Wednesday, February 6, 2019

South Africa Car Rental and Leasing Market Research Report & Forecast: Ken Research


How South Africa Car Rental, Leasing and Aggregator Market is Positioned?
South Africa Car Rental and Leasing Market
South Africa Car Rental And Leasing Market augmented positively from 2013 to 2018 at a positive CAGR during the review period 2013-2018. The car rental and leasing market was largely dominated by foreign companies operating in the country including Avis, Hertz, Budget and Europcar. Car rental and leasing market in South Africa was driven by business car rental due to consistent bookings from corporate customers to attend events such as exhibitions, conferences, workshops and meetings. Industry players also formed strategic partnerships with each other to boost sales.
South Africa Cab Aggregator Market
In 2013, online cab aggregators entered the South African transportation industry with the launch of Uber in Johannesburg. Uber and Taxify are the major players in the market. Online cab aggregators have expanded the market beyond the existing market of traditional metered taxis. At numerous occasions violence has erupted between metered taxi operators and online cab aggregator drivers in the country as the metered taxi operators accused the online cab aggregators of stealing business and competing unfairly due to low fares which could not be matched.
South Africa Car Rental and Leasing Market Segmentation
By Region
In 2018, Southern South Africa had the largest share of the car rental and leasing market in terms of revenue followed by Northern South Africa, Eastern South Africa and Western South Africa. Cape Town and Port Elizabeth are the major markets for car rental and leasing in the southern part of the country. This is because not only is Cape Town a major destination for business tourism in Africa, it is also an employment hub in the country and thus attract many migrants.
By Type of Booking
Offline booking was the major source of bookings as compared to online bookings in South Africa car rental and leasing market. Direct booking through company website had the major market share within the online booking market for car rental and leasing while booking through intermediaries mainly including booking through third party websites such as CarFlexi, Economy Car Rentals, and Kayak or by other travel agencies had a smaller share in the online booking market.
By Type of End Users
In 2018, Logistics and Courier companies continued to be the largest end user for car rental and leasing market followed by Mining Company Executives. Other end users included Financial Institutions, Consultancy, Hospitality Industry and other industries. This is because a large number of businesses rely on logistics and courier companies for urgent, secure and efficient procurement and distribution solutions in South Africa thus fuelling growth in the country’s car rental and leasing market too.
Keywords:-
South Africa Car Rental And Leasing Industry
Car Rental and Leasing Industry In South Africa
South Africa Car Rental Direct Booking Market
South Africa Car Rental Third Party Booking Market
Regulatory Norms in South Africa Taxi Market
Growth Drivers South Africa Car Rental
Minibus Taxi Market in South Africa
Metered Taxi Market in South Africa
Airport Transfers in South Africa
Fuel Prices In South Africa Taxi Market
Political Impact South Africa Taxi Market
Transport Structure In South Africa
South Africa Uber Market
South Africa Taxify Market
South Africa Uber Company Profile
South Africa Hertz Company Profile
South Africa Avis Company Profile
Key Segments Covered:-
South Africa Car Rental and Leasing Market:
By Region:
Northern South Africa
Southern South Africa
Eastern South Africa
Western South Africa
By Type of Booking:
Online Booking
Offline Booking
By Type of End Users:
Mining Company Executives
Logistic and Courier Companies
Financial Institutions, Consultancy, Hospitality Industry and Others
South Africa Cab Aggregator Market:-
By Region:
Northern South Africa
Southern South Africa
Eastern South Africa
Western South Africa
Key Target Audience:-
Car Rental Companies
Car Leasing Companies
Online Cab Aggregators
Taxi Companies
Private Equity Ventures
Time Period Captured in the Report:-
2013-2018 – Historical Period
2019-2023 – Future Forecast
Companies Covered:-
Car Rental and Leasing Companies:-
Avis Budget Group Inc, Europcar Groupe SA, Hertz Corp, First Car Rental SA and Imperial Holdings Ltd, Uber and Taxify
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Rising Demand For Irish Sipirts Market Outlook: Ken Research


