Increasing demand among patients for nonsurgical cosmetic treatments has proliferated global botulinum toxin market, along with the prevalence of numerous medical conditions like migraine headaches and excessive sweating. In recent times, the awareness about botulinum toxin and its various benefits have increased due to the extensive adoption of botulinum toxin therapies by dermatologists for reducing signs of aging as well as eliminating facial lines and wrinkles in people.
U.S. botulinum toxin market, by product, 2018 & 2025 (USD Million)
Out of the two key subtypes, botulinum toxin A is the considered as one of the most potent and has gained rapid and enthusiastic acceptance amid customers. It is now being used clinically with most frequently performed procedures, helping millions to rejuvenate their physical appearance. Botox A will undoubtedly represent a prominent growth segment for botulinum toxin industry players, with beauty salons and spas also providing injectable Botox treatments. Growing trend among middle-aged women to stay young and attractive will subsequently boost botulinum toxin market expansion.
According to the America Society of Plastic Surgeons, Botox treatment is the most prevalent cosmetic medical procedure in the US, with around 7.23 million procedures reportedly performed in 2017. Botulinum toxin A was initially approved by the U.S. FDA for treating crossed eyes and in the year 2002, it was approved for cosmetic treatment. Botulinum toxin market has gained traction in US specifically on the account of treating dermatologic conditions including crow’s feet near the eyes, thick jaw muscles and gummy smiles, achieving optimal results globally and advancing the industry scope.
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Besides cosmetic therapies, botulinum toxin has become a safe and effective therapeutic tool for a wide range of medical conditions including chronic migraines, muscle spasticity, and dysphonia. Apparently, in 2010 it was approved by the U.S. Food and Drug Administration (FDA) for the prevention of chronic migraines. Migraines are the third most common disorder globally, with an estimated worldwide prevalence of 14.7%. Botox injections provide one of the most effective and positive treatments and a prominent study reveals that most people experience reduction in migraine frequency. This will create substantial product demand for botulinum toxin industry, as chronic diseases are leading causes of fatality in people of all ages.
Allergan plc had announced the results of higher doses of its Botox Cosmetic product in 2018 for the treatment of moderate to severe glabellar lines. This trial was significantly helpful in evaluating the duration of effect and safety of the treatment. Such trials indicate the application scope of botulinum toxin market. Allergan had also unveiled 29 presentations including 24 migraine presentations highlighting the company’s innovations for addressing migraine problems. Undoubtedly, innovations and product-driven approaches would pave the way for botulinum toxin industry towards depicting an upward revenue graph in the next few years.
Rising geriatric population around the globe has created opportunities for the application of botulinum toxin in the treatment of spasticity, which causes specific body muscles to be continuously contracted. The disease affects nearly 12 million people worldwide, while 80% of multiple sclerosis patients suffer from varying levels of spasticity. Common occurrence of disorders that cause spasticity, such as strokes, traumatic brain injuries and meningitis will warrant a considerable demand for effective therapies. Oral as well as injected botulinum toxin are considered to be helpful in dealing with cerebral palsy spasticity, reinforcing the market penetration.
With the healthcare sector experiencing significantly higher consumption than before and the surge in preference for nonsurgical cosmetic treatments, botulinum toxin industry is projected to amass tremendous revenues worldwide. Escalating competition among major industry players by executing mergers & acquisitions and innovating transformative therapies will underscore the industry dynamics imminently. Reports suggest that global botulinum toxin market size is anticipated to exceed USD 8.5 billion by 2025.
Author Name : Deeksha Pant
Global light therapy market is slated to witness substantial growth in the ensuing years, primarily due to the high prevalence of dermatological disorders and psychological conditions. The skin utilizes light as a source of energy to rejuvenate damaged cells, which makes dermatological disorders like psoriasis, eczema, vitiligo, and acne primary applications for light therapy market. Shifting preference toward unique and effective skin treatment methods will proliferate product demand in the coming years.
U.S. Light Therapy Market, By Product, 2018 & 2025 (USD Million)
Acne is a common skin condition involving blockage or inflammation of hair follicles that can lead to inflammatory or non-inflammatory lesions. Numbers by the Global Burden of Disease suggests that the condition affects 85% of youngsters between 12 to 25 years of age globally. Growing use of blue light phototherapy and LED light therapy for treating acne will drive light therapy market growth.
The psoriasis segment accounted for significant revenue share in the past and is likely to continue growing in the coming years. According to the National Psoriasis Foundation, the condition affects 125 million people or 2% to 3% of the entire population. In such cases of moderate and severe psoriasis, UV therapy is often considered together with externally applied medication or tablets. Increasing cases of psoriasis throughout the world will boost the demand for UV phototherapy, thus augmenting light therapy industry share.
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Phototherapy is also an effective treatment for psychological conditions, such as depression and anxiety disorder, and can be used together with antidepressant drugs. Depression is a major concern worldwide, primarily attributable to the increasing stress levels from hectic work life. According to WHO, over 300 million individuals of all ages suffer from depression, which is a leading cause of disability and is also known to affect cardiovascular health. Products like SAD lamps are widely used by people suffering from psychological ailments, as they positively influence the circadian system. Increasing penetration of such products will augment light therapy market size.
Growing geriatric population worldwide has increased the demand for home care settings. Phototherapy products such as light therapy mask, lightbox, dawn simulators, floor, and desk lamps help patients receive cost-effective treatments at the convenience of their home. Introduction of favorable health insurance programs or subsidies for home health care will further support the demand for such products, thereby amplifying revenues for light therapy market from the homecare setting end-use segment.
North America light therapy market is poised to garner immense momentum, attributable to the high prevalence of mental and dermatology disorders in the region. Numbers by ADAA reveal that major depressive disorder affects more than 16 million people over the age of 18 in the U.S. Reportedly, over 8 million people are affected with psoriasis in the U.S. Together with growing geriatric population, pervasiveness of mental and dermatology disorders offers numerous growth prospects to North America light therapy market, that accounted for 34% of the industry share in 2018.
The market is bound to witness considerable demand from emerging economies in the Asia Pacific like India and China. High prevalence of depression and anxiety in the region can be attributed to hectic work schedules and inactive lifestyle. This is estimated to boost the demand for SAD lamps and other phototherapy products in the region.
Increasing cases of winter blues across cold regions in Europe and North America will foster regional growth. Furthermore, the increasing buzz around light therapies across social media has contributed to the increasing public awareness concerning the benefits of light therapy for skin, mental, and neurological disorders, thus boosting the demand for light therapy products.
A research report by Global Market Insights, Inc., anticipates light therapy market to be worth more than US $1 billion by 2025.
Author Name : Krithika Krishnan
Profound application in the commercial and healthcare sectors will drive human centric lighting market size. Human centric lightings (HCL) are designed to offer illumination solutions that physiologically and psychologically benefit human-beings. They are intended to promote improved concentration, efficiency and enhanced safety at offices and other work environments. HCL also supports healing processes and prevention of chronic diseases among people with irregular work routines.
Germany human centric lighting market, by application, 2018 & 2025 (USD Million)
Increasing advancements in lighting technologies along with rapid adoption of Internet of Things (IoT) will support human centric lighting market growth globally. Using IoT, lighting systems can effectively be controlled and customized in real-time. IoT sensors can detect changes in environmental parameters, further directing and improving HCL capabilities.
With emergence of smart LED bulbs that offer a wide spectrum of colors and intensities along with advanced controller hardware, human centric lighting market will witness new growth opportunities over the coming years.
Human centric lighting market is anticipated to garner significant proceeds in the commercial sector. Renovation of enterprise infrastructure and installation of smart building and lighting products to develop comfortable workspaces will foster business growth. HCL solutions allow improved productivity and boost concentration in commercial work areas. In fact, research results suggest that the systems can increase work performance, reduce fatigue and significantly increase concentration and work satisfaction.
According to Lighting Society Europe, human centric lighting can significantly enhance employee performance to the point of improving productivity by 4.5%, reducing errors by 2% and further slashing rate of work absenteeism. HCL can also significantly improve visibility, thereby reducing the risk of tripping, falling and potential injuries. With employees spending more time in offices and other workplaces, HCL systems will become an essential lighting solution in the commercial sector, fostering HCL industry size.
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Increasing traction in the healthcare sector will augment human centric lighting market share. In hospitals and old age homes, HCL is well suited to implement lighting cycles comprising sunrise, sunset and daylight simulations. The system offers patients with enhanced benefits like higher activity levels during day, better sleep during night, reduced recovery time and lowered intake of anti-depressants.
In fact artificial lighting can compensate for biologically active effects of insufficient daylight exposure, thereby stabilizing the sleep-wake rhythm. It can also lead to more restorative sleep, thus ultimately improving the mental and physical wellbeing of hospitalized patients.
In old-age homes, HCL systems can offer high color temperatures, higher illuminance, and dynamically adjusted light distribution levels, further improving the quality of life of the elderly people. Additionally, in the healthcare sector, the systems can significantly reduce surplus cost of electricity bills.
For instance, according to a A.T. Kearney study, the annual efficiency gains achieved from human centric lighting in a hospital with 1,000 beds and 1,500 employees amounted to over €300,000. Instances such as these implicate growth opportunities in the healthcare sector, furthering human centric lighting industry outlook.
Europe human centric lighting market is expected to witness increased traction in commercial, residential and healthcare sectors. Infrastructure refurbishment in Europe currently focus on developing well-illuminated building environments.
The region naturally observes less exposure to sunlight which eventually creates an impact on human health, thereby creating the need for human centric lighting market solutions. With presence of leading market players along with rising investments, Europe human centric lighting market will witness rapid technological growth in the upcoming years.
Global human centric lighting market is being propelled on account of increasing application in healthcare and commercial sector. The industry is witnessing rising investments in R&D from leading players, government organizations, and lighting associations. Increasing consumer awareness and focus on the implementing energy-efficient work environments are anticipated to expand human centric lighting industry size in the future.
Author Name : Mateen Dalal
Rising digitalization and use of e-payment platforms are driving cloud POS market growth. Cloud-based POS is an adaptable, easy to implement and cost-effective solution compared to traditional POS systems. It is integrated with features like inventory management, customer relationship management, loyalty programs and more. For small-to-medium sized businesses (SMBs), a cloud POS system can ensure enhanced customer experience whilst coping up with rapidly upgrading technology.
U.S. SMEs cloud POS market, by application, 2018 & 2025 (USD Million)
With cloud POS, SMBs can quickly, safely and securely access information using their mobile device. Using tools like data monitoring, inventory tracking, transaction history and more, cloud-based systems can offer enhanced profitability and become an invaluable resource for SMBs.
Notably, cloud POS can be integrated into existing system, increasing security and visibility of restaurant or retail store information. Additionally, it can easily be upgraded, and can track application growth and essential business needs. Product lines, features or stores can also be added to its software. Aided by such profound features, product demand has increased significantly over recent years, expanding cloud POS market size.
Cloud POS market is gaining massive proceeds from the restaurant and hospitality sector. A restaurant cloud POS system is an integral part of daily operations as it helps conduct tasks like billing, ticketing, tax management, invoicing and more. The system aims on delivering superior customer experience and cost control while further growing store revenues and overall profitability.
It enables restaurants to manage orders, make payment, and conduct promotions, and even supports the latest cashless and e-payment platforms that consumers use. The robust use of the system is rather overt from the extensive growth of restaurant POS terminals market as well. Indeed, with growing technological advancements, cloud POS has become a complete restaurant management system providing features like stock and inventory management, detailed reporting and analytics customer relationship management, marketing and more.
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Growing demand and use of e-payment transactions will augment the cloud POS industry share in the restaurant sector. Furthermore, according to a recent study, the number of credit card payments have reportedly grown by 10.2% in the year 2016 to 37.3 billion with a total value of $3.27 trillion, while digital wallets such as Apple Pay and Android Pay are expected represent $503 billion in transactions by 2020. These instances aptly prove that cloud POS market is here to stay.
APAC cloud POS market is growing robustly on account of rapid digitalization and increased use of cashless payments. India’s foodservice sector in particular, continues to grow rapidly on account of rising number of restaurant dining and foreign tourists. Increasing consumer income has made restaurant dining more accessible. International hotel brands have also been expanding their presence in the continent, that has further fostered the regional cloud POS industry size.
With cloud POS, restaurant outlets can acknowledge orders directly to these aggregators. Moreover, with growing technological advancements, the APAC cloud POS is poised to register increased demand in the forthcoming years. Indeed, it has been speculated that the Asia Pacific region will observe a commendably high adoption of restaurant POS solutions, on account of the increase in the usage of POS systems for food delivery. As per estimates, APAC cloud POS market size will register a CAGR of 27% over 2019-2025.
Cloud POS systems are web-hosted solutions that store information on remote servers which can be accessed online. The system is increasingly used in restaurants and retail stores for recording data, taking orders, making bills, managing inventory and more. Reports from Global Market Insights, Inc. estimate cloud POS market to surpass USD 6 billion by 2025.
Author Name : Mateen Dalal
The global micro data center market will witness immense growth in the years to come due to rapid technological advancements in the IT & telecom sector which has led to expansion in data center infrastructures worldwide. As online banking & shopping, satellite navigation systems, smartphones, TV & movie streaming gain traction, relocation of IT infrastructure becomes mandatory. This increases the demand for modular data center architecture that will drive the global micro data center market size.
U.S. micro data center market, by application, 2018 & 2025 (USD Million)
The rising need for containerized data centers for corporate offices that consistently relocate their infrastructure will fuel micro data center industry share. With rising workloads, companies are focusing more on data center expansion. However, enterprises are now wanting to make their presence felt on the cloud, leading to the requirement of portable data centers. Micro data centers have a smaller footprint that conventional data centers and look like with integrated systems. The rising requirement for portable solutions in large-scale enterprises for delivering additional IT support will drive micro data center market size.
The healthcare sector will be a major application segment of micro data center industry. Medical care centers demand efficient power systems for consistent access to patient electronic health records. The rise in the number of chronic diseases and patient admissions can sometimes though, put pressure on hospitals, emergency clinics and rehabilitation centers since conventional data center infrastructure requires a huge investment. But miniaturized, portable data centers eliminate a lot of the up-front investment and are being preferred by medical care facilities, that will drive micro data center market size from hospitals.
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North America micro data center market will grow significantly over 2019-2025 driven by robust urbanization and digitization trends. The presence of major multinational companies planning on expanding their operational capacities in the U.S. will drive the North America industry. Most huge enterprises in the U.S. require efficient IT infrastructure for business management. The rising need of huge companies and SMBs for portable solutions will fuel the regional micro data center industry share.
Global Market Insights, Inc., estimates the North America micro data centers market size to register a CAGR of more than 23% over 2019-2025. The growth is driven by the launch of various micro facilities by important technology giants such as Schneider and IBM Corporation. The expansion of data center infrastructure market in the region will also propel North America micro data center industry share.
Prominent industry giants are consistently making investments in portable data center solutions to cater to rising demand from hospitals, IT companies, telecom firms, banking establishments, etc. For example, in March 2019, Schneider Electric had declared the launch of new solutions for micro data centers which combine APC by Schneider’s physical infrastructure with Cisco’s HyperFlex Edge that delivers efficient, fast deployment in edge environments.
Cisco and Schneider Electric’s latest partnership on micro data centers will provide system integrators and IT global channel partners the access to new reference designs for deploying the HyperFlex Edge that can be suitably customized for particular micro data center needs. The rising demand for pre-integrated, physically secure, and remotely monitorable containerized data center solutions and increasing efforts by industry players to provide these services will drive the global micro data center market size.
Some of the other players defining the competitive landscape of micro data center include Advanced Facilities, Inc., Zellabox, Schneider Electric SE, Attom Technology, Eaton Corporation PLC, Panduit Corporation, Delta Power Solutions, Canovate Group, Dataracks, Hewlett-Packard Enterprise Company, STULZ GmbH, Huawei Technologies Co., Ltd., IBM Corporation, Dell Inc., and Vertiv Co.
