Location Analytics Market: Top Key Trends that will Boost the Industry Growth through 2026

Location Analytics Market: Top Key Trends that will Boost the Industry Growth through 2026

July 2nd, 2021 Graphical Research Leave a comment

The global location analytics market size is poised to expand at substantial CAGR during the forecast period. Location analytics uses advanced technologies like Artificial Intelligence, Natural Language Processing (NLP), and Machine Learning (ML). They are used to find out the location data of customers to provide customized solutions for all their personal and business needs.

Enterprises across the world are increasing their focus on collecting dynamic location data to identify the preferences and tastes of the customers. This piece of information is quite useful for them as it helps to create effective marketing strategies. It even helps in identifying patterns in customer behavior and purchases which eventually assists them in making more informed decisions in the future.

The invention of GPS and GIS technologies has taken the world by storm. These are some of the most sought-after technologies to track down any location, no matter how far it may be. Based on the data about the number of times the customer has visited a place and the frequency of taking the same route, marketing companies provide customized suggestions that help customers take informed and timely decisions.

Some of the trends that will positively impact global location analytics market growth are as follows:

Rising use of GPS and GIS technologies in Europe:

Europe’s location analytics market will reach a valuation of more than $7 billion by the year 2026, according to market experts. GPS and GIS technologies are some of the most sought-after and advanced technologies and have seen a period of boom in demand among young consumers in the region in the past decade.

The main reasons for this are that these technologies help in location tracking, transferring real-time information to businesses and monitoring and tracking consumer behavior and buying patterns. Industries across the region like banking, insurance and retail are not essentially location-based industries but do take location tracking into consideration while processing insurance claims during natural calamities. They make use of the precise geographic coordinates to find out the area of disaster and work accordingly.

Scope of location analytics services in Europe:

The location analytics services segment will showcase strong growth in the coming years, according to market reports. Governments in countries like Italy, Germany and the UK are increasingly using location analytics in various industries like defense, construction, transportation and retail. Location-based marketing is on the rise in these countries as customers nowadays prefer to get customized information to make more informed decisions while purchasing their products. The adoption of smartphones by the younger generation is adding to the demand for location analytics services in the region.

Europe BFSI segment will boost demand for location analytics:

Out of all the segments undergoing digital transformation, the BFSI segment will contribute significantly towards the rise in demand for location analytics solutions in Europe. The banking sector is increasingly adopting location intelligence technologies to help in carrying out various activities like increasing safety in monetary transactions, route analysis, record management of customers and ATM network management.

Outdoor positioning location analytics use in North America:

North America’s location analytics market is predicted to be worth $8 billion by the end of the forecast period.

The outdoor positioning segment will play a vital role in the overall advancement of the location analytics market in North America. Companies that operate at different locations have to use geographic analytics to get in-depth insights and make sound business decisions. Advanced analytics are being used by businesses to make plans for outdoor spaces. This kind of positioning even helps companies track objects and customers with the help of real-time locations.

Use of thematic mapping and spatial analysis in Canada:

Canada will play a vital role in encouraging the rise in demand for location analytics solutions in North America. The thematic mapping and spatial analysis segment in the Canadian market will experience substantial growth in the coming years as these tools are being increasingly used in the field of business intelligence.

With the help of thematic maps and spatial analytics, businesses can get a visual representation of their future action plans. In November 2020, the New Brunswick Department of Transportation and Infrastructure (NB DTI) was awarded for its creative use of GIS and location analytics to identify problems in road construction and having long-term plans for changing old culverts.

Google is another example of product innovation as its product, Google Maps, has an AR-enabled Street View mode that helps the user find real-time directions and custom recommendations as well.

Effective supply chain planning application in APAC:

Location analytics market size in Asia Pacific is reported to reach more than $8 billion by 2026. The supply chain planning and optimization segment will contribute significantly towards boosting location analytics services use in the future. There are several obstacles that supply chain organizations have to face while transporting raw materials or finished goods from one place to the other. With the use of location-based analytics, these problems can be effectively sorted out and delays in delivery can be greatly reduced.

For example, the Philippines National Economic and Development Authority, in May 2020, announced the launch of advanced location analytics solutions to identify the disruptions in supply chain management during the COVID-19 pandemic. This greatly helped the officials to manage their supply chain operations and work in a more efficient manner, with the help of real-time data and visibility.

Role of COVID pandemic in APAC location analytics market:

The COVID-19 pandemic greatly affected different businesses across the world with countries like India and China being adversely affected by the virus outbreak. This resulted in tremendous rise in smartphone usage across the region, leading to increased use of location analytics solutions. The Government of India has immensely benefited from the use of this as it has helped the officials in conducting effective contact tracing of people who have come in contact with COVID positive patients.

Some of the key organizations providing location analytics solutions and services across the globe are Cisco Systems Inc., Alteryx Inc., Esri Global Inc., HERE Global, Google LLC, IBM Corporation, SAP SE and many others.

Archives, Global Trade Daily, News, Trucking

Heavy-Duty Trucks Market: Top Key Trends Fostering the Industry Outlook through 2026

June 30th, 2021 Graphical Research Leave a comment

The heavy-duty trucks market size is poised to expand at substantial CAGR during the forecast period. With the incorporation of advanced technologies including IoT, AI, smart navigation systems, and accident prevention technologies, the heavy-duty trucks industry worldwide is sure to undergo expansion. Focus on emission reduction, environmental sustainability, and efficient engines is expected to drive the demand for these trucks over the forthcoming years.

The following ten major factors have been observed across the heavy-duty trucks industry outlook:

Government investments in infrastructural activities in the Asia Pacific

With the thriving construction and real estate sector of countries such as India, South Korea, and China, heavy-duty trucks are expected to see a greater deployment rate in the next few years. By 2026, the Asia Pacific market share should have gained substantially from the numerous government investments and initiatives toward the promotion of construction activities in the region.

This includes the allotment of a massive government expenditure toward digitalization, integration of artificial intelligence (AI), Internet of Things (IoT), 5G networks, and intercity transportation networks.

Scrappage policy to boost India’s expansion

As part of the focus on economic recovery, the Indian government has been intending to incentivize heavy-duty truck owners to purchase new heavy-duty trucks and other commercial vehicles, discouraging usage of old, polluting ones via its new scrappage policy in Budget 2021.

The move will not only ensure lower pollution rates but also encourage the advancement of the heavy-trucks segment of the commercial vehicle market, which has been witnessing a decline in the past two years across the nation. The Indian market is likely to gain considerable revenue, thanks to the proposal of the Ministry of Road Transport and Highways (MoRTH) to provide new heavy-duty trucks with a discount of road tax as well as a waiver of the registration fee.

Growing demand for diesel heavy-duty trucks

The diesel engine segment of the APAC heavy-duty trucks market is expected to witness a significant expansion through the projected timeline, by credit to the lower fuel consumption alongside the higher efficiency of these engines when compared with gasoline trucks. Integration with compression-ignition of these trucks ensures their fuel efficiency. The lower costs and easy availability of diesel are likely to boost the demand for diesel-powered heavy-duty trucks in the upcoming years across APAC.

Focus on product launches across the Asia Pacific

Several industry leaders in the APAC heavy-duty trucks industry have been seeking to expand their presence through product launches. For instance, in June 2020, Mahindra introduced its Blazo X, a commercial truck with optimized fuel efficiency, across India. Similarly, in January 2021, Daimler India Commercial Vehicles (DICV) launched its new heavy-duty specialized refrigerated truck for safely and efficiently transporting COVID-19 vaccines throughout India.

U.S. auto sector to flesh out higher gains

The heavy-duty trucks market in the U.S. has been exhibiting growth due to higher demand for transportation of cargo and goods, generating more revenue. The American Trucking Association (ATA) findings reveal that over 71% of the freight tonnage across the U.S. is transported using trucks. The thriving cross-border trade between the U.S. and neighboring countries is expected to boost the North American heavy-duty trucks market size.

Integration with ADAS technologies in North America

With technologically advanced heavy-duty trucks being developed by the leading manufacturers across the region, the market in North America is sure to soar. The focus on driver assistance and automation technologies has been a major trend defining the market’s progress. Recently, heavy-duty truck manufacturers have been prioritizing accident prevention and blind-spot monitoring through the adoption of ADAS systems in their product offerings.