According to the report analysis, ‘Country Profile: Spirits in Irelandit is states that there are several key players which are presently functioning in this market more effectively for dominating the handsome amount of share across the globe by doing attractive developments in the packaging material of the product and distribution channels includes Diageo plc, Pernod Ricard SA, LVMH Moet Hennessy - Louis Vuitton, Bacardi Limited, McCormick Distilling Co, Casa Cuervo S.A. de C.V, William Grant & Sons Ltd, Irish Distillers Limited, Dunphys, Suntory Holdings Ltd, Emperador Distillers Inc, Brown-Forman Corporation, Heaven Hill Distilleries Inc and several others. Meanwhile, the Smirnoff was the leading brand in the Irish Spirits sector. Moreover, the key players of this market are supplying their product with the help of various distribution channels which includes hypermarkets & supermarkets, department stores, convenience stores, drugstores & pharmacies, food & drinks specialists, cash & carries and warehouse clubs, 'dollar stores', variety store & general merchandise retailers, vending machines, e-retailers, on-trade, and other general retailers for leading the fastest market growth across the globe.
The market of spirits in Ireland has grown more significantly as this region is highly developed and a multicultural region. The spirits in Ireland is very much efficient on the occasions and in this regions the spirits are easily available at the stores and the liquor pubs with the frequent utilization. Moreover, the key players in this market are dominating the handsome amount of share by delivering an effective product at a reasonable price which further become beneficial for making the market more competitive and lead the market demand more effectively during the forecasted period. With the competitive nature of the market, the new investors and existing key players are investing more significantly in the development of the products and technology of the product making with the techniques. Not only has this, the significant increment in the disposable income and effective change in the living style of the youngsters are the two major key drivers which will drive the market growth more significantly in the coming years.
In addition, the focused key players of this region are adopting the effective strategies and policies for leading the fastest market growth with the respective highest market share by knowing the upcoming market trends and opportunities. Unsurprisingly, with the effective development in the infrastructure and the transformation in lifestyle the demand for liquor or spirits will rising more significantly which make the market more competitive and profitable for both the consumer and the key players. The key players of this market is expected to establish an e-commerce platform more actively for accomplishing the growing demand for spirits in Ireland and across the globe. Whereas, the buyers of spirits also get the huge and wide variety of the product with different specifications which become beneficial for providing the better consumer satisfactions and leading the fastest market growth with the highest market share.
Although, the producer of spirits in Ireland are doing significant developments in the packaging material of the product for attaining the highest market share with the effective market growth includes glass, rigid plastics, rigid metal and others. Whereas, Glass is the only pack material used in the Irish Spirits sector. In addition, it is expected that the market of spirits in Ireland will grow more significantly in the near future over the recent few years.
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Landscape Of The Global Conversational System Market Outlook: Ken Research

Conversation System Market
The conversational system is majorly a collaboration platform designed to communicate with the humans with the specified coherent structure. These conversations are enabled with the hepatic feedback, gestures and several others. Whereas, the conversational system is a cognitive computing tool, which can develop a simple and bidirectional text/voice dialog into meaningful output. It is a developed model that creates multiple modalities to deliver communication across the digital device mesh. In addition, the conversation systems implement the functionalities of cognitive computing, artificial intelligence, Internet of Things, and others. These systems comprise of hardware and software components being utilized to create appropriate output responses. Nevertheless, the key players of this market are making a huge amount of investment for leading the fastest market growth and significant developments in the technology during the forecasted period more efficiently.
According to the report analysis, ‘Conversational System Market - Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023’ it states that there are several key players which are presently functioning in this market more significantly for attaining the highest market growth during the forecasted period with the handsome amount of share around the globe by making significant developments in the technology and techniques of performing across the market includes Microsoft Corporation, IBM Corporation, Google Inc. SAP SE, Numenta, Palantir Technologies, Enterra Solutions, Tibco Software, Saffron Technology, and Cognitive Scale. In addition, as customers are in search of improved solutions, there will be an increase in the number of partnerships along with mergers, acquisitions, and collaborations during the forecast period. Furthermore, the key players of this market are analyzing the related aspects of the market for knowing the coming market trends, current scenario, initiatives taken by the government, and the latest technologies which further make the market more competitive and profitable for both the consumers and players.
Although, with the significant working of the key players and a huge amount of investment by the investors, the market is spread across the globe. Whereas, the Americas is the governing region, which controls the principal share of the conversational systems market around the globe due to the existence of major players in this region. Moreover, EMEA is predictable to capture the third largest market share in terms of revenue owing to the enormous involvement of technology in different segments including BFSI, manufacturing, education, and healthcare. Nevertheless, the Asia Pacific (APAC) is between the fastest rising regions in the conversational systems market across the globe. Developing economies, such as China and India, are emerging on technology innovation; and a significant increase in the acceptance of automated tool to improve the productivity at the workplace is the key driver for the growth of the market in the Asia Pacific region.
Although, the countries such as Japan, the US, and China are anticipated to rise at a high rate during the forecast period (2017-2023) due to a significant increase in the penetration rate of connected devices and the increasing popularity of the smartphones. Therefore, in the near future, it is anticipated that the market of the conversational system will increase across the globe more significantly over the recent few years.
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Changing Dynamics Of The Polish Dairy And Soy Food Market Outlook: Ken Research


