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According to a new market research report “Healthcare Artificial Intelligence Market by Product & Services (Software, Services), Technology (Machine Learning, NLP), Application (Medical Imaging, Precision Medicine, Patient Management), End User (Hospitals, Patients) -Global Forecast to 2027 “, published by Meticulous Research^®, the healthcare artificial intelligence market is expected to grow at a CAGR of 41.4% from 2020 to reach $51.3 billion by 2027.

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In recent years, AI is predominantly used in clinical research, robotic personal assistants, and big data analytics. Classic venture capitalists and corporate strategic investors are both investing generously in this space. The difference today is that new technologies are making such efforts much easier. Use of the cloud and the rapid digitalization of information has improved access to data and the speed of computation. Thus, due to the advantages offered by AI in healthcare, there is a rising funding for artificial intelligence and participation of larger companies in the acquisition of small companies, startups, and single technology firms. Venture capitalist (VC) investors have seen the concept of AI become mainstream and are investing accordingly.

Impact of COVID-19 on the Healthcare AI Market

The COVID-19 pandemic has put tremendous burden on the healthcare sector all over the world. Currently, hospitals are juggling due to limited resources and staff, which has hampered some surgeries and other medical procedures. According to the World Health Organization (WHO), as of April 2020, the COVID-19 pandemic has hit over 22,000 healthcare workers across 52 countries. Also, in severely affected regions, the influx of COVID-19 patients requiring continuous monitoring and ventilation is increasing rapidly, leading to an overloading of hospital systems and disrupting the routine treatment of chronic illness in patients, whose conditions are likely to get worsened if usual standard care is delayed.

To manage the patients affected by pandemic and other chronic illness, AI adoption is seeing high growth across the globe. For instance, owing to the rising coronavirus cases globally, the U.S. FDA has approved ICU-specific platform developed by CLEW Medical (Israel). The product was designed to offer COVID care teams with advance warning on patients at high risk of serious symptoms. It can also help the hospitals to increase the time available for intervening early and planning ahead. Similarly, various AI based products employing data capturing ability and facilitating online consultation have seen large number of users in this pandemic. Therefore, AI is witnessing a high growth in adoption at present and is expected to see upward trajectory in the future as well.

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The healthcare artificial intelligence market study presents historical market data in terms of value (2018 & 2019), estimated current data (2020), and forecasts for 2027 – by product & services, technology, application, and end user. The study also evaluates industry competitors and analyzes the market at a regional and country level.

Based on product & services, the software segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. The large share of this segment is mainly attributed to the factors such as ability to reduce operational or administrative complexity, acceleration of data analysis with high accuracy, and rise in the software launches by the medical devices and healthcare IT companies. However, the services segment is slated to grow at the fastest CAGR during the forecast period, mainly due to the rise in the adoption of AI-driven healthcare informatics solutions by hospitals and other healthcare service providers.

Based on application, the hospital workflow management segment is estimated to hold the largest share of the overall healthcare artificial intelligence market in 2020. The factors such as increasing amount of healthcare data generated,  ability to manage medical records and assemble and evaluate patient’s data generated in the hospitals, and increased use of Chabot’s for customer service engagement are expected to propel the growth of this segment. However, the drug discovery segment is slated to grow with the fastest CAGR during the forecast period, due to the growing implementation of AI by pharmaceutical and biotechnology companies to derive the successful drug product in shorter times and low cost.

Based on technology, the Natural Language Processing (NLP) segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. The factors such as ability to collect large amount of data and handle big data, offering of organized physician documentation, and efficient back-end coding to optimize billing procedure are the major factors responsible for the largest share of this segment.

Based on end user, the hospitals and diagnostic centers segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. Rising focus of the technology companies on collaborations with research sector, AI’s ability in assisting preoperative planning in hospitals, and coronavirus pandemic supported the largest share of this segment. However, the healthcare payers segment is slated to grow at the fastest CAGR during the forecast period, due to growth in opting healthcare insurance; and increasing inclination of healthcare facilities to have organized billing and accounts, health claims, and healthcare IT operations in their premises.

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Geographically, the global healthcare artificial intelligence market is estimated to be dominated by North America in 2020. Well established IT infrastructure in healthcare, presence of innovative software vendors and venture capitalists, rising adoption of EHR, flourishing biopharmaceutical industry, rise in funding for new product development, and increasing number of startups for healthcare artificial intelligence in the region supported the largest share of North America in the healthcare artificial intelligence market. However, Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. The factors driving the growth of the Asia Pacific healthcare artificial intelligence market are growing need for coordination between healthcare workforce & patients, rise in adoption of precision medicine, growing prevalence of diseases, and remarkable growth in venture capital investments. In addition to this, the factors such as significant use of big data in the healthcare sector, growing technological innovation, and demand from China are also supporting the growth of the healthcare AI market in the APAC region.

The report also includes extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past 4 years (2017–2020). The healthcare artificial intelligence market has witnessed number of new product launches, approvals, agreements, partnerships, collaborations, and acquisitions in recent years. For instance, in May 2020, Nvidia Corporation (U.S.) collaborated with IBM Corporation (U.S.) to accelerate the deployment of edge networks. IBM’s Edge Application Manager on the NVIDIA EGX platform provides world-class software management on the most powerful offering for accelerated computing and AI. Also, in October 2019, Microsoft Corporation (U.S.) partnered with Humana Inc. (U.S.) to build predictive and personalized health care solutions to manage health issues.

The key players operating in the overall healthcare artificial intelligence market are Microsoft Corporation (U.S.), Alphabet Inc. (U.S.), NVIDIA Corporation (U.S.), General Vision, Inc. (U.S.), Intel Corporation (U.S.), IBM Corporation (U.S.), Welltok, Inc. (U.S.), General Electric Company (U.S.), Verint Systems Inc. (U.S.), and iCarbonX (China) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/healthcare-artificial-intelligence-market/  

Scope of the Report:

Healthcare Artificial Intelligence Market, by Product & Services

• Software
• Hardware
• Services

Healthcare Artificial Intelligence Market, by Technology

• Machine Learning (ML)
• Natural Language Processing (NLP)
• Context Aware Processing
• Querying Method

Healthcare Artificial Intelligence Market, by Application

• Hospital Workflow Management
• Patient Data and Risk Analytics
• Medical Imaging And Diagnosis
• Drug Discovery
• Precision Medicine
• Patient Management
• Other Applications

(Other applications comprises of bioinformatics, wearable devices, and virtual assistance.)

