Wednesday, 8 April 2020

Continuous Glucose Monitoring Market Size, Analytical Overview, Growth Factors, Demand and Trends Forecast 2026

The global continuous glucose monitoring market size is anticipated to reach USD 1,325.9 million by 2025 growing at a CAGR of 15.8% from 2019 to 2025 according to a new report published by Polaris Market Research. The report ‘Continuous Glucose Monitoring (CGM) Market Share, Size, Trends, & Industry Analysis Report, By Components type (Transmitters & Receivers, Sensor, Insulin Pumps), By end users (Hospitals, Homecare Diagnostics, Others); By Region: Segment Forecast, 2019 – 2025’ provides insights on the current market scenario and the prospects.

In 2018, by segment type sensors capture the largest market shares in terms of revenue and hold major share in the market. Regionally, North America accounted for the major share in the wearable medical device market.
           

The market is primarily driven by rising prevalence of diabetes globally and increased calling for glucose level testing instantly. Moreover, this innovative technology allowing quick access for analyzing blood glucose level that will stimulate the entire industry. Additionally, increasing awareness for the use of these devices in the developing countries would also propel CGM market in coming years. Furthermore, rising need for the diagnosis of hyperglycemic and hypoglycemic conditions in an individual, and increasing opportunities in the developing countries with the increasing need of research and development by the key players also support the market growth. However, stringent regulatory policies and expensive systems would hinder the market growth during the forecast period.
  
On the basis of component type, in 2018, transmitters & receiver holds the major market share. While, sensor component type will be on a leading position during the forecast period. The sensors would hold major share owning to its advantages such as user-friendly technology and increasing awareness for testing blood glucose level in a less time frame.

End users of continuous glucose monitoring are the hospitals, and homecare diagnostics. Homecare diagnostics holds the major share in the CGM market due to, continuous innovations of products that do not require hospital staff intervention for operating these devices.


Geographically, North America holds a dominating position in the global continuous glucose monitoring (CGM) market followed by Europe and Asia Pacific. The growth in the North America wearable medical device market is basically driven growing rate of obesity in this region, sedentary lifestyle rising prevalence of diabetes, and techno savvy population in North America. While, Asia Pacific is poised to grow at a faster rate during the forecast period.

The leading companies operating in this industry include Dexcom Inc., Roche Diagnostics, Medtronic plc., Novo Nordisk, Abbott Laboratories, Animas Corporation, Ypsomed AG., Bayer AG, Insulet Corporation, and Sensonic Corporation.

Key Findings from the study suggest CGM available in the market are continuously concentrating on the technological advancements. The leading companies while developing new systems focusing on the ease of the operation for the patients without hospital staff interventions. Regionally, North America is presumed to dominate the global continuous glucose monitoring market over the forecast years and Asia Pacific region shows signs of high growth owing to the booming economies of India, and China.


Polaris Market Research has segmented the global continuous glucose monitoring market on the basis of component type, end user and region:

Continuous Glucose Monitoring Component Type Outlook (Revenue, USD Million, 2015 – 2025)
·         Transmitters & Receivers
·         Sensors
·         Insulin Pumps
Continuous Glucose Monitoring End User Outlook (Revenue, USD Million, 2015 – 2025)
·         Hospitals
·         Homecare Diagnostics
·         Others
Continuous Glucose Monitoring Regional Outlook (Revenue, USD Million, 2015 – 2025)
·         North America
o    U.S.
o    Canada
·         Europe
o    Germany
o    UK
o    France
o    Italy
o    Spain
o    Belgium
o    Russia
o    Netherlands
o    Rest of Europe
·         Asia-Pacific
o    China
o    India
o    Japan
o    Korea
o    Singapore
o    Malaysia
o    Indonesia
o    Thailand
o    Philippines
o    Rest of Asia-Pacific
·         Latin America
o    Brazil
o    Mexico
o    Argentina
o    Rest of LATAM
·         Middle East & Africa
o    UAE
o    Saudi Arabia
o    South Africa
o    Rest of MEA
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Energy Drinks Market 2020-2026 Overview with Detailed Analysis, Competitive landscape Forecast

The global energy drinks market size is anticipated to reach USD 84.70 billion by 2026 growing at a CAGR of 7.3% from 2018 to 2026 according to a new report published by Polaris Market Research.  The report ‘Energy Drinks Market Share, Size, Trends, & Industry Analysis Report, [By Product (Non-alcoholic, Caffeinated, Sports Drink), By Type (Organic, Non-organic, Natural), By Distribution (On-trade, Off-trade & Direct Selling), By Regions]: Segment Forecast, 2018 – 2026′ provides insights on the current market scenario and the future prospects.