According to the report analysis, ‘Country Profile: Dairy & Soy Food in Poland’ it is states that there are several key players which are recently performing in this market more actively for dominating the handsome amount of share with the attractive and efficient developments in the products and distribution channels includes Sm Mlekovita, OSM Lowicz, Hochland AG, SM Mlekpol, Bakoma, OSM Piatnicy, Zott Se & Co. Kg, Polmlek Sp. z o.o., Arla, Danone Group, Savencia SA, Unilever and several others. Whereas, in the further research it is expected that the Mlekovita and Lowicz are the two leading value brands in the Polish dairy & soy food sector.
In the present era, the populace has become more health conscious and purchase the dairy and soy food by analysis other associated product’s price, quantity, quality and several other aspects. However, the market of dairy and soy food in Poland is attaining the fastest market growth with the effective attention as in the recent trend the population of the region is become more health conscious. In addition, the significant growth in the disposable income and diversification in the lifestyle are the two main drivers of the market growth in Poland in the coming years. Furthermore, the key players of this market are establishing an e-commerce platform for accounting the handsome amount of share by serving the vast variety of products. Whereas, the introducer of these products are playing an important role by doing more attractive improvements in the products as some of the people is having allergy with these products. The growing demand of such items from the various segments of the country will lead an effective market growth more significantly during the forecasted period.
Additionally, the market of dairy and soy food in Poland is split into the unorganized and organized key players whereas, it is expected that the major share in this market is controlled by the organized key players. Not only has this, for attaining the handsome amount of share the unorganized key players of this region are working more actively which will result in the competitive nature and proved to be profitable for both the investors and new entrants. In addition, the key players of this market for attaining the fastest market growth they deliver vast variety of products which majorly includes butter & spreadable fats, cheese, dairy-based & soy-based desserts, drinkable yogurt, fromage frais & quark, milk, soymilk & soy drinks and yogurt. Meanwhile, cheese and milk led the dairy and soy food sector market growth in the value and volume terms respectively moreover, cheese is also anticipated to account the fastest value growth during the forecasted period of 2017-2022.
The Polish dairy & soy food sector registered for value and volume shares of 13.9% and 13.8%, respectively, in Eastern Europe, in 2017. For instance, the Polish dairy & soy food sector is expect to account overall value growth of 40.1% during 2017-2022. Additionally, the hypermarkets & supermarkets is the leading distribution channel in the Polish dairy & soy food sector. Furthermore, in the near future it is expected that the market of Poland with the dairy and soy food sector will increase more actively over the recent few years.
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Tuesday, February 5, 2019

Landscape Of The Digital Customer Experience And Services Market Outlook: Ken Research


The digital customer experience and service automation (DXE) is referred to that term which defines as the whole ecosystem that consists the digital transformational components, which are indefinable for the enablement of an optimum and consistent digital service delivery. Evidently, the significant innovations in the digital sector, the usage of intelligent bots to identify and prioritize consumer aspects for making an effective service delivery could bolster a new age trend in the digital evolution. As real-time and well-organized customer support is becoming a key mantra to achievement for any business entity, it is apparent that most of the prominent companies will have extreme consumer experience platforms within the next decade, with more than 90% of the CXOs of the main corporations considering an effective developments in the overall consumer experience delivered by the end of 2018.