Healthcare Artificial Intelligence Market, by End User

• Hospitals and Diagnostic Centers
• Pharmaceutical and Biopharmaceutical Companies
• Healthcare Payers
• Patients
• Other End Users

(Other end users comprise of accountable care organizations, clinical research organizations, and managed care organizations)

Healthcare Artificial Intelligence Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • Japan
  • China
  • India
  • Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

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The Food Safety Testing Market is poised to scale new heights, projected to reach a staggering $29.6 billion by 2027, showcasing a robust CAGR of 7.6% during the forecast period from 2020 to 2027. This meteoric rise is driven by a confluence of factors including the escalating incidence of foodborne illnesses, heightened consumer awareness regarding food safety, stringent regulations governing food safety, and an increasing demand for convenient and packaged food products. However, challenges persist in the form of inadequate food control infrastructure in developing nations, somewhat tempering market growth.

The Top 10 Companies Leading the Charge in the Food Safety Testing Market:

1. SGS SA: Offering inspection, verification, testing, and certification services across various industries, SGS SA stands as a global leader in ensuring food safety and quality compliance.
2. Intertek Group PLC: Renowned for innovative and tailored assurance, testing, inspection, and certification solutions, Intertek’s food testing services cover a wide spectrum, including microbiology, chemical analysis, and more.
3. Eurofins Scientific SE: With a global presence and expertise spanning multiple industries, Eurofins Scientific provides analytical testing services for food, environment, pharmaceutical, and agriculture sectors.
4. Thermo Fisher Scientific, Inc.: A stalwart in analytical instruments, reagents, and services, Thermo Fisher Scientific’s Specialty Diagnostics division offers comprehensive food safety testing solutions.
5. ALS Limited: Operating in testing, measurement, inspection, and monitoring, ALS Limited’s Life Sciences segment specializes in food safety testing.
6. Bureau Veritas SA: Offering testing, inspection, and certification services, Bureau Veritas SA’s Agri-Food & Commodities division provides a wide range of inspection and laboratory testing services for various commodities.
7. AsureQuality Limited: Delivering a plethora of services to the food and primary industries in New Zealand and Australia, AsureQuality is a vital player in ensuring food safety and quality in the region.
8. TÜV SÜD AG: Providing testing, inspection, and certification services across diverse industries, TÜV SÜD AG’s expertise extends to food safety, functional safety, and more.
9. NEOGEN Corporation: Focused on food and animal health safety, NEOGEN develops diagnostic test kits and complementary products to detect harmful substances in food and animal feed.
10. Mérieux NutriSciences Corporation: With a wide array of test and consultancy services, Mérieux NutriSciences Corporation plays a crucial role in detecting contaminants and impurities in various sectors, including food and nutrition.

This remarkable growth trajectory is further underscored by Meticulous Research, which predicts a 7.6% growth rate in the Food Safety Testing Market during the forecast period from 2020 to 2027.

For a more comprehensive analysis of each of these companies, including their recent financial performance, key products, strategies, and partnerships, refer to the authoritative research report, “Food Safety Testing Market – Global Opportunity Analysis and Industry Forecast (2020-2027)” by Meticulous Research®. The report offers a detailed exploration of the global market, including market size estimates, revenue analysis, and coverage of key industry trends and issues. https://www.meticulousresearch.com/download-sample-report/cp_id=5111

Top 10 Companies Leading the Language Learning Market

Language Learning Market Poised for Remarkable Growth by 2030, Key Companies Leading the Charge

The Language Learning Market is on track to reach an impressive $120.5 billion by 2030, with a projected Compound Annual Growth Rate (CAGR) of 10.5% from 2023 to 2030, according to recent research. Several significant factors are propelling this growth, including globalization’s impact on cross-border communication, the affordability of language learning applications, and the increasing integration of artificial intelligence (AI) in E-learning.

In a world that’s more interconnected than ever, the demand for effective language skills is at an all-time high. This demand is driven by the need for cross-border collaboration, both in business and education. The accessibility of language learning platforms, often at minimal costs, has made language acquisition more attainable to a broader audience.

The adoption of AI in E-learning is revolutionizing language learning. Intelligent tools are tailoring learning experiences to individual needs, making language acquisition more efficient and engaging.

However, challenges persist. Notably, the reluctance in some regions to embrace English as the primary language for communication poses a hurdle to market growth. Additionally, a shortage of trained language professionals could hinder the industry’s expansion.

Despite these challenges, the future of the language learning market looks promising. Multinational companies are increasingly seeking multilingual employees, presenting significant growth opportunities. Furthermore, investments in startups and small companies offering language education are on the rise.

Some prominent trends in the industry include transnational education (TNE), flexible pricing structures, and the incorporation of social robots to enhance language education.

Here are the top 10 companies that are making a significant impact in the Language Learning Market: https://meticulousblog.org/top-10-companies-in-language-learning-market/

1. Cambridge University Press (U.K.): Known for its innovative learning and teaching solutions, Cambridge University Press offers a wide range of English language learning materials and solutions across online and offline platforms.

2. New Oriental Education & Technology Group Inc. (China): A leader in private educational services, New Oriental provides comprehensive language training, test preparation, and educational content.

3. Houghton Mifflin Harcourt Company (U.S.): Houghton Mifflin Harcourt specializes in K–12 core curriculums, supplemental solutions, and professional development for educators.

4. McGraw-Hill Education, Inc. (U.S.): McGraw-Hill Education offers digital learning tools and platforms for higher education, K-12, and international markets, focusing on English language learning solutions.

5. Duolingo, Inc. (U.S.): Duolingo’s mobile apps and websites provide personalized language learning experiences, covering a wide range of languages.

6. Berlitz Corporation (U.S.): Berlitz is renowned for its language training and intercultural communication services for individuals, corporations, and institutions.

7. Busuu Online S.L. (Spain): Busuu offers high-quality online language courses, enabling learners to interact with native speakers.

8. Babbel GmbH (Germany): Babbel’s subscription-based language learning software focuses on real-life conversations and interactive learning experiences.

9. Linguistica 360, Inc. (U.S.): Linguistica 360’s innovative approach to language learning combines entertainment, information, and engagement.

10. Rosetta Stone LTD. (U.S.): Rosetta Stone’s technology-based learning products offer a diverse range of language options and speaking-focused lessons.

The Language Learning Market’s impressive growth prospects are underscored by the increasing demand for language skills, driven by globalization and technological advancements. As companies continue to innovate and address the challenges in the industry, the future of language learning appears promising.

For more detailed insights and analysis, please refer to the comprehensive report titled “Authoritative Research on the Language Learning Market – Global Opportunity Analysis and Industry Forecast (2023-2030)” by Meticulous Research®.