Energy drinks are beverages that typically contain taurine, caffeine, vitamins, glucuronolactone, proprietary blends, herbal extracts, and amino acids, which are marketed as products that boost physical stamina and mental alertness. These beverages are formulated both with and without sugar and may or may not be carbonated, thus the product ranges are significantly broad. These products are gaining popularity among athletes, students, service members and even the adult consumers.


In spite of the significantly increasing demand, current evidence for efficacy, performance and safety is often contradictory and unsystematic, and the primary concern of these beverages is that most of the product categories offered contain high caffeine concentrations. The media, scientific community, athletic departments, governments, including the general public have expressed several safety concerns over consumption of these products.

In a response to these types of concerns, several legislators have formulated different regulations and educational approaches to limit consumption of these products. These are some of the restraining factors that the industry participants face in the present scenario despite the growing demand.

These products experience several different traction types from many demographics, such as the Hispanics and age group between 18 – 35 are deeply inclined for these products whereas the millennial consumers opt for regular use f these beverages. In the next decades, demand for these products will be at its peak as these two consumer groups have been rising tremendously.

  
With such commercial momentum of popularity of these products, the industry participants are not exempted from the beverage industry’s larger forces as a whole. Demand for sugar free energy drinks or minimum sugar containing products that are formulated with natural ingredients have been rising.

Moreover, these organic or natural beverages are to satisfy all of the functional characteristics as the conventional products, as are the expectations of the modern consumers and their complex demands. From the startups, new market entrants to the legacy brand names, the energy drinks market are still in the midst of an era of evolution which is expected to redefine these products in the near future.

The U.S. is the largest consumer of energy drinks in the present industry scenario. In 2016 and 2017, regular energy drinks demand in the country slowed down that historically performed strongly. However, demand for sugar free or reduced sugar products have seen significant success spearheading present growth in the U.S. market.

Consumers in the U.S. are also demanding for new and wide variety of natural flavors and functionality within the low-calorie beverage categories. Some of the leading brands in the country include PepsiCo, GCMMF, Coca-Cola, Heinz, GSK, Goldwin Healthcare, Power Horse, NourishCo., Taisho Pharmaceutical Co Ltd., Monster Energy, and Red Bull.

About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.

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Phone: 1–646–568–9980
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Welding Materials Market 2020 Share, Size, Trends, & Industry Analysis Report 2026

The global welding materials market is estimated to reach USD 22.8 billion by 2026 growing at a CAGR of 6.6% during the forecast period, according to a new study published by Polaris Market Research. The report ‘Welding Materials Market Share, Size, Trends, & Industry Analysis Report, By Type (Fluxes & Wires, Electrode & Filler Materials); By Technology (Resistance Welding, ARC Welding, Ultrasonic Welding); By End-User, By Region: Segment Forecast, 2019 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends. In 2018, the automotive and transportation segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.

The increasing automation in various industrial processes, and use of welding materials in diverse applications such as construction, automotive, and aerospace among others is expected to support the market growth. Increasing use of welding materials in infrastructural development, and rising construction activities especially in the developing economies accelerates the market growth. Other driving factors include increasing investments in energy infrastructure, industrialization, improving aesthetics of welds, urbanization, and growing development of new filler metals to improve purity. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the welding materials industry during the forecast period.


Welding electrodes are developed from electrically conductive material, and are capable of conducting electric current to the weld. Consumable electrodes provide the filler metal of the weld puddle, and include welding wires, rods, plates, strips, wires and tapes, and combination electrodes. Consumable electrodes include a variety of metals and alloys such as steel, aluminum, titanium, and copper. Non-consumable electrodes include rods and electrodes used in resistance welding.

Asia-Pacific generated the highest revenue during 2018, and is expected to lead the global market throughout the forecast period. The presence of established industries such as manufacturing and automotive, substantial initiatives in research and development, and increasing automation of industrial processes drive the market growth. Rapid industrialization and growth of construction industry further strengthen the welding materials industry in the region. The increasing sale of passenger vehicles, coupled with increasing infrastructure development in countries such as China, and Japan increases the adoption of welding materials in the region.


The well-known companies profiled in the report include Air Products And Chemicals, Inc., Praxair Technology, Inc., Tianjin Bridge Welding Materials Group Co., Ltd., The Lincoln Electric Company, Illinois Tool Works Inc., Ador Welding Ltd., Hyundai Welding Co., Ltd., Taiyo Nippon Sanso Corporation, Fronius International GmbH, Miller Electric Mfg. LLC, Iwatani Corporation, and Colfax Corporation. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach.