Although, the key players of this market are making huge developments in the research and development programs for leading the fastest market growth during the forecasted period with the handsome amount of share across the globe. According to the report analysis, ‘Digital Customer Experience and Service Automation (DXE) Market’ it states that there are several key players which are recently functioning in this sector more effectively for dominating the highest market share across the globe more effectively by folding up their sleeves with the acceptance of profitable strategies and policies by analyzing the coming market trends includes Adobe, Salesforce, IBM, Oracle, SAP, Sitecore, and Episerver. In addition, the key players of this market are adopting the innovated technologies with the developed techniques of doing work which results a more competitive nature of the market and further enforced the coming investors for making the effective amount of investment.

Additionally, with the significant working of the key players and applications of the digital customer experience services, the market is split into 4 major regions such as North America, Europe-Middle East & Africa (EMEA), Asia Pacific (APAC), and Latin America, among which EMEA is predictable to demonstrate the highest market share in terms of investment value over the entire forecast period. Furthermore, according to the research, the digital customer experience and service automation (DXE) market is anticipated to witness an effective USD 179 billion by 2023, growing at a CAGR of almost 29% during the forecast period. Significant increasing digital platforms and need to enhance the customer journey to manage a competitive edge in the market are the key factors driving the market.

Whereas, with the growth drivers the market is having few restraints which hampers the market growth such as disillusioned existing omni-channel strategies, data security and privacy concern and several others. However, the market of this has prominent key players which are attaining the profitable opportunities for attaining the handsome amount of share with the fastest market growth includes Account-based marketing, robust and efficient business processes and several others. Therefore, in the near future, it is anticipated that the market of digital customer experience and service will increase across the globe more significantly over the recent few years.

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Rise in Patients Coupled with the Necessity of Remote Monitoring and Assessment Services to Drive IoT in Healthcare over the Forecast Period: Ken Research

Internet Of things (IOT) is a system that connects objects using embedded electronics, network connectivity and sensors. It gathers devices & shares the information, making it feasible to collect & analyze data faster and correctly. It is used in healthcare sector for improving real-time communication between patients & the care providers. IoT applications are frequently used to improve quality of care, access to care, and reduce the cost of the total care.

According to study, “IoT IN HEALTHCARETypes (Provider, Payer, Biopharma, Medical Devices), Technologies & Services: (Network Connectivity, Application, and Consulting, Integration, Maintenance), Applications (Telemedicine, Clinical Care, Diagnostic, Drug Management, Cognitive Assessment, AI, Additive Manufacturing), By RegionsGlobal Market Drivers, Opportunities, Trends, and Forecasts, 2016-2022” some of the major companies that are currently working in the IOT in healthcare market are AirStrip Technologies, General Electric Company(GE Healthcare), Medtronic, Inc., IBM Corp.,Vodafone, Vivify Health Inc., Honeywell Life Care Solutions, Stanley Healthcare, Proteus Digital Health, Inc., SAP SE, Cisco Systems Inc., Koninklijke Philips N.V., Qualcomm Life Inc, NXP Semiconductors, Google (Alphabet Inc.), Ericsson AB, Diabetizer Ltd. & Co. KG, Microsoft Corp.,Infosys Limited, Zebra Technologies, St. Jude Medical Inc., Cerner Corporation, Apple Inc.,Propeller Health, Healthsense Inc., Adheretech, Inc.

Based on the types, the IOT healthcare market is segmented into biopharma, payer and provider and by component market is segmented into system & software, medical devices and services. System & software is further sub-segmented into network bandwidth management, application security, remote device management, data analytics and network security. Medical devices are sub-segmented into implantable medical devices, wearable external devices and stationary medical devices. Services are sub-segmented into consulting & training or education, system integration services and support & maintenance services.

