Electronics and Media
Outsourced customer care services market revenue to cross the 100-billion-dollar milestone by 2024, LATAM to drive the global industry
In a bid to concentrate on their core competencies, renowned firms have been outsourcing their operations. Outsourced Customer Care Services Market is expected to carve a profitable growth graph subject to this very factor. As per statistics, this market is anticipated to cross USD 110 billion by 2024, with a CAGR projection of 6% over 2017-2024. Outsourcing services provides several benefits to the firm, including improved operational flexibility, lowered overhead costs, and an elevated level of assured services. Of late, the demand for mobility services on a multitude of platforms have been increasing, which will further drive outsourced customer care services industry over the years ahead.
Philippines Outsourced Customer Care Services Market Share, By Service, 2016
Outsourced customer care services market is moderately fragmented and involves the presence of numerous SMBs. In order to sustain their business position, companies have been focusing on enhancing their service portfolio. In addition, the tried-and-tested strategy of acquisitions is also a rage in outsourced customer care services industry, which players have been adopting, in order to gain global prominence. For instance, Infosys and Microsoft Corporation had partnered in 2015 to provide the Finacle solutions suite on the Microsoft Azure, the enterprise-grade, cloud computing platform.
Many companies have been exploiting the numerous opportunities offered by outsourced customer care services market to extend their profit margins and meet client requirements. These services help businesses better manage their consumer base and cater to their requirements in a rather efficient manner. Companies of late, have been adopting cloud technology and big data analytics, which will spur outsourced customer care services industry. In addition, the rising technological advancements and varying customer requirements will propel the business trends.
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LATAM outsourced customer care services market is anticipated to carve out a lucrative growth path over the coming seven years. This growth can be credited to the increasing English-speaking population and the growing penetration of the Internet. Besides, the reduction in telecom rates and the presence of highly educated agents will also spur the regional growth. LATAM also has a significantly large Spanish-speaking population, and offers the advantage of bilingual agents. Besides, the geographic proximity to the U.S. is another driving factor that makes the region a popular outsourcing destination, propelling LATAM outsourced customer care services industry.
Outsourced customer care services market can be characterized by increased sales and high revenue, provided the players offer high-grade services such as contact center and managed charging & routing. In order to enhance the overall user experience, companies have been offering multichannel and multitiered technical and business support, in addition to network troubleshooting and other services. Helpdesk services are also provided by companies to improve retention, thereby fueling outsourced customer care services industry.
CRM technology hosting is one of most lucrative service segments of outsourced customer care services market. The demand for low cost services is expected to augment the growth of this service segment over the coming seven years. CRM technology provides flexible solutions for various consumer problems and helps them use the features as they desire. Besides, it has been observed that most firms are reluctant to shift their service offering to multiple channels, which will further spur outsourced customer care services industry share from CRM technology hosting services.
Outsourced customer care services market share from customer interaction is expected to rise significantly over the coming years. This growth can be attributed to the huge demand for quick problem recovery solutions. The primary aim of outsourced customer care services industry providers is consumer satisfaction, which will propel the business demand for customer interaction in the future. Subject to the goal of building and maintaining consumer relationships and fulfilling their demands in a way that they find convenient, outsourced customer care services market from customer interaction will gain a competitive edge over the next few years.
North America is one of the most lucrative business grounds for outsourced customer care services. Pertaining to huge demand for high quality consumer care and the rise in the infrastructural facilities, North America outsourced customer care services industry is anticipated to grow remarkably over 2017-2024. Besides, pertaining to the presence of skilled labor at low costs, companies have been outsourcing their operations to Asian countries such as India and Philippines, which will substantially propel North America outsourced customer care services market. Besides, the high cost of resources in the continent is further stimulating the regional demand. The U.S. is slated to be one of the key revenue contributors.