About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.

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Phone: 1–646–568–9980
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Transparent Plastic Market Segmented by Product, Top Manufacturers, Geography Trends and Forecast

The global transparent plastic market size is estimated to reach USD 177.43 billion by 2026 growing at a CAGR of 6.8% during the forecast period, according to a new study published by Polaris Market Research. The report ‘Transparent Plastic Market Share, Size, Trends, & Industry Analysis Report, By Type (Rigid Transparent Plastic, Flexible Transparent Plastic), By Polymer Type (Polycarbonate, Polyvinyl Chloride, Polystyrene, Polypropylene, Polyethylene Terephthalate), By End-User, By Region]: Segment Forecast, 2019 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends. In 2018, the packaging segment dominated the global transparent plastic industry, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.

The diverse applications of transparent plastic in industries such as healthcare, construction, packaging, automotive, and consumer goods among others is expected to support the market growth. The demand for transparent plastic has improved significantly over the past few years owing to features such as improved shelf-life of packaged food products, and ease of customization. Other factors driving the transparent plastic industry include growing adoption of electric vehicles, development of bio-based transparent plastics, and rising demand from food & beverages industry for packaging solutions.


However, increasing concerns regarding environmental pollution, and increasing demand for eco-friendly packaging material are expected to restrict the market growth. Increasing demand from developing nations, recycling of PVC, and technological advancements are expected provide numerous growth opportunities to the market players operating in the transparent plastic industry.

PVC is an amorphous thermoplastic with properties such as high transparency, excellent mechanical properties and impact strength, and great resistance to chemicals and fire. Optical characteristics of clear PVC products include high light transmission, high clarity, and anti-glare surface. It is used in the construction sector for day lighting, greenhouse, and safety glazing applications. The packaging industry uses PVC for blister packs, cling films, clear wraps, whereas the healthcare sector uses it for bags, tubing, drips, connectors, and valves among others.
Asia-Pacific generated the highest revenue in the transparent plastic industry in 2018, and is expected to lead the global market throughout the forecast period. The presence of emerging industries such as healthcare, construction, and packaging, substantial initiatives in research and development, and favorable government policies drive the market growth. Rapid industrialization, growing demand from packaged food and beverages and healthcare sectors, and growth of electronics industry in the region supports the market growth in the region.


The well-known companies profiled in the transparent plastic market report include BASF SE, PPG Industries, LG Chem, E. I. Du Pont De Nemours and Company, Asahi Kasei Corporation, Evonik Industries AG, The Dow Chemical Company, Teijin Limited, Eastman Chemical Company, Chevron Phillips Chemical Company, Exxon Mobil Corporation, and PolyOne Corporation. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach.
  
About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.

Contact Us:
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Phone: 1–646–568–9980
Email: sales@polarismarketresearch.com
  
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Hexafluoroacetone Derivatives Market Share Worldwide Industry Growth, Size, Statistics, Opportunities and Forecast 2026

The global Hexafluoroacetone Derivatives market size is expected to reach USD 979.1 million by 2026 according to a new study by Polaris Market Research. The report “Hexafluoroacetone Derivatives Market Share, Size, Trends, Industry Analysis Report By Product (Industrial, Reagents, Others); By Application (Textile Coating, Solvents, Adhesives, Pharmaceuticals, Others); By Regions, Segments Forecast, 2020 – 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Growing applicability across textile coatings, solvents, and pharma industry is majorly driving the Hexafluoroacetone Derivatives market growth. Strong resistive properties of the product against chemicals offering toughness have resulted in implementation of the product as a solvent for multiple chemicals. Industry players are developing novel products and implementing strong marketing strategies to promote the Hexafluoroacetone Derivatives sales.


Rising spending capacity of people has resulted in high textile consumption across the and this factor is catering to the market growth. Enhanced functional performance of the product has resulted in increased usage across textile industry. Due to the low cost, fabrics are coated with hexafluoroacetone derivatives to improve the performance of the fabric.

Hexafluoroacetone derivatives available in industrial grade are utilized in bulk in polymer industry. Manufacturers are finding ways to reduce the overall cost of the production as well as innovative ways of mass production. One of the methods widely used in manufacturing is conversion of dimer to monomer effected by potassium fluoride in dimethylformamide. The commercial reagent formed is used as adhesives in pharmaceutical industry. Such trends are benefitting the overall hexafluoroacetone market growth over the forecast period.