Companies partaking in micro data center industry share are trying to enhance their presence by coming up with new, more efficient portable data center solutions. Delta Power Solutions has a product portfolio of the Delta InfraSuite – a highly integrated, next-gen modular datacenter solution that uses racks and integrates cooling, lightning protection, wiring, fire control, UPSs, and airflow management together.
Global Market Insights, Inc., claims the overall micro data center market size to cross USD 14.5 billion by 2025.
Author Name : Saipriya Iyer
Wireless LAN controller market is estimated to exceed USD 3 billion by 2025, owing to the increasing business need to manage widespread and intricate LAN infrastructure along with the surging acceptance of cloud-based WLAN controllers for managing network devices. Increasing Bring Your Own Device trend, which necessitates the presence of robust network security in enterprises, will drive WLAN controller market growth through 2025. The rising need for integrated connectivity and security for mobile clients also impacts WLAN controller market trends.
APAC Wireless LAN Controller Market Size, By Region, 2018 & 2025 (USD Million)
In terms of the application landscape, wireless LAN controller market is bifurcated into government and public sector, IT and telecom, healthcare, BFSI, manufacturing, transportation & logistics, retail, and others. The retail segment is anticipated to exhibit substantial growth between 2019-2025, primarily fueled by surging acceptance of latest technology by the retail sector to offer better customer experience and convenience. The constant increase in the number of retail companies across the globe will further advance WLAN controller market size. For instance, Aldi, supermarket chain with over 10,000 stores in 20 countries, has recently declared plans to open a new store in Chattanooga city, Tennessee, USA this fall.
WLAN controller market size from the BFSI segment is projected to witness modest growth in the foreseeable future, attributed to high adoption of digital platforms, workforce mobility trend, and increasing network complexity. The growing use of network devices and smartphones has burdened network administrators with complex network management tasks, resulting in the adoption of wireless LAN controllers by banking & financial institutions, for optimizing networks and boosting performance.
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The establishment of new financial institutions and technological enhancements in Wi-Fi technology along with the fast-paced expansion of Wi-Fi market will elevate the revenue share of WLAN controller market from BFSI applications. For instance, HSBC, a renowned multinational banking and financial services company, has recently declared plans to open fifty new retail branches in the United States where it previously had no existence. Reportedly, this move is a part of British banking behemoth’s plan to expand services to newer geographies with no prior foothold.
The rapid upsurge in digital data has led to the introduction of AI in BFSI market, which has positively impacted wireless LAN controller market share. Financial enterprises are leveraging artificial intelligence technology to gather, analyze, and report huge chunks of data to retrieve actionable insights regarding customers to serve their requirements better. Expanding artificial intelligence market size, owing to surging adoption across automotive, manufacturing, retail, healthcare, media & advertising, agriculture, and BFSI, would push network management requirements, thereby propelling WLAN controller market size over the future.
Rising urbanization and commercialization, especially across developing nations, will impact the industry growth. According to a report published by Our World in Data website, approximately 4 billion individuals resided in urban areas, whereas 3.4 billion individuals resided in rural regions, in 2016. Over the last 50 years, the share of people living in urban areas more than quadrupled in Nepal and Mali, and more than tripled in Nigeria and Kenya. By 2050, the global population is projected to reach 9.8 billion, and it is anticipated that the number of people living in the urban area (6.7 billion) will be double of that in the rural area (3.1 billion).
Growing urbanization and commercialization directly influence infrastructure development, healthcare, IT and Telecom, retail, manufacturing, transportation, BFSI, and various other sectors. As these sectors are the leading consumers of wireless technology, they are projected to support WLAN controller market share over the future. Expansion of the enterprise wireless local area network market is also bound to fuel WLAN controller market growth.
The increasing number of efforts by major companies present in wireless LAN controller market, to gain a competitive edge, will substantially fuel market share. Many organizations are taking huge steps towards innovation and new product development, to accelerate the shift towards cloud-enabled network services and ensure enhanced management & security of wireless LAN solutions. Global Market Insights, Inc. claims that large enterprises will accrue over 55% of wireless LAN controller market share through 2025.
Author Name : Nikita Chaurasia
Owing to the rising deployment of LPWA technologies, including LTE-M, NB-IoT, and LoRa, low power wide area network (LPWAN) market share is witnessing an increased traction in the recent years. Interestingly, LPWAN networks have emerged as popular choice among enterprises to support various IoT use cases and solutions for business sectors such as agriculture, manufacturing, logistics, and healthcare, among others. Enumerated below are three major factors that are shaping the growth prospects of LPWAN market.
Europe Low Power Wide Area Network (LPWAN) Market Share, By Platform, 2018
Increasing investment by telecom operators in laying NB-IoT and LoRaWAN networks across various cities is benefiting the overall LPWAN industry size
- In 2018, the British telecom operator Vodafone announced NB-IoT network expansions in Spain and Germany, with ambitious plans to double the size of its NB-IoT footprint in Europe by the end of this year.
The NB-IoT network of Vodafone was deployed across Madrid and Valencia in 2017 in a number of verticals such as retail, electricity, agriculture, waste management, and smart city services. This technology has now been expanded to all localities in the cities of Seville, Malaga, Bilbao, and Barcelona, covering a population of about 25,000.
- In 2016, South Korea’s national telecommunications operator SK Telecom joined hands with semiconductors manufacturer Semtech Corporation to roll out LPWAN network across the nation. Additionally, the operator had also declared that it plans to provide 100,000 LoRa devices free of cost to its customers as part of its ‘Partner Hub Program’.
This program has apparently played a vital role in scaling the development and deployment of LoRa devices (based on IoT solutions) and has been of immense significance for expanding the South Korea LPWAN industry size.
- Digital Catapult, the UK’s foremost agency for adoption of digital technologies, announced in 2016 that it is working closely with British telecom firm BT and a few educational institutes to boost the IoT network in London. To that effect, the company launched Digital Catapult Things Connected which will provide about 50 LoRaWAN base stations situated across London – an effort to establish the UK’s largest IoT LoRaWAN network.
Needless to mention, this network and support program will provide an opportunity to digital start-ups and small and medium-scale enterprises to use IoT and drive innovation across London.
Apart from massive expansion programs and large-scale investment, the use of licensed spectrum enables the telecom operators to provide customers with the same levels of security as its LTE network. This makes it immune to disruptive and alternative technologies, essentially opening up numerous business opportunities for LPWAN market players.
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The rise in industrial IoT connections is favoring the growth prospects of LPWAN industry
Besides the rising volume of investment by telecom operators, the increasing prominence of industrial IoT market in various business verticals – especially the manufacturing sector – has invariably led to an escalation in the demand for LPWA technologies. This momentum is expected to remain consistent in the upcoming years as the industrial IoT connections are slated to increase by about five times by 2025.
In fact, the German wing of PwC released its findings last year of what the firm expects of the impact to be created by industrial IoT in the German manufacturing sector. Apparently, these findings note that about 90 percent of the respondents are investing in digital factories and a lot of these companies expect a 12 percent efficiency gains over the next five years owing to industrial IoT. Unsurprisingly, these statistics present an optimistic picture of the adoption of industrial IoT solutions, which will consequentially assist the regional LPWAN industry in reaching out to a new base of customers in the times to come.
The advent of 5G technology and its impact on LPWAN market share
One of the major factors fueling the commercialization prospects of LPWAN industry is the steady increase in the volume of investment pertaining to 5G technology. In this context, it is important to take note of the fact that the mobile IoT technologies, such as LTE-M and NB-IoT, offer a cost-effective wide area coverage while ensuring the success of 5G network deployment.
The 5G technology would enable major telecom firms across the globe to provide high connectivity to support numerous IoT use cases. Taking this factor into account, various telecom firms including Orange, Vodafone, and Airtel are deploying licensed cellular LPWAN as a prominent component of their 5G development strategies.
In a nutshell, the increasing volume of investment by telecom firms in expanding the NB-IoT and LoRaWAN networks, the advent of 5G technology and its development, and the rise in industrial IoT connections has been fueling LPWAN market share. As per a research report by Global Market Insights, Inc., LPWAN industry size is slated to exceed USD 65 billion by 2025.
Author Name : Saif Ali Bepari
As organizations embark on their digital transformation journey, the global digital twin market size is showing a consistent increase in consort with advancements in the Internet of Things, cloud, machine learning, artificial intelligence, and Industry 4.0 technologies. Digital twin market trends are primarily driven by the technology’s ability to dramatically enhance product performance while mitigating the risk and cost of new product introduction. Additionally, this newfangled technology can boost product realization time by eliminating some of the most time-consuming aspects of real-world product development.
Germany Digital Twin Market Revenue, By Application, 2018 & 2025 (USD Million)
With the rapid proliferation of the Internet of things, a slew of opportunities are knocking the doors of leading players operating in the digital twin market space. Moreover, with digital twins, it is possible that the data which is transferred between blocks can be highly protected and made universally transparent through the blockchain paradigm, thus inspiring global digital transformation. Speaking of the future outlook of this industry, digital twin market statistics by Global Market Insights, Inc.. indicate that the industry valuation is projected to exceed USD 20 billion by 2025.
The fields of application for digital twins are diverse and not confined to a specific domain or industry. Having said that, digital twin market analysis reports claim that automotive, manufacturing, energy & utility, healthcare, aerospace and defense, infrastructure, retail, and consumer goods are the leading end-users of this unconventional technology.
A brief overview of the latest digital twin market trends:
- In a bid to create solutions for a better future, the healthcare market has lately become a leading contributor to the digital twin industry revenue. The increasing use of machine learning in medicine and augmented and virtual reality in healthcare market for streamlining hospital processes & operations, augmenting customer experience, and generating real-time analytics, has fueled the demand for digital twins in the healthcare domain. For instance, efficient data entry and location of assets can speed up the patient admittance procedure and save significant waiting time.
- With the advent of Internet of things, there has been a rapid increase in smart construction and connected spaces. Digital twins are these days deployed in connected buildings to stimulate building settings based on historical data to detect changes in the design of the building, as well as locate rooms that are wasting power or are rarely used. As smart construction becomes more popular across global economies with growing disposable incomes, the digital twin industry size is slated to rise significantly.
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3 Biggest business challenges digital twin can overcome:
- Accurate inventory to avoid overstocking:
The global inventory management software market space has lately been brainstorming the possibilities of digital twin to reduce cost and revenue leakages, for gargantuan warehouses and supermarkets, where managing optimum inventory level is the biggest challenge. Digital twin market analysis suggests that the availability of real-time consumption data can lead to a quicker replenishment of supplies and avert over-inventorying, which can cause product spoilage. Hence, the fast-paced adoption of digital twin in the inventory market offers lucrative growth opportunities for the digital twin industry.
- Addressing the shortcomings of aerospace fleet management:
Some of the biggest challenges in fleet management in the aerospace industry are poor data integrity, slow turnaround time, aging systems, high maintenance costs, and antiquated manual processes. The utilization of digital twin is poised to bring about a paradigm shift in the traditional approaches, by filling the gap amid the physical and the digital worlds. This innovative technology can offer predictive and prescriptive analytics which can reduce unplanned downtime for engines and cut maintenance, repair & overhaul costs, thereby enhancing fleet performance.
- Amplifying testing & product development capabilities:
Digital twins can potentially help industries in reducing product development and testing expenses. Companies depending heavily on destructive testing for developing products can use the virtual replica of the real-world scenario for significant portion of the product testing. Say for example, automotive industry can employ digital twin for crash testing prototype vehicles. Likewise, enterprises creating giant models and prototypes for feasibility analysis can save money with digital twins during product development. Digital twin market is slated to advance at a rapid pace in the coming years, given the above backdrop.
Currently, the term digital twin looks like a future concept surrounded by a lot of marketing hype from some top-notch technology companies like Amazon, Microsoft, IBM, and the like. But, considering the unparalleled growth of the digital twin market share in recent years, it can be alleged that this disruptive technology will ensue a broad and deep impact on a plethora of industries in 2019 and beyond.
Author Name : Nikita Chaurasia