Digital Transformation Market Size Worth $1,392.91 Billion By 2027

The global digital transformation market size is expected to reach USD 1,392.91 billion by 2027, registering a CAGR of 22.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The growth is attributed to the increasing necessity for introduction of innovative solutions that are capable of engaging customers or employees to integrate process, data, IT, and business. Furthermore, the increasing demand for the adoption of Internet of Things (IoT) and other advanced technologies is propelling the growth.

Digital transformation allows organizations to tackle disruptive changes such as marketplace fluctuation and corporate restructuring, occurring in their markets and customer base by designing new products, services, and business models leveraging digitalization. These newly designed solutions are generally a mix of digitally stored historical information about business activities and the customers Furthermore, they facilitate the transformation of traditional processes, business activities, and models to take advantage of the upcoming changes and opportunities of digital technologies.

Due to rising digitization and urbanization across the world, businesses are switching to using technology driven solutions to meet the rapid pace of business growth. The use of cloud technology enables various Small and Medium Enterprises (SMEs) to adopt modern Digital Experience Platforms (DXP) at affordable prices without the need to constantly upgrade or replace the systems. Moreover, factors such as optimization of end-to-end customer experience and improvement in operational flexibility are promoting the growth of digital transformation along with the recognition of new revenue sources.

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

Further key findings from the report suggest:

The social media solution segment is anticipated to expand at a rapid CAGR of above 20% over the forecast period. The advent of mobile technology, has transformed the social media, is driving the growth
Post the implementation of digital transformation solutions, organizations require support and maintenance services from their vendors. This is expected to increase the demand for the professional services over the forecast period
The hosted deployment segment is anticipated gain momentum owing to advantages such as convenience, lower cost, and better security
The large enterprises segment is expected to witness significant growth over the forecast period as large enterprises are focusing on increasing productivity and efficiency of workers by using digital transformation solutions
The healthcare segment is expected to witness phenomenal growth from 2020 to 2027. This can be attributed to the increasing focus of the healthcare providers towards improving the patient care by implementing digital processes and technologies
The demand in Asia Pacific region is anticipated to expand at a significant CAGR and reach USD 379.95 billion by 2027, owing to the growing demand for the application of IoT

High Performance Computing Market Size Worth $53.6 Billion By 2027

The global high performance computing market size is expected to reach USD 53.6 billion by 2027, expanding at a CAGR of 6.5% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. High-performance computing can be categorized into High Performance Technical Computing (HPTC) and High Performance Business Computing (HPBC). HPTC is highly used in the fields of science and engineering. It is particularly used by government agencies, defense agencies, educational and research institutions, and incumbents of the manufacturing industry, among others. On the other hand, HPBC is suitable for applications such as gaming and fraud detection. Logistics companies and providers of financial services, among others, also opt for HPBC. The rising popularity of High Performance Computing (HPC) systems among manufacturing companies, government departments, and defense agencies are particularly fueling the growth of the market.

High-performance computing systems envisage a cluster of computers that can run long algorithms and solve complex problems and equations at speeds and accuracies higher than those offered by the conventional computing systems. Previously, HPC systems were used only by the navigation and aerospace industries. However, diversification of the IT industry, growing adoption of cloud computing, continuous developments in artificial intelligence, and rising need for business analytics are prompting various end-use industries to adopt HPC systems.

Data centers particularly require an architecture capable of processing large volumes of data. HPC systems can ensure adequate computing power for such data centers. Various other organizations also adopt HPC systems to process their data at higher speeds and accuracies and simplify their complex business procedures. Research and academic institutions have also started adopting HPC systems to ensure the computational efficiency required during the initial stages of research.

High computational capabilities offered by HPC systems have paved the way to execute high-end research projects that were previously deemed impossible. As such, HPC systems can be helpful in several fields, including computational biology, genetics, medicine, structural analysis, geophysics statistics, electromagnetism, nuclear physics, astrophysics, and mathematical modeling. Similarly, high efficiency offered by HPC systems can help researchers in undertaking research activities in various fields, such as deep neural networks, human genome mapping and modeling, and artificial intelligence.