Solvent application accounted for majority of market share in 2019. Enhanced performance of the product offering high fatigue resistance and high wear resistance will drive the product growth. The product is also used as an intermediary in various chemical reactions. High solubility of these derivatives is boosting mass consumption of the product. Increasing disposable income is resulting in high demand for processed textiles treated with these derivatives.

Asia Pacific hexafluoroacetone derivatives is expected to witness fastest growth over the forecast study frame. Increasing manufacturing base in the region along with growing population is a key factor driving the industry growth. Textile companies are implementing the product to improve the quality and thereby positively impacting the industry growth. Currently north America and Europe hold majority of the industry share owing to presence of technology in the region and vast production base.

The key players in the market Halocarbon Products Corporation, Hangzhou Dayangchem Co. Ltd., Ltd, Solvay S.A., Sigma-Aldrich Corporation, Central Glass Co., Ltd., Sinochem Lantian Co., Parchem Fine & Specialty Chemicals, Leap Labchem Co.. E. I. du Pont de Nemours and Company, among others. Development of distribution channels and improving geographical footprint are some of the success factors in the industry.


About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.

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Agriculture Analytics Market Growth Analysis by Size, Future Trends and Current growth 2020-2026

The global agriculture analytics market size is expected to reach USD 1,991.6 million by 2026 according to a new study by Polaris Market Research. gives a detailed insight into current market dynamics and provides analysis on future market growth.

The primary growth driver for the farm analytics sector is government projects to implement modern agricultural techniques. Increasing pressure to satisfy the increasing global demand for food in combination with the need to enhance farm productivity also contributes to the application of agricultural analytics and the growth of the agricultural analytics sector. Agricultural digitization is anticipated to assist feed the increasing population. It is anticipated that the global population will rise by about 40% and reach 9.6 million by 2050. Therefore, to satisfy the increasing demand for food, the general food production requires to double. The present production rate, process, and distribution technique would not be adequate to feed the increasing population; therefore, it is anticipated that the implementation of fresh and advanced technology at different stages of farming will become essential to satisfy the increasing demand.


Implementing analytics in farming and agricultural operations helps farmers evaluate all real-time information such as moisture, soil, crop, weather, and more. It also allows for an organized plan for the post-harvest operations of farm manufacturing. Accentuating government and regulatory bodies for the implementation of contemporary techniques in agriculture and agriculture such as the use of analytics, artificial intelligence among farmers has led in a favorable development of the market in agricultural analytics. Because of the enormous capital needed to implement sophisticated agricultural technology, the development of the agricultural analytics industry could be hampered. Nevertheless, technological improvements, sophisticated infrastructure and the use of high-end farm equipment enable farm investors to take measures towards the farming sector, which is expected to increase the development of the market for agricultural analytics in the foreseeable years.

Large farms held the largest market share in the global market in 2019. Because of the affordability and high economies of scale, the implementation of agricultural analytics solution in big farms is greater than that of small and medium-sized farms.


The increasingly competitive landscape and the need to satisfy worldwide food demands inspire them to turn to the solution and services of agricultural analytics to improve the use of resources for better manufacturing. Large farm size carries out high-level company activities that produce big amounts of data. Providers of agricultural analytics services assist big farms manage and use the information efficiently for maximum production.

Over the forecast period, North America is anticipated to dominate the global market for agricultural. This development is due to the increasing implementation of sophisticated farming machinery and is probable to stimulate the development of the worldwide agricultural analytics industry. However, Asia Pacific is anticipated to give the agricultural analytics market numerous favorable avenues for development.

Accenture, Agribotix, Agrivi, Agvue Technologies, Awhere, Conservis Corporation, Deere & Company, Delaval, DTN, Farmers Business Network, Farmers Edge, Geosys, Granular, Gro Intelligence, IBM, Iteris, Monsanto Company, Oracle, Precisionhawk, Proagrica, Resson, SAP, Stesalit, Taranis, and Trimble are some of the players operating in the global market. These businesses are also attempting to enter into strategic alliances, company expansions, mergers and acquisitions, and advances in product / service.


About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.

