Fast, Reliable, Revolutionary: Unveiling the POC IAA Market Surge : Ken Research

The pharmaceutical and healthcare market in Brazil is the biggest in Latin America. The POC IAA market in Brazil is the biggest in Latin America. The COVID-19 pandemic had a significant impact on the growth of the POC diagnostics market.

STORY OUTLINE

• POC IAA Testing Advantages: Swift and effective diagnostics for chronic diseases, extending access beyond hospitals and clinics.

• Technological Advancements: Improved POC IAA devices driving widespread adoption in Brazil's healthcare.

• Diabetes Monitoring: POC glucose testing vital for diabetes management, offering remote monitoring and advanced care.

• Impactful Outbreak Response: Rapid test kits reduce dengue, Zika, and chikungunya cases in Brazil.

• Improved Healthcare Access: POC IAA extends diagnostics to physician's offices, homes, ambulances, and field settings.

POC diagnostics offer numerous advantages compared to traditional methods, enabling patient diagnosis in various locations beyond hospitals and clinics. These locations include physician's offices, ambulances, homes, field settings, and hospitals. Among the commonly performed tests in Brazil, measuring blood glucose levels stands out as one of the most prevalent diagnostic procedures. POC testing, also referred to as bedside testing, near-patient testing, remote testing, mobile testing, or rapid diagnostics, involves medical testing conducted outside of a traditional laboratory setting.

1. POC IAA Testing: A Game-Changer in Brazil's Chronic Disease Fight

Click to Read Full Article: Brazil POC Immunoassay Analyzers Market

In Brazil, the country has encountered several infectious disease outbreaks in the past, such as Zika virus, dengue, and chikungunya. The availability of rapid diagnostic test kits, including those supplied by Wondfo, has played a crucial role in promptly diagnosing these diseases and effectively managing their spread.

The demand for efficient and swift diagnostic methods has increased in response to the rising prevalence of chronic diseases like diabetes, thyroid disorders, and autoimmune conditions. Point-of-care immunoassay tests (POC IAA) have emerged as a favored option among both healthcare providers and patients, as they offer quick results, enabling timely diagnosis and better management of these conditions. WHO's revelation that one in three adults worldwide is affected by obesity, along with IDF's report of 463 million adults with diabetes and AARDA's estimation of 23.5 million autoimmune cases in the US, highlight the scale and seriousness of these health challenges.

2. Tech Breakthroughs: Reshaping POC IAA Market in Brazil

Ongoing advancements in technology have led to the development of more accurate, sensitive, and user-friendly POC IAA testing devices. Improved technology encourages healthcare facilities and professionals to adopt POC IAA testing, leading to market growth. Monitoring devices offer advanced care, mobile monitoring, and drug details to patients. They range from health statistics monitoring to remote testing, enabling healthcare staff to share results with professionals. Diabetes is a major application area for POC IAA tests. POC glucose testing is a prominent application of POC IAA devices. The market for POC glucose testing is projected to grow.

3. Rapid Test Kits Revolutionize Outbreak Response in Brazil

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Utilizing rapid test kits in Brazil led to an impressive ~90% reduction in dengue cases, expediting early diagnosis and intervention, and curbing the spread of the disease (BioMed Research International).

With a remarkable 95% accuracy rate, rapid test kits provided timely identification of Zika virus infections, enabling prompt isolation and treatment measures in affected individuals (BMJ Journals). Rapid tests played a vital role in Brazil's efforts to combat chikungunya, facilitating targeted interventions that led to a significant 70% reduction in transmission rates of the disease (PLOS Neglected Tropical Diseases)

In conclusion, Point-of-Care (POC) IAA testing has emerged as a game-changer in Brazil's healthcare landscape, offering numerous advantages over traditional methods. With the support of advanced technology and rapid test kits, the country has been able to respond effectively to infectious disease outbreaks and tackle the rising prevalence of chronic conditions like diabetes. POC IAA testing's accessibility and convenience have transformed patient diagnosis, making a significant impact on healthcare outcomes in various settings beyond hospitals and clinics. As technology continues to evolve, the POC IAA market in Brazil is poised for further growth and innovation in the healthcare sector.

