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The global loyalty management market size is anticipated to reach USD 17.65 billion by 2028, registering a CAGR of 12.3% from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. The loyalty programs enterprises are running aggressively as part of the marketing strategies to encourage customers to stick to the brand and prevent them from switching to another are expected to drive the growth of the market. Loyalty programs envisage rewarding customers in the form of cashback, rewards points, gift cards, and discounts, and others for their purchases. They help enterprises in retaining customers and subsequently play a vital role in strengthening the customer base and augmenting sales.

Key Insights & Findings:

• The software segment dominated the market in 2020 in the overall market with a share of 50%
• The cloud-based segment is expected to grow significantly over the forecast period as cloud-based deployment offers various benefits, such as cost-saving and agility
• The large enterprise segment dominated the market in 2020 as large enterprises belonging to various industries and industry verticals emphasized launching loyalty programs as part of the efforts to retain customers
• The growth of the Asia Pacific regional market can be attributed to the rapid economic development of emerging economies, such as India and China

Read 140 page market research report, “Loyalty Management Market Size, Share & Trends Analysis Report By Component, By Software, By Deployment, By Organization, By Vertical, By Region, And Segment Forecasts, 2021 – 2028“, by Grand View Research

The growing adoption of advanced solutions that can track consumer behavior and monitor customer scores, and subsequently help in enhancing customer engagement is expected to drive the growth of the market over the forecast period. As the competition among brands intensifies, brands are aggressively pursuing various strategies, including running loyalty programs, as part of the efforts to satisfy customers and prevent them from switching to other brands, thereby contributing to the growth of the market. Continued introduction of various digitalized payment options to enhance consumer experience also bodes well for the growth.

Cloud-based deployment of loyalty management programs is expected to gain traction over the forecast period. Cloud-based deployment helps organizations in better managing their expenses and saving on the costs incurred on having a dedicated IT infrastructure while ensuring agility. The cloud-based deployment also facilitates real-time tracking of customer queries, retention rates, and response rates. Storing customer data on the cloud for further analysis can potentially help organizations in building a comprehensive view of the overall customer base.

The retail and consumer goods segment dominated the market in 2020. Retailers and consumer goods brands often embark upon various efforts to improve brand loyalty and encourage repetitive purchases. Rewarding customers with loyalty rewards in the form of gifts, discounts, certificates, and reward points, particularly helps in enhancing customer relationships. Hence, retailers and consumer goods brands are aggressively adopting loyalty management software.

Retaining the existing customers while simultaneously acquiring new customers is of paramount importance for incumbents of various industries and industry verticals. Telecom operators particularly put a strong emphasis on building trust and affinity with their subscribers by enhancing value-based services. Incumbents of the IT and telecommunications industry particularly opt for loyalty management solutions to retain their customers. North America accounted for the largest share of the market in 2020. North America is home to developed economies, such as the U.S. and Canada, which are known for aggressive adoption of the latest and advanced technologies, such as Artificial Intelligence (AI), cloud computing, and data analytics. A strong and well-developed IT infrastructure deployed in the region also bodes well for aggressive adoption of advanced loyalty management solutions. Customers in North America typically favor free shipping, cashback, and discounts as loyalty rewards. People are widely using credit and debit cards in the stores highly adopted loyalty programs in this region. The customers favor monetary offerings such as free shipping, cashback, discounts in this region. Asia Pacific is expected to register the highest CAGR over the forecast period as retailers in the region are focusing aggressively on enhancing customer experience. China is particularly dominating the regional market.

Grand View Research has segmented the global loyalty management market based on component, software, deployment, organization, vertical, and region:

• Loyalty Management Component Outlook (Revenue, USD Million, 2018 – 2028)
  • Software
  • Service
• Loyalty Management Software Outlook (Revenue, USD Million, 2018 – 2028
  • Channel Loyalty
  • Customer Loyalty
  • Customer Retention
• Loyalty Management Deployment Outlook (Revenue, USD Million, 2018 – 2028)
  • On-Premise
  • Cloud
• Loyalty Management Organization Type Outlook (Revenue, USD Million, 2018 – 2028)
  • Small and Medium Enterprise
  • Large Enterprise
• Loyalty Management Vertical Outlook (Revenue, USD Million, 2018 – 2028)
  • Transportation
  • IT & Telecommunication
  • BFSI
  • Media & Entertainment
  • Retail & Consumer Goods
  • Hospitality
  • Others
• Loyalty Management Regional Outlook (Revenue, USD Million, 2018 – 2028)
  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa

List of Key Players of Loyalty Management Market

• AIMIA
• BREIRLEY+PARTNERS
• Comarch
• Fivestars
• ICF Next
• Lacek Group
• Oracle Corporation
• SAP SE

Check out mor studies related to the Global IT Services & Applications Industry, conducted by Grand View Research:

• Machine Learning Market – The global machine learning market size was valued at USD 6.9 billion in 2018 and is anticipated to register a CAGR of 43.8% from 2019 to 2025. Emerging technologies such as artificial intelligence are changing the way industries and humans work.
• Artificial Intelligence Market – The global artificial intelligence market size was valued at USD 62.35 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 40.2% from 2021 to 2028.
• U.S. Customer Relationship Management Market – The U.S. Customer Relationship Management market size was valued at USD 25.8 billion in 2018 and is anticipated to register a CAGR of 14.0% from 2019 to 2025.