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Phone: 1–646–568–9980
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Fall Protection Equipment Market Outlook 2026: Top Companies, Trends, Growth Factors Details by Regions

The global fall protection equipment market size is expected to reach USD 2.9 billion by 2026 according to a new study by Polaris Market Research. The report “Fall Protection Equipment Market Share, Size, Trends, Industry Analysis Report By Product (Hard Goods, Soft Goods, Rescue Kits, Full Body Harness and Body Belts); By Application (Oil & Gas, Construction, Transportation, Mining, Telecom, Energy & Utilities, General Industry); By Regions, Segment Forecast, 2019 – 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The global demand for fall protection equipment is escalating, with increasing focus on workers ‘ safety in construction, mining, energy and oil and gas industries. They include the use of controls that are preferably designed to protect staff from death and injury. Incident and occupational risk, including falling off overhead platforms or elevated workstations, is expected to contribute to the protection of industry demand.


Market growth is driven by a growing awareness of industrial security and stringent government safety regulations in various industries. One of the main drivers is increasing demand for fall protection equipment from the construction industry. However, increasing automation is expected to limit market growth in the end-use industries. In addition to this, the lack of awareness is expected to hamper the growth of this market over the forecast period. Increasing stringent regulations pertaining to safety of employees is also expected to bring in new opportunities for the key players in this market.


It is estimated that the body belts segment may surpass consumption of 53 million units by 2026 in the overall market. These are used primarily together with a full body harness for injury protection. OSHA also recommends the utilization of body belts from elevated platforms. Construction market segment is anticipated to hold major share in the global market till the end of forecast period. In addition to this, mining industry is also expected to witness significant growth in the global market over the forecast period.

During the forecast period, North America will be followed closely by Europe. The market is expected to grow enormously due to rapid industrialization in both of these regions. In particular, Asia Pacific, due to anticipated growth in the construction industry during the forecast period, will be seen to increase the demand for fall protection equipment. This market growth can be mainly attributed to the rapid development of infrastructure, high investment in new industries, and the rise in construction in residential and commercial buildings in countries such as India, Indonesia, Thailand and China. The high demand for fall-protection equipment in the ever growing energy and utility industry of Latin America market is expected to register a significant CAGR during the forecast period.

Do you have questions or special requirements? Ask our industry experts: https://www.polarismarketresearch.com/industry-analysis/fall-protection-equipment-market/speak-to-analyst

Some of the key players in the market include 3M, MSA Safety Company, SKYLOTEC, Capital Safety, Honeywell Miller, Eurosafe Solutions, ABS Safety, Gravitec System, French Creek Production, FallTech and DBI-SALA . The key players in this market have adopted the strategy of mergers and acquisitions as a part of their strategy in order to gain competitive share in the global market.


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Nonlinear Optical Crystals Market Technological Advancement & Growth Analysis with Forecast to 2026

The global Nonlinear Optical (NLO) Crystals Market size is expected to reach USD 7,766.4 million by 2026 according to a new study by Polaris Market Research The key players in the market include Covesion, HC Photonics, AdvR, Red Optronics, Inrad Optics, Eskma Optics, among others.
Nonlinear optics is the part of science that manages the collaboration of light with issue under conditions to such an extent that the direct superposition guideline is disregarded. Instances of nonlinear optical associations incorporate consonant age, whole and distinction recurrence age, the force reliance of the complex refractive record, light-by-light dissipating, and invigorated light dispersing. These procedures lead to applications including all-optical switching, optical power limiting, picture control, and picture preparing.

Insulating gems structure a significant class of second-request nonlinear optical materials. It is settled that solitary precious stones that come up short on a focal point of reversal evenness can have a nonvanishing second-request vulnerability. This prerequisite restrains the selection of precious stones to those of certain balance classes. An extra prerequisite on materials properties is set by the way that second-request nonlinear optical procedures can happen with great effectiveness just if a standard stage coordinating condition is fulfilled. 


Albeit all materials should show this conduct, the proficiency of this procedure is commonly little and can’t be controlled remotely. Presently, accomplices of the Graphene Flagship venture in Cambridge (UK), Milan, and Genova (Italy) have shown just because that graphene demonstrates a decent optical reaction, yet in addition how to control the quality of this impact utilizing an electric field.
  
Looks into imagine the production of new graphene optical switches, which could likewise bridle new optical frequencies to transmit information alongside optical cables, expanding the measure of information that can be transmitted. At present, most business gadgets utilizing nonlinear optics are just utilized in spectroscopy. Graphene could make ready towards the creation of new gadgets for ultra-expansive transmission capacity applications.

