Macroeconomic Assessment Of The Kingdom Of Saudi Arabia In 2023 : Ken Research

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Story Outline

• Saudi Arabia heavily relies on oil revenues, making it vulnerable to global oil market fluctuations. Vision 2030 aims to diversify the economy and reduce this dependency.
• Economic Diversification and Vision 2030: Vision 2030 is a long-term economic blueprint focusing on tourism, renewable energy, and non-oil sectors to achieve sustainable growth and job creation.
• Economic growth has been impacted by oil price fluctuations and the COVID-19 pandemic. Fiscal deficits are decreasing, while job creation remains a challenge.
• KSA government Investments in infrastructure, human capital, and diversification efforts offer optimism for long-term economic growth.

The Kingdom of Saudi Arabia (KSA) has witnessed drastic changes to its macroeconomic landscape over the last several years. This transformation is being fueled by a combination of oil market volatility, rapid technological advancement, political developments, and a need for economic diversification.

Despite the inherent challenges, the KSA has undertaken critical steps to ensure the long-term sustainability of its economy, as outlined in its ambitious Vision 2030 initiative.

This article offers a comprehensive macroeconomic assessment of the Kingdom of Saudi Arabia.

1. Oil Dependency and Market Volatility

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For the past several years, the KSA has been heavily dependent on oil revenues.

As of 2021, the oil sector constituted about 42% of the country's GDP, 90% of export earnings, and 90% of fiscal revenue.

However, this dependence has made the KSA susceptible to the volatility of the global oil markets, leading to budget deficits when prices are low and fiscal surpluses during oil booms.

In response to this volatility and to mitigate the risks of future oil market shocks, the KSA has embarked on an ambitious economic diversification program.

Vision 2030 aims to move away from over-reliance on oil, fostering sustainable growth and reducing the economy's vulnerability to oil price fluctuations.

2. Economic Diversification and Vision 2030

Introduced in 2016, Vision 2030 is the KSA's long-term economic blueprint.

 This strategic framework aims to transform the Kingdom's economy, diversify its sources of revenue, modernize its infrastructure, and build a prosperous society.

 It has three broad themes: a vibrant society, a thriving economy, and an ambitious nation.

Key areas of focus within Vision 2030 include tourism, entertainment, investment in renewable energy, fostering the non-oil private sector, and bolstering human capital development.

The initiative's targets are ambitious: by 2030, the KSA aims to increase the private sector's contribution to GDP from 40% to 65%, raise the share of non-oil exports in non-oil GDP from 16% to 50%, and create 1.2 million jobs.

The road to economic diversification is a challenging one, marked by several risks and uncertainties. However, progress is evident in areas such as the digital economy, renewable energy, and entertainment and tourism.

The Kingdom has successfully launched mega-projects like NEOM city and the Red Sea Project, which have the potential to significantly boost economic activity outside the oil sector.

3. Macroeconomic Indicators

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Following the slump in oil prices in 2015, the KSA's economic growth rates have been under pressure. The real GDP growth rate was negative in 2020 due to the COVID-19 pandemic and the oil price crash.

However, it rebounded in 2021 and is expected to continue recovering as the economy adapts to new realities.

The fiscal deficit, which surged in the wake of the oil price crash, has been gradually decreasing due to efforts to diversify revenue sources, rationalize public spending, and improve fiscal management.

Meanwhile, inflation has remained relatively low and stable, reflecting prudent monetary policy and moderate domestic demand.

Vision 2030's ambitious job creation target aims to address this issue, but progress has been slow, and structural changes are needed to match skills with market demands.

4. Future Outlook

The future of the KSA's economy hinges on the successful implementation of Vision 2030.

So far, the kingdom has shown commendable commitment to the plan, even amid global uncertainties. However, it will be crucial for the KSA to maintain fiscal discipline, foster an environment conducive for the private sector, continue efforts to increase female participation in the workforce, and enhance educational and training programs to equip its youth with marketable skills.

Despite the challenges, there are reasons for optimism. The kingdom's significant investment in infrastructure, digital economy, and human capital are likely to pay dividends in the long run.

The KSA also has the potential to leverage its strategic location, abundant natural resources, and young population to drive growth.

Conclusion

The Kingdom of Saudi Arabia is at an economic crossroads. While its economic dependence on oil has brought prosperity, it has also exposed it to vulnerabilities. The ambitious Vision 2030 plan holds the potential to transform the KSA into a diversified, resilient economy. This transformation will not only reshape the economic landscape of the kingdom but also have profound implications for the Middle East region and beyond.

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KSA Macroeconomic Assessment

Can Trulioo maintain its upward trajectory by 2028? : Ken Research

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Trulioo has emerged as a formidable player in cutting edge technologies and compliance expertise and providing groundbreaking advancements, making this franchise one of the largest in the US Identity Verification Market, projecting for a rise of 13% by 2028.

STORY OUTLINE

• A fully end to end solution provided by Trulioo, automates the entity verification process, making it easier and automatic for users.
• Trulioo enabled identity-documents check KYC to truly streamline the workflow.
• With technological advancements, integration and partnerships, Trulioo surges up the ladder.
• Flexibility and authenticity added with secured workflow, enables Trulioo to grow more.

1.A fully end-to-end solution provided by Trulioo, automates the entity verification process, making it easier and automatic for users.