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Meticulous Research®—a leading global market research company, published a research report titled, ‘Irrigation Automation Market by System, Irrigation Type, Component, End Use (Agricultural, Non-agricultural) and Geography – Global Forecast to 2030.’

According to this latest publication from Meticulous Research®, the irrigation automation market is projected to reach $12.7 billion by 2030, at a CAGR of 16.6% from 2023 to 2030. The growth of this market is driven by the increasing adoption of smart agriculture technologies and the growing benefits offered by automated irrigation systems for agriculture. The increasing government support for automated farming technologies and the growing proliferation of automated irrigation systems for large-scale farming is expected to offer significant growth opportunities for the stakeholders in the irrigation automation market. The high cost of installing automated irrigation systems may restrain the market’s growth. Furthermore, the implementation of automated irrigation systems in fragmented land is expected to pose challenges to the growth of the irrigation automation market.

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The global irrigation automation market is segmented by system {[automatic, semi-automatic], irrigation type [sprinkler irrigation systems, drip irrigation systems, surface irrigation systems, hose reel irrigation systems, pivot irrigation, other irrigation types (subsurface irrigation, spray irrigation)], component {hardware [controllers, sensors [weather-based sensors, soil moisture sensors, other sensors (flow sensors, capacitance sensors)]}, valves, sprinklers, filters, PVC pipes & fittings, other hardware [spray heads, starter, and timers]}, software [interfacing software, forecasting software, other software [real-time alert dashboards, remote monitoring mobile apps], services}, end use {agricultural use [open field, greenhouse, other agricultural uses (underground farming), non-agricultural use [residential, turf & landscape, golf courses, other non-agricultural uses (education, government, and public sector)]}. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on system, the global irrigation automation market is segmented into automatic and semi-automatic. In 2023, the automatic segment is expected to account for the larger share of the global irrigation automation market. The large market share of this segment is attributed to the increasing implementation of automatic irrigation systems, growing demand for automatic plant irrigation systems to reduce water consumption and save consumer time, and technological advancements in automatic irrigation systems offering unique features. Additionally, this segment is projected to register the highest CAGR during the forecast period.

Based on irrigation type, the global irrigation automation market is segmented into sprinkler irrigation systems, drip irrigation systems, surface irrigation systems, hose reel irrigation systems, pivot irrigation, and other irrigation types. In 2023, the sprinkler irrigation systems segment is expected to account for the largest share of the global irrigation automation market. The large market share of this segment is attributed to the increasing need for sprinklers or sprayers to distribute water in a controlled manner, the rising need to improve water-use efficiency, and achieve higher crop yields by delivering water and nutrients directly to the plants’ roots, and growing need of affordable irrigation systems, growing benefits offered by sprinkler irrigation systems such as chemical resistant, and easy to operate and transport, and install.

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However, the drip irrigation systems segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing need for efficient water and nutrient delivery systems for crops, the surging need for a cost-effective and sustainable solution to improve crop yields while conserving water resources, the increasing use of drip irrigation in row crops, orchards & vineyards, lawns and gardens with varying water requirements, and the need to maintain soil moisture levels in between rows.

Based on component, the global irrigation automation market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global irrigation automation market. The large market share of this segment is attributed to the initiatives by market players to design and implement intelligent irrigation control systems, surging use of valves, sprays, and sprinklers over a larger area to manage the water supply efficiently and drippers in orchards & vineyards, and vegetable gardens, increasing implementation of sensors to give feedback and information about the irrigated area to customers, and the growing demand for smart irrigation controllers and sensors to reduce outdoor water use by irrigating based on plant water need compared to traditional automatic system timers, which irrigate on a user-determined fixed schedule. Additionally, this segment is projected to register the highest CAGR during the forecast period.

Based on end use, the global irrigation automation market is segmented into agricultural use and non-agricultural use. In 2023, the agricultural use segment is expected to account for the larger share of the global irrigation automation market. The large market share of this segment is attributed to the growing demand for smart water irrigation systems among farmers to automate their irrigation processes and reduce water use, the increasing need for cost savings with minimized water waste, the growing popularity of IoT ecosystems for smart irrigation, growing need of consistent and efficient water usage, and the rising need to increase crop productivity even in low rainfall. Additionally, this segment is projected to register the highest CAGR during the forecast period.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/irrigation-automation-market-5578

Based on geography, the global irrigation automation market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global irrigation automation market. Asia-Pacific’s large market share is attributed to the growing presence of vast agricultural lands, rapidly changing climatic conditions, strong government support for implementing automated irrigation systems, increased need for reducing wastage of water, and technological advancements in irrigation components. Further, the high population burden and lowering water levels in the countries such as India and China encourage customers toward sensor-based irrigation systems, which is likely to fuel the growth of the regional market over the coming years. In this region, various governments have started supporting the setting up of irrigation automation systems. They are also taking initiatives in order to promote water conservation, thereby improving the demand for automated irrigation systems, in turn supporting the growth of the market.

However, North America is projected to register the highest CAGR during the forecast period. The growth of this region is driven by the presence of leading market players in the region, the increasing implementation of automated irrigation systems, and the increasing adoption of irrigation systems due to the growing number of initiatives taken by the governments in the region for effective water conservation. Further, the leading market players are taking initiatives to launch irrigation automation systems, in turn, supporting the growth of this regional market. For instance, in February 2021, Rain Bird Corporation (U.S.) launched “Rain Bird Resources,” a mobile app to help landscape contractors and irrigation professionals get the required information in real time. Further, in May 2021, Valmont Industries, Inc. (U.S.) acquired Prospera Technologies Inc. (Israel), a global irrigation equipment and service provider, to deploy AI technologies for land irrigation. Such developments are expected to support the growth of the market.

Key Players

The key players operating in the global irrigation automation market are The Toro Company (U.S.), Valmont Industries, Inc. (U.S.), Rain Bird Corporation (U.S.), Jain Irrigation Systems Ltd. (India), Lindsay Corporation (U.S.), Nelson Irrigation (U.S.), Rubicon Water S.L.U. (Spain), Galcon Bakarim Agricultural Cooperative Society Ltd. (Israel), HydroPoint Data Systems, Inc. (U.S.), Calsense (U.S.), Orbit Irrigation Products Inc. (U.S.), Stevens Water Monitoring Systems Inc. (U.S.), Viridix Ltd. (Israel), Niagara Irrigation Automation (India), and Lumo, Inc. (U.S.).