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According to Ken Research, strong future growth for the POC IAA market in Brazil, driven by increasing chronic diseases, technological advancements, and the demand for accessible and rapid diagnostics in diverse healthcare settings. As POC IAA testing becomes increasingly integral to Brazil's healthcare system, investment in innovative technologies and strategic partnerships are anticipated to fuel sustained growth in the market.

Also Read: Global Immunoassays Market, Brazil Healthcare IT Market, Brazil Medical Device Market, Medical Devices, Diagnostics, Diagnostic Imaging, Neurology Devices

Future Outlook of Oman Mattress Market: Ken Research

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What is the Size of Oman Mattress market? 

Oman Mattress market is growing at a CAGR of % in 2017-2022 and is expected to reach USD Bn by 2027. The mattress market in Oman has been experiencing significant growth in recent years, reflecting a mature and competitive industry. With increasing population and urbanization, leading to a higher demand for residential and commercial spaces. As more individuals and businesses set up homes and establishments, there is a growing need for mattresses, boosting market demand. Moreover, the increasing disposable income and improving standard of living in Oman have resulted in higher purchasing power among consumers.

As a result, there is a shift towards premium and more comfortable mattresses that offer better sleep experiences, including memory foam and orthopedic options. Additionally, advantage of the Oman Mattress market is the growing presence of international mattress brands and a diverse range of products available. These brands offer innovative and technologically advanced mattresses, catering to the evolving preferences of consumers seeking better sleep solutions. Therefore, the Oman Mattress market is witnessing notable growth, fueled by factors like population expansion, increasing disposable income, and a greater emphasis on sleep health.

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Oman Mattress market by end user

The Oman Mattress market is segmented by Household, Healthcare, Hospitality. In the Oman Mattress market, most dominant segment in the market is the household segment in 2022, this is due to the higher population of residential consumers who require mattresses for personal use in their homes.

As the population grows and urbanization continues, the demand for mattresses in households increases, making it the largest segment in the market. Therefore, the dominance of each segment can vary over time based on economic conditions, changes in consumer preferences, and developments in the healthcare and tourism sectors.

Oman Mattress market by type of mattress

The Oman Mattress market is segmented by type of mattresses into Innerspring, Memory Foam and Latex. Among these, Memory Foam is dominant mattress in 2022. Due to several reasons, Memory foam mattresses have gained immense popularity among consumers in recent years due to their unique features and benefits.

Additionally, Memory Foam mattresses often come with advanced features, such as motion isolation and hypoallergenic properties, making them suitable for various sleeping preferences and needs These attributes cater to a broad spectrum of consumers, further contributing to the dominance of Memory Foam mattresses in the Oman market.

Oman Mattress market by Region

The Oman Mattress market is segmented by Region into North, South, East, West.

In 2022, the region of north in Oman is known to manufacture a significant portion of mattresses and emerged as the dominant player in the Oman Mattress market, As the population in the North region grows and more individuals set up households or commercial establishments, the need for mattresses increases, contributing to potential market dominance.

Additionally, the North region of Oman is also home to a significant number of hospitality establishments, including hotels and resorts, which require a substantial supply of mattresses for their guest rooms. This demand from the hospitality industry further contributes to the potential dominance of the mattress market in the North region.

Competition Scenario in Oman Mattress market

The competition in the Oman Mattress market is intense, with a mix of domestic and international players compete for market share. Additionally, E-commerce and online retail platforms have also emerged as significant players in the Oman Mattress market.

With the increasing popularity of online shopping, consumers in Oman have access to a wide range of mattress options from both local and international brands. Moreover, to stay competitive, mattress manufacturers and retailers in Oman focus on product differentiation, marketing promotions, and providing excellent customer service. Many companies also emphasize the use of eco-friendly materials and sustainability in their mattress offerings to appeal to environmentally conscious consumers.

The Oman Mattress market is driving innovation, quality improvements, and customer-centric strategies, benefiting consumers with a diverse selection of mattresses to choose from.

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What is the Expected Future Outlook for the Overall Oman Mattress market      ?

The Oman Mattress market was valued at USD ~Million in 2022 and is anticipated to reach USD ~ Million by the end of 2027, witnessing a CAGR of ~% during the forecast period 2022-2027. Oman, mattress market is growing faster, driven by various factors and ongoing innovations, as the steady growth of the residential and commercial construction sectors in Oman, is expected attract more demand for mattresses.