Based on the connectivity technology, the market is segmented into Bluetooth Low Energy (BLE), Near Field Communication (NFC), Wi-Fi, cellular, ZigBee and satellite. Based on the application, the market is segmented into connected imaging, clinical operations & workflow management, telemedicine, medication management and impatient monitoring etc. Telemedicine includes remote patient monitoring, store-and-forward telemedicine and interactive telemedicine. In addition, based on the end-user, the market is segmented into Government and Defense Institutions, research & diagnostic laboratories, hospitals or surgical centers & clinics, Clinical Research Organization (CRO) and others.

The market of IOT in healthcare is generally driven by technologically advanced healthcare IT infrastructure, followed by increase in penetration of the connected devices in healthcare, rise in the healthcare expenditure prompting cost cutting initiatives, collaboration among companies, implementation of IoT solutions for reduced cost of care, growth in the demand for remote patient monitoring (for improved out-of-hospital care), increase in the number of initiatives supporting eHealth & digital health and proliferation of smart-phones usage etc. The market restraint analysis includes lack of medical expertise, accuracy of sensors, lack of governance standards, increased interoperability and the risks associated with the hospital security and lack of data privacy. Additionally, some of the major drivers which could impact the market substantially are growth potential in emerging economies and rising adoption of tele-presence technology etc.

It is anticipated that the IOT in healthcare market to reach at US $158.0 billion, by 2022. In the forecast period it is expected that the market to grow at a rapid pace owing to rise in prevalence of chronic & lifestyle associated diseases.

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Thailand Auto Finance Market Research Report and Market Forecast: Ken Research