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Key questions answered in the report:

Which are the high-growth market segments in terms of system, irrigation type, component, and end use?
What is the historical market size for irrigation automation across the globe?
What are the market forecasts and estimates for 2023–2030?
What are the major drivers, restraints, opportunities, and challenges in the global irrigation automation market?
Who are the major players in the global irrigation automation market, and what are their market shares?
How is the competitive landscape?
What are the recent developments in the global irrigation automation market?
What are the different strategies adopted by the major players in the market?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global irrigation automation market, and how do they compete with other players?
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According to a new market research report titled ‘Ambulatory EHR Market by Delivery Mode (Cloud-based, On-premise), Practice Size (Large, Small-to-Medium, Solo), Application (Patient Portals, Practice Management, CDS, Computerized Physician Order Entry, PHM), and End User – Global Forecast to 2028’ published by Meticulous Research^®, the ambulatory EHR market is expected to reach $6.74 billion by 2028 at a CAGR of 5.2% from 2021 to 2028.

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An ambulatory electronic health record (EHR) is a software program designed specifically for use in outpatient care settings and small practices. Ambulatory EHRs help physicians easily track a patient’s medical history and treatment, enabling them to better diagnose and effectively treat chronic illnesses. Patients’ full medical histories, which are preserved in an electronic archive, can be accessed by medical professionals. These reports include all records of operations or treatments that do not require hospitalization. Physicians can monitor a patient’s medical history and provide long-term care more easily using ambulatory EHR systems. Physicians use this software to gather detailed, relevant information about every patient, creating comprehensive databases of their personal health records. These extensive databases help doctors gain a better understanding of patients’ health, thereby simplifying diagnosis.

Growing government support for the adoption of EHR solutions, patients’ increasing preference for ambulatory care over in-patient care, and the rising need to reduce operating costs in the healthcare industry are key factors driving the growth of the ambulatory EHR market. The integration of artificial intelligence (AI) and machine learning (ML) technologies and the changing technological landscape in developing countries are expected to offer significant growth opportunities for the players operating in this market.

IT infrastructure constraints in developing countries and data security concerns are restraining the growth of this market. Additionally, high product replacement rates and the high cost of deploying ambulatory EHR solutions are expected to remain major challenges for market growth.

The Impact of COVID-19 on the Ambulatory EHR Market

Countries worldwide took urgent steps to detect and prevent the spread of COVID-19 after the WHO declared it a global pandemic in March 2020. Hospital capacities around the globe were overburdened due to the sudden inflow of COVID-19 patients. There was a growing burden on acute care settings, with in-patient beds almost completely occupied. As a result, ambulatory care settings gained importance as an alternate site for treatment.

Governments of various countries proposed modifying policies to alleviate the pressure on overburdened hospitals. For instance, in March 2020, the Centers for Medicare & Medicaid Services (CMS) provided guidance allowing ambulatory surgery centers (ASCs) to partner with local healthcare systems to provide hospital services. Elective and non-essential procedures were also suspended at the peak of the pandemic. Ambulatory surgical centers were, however, granted permission to perform outpatient procedures. Furthermore, the integration of healthcare IT solutions with ambulatory EHR solutions allowed physicians to gain a better understanding of their patients’ health, leading to more accurate diagnoses. In 2020, Oracle Corporation (U.S.) developed a National Electronic Health Records (EHR) Database and a suite of Public Health Management Applications to help U.S. public health departments and healthcare providers capture and interpret data related to COVID-19. Thus, the outbreak of the COVID-19 pandemic, as well as the increased burden on healthcare providers, drove the demand for EHR solutions, leading to the market’s growth.

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However, the implementation of new EHR systems was negatively impacted due to lockdown restrictions & social distancing protocols, and the diversion of healthcare budgets toward combating the COVID-19 pandemic. Travel restrictions and social distancing protocols were major challenges for sales and on-site implementation teams. Government measures to curb the spread of COVID-19 delayed the marketing, sale, and implementation of ambulatory EHR solutions and also affected investments in healthcare IT solutions, negatively impacting the ambulatory EHR market.

The ambulatory EHR market is segmented on the basis of deployment mode, by type, practice size, application, end user, and geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.

Based on deployment mode, the cloud/web-based segment accounted for the largest share of the market in 2020. Cloud/web-based solutions are gaining popularity worldwide as these solutions enable ambulatory centers to exchange and integrate data from multiple locations or systems in realtime. The advantages of cloud platforms, such as flexibility, real-time monitoring, data security, and lower implementation costs compared to on-premise deployment, drive the demand for these solutions.

Based on type, the all-in-one ambulatory EHR segment accounted for the largest share of the market in 2021. An all-in-one ambulatory EHR software is a pre-integrated software containing all EHR-related features. The ease of use, availability of all functionalities, and seamless software and hardware compatibility support the growth of this segment.

Based on practice size, the large practices segment accounted for the largest share of the market in 2021. Large practices are organizations with more than 50–100 physicians. It has been observed that the proportion of large practices is growing rapidly, while the proportion of smaller practices has dropped due to the rising consolidation of ambulatory centers. Smaller practices are disadvantaged in terms of health IT resources, while most small-to-medium-sized practices are expected to eventually join larger organizations. Thus, the rising number of large practices drives the growth of this segment.

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According to a new market research report titled, ‘Digital Payment Market by Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size and Geography – Global Forecasts to 2029,’ the digital payment market is projected to reach $274.61 billion by 2029, at a CAGR of 16.6% from 2022 to 2029.

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Digital payments are transactions that take place via digital or online modes, with no physical exchange of money involved. This means that both parties, the payer and the payee, use electronic mediums to exchange money. Digital payment transactions have grown rapidly in emerging markets during the past two years as the pandemic accelerated shifts to contactless payments and e-commerce.

The growth of this market is attributed to the increased adoption of digital payment modes, rising government initiatives for the adoption of digital payment and growing partnerships between banks and fintech to leverage customer experience. In addition, the increasing use of payment applications across different industry verticals and the rising adoption of contactless payment are expected to offer significant opportunities for the growth of this market. However, a low level of awareness of online payments in rural areas can restrain the growth of this market to some extent.

Impact of COVID-19 on the Digital Payment Market

The outbreak of the COVID-19 pandemic resulted in increased usage of digital payment modes, leading to a significant increase in the growth of the payment security market. According to ACI Worldwide Inc., a payment systems company, real-time payments are expected to witness exponential growth due to the COVID-19 pandemic, with more than half a trillion transactions and a compound annual growth rate of almost 23% between 2019 and 2024.