Additionally, the expanding hospitality and tourism sectors in Oman are expected to grow demand for mattresses in the hotel industry. As Oman attracts more tourists and business travelers, hotels and accommodations will require a steady supply of comfortable and high-quality mattresses to ensure a pleasant guest experience. As more homes, hotels, and other accommodation facilities are built or renovated, the need for mattresses to furnish these spaces will increase.

Furthermore, the growing urbanization and rising disposable incomes in Oman are likely to boost consumer spending on household items, including mattresses. Urban centers are expected to witness higher demand for mattresses due to the concentration of population and economic activities.

The shift towards online shopping and the rise of e-commerce platforms in Oman are also expected to influence the mattress market. Consumers are increasingly embracing the convenience of online purchasing, allowing them to access a wide range of mattress options from various brands and compare prices easily.

However, the Oman Mattress market also faces some challenges. The competition from both local and international manufacturers and retailers may lead to price sensitivity among consumers, putting pressure on profit margins.

Moreover, the economic conditions in the region, as well as fluctuations in oil prices, can impact consumer spending and overall market growth. Companies in the mattress industry need to be adaptable to changing economic conditions and consumer preferences to remain successful.

Therefore, overall Oman Mattress market is positive, driven by factors such as increasing awareness of sleep health, growth in the construction sector, urbanization, and the rise of e-commerce. To thrive in the future, mattress manufacturers and retailers should focus on innovation, product differentiation, and providing excellent customer experiences to meet the evolving needs of consumers in Oman's dynamic market.

Market Taxomony

By Product Type

• Innerspring
• Memory Foam
• Latex
• Alternating Pressure
• Gel
• Hybrid

By Size

• Single
• Double
• Queen-size
• King-size

By End User

• Household
• Healthcare
• Hospitality

By Distribution Channel

• Specialty Stores​
• Furniture Retailers​
• Owned Franchise Stores​
• Online
• Others

Major Players across the Oman Covered in the Report

• IKEA
• Sleep Ezze
• Raha
• Al Hosni Group International
• JLH Mattress
• Medical Mattress World
• Amazon

Time Period Captured

• Historical Period – 2017-2022
• Base Period – 2022
• Forecast Period – 2022 –2027

Key Factors Considered in the Report

• Oman Mattress market Overview
• Executive Summary
• Market size and Segmentation of the Oman Mattress market, 2017-2022
• The government regulation and Growth driver
• SWOT Analysis
• Government Regulations/Initiatives for Market
• Growth Drivers of the Oman Mattress market
• Issues and Challenges of the Oman Mattress market
• COVID-19 Impact on the Overall Oman Mattress market
• Future Market Forecast for Oman Mattress market and by Segments, 2022-2027
• Company Profiles of Oman Mattress market Players
• Analyst Recommendations

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

Oman Mattress market Outlook to 2027F

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Germany Mattress Market Outlook to 2027F

Nigeria Mattress Market Outlook to 2028F

Retail Revolution: Phoenix Market City Takes Bangalore by Storm! - Ken Research

Phoenix Market City is a popular chain of shopping malls in India owned by the K Raheja Corp Group. It is one of the leading retail destinations in several major cities, including Mumbai, Pune, Bangalore, Chennai, and others.

STORY OUTLINE

• Phoenix Market City offers a diverse retail mix, featuring a wide range of national and international brands in various product categories.
• The malls generate significant employment opportunities, benefiting local communities and contributing to economic growth.
• Phoenix Market City provides an elevated leisure experience with dedicated entertainment zones, multiplex cinemas, and recreational facilities for all ages.
• Spanning an impressive 1.4 million sq. ft., Phoenix Market City in Bangalore aims to revolutionize shopping and leisure habits, setting new standards for retail excellence.

Phoenix Market City malls have strategically positioned themselves in prime areas of major cities, ensuring easy accessibility to a vast population. In Bangalore, Phoenix Market city aims to revolutionize shopping and leisure habits with its unparalleled shopping centre—a one-of-a-kind experience unseen anywhere in the city before. Spanning an impressive 1.4 million sq. ft., Phoenix Market city is set to become the new benchmark for retail excellence in Bangalore.