The competitive landscape of outsourced customer care services industry includes the participation of numerous giants such as Transcom Worldwide, Expert Global Solutions, Convergys Corporation, Aegis, Accenture, StarTek, Synnex Corporation, and Amdocs. While outsourcing services, it is essential to choose the most appropriate vendor. On these grounds, companies execute several testing methodologies to verify if their outsourced service portfolio is being launched with a reliable, well-known vendor. These corporations are being increasingly drawn toward the adoption of cloud computing and host-based services pertaining to their high efficiency and reasonable costs. Players operating in outsourced customer care services market also have to comply with the changing requirements of consumers and must be able to deliver services via multichannel solutions.
Author Name : Saipriya Iyer
The growth trajectory of MVAS Market is expected to display a rising trend, subject to its extensive applications across the telecom, healthcare & IT, BFSI, education, retail, entertainment & media, and government sectors. A steep rise in the popularity of social media websites along with the growing use of mobile payment apps will also offer bright prospects for the business. Escalated demand for availing entertainment services on mobiles coupled with introduction of LTE services for mobiles & smartphones will lucratively influence MVAS market trends. According to Global Market Insights, Inc., “Mobile Value Added Services (MVAS) industry, which was evaluated at USD 400 billion in 2016, is forecast to surpass USD 1300 billion by 2024.”
Europe MVAS Market Share, By Solution, 2016 & 2024 ($ Bn)
Fierce business competition coupled with the reduction in costs of mobiles & smartphones have forced the mobile manufacturers to focus more on providing value added services and thus improve their brand presence. The rising importance of 3G and 4G services available at reasonable charges are expected to boost MVAS market demand over the next few years. Rising demand for novel technologies such as M2M and IoT by the organizations to effectively handle their day-to-day operations is also expected to accelerate MVAS industry development.
Telecom sector, which had observed a commendable growth in the past, is expected to significantly boost MVAS industry size over the coming years. The growth can be attributed to the escalated requirement for personalized and content rich value-added services. MVAS market in the education sector is expected to witness a massive expansion over the coming seven years, driven by its enhanced usage for in language training, online education & tutoring, reading, and vocational training. Mobile value added services will also help distance learners improve their learning ability, thereby complementing the business expansion.
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Potential use of value added services for diagnosing & treating patients along with the rising trend of storing health records of the patients in a digitized format is expected to boost MVAS industry size across the healthcare & IT sector.
Taking into consideration the geographical trends, Asia Pacific MVAS industry is projected to experience a notable surge over the coming timeframe, driven by rising consumer trend towards the use of smartphones & tablets. The governments of the region have been undertaking efforts to spread awareness regarding the benefits of mobile usage and have been developing infrastructure for its effective use, thereby favorably influencing the industry growth across the region. China, South Korea, India, and Japan are forecast to be the major revenue pockets.
U.S. industry, which accounted for more than 25% of MVAS market revenue in 2016, is expected to witness a notable growth in the future. The growth can be credited to the high presence of reputed digital media participants such as Netflix, Amazon, Roku, Apple TV, Hulu, and Boxee across the region.
Latin America MVAS industry is expected to experience a lucrative growth over the next few years, subject to network operators offering valued added services even in the most remote areas and distant places.
Mobile value added services can be availed through mobile money, SMS (Short Message Service), Instant Messaging, infotainment, and MMS (Multimedia messaging service) solutions. Effective mobile banking, mobile remittance, and mobile wallet services, driven by high speed networks and low tariffs are expected to beneficially influence the growth of the mobile money sector, which will accelerate MVAS market revenue expansion.
Market players are trying to increase their profit margins and expand their geographical presence by adopting key business strategies such as mergers & acquisitions, new product development, strategic partnerships, product benchmarking, and joint ventures. Vodafone Group PLC Alibaba Group Holding Limited, Gemalto N.V., Mahindra Comviva, AT&T Incorporation, Baidu Incorporation, Nokia Corporation, Huawei Technologies Company Limited, KongZhong Corporation, Amazon, and Apple Incorporation are the key participants of MVAS industry.