Digital payment firms such as PhonePe, Paytm, and Amazon Pay witnessed a nearly 50% spike in transactions through their digital wallets since the COVID-19 pandemic. The sudden increase in digital adoption dramatically advanced the digital transformation agendas for numerous banks, with banking leaders recognizing online banking services as a critical means for increasing customer retention and growing revenue streams through personalized services. The impact of the COVID-19 pandemic accelerated the adoption of a broad range of digital banking offerings and shifted consumers of all ages away from traditional banking branches and ATMs at an unprecedented pace.

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The digital payment market is segmented based on offering (solutions and services), payment mode (digital wallets, banking cards, pos, and internet banking), end user (BFSI, retail, travel & hospitality, healthcare, and others), organization size, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on offering, the digital payment market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global digital payment market. The growth of the segment is attributed to the declining cash usage, the growing e-commerce industry, development in mobile payment technology, and increased use of mobile wallets.

Based on payment mode, the digital payment market is segmented into digital wallets, banking cards, point of sales, internet banking, and other payment modes. In 2022, the digital wallets segment is expected to account for the largest share of the global digital payment market. Additionally, this segment is expected to grow at the highest CAGR during the forecast period. Factors such as increasing population, rising adoption of smartphones, rising number of internet subscribers, and rapid growth in the retail and e-commerce sector across the countries such as India and China are driving the market.

Based on end user, the digital payment market is segmented into BFSI, retail, travel and hospitality, healthcare, IT and telecom, media and entertainment, and others. In 2022, the BFSI segment is expected to account for the largest share of the global digital payment market. The rising demand for digital remittances for cross-border and domestic transactions is encouraging banks to adopt digital payment solutions. Moreover, banks are also enhancing their offerings to compete with digital payment solutions providers, such as Google, Amazon, and Facebook.

However, the retail segment is expected to grow with the highest CAGR during the forecasted period. Retail e-commerce sales are rapidly increasing due to government support, increased smartphone penetration, and application usage, and the promise of a better shopping experience is likely to boost. The increasing usage of mobile payments in the retail industry, primarily in the e-commerce sector, boosts the digital payment market in the retail sector.

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Based on organization size, the digital payment market is segmented into large enterprises, small and medium-sized enterprises. In 2022, the large enterprises segment is expected to account for the largest share of the global digital payment market. Additionally, this segment is also expected to grow at the highest CAGR during the forecast period. The increasing number of high valuations transactions in large enterprises is compelling these enterprises to opt for premium digital payment solutions.

Based on geography, the digital payment market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the digital payment market. North America’s strong financial position enables it to invest heavily in advanced solutions and technologies, which has provided regional organizations with a competitive edge in the market. The growing use of smartphones, increasing internet speed and reliability, and a growing user base of tech-savvy millennials provide significant opportunities for this market’s growth and integration. In addition, the rising consumer shift towards online payment mode is driving the growth of this market. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period.

The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The key players operating in the digital payment market are PayPal Holdings, Inc. (U.S.), Fiserve, Inc. (U.S.), FIS (U.S.), Block, Inc., formerly Square, Inc. (U.S.), Stripe, Inc. (U.S.), Visa, Inc. (U.S.), Mastercard (U.S.), Worldline (France), Temenos (Switzerland), PayU (Netherlands), Apple Inc. (U.S.), JPMorgan Chase & Co. (U.S.),  WEX Inc. (U.S.), ACI Worldwide, Inc. (U.S.), and FleetCor Technologies, Inc. (U.S.).

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According to a new market research report titled, “Location-Based Services Market by Component, Technology (GPS, Wi-Fi, NFC), Application (GIS, Navigation, Tracking, Social Media), Location, Industry Vertical (Logistics, Retail, Healthcare, Media, Defense, Hospitality, BFSI) – Global Forecast to 2029,” published by Meticulous Research®, the location-based services market is expected to grow at a CAGR of 15.2% from 2022 to 2029 to reach $239.7 billion by 2029.

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Location-based services (LBS) is a solution that utilizes the device’s geographical location to provide information to the user. The technology has gained considerable significance and is becoming an integral part of organizations due to the numerous benefits offered by location-based services, including store locators, proximity-based marketing, real-time information, such as traffic updates or weather reports, roadside assistance, mobile workforce management, and fraud prevention.

The rise in GPS-enabled precision applications, such as farming, logistics, and automotive, has created a high demand for location-based solutions. Also, the increasing demand for mobile location-based services, the surge in demand for location-enabled mapping, tracking, and navigation solutions, and the proliferation of social media, smartphones, and location-based applications among consumers are providing significant opportunities for the growth of the location-based services market.

Impact of COVID-19 on the Location-Based Services Market

The COVID-19 pandemic created several challenges for the location-based services market due to the lockdowns imposed during the second and third quarters of 2020. The pandemic is lowering the financial potential of consumers, which is expected to decrease the sales of location-based services and solutions. However, the industries, including retail, pharmaceuticals and healthcare, hospitality, and automobile, have started recovering from the economic setbacks suffered during the pandemic.

The location-based services market was moderately impacted by the COVID-19 pandemic due to delayed and postponed orders for location-based solutions but started recovering rapidly from the last quarter of 2020. Different location-based service providers leveraged the strong portfolio of location-based services and enhanced product capabilities during the COVID-19 pandemic, consequently driving the growth of the location-based services market. For instance:

• In 2021, AT&T Inc. (U.S.) provided an IoT fleet management solution for tracking the location of vaccines. This solution enables tracking from production units to clinics. The company provides network connectivity for several shipping companies that play an important role in distributing the COVID-19 vaccine.
• In 2020, Web Geo Services (France) (a Google Cloud Premier Partner) launched its consumer geolocation platform, Woosmap, to provide location-based APIs that augment Google Maps Platform.

Location-based service providers plan to move forward and capitalize on the lucrative market growth opportunities that have resulted from the COVID-19 pandemic. The LBS market is projected to transform drastically over the coming years. Several leading companies are growing rapidly through new product launches, product enhancements, partnerships, and collaborations for leveraging location-based solutions in the market.

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Location-based Services Market Overview

The location-based services market is segmented based on component (platform/solutions, professional services), technology (global positioning system, global navigation satellite system, Wi-Fi, near-field communication, other technologies), application (geo-marketing and advertising or target marketing, mapping & GIS, navigation [smart parking, route planning, other navigation applications]), tracking (children locators, parolees monitoring, pets locators, tracking of valuable and stolen goods), social networking (dating, friend locator, chat and instant messaging services), infotainment, commercial, other applications), location type (indoor, outdoor), industry vertical (transportation & logistics, government & public sector, retail and consumer goods, manufacturing, healthcare & life sciences, media & entertainment, aerospace & defense, agriculture, hospitality & tourism, BFSI, IT & telecom, other industries), and geography. The study also evaluates industry competitors and analyses the market at the country level.

Based on component, the location-based services market is segmented into platforms/solutions and professional services. In 2021, the platforms/solutions segment accounted for the larger share of the location-based services market. The large share of this segment is primarily attributed to the surge in demand for location-based platforms to promote proximity marketing across the retail sector, the increasing demand for tracking, monitoring, surveillance & navigation services in the automotive industry, and the availability of location-based solutions for precision farming.

Based on technology, the location-based services market is segmented into global positioning system, global navigation satellite system (GNSS), Wi-Fi, near-field communication (NFC), and other technologies. In 2021, the GNSS segment accounted for the largest share of the overall location-based services market. The large share of this segment is attributed to factors, such as the rising demand for GNSS-enabled location-based services across the various enterprises. Furthermore, the rising demand for GNSS-based consumer platforms and automotive solutions, GNSS-based applications for crop productivity optimization, livestock management, urban planning, infrastructure monitoring, and disaster management are promoting the growth of the GNSS segment.

Based on application, the location-based services market is segmented into geo-marketing and advertising or target marketing, mapping & GIS, navigation, tracking, social networking, infotainment, commercial, and other applications. In 2021, the navigation segment accounted for the largest share of the overall location-based services market. The large share of this segment is attributed to the surge in demand for location-based solutions across several industries, such as retail, travel and tourism, and automotive. Furthermore, the rapid implementation of comprehensive navigation solutions for automakers, increasing demand for location-based smart parking solutions, the gradual proliferation of smart parking management systems, and the implementation of route planning and optimization tools are fueling the growth of this segment.

Based on location type, the location-based services market is segmented into indoor and outdoor. In 2021, the outdoor segment accounted for the larger share of the overall location-based services market. The large share of this segment is attributed to factors, such as the growing demand for outdoor navigation and mapping applications and the increasing deployment of outdoor location-based services.

However, the indoor segment is expected to record a faster growth rate during the forecast period. Factors such as the increasing demand for location-based productivity tools and the rising demand for indoor location-based services amidst the COVID-19 pandemic are expected to support the growth of this segment.

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Based on industry vertical, the location-based services market is segmented into transportation & logistics, government & public sector, retail and consumer goods, manufacturing, healthcare & life sciences, media & entertainment, aerospace & defense, agriculture, hospitality & tourism, BFSI, IT & telecom, and other industries (gaming, oil, and gas, mining, education). In 2021, the transportation & logistics segment accounted for the largest share of the location-based services market. This is mainly due to the rising demand for location-based services by the transportation industry, the growing demand for GPS-enabled systems across the transportation industry, and the increasing deployment of location-based services by leading LBS players.

However, the retail and consumer goods segment is expected to record the fastest growth during the forecast period. Factors such as the rising demand for location-based retailing services, the increase in demand for mall navigation solutions, the increasing demand for real-time location systems for stores or warehouses, and the growing demand for Bluetooth beacon technologies to promote proximity marketing across retail stores are expected to support the growth of this segment.

Based on geography, Asia-Pacific region accounted for the largest share of the global location-based services market in 2021. The large market share of this region is attributed to the increasing deployment of location-based services across Asian countries, the growing demand from food & beverage industries to deliver fresh meat and seafood products, the favorable government initiatives across the Asian countries that support the adoption of location-based services. Furthermore, developed APAC markets, especially Japan, India, South Korea, Australia, Greater China, and Singapore, have accelerated the adoption of location-based services, consequently promoting the growth of this market in the region.

The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years. The location-based services market has witnessed numerous product launches in recent years. For instance, in January 2021, ALE International (Alcatel-Lucent Enterprise) launched two new Wi-Fi 6 certified access points: Alcatel-Lucent Omni Access Stellar AP1311 entry level premium model and the Alcatel-Lucent OmniAccess Stellar AP1301 entry-level base model.

The global location-based services (LBS) market is consolidated and dominated by a few major players, namely ALE International (France), Google LLC (U.S.), Apple Inc. (U.S.), Rohde & Schwarz GmbH & Co. KG (Germany), AT&T Inc. (U.S.), Cisco Systems, Inc. (U.S.), HERE Technologies (Netherlands), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Telefonaktiebolaget LM Ericsson (Sweden), TomTom N.V. (Netherlands), Foursquare (U.S.), ESRI (U.S.), Intellias Ltd (U.S.), Zebra Technologies (U.S.), Aruba Networks (U.S.), SAP SE (Germany), Precisely (U.S.), Hexagon AB (Sweden), and Trimble, Inc. (U.S.) among others.

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According to a new market research report titled, ‘Magnetic Resonance Imaging (MRI) Systems Market by Design (Close, Open, Portable), Field Strength (Low Field, 3T, 5T, 7T Scanner), Application (Vascular, Brain, Neuro, Breast, Cardiac, Paediatric, Extremity, Whole Body), and End User – Global Forecast to 2030,’ published by Meticulous Research^®, the magnetic resonance imaging (MRI) systems market is projected to reach $10.35 billion by 2030, at a CAGR of 6.3% from 2023 to 2030.

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Magnetic resonance imaging (MRI) systems are being widely incorporated in clinical settings. The demand for MRI systems is increasing due to their wide applications in neuroimaging, cardiac MRI, and other healthcare conditions. MRI images enable physicians to make more accurate and faster decisions for treatment in cases of complex health conditions where other tests are ambiguous. MRI systems provide high-resolution images and accurate measurements.

The safety offered by MRI systems, particularly to patients at risk of undergoing multiple scans due to complex congenital heart diseases, has also fueled the increased adoption of these systems. Furthermore, the wide applications of MRI in neuro imaging, breast imaging, vascular imaging, musculoskeletal and extremity imaging, and pediatric imaging are expected to drive the magnetic resonance imaging (MRI) systems market.

Other factors driving this market’s growth are the rising awareness about the importance of early disease diagnosis, the growing demand for high-field MRI scans, the rising incidence of cardiac, neurological, and oncological disorders, and rising healthcare expenditure. However, the high cost of MRI systems and low reimbursement rates restrains the market’s growth.

Furthermore, the growing penetration of MRI systems in developing economies, the development of zero/low radiation MRI systems, and technological advancements in MRI systems are expected to offer significant market growth opportunities. However, the shortage of skilled professionals for MRI in many developing countries is a major challenge to the market’s growth.

Rising Incidence of Cardiac, Neurological, and Oncological Disorders to Drive Magnetic Resonance Imaging (MRI) Systems Market’s Growth

According to data published by the World Health Organization (WHO) in 2021, cardiac diseases are the leading causes of death globally. Furthermore, according to data published by the British Heart Foundation in 2022, there are nearly 550 million people with heart and circulatory disease globally, and the number is expected to rise due to changing lifestyles and growth in the aging population. Cardiac MRI systems are being adopted globally for diagnosing a wide range of heart disorders. These conditions include congenital heart disease, coronary heart disease, and inherited heart conditions such as dilated cardiomyopathy, hypertrophic cardiomyopathy, and cardiac tumors. Countries such as the U.K. have promoted the adoption of cardiac MRI in hospitals due to its advantages which have increased the number of scans conducted annually by 15–20%.

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The growing applications of MRI in neurological disorders have also triggered the adoption of these systems. According to data published by the WHO in 2022, nervous system disorders are the second leading cause of death globally, with stroke, migraine, dementia, meningitis, and epilepsy among the major contributors. MRI images are useful for examining spinal cord and brain injuries and other conditions such as abscesses, tumors, congenital abnormalities, and subdural hematoma. Many neurological conditions are preventable and can be treated using MRI systems. Thus, MRI is highly preferred by physicians to find tumors in the body to determine whether a tumor is cancerous. Furthermore, the advantages of MRI in oncological disorders include locating the size and location of a tumor, planning treatment such as radiation therapy or surgery, and determining if the treatment is working.

The magnetic resonance imaging (MRI) systems market is segmented based on Design (Closed MRI Systems, Open MRI Systems, Portable and Handheld MRI Systems), Field Strength (3T Scanners, 5T Scanners, Low-Field (1.2t or less) Scanners, 7T Scanners), Application (Neuro Imaging, Whole Body Imaging, Breast Imaging, Cardiac Imaging, Vascular Imaging, Musculoskeletal and Extremity Imaging, Pediatric Imaging), End User (Diagnostic Imaging Centers, Hospitals, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market shares at the country and regional levels.

Based on design, in 2023, the closed MRI systems segment is expected to account for the largest share of the magnetic resonance imaging (MRI) systems market. The large market share of this segment is attributed to the advantages offered by closed MRI systems over open MRI systems, including quicker scanning rate, diagnoses of a wider range of diseases, and the production of higher-quality images. However, the portable and handheld MRI systems segment is expected to register the fastest growth rate during the forecast period. The growth of this segment is attributed to the benefits offered by portable and handheld MRI systems, including the non-requirement of a high power supply and quench pipe and ease of installation & movability.

Based on field strength, the 3T scanners segment is expected to account for the largest share of the magnetic resonance imaging (MRI) systems market. The large market share of this segment is attributed to the benefits offered by 3T MRI scanners, including high scan quality & speed and the ability to pick up more signals from tissues and organs, resulting in sharper, clearer images which make it suitable for the diagnosis of numerous neurological as other chronic disorders.

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Based on application, the musculoskeletal and extremity imaging segment is projected to register the fastest growth rate during the forecast period. The wider coverage of conditions in musculoskeletal and extremity imaging for cases of bone infections, nerve damage, tumors, fractures, and ​degenerative joint diseases drives the growth of this segment. In addition, the rising number of patients with osteoporosis at high risk of fractures is fueling the segment’s growth.

Based on geography, in 2023, North America is expected to account for the largest share of the magnetic resonance imaging (MRI) systems market, followed by Europe and Asia-Pacific. Furthermore, in 2023, the U.S. is expected to be the largest market shareholder in North America. The market growth in the U.S. is attributed to the high disposable incomes of the population, the rising number of patients with chronic diseases, and favorable government investments for supporting the installation of magnetic resonance imaging (MRI) systems in various healthcare facilities.

However, Asia-Pacific region is expected to witnesss a rapid growth during the forecast period. The growth of this regional market is attributed to the increasing geriatric population, the rising prevalence of chronic diseases in developing countries across Asia-Pacific, the increasing healthcare investments in countries such as China and India, and the high preference for MRI images by physicians due to its wide advantages in selecting appropriate diagnosis plan. Furthermore, government initiatives promoting advanced technological systems for accurate diagnosis drive the growth of this regional market.

The report also includes an extensive assessment of the key growth strategies adopted by leading market players between 2020 and 2022. In the last couple of years, the magnetic resonance imaging (MRI) systems market has witnessed various strategic developments. Some of the key players operating in the magnetic resonance imaging (MRI) systems market are Aurora Imaging Technology, Inc. (U.S.), Esaote S.p.A (Italy), Fonar Corporation (U.S.), GE Healthcare (U.S.), FUJIFILM Holdings Corporation (Japan), Bruker Corporation (U.S.), Aspect Imaging Ltd. (Israel), Philips Healthcare (Netherlands), Siemens Healthcare (Siemens Healthcare), Toshiba Medical Systems Corporation (Japan), Canon Inc. (Japan), and Hyperfine, Inc. (U.S.).

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According to a new market research report “Smart Packaging Market by Packaging Technology (Modified Atmosphere Packaging, Active Packaging {Ethanol Emitters}, Intelligent Packaging {Indicators}), by Application (Food and Beverages, Pharmaceuticals, Automotive), Geography– Global Forecast To 2027”, published by Meticulous Research^®, the smart packaging market is poised to reach $43.6 billion by 2027, at a CAGR of 5.2% from 2020.

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The growth in this market is backed by a growing proportion of older people and changes in consumer lifestyles, increasing demand for advanced packaging solutions from the food processing and pharmaceutical sector, growing consumer concern for food wastage reduction, and demand for smart and functional packaging. Moreover, the growing e-commerce market and rising industrialization in the emerging economies, including India and China, coupled with strong demand for superior logistics and supply chain management, are likely to drive the industry over the forecast period. However, the high cost and unwillingness of brand owners to pay an additional cost of smart packaging are expected to hinder the growth of this market to some extent.

The overall smart packaging market is mainly segmented by packaging technology (modified atmosphere packaging (MAP), active packaging, and intelligent packaging), application (food & beverages, pharmaceuticals, automotive, personal care, and others), and geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa).

Based on packaging technology, the modified atmosphere packaging segment is estimated to command the dominant share of the overall smart packaging market in 2020. The dominant position of this segment is mainly attributed to the increasing demand for fresh and high-quality packaged food products such as bread, fruits and vegetables, processed meat, fish, seafood, and dairy products. Further, on-the-go lifestyle, shift towards easy-to-handle & convenient packaging, and emerging economies propel the demand for modified atmosphere packaging in the market.