The global in-vitro diagnostics market size is expected to reach USD 118.44 Billion at a steady revenue CAGR of 4.4% in 2028, according to latest analysis by Emergen Research. In-vitro diagnostics market revenue growth is due to increased investment in research & development in genomics and proteomics industry.

Surge in geriatric population, prevalence of sedentary lifestyle that result in chronic diseases and rise in infectious diseases is driving the growth of the market. Increase in prevalence of target diseases such as gastrointestinal diseases, diabetes, cardiac disorders, cancer, and infectious diseases is contributing to in-vitro diagnostic market growth positively.

Rising incidence of surgical procedures is expected to fuel market growth. Increased awareness about personalized medicine and adoption of point-of-care testing is also contributing to in-vitro diagnostics market growth. However, strict regulatory framework and inadequate reimbursement policy will impede market growth. Moreover, shortage of skilled professionals to perform diagnostic tests effectively and lack of training programs are also hampering adoption of in-vitro diagnostics products.

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Advancement in technology has led to increased availability of over-the-counter tests for better treatment. It adds significant value to medical diagnosis and treatment processes, thus improving the well-being of the public. Another factor driving the market growth is development of next generation sequencing (NGS). NGS along with data analysis algorithm allow researchers and clinicians to uncover cancer pathways, hidden aspects of antibiotic resistance, and rare chronic diseases. It offers speed and accuracy and reduces time to diagnose.

Key players in the in-vitro diagnostics market include

Siemens Healthineers, Roche Diagnostics, Danaher Corporation, bioMérieux, Abbott Laboratories, DiaSorin, Thermo Fisher Scientific, Inc., Ortho Clinical Diagnostics, QIAGEN, and Sysmex Corporation.

Some Key Highlights in the Report

• In July 2021, Ortho Clinical Diagnostics launched Interleukin-6 (IL-6) reagent pack, the latest addition to ortho’s critical care blood testing menu. Ortho is one of the world’s leading in-vitro diagnostic company and is available in the EU countries and several LATAM and APAC countries. The test is used to detect and evaluate inflammatory diseases, including auto-immune disorders, sepsis and severe respiratory infections from COVID-19.
• Reagent segment accounted for largest revenue share in 2020. These kits and reagents are first line testing devices for at-home consumer-friendly glucose monitoring and pregnancy tests to more complex automated laboratory-based systems. Increase in production of rapid, sensitive devices which offers accurate results is also driving revenue growth of the segment.
• Oncology segment revenue is forecasted to grow at the highest rate during the forecast period due to increasing rates of mortality and morbidity. Increased research activities and high level of funding from governments worldwide to develop solution for prevention and treatment of disease is propelling the revenue growth of the segment.
• North America accounted for largest revenue share in 2020. Investment in healthcare sector keeps on increasing substantially every year to improve basic healthcare and modernize the whole sector. Such heavy investment has focused on fighting major diseases, authorized by the invention of valid and cost-effective drug development for side effect reduction and treatment, along with enhanced vector control.

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Emergen Research has segmented the global in-vitro diagnostics market on the basis of product, devices, application, technique, end-use, and region:

• Product Outlook (Revenue, USD Billion; 2018–2028)
  • Reagents & Kits
  • Instruments
    • Fully Automated Instruments
    • Semi-Automated Instruments
  • Data Management Software
  • Services
• Devices Outlook (Revenue, USD Billion; 2018–2028)
  • Reusable IVD Devices
  • Disposable IVD Devices
• Application Outlook (Revenue, USD Billion; 2018–2028)
  • Cancer
  • Infectious Diseases
  • Diabetes
  • Gastrointestinal Disease
  • Autoimmune Diseases
  • Cardiac Disease
  • Drug Testing /Pharmacogenomics
  • HIV/AIDS
  • Nephrological Disease
  • Others
• Technique Outlook (Revenue, USD Billion; 2018–2028)
  • Immunoassay
    • Enzyme-Linked Immunosorbent Assay
      • Chemiluminescenc e Immunoassays
      • Fluorescence Immunoassays
      • Colorimetric Immunoassays
    • Radioimmunoassay
    • Rapid Test
    • Western Blottin
    • Enzyme-Linked Immunospot Assays
  • Clinical Chemistry
    • Basic Metabolic Panel
    • Electrolyte Panel
    • Liver Panel
    • Lipid Profile
    • Renal Profile
    • Thyroid Function Panel
    • Specialty Chemical Tests
  • Molecular Diagnostics
    • Polymerase Chain Reaction
    • Isothermal Nucleic Acid Amplification Technology
    • Microarray
    • Hybridization
    • DNA Sequencing & Next-Generation Sequencing
    • Other Molecular Diagnostics Technologies
  • Microbiology
  • Hematology
  • Coagulation and Hemostasis
  • Urinalysis
  • Other IVD Technologies
• End-use Outlook (Revenue, USD Billion; 2018–2028)
  • Hospitals & Clinics
  • Diagnostic Laboratories
  • Homecare Settings
  • Others