Author Name : Dhananjay Punekar
Lamp industry to accrue a massive revenue via indoor applications over 2017-2024, APAC to majorly drive the regional demand
Lamp Market is expected to chart a profitable growth map over the coming years, owing to the extensive product usage across the residential, household, healthcare, commercial, hospitality, automotive, retail, and industrial sectors. This product is heavily deployed in public spaces & highways subject to its beneficial features such as low replacement costs and less power consumption. Favorable government policies for improving the lighting amenities across remote regions will lucratively impact global lamp industry trends. As per Global Market Insights, Inc., “Lamp market size is estimated to cross a revenue of USD 18 billion by 2024.”
China Lamp Market Share, By Product, 2016
Lamp industry encompasses a wide spectrum of applications that can be categorized into indoor and outdoor sectors. Lamps are extensively deployed across commercial spaces such as offices and hospitals as well as residential spaces such as high rise buildings, which will spur the growth of lamp industry in the indoor sector over the years ahead. Over the last few years, there has been a rise in the consumer standard of living and awareness regarding energy saving, which has led to an increase in the usage of energy conserving products such as halogens and fluorescent bulbs. This fact is expected to favorably impact lamp market size, which was valued at USD 40 billion in 2016.
Taking into consideration the geographical landscape, Asia Pacific lamp industry size is anticipated to witness an upswing over the coming seven years, subject to the high spending on the construction activities. In addition, the requirement of these energy-effective lighting systems for performing surgeries will impel APAC market from the healthcare sector. The large-scale presence of key manufacturers across the region will also contribute significantly towards the revenue.
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The U.S. will witness a tremendous growth rate in lamp market subject to the rising consumer demand for power-saving lamps. The popularity of these lamps across residential and commercial arenas is predicted to create lucrative growth avenues for U.S. industry.
The surging popularity of compact fluorescent lamps is anticipated to soar UK lamp market expansion in the near future. Tax benefits offered by the governments of Mexico and Brazil to reduce the product prices will propel Latin America lamp market revenue over the coming timeframe. Ample availability of raw materials in the region will contribute notably towards the business expansion.
Electrical discharge and filament are major lamp products. Electrical discharge lamp industry is projected to exhibit a substantial development over the next few years, subject to the huge demand for compact fluorescent lamps subject to the beneficial product features such as elongated service lifespan, minimal energy wastage, superior quality of light, appropriate brightness, and low glare.
Filament lamp market is projected to experience a moderate growth over the coming years, with halogen lamps offering high light quality, enhanced light output, and improved power efficiency. Furthermore, the large-scale use of the halogen lamps in under-cabinet lighting and work lights will further boost the revenue.
Leading corporations have been trying to improve their business position and secure a competitive edge over their rivals by implementing key business strategies such as alliances, joint ventures, and mergers & acquisitions. Amglo Kemlite Laboratories, Toshiba Corporation, Stanley Electric Company Limited, Eye Lighting International, Koninklijke Philips N.V., Federal Mogul Corporation, EiKO Limited, OSRAM Licht AG, MaxLite, Interlectric Corporation, Panasonic Corporation, and GE Corporation are the major participants of lamp industry.
Author Name :Dhananjay Punekar
UHD/4K Panel market to witness massive gains from television application over 2016-2024, U.S. to be a prime revenue contributor
The consumer electronics sector is soaring with the growing popularity of UHD TVs. The UHD/4K panel market has already generated a heavy momentum in this space with the development of next generation TVs. Ultra HDTV has gradually emerged from a techie’s dream to consumer reality in the recent past. This UHD technology is unlocking transformative, awe-inspiring, and enhanced viewing experience with a minimum resolution of 3840 x 2160 pixels. 4K resolution provides around 8 million pixels and is called so as a result of the images being about 4,000 pixels wide.