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• Due to the increasing money laundering and theft, Trulioo has enabled a fully end-to-end solution called Know-Your-Business (KYB) which automates traditional manual verification reducing the time taken for complete verification from weeks to minutes.
• With the generalization of KYB, Trulioo stated a growth of 587% since the year 2020, reducing and solving many problems regarding money laundering and other frauds.
• Trulioo also has AML(Anti-Money Laundering) Watchlist and ongoing sanctions screening, which cross checks both users and businesses against people who are politically exposed, with more than 6000 watchlists and over 20,000 adverse media sources.

According to Ken Research, Trulioo has much stronger and secure interface and algorithms, with advanced protocols like Artificial Intelligence and Machine Learning, with a broader network of industries and cases associated with it and a large number of watchlist, makes this one of the leading companies, soon to top every other company, with promising vision towards the future.

2.Trulioo enabled identity-documents check KYC to truly streamline the workflow.

• In order to fully streamline the process, along with KYB, Trulioo enabled the Know-Your-Customer (KYC) process, which checks the business’s valuable owners in the same process.
• Trulioo through this process offers over 500 integrated personal identifiable data sources, more than 11,000 identity document types and more than 5000 watchlists, making it one of the most diverse in workflow but secure in every way.
• Trulioo advances new methods, stating them in Money20/20, Amsterdam, where high delivery of performance, utilizing a global network of more than 440 data sources to verify customers quickly and provide a real time access to more than 10,000 verifiable ID documents, leading to a growth and increase in security.

3.With technological advancements, integration and partnerships, Trulioo surges up the ladder.

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• Trulioo has officially upgraded EmbedID, with a new document verification and biometric facial recognition features, negating any fraud or hacking and maintains regulatory compliances for SMBs (Small and Midsize Businesses), making people’s engagement increase.
• EmbedID has been preconfigured with identity verification market’s GlobalGateway API, which can be accessed by SMBs, reducing fraud in a large scale and meeting AML and KYC requirements, bringing in people’s trust and increase in people who want to participate more by securing their business.
• The introduction of Artificial Intelligence (AI) as a process, has simplified the workflow, as persons data are being checked with real time details and documents both, without much manual or man power to be used, making the market to grow rapidly.

4.Flexibility and authenticity added with secured workflow, enables Trulioo to grow more.

• Trulioo has started its advancements since the Covid-19 pandemic, when all types of vendors have shifted all towards digital transformation. Unlike other players, Trulioo follows a much more flexible workflow resulting in a proper verification of customers during onboarding, conduction of ongoing monitoring or complying toward many types of regulatory requirements, expanding its reach to many different industries.
• Trulioo offers a much more complex data encryption resulting in a more secure and robust interface, resulting in a build of trust for which people with broader business tend to trust the company resulting in an increase in the growth of the market.
• With complex AI and Machine Learning, assisted with consistent support from human teams to maintain the regularity and authenticity with ever upgrading of the features, Trulioo is going to cross the ladder of the US identity verification market.

CONCLUSION

Trulioo is truly one of the leading companies running the identity verification, with multiple processes and complex protocol, consisting of KYB and KYC, also with AI to help screen with proper target allocation and Machine Learning (ML) to adequately process the result. A proper authenticity makes it truly trustworthy to people and their engagement makes this company to grow. Northern America has its dominance in the US Identity Verification Market with major contributions from this company, which is rising every year.

India Business Aviation Market Size, Growth, Outlook to 2030: Ken Research

 What Is The Size Of India Business Aviation Industry?

India Business Aviation Market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2030.

The India Business Aviation Market is largely driven by urbanization, rising HNWIs, technological advancements, air connectivity expansion, and growing demand in sectors like tourism, e-commerce, healthcare, and government initiatives.

Improvements in airport infrastructure, including the development of dedicated private jet terminals and Fixed Base Operators (FBOs), have boosted the growth of the business aviation market as it provides enhanced facilities and services cater specifically to the needs of business aviation users, offering convenience, efficiency, and privacy.

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Regulatory reforms by the Indian government, such as the liberalization of aviation policies, easing of customs and immigration procedures, and simplification of bureaucratic processes, have encouraged foreign investment and made it easier for international business aviation operators to enter the Indian market.

The Indian government's initiatives to attract foreign investment in various sectors have positively impacted the business aviation market. Growing FDI in industries such as manufacturing, information technology, and services has led to an increased demand for private air travel, as foreign companies require efficient and flexible transportation options.

Business aviation companies expanding their operations in Tier-II and Tier-III cities across India have contributed to market growth.

India Business Aviation Market By Revenue Stream

The India Business Aviation market is segmented by Revenue Stream into Aircraft Charter Income, MRO Services, Ground Handling, Aircraft Sales Commission and Hospitality Services (F&B) & Aviation Academy.

Air Charter Income has captured a major part, accounting for highest market share in financial year 2022.

Major players focus on charter operations and outsource related services to other companies. MRO occupies second highest share with Mumbai being home to over 80% of the MRO facilities in the country. Ground handling followed by Aircraft sales commission and hospitality services (F&B) has been the third, fourth and fifth highest revenue streams respectively in 2022.

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India Business Aviation Market By Fleet Type

The India Business Aviation market is segmented by Fleet type into Helicopters, Turboprops and Jets.

Helicopters are the most demanded air-object type in the business aviation sector of India. It covers almost half of the market share in financial year 2022 in terms of fleet size.

