Electronics and Media
APAC electric household appliances market to witness exponential growth over 2017-2024, increasing regional urbanization to favor the trends
Electric household appliances market is witnessing a substantial influx of high-priced appliances with advanced features that are designed to reduce human work and provide superior home care. The worldwide electric household appliances industry players are emphasizing on developing smart and automatic devices by integrating electronics with intelligent sensors and machine programming. Smart electric household appliances have already become a necessity for most of the households and can aptly be termed under the common saying “Home is where the smart is”. The global Electric Household Appliances Market is forecast to show strong growth prospects, as consumers have become more affluent and their choice of appliances have also become more sophisticated.
India Electric Household Appliances Market Size, By Product, 2016 & 2024 (USD Million)
Electric household appliances industry is poised to witness increasing demand for energy efficient products, especially against a backdrop of escalating electricity charges worldwide and growing government emphasis on minimizing energy consumption. The magnitude of growth across each product market such as air conditioners, kitchen appliances, dishwashers, washing machines, refrigerators, freezers, and dryers are prominently based on its technology, functionality, aesthetics, and energy efficiency. Of these, the cooking appliances are gaining renewed traction with specialty purpose products such as food processors, coffeemakers, blenders, and ovenware.
Electric household appliances market is witnessing a popular trend of multifunctional homewares, that offers added convenience and occupy a little space in houses. Today busy working schedule and smaller living spaces have created an understandable surge in the demand for automatic and space-conscious goods. For instance, Oxo, a Helen of Troy Ltd brand, launched innovative set of mixing bowls that come with silicon lids, which can also be easily converted into food storage containers.
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Another example is of Le Creuset, a renowned kitchen essentials brand which has introduced its new oval-shaped Dutch oven which has a reversible lid that can be used as a grill pan. Such product innovations have undoubtedly created huge scope for the growth of electric household appliances market over the coming seven years. Automatic washing machines, smart grid-connected dish washers, water heaters, and air conditioners, are among the others, that are gaining huge market potential with growing trend of home automation.
Prominent electric household appliances industry players are actively investing in the R&D activities to develop advanced appliances with more smart features, by connecting to sensors and home computer networks. Whirlpool Corporation, for instance, has showcased its most impressive food preparation appliance called the Whirlpool Front-Control Range with Scan-to-Cook Technology. With the help of a smartphone and the Whirlpool mobile app, users can now scan the UPC barcode of packaged food and transmit the recommended temperature, directions, and cooking time via Wi-Fi. This appliance will then set itself to the pre-programmed specifications and automatically prepare the food. Such advancements brought by electric household appliances industry giants have effectively showed what the power of the Internet of Things can really do in kitchen. With the introduction of such products, electric household appliances industry players are vigorously attempting to gain competitive edge in the growing ‘smart’ era.
As per estimates, Asia Pacific electric household appliances market is anticipated to witness huge demand for home appliances due to rising spending capacity and rapid urbanization in the emerging regions. Consumers are progressively seeking value added products that can reduce their efforts & time and are affordable at the same time. This has resulted into a robust demand for appliances including washing machines, air conditioners, and cooking appliances in the region which in turn have accelerated the growth of electric household appliances industry.
With the growing prevalence of smart technologies, the prominent electric household appliances market players including Electrolux, Siemens AG, Samsung, Walton Group, and LG are undertaking numerous growth strategies which boosts innovation and product development. A recent report on electric household appliances market put forth by Global Market Insights, Inc., has estimated the market valuation to surpass USD 600 billion, with global shipments exceeding 1 billion units by 2024.
Author Name : Ojaswita Kutepatil
India (Point of Sale) POS terminals market to witness a double-digit CAGR over 2017-2024, Governmental push toward cashless economy to drive the growth
The paucity of currency as an aftermath of demonetization has led to a surge in India Point of Sales (POS) terminals market demand. The need for infrastructure supporting the use of debit and credit card payments has risen exponentially, due to cash crunch. The effects of demonetization have instantly generated demand for POS machines as the country witnessed a seismic shift from offline transactions to digital transactions. The massive opportunities engendered by this status have significantly attracted several industry players to offer best solutions with competitive pricing. Verifone, PAX Technology, and Ingenico are the major players utilizing the huge untapped potential in the country. Mswipe, one of the key players of India POS terminals has also created great buzz by announcing its proposal to deploy more than 50 thousand mPOS by the end of 2017.
India POS Terminals Market in Tier-One Cities, By Application, 2016 & 2024 (USD Mn)
Verifone and Ingenico are amongst the two key companies accounting for major POS terminals market share in India. Together, both the companies account for more than 80% of market for POS terminals. The escalating demand for POS terminals from banks has further offered great opportunities to the India POS terminals market players to index their capabilities and take advantage of the situation to expand their business, as procuring POS systems from foreign players will consume more time with regards to shipment activities. Currently, 15 lakh POS devices are deployed across India, but astonishingly there are approximately more than 5 core registered businesses over the country. This huge difference in the number underscores the untapped opportunities in India POS terminals market and prospects for lucrative business. A report by Global Market Insights, Inc., has predicted “India POS terminals industry to surpass a valuation of USD 3 billion by 2024 having recorded a revenue worth USD 450 million in 2016”. The total shipments in India POS terminals market for the year of 2016 was over 300 thousand units and is projected to record an annual growth rate of 10% over 2017-2024.