The increasing number of platforms offering higher resolution of HD content will further expand UHD panel industry growth. Moreover, government initiatives to minimize custom duties particularly in India and China and the dropping prices of 4K panels will stimulate UHD market over the coming years. UHD/4K Panel Industry is estimated to grow at a rate of 11% over the period of 2016-2024.
North America UHD/4K panel market size by application, 2013-2024 (USD Million)
In 2015, the television application accounted for over 55% of revenue share and is set to register a CAGR of 11% over the period of 2016-2024. Demand for better customer viewing due to improved picture quality will propel 4k panel industry growth.
Retail is another booming sector which has been penetrated by the UHD technology. This is undoubtedly helping retailers to display their products with minute details and supreme clarity. A memorable shopping experience with UHD displays owing to its superior quality is attracting larger consumer base, thus driving ultra-high definition panel market. Digital display screens market worth USD 4 billion in 2015 is set to witness a significant growth curve, owing to rising demand from the advertising and publishing sectors. The growth of digital signage market due to rising commercial application in advertising is also worth noticing.
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Devices equipped with UHD panel are highly energy efficient and durable. LG, Toshiba, Sony Electronics, Panasonic, Philips, Sharp, BOE Technology Group, Hisense Group, and Samsung Electronics are the major players accumulating maximum share of ultra-high definition panel industry. These players are highly emphasizing on product development and customer service to keep up with growing competition for providing better image quality. The demand for 60-inch and above screen size is projected to record a substantial growth in UHD/4k panel market.
For achieving better displays of mobile and tablet screens, LED technology is used which accounted for more than 45% in 2015 and is estimated to grow at an annual rate of 8.8% over the period of 2016-2024. LCD segment is another booming technology, projected to record USD 18 billion by 2024, owing to its lower power consumption feature. LCD uses the light modulating properties of liquid crystals which is gaining high preference in global UHD panel industry.
In terms of regional split, Asia Pacific ultra-high definition panel market share catered for over 20% of the overall industry in 2015 and is set to hit a CAGR of 11.6% over 2016-2024. North America 4K panel market, led by the U.S., is estimated to generate a revenue share of over USD 19 billion by 2024. The regional growth is subject to huge tech-savvy consumer base and intensive adoption of HD technologies.
Early deployment of this technology is likely to show tremendous growth prospects for future trends in 4K panel industry. Heavy investments in research and development will send strong undercurrents for the future of consumer electronics. Developments in this area are really going to be interesting to watch over, in the next couple of years.
Author Name : Ojaswita Kutepatil
Single Board Computer market to register highest growth from defense & aerospace applications over 2016-2024
Single board computer market is projected to collect noticeable revenue due to shifting consumer trends toward wearable electronics, electric vehicles, and the Internet of things (IoT) devices and solutions. IoT incorporated with embedded systems undoubtedly helps perform operations in real-time. Single board computers, which are basically hardware components integrated with IoT, garner a huge demand from numerous end-user industries. According to Global Market Insights, Inc., “Single Board Computer market will record a CAGR of 12.5% over the period of 2016 to 2024.”
Single board computer industry has widespread application areas such as transportation, entertainment, industrial automation, medical, and aerospace & defense. Aerospace & defense application will exhibit a CAGR of more than 13% over the coming years of 2016 to 2024, owing to the requirement for improved performance and high-density communication in cost-restrained environment. Industrial automation is also another lucrative application segment that will register substantial gains over the next few years.
U.S. single board computer market size, by technology, 2013-2024 (USD Million)
VME technology is increasingly being deployed across the military & defense sector driven by its high reliability and efficiency. This will lead to VME-based SBC market registering an annual growth rate of more than 10% over the period of 2016 to 2024. xTCA, VPX, and cPCI are the other prominent technology segments of single board computer industry. cPCI-based single board computer market accounted for more than 25% of the market share in 2015 and will grow lucratively in the years ahead.