Vendors of HPC systems are increasingly focusing on delivering enhanced solutions that can cater to various requirements. These solutions may include basic configurations and management tools that are easy to deploy and are capable of adapting to the changing workloads. Although the application portfolio of HPC systems is growing continuously, the looming lack of awareness about HPC systems, budget constraints at small- and medium-sized enterprises, and concerns over the security of data are some of the factors hindering the growth of the market.

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https://www.grandviewresearch.com/industry-analysis/high-performance-computing-market

Further key findings from the report suggest:

The on-premise deployment segment held the largest revenue share in 2019. The cloud segment is expected to expand at the highest CAGR of 7.6% over the forecast period owing to the benefits such as cost-effectiveness, scalability, ease of deployment, and stronger security associated with cloud deployment
The government and defense end-use segment held the largest revenue share in 2019 and is expected to expand at the highest CAGR over the forecast period. The growth can be attributed to the growing adoption of HPC systems in surveillance, aircraft simulation, and encryption and decryption of confidential information
North America is anticipated to witness significant growth over the forecast period. New supercomputing facilities are coming up in the region in line with the advances in technology, which bodes well for the growth of the regional market. The U.S. is already home to the top 5 supercomputers. The U.S. held the largest share of over 70.0% in 2019 and is expected to maintain its lead over the forecast period
Market players are entering into partnerships and collaborations with each other as part of their efforts to strengthen their position in the market. For instance, in September 2019, Intel Corporation announced that it had entered into a strategic partnership with Oracle. According to the partnership, Oracle would integrate capabilities of Intel’s Optane DC persistent memory into its next-generation platforms.

Cyber Security Market Size Worth $326.4 Billion By 2027

The global cyber security market size is expected to reach USD 326.4 billion by 2027, registering a compound annual growth rate (CAGR) of 10.0% from 2020 to 2027, according to the new study conducted by Grand View Research, Inc. The rising number of cyber-attacks across networks, applications, and endpoints severely impact organizations in terms of both losses of sensitive data and costs associated with it. Moreover, the increased usage of Internet of Things (IoT), cloud computing environment for improved data sharing and storage, and the rising trend towards the digital business transformation expose cases of cyber espionage, phishing, and other security incident breaches. The magnitude of such sophisticated cyber threats is compelling every industry and businesses to secure their networks, protect their data, and enhance their systems to detect threats in advance.

The cyber threat landscape is continuously evolving with the advancement in technologies such as blockchain technologies, online payment transaction models, digital file-sharing platforms, and digital collaboration and marketing tools. Such technologies increase the potential risk factors for cybersecurity threats. This is due to the influx of the high volume of user traffic that shares sensitive data such as transaction information, demographics, and psychographic information across the web. According to Verizon’s Data Breach Investigations Report published in 2020, 86% of the overall breaches were financially motivated, and 22% of the overall breaches involved phishing. On the other hand, 37% of the overall breaches involved were of stolen or used credentials. With rising cases of data breaches, cybersecurity vendors are increasingly investing in analytics, data science models, and predictive machine learning technologies to detect, block and quarantine device vulnerabilities at real-time.

The increasing malware attacks, cybercrimes, and online threats across public and private organizations have increased emphasis on data protection, privacy, and compliance. Governments and regulators are setting new rules and standards for the enterprises to adhere to industry risk and compliance regulations such as the GDPR, the California Consumer Privacy Act, the HIPPA, and the Electronic Communications Privacy Act on account of data privacy and protection. Companies failing to adhere to such obligations can potentially face hefty fines and penalties, as well as the risks of tarnishing their reputation. Additionally, regulators and government authorities are also actively collaborating with cyber security vendors to implement safety standards and data protection guidelines. For instance, in January 2020, the Dubai Financial Services Authority in collaboration with Palo Alto Networks, Kaspersky, Cofense, and Dubai Electronic Security Center, and Computer Incident Response Centre Luxembourg set up a special platform to help financial services combat the rising risks of cyber threats.

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

Further key findings from the report suggest:

The services segment accounted for the largest market share in 2019, owing to the growth in managed security services that help delivering security protection as security-as-a-service model
The infrastructure protection segment growth can be attributed to the increasing cyber breaches in physical infrastructures and the need to protect IT networks
Large enterprise segment is expected to account for the largest revenue of USD 219.29 billion by 2027 owing to the presence of increased cloud computing network infrastructures, IoT endpoints, and the need to comply industry standards.
The Healthcare industry vertical is expected to emerge as the fastest-growing segment over the forecast period.
The North American regional market accounted for the largest revenue share in 2019 and is anticipated to dominate the market over the forecast period.

Mechanical Ventilators Market Worth $3.6 Billion By 2027

The global mechanical ventilators market size is expected to reach USD 3.6 billion by 2027 according to a new report by Grand View Research Inc. The market is projected to register a CAGR of 4.7% from 2022 to 2027. The unprecedented dawn of COVID-19 pandemic, increasing incidence of Chronic Obstructive Pulmonary Disease (COPD), rising incidence of respiratory emergencies, and technological innovation in respiratory care devices are the major factors driving the market growth.

Technological advancements such as rapid innovation in the field of Positive Airway Pressure (PAP) devices, portability, and improvement in the battery life of transport and portable devices are the factors driving the growth of the market. The World Health Organization (WHO) estimates that, at present, approximately 90% of COPD-related deaths occur in low- and middle-income countries. Therefore, the rise in prevalence of such diseases, introduction, and availability of portable, cost contained, and easy-to-use mechanical ventilators for the treatment of respiratory conditions is expected to drive the growth in the demand for mechanical ventilators worldwide.

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https://www.grandviewresearch.com/industry-analysis/mechanical-ventilators-market

Further key findings from the report suggest:

The transport and portable ventilators segment is expected to witness a lucrative CAGR of over 5.2% over the forecast period. Hospitals are promoting the use of portable breathing machines to provide faster and continuous care to patients even prior to their arrival on the premises. Portable breathing machines fulfill the need of patients to obtain home care, thereby increasing their popularity
North America dominated the market in 2019, in terms of revenue, owing to the rising geriatric population in the U.S., which is leading to a corresponding rise in the incidences of respiratory disorders along with manufacturing boost
Asia Pacific and Latin America are expected to witness lucrative growth over the forecast period. This growth is attributed to the presence of untapped opportunities, rising expenditure level, and the introduction of favorable government initiatives
Some key market players include Draeger Medical, Getinge, Medtronic, GE Healthcare, Koninklijke Philips N.V., Hamilton, and Smiths Medical
Market participants constantly engage in the development of new products in an attempt to improve their presence and ensure sustainability
Medtronic, plans to boost production nearly fivefold to more than 1,000 ventilators per week. It is expected to curb the breathing machine shortage in the U.S. Additionally, the U.S. automotive giants like Tesla, Ford, and GM have switched to production of medical supplies such as masks and breathing machines

Artificial Organ And Bionics Market Size Worth $53.9 Billion By 2027

The global artificial organ and bionics market size is expected to reach USD 53.9 billion by the year 2027, expanding at a CAGR of 9.6%, according to a new report by Grand View Research, Inc. Growing incidence of organ failure has resulted in massive growth in the human made organ and bionics devices. Rising demand for donors to transplant kidney, heart, lungs, liver, and pancreas is a major factor boosting market growth. Moreover, many biotechnology and medical device companies have begun to concentrate on the development of 3D printed bionic. These devices use myoelectric technology and sensory electric technology that enables mobility of synthetic human body parts.

Increasing number of product launches and speedy FDA approval of these devices are bridging the shortage of donors. Rising R&D in the field of synthetic human body parts is also boosting artificial organs and bionics market growth. For instance, February 2020, the U.S. FDA approved Carmat’s early feasibility study of its artificial heart. The device is an alternative for heart transplant for people suffering from end stage biventricular heart failure. Thus, with increasing healthcare expenditure and speedy FDA approval of synthetic human body parts, the market is expected to see robust growth during the forecast period.

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https://www.grandviewresearch.com/industry-analysis/artificial-organ-and-bionics

Further key findings from the report suggest:

Artificial organs segment was the largest revenue-generating amongst others due to escalating number of transplant procedures
The bionics segment is also expected to witness the highest CAGR owing to advancement in products
The kidney segment accounted for the largest market share of approximately 57.0% in the year 2019
The cochlear implant segment is expected to register highest growth rate owing to increasing geriatric population
North America was the leading regional segment in 2019 and is expected to maintain its position during the forecast period owing to presence of advance healthcare facilities
Existence of large number of research laboratories, biotechnology, and medical device companies in North America is the major factor contributing to its large share.

Stem Cells Market Size Worth $17.9 Billion By 2027

The global stem cells market size is expected to reach USD 17.9 billion by 2027, expanding at a CAGR of 8.2%, according to a new report by Grand View Research, Inc. Recent advances in tissue engineering strategies hold the potential to draw attention to the treatment of several chronic disorders. Moreover, automation in adult and cord blood processing and storage is expected to drive market growth significantly.

The development of banking facilities and resultant enhancement of stem cell production, storage, and characterization are also expected to enhance the volumetric capabilities of this therapy, globally. This would lead to revenue generation in the global market.

Regenerative medicine and cellular therapies are considered to transform the healthcare industry in a few years. Therefore, key players are focused on developing advanced therapeutics for the treatment of Alzheimer’s disease, Parkinson’s disease, degenerative eye disorders, cancer, and stroke. Most of these therapies are under clinical trials and are expected to be launched soon.

Furthermore, the presence of a strong, diverse clinical pipeline is expected to accelerate revenue generation in the global market. Easy access to data through genomic, proteomic, and EHR databases has encouraged companies to investigate various therapies to aid in the treatment of previously untreatable conditions.

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https://www.grandviewresearch.com/industry-analysis/stem-cells-market

Further key findings from the report suggest:

Adult stem cells (ASCs) segment occupied the largest share of the products in 2019 and is expected to maintain its dominance across the analysis period
Factors such as long term renewal property, low rejection rates, and minimal ethical concerns associated with the utility of ASCs are attributive towards larger market share
The regenerative medicine segment accounted for the largest share of owing to a huge pipeline for regenerative medicine products
The cell acquisition technology segment occupied a major revenue share and is anticipated to witness the fastest CAGR over the forecast period owing to a rise in the number of research projects that require the application of cell harvesting technologies
Allogenic therapy is the most commonly adopted therapy owing to its graft-versus-cancer response in cancer treatment and graft-versus-host response in organ or tissue transplant
These responses allow allogenic stem cells to kill the cancer remaining after drug therapy and to prevent organ rejection and other complications post-surgery
Presence of major companies, extensive government funding, and increasing research have contributed to the largest market share in North America
The Asia Pacific region is expected to grow at a lucrative pace owing to strong product pipelines in regenerative therapies and large patient population
Osiris Therapeutics Inc; BIOTIME, INC.; Celgene Corporation; STEMCELL Technologies Inc.; and Cynata are some of the key players operating in the stem cells market.
The key players are undertaking strategic initiatives to maintain their market share. They are keen to seek investment from other bodies and also collaborate with other pharmaceutical giants. This is set to enhance market growth over the forecast period.

Molecular Diagnostics Market Worth $18.2 Billion By 2027

The global molecular diagnostics market size is expected to reach USD 18.2 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 9.0% over the forecast period. Increasing prevalence of infectious diseases such as influenza and human papillomavirus is projected to be the key factor the growth of the market.

In the underdeveloped regions of Africa, increasing instances of infections such as tuberculosis and HIV have been witnessed in the last few years. This is projected to drive the demand for accurate and early diagnostic techniques to curb the spread of these infections.

Rapid technological advancements-leading to accurate results, portability, and cost-effectiveness-are expected to be a high impact rendering driver for this market. Companies are upgrading their products by implementing new techniques to gain specific and accurate results. Companies such as Sigma Aldrich Corporation and Qiagen are developing a new range of molecular diagnostic techniques, such as Transcription-Mediated Amplification (TMA) and Loop-Mediated Isothermal Amplification (LAMP), for the diagnosis of tumors.

Key players in the market are adopting various marketing strategies such as collaborations with technologically advanced companies and diagnostic centers. Furthermore, players are focusing on expanding their geographic presence in order to increase their market share.

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

Further key findings from the report suggest:

Reagents dominated the market in 2019 and is also projected to be the fastest-growing product segment owing to its high adoption in research and clinical settings. Standard reagents also provide efficient and accurate results
Instruments such as next generation sequencing platforms and PCR are increasingly preferred by diagnostic institutes and central laboratories as these tests deliver reliable and quick results and are suitable for a number of diagnostic procedures
Central laboratories emerged as the leading test location for molecular diagnostics in 2019. This is attributed to the availability of skilled labor and well-established infrastructure
Point-of-care is expected to be the fastest-growing segment over the forecast period owing to increase in demand for bedside testing, accuracy of results, and rise in healthcare awareness
Infectious diseases were the largest revenue generating segment in 2019 as molecular diagnostics offer clinicians with better substitutes to diagnose numerous infectious pathogens, bacteria, and virus in a short time while producing extremely accurate results
The oncology segment is projected to exhibit a CAGR of around 11.3% over the forecast period owing to increasing awareness amongst patients and healthcare professionals regarding available technologies such as molecular testing for cancer diagnosis
On the basis of technology, PCR was the largest revenue generating segment in 2019 owing to factors such as growing applications of multiplex PCR and commercialization of easy-to-use PCR-based molecular diagnostic kits
North America was the largest revenue generating region in 2019, followed by Europe. Key factors attributing to their dominance are high patient awareness levels, sophisticated healthcare infrastructure, growing healthcare expenditure, and high R&D pertaining to drug discovery and development
Some of the major players operating in molecular diagnostics market are F. Hoffmann-La Roche Ltd; Siemens Healthcare GmbH; Bio-Rad Laboratories, Inc.; Novartis AG (Grifols); Danaher Corporation; Alere, Inc.; Sysmex Corporation; bioMérieux SA; Becton, Dickinson and Company; Hologic, Inc. (Gen Probe); Johnson & Johnson Services, Inc.; Bayer AG; Cepheid; Dako; and Qiagen.

In Vitro Diagnostics Market Size Worth $85.8 Billion By 2027

The global in vitro diagnostics (IVD) market is expected to reach USD 85.8 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to exhibit a 4.4% CAGR over the forecast period. The development of simplified diagnostic tests is expected to drive growth. For instance, Cepheid’s Xpert HCV VL Fingerstick received CE-IVD clearance in September 2018. This test identifies and measures HCV RNA levels from a fingerstick blood sample.

Key players are developing new products and undertaking strategic initiatives, such as collaborations, mergers and acquisitions to gain greater market share and to expand their product portfolio. For instance, in February 2018, a product named PAXgene Blood ccfDNA tube was made available by BD for non-invasive prenatal testing and cancer diagnosis and application in the European Economic Area (EEA) and Switzerland. PAXgene Blood ccfDNA tube was developed by Qiagen-PreAnalytiX GmbH and BD in a joint venture.

The rising geriatric population and favorable government regulations to spur the approval process of medical devices are the factors expected to drive the market over the forecast period. For instance, in August 2018, the approval process for IVD was eased in an amended provision in the Fourth Schedule of Medical Devices Rule by the central government of India.

Furthermore, increasing demand for early diagnosis to strategize complete treatment plans for patients by the physicians is projected to fuel the demand for user-friendly in vitro diagnostic products. For instance, in July 2017, bioMerieux for VITEK MS received the U.S. Food and Drug Administration (FDA) approval. It is a mass spectrometry system that rapidly identifies pathogens, such as Nocardia mycobacteria, and molds.

Reagents held the largest market share in 2019, owing to the development of analytical laboratory automation coupled with a high usage rate of reagents. For instance, in July 2018, Surmodics, Inc. launched MatrixGuard Diluent that blocks matrix or assay signal and maintains intended signals.

The increasing prevalence of cancer, cardiovascular disorders, diabetes, and other diseases is expected to accelerate the demand for in vitro diagnostics in the forthcoming years. According to Cancer Research UK, in 2018, about 17 million new cancer cases were reported across the world. It has estimated that the incidence rate of the disease will witness a 62% rise from 2018 to 2040. The liver, stomach, breast, lung, and colorectal are the most common types of cancer.

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https://www.grandviewresearch.com/industry-analysis/in-vitro-diagnostics-ivd-market

Further key findings from the report suggest:

The molecular diagnostics segment is expected to witness the fastest growth over the forecast period, owing to the high usage of the technology for disease diagnosis
The infectious disease application segment dominated the market in 2019 due to the rising prevalence of tuberculosis, hepatitis, and other infectious diseases
North America dominated the in vitro diagnostics market in 2019, owing to the presence of key players and a rise in the launch of new products in major countries like the U.S. and Canada
Asia Pacific is expected to exhibit the fastest CAGR over the forecast period owing to the number of products that are being launched in hospitals to provide an accurate diagnosis
Major IVD market players are Qiagen; Danaher; Becton, Dickinson and Company; Siemens Healthineers; F. Hoffmann-La Roche Ltd.; Hologic, Inc. (Gen-Probe); bioMerieux SA; Abbott Laboratories; Cepheid; and Sysmex Corporation

Car Wash Services Market Worth $41.1 Billion By 2025

The global car wash service market size is expected to reach USD 41.1 billion by 2025, according to a new report by Grand View Research, Inc., registering a 3.2% CAGR over the forecast period. The growing trend of vehicle maintenance in order to boost its resale value is expected to boost the demand for car wash services in the coming years. Harmful chemicals that accumulate on the vehicle over time can cause the metal to corrode. These deposits are difficult to remove by merely cleaning with a sponge or brush. Moreover, these household cleaning products could result in scratches on the surface of the vehicle, further damaging the vehicle’s exterior. As a result, consumers prefer and trust professional car wash services. In addition, the hassle of self-cleaning is avoided thanks to such amenities.

As per the International Carwash Association (ICA), there has been a steady decline in home vehicle washes in the past 18 years. In 1996, 47.6% of consumers preferred washing their vehicles at home, whereas in 2014, only 28.4% of consumers opted for the same. This significant shift is owing to benefits such as speed, convenience, and efficiency offered by professional car wash operators. Growing consumer discretionary spending in certain countries is also expected to support market growth. Increasing awareness regarding wastage of water by washing vehicles at home is giving the market a major boost.

However, strict government regulations regarding water usage in professional vehicle washing services act as a restraint for market growth. For instance, in California, car wash services are required to reuse 50% of the water used during a car wash. To adhere to this requirement, operators are compelled to use zero-degree nozzles, which results in an added cost of investment and lower profit margins. Nevertheless, some operators see this as an opportunity to go green and are turning to waterless cleaning practices. Self-service vehicle washing is highly popular among consumers who prefer to wash their vehicles by themselves. Flexibility on the usage of foam, water, brush, and other equipment for car wash and payment only for the amenities they use are some of the factors behind the rising popularity of this service.

The market in the Middle East and Africa is estimated to witness steady growth over the forecast period owing to the increasing number of cars and improving economic conditions in numerous countries in the region. With a ban on washing vehicles in public spaces in several countries in the region, there is more scope for professional car washes. The scarcity of water in the region has also compelled operators to introduce innovative eco-efficient car wash techniques.

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https://www.grandviewresearch.com/industry-analysis/car-wash-service-market

Further key findings from the report suggest:

The self-service segment accounted for the second-largest market share in 2018 and will also register steady growth over the forecast period. Flexibility on the usage of cleaning supplies and payment only for the amenities used are some of the factors driving the popularity of this service
The roll-over/in-bay segment held the largest revenue share in the market in 2018 thanks to low operating costs and less space required for installation. The segment is anticipated to retain its lead through 2025
North America is the largest and most mature market for car washing solutions, with the U.S. accounting for more than 43.0% of the global revenue in 2018. More than 2 billion cars are washed in the region each year
Some of the key players operating in the global car wash services market are Mister Car Wash; Zips Car Wash; International Car Wash Group (ICWG); Autobell Car Wash; Quick Quack Car Wash; Super Star Car Wash; True Blue Car Wash; Magic Hand Car Wash; Hoffman Car Wash; and Wash Depot Holdings Inc.

Scented Candles Market Worth $545.2 Million By 2025

The global scented candles market size is expected to reach USD 545.2 million by 2025, expanding at a CAGR of 8.4%, according to a new report by Grand View Research, Inc. Shifting traction towards various therapeutic procedures including aromatherapy, massage, and spa in order to relax human’s body is expected to expand the market and scope for scented candles. Additionally, organically prepared scented candles to play a unique role in aromatherapy as they act as diffusers for fragrances, which can be inhaled easily by consumers.

The utilization of these candles in aromatherapy results in providing various benefits such as improving sleep, soothing sore joints, treatment of headaches and migraines, fighting bacterial infection, improving digestion, and boosting immunity. According to a research published in November 2016, in Pain Research and Treatment on “The Effectiveness of Aromatherapy in Reducing Pain”, it was found that the therapeutic procedure had a significant beneficial effect in combating pain. Such research studies are expected to play a key role in promoting the application of various therapeutic procedures and thus, in turn, will expand the market for scented candles over the next few years.

Product innovation is expected to remain a critical success factor over the next few years. In September 2019, iheartpopcandles launched the “McDreamy” candle inspired by a fictional neurosurgeon on Grey’s Anatomy, Dr. Derek Shepherd. The candle is being sold on Etsy for USD 20 and is expected to have a fragrance resembling a mix of sea and salt. In the same month, another manufacturer, Poundland launched three new cocktail-inspired scented candles, such as Rhubarb and Ginger, Bellini Surprise, and Prosecco Fizz.

In September 2019, Yankee Candle Company launched a candle range designed for any new parents of a newborn. The range is available in varieties of colors and emblazoned with different colored balloons expressing the gender of the baby. The larger jar is available for GBP 27.9 and the smaller jar is available for GBP 17.9. Available fragrances include clean cotton, soft blanket, cherry blossom, fluffy towels, and warm cashmere.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/scented-candles-market

Further key findings from the report suggest:

The container-based segment accounted for more than 55% of the global market revenue in 2018. The dominance is attributed to easy access to these products through offline channels along with excellent convenience offered to the buyers. The pillar segment is expected to witness a CAGR of 8.1% from 2019 to 2025
The online segment is expected to witness the fastest growth at a CAGR of 9.2% from 2019 to 2025. Most major manufacturers are spending on the development of their in-house online distribution channels, in order to serve their buyers. Convenience stores accounted for more than 55% of the global scented candles market revenue in 2018
North America accounted for more than 35% of the global market revenue in 2018. The increased number of spa and massage center in the U.S. and Mexico is expected to keep the dominance of the region over the next few years