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Post demonetization, the card transactions at POS terminals have hit 60%, directing a twofold growth from 30% in 2016. The country has also witnessed a rise in operating mobile wallets and net banking options for seamless and faster payment mode. On account of this, mPOS Terminals Market is expected to gain renewed traction and generate lucrative avenues for India POS terminals industry. Portability and speed are the most impressive features offered by these mobile POS platforms which has accelerated the payment mode options through credit/debit cards via smartphones or tablets. Moreover, backed by features like low-cost, mobility, and convenience, India mPOS terminals market is slated to record a CAGR of 10% over 2017-2024.
POS terminals market in India has witnessed huge deployment across all the sectors including restaurants, retail, hospitals, supermarkets, warehouses, etc. Of these, the healthcare segment is likely to spectate massive demand for POS terminals, thus accounting for utmost growth. The retail sector on other hand contributed to majority of revenue share in India POS terminals market.
India POS terminals industry is poised to witness an increasing pickup in demand from the rural areas over the coming years. The rural areas are the prime region where the government bodies are emphasizing on facilitating the infrastructure development that is indeed needed to support the move of cashless India. For instance, the National Bank for Agriculture and Rural Development (NABARD) have initiated plans and programs to deploy POS terminals across 1 lakh villages in the country. Other initiatives such as the Jan Dhan Yojana, Micro ATMs, and Aadhaar-enabled systems have positively impacted the growth of India POS terminals industry trends.
Backed by the demonetization move, India POS terminals market is set to exhibit a period of triumph over the coming years. Innovations and further technological advancements are expected to resonate the growth of POS terminals market in India. This business is further likely to flood with multilingual POS terminals, in a step to centralize cashless payments. Companies including Reverie Language Technologies and India Transact Services Ltd. are working to enable multilingual POS terminals by the next quarter of this year. The new languages to be introduced in India POS terminals industry will be Gujarati, Malayalam, Marathi, Kannada, Punjabi, Tamil, Bengali, and Telugu.
Author Name : Ojaswita Kutepatil
Smart speaker market to record a striking CAGR of 50% over 2017-2024, U.S. to dominate the regional landscape
Smart speaker industry has recently witnessed a plethora of megatrends that are underlining its massive expansion. Industry players are betting on the competitive landscape to capitalize the growth opportunity. Arguably pioneered by Amazon, subject to their launch of interactive speakers with Echo device late in 2014, the industry now is witnessing an inflection point with the influx of new players in the business exploiting the future growth prospects. In last two years, rushing in of Chinese competitors in smart speaker market has diversified the product landscape immensely. Recently, the announcement of Alibaba’s entrance in the business is expected to add a new dimension to the industry trends, grounding on the fact that participation by these renowned players is slated to disrupt the market consolidation.
Global Smart Speaker Market Share, By Region, 2016
The trends of IoT, particularly in the electronics and telecommunication industry has observed vibrant advancements over the past few years. Boasting the potential contribution of internet in the evolution of smart era, smart speaker market has established its immutable presence across various developing geographies. Increasing proliferation of consumer electronics and high demand for wireless connectivity are the two major grounds driving the market penetration. Of late, technological interventions have allowed manufacturers to introduce products that are not confined only to playing music, but have extended their applications to problem-solving, setting reminders, streaming of news and music with a single voice command. Integration of virtual assistant software has played a pivotal role in reshaping the business model. Google Home, for instance, powered by Google is profoundly considered one such technological breakthrough.
From a valuation of USD 400 million in 2016, smart speaker market in the next seven years is forecast to outpace all records by collecting a revenue of USD 13 billion by 2024. Considering the technological integration in the manufacturing of these devices, smart speaker market mainly encompasses Bluetooth, Wi-Fi, and NFC based products. Portability, compactness, built in battery makes Bluetooth enabled device an absolute choice for usage in outdoor activities and travel. Wi-Fi based smart speakers market is also experiencing an escalating commercialization, subject to its longer range and feasibility of directly connecting with the home network.
The remarkable expansion of smart speaker market is quite evident from its diversified product landscape. The industry being highly consumer driven, observes a widespread variety of products that increase the consumer convenience. Growing consumer inclination toward single room smart speakers is likely to enable this product’s domination in the global industry landscape. Ease of access from a single room is expected to be the main factor driving the huge adoption. However, one of the factors that might provide a lucrative opportunity to its counterpart- multiroom smart speakers is the service range limitation of single room speakers. Greater convenience in terms of connectivity range, signal resilience, and user amenability can be given the credit for the multiroom smart speaker market penetration. Sonos Play wireless system is one of the profound examples of multiroom smart speakers.
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The United States being one of the most progressive nations, as far as technological penetration is concerned, observes an upper hand in the global smart speaker industry. Increasing regional demand for wireless connection and rising Iot applications is driving the U.S. smart speaker market.
With China, India, and Japan at the helm, APAC smart speaker market will also witness substantial gains in the years ahead. Macroeconomic conditions, low labor costs, decreasing raw materials prices, and a paradigm shift in automation trends are some of the factors influencing the regional market outlook.
Despite having associated risks such as security breaches and data threats, the smart speaker industry is certain to witness a phenomenal demand over the coming years. The testimony of the projected growth curve being the huge set of opportunities this industry holds for application developers, component suppliers, network operators, and several other vendors. Global Market Insights, Inc. projects global smart speaker market to register a massive CAGR of 50% over 2017-2024.
Author Name : Satarupa De
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