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Taking into account the end-use segment, single board computer industry comprises communication, research, data processing, and test & measurement. Test and measurement end-use segment will generate considerable revenue over 2016-2024, augmented by the ample availability of technologically advanced products.
System integration, aftersales, and customization are the key service segments of single board computer market. System integration dominated the service landscape by accounting for more than 45% of the industry share in 2015, owing to its widespread deployment across myriad professional sectors. Customized service reduces the total development time and associated costs, in response to which this segment will record a CAGR of more than 12% over the coming years of 2016 to 2024.Based on the processor type, single board computer industry is mainly composed of PowerPC, x86, ARM, and atom. X86 processor market is predicted to generate considerable revenue over the coming seven years, owing to the properties such as power saving capability and high processing speed. ARM (advanced RISC machines) processor accounted for 40% of the processor market share and will exhibit substantial growth rate over 2016-2024, which can be attributed to the notable characteristics such as multi-core processing, lower power consumption, and flexibility.
Considering the regional landscape, China single board computer market will grow at an annual growth rate of more than 18% over the period of 2016 to 2024, primarily driven by the surging need for industrial automation across this region. In addition, the availability of widespread manufacturing base will also boost the regional trends.
U.S. single board computer industry share will hold a significant share of the global revenue over the coming timeframe, driven by the escalating implementation of SBCs across this region. Increasing usage of SBCs for application sectors such as energy, medical, and transportation will also influence the industry growth noticeably.
To sustain their position in the business, market players are reducing product prices and developing a range of new, advanced products to attract a broader consumer base. Key players in single board computer market are Digi International, VersaLogic Corp., Olimex, American Portwell Technology, Inc., Advantech, Wandboard, UDOO, Adlink Technology Inc., Mercury Systems, NETBurner, Kontron, Radisys, and Eurotech Group.
Author Name :Sunil Hebbalkar
Retail Point of Sale Terminals Market Outlook: Growing efforts to encourage digital payment will push industry growth over 2016-2024
Escalating need to counter money laundering, frauds, and terrorism is expected to spur retail Point of Sale terminals market size over the coming years. Rising consumer trend towards cashless transactions to reduce queues and personnel costs will contribute substantially towards industry demand. According to Global Market Insights, Inc., “Retail Point of Sale Terminals Market revenue, valued at USD 14 billion in 2015, is anticipated to hit USD 45 billion by 2024.” Efforts to check cash-handling costs along with growing focus on online payments will produce enormous profit avenues for market.
India Retail POS Terminals Market size, by application, 2013-2024 (USD Million)
Technological inventions have played a major role in providing effective and secured digital transactions, thereby favoring the growth of retail Point of Sale terminals market. Foundry Logic provides add-on services to retailers through its retail Mobile POS applications for Apple devices such as iPod touch, iPad, and iPhone. Wide acceptance of wireless technology and increased demand for mobile wallets across the globe will push market size in the near future.
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Retail point of sale terminals are gaining optimum popularity across convenience stores, department stores, discount stores, supermarkets, category stores, specialty stores, and drug stores. Supermarkets contributed nearly 35% of retail point of sale terminals market share in 2015 and will experience a massive growth over 2016-2024. Ability to reduce human errors and improve customer service will push the revenue. Effectiveness in maintaining discount tracks and price adjustments, is anticipated to boost the industry revenue across discount stores.
Fixed and Mobile POS terminals are the key products of retail point of sale terminals industry. Mobile POS terminals market is projected to grow substantially over the coming timeframe and will accelerate the growth of retail point of sale terminals industry over the coming seven years, driven by rise in the number of smartphones, touch pads, notebooks, and iphones.
Fixed point of sale terminals industry, contributing more than 75% of retail point of sale market revenue in 2015, is projected to grow considerably over the coming seven years. High level of security, less updates, and reduced costs have added to the industry growth.