Thailand Auto Finance Market
What is the Current Potential of Thailand Auto Finance Market?
The auto hire-purchase sector tends to align itself with the domestic market for automobiles. Given its relationship with this market, the sector naturally plays an important role in the overall growth of the economy. During the last 5 years, the hire-purchase market has been sluggish and thus lenders (supply side entities) have relied on financing other range of products and have extended reach into related markets. The credit disbursed in the Thailand Auto Finance Market has increased from THB ~ billion in 2013 to THB ~ billion in 2018. The sales of motorcycles increased in the year 2012 to ~ due to the high price of the agricultural products caused partly by the rice-pledging scheme and partly by the high oil prices. Thai population has been decreasing considerably at a CAGR of ~%. The sales of motorcycles declined in 2014 & 2015 owing to the intense drought and falling farm income which was dragged down by sliding oil prices. The new law changed the base for tax computations to the recommended retail prices from the existing ex-factory prices and cost, insurance, and freight valuesThe rising excise tax led to an increase in the car sales considerably at the end of 2015The new regime was to come into effect from 2016 and thus the customer base increased the purchase of new cars in 2015. However, after the regime came into effect the sales of new cars feel down drastically whereas the sales of used cars went up to 2,018,000 units in 2017. The penetration rates for both new and used cars have increased in 2018.
What is the General value chain in Thailand Auto Finance market?
Financing companies including Banks and Captive Finances acquire their customers mainly through dealers, therefore, they need to provide incentives for the same. Once the customer approaches the dealer, he collects information from the client and forwards that information to one or more prospective car financing companies. If the lender(s) chooses to finance your loan, they may authorize or quote an interest rate to the dealer to finance the loan, referred to as the “buy rate.” The interest rate that the client negotiates with the dealer may be higher than the “buy rate” because it may include an amount that compensates the dealer for handling the financing. Dealers may have the discretion to charge the client more than the buy rate they receive from a lender, so the client may be able to negotiate the interest rate the dealer quote. The company lays down its various product offerings and its terms and conditions along with the list of required documentation. Further, the company carries out a thorough credit screening of the applicant. Credit screening is labor intensive as there is no useful credit information agency in Thailand and screening is done through buyer workplace/home visits, interviews with neighbors. The approval is then sent to the applicant and further he is required to submit the down payment. The financing companies usually call to remind automobile debtors to repay their loans via bank transfer from a call center. If financing companies have to seize/sell collateral after an overdue loan, auto financing companies normally outsource the work to external contractors.
What is the important market segmentation in the Thailand Auto Finance Market?
By Type of Vehicles: On the basis of credit disbursed for commercial vehicles registered a CAGR of above ~% during 2013-2018 comprising of a major share in 2018. On the basis of an auto loan outstanding, passenger vehicle recorded a CAGR above ~% while commercial vehicles experienced a CAGR of above ~%. Commercial vehicle finance has led the space by capturing a share of over ~% in 2018. The first buyer scheme was a boon for the market in its initial years; however, eventually, it failed because of the slow growth in the economy after the scheme.
By New and Used Cars: New vehicles have led the market share on the basis of both, credit disbursed and auto loan outstanding capturing more than ~% of the market in 2018. Major factors responsible for the same have been government regulations, new tax system, changing macroeconomic factors like interest rates, consumer confidence index and household income.
By Type of Institutions: By auto loan outstanding, banks & subsidiaries have led the market capturing almost ~% of market share in 2018. This was followed by captive finances which are growing at a faster pace due to low interest charged. Lowest share was comprised by NBFIs.
By Loan Tenure: On the basis of the auto loan outstanding, 3-year loan tenure has been the most popular one capturing almost ~% market share in 2018. This was followed by 2-year loan tenure which is usually taken up for second-hand vehicles. This was followed by 4 years and 1-year tenure while 5 years and above was the least popular segment in the market in 2018.
Key Segments Covered:-
Type of Vehicles (Passenger Vehicles and Commercial Vehicles on the basis of Credit Disbursed and Auto Loan Outstanding)
New and Used Cars (On the Basis of Number of Vehicles Financed and Auto Loan Outstanding)
Type of Institutions (Banks & Subsidiaries, Captive Finances and Non-Bank Financial Institutes on the Basis of Auto Loan Outstanding)
Loan Tenure (1 Year, 2 Years, 3 Years, 4 Years, 5 and more years on the basis of Auto Loan Outstanding)
Key Target Audience:-
Existing Auto Finance Companies
Banks & Subsidiaries
Auto OEM Captive Finance Companies
Non-Banking Financial Institutions
New Market Entrants
Automobile Financing Companies
Government Organizations
Investors
Automobile Associations
Automobile Original Equipment Manufacturer
Time Period Captured in the Report:-
Financial Year 2013-2018: Historical Period
Financial Year 2019-2023: Future Forecast
Companies Covered:-
Banks:
Thanachart Public Company Limited, Siam Commercial Bank Public Company Limited, Kasikorn Bank Public Company Limited, Kiatnakin Bank Public Company Limited, Bank of Ayudhya Public Company Limited and TISCO Bank Public Company Limited
Subsidiaries:
Ratchathani Leasing Public Company Limited, Thanachart Group Leasing Company Limited, Ayudhya Capital Auto Lease Public Company Limited, Ayudhya Capital Services Company Limited, Krungsri LEASING Services Company Limited, Ngern Tid Lor Company Limited, TISCO Leasing Company Limited, TISCO Tokyo Leasing Company Limited, Kasikorn Leasing Company Limited AND Kiatnakin Leasing Company Limited.
Captive Finances:
Toyota Leasing Thailand, Mercedes-Benz Leasing, BMW Financial Services, MITSU Leasing Thailand, Ford Services Thailand Company Limited, Honda Leasing Thailand Company Limited, Hyundai Motor Thailand Company Limited, Kia Motors Finance, Mazda Financial Services Limited, Suzuki Motor Thailand Company Limited, Volvo Financial Services, Tri Petch Isuzu Leasing Company Limited, Land Rover Financial Services, Mini Financial Services, Porsche Financial Services And Thai Rung Union Car Public Company Limited
Non-Banks:
Ayudhya Capital Services Company Limited, Ayudhya Capital Auto Lease Public Company Limited, Asia Sermkij Leasing Public Company Limited, Ngern Tid Lor Company Limited, Jmt Network Services, SGF Automotive, Thai Ace Capital, Aeon Thana Sinsap Public Company Limited, Summit Capital Leasing Company Limited, Nakonluang Capital Public Company Limited, J Money Company, G Capital Public Company Limited and Thiensurat Leasing Company Limited
Keywords:-
Market Research Report of Thailand Auto Finance Market
Thailand Auto Credit Disbursed
Thailand Auto Finance Market Research Report
Leasing Market Thailand
Loan Sale Purchase Thailand
Non-Bank Institutes Thailand
Thailand Auto Finance History
Thailand Auto Credit Future Growth
Motorbike Loan Thailand
Bank Auto Finance Thailand
Loan Outstanding Thailand
New Car Finances Thailand
Old Car Finance Thailand
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The Digital Twin Market is Driven by the Increasing Virtual Marketing Promotions, Followed by the Growing Popularity of Internet of Things and Cloud platforms: Ken Research