The inherent flexibility of helicopters makes it an appropriate choice for air ambulance, transportation, slung work, pilgrimage visits and for politicians during elections. Use of helicopters for off-site operations such as for oil & gas stations, ore sites, mineral traction and others have resulted in its big fleet size. Business jets have the second highest share, followed by turboprops.

India Business Aviation Market By Region

The India Business Aviation market is segmented by Region into North, South, East and West.

The western and northern regions have been preeminent in registered fleet for business aircrafts. Delhi and Mumbai, two business and medical centers of the country, witness the highest demand. Dominance of huge number of wealthy individuals, major political movement and presence of renowned hospitals has led to such proportionate shares.

They are also the base of a number of operators or aircraft management companies. Mumbai is also the home of the sole business aviation airport in India. East, northeast and central parts of India have a meager share. However, the situation is likely to change with the regional connectivity program of the government in the years to come.

Competition Scenario In India Business Aviation Market

The business aviation market in India is witnessing a competitive landscape with multiple players vying for market share. The market comprises a mix of international and domestic companies offering a range of services, including aircraft parts manufacturing, aircraft management, charter services, and fractional ownership.

Competition is driven by factors such as service quality, fleet size, geographic coverage, and pricing strategies. The market is currently experiencing steady growth, with increasing demand from high-net-worth individuals, corporate entities, and industries like tourism and healthcare. Companies are focusing on enhancing customer experience, expanding their fleet, and exploring innovative business models to gain a competitive edge in the dynamic Indian business aviation market.

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What Is The Expected Future Outlook For The Overall India Business Aviation Market?

The India Business Aviation market was valued at USD ~billion in 2022 and is anticipated to reach USD ~ billion by the end of 2030, witnessing a CAGR of ~% during the forecast period 2022-2030. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The India Business Aviation market is driven by urbanization, rising HNWIs, technological advancements, air connectivity expansion, and growing demand in sectors like tourism, e-commerce, healthcare, and government initiatives. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

India's ongoing urbanization process is expected to drive the demand for business aviation in the future. As more cities develop and become economic hubs, there will be a growing need for efficient and flexible transportation options for business travelers, leading to increased demand for private aircraft.

As the India’s Economic development rises, the number of high-net-worth individuals in India is projected to increase significantly in the coming years. HNWIs are more likely to use business aviation for their travel needs, driving the demand for private jets and charter services.

Advancements in aviation technology, including the development of quieter, more fuel-efficient aircraft, will make business aviation more sustainable and cost-effective. These technological advancements will attract more businesses and individuals to opt for private aviation, leading to market growth.

The Indian government's focus on enhancing air connectivity by developing regional airports and increasing regional air routes will boost the business aviation sector. Improved accessibility to smaller cities and remote areas will attract business travelers who require efficient transportation to these locations.

India's tourism and hospitality industry is experiencing robust growth, attracting both domestic and international travelers. Business aviation plays a crucial role in facilitating travel to tourist destinations, luxury resorts, and remote locations, catering to the unique needs of high-end travelers and boosting the market's growth.

The rapid growth of e-commerce and logistics in India will contribute to the demand for business aviation services. Delivery companies and e-commerce giants require efficient transportation of goods and executives to support their expanding operations, leading to increased utilization of private aircraft.

For More Insights On Market Intelligence, Refer To The Link Below: –

India Business Aviation Market Outlook to 2030

Related Reports By Ken Research:-

India Aviation MRO Market Outlook to 2028

India Ground Handling Services Market Outlook to 2026

4 Catalyst to growth in South Korea Warehouse Automation Market: Ken Research

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South Korea's warehouse automation market is booming, driven by e-commerce growth, demand for efficient logistics, labor shortages, and aging population. This article explores the key catalysts behind its rapid growth.

Storyline

• E-Commerce Surge: South Korea's e-commerce market booms, ranking 6th globally with sales surpassing USD 180 Bn in 2022.

• Logistics Demands Soar: Increasing online sales and same-day delivery expectations drive the urgent need for automated warehouses to handle rising logistics demands efficiently.

• Labor Shortages Spur Automation: With an aging population and labor scarcity, South Korea turns to automation solutions to overcome labor shortages and scale operations.

• Embracing Digitalization: South Korea embraces advanced warehousing techniques like ASRS and digitalization for accurate tracking, forecasting, and streamlined stock management.

Introduction

South Korea's e-commerce industry has grown exponentially, making it the sixth largest market globally with nearly 210 trillion South Korean won in sales in 2022. Fueled by COVID-19, online shopping has surged, necessitating efficient warehousing and logistics solutions. To meet the demand for large warehouses and same-day delivery, companies are turning to automation technologies to streamline operations and address labor shortages. This article delves into South Korea's evolving e-commerce landscape, the emphasis on digitalization, and the growing need for automation in warehousing and delivery services.