1. From Fashion to Gadgets: Phoenix Market City's Diverse Retail Mix Has It All

Explore Customer and Retailer Survey Index

Phoenix Market City offer a diverse mix of national and international brands across various product categories, including fashion, electronics, home decor, entertainment, and dining. This variety attracts shoppers with different preferences and increases the chances of foot traffic.

Phoenix Market City malls typically house hundreds of retail stores, including both national and international brands. The total number of retail outlets may exceed 500 to 1000, depending on the size of the mall.

2. Phoenix Market City Empowers with Job Openings Galore!

Phoenix Market City malls create a multitude of job opportunities, encompassing roles such as retail staff, security personnel, administration, and more, contributing to significant employment in the local communities. The combined workforce across all Phoenix Market City locations has provided livelihoods to thousands of individuals, fostering economic growth and prosperity in the regions they serve.

Serving a vast community of more than 7000 working professionals within a spacious area spanning 2,50,000 sq. ft. Offering convenient access to a wide range of on-site services such as banks, ATMs, Forex, travel assistance, and various other amenities.

3. Phoenix Market City Elevates Leisure to New Heights

Explore More Events and Promotions Phoenix Mall

Developing entertainment zones, multiplex cinemas, gaming arcades, and other recreational facilities require additional investment to enhance the shopping experience.

Phoenix Market City malls have dedicated entertainment zones that offer a diverse range of activities, such as kids' play areas, interactive exhibits, and immersive experiences for visitors of all ages.

Phoenix Market City in Bangalore revolutionizes family and friends' quality time with: 30,000 sq. ft. of entertainment zones – bowling, skating, races, and more. Performance zones for movie promos, concerts. Soft zones for kids' play. Thrill zones with roller coasters and thrilling rides.

In conclusion, Phoenix Market City stands as a visionary retail destination, strategically positioned to meet the diverse needs of consumers. With its unparalleled shopping experience, extensive entertainment offerings, and positive impact on employment, it continues to redefine the way people shop, socialize, and spend quality time in major cities.

With Only A 3% Penetration Rate, Will Credit Card Industry Sustain Growth In India? : Ken Research

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With the onset of the coronavirus pandemic, contactless payments have seen a huge spurt in demand, which has resulted in increased issuance of debit as well as credit cards in the country. Over the last few years, the credit card industry has grown significantly in India with many developments happening in the space which include various innovations and changes in technology. Credit card issuers are also making efforts to bring more innovation and awareness to the segment that will contribute to the growth of India’s credit card market.
However, the adoption of credit cards has been fairly paltry across India, with only around 3% of the population having a credit card, which is way off the 30% benchmarks set by World Bank.
The Indian middle class mostly has a conservative stance towards credit card usage, with belief that high fees would ultimately lead to no benefit, and hence restrain themselves to use credit cards, which is definitely not a good sign. So, will the credit card industry in India sustain its positive growth in the future? Let’s find out.

1. The financial services sector has witnessed a massive shift towards digital technology; growth is primarily driven by retail loans and increasing penetration of credit cards in the economy

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2. The Credit Card Industry is currently in its growth stage, with Credit Card issuance growing at a roughly 20% CAGR over the last 5 years

3. Introduction of BNPL & increasing popularity of contactless payments post-pandemic among others is contributing to enhancing the adoption of Credit cards in the Indian Market

4. Adoption of Cashless Society coupled with adoption of usage of credit cards at Transit Systems are driving the Credit Card Industry Growth in India

5. To expand the consumer base and include NIP customers, Alternate Assessments like Employment letters, Fixed Deposits, Add-on cards, and Healthy bank balances are done

6. Though the Credit Card consumer base is at the expansion stage, there are a few challenges associated such as new regulations, and low penetration

7. However, Indian government is performing a major role in the journey of credit card adoption and helping the industry to thrive in the country with a CAGR of ~24% in the future.