Expanding demand for 4×2 axle heavy-duty trucks in Europe

Big trucks with multiple axles offer a better driving experience than single axle trucks. The demand for these vehicles has been spiraling across Europe’s heavy-duty trucks market. There is a growing utilization of 4×2 axle heavy-duty trucks, primarily triggered by the stringent regulatory policies of the European Commission. The EU has enforced permissible weight carriage as per the axle count of heavy-duty trucks.

300-400 horsepower trucks to gain traction across Europe

Owing to the advantages of 300-400 horsepower trucks, the demand for these vehicles has been witnessing an uptick. These trucks feature superior fuel efficiency alongside a lower engine weight. The segment is expected to surge at a high CAGR through the forecast years, due to their comparatively lower costs and enhanced abilities to haul heavy loads.

Hefty penalties for non-compliance with EU standards

Numerous heavy-duty truck manufacturers in Europe have been investing in the integration of innovative technologies aiming at achieving the zero-emission target from 2025 onward, in order to avoid payment of hefty penalties for non-compliance with EU standards. Recently, the EU has announced the adoption of carbon-neutrality targets and standards for heavy-duty trucks.

These include a 15% reduction from 2025, which will augment to 30% by 2030, attaining zero emissions by 2050. The implementation of such regulatory frameworks is certain to flesh out more demand for electrified trucks across the European region.

Archives, Global Trade Daily, Utilities

Commercial Gensets Market: Top Regional Factors Augmenting the Industry Forecast 2027

June 23rd, 2021 Graphical Research Leave a comment

The global commercial gensets market size is poised to expand at substantial CAGR during the forecast period as the need for a reliable and infallible power supply has been towering amidst the COVID-19 pandemic situation. Apart from an alarming increase in the frequency of natural disasters, several parts of the world are facing unpredictable weather.

This has left hospitals, clinics, laboratories, offices, department and medical stores, and shopping complexes dealing with the persistent problem of power failure. As these commercial spaces have been seeking effective power backup solutions to mitigate losses, the market for hybrid generator sets, electric generator sets, and gas generator sets is likely to see considerable growth through the forthcoming years.

The following eight factors have been pushing the global commercial gensets market forecast:

Low up-front costs of diesel commercial generator sets

Thanks to the need to invest a lesser amount when compared with electric or hybrid generator sets, the deployment of diesel commercial generator sets has been rising across the commercial sphere in Asia. By 2027, APAC commercial gensets market share will have gained considerably owing to their weather-independent, flexible, and scalable operations. As diesel is an easily available fuel even in underdeveloped areas of the emerging economies, diesel commercial gensets appear to be an ideal solution for end-users who want to achieve higher productivity at lower costs.

330 kVA – 750 kVA rated generator sets across Asia

330 kVA – 750 kVA rated commercial generator segment is expected to see substantial growth through 2026, on account of the ability of these solutions to ensure a constant power supply during power failures and interruptions, preventing massive losses. Hospitals, hotels, telecom towers, educational institutes, and construction sites find these generator sets suitable due to their compact designs and superior power density.

Asia Pacific commercial gensets market might also benefit from the rising funding from private and local entities, who have been looking for robust machinery and equipment to address the need for an uninterrupted electricity supply.

Favorable government policies in India

With favorable government policies backing the fast-paced infrastructural activities in the region, the Indian market is likely to contribute consistently toward the overall Asia Pacific commercial gensets industry share through 2027. The booming telecom industry has been pushing the market. For instance, according to the Telecom Regulatory Authority of India (TRAI), the Indian subcontinent saw over 1,171.80 million telephone subscriptions as of October 2020. The development of several smart cities across the country is paving the way for further growth.

Work from home trend to accelerate demand

The North America commercial gensets market size is expected to grow steadily since several private as well as federal government employees have been working remotely owing to the focus toward curbing the spread of COVID-19 infection, constant power supply has become more crucial than ever. Heavy losses can be incurred due to power cuts. Moreover, as natural disasters including hurricanes have been hampering electricity supply more frequently, 50-125 kVA rated gensets are likely to see higher adoption across enterprises, cafeterias, shared workspaces, and home offices alike.