1. E-Commerce Growth: E-commerce sales in South Korea amounted to almost 210 trillion South Korean won in 2022.

Read More: South Korea Warehouse Automation Market

Online shopping transaction volume in South Korea from 2010 to 2022(in trillion Korean won)

• Hence, companies are continuously moving towards automating their warehouses in order to fulfill high volume of order efficiently with minimum possible errors.
• This is rapidly generating need for large warehouse capacity with proper automation to tackle increasing logistics demands with increasing same day delivery demands.
• The value of e-commerce sales in South Korea amounted to almost 210 trillion South Korean won in 2022. The popularity of online shopping via different e-commerce channels has continuously grown over the last years. This was especially true in the last year due to the effects of COVID-19, as the South Korean e-commerce market experienced an increase.
• South Korea is the 6^th largest market for e-commerce

2. As labor shortage rises South Korea looks to foreign workers

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Shortage rate of the data experts in South Korea in 2021, by profession

• General merchandise, Retail, E-commerce etc. companies are readily adopting automation technologies to grow and expand their business in line with changing business environment.
• This will allow these companies to scale their business independently of issues including expensive labor and labor shortage.
• Further, labor shortage is expected in coming years due to fast ageing population of the country and low fertility rate.
• This leads to accelerate the demand for automation solutions to offset insufficient warehousing labor.

3. Rise in demand for Same-day Delivery

Online food delivery is a growing market worldwide, with an estimated number of around 1.96 Bn people using such services in 2021. In South Korea, around 31.5% of households ordered food delivery that same year. This was often done for reasons of convenience and the possibility of limiting contact with others. Mobile and online ordering was the method of choice for around 47 percent of consumers in South Korea.

Increasing customers demand for same-day delivery mainly driven by pandemic which have led to manifold increase in online sales and bulk orders with same-day delivery preference such as grocery shopping. This will influence the companies to automate their warehouses to fulfill the rise in demand.

4. Increasing Focus on Digitalization

• The increasing digitization is paving way for automated warehousing technologies, ASRS and several other advanced techniques of warehousing in the country.
• Automation allows for more accurate tracking, forecasting and stock replenishment.

According to Ken Research: South Korea's warehouse automation market is thriving due to e-commerce growth, same-day delivery demand, labor shortages, and digitalization. Companies are investing in automated warehousing technologies to scale operations, overcome labor challenges, and achieve efficiency, accuracy, and cost-effectiveness. Embracing automation positions them for success in South Korea's evolving market.

Scenario of Mortgage Funding in Saudi Arabia in 2023 : Ken Research

 Amidst global uncertainties, Saudi Arabia emerges as a safe haven for investors. The country's fading pandemic and rising energy prices have propelled the economy to growth rates not seen in years.

The banking sector is undergoing a transformative shift, fuelled by the surge in oil prices and increased government revenues.

Story Outline

• As the world entered 2022, optimism filled the Saudi banking sector with strong revenue growth and robust asset quality.
• Major Banks like Al Rajhi Bank and Saudi National Bank reported significant income rises, reflecting a positive outlook.
• However, despite challenges like the outbreak of war in Ukraine, the optimism remains steadfast. Delayed projects and stalled construction pose obstacles in financing initiatives.
• The Ministry of Education has withdrawn unfinished projects due to delays, leading to potential legal actions against contractors.
• Pandemic disruptions and limited financing options contribute to construction slowdowns and project postponements, hindering progress.

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1. Saudi Arabia: A Safe Haven amidst Global Uncertainties

Amid the ongoing war in Europe, investments in less risky environment are becoming harder to find by investors, and the kingdom of Saudi Arabia has shown to be the most risk free places to invest in today's time.

The rise in oil prices is supporting the government's financial reserves and helping the banking sector, which is experiencing a historic shift in ages.

One major success story is Al Rajhi Bank, the country's largest bank, which announced a significant net income increase of about 40% in 2021, equal to SR14.74 Bn.

The start of 2022 brought about optimism in the Saudi banking sector, with analysts predicting strong revenue growth, robust asset quality, and an array of government projects that would drive loan growth.

These predictions were validated as Saudi National Bank, the second-largest bank, recorded a net income increase of over 10% at SR 12.6 Bn.

A month or so later, even with the outbreak of war in Ukraine and the spectre of stagflation, that optimism is largely undiminished.

2. Delayed Projects and Stalled Construction leading to disturbance in financing of projects

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• The Ministry of Education in KSA has withdrawn 26 unfinished projects from contractors due to delays.
• They have authorized education departments to take legal action against these contractors.
• The ministry expects the completion of 200 projects before the upcoming academic year, which will enhance services for citizens and replace substandard buildings.

The combination of COVID-19-related disruptions and reduced financing options can lead to delayed construction projects or even complete stall in some cases. Construction sites may face temporary closures or slowdowns due to lockdown measures, labour shortages, and supply chain disruptions. Additionally, developers may postpone or cancel projects due to financial constraints, exacerbating the impact on the pace of construction.

According to Ken Research, the cancellation of the cost-of-living allowance for civil servants and pensioners necessitates a realignment of spending allocation for housing initiatives. As Saudi Arabia navigates these challenges, the country's resilience and commitment to Vision 2030 continue to drive progress. By addressing funding disruptions and implementing strategic measures, the mortgage funding landscape in Saudi Arabia can adapt and thrive, supporting the country's ambitious goals for the future.

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KSA lending market

Exploring Trends and Opportunities in the Global Dog Food Market: Ken Research

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What Is The Size Of Global Dog Food Industry?

Global Dog Food market is growing at a double digit CAGR in 2017-2022 and is expected to reach USD ~ Bn by 2028. The Global Dog Food Market is largely driven by rising disposable income in developing economies, increasing availability of organic products in a variety of flavors and the inclusion of essential ingredients such as probiotics and antioxidants are factors that are likely to induce a positive impact on the global market growth.