Some of the Intelligence Curated by Ken Research in Credit-Card Space:

• Asia Credit Cards Market Outlook to 2025 - By Commercial and Personal Credit Cards; By Transactions at ATM and POS Terminals; by Total Cards in Circulation; Transaction Value and Volume through Issuers and Operators; and by Countries (Japan, South Korea, India, China, Indonesia, Philippines, Singapore and Others
• Turkey Cards and Payments Market Outlook to 2023 – Rapid Acceptance of TROY Cards and Contactless Cards Coupled with Rising Penetration of Credit Cards to Drive Market Growth
• Saudi Arabia Cards and Payments Market Outlook to 2023 – Increasing Penetration of Islamic Credit Cards Coupled with Rising Preference for Online Shopping to Drive Market Growth
• Brazil Cards and Payment Market Outlook to 2027F By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS and ATM's), By Payment Instruments (Credit Transfers, Direct Debit, Cheques, Cash and Payment Cards)
• Malaysia Buy Now Pay Later Market Outlook to 2027F Driven by Digitalization, Rising Tech-Savvy Population, Increasing M&A Deals, Partnerships between BNPL players and Banks along with shifting preference towards BNPL

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Indian Credit Card Industry

Purina and Hill's Pet Nutrition Reigning Supreme in the Cat Food Market: Ken Research

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Story Outline

Purina boasts an impressive customer base, with 56 million households purchasing their products. This signifies the brand's widespread popularity and trust among pet owners.

Hill's cat food range is carefully crafted to cater to cats of all ages, breeds, and lifestyles. Whether your feline friend is a playful kitten, an active adult, or a wise senior, Hill's has the perfect formula to suit their unique requirements.

1. Nestle’s Purina, as a global pet food company, has achieved significant accomplishments in the pet category.

Trends in Pet Adoption Globally: Click Here

Purina Pet Care driving sales growth globally for Nestlé

Nestlé Purina, a leading pet food brand, has long been dedicated to providing cats with the highest quality nutrition and care. With a deep understanding of feline dietary needs and preferences, Purina has developed a wide range of cat food products that cater to every stage of a cat's life, from playful kittens to wise and mature cats. Purina's commitment to research and innovation ensures that their cat food formulas are not only delicious but also packed with essential nutrients that promote overall well-being and support specific health concerns. Whether it's their tasty wet food options or wholesome dry kibbles, Nestlé Purina strives to create food that fosters the health and happiness of our beloved feline companions, making sure they lead healthy, active, and joyful lives by our side. Purina has also emerged as the top player in the e-commerce sector within the pet category.

Purina has experienced remarkable growth, achieving a 15% growth rate in the previous year. This growth can be attributed to various factors, including successful pricing strategies as well as increased sales volume. Purina's ability to drive growth highlights their strong brand portfolio and their ability to capture a larger market share.

2. Hill's Pet Nutrition bullish on India; focusing on expanding portfolio across price points.

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Mars Petcare, a global pet nutrition company, is highly optimistic about the Indian market and aims to accelerate its growth in the country through resourcing, building capabilities, and expanding operations.

Hill's Pet Nutrition is a renowned and trusted name in the pet food industry, specifically known for its exceptional cat food offerings. With a deep understanding of feline dietary needs, Hill's formulates its cat food using cutting-edge research and high-quality ingredients. Their dedication to pet health and well-being is evident in every bag and can they produce.

Hill's cat food range is carefully crafted to cater to cats of all ages, breeds, and lifestyles. Whether your feline friend is a playful kitten, an active adult, or a wise senior, Hill's has the perfect formula to suit their unique requirements. Each product is thoughtfully balanced to provide essential nutrients that support overall health, a lustrous coat, strong immunity, and optimal digestion.

What sets Hill's apart is their commitment to continuous improvement. Their team of veterinarians, scientists, and pet nutritionists work tirelessly to refine their recipes, keeping them at the forefront of feline nutrition. Hill's cat food is not only delicious but also helps address common health concerns, such as weight management, urinary health, and sensitive stomachs.

When you choose Hill's cat food, you can be confident that you are providing your beloved furry companion with the very best nutrition. As a brand with a legacy spanning decades, Hill's Pet Nutrition continues to be a top choice for cat owners seeking premium, science-based, and wholesome nourishment for their feline family members.

The future of the global cat food market appears promising. With a growing emphasis on pet health and wellness, the demand for high-quality, nutritious cat food is expected to increase steadily. Market players are likely to focus on innovative formulations and sustainable sourcing to meet consumer preferences. As the bond between humans and their furry companions strengthens, the cat food market is poised to witness sustained growth and evolution in the coming years.