Reopening of commercial spaces in North America

As several regions are recording a lesser number of COVID-19 cases, the reopening of shopping malls, cinema halls, public libraries, offices, and showrooms is expected to trigger demand across North America’s commercial gensets industry forecast. The travel industry particularly has been recovering from the coronavirus fast this summer. As domestic flights resume, airports and hotels might see more product adoption. The vaccine rollout has revived numerous industries, who have been seeking to recover from financial losses by installing technologically advanced equipment.

Rising infrastructure investments toward healthcare in Europe

The COVID-19 pandemic has resulted in the fortification of the healthcare infrastructure, with the EU, governments, and private organizations focusing on optimum digitalization. As Europe has been facing a rising number of COVID-19 cases, the need for advanced solutions such as advanced monitoring and smart control systems across healthcare facilities has been spiraling. The surging geriatric population coupled with the adoption of IoT-enabled devices across hospitals and laboratories is fueling Europe commercial gensets market forecast.

Growing demand from European agriculture sector

As the agriculture sector is undergoing considerable transformation for the last few years, modern farmers are more inclined to install effective power backup solutions than ever before. Manual farming techniques are replaced with mechanized practices, which has increased the dependence on machines and ultimately, electricity. Thus, for the modern farmer, absence of uninterrupted electricity means lower productivity. Consequently, Europe commercial gensets industry forecast is set to gain from the thriving animal husbandry and agriculture sector in the region.

Benefits of gas-powered commercial gensets

With the European Union promoting the use of clean energy fuels in collaboration with several regional governments, the adoption of gas-powered commercial gensets is likely to soar through the next five years. These gensets are not only environmentally compliant due to their lower carbon footprint, but also cost-efficient. They have a high lifespan and a reliable performance. Simultaneously, Europe commercial gensets market outlook can benefit from the trend of installing ecofriendly, gaseous powered equipment across the industrial sector in the region.

Some of the leading commercial gensets manufactures and suppliers in the global market include Kirloskar Oil Engine, SDMO, Powermax, Mahindra Powerol, Powerica, Yamaha Corporation, Cummins, Mitsubishi Power, Kohler, Ingersoll Rand, Siemens, Caterpillar, Siemens, and Generac Holdings.

Archives, Global Trade Daily, News

Air Defense System Market: Top Trends Boosting the Industry Expansion through 2026

June 17th, 2021 Graphical Research Leave a comment

The global air defense system market size is poised to expand at a substantial CAGR during the forecast period. With several countries across the world seeking to track, detect, intercept, and neutralize every kind of airborne threat from combat jets, missiles, and UAVs effectively, numerous industry leaders have been providing cutting-edge defense solutions including radars, jammers, warning systems, and decoys to protect against a wide range of threats.

The following seven factors have been aiding the expansion of the global air defense system industry outlook:

C-RAM air defense systems in the Asia Pacific

The C-RAM or Counter Rocket, Artillery, and Mortar systems is poised for considerable demand through the next few years, stimulated by the efficiency of these systems in intercepting missiles at the same time, raising timely alarms for protecting the operating bases.

By 2026, the overall Asia Pacific air defense system market is expected to accrue over $13 billion, thanks to the high demand for these systems. The high firing range of over 2,000 meters offered by new solutions such as Centurion C-RAM has been promoting the adoption of these systems.

Rising concerns regarding aerial attacks in China

The Chinese industry for air defense systems has been prospering on account of the rising number of aerial attacks from enemy nations. The market share from the segment is projected to grow at a 4% CAGR through 2026.

In view of the growing number of intercontinental missiles, China has been boosting its combat preparedness. For instance, recently, in February 2021, China successfully conducted a mid-course antiballistic missile mechanical test, which is known to be the fifth land-based ABM technical test that is publicly announced by China. This demonstrates the maturity and higher reliability of the Chinese defense ministry.

Growing adoption of weapon systems in Asian countries

The countries in Asia have been embracing weapon systems such as missile launching systems and turret systems due to the development of the latest automated weapon systems including drones and missiles. The Asia Pacific air defense system market forecast has been receiving considerable impetus from the unavoidable necessity to protect one’s nation.