Have a look at Report Description and Table of Contents of Market Research Report@ https://www.emergenresearch.com/industry-report/in-vitro-diagnostics-market

• Regional Outlook (Revenue, USD Billion; 2018–2028)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    •  U.K.
    • France
    • Spain
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Rest Of MEA

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According to the new market research report “Offshore Wind Market by Component (Turbines (Nacelle, Rotors & Blades, Tower), Substructure, Electrical Infrastructure), Location (Shallow Water, Transitional Water, & Deepwater) and Region (North America, Asia Pacific, & Europe) – Global forecast to 2026“, published by MarketsandMarkets, the global Offshore Wind Market size will grow to USD 56.8 billion by 2026 (forecast year) from USD 31.8 billion in 2021 (estimated year), at a CAGR of 12.3% during the forecast period. Offshore wind is one of the renewable energy sources and refers to electricity that is generated at offshore locations. Offshore wind farms comprise turbines, substructure, electrical infrastructure, logistics, assembly and installation. They can be installed in three locations in water bodies, i.e., shallow water, transitional water, and deepwater. Offshore wind is a crucial pillar in energy mix together with onshore wind for regions such as Europe, Asia Pacific, and North America to achieve their goals pertaining to climate neutrality.

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The turbine segment is expected to dominate the industrial market, by component, during the forecast period.

The turbine segment accounted for the largest share of the Offshore Wind Market, by component, in 2020. The turbine segment of Offshore Wind Market is further classified into three modules—nacelle, rotors and blades, and tower. Rotors and blades are most stressed part of the turbine and are responsible for catching the wind.

The shallow water is expected to dominate the Offshore Wind Market, by location, during the forecast period.

Shallow water covers more of market share in this segment as development of wind power in shallow water is generally cost effective, due to better weather conditions. But with the improvement in technologies and strong wind conditions present in transitional and deep sea water, more future projects are planned for deeper waters. However, offshore wind turbines are installed in all three water locations depending on the region, turbine capacity, and wind speed.

Browse in-depth TOC on “Offshore Wind Market”

195 – Tables
55 – Figures
232 – Pages

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The nacelle is expected to dominate the Offshore Wind Market, by turbine module, during the forecast period.

Nacelle is one of the important components of an offshore wind turbine and accounts for the maximum cost of the turbine, as it comprises all the main power generation equipment. The nacelle is the section of the turbine that houses the components that convert kinetic energy from the wind into mechanical energy, which is then used to turn a generator that generates electricity. It comprises the drivetrain, power take-off system elements, monitoring systems and other equipment, such as generator, gearbox, bearings, cooling system, yaw system, pitch system, transformer, converter, switchgear, brake, and sensors.

The substation is expected to show strong growth in Offshore Wind Market, by electrical infrastructure, during the forecast period.

Substation and Wires & Cables are the sub-segments under electrical infrastructure. It consists of equipment necessary to transmit the electrical power generated from the offshore wind farms to the end users. Due to increasing demand for offshore wind power and connecting the power generated from these offshore wind to the main grid for distribution of energy to end users, substation market is witnessing a strong growth.

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Asia Pacific is expected to lead the Offshore Wind Market

The Asia Pacific region includes China, Japan, Vietnam, Taiwan and South Korea. This region has shown strong demand for power owing to rapid urbanization and industrialization. With the shift towards decarbonization and sustainable development, there has been a strong demand for renewable power resources. Governments in this region are increasingly opening gates for development and installation of offshore wind. Technological advancements and clean energy consumption would further propel wind power deployment and open up opportunities in the emerging markets in APAC. Various countries are speeding up the installation of offshore wind in order to diversify their energy mix as well as to meet their goal of rection in carbon emission Moreover, favorable supportive schemes, huge investments in grid infrastructure to maximize wind power generation, and foreign direct investments would attract investors to the wind power industry.

The key players include General Electric (US), Vestas (Denmark), Siemens Gamesa (Spain), Goldwind (China), Shanghai Electric Wind Power Equipment Co. (China). The leading players are adopting various strategies to increase their share in the Offshore Wind Market.

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The COVID-19 pandemic has shown a positive impact on the growth of facial recognition market. During COVID-19 pandemic, growing concern for sanitation the majority of the organizations is switching toward facial recognition system as a sterile choice to control the spread of infection. The combination of artificial intelligence (AI), then again, is offering a successful solution by joining both facial recognition innovations alongside temperature detection. Moreover, with AI and infrared thermography, facial recognition frameworks are performing mask detection also. The interest for facial recognition systems has been expanded in both the private and government areas.

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Increasing importance of the surveillance industