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.

Click the link below:
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.

U.S. SMS Marketing Market Worth $12.6 Billion By 2025

The U.S. SMS marketing market size is expected to reach USD 12.6 billion by 2025, expanding at a CAGR of 20.3%, according to a study conducted by Grand View Research, Inc. Use of text messages for promotion and advertisement is gaining popularity owing to increasing number of mobile phone users in the country. U.S. is one of the leading country in terms of adoption of smart phones, aiding the marketers in reaching the target customer. Moreover, cost effectiveness and convenience of reaching the target is anticipated to propel the demand for text message marketing over the forecast period.

The use of Rich Communication Service (RCS) protocol is enhancing the text message system by allowing sending and receiving of high-resolution media files via messages. It allows marketers to make promotional messages more interactive and creative in order to attract customers. The advent of RCS, coupled with technologically advanced smartphones that support advanced messaging features is expected to drive the market growth.

Companies are largely focusing on improving customer relationships and engagement by providing special discounts and offers, tailor-made for customers. The use of SMS for sending such offers helps them to customize messages according to the individual customer. Thus, increasing competition has led to the increased usage of text messages, and the trend is expected to influence market growth over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/us-sms-marketing-market

Further key findings from the study suggest:

SMS marketing market is gaining traction owing to the fact that it eliminates the use of paper used by other means of marketing
The SMEs segment is anticipated to record substantial growth from 2019 to 2025 owing to increasing use of text messages by small retailers and businesses to send promotional coupons and other offers
In an attempt to sustain competition, banks are introducing several services. The use of texts for marketing these services is expected to augment the growth of the BFSI segment over the forecast period
The U.S. SMS marketing market is characterized by intense competition with several players such as Infobip Ltd.; InMobi; Marketo; Amobee, Inc.; Chartboost; Slick Innovations, LLC.; and IBM Corporation offering similar solutions. Pricing and product differentiation is the key to sustain competition.

Insurtech Market Size Worth $16.8 Billion By 2025

The global insurtech market size is expected to reach USD 16.8 billion by 2025, registering a CAGR of 43.0% from 2019 to 2025, according to a new report by Grand View Research, Inc. Increasing use of artificial intelligence (AI) along with Big Data by insurance companies to enhance customer targeting and to automate the decision-making processes is expected to drive the market over the forecast period. Additionally, integration of wearable devices into customer engagement metrics for insurance is further anticipated to keep the market growth prospects upbeat.

Insurance companies are heavily investing in digitizing their business processes, which will help them to simplify the transaction process and to improve the functionality of payment systems. The adoption of insurtech allow insurance companies to detect errors, prevent frauds, and access external data. Furthermore, technologies such as embedded analytics help insurance companies to understand market pattern, consumer behavior, and allow them to make informed business-related decisions. These benefits of digital technologies are creating a significant demand for the technology.

Rising demand for implementation of automation, improved communication between agents and clients, and better personalized offerings are expected to drive the market over the forecast period. The adoption of insurtech in various businesses has allowed insurance companies to minimize the risks associated with liquidity, operation, and counterparty credit. Additionally, increasing adoption of predictive analytics to identify risk of fraud, triaging claims, and to identify outlier claims is anticipated to propel market growth.

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

Further key findings from the report suggest:

The home segment is anticipated to exhibit the highest CAGR of 44.3% from 2019 to 2025. Home insurtech allow customers to easily process their claims for property monitoring or assistance in repairs
The managed services segment dominated the market in 2018 owing to the growing dependence of insurance companies on IT assets to improve their productivity
The blockchain segment is expected to witness the highest CAGR of 44.9% over the forecast period. The adoption of blockchain in insurtech helps in increasing transparency, operational speed, and minimizing the associated delays and costs
The healthcare segment is expected to emerge as the fastest-growing end-use segment over the next six years. Insurtech in healthcare provide customers with custom insurance along with easy claim process
The North America region is expected to continue to dominate the market over the forecast period. Increased adoption of advanced technologies such as machine learning, artificial intelligence, and blockchain by insurance companies in the region is contributing remarkably to the growth of the market
The key players in the insurtech market include DXC Technology Company; Damco Group; Majesco; Oscar Insurance; Wipro Limited; Trōv, Inc.; Quantemplate; Shift Technology; and Zhongan Insurance.