Global Dog Food Market is at a growing stage. It is a fragmented market with the presence of many dog food companies. The market has seen emergence of abundant players in the past 5 years and the industry will further boost owing to the needs and wants of consumers for a more customized pet food platform.

Few major global dog food players are Colgate Palmolive (Hill's Pet Nutrition), General Mills, Mars Incorporated (Virginia, U.S.), Nestle S.A. (Vevey, Switzerland), The J.M. Smucker Company (Ohio, U.S.), Diamond Pet Foods etc. The highest growth is expected from the majorly North American region. The high growth rate can be attributed to many middle-income groups in developing countries like India, a preferred market for companies. An increase in awareness and lifestyle changes is the fundamental driver of Pet market growth. Customers are more likely to remain loyal when their needs are customized.

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Global Dog Food Market By Food Type

The Global Dog food market is segmented by food Type. Dry food was the most dominant in 2022.

Global Dog Food Market By Sales Channel

The Global Dog food market is segmented by Sales channel. Supermarkets & Hypermarkets was the most preferred form of channel in 2022 in Global dog food market.

Global Dog Food Market By Region

The Global Dog food market is segmented by Region into North America, Europe, Asia Pacific, Middle East & Africa and South America. Asia Pacific held the major market share in Global Dog food market in 2022.

Competition Scenario In Global Dog Food Market

In Global Dog Food Market, there are several players operating in the market, and top players account for a substantial share in the market in terms of revenue. Global Dog food market is highly fragmented without dominant players. Few players are Mars Inc., Nestle Purina, Colgate Palmolive (Hill's Pet Nutrition), General Mills, The JM Smucker Company which have more customers than others. The global dog food market is highly competitive, with multinational companies, regional manufacturers, and niche players vying for market share. Innovation, premium offerings, and targeted marketing campaigns are key strategies to stay ahead. E-commerce platforms also play a significant role in the competition, allowing brands to reach a global audience. As pet ownership rises and consumer preferences evolve, the competition is expected to remain fierce, driving further market expansion.

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What is the Expected Future Outlook for the Overall Global Dog food Market?

The Global Dog food market was valued at USD ~ billion in 2022 and is anticipated to exceed USD ~ billion 2028, witnessing a robust CAGR during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Global Dog food market is driven by demand for rising disposable income in developing economies, increasing availability of organic products in a variety of flavors and the inclusion of essential ingredients such as probiotics and antioxidants are factors that are likely to induce a positive impact on the global market growth. The government has set forth ambitious strategies to leverage digital technologies extensively in enhancing its services, processes, and decision-making capabilities, as well as facilitating efficient data sharing with the public. Similarly, in response to the increasing demand for sustainable and eco-friendly pet food packaging solutions, dog food companies have been introducing novel and innovative products into the market.

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The concept of sustainable packaging is proving to be a highly beneficial investment and a responsible choice for the environment when it comes to dog food. With growing concerns about the safe handling and recycling of pet food packaging materials, there is a push for new policies and legislation that require businesses to take responsibility for recovering and recycling their dog food packaging. AI and cognitive learning technologies have started to play a decisive role and are poised to be game-changers in several avenues.

During the forecast period of 2022-2027, it is anticipated that the global dog food market will grow at a massive CAGR by 2027. Growing concerns surrounding pet obesity and excessive sugar intake are prompting various governments to adopt plain packaging strategies for dog food products. By implementing plain packaging regulations, authorities aim to raise awareness about healthy pet nutrition and encourage responsible choices among dog owners.

For More Insights On Market Intelligence, Refer to the Link Below: –

Global Dog Food Market Outlook to 2028

Related Reports by Ken Research: –

Indonesia Animal Health Market Outlook to 2019

Asia Pacific Animal Feed Additives Market Outlook to 2018

China Animal Feed Industry Review to 2018

The US Identity Verification Market is going through a change and will have massive growth by 2028: Ken Research

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The US Identity Verification Market is varyingly segmented under End-User industry such as financial market and gaming/gambling market etc. is based on matching a user’s identity with their Government ID proof. The US Identity Verification market is projected to reach ~$ 13 Billion by the year 2028.

STORY OUTLINE

• With the increasing demand for security and rising regulatory compliances, US Identity Verification market makes some propulsions for growth.
• With technological advancements like Artificial Intelligence (AI) and Machine Learning (ML), US Identity Verification market soars higher.
• The shift towards digital transformation, post pandemic, has resulted in the increase in use of verification, resulting in the growth of the market.
• Rise in customer expectation is driving the US Identity Verification Market to follow strict workflow.
• Digital transformation demands the need for better security.

According to Ken Research, the US Identity Verification market is undergoing major changes driven by many factors to change the ongoing digital landscape. With the changing times, inhabitants have largely shifted towards digitization and adoption of online or e-services, which led to the demand for better security and high end verification methodologies. This particular shift towards digital processing has led to growth within this industry.

• The relentless rise in fraudulent cases, rapid rise of online theft and presence of hackers has led the US Identity Verification market to incorporate much more sophisticated technologies.
• With growing number of customers in e-services, number of frauds and amount of cases has gone up, which has driven the industry to acknowledge to those concerns and build adequate measures to prevent any mishaps in the future.

1.With the increasing demand for security and rising regulatory compliances, US Identity Verification market makes some propulsions for growth.

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• Due to a massive digitization process, identity verification has become that much increasing in number, leading to overall growth, making 90% of the people undergo identity verification, starting from the gates of IT offices having fingerprint to bank accounts that ask for KYC while creating a new account.
• At least 70% of Americans are using Fingerprint Scanners for various purposes which is one of the most quickest and complex protocol following identity verification method. With more IT sectors developing much simpler fingerprint scanners, people can easily shift many identities verification to a simple touch on the scanner, resulting in a overall growth.
• Since Covid-19 and complete digitization occurred, the need for online purchasing has made the amount of online verification rise. With a rise of 12% from the previous years, the market has been ever-growing. With newer methods like biosensors, facial recognizers etc. are helping make the job that much simple.

2.With technological advancements like Artificial Intelligence (AI) and Machine Learning (ML), US Identity Verification market soars higher.

• In a recent times, Dan Aiello sheds light on "the new normal" and explores its potential evolution in the context of identity verification and digital transformations. This is basically the change into online or E-verification for all types of platforms, which at least 90% of the population is currently using.
• The US Government has made many legislative inclusions which are to pave the way for an unbiased Artificial Intelligence as a core digital identifier, among which, the White House has developed a blueprint about a bill of right for AI stating that people should never face discriminations from algorithms, making people’s engagement increase in amount.
• A giant in the financial services sectors, Stripe, is now incorporated with AI and Machine Learning (ML), which takes a live selfie of the user and compares it with their pre-kept government ID, making the verification much simpler and easy to use for every people, keeping its access to everyone.

3.The shift towards digital transformation, post pandemic, has resulted in the increase in use of verification, resulting in the growth of the market.

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• As the pandemic situation brought about a global digitization in almost everything, business and industries started to adapt to the new normal, showing a surge in the online activities, remote work, digital services etc. all marking a growth in the verification process.
• The increase in E-commerce, virtual meetings, online banking and telemedicine, marked the need for a greater amount of scalable verification in order to prevent the previously occurring fraudulent activities, theft and protecting the exact data.
• The rise in KYC (Know-Your-Customer) and AML (Anti-Money-Laundering) has led to the updraft of KYC-as-a-Service solutions, which pre-verified identity data, streamlining the on boarding and ensuring that regulatory requirements are met.

4.Rise in customer expectation is driving the US Identity Verification Market to follow strict workflow.

• With much more enhanced security like real time scanning, US identity verification market is making their ways towards a much safer and secure border for transaction and e-commerce platforms, having a complex firewall to double the security.
• With a seamless user experience making sure that customers are getting zero disruption, full automation and having the ease of multi-channel verification allows the customer to be flexible and use a variety of platforms, making the growth much more.
• With complex AI algorithms, hacking and money laundering are reduced by 5% every 6 months, depicting a much greater decrease in fraudulent cases and increase in the growth by the year.

CONCLUSION

According to Ken Research, the global pandemic has paved the way for digitization; a new world which has much faster transaction and faster processing which leads to increase in frauds and hacking, leading for the identity verification market to flourish with it. By the year 2028, the US Identity Verification Market will have the upper hand dominance.

The UAE Café and Coffee Chain Market Gets a Jolt: Players Reshape the Game? : Ken Research

 The UAE Café and Coffee Chain Market boasts a diverse landscape, encompassing both renowned chain outlets and standalone specialty cafes. UAE has witnessed rise of multiple global and domestic cafés and restaurants over the years.

STORY OUTLINE

• UAE Cafe Industry Leadership: Starbucks continues to lead the UAE cafe market with the highest market share and an extensive network of 285 outlets, closely followed by Costa Coffee with 144 outlets.
• Acai Bowl Industry Success: Acai bowl vendors are employing clever promotional tactics, offering reward points, loyalty programs, and enticing discounts to maintain their stronghold in the market. Acai bowl orders account for an impressive 70% of all orders in an average acai chain.
• Food Delivery Platforms Impact: Major food delivery platforms like Talabat, Deliveroo, Careem Now, Noon Food, and East Easy have transformed the UAE cafe and coffee chain market, offering diverse restaurant choices and cuisines with convenient doorstep delivery options.
• Talabat's Dominance: Talabat emerges as a dominant player in the food delivery landscape with over 10+ million downloads, catering to customers across major cities and regions in the UAE.
• Careem Now's User Base: Careem Now has established a strong user base with more than 12+ million downloads, with 22% of its users also utilizing Deliveroo and 33% opting for Talabat, showcasing varied preferences among its customer base.

The UAE Café and Coffee Chain Market present a diverse landscape, comprising renowned chain outlets like Starbucks, Costa Coffee, Saddle, and Nova. Alongside these, standalone specialty cafes such as Just Fresh, The Juicery, and Common Ground offer health-based smoothies and beverages. Additionally, acai bowls and frozen yogurt lovers can savor delicious treats at Oak berry, Acai Spot, and Pinkberry, catering to diverse tastes in this thriving industry. The UAE Cafe and coffee chain market is spearheaded by over 700+ outlets.

1. Starbucks Takes the Throne in UAE Cafe Industry

Starbucks stands tall as the UAE cafe industry leader, boasting the highest market share among all cafes. With an impressive network of 285 outlets across the country, Starbucks has solidified its dominance. Following closely is Costa Coffee, with 144 outlets. The evident preference for coffee chains in the UAE creates a promising window of opportunity for aspiring players to enter the market and capitalize on this thriving industry. In 2022, The Alshaya Group, headquartered in Kuwait, celebrates a significant milestone as it inaugurates its 1000th Starbucks store in the MENA region, located in Dubai, UAE.

2. Acai Bowl Vendors Score Big with Clever Promotional Tactics!

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Forging partnerships with corporates in the UAE through Rewards and Recognition (R&R) programs, featuring discounts, digital gift cards, and loyalty memberships, proves as an effective strategy to reach a vast audience in one go. Acai Bowl orders constitute an impressive 70% of the total orders in an average acai chain.

Players like Project Acai, Vitality Bowls etc. all have their loyalty programs where they offer reward points to customers, Starbucks has also launched its card on which money can be loaded to make purchases.

Oak berry offers 20% off on purchase of 2 buckets or a free complimentary bucket. Pinkberry provides bundle offers of 4 small cups or mini cups of frozen yoghurt along with buy 1 get 1 offer.

3. How Food Delivery Platforms Impact UAE Café and Coffee Chains!

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In the UAE, the major food delivery landscape is dominated by prominent platforms like Talabat, Deliveroo, Careem Now, Noon Food, and East Easy. These industry giants have revolutionized the way people experience dining, offering a wide range of restaurant choices and cuisines delivered right to their doorstep.

Talabat is one of the leading food delivery platforms in the UAE, offering a vast selection of restaurants and cuisines for customers to choose from. It has a strong presence in major cities and regions, making it a go-to option for food delivery services. In case of Talabat, only 18% of the users use some other brand. Talabat has huge downloads over 10+ million.

Careem Now, part of the Careem ride-hailing app, has also ventured into the food delivery space in the UAE. It offers a seamless integration with its existing app, making it a convenient choice for users.

Careem Now, which was established in 2012, has garnered a robust user base with over 12+ million downloads. Among its users, 22% also utilize Deliveroo for their food delivery needs, while 33% opt for Talabat, showcasing a diverse range of preferences among its customer base.

In conclusion, the UAE Cafe and Coffee Chain Market showcase a dynamic and diverse landscape, driven by renowned chain outlets like Starbucks and Costa Coffee, as well as standalone specialty cafes catering to health-based and indulgent preferences. The market's growth is further bolstered by the strategic adoption of offline promotions, partnerships with corporates, and the influence of food delivery platforms, providing a thriving culinary experience for customers across the region.

According to Ken Research, the market's steady growth, with an average CAGR of 7% over the past three years, attracts investors and new players. Players that adapt to changing trends, innovate their offerings, and leverage technology will likely secure a competitive edge and capitalize on the opportunities presented in this dynamic market. Careem Now's extensive user base of 12 million users indicates its potential for further expansion.

For more insights on market intelligence, refer to the link below: –

UAE Cafe And Coffee Chain Market

Unveiling the Potential: The Surge of Medical Apparels in India's Healthcare Landscape: Ken Research

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The field of MedTech has seen remarkable innovation, but there is a call to push beyond basic telemedicine to meet universal healthcare needs.

Storyline

• Vital healthcare sector in India's growing economy.
• Pandemic tests healthcare system, healthcare workers' dedication.
• Evolving market adopts MedTech innovations for improved services.
• As per Ken Research, advancing beyond telemedicine for universal healthcare solutions.

The healthcare sector in India has always been a vital pillar of the nation's growing economy, serving as a cornerstone and prized asset. The onset of the pandemic has put the healthcare system to the test, with healthcare workers going above and beyond to provide essential medical aid to citizens. As the healthcare market continuously evolves, providers strive to deliver top-notch services to all. In this pursuit, the field of MedTech has seen remarkable innovation, but there is a call to push beyond basic telemedicine to meet universal healthcare needs.

1. The Dynamic Landscape of India's Healthcare Delivery:

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India's healthcare delivery system consists of two key components: public and private. While the government, i.e., the public healthcare system, focuses on delivering basic healthcare through primary healthcare centers (PHCs) in rural areas, it has limited secondary and tertiary care institutions. On the other hand, the private sector dominates secondary, tertiary, and quaternary care facilities, with a concentration in metropolitan and tier-I and tier-II cities.

2. The Rising Potential of Medical Apparels:

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India, the world's second-largest textile producer after China, is embracing a nascent but rapidly emerging sector in the technical textiles realm - medical apparels. Historically overlooked, medical apparel has recently garnered significant attention. The ability to develop cost-effective medical apparel presents lucrative opportunities in the international market. Medical apparels fall under technical textiles, which are engineered to fulfill precise functional features for specific end-uses, combining various textile structures and materials.

3. The Essential Role of Textiles in Healthcare:

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Medical apparels encompass a wide range of products, including surgical gowns, lab coats, and scrubs. Their application has extended beyond external use and is now prevalent in surgical procedures. Among technical textiles, medical apparels represent the fastest-growing segment, with widespread utilization in biological and medicinal applications, first aid, sanitation, and therapeutic purposes.

4. Raw Materials and Segments in Medical Apparel:

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The medical textile segment comprises two broad categories: non-woven and woven. Non-woven materials are artificially produced using chemicals and processes, designed for single-use applications such as personal protective equipment (PPE), disposable bed sheets, and surgery drapes. Woven apparel, on the other hand, are blends of cotton, polyester, and viscose, designed for multiple use and regular washing, including scrub suits, lab coats, and surgery gowns.

5. Future Outlook and Opportunities

India's medical apparel industry is in its nascent stages, presenting significant scope for expansion. With the government's focus on developing world-class infrastructure and implementing policies to enhance the textile sector, medical apparels are poised for substantial growth. Leveraging cutting-edge nanotechnology, medical apparels are becoming a new generation of products. Additionally, the rise in young medical professionals' demand for cool, functional, and fashionable medical apparel is driving the sector's growth.

Conclusion

Medical apparels stand as a vital and thriving segment in India's healthcare industry, fueled by advancements in technology, government support, and the need for high-quality medical products. As India's healthcare system continues to evolve, the dynamic field of medical apparels remains at the forefront, shaping the future of healthcare delivery and making a profound impact on the well-being of medical professionals and patients alike.

Major Players Mentioned in the Report:

India Surgical Gown Market

• Medline Industries India Private Limited
• 3M India Ltd., Atlas Infiniti
• Bellcross Industries Private Limited
• Sara Healthcare Private Limited, GPC Medical Ltd
• Apothecaries Sundries Mfg. Co., Pinnacle Technologies
• Deluxe Scientific Surgico Pvt Ltd (DESCO Medical India)

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:

• Manufacturers & Distributors
• Government Bodies
• Industry Enthusiasts
• Institutional Investors
• Venture Capitalists

Time Period Captured in the Report:

• 2018-2023

For more insights on market intelligence, refer to the link below: –

India Surgical Gown Market

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Global Respiratory Devices Market Outlook to 2027

US Medical Devices Market Outlook to 2027

Global Watch Market Size, Trends, Outlook to 2027- Ken Research

 What Is The Market Size Of Global Watch Industry?

Global Watch Market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027.

The preference for luxury watches among consumers across the globe has witnessed an up growth owing to the influence of the Swiss watch industry.

Although the luxury market for watches is quite mature or settled, the predicted growth of any brand across the global market can witness a sudden change at any given moment as a result of a shift in consumer purchase behavior and patterns.

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Backed by the strength of its luxury watch business, Switzerland continues to reign as a world leader in the production of watches. Countries in Asia, especially Japan and Singapore, have established themselves as key markets for Swiss watches due to the high consumer spending levels in these regions.

The players operating in the market have been focusing on expanding their presence to developing economies to tap the potential of the market. For instance, Garmin Company has expanded its presence in India by launching its premium luxury watch collection called the Marq.

Global Watch Market Segmentation By Product Type

The Global Watch Market is segmented by product type into contractual and non-contractual. By product type, the Quartz/Mechanical segment held the maximum share in the market studied in 2021. However, the Digital segment was the fastest-growing segment over the forecast period.

Global Watch Market Segmentation By End User

Based on end user, the Unisex segment held a major share, and this segment is also the fastest-growing, registering a robust CAGR during the forecast period.

Consumers are more likely to be more observant and selective while investing in consumer goods like watches, as the products placed in the shelves can be tested and tried in terms of sample.

Global Watch Market Segmentation By Region

The Global Watch Market is segmented by region into North America, Europe, South America, Asia- Pacific and Global & Africa. The UAE has the largest share in all the region owning to hectic lifestyle, urbanization, taste and preferences.

Competition Scenario In Global Watch Market

The major players in the market are indulging strategies, like product innovations, partnerships, and merger & acquisitions, to establish a strong consumer base and gain an esteemed position in the market.

Among all, product innovation is the most adopted strategy by the key players operating in the global watch market, accounting for a major share of the key strategies adopted by the key players. Product innovation is a key factor for any company that has plans to increase its market share in the future.

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What is the Expected Future Outlook for the Global Watch Market Across the world?

The Global Watch Market was valued at USD ~billion in 2022 and is anticipated to reach USD

~billion by the end of 2027, witnessing a CAGR of ~% during the forecast period 2022-2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

Global Watch Market is expected to show increasing and is expected to grow at a CAGR of ~% from 2022 to 2028.

1. High net worth individuals have a preference to use luxury products and with changing technological era traditional watches do not fit in their everyday activities. Along with the functionality of time in a timepiece they want it to do more every now and they don’t.
2. Prefer to use smartphones. As per an online survey conducted in 2020, more than one-third of the luxury watch users in major markets prefer to use smartwatches, and obviously, those using both smart and traditional luxury watches are higher.
3. For instance, in January 2022, Louis Vuitton increased its smartwatch portfolio with the introduction of the Tambour Horizon Light Up. The Louis Vuitton Tambour Horizon Light Up is devoid of Google's Wear OS, instead of running on a custom-designed operating system. The Tambour Horizon Light Up also has the distinctive Louis Vuitton Monogram ring around the edge of its display, which has 24 LED lights to alert users to notifications. The operating system also includes four modes to meet different needs and usage. These are namely Blossom, Explorer, Submarine, and Saver.
4. Smart watches are a growing threat to those players catering to the low and mid-priced luxury watch in the market. However, those catering to the high-end mechanical watches, are less vulnerable due to their disruptive adoption by the consumer.

For More Insights On Market Intelligence, Refer To The Link Below: –

Global Watch Market Outlook to 2027

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