Nevertheless, these are obviously delegate arrangements, intended to purchase time to recuperate high speculation costs inline innovation (principally burrowing), before at last taking off Fiber-to-the-Building or even Fiber-to-the-Home (FTTB/FTTH). This pattern for fixed-line administration is probably going to persevere for quite a while. Moore’s law will win for at any rate another five to seven years with regards to storage (it is less sure for processor speeds). And keeping in mind that development in screens may slow fairly, higher screen definition will proceed, to 8K and past, until we arrive at the farthest point of the human eye’s capacity. Normally, portable broadband improvement has pursued the patterns in fixed broadband, but with a postponement of a couple of years.


The application of Nonlinear Optical Crystals includes high cost owing to the high price of raw materials. It not only increases the cost of end-product but also discourages manufacturing companies to adopt the same. Despite Asia Pacific having cheapest workforce across the globe, the cost of end product ascends drastically. This in turn acts as a major restraint for the Nonlinear Optical Crystals Market.

Various nonlinear optical crystals techniques exist or are being produced for different zones going from maritime sensing of biological systems, gas air pockets, and submerged items to restorative sensing of the human body. The methodology is to utilize essential frequency occurrence waves to produce second-arrange nonlinear whole or contrast frequency handle that convey data about an article to be detected. Here we demonstrate that when all is said in done nonlinear sensing of an article, many confused and conceivably surprising systems can prompt total or distinction frequency fields.

China’s telecom segment proceeded with relentless development a year ago, with vigorous portable system benefits and improving web infrastructure. The segment’s income rose 3 percent year on year to 1.3 trillion yuan (in excess of 190 billion U.S. dollars) in 2018, as indicated by a report of the Ministry of Industry and Information Technology. Given vivacious improvement of interpersonal interaction applications, the extent of telephone call charges in the all-out telecom income dropped further to 13.7 percent a year ago from 17.9 percent in 2017. As a result, it is expected to have a positive impact on the market growth.


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Robotic Process Automation in BFSI Market 2020-2026 Overview, Industry Top Manufactures, Size, Growth rate

The global Robotic Process Automation in BFSI market size is expected to reach USD 3,457.8 million by 2026 according to a new study by Polaris Market Research. The report “Robotic Process Automation in BFSI Market Share, Size, Trends, Industry Analysis Report By Type (Software and Services); By Services (Consulting, Implementation, Training); By Organization Size (SME, Large Enterprises); By Application (Banking, Financial Services & Insurance); By Regions, Segments & Forecast, 2019 – 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Inherent benefits offered by robotic process automation (RPA) such as process transparency, enhanced customer service, on-boarding optimization of processes, highest degree of data integrity, shorter lifecycles, and ability to effectively comply with regulations of various enforcement agencies combined with the data driven nature of the overall banking and financial sector are some of the factors proving beneficial for the overall RPA in BFSI market growth. In addition, ability of RPA to help clients to capitalize and gain from growth opportunities thus providing a competitive edge is another factor responsible for the overall market growth.


Banking sector is characterized by the presence of a large number of players thus resulting in a high industrial rivalry. Due to such competitive environment, companies are trying to implement cost effective solutions that may help them to stay ahead of the competition. RPA is one such preferred solution. It automates the otherwise tedious manual operations thus saving precious man hours, results in client satisfaction thus ultimately catering to client loyalty, and provides better quality control through its operating procedures. Such factors have resulted in the overall Robotic Process Automation in BFSI growth in the past and this scenario is expected to continue till 2026.
  
Robotic Process Automation is used in a variety of applications such as entry of a new account across various platforms and networks, duplicating of accounts and account reconciliation, extraction of forms, VAT reporting, cleansing and updating of account, credit card processing, loan processing among others. These processes are directly related to customer experience and hence, companies are automating these processes through RPA to provide better and enhanced customer experience in order to gain more market share. Such trends are benefitting the Robotic Process Automation in BFSI market growth.


North American region is expected to maintain its dominance over the market for the next eight years. High demand particularly from the U.S. market is a key contributor to this scenario. Presence of highly sophisticated and advanced banking and financial infrastructure in the country, strong presence of industry participants, coupled with high demand for enhanced customer experience are some of the factors driving the market growth in the region. Countries such as China, Japan and South Korea are primarily driving the growth in Asia Pacific region, which is anticipated to witness high growth rate till 2026.

Some of the major industry participants include WorkFusion, Inc., UiPath, Thoughtonomy, Softomotive, Kryon Systems, Pegasystems Inc., NICE, Blue Prism, Kofax Inc. and Automation Anywhere Inc., among others. Companies are trying to provide one stop solutions to all the needs of their clients and are constantly developing new solutions to cater to the customized needs of the clients.


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