Major Players Mentioned in the Report:

• Mars Petcare
• The J.M. Smucker Company (Big Heart Pet Brands)
• Colgate-Palmolive (Hill's Pet Nutrition Inc.)
• Nestle Purina Pet Care
• Blue Buffalo Co., Ltd.
• CANIDAE Pet Foods

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

• E-commerce Companies
• Pet Owners
• Potential Market Entrants
• Eco-conscious Consumers
• Pet Owners with Specific Preferences
• Industry Associations
• Consulting Agencies
• Government Bodies & Regulating Authorities

Time Period Captured in the Report:

• Historical Period: 2017-2022
• Base Year: 2022
• Forecast Period: 2022-2028

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

Global Cat Food Market

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Global Dog Food Market Outlook to 2028

Global Pet Food Market Size, Segments, Outlook, and Revenue Forecast 2022-2028

Vietnam's Cold Storage Logistics Industry Set to Soar: Unleashing Untapped Potential: Ken Research

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Projected Market Value of the Vietnam Cold Chain Market over US $ 440 Mn by 2025.

Storyline

• Vietnam's cold storage industry to achieve over US $ 440 market value.
• Limited cold storage warehouses, low adoption by domestic food manufacturers.
• Agricultural growth and post-harvest losses drive demand.
• As per Ken Research, Promising future with potential for transformative expansion.

According to Cushman & Wakefield, Vietnam's cold storage logistics industry is poised to achieve a market value over US $ 440 Mn by 2025. Despite this rapid expansion assumption, the cold storage sector remains considerably below its full potential. As of May 2021, Vietnam possessed a mere 48 cold storage warehouses, encompassing a capacity of approximately 700,000 pallets. Notably, only 8.2 percent of domestic food manufacturers implemented cold chain systems, whereas export manufacturers constituted 66.7% in 2020.

This situation presents an opportunity for reframing. Vietnam's cold storage logistics industry can be said to be to an untapped resource, awaiting exploration & expansion. The projected growth trajectory signifies a promising future, yet the existing state calls for transformative measures. The limited number of cold storage warehouses and the relatively low adoption of cold chain systems by domestic food manufacturers highlight the significant scope for improvement.

1. What’s the current scenario?

Emerging Companies Vietnam Cold Chain Market

In 2019, Vietnam had a total of 48 cold storage locations with a capacity of 600,000 pallets, 700 refrigerated trucks and vans, and 450 refrigerated container railcars with facilities meeting only 30-35% of the demand for the preservation of food, agricultural, and aquatic products. As the year 2020 unfolded, only 8.2% of domestic food producers were using a cold chain system, while export manufacturers accounted for 66.7%. Furthermore, distribution networks remain underdeveloped to provide a safe and efficient service creating a gap for potential suppliers to fill. But even though the market grew at a steady pace, alongside the disruption brought by COVID-19, new cold storage facilities continued to be built and upgraded in late 2020 due to rising demand.

2. What about the growth?

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Vietnam's agriculture sector has witnessed a robust growth, with the real GDP expanding by 5% annually to USD 41 Bn in 2020 from USD 31 Bn in 2015. High-value perishable products like meat and milk witnessed even faster growth rates. This surge in production led to a considerable increase in demand for cold supply chain logistics.

3. Post harvest Losses

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Post-harvest losses in Vietnam represent around 20-25% of total losses, equivalent to an estimated USD 3.9 Bn annually. To address this issue, the Vietnamese government aims to decrease the loss rate to less than 10%. Implementing a cold chain system presents a convenient solution to extend the shelf life of perishable products, minimizing losses and maximizing the value of agricultural goods.

4. The future to be an even pathway.

As per Ken Research, the cold storage market is expected to experience explosive growth alongside the latest advancements in vaccine development. Even after the pandemic is over, this growth rate will continue to be sustained by several factors including increasing consumer demand for perishable foods and the advent of new and more advanced pharmaceuticals. While the industry is nascent and still considered a niche market, perhaps that will change in the next few years and will become a key sector,” concludes Cushman & Wakefield.

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.

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

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.

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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.

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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.