GPS-based Products to Remain Most Valuable Technology Segment in Global Pet Wearable Market

With the increasing disposable income, pet owners have started investing more on their pets than ever before. This trend along with the advent of wearable technology and rising awareness regarding pet safety, health, and safety has given a significant push to the global pet wearable market.

According to a report by Transparency Market Research (TMR), the market is currently at its nascent stage and holds immense potential in the coming years. The global pet wearable market is poised to expand at a tremendous CAGR of 12% from 2016 to 2024, rising from an estimated value of US$1.0 bn by 2016 to US$2.5 bn by the end of 2024. TMR forecasts that by 2017, the spending on pet wearables is expected to surpass that on pet food.

Medical Diagnosis to Expand at Promising Growth Rate Owing to Rising Awareness Regarding Pet Health and Fitness

On the basis of technology, the GPS-based products segment is likely to remain the leading revenue contributor throughout the forecast period, accounting for 45% of the total market by the end of 2016. The sensors segment is expected to exhibit a significant CAGR of 12.3% from 2016 to 2024. Based on application, the identification and tracking segment is leading the market in terms of revenue generation. However, due to growing awareness about pet health and fitness amongst owners, the medical diagnosis segment is will rise at a noteworthy CAGR during the same period.

North America and Europe to Lead Market Owing Rapid Technological Development in Advanced Countries

Geographically, Europe and North America are anticipated to collectively account for over 75% of the overall market revenue during the forecast period. The growth of these regional markets can be attributed to greater affordability and presence of favorable regulations pertaining to treatment toward animals. Moreover, the availability of telecommunications technologies and advanced wireless infrastructure and rising demand for smart pet devices from tech-savvy and prospective customers are triggering the uptake of pet wearable in these regions. The Asia Pacific market for pet wearable is estimated to rise at a brisk pace over the forecast period owing to increasing adoption and sales of GPS-based devices.

Disruptive Development of Internet of Things Set to Transform Embedded System Market

The global embedded systems could be set for a sea change in the coming years, with the rise of the Internet of Things paving the way for the development of a connectivity-centric operation framework in the global embedded systems industry. The September 2016 sale of ARM Holdings plc to SoftBank Group, a Japanese telecom giant, thus holds increased importance in this respect, as it represents a union between the leading role played by ARM Holdings plc in the global embedded system market and the growing telecom operations of SoftBank Group.

According to Transparency Market Research, the global embedded systems market is expected to exhibit a steady CAGR of 6.40% from 2015 to 2021, with the market’s total annual revenue expected to rise to close to US$233.2 bn by the end of the period.

Q.How does the emergence of the IoT affect the embedded system industry?

Embedded systems are processing systems designed to carry out a particular task in an application-specific device. The high speed, processing power, and accuracy of embedded systems, allied to their smaller size than conventional processing units and adaptability in various applications, have been vital in generating a plethora of self-sufficient electronic systems. However, the rise of the Internet of Things is likely to shake up the embedded system industry due to the former’s objective of making distinct devices communicate rather than operate self-sufficiently. 

Telecom giants such as SoftBank Group are likely to play an important role in this transformation, as smartphones and tablets are increasingly being used as the command centers of personal area networks consisting of several smart devices, each carrying its own embedded system but connected through IoT technology. 

Q.Which are the key segments of the global embedded system market?

The automotive industry is the leading consumer of embedded systems and has consistently retained a dominant share in the global industry over the last few years. The rising demand for automotive electronics and the increasing purchasing power of consumers, which has led to a steady demand for premium cars incorporating the latest safety and comfort features, are the key drivers for the automotive industry’s contribution to the global embedded system market.

While the automotive industry is likely to remain the key contributor to the global embedded system market in the coming years, the consumer electronics industry is also likely to register a growing demand for embedded systems due to their rising use across emerging economies and their important role in the current scenario of the Internet of Things.

Geographically, North America is likely to dominate the global embedded systems market in the next few years due to the rapid advancement of IoT technology in the U.S. and the growing use of smart devices for various household and commercial purposes. However, the booming consumer electronics as well as automotive industries in Asia Pacific are likely to ensure steady demand for embedded systems in the near future, helping APAC’s rise as a key contender in the global embedded systems market. 