The segment is expected to surge at a 3% CAGR through the forecast years, pushed by the integration of advanced technologies such as accurate target location, GPS tracking, and real-time information updates offered by industry players in their products such as UAVs and decoys.

Land-based air defense systems to see higher adoption in Europe

The land-based air defense systems are set to command a considerable market share through the forecast times, pushed by the real-time updates offered by these systems during battles. Growing at a high CAGR, the segment was estimated to hold a staggering 70% of the overall European air defense system market share.

Russia and Germany particularly have been aggressively focusing on the development of advanced air defense systems through robust R&D activities. The growing deployment of land-based missiles across military and homeland security has been accelerating the expansion of the industry share in the region.

U.K. and EU likely to collaborate as threats from China and Russia loom large

In the wake of the economic problems faced by the United Kingdom and the European Union, experts opine that the two powers are likely to unite against enemy aggression and mounting military pressure.

A formal agreement is anticipated between the two as the threats posed by Moscow and Beijing have been escalating. This collaboration might prove to be favorable for the advancement of the European air defense system market, as the unit is expected to spawn newer designs with enhanced interoperability and integration.

Requirement of latest anti-aircraft systems in North America

The deployment of anti-aircraft systems in the North American region has been rising constantly. The segment accounted for more than 86% of the total North American air defense system industry share during the past and is slated to register a significant growth rate through 2026.

These systems play a vital role along the primary line of defense, ensuring that aerial attacks are prevented. Apart from boosting their in-house production capacities, several industry players have been importing these systems from other nations, while others have been engaging in international collaborations to enhance their product offerings.

Development of next-generation systems by the U.S.

According to recent reports, the U.S. is likely to deploy mobile short-range Avenger air defense systems for protecting its troops in Iraq and Syria. The Avenger air defense system is designed to provide optimal protection to infantry against drones, helicopters, low-flying aircraft, and cruise missiles.

Earlier last year in January 2020, the U.S. troops in Iraq possessed no air defense systems. They were subjected to a retaliatory attack by Iran in the form of a drone strike. The development of new air defense systems has been a key focus of the military since then, fueling the North American air defense system market size. Similarly, in collaboration with Israel, the U.S. has been developing an advanced interceptor, Arrow weapon system, which is expected to be one of the first to intercept ballistic missiles.

Boeing, L3Harris, Hanwha Corporation, Rafael, General Dynamics, Lockheed Martin, Kongsberg Gruppen, General Dynamics, Northrop Grumman, BAE Systems, and Rheinmetall AG are some leading air defense system manufacturers in the international landscape.

Archives, Banking, Global Trade Daily

Mobile Wallet Market: Top Emerging Trends Fostering the Industry Growth through 2026

June 5th, 2021 Graphical Research Leave a comment

The mobile wallet market is set to register significant growth during the forecast period. Mobile wallets and mobile banking have gained a lot of importance in the past few years due to the increased internet penetration in various industries across the world. There are many benefits associated with using mobile wallets like convenience in making payments, higher safety while keeping all card-related information at one place. The youth population across the world prefers to use these wallets instead of carrying physical ones as they can have easier and safer access to their money.

The banking industry in developed regions like North America and Europe has undergone tremendous transformation with the introduction of mobile banking transactions. Banks and other financial institutions today are introducing their own mobile wallets to enhance customer experience and increase their customer base as well. They are targeting the millennial generation as they are the largest users of digital banking services.

Online shopping and other e-commerce activities have witnessed robust growth, especially during the COVID-19 pandemic. The lockdown restrictions imposed by various governments across the globe has led to increased dependence on these online platforms to make their daily purchases and carry out other transactions. This has led to a sharp spike in the demand for mobile wallets to help customers conduct their transactions with ease.

The trends that will foster global mobile wallet market size are listed below:

Open mobile wallets will witness hike in demand in Europe:

Europe mobile wallet market is reported to be worth a whopping $60 billion by the end of 2026. Open mobile wallets will see robust demand among the regional population. In fact, this segment is expected to grow at a CAGR of 15% during this time period. Open mobile wallet is a type of virtual wallet with the help of which one can make payments, withdraw money and conduct several other transactions.