Digital twin defines as a digital replica of physical assets, places, people, processes, systems and devices which can be used for different purposes. It has ability to control, record, and monitor dynamic process, product or a service through creating an imaginary model by simulation software & computer-based aids. It is also capable of sustaining conceptualization, assessment, and collaboration for the high-end improvements and the problem-solving techniques. It provides concurrent status and functioning conditions of the substantial objects via accessing data from the sensors installed in the objects. The Digital twin market primarily assist for reducing operational loss, controlling supply chain loss in a manufacturing plant and designing or repairing of the airplanes and turbines.

According to study, “Digital Twin Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023” some of the major companies that are currently working in the digital twin market are Infosys Ltd., Dell Inc., Dassault Systemes, Twin Thread LLC, Siemens Ltd., Prodea System Inc., DIGITAL TWIN, Schnitger Corporation, Hexagon AB, General Electric Company, Ansys Inc., SAP SE, Robet Bosch GmbH, AT & T Inc., Cisco Systems Inc., Alphabet Inc., SimScale GmbH, Oracle Corp., Concirrus, IBM Corp., AVEVA Group plc., Allerin Tech Pvt Ltd., Amazon Web Services, Altair Engineering, Inc., Prodea System Inc., Aucotec AG, CADFEM GmbH, Autodesk Inc., Parametric Technology Corporation (PTC) Inc., Sight Machine Inc., Toshiba Corporation, TIBCO Software Inc., Virtalis Ltd., Computer Science Corporation, DNV GL AS, CoSMo Company SAS, FEINGUSS BLANK GmbH.

Based on the type, the digital twin market is segmented into product twin, system twin and process twin. The process and systems twins are a high demand in the end-user businesses due to extensive functionalities. Based on the exploitation type market is categorized into on-premises exploitation, cloud exploitation and hybrid exploitation. Based on the technologies market is segmented into APDV, Predix, DTS-Si and other technologies. Based on the application, market is segmented into operations optimization, business optimization, machine & equipment health monitoring, cyber security, edge computing and asset performance management and others. Business optimization controls the supply chain loss and present better lean manufacturing capabilities with data driven solutions to improve the efficiency. Machine & equipment health monitoring includes structural health and conditional monitoring. Based on the industries, the market is defines as power, aviation, oil & gas, home & commercial, manufacturing, BFSI, smart cities and healthcare etc.

The digital twin market is driven by increasing virtual marketing promotions, followed by growing popularity of internet of things & cloud platforms, rising early warning or prediction & optimization, increasing demand for cloud-based platforms and increasing digitalization (a strategy to enhance productivity). However, some of the restraints are lack of skilled workforce and technical knowledge, interoperability & security, lack of awareness regarding cost benefit of the adoption of digital twins and delay in implementing 3D design technologies. Some of the key opportunities include expanding the boundaries of product design technologies and cognitive digital twin.

North American region holds the prevalent market share of inclusive digital twin market followed by Asia Pacific and Europe regions. The growth of the region is primarily by the key countries such as Canada and U.S. and is attributed to rising demand for analytical tools & spatial data. In upcoming years, it is anticipated that this market will be developed fast as a result of the policy changes for the expansion of manufacturing capabilities.

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