduced error. The robotic suturing technique gives surgeons a degree of freedom of robotic arm and also provide three-dimensional vision. Thus, the availability of these advance techniques is allowing doctors and surgeons to explore various applications of endoluminal surgeries. However, endoluminal suturing devices are comparatively new to the market. Only a handful of companies are making these medical devices and many new players are in a process of FDA approvals and clinical trials.

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https://www.grandviewresearch.com/industry-analysis/endoluminal-suturing-devices-market

Further key findings from the report suggest:

North America accounted for the largest share in 2019 owing to presence of favorable reimbursement policies and high obesity incidence
Asia Pacific is expected to see robust growth during the forecast period owing to the rising awareness about minimally invasive procedures
The gastrointestinal surgery segment dominated the market in 2019 owing to rising incidence of gastrointestinal diseases
The hospital segment dominated the market in 2019 due to high incidence of chronic diseases
Ambulatory surgical centers segment is expected to grow at the fastest pace due to increasing number of outpatient surgeries
The key players are focusing on innovative product launches to maintain their market share
For instance, in December 2018, Apollo Endosurgery, Inc. announced the sale of its surgical product line laparoscopic bariatric surgery to ReShape Lifesciences. This will boost Apollo’s Endo-bariatric product offerings.