Europe is known to have one of the most advanced digital banking infrastructures in the world. Banks in the region use state-of-the-art technologies to make everyday banking convenient for customers. The traditional banking system is facing some serious competition from fresh fintech start-ups, resulting in the introduction of open mobile wallets and other modern banking technologies to retain customers and expand their business.

European device manufacturers adopt mobile wallets:

Banks, tech companies, telecom operators and device manufacturers constitute the users of mobile wallets in Europe. Out of these, the device manufacturers will increasingly adopt mobile wallets in the region. This segment is reported to grow at 20% CAGR through 2026. One of the main reasons cited for this is the rapid increase in demand for smartphones among the young population.

This demand has skyrocketed to such an extent that countries like France, Italy and Germany had almost 150 million smartphone users in 2019 alone. It is even being reported that 80% of the transactions will be done via internet-backed devices by the year 2025. There are several smartphone manufacturers that are introducing mobile wallet technologies by creating in-built apps to cash in on the growing demand.

Scope of the U.K. mobile wallet market:

Among the several countries in Europe engaged in providing digital banking services, the U.K. is reported to showcase promising growth by 2026. The country even held a market share of more than 20% in 2019 and this figure is projected to go even higher in the future. One of the main reasons for this is the rising awareness among customers about the concept and benefits of mobile banking.

These include higher convenience and transparency in operations, a wide variety of channels to make payments from, and many others. Key factors have prompted several traditional banks to revamp their offerings and introduce user-friendly mobile wallets to increase their customer base.

The use of closed mobile wallets will increase in North America:

Mobile wallet market size in North America is reported to exceed a staggering $80 billion by 2026. The closed mobile wallet segment is projected to show robust growth trends in the coming years in the region and will grow at a CAGR of 20% between 2020-2026.

One of the major reasons for this is the security issues arising from conducting online cash transactions. The risk of cyber-attacks is always present, and a major chunk of the creators of mobile wallets are not well equipped to handle these attacks, leading to heavy financial losses for the company and loss of customer confidence as well. This is why more customers prefer to use closed mobile wallets to keep their money safe.

Banks will be the largest owners of mobile wallets in North America:

Banks are reported to be the largest owners of mobile wallets in North America. In fact, this segment will capture a growth rate of 15% by 2026. One of the major reasons for this is attributed to the rising focus of banks to enhance customer experience by introducing them to convenient and transparent banking procedures.

There are several banking and financial institutions that are replacing their traditional ways of doing business with digital processes. Banks and customers enjoy several benefits like improved customer relations, increase in customer base, exponential market growth and increased customer confidence. All these advantages have made several banks to offer mobile wallet services in North America.

Mobile wallet use in emerging economies of Asia Pacific:

Asia Pacific mobile wallet market size will be more than $200 billion by 2026. Economies like India, Singapore, South Korea and China are going through a period of economic transition. This has caused increased demand for digitization in these countries, leading to creation of advanced technologies in the banking sector to foster economic growth. Since the regional population has become quite aware about the benefits of using mobile wallets, there is a substantial growth being seen in their demand.

There are many banks in Asia Pacific that are increasing their funding on research and development processes to introduce their own mobile wallets to provide convenience to customers in their transactions. All these factors will accelerate demand for mobile wallets in Asia Pacific.

Increase in NFC technology use in Asia Pacific:

Among several technologies being incorporated while creating mobile wallets, the Near Field Communication (NFC) technology will attract a high demand among consumers in Asia Pacific. In fact, this technology is set to witness more than 20% growth rate by 2026. One of the main reasons for this is that mobile wallets that are equipped with NFC technology have additional security and prevent unauthorized data transfer from one device to the other.

It even creates an encrypted and secure channel of communication between a POS system and the device and has message authentication system in place. The security features of this technology can be customized according to end-user requirements as well, leading to increased demand for mobile wallets with NFC.

Some of the reputed companies engaged in providing mobile wallet services across the world are American Express Company, Amazon.com Inc., Mastercard Incorporated, PayPal Holdings Inc., Wells Fargo & Company, Tencent Holdings Ltd., Google LLC and some others.

Location Analytics Market: Top Key Trends that will Boost the Industry Growth through 2026

most viewed today