Taking into considerations the regional trends, Asia Pacific retail point of sale terminals industry is projected to witness a substantial growth over the coming years. Increasing use of mobiles across the urban as well as rural areas in countries such as China and India will push the industry revenue. In addition, government norms favoring online payments and payments via mobiles will further boost the regional growth.
North America retail point of sale terminals market is projected to experience an enormous growth in the coming years. Strict implementation of EMV as per government norms to enhance payment security is predicted to boost the industry trends across the region. Again, the presence of big industry players is forecast to contribute significantly towards the regional revenue.
Market players will try to maximize their ROI and increase their regional presence through strategic collaborations, high R&D investments, benchmarking, scientific breakthroughs, and product differentiation. MICROS Systems, Epicor Software Corporation, Cisco Systems, PAX Technology Incorporation, VeriFone Holdings Incorporation, Ingenico Group, HP Company, Toshiba Corporation, NEC Corporation, Samsung Electronics Limited, and Panasonic Corporation are the key participants of retail point of sale terminals industry.
Author Name :Dhananjay Punekar
Wireless Earphone & Headphone market to grow extensively over 2016-2023, Bluetooth & Wi-Fi technology adoption to push the demand
Growing consumer preference for mobiles, iphones, and portable audio players such as MP3 music players will accelerate earphone & headphone market demand over the years to come. Flourishing Wi-Fi and Blue tooth sectors will further add towards the product demand in the near future. As per Global Market Insights, Inc., “Earphone & Headphone industry size, worth USD 11.68 billion in 2015, is projected to surpass USD 18 billion by 2023.” Rapidly expanding home audio equipment sector will contribute significantly towards earphone & headphone market revenue over the coming six years. Product innovations along with successful execution of marketing and branding strategies executed by the major players will benefit the industry. High per capita income along with elevated economic growth across emerging economies is expected to create brighter growth prospects for market.
Europe earphones and headphones market size, by technology, 2012-2023 (USD Million)
In terms of technology, the industry is segmented into wireless and wired Earphone & Headphones. Wired earphone & headphone market, worth USD 10 billion in 2015, is forecast to record an annual growth of 4.6% over 2016-2023. Technological innovations in wireless products to improve the hearing experience coupled with rising efforts to curb noise pollution will drive wireless earphone & headphone industry revenue over the next few years.
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Earphones market, worth USD 7.7 billion in 2015, is expected to contribute significantly toward the overall industry growth over the next few years. Its light-weight, compact, and portable features are projected to accelerate the revenue. Headphones are expected to collect a revenue of over USD 6 billion by 2023, driven by growing vendor efforts to improve their distribution channel services. The demand of these products are highly dependent on the product differentiation and the cost parameters.
Taking into consideration the regional trends, North America industry accounted for 36% of the global revenue in 2015, primarily driven by U.S. As per the report, U.S. earphone & headphone market is projected to register a substantial growth rate of 4.8% over 2016-2023. Stringent legislations passed by OSHA (Occupational Safety and Health Administration) aimed at procurement of high quality parts for manufacturing of earphones and headphones will contribute significantly towards the regional revenue.
China earphone & headphone industry, which contributed a major chunk of Asia Pacific earphone & headphone market share in 2015, is expected to record a CAGR of 5.6% over 2016-2023. Strong economic development leading to rise in product demand will steer the regional growth.
Earphone & headphone industry may face growth challenges on account of the industry being highly fragmented and competitive. Moreover, the product substitution at a lower price may further hamper the industry trends in the years ahead. However, strategies adopted by the market players such as high R&D investments, mergers & acquisitions, improved customer services, technological inventions, and multiplying the distribution channels will fight back the growth restraints. Key industry participants include Ultimate Ears Company, Koninklijke Philips N.V., Sennheiser electronic GmbH & Co. KG, Bose Corporation, Shure Incorporated, Beats Electronics Company, Grado Labs, Aclair Audio, Panasonic Corporation, Pioneer Corporation, Sony Corporation, and Skullcandy Incorporation.
Author Name :Dhananjay Punekar