Considered as Major Technological Breakthrough, Brain Computer Interface Technology Expected to Facilitate Rehabilitating Patients with Severe Disabilities

As the power technology grows alongside the abilities of human brain, humans are inching closer to being able to control one’s environment through thoughts. Transmitting signals to someone’s brain directly enabling them to see, hear, or feel specific sensory inputs had been in the realm of science fiction until recently. However, the latest advances in technology have made this possible in real. Brain computer interface (BCI) is thus developed to help severely disabled people effectively communicate information, operate their assistive devices with external help, and manipulate objects. Considering the potential of manipulating systems or machinery with thought, BCI is touted as one of the most influential technological breakthroughs in the recent decade.

Based on in-depth research, Transparency Market Research (TMR) forecasts the global brain computer interface market to reach a valuation of US$1.23 bn by the end of 2024. 

Q: What are the factors driving the brain computer interface market across developed and developing economies? 

A: A BCI device allows communication and collaboration between the brain and an external device by interpreting the electrical signals sent from the brain. Demand for BCI devices is expected to surge in developed and developing economies alike. The increasing application across the entertainment industry and the accelerating spending by the healthcare industry are the key factors supporting the market’s growth worldwide. 

With an aim of expanding their footprint, the leading companies operating in the market are focusing on product development and innovation. This is also intended to cater to the dynamic requirements of end users. Furthermore, government-academia-industry collaboration exhibits the potential of spurring R&D activities across Europe and North America. Besides this, the market is also gaining impetus from the recent technological advancements in the field of BCI devices, which have considerably changed the way in which physicians administer treatment to their patients. 

Experts observe, due to the trendy design and advanced features of wearable and noninvasive BCI devices, most consumers who invest in the technology are either early adopters or innovators. This explains their widespread adoption across developed economies. Furthermore, the technology has received government support in developed nations as a part of brain and neurological studies, for betterment of humanity. 

Q: What are the recent developments promising exponential growth of the global brain computer interface market?

In January 2015 more than a decade after engineering work, researchers at the Brown University in collaboration with a Utah-based company called Blackrock Microsystems, were able to commercialize a wireless BCI device that when attached to a human’s skull can transmit information using radio thought commands, which are obtained from a brain implant. The technology holds promise of providing paralyzed patients’ the ability to stream their thought commands at the speed offered by their domestic internet connection. 

Besides this, in a novel experiment, elaborated upon in the journal IEEE, researchers were able to successfully use the BCI technology to enable thought controlled typing at a speed of 12 words in a minute. The experiment was conducted on two rhesus macaques, that enabled the animals transcribing pages for the New York Times and Hamlet, a report on which was later published in the International Business Times on September, 2016. 

Despite being at a preliminary stage, these studies demonstrated the feasibility of the brain computer interface technology as a communication interface. With rigorous research underway TMR projects the global BCI market to expand at an impressive CAGR of 14.9% between 2016 and 2024. 

Product Innovation by Prominent Players to Encourage Global Product Lifecycle Management Market to Grow

Product lifecycle management (PLM) has emerged as a vital component of innovation platforms in enterprises and has been helping several manufacturing units in cost optimization, management of product portfolio, and design and engineering. Product lifecycle management allows effective and efficient collaborative working at each step, thus enhancing the operations of the businesses. In recent years, the implementation of product lifecycle management solutions has gained traction, thanks to the reduction in operational costs. In addition, the high rate of industrialization across the globe is expected to encourage the growth of the global product lifecycle management market in the coming years.

According to a research study presented by Transparency Market Research (TMR), in 2014, the global market for product lifecycle management was worth US$40.26 bn and is projected to reach a value of US$75.87 bn by the end of 2022. The market is estimated to register a strong 8.10% CAGR between 2015 and 2022. In this blog, TMR analysts answer some vital questions concerning the growth prospects and challenges in the global product lifecycle management market.

Q.What are the key factors that are driving the demand for product lifecycle management solutions across diverse industries?

The global product lifecycle management market has been witnessing substantial growth owing to industry expansion, especially in emerging nations. The rising need to manage and consolidate all critical information and processes together is boosting the demand for PLM solutions in the global market. In addition, the significant reduction in time-to-market and operational cost and customization of several processes are expected to augment the growth of the market in the near future. Additionally, product lifecycle management offers low-cost solutions, which is considered as an important factor by diverse industries. These are some of the primary factors estimated to encourage the growth of the global PLM market in the coming years.

Q.What are the key trends in the global product lifecycle management market?

PLM platformization, which refers to the transformation of PLM tools and products into business platforms, is one of the key trends that would boost the market in the coming years. As the complexity of product lifecycle rises, several companies will demand new capabilities to manage the complete product lifecycle successfully, to include product development, innovation, and commercialization. In addition, the front-end innovation strategy and solutions offered by PLM are expected to work as an important platform for the end-use industries. Furthermore, the emergence of cloud technology in the PLM market is expected to offer lucrative opportunities in the next few years.

Q.How have leading players contributed towards the expansion of the product lifecycle management market worldwide?

Autodesk, Inc., Aras Corporation, IBM Corporation, Accenture PLC, Atos SE, Dassault Systemes, 
SAP SE, Hewlett-Packard Company, and Siemens AG are some of the leading players operating in the global PLM market. These players are making remarkable efforts to enhance their products and offer innovative and effective solutions to consumers. For instance, in 2014, Dassault Systemes introduce several new products such as Perfect Mine & Plant, Lean Mine Construction, and Engineered to Fly. These products have been specially designed for small and mid-sized companies wanting to improve productivity. On a similar note, in 2015, IBM Corporation partnered with Aras Corporation to design PLM integration and application lifecycle management (ALM).

Developments such as these are projected to contribute extensively toward the growth of the market and offer innovative and efficient solutions to consumers.

Airborne LiDAR to Remain a Disruptive Trend through 2020

Light detection and ranging (LiDAR) has several benefits associated with it such as fast data acquisition and processing, high accuracy, light and weather independence, minimal human dependence, low cost, canopy penetration, high data density, and additional data that is useful to derive significant information. LiDAR also allows bulk processing, which helps in receiving output fast. Unlike RADAR, this technology can also scan and detect small objects such as dust particles, and is thus in high demand. 

Airborne LiDAR is an emerging trend and is extensively being used to create a number of mapping products. These products include digital elevation models (DEM), contours, digital terrain models (DTM), slope maps, tree height analysis, planimetric mapping, ortho-rectification, and cut and fill modeling. This is further driving the global LiDAR market towards growth. According to a report published by Transparency Market Research (TMR), the global LiDAR market is expected to rise from US$225 mn in 2013 to US$605.5 mn by 2020 expanding at a 15.3% CAGR from 2014 to 2020. 

Q. What are the challenges faced in using LiDAR technology?

The major challenge in using LiDAR technology is the extraction of useful information from the data obtained after scanning as the LiDAR system returns data in bulk. The processing and extraction of useful information from the humungous amount of data is a complex process. However, the impact of this restraint is likely to reduce by the use of airborne LiDAR technology. 

Another factor that poses a threat to the global LiDAR market is the software development gap. This is because, the software program that are coded to program LiDAR hardware usually fail to utilize the entire potential of the hardware. While there is development of new and technologically advanced device circuits, the software used to handle the circuit is not developed, resulting in the gap. Enhancements in LiDAR software can reduce the impact in the near future.

Q. What are the future growth prospects in the LiDAR technology market?

The recent advances in the development of unmanned aerial vehicles hold promising growth prospects for the LiDAR industry. LiDAR equipment has significantly reduced in weight and size and weight and as such, being considered for unmanned aircraft system (UAV) systems. Several new UAV systems were introduced at the International LiDAR Mapping Forum in 2014 held in Denver, Colorado, USA. Of the many innovations showcased, Octocopter UAV, launched by XactMaps was a device carrying a Velodyne HDL-32E LiDAR sensor that weighed only about two pounds. Thus, a growth in UAVs, coupled with high resolution aerial imagery from drones, is one of the fastest emerging market segments offering potential opportunities to the LiDAR market in the coming years. 

Q. What are the strategies adopted by key players in the market?

Companies such as Airborne Hydrography AB, in order to strengthen their market presence and position, are adding technologically innovative products to their portfolio. The company, in June 2014, introduced a dual oblique topographic LiDAR system and a multispectral LiDAR solution for water surveying. It aimed to map shallow water surveying in depths of up to 15 meters. 

Avent Lidar Technology focuses on novel applications of its products. For instance, its Wind Iris LiDAR has helped the U.S.-based renewable energy company, First Wind, in optimizing the performance of its wind turbines, thereby increasing the overall energy production. 

Rising Need for Energy Management to Play Vital Role in Increasing Demand for Home Automation Solutions

Since smart homes were first envisioned in the late 90s, the present-day home automation systems have grown highly advanced in terms of conserving energy and making household activities convenient. Globally, there is a growing need for effective solutions in several domestic applications such as safety and security, audio and visual entertainment, lighting, energy management, and heating, ventilation, and air conditioning (HVAC). Transparency Market Research (TMR) analysts state that this factor is primarily driving the global home automation market. 