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However, the cost of gas packaging machinery and packaging materials used in modified atmosphere packaging is high. This can hinder the growth of modified atmosphere packaging market. Further, the intelligent packaging segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is primarily attributed to the increasing demand for packaged food, rising inclination towards food safety from chemicals and contamination by food manufacturers, and increased prevalence of the drugs that have high moisture sensitivity. In addition, growing advances in packaging technology and investments in research and development are some of the major market drivers, fueling the market growth in the forecast period.

Based on application, the food & beverage segment is estimated to hold the largest share of the overall smart packaging market in 2020. The large share of this segment is mainly attributed to the rising use of active products in the food & beverage industry coupled with growing emphasis to preserve the quality and safety of packaged products from manufacturing to the time the food is consumed. Further, consumers demand healthy, safe, and higher‐quality foods, with long shelf‐life, and growing demand for self-heating and cooling packaged products in the beverage industry is expected to fuel demand for such products in North America and Europe over the forecast period. However, the pharmaceutical segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is primarily attributed to the growing aging population, increasing integration of barcodes, RFID, and sensors technology in the pharmaceutical industry to monitor the details about medicines’ expiry date, consumption, dosages, and the rising advances in the pharmaceutical industry.

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Geographically, North America is estimated to command the largest share of the global smart packaging market in 2020. The leading position of North America in the global smart packaging market is primarily attributed to the rise in the adoption of smart packaging solutions due to the rising demand for packaged and frozen foods, increased food safety concerns within the population, and changing lifestyle due to urbanization. Further, changing government regulations regarding safer food and packaging, growing food waste, and rising demand for quality packaging to extend shelf life is driving the market for smart packaging in North America. However, the high cost of smart packaging is projected to hamper the global smart packaging market growth. Moreover, Asia-Pacific is expected to grow with the fastest CAGR during the forecast period. The fast growth of this region is primarily attributed to the changing lifestyles of people, increasing demand for packaging solutions with longer sustainability, and growing demand for fresh and quality food. Further, an increase in counterfeit products in developing countries such as India and China has also compelled companies to use technologies like RFID during packaging. However, security and privacy issues in the case of intelligent packaging systems are expected to challenge the market’s growth over the forecast period.

The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the smart packaging market over the last four years. The key players operating in the global smart packaging market are 3M, Avery Dennison Corporation, American Thermal Instruments, Temptime Corporation, Smartrac N.V., BASF SE, Thin Film Electronics ASA, Stora Enso, International Paper, Amcor plc, Emerson Electric Co., R.R. Donnelly & Sons (RRD) Company, Sealed Air Corporation, and Smartglyph Ltd. among others.

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Meticulous Research®—a leading global market research company, published a research report titled, ‘Plant-based Meat Market by Type (Tofu, TVP, Tempeh, Seitan, Meatballs, Burger Patties, Nuggets, Crumbles), Source (Soy, Wheat, Pea), Distribution Channel (B2B, B2C [Convenience Store, Online Retail, Specialty Store]), and Geography – Global Forecast to 2030.’

According to this latest publication from Meticulous Research®, the global plant-based meat market is projected to reach $24.01 billion by 2030, at a CAGR of 13.9% from 2023 to 2030. The growth of the plant-based meat market is mainly attributed to the growing preference for plant-based food products, the growing vegan population, the growing focus on animal welfare, and the rising demand for alternative proteins. Furthermore, innovation in food technology and product launches by plant-based food and alternative protein manufacturers are expected to create market growth opportunities. However, consumer preference for soy and gluten-free products and significant preference for animal-based products are expected to hinder the growth of this market to some extent.

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Key Players

The global plant-based meat market is moderately competitive due to many large and small-sized global, regional, and local players. The key players operating in the global plant-based meat market are Beyond Meat Inc. (U.S.), Impossible Foods Inc (U.S.), The Hain Celestial Group, Inc. (U.S.), Unilever Plc (U.K.), Kellogg Company (U.S.), Lightlife Foods, Inc. (Part of Maple Leaf Foods Inc., Canada) (U.S.), Nestlé S.A. (Switzerland), Conagra Brands, Inc. (U.S.), Taifun–Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBites Food Ltd (U.K.), Sunfed Meats (New Zealand), Quorn Foods (U.K.), Ojah B.V. (Netherlands), and The Kraft Heinz Company (U.S.).

The plant-based meat market study presents historical market data in terms of value (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented by type (tofu, textured vegetable protein (TVP), burger patties, tempeh, hot dogs and sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, other plant-based meat), by source (soy, wheat, pea, other sources), by distribution channel (business to business, business to consumers [morden groceries, convenience store, specialty store, online retail, others]) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at regional and country levels.

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Among all the types studied in this report, the tofu segment is expected to account for the largest share of the global plant-based meat market in 2023. The large market share of this segment is attributed to the increasing adoption due to its lower cost, easy availability, and high protein content with all the essential amino acids. In addition, the rising health and wellness trend is further expected to boost the demand for this segment.

Among all the sources studied in this report, the pea segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to its high protein content, the rising number of investments from leading manufacturers to increase pea protein production, and increasing consumer desire. In addition, peas are allergen-free, gluten-free, and lactose-free, which further increases the demand for pea-based meat.

Among all the distribution channels studied in this report, the business-to-consumer population segment is expected to account for the largest share of the plant-based meat market in 2023. The large market share of this segment is attributed to factors such as increasing e-commerce, increased plant-based food sales in well-established supermarkets and hypermarket chains, and increasing consumer expenses on vegan food products.

Among all the regions studied in this report, in 2023, North America is expected to account for the largest share of the plant-based meat market. The large market share of this region is attributed to the high awareness regarding the importance of protein-rich diets, rising consumer awareness of the risks associated with consuming contaminated meat goods, and rising investments in the plant-based meat sector.

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Key Questions Answered in the Report-

• What is the current revenue value generated by the global plant-based meat market?
• At what rate is the global plant-based meat demand projected to grow for the next 5-7 years?
• What are the historical market sizes and growth rates of the global plant-based meat market?
• What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing players and new entrants in the market?
• Which segments in terms of type, source, and distribution channel create major traction for the manufacturers in this market?
• What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the plant-based meat market?
• Who are the major players in the global plant-based meat market? What are their specific product offerings in this market?
• What are the recent strategic developments in the global plant-based meat market? What are the impacts of these strategic developments on the market?

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