Rapid technological advances and expansive adoption of the internet of things (IoT) have been making home automation solutions a tangible reality for consumers worldwide.As per a report by TMR, the global home automation market was pegged at US$4.41 bn in 2013 and is estimated to reach US$21.6 bn by 2020, expanding at a CAGR of 26.3% from 2014 to 2020. 

Q.Why are developed nations more lucrative for manufacturers operating in the global home automation market?

Smart home devices are usually more expensive than their conventional counterparts. This hampers the widespread adoption of home automation, especially in developing regions where the per capita spending is low. Moreover, in developed regions, the pace of technological advancements is greater than that in developing countries. For instance, Amazon Echo, a highly advanced technological device in the field of home automation, is available only in developed countries such as the U.S., the U.K., and Germany. Furthermore, a high degree of internet connectivity in developed nations is contributing to the growth of the home automation market globally. Thus, higher affordability and affinity towards new technology amongst consumers in developed countries make them a more favored destination for home automation manufacturers.

Geographically, North America was the leading home automation market in 2013. Due to rapid advancement in technology in developed countries such as the U.S. and Canada and rising awareness regarding home automation, North America is expected to retain its dominance until the end of 2020. Europe and Asia Pacific collectively accounted for more than 40% of the overall market revenue in 2013.

Q.What are the strategies used by key players to compete in the global home automation market?

The global home automation market is characterized by high competitive rivalry. In the recent times, key players have been offering technologies that integrate with existing smart home IoT devices to provide improved solutions and to gain an edge over their contemporaries. To put this in perspective, in September 2016, Control4 Corporation and Cestron Electronics Inc., two leading global smart home solutions providers, announced integration with Amazon Alexa, the popular voice service that powers Amazon Echo and other Alexa-enabled devices. Some of the other key players in the global market are 2GIG Technologies, ADT Corporation, AMX LLC, iControl Networks Inc., Siemens AG, Johnson Controls, Vantage Controls, Honeywell International Inc., and Schneider Electric SA.

Improvement in Global Economy to Open New Window for Growth for Luxury Goods Manufacturers

As the global economy advances, a significant surge can be witnessed in the disposable income of consumers. Enabling consumers to afford expensive products, this rise has shifted their preference towards luxury goods substantially. According to a research study published by Transparency Market Research (TMR), the demand for luxury goods has been escalating remarkably across the world. In 2013, the global market for luxury goods presented an opportunity worth US$296 bn. During the period from 2014 to 2020, it is likely to expand at a CAGR of 3.40% and reach a value of nearly US$375 bn by the end of 2020.

In this blog post, analysts at TMR answer the queries related to the growth prospects of the global market for luxury goods:

Q.Which region is likely to gain prominence in the global luxury goods market over the coming years?

Thanks to its reputation as the best destination for luxury goods shopping among consumers across the world, Europe has been leading the luxury goods market for over a decade. With the proliferation of standalone brand stores, high-end departmental stores, and online retail, the regional market is likely to gain further prominence in the near future.

The presence of several well-established luxury goods manufacturers in various European countries, such as LVMH in France, Prada in Italy, Burberry in the U.K., and Rolex in Switzerland, is also expected to support this scenario in the long run.

Q.What are the growth opportunities for other regional markets?

The increasing number of high net-worth individuals (HNWI) as well as young affluent buyers is likely to present substantial opportunities for the growth of the luxury goods market in North America. Asia Pacific and the Rest of the World, on the other hand, are expected to gain from the growing awareness regarding the latest trends and fashions among consumers. The rise in their spending power, thanks to the escalating disposable income, will trigger their desire for upscaling their lifestyles with luxury goods, which in turn, will reflect positively on the markets for luxury goods in Asia Pacific and the Rest of the World.

Q.What are the key strategies leading players are adopting for the growth of their businesses?

LVMH, Kering S.A., L’Oréal, Hermes, Burberry, Prada, and Rolex are some of the leading players in the global market for luxury goods. Mostly, these players focus on introducing new products to sustain the competition. Recently, Hermes International launched its latest range of fragrances, Galop d'Hermès. With this launch, Hermes, a market giant in luxury leather, hopes to carve a niche for itself in the luxury perfumes market.

Mergers, acquisitions, and partnerships are also gaining prominence among key participants of the worldwide luxury goods market, looking to seize greater market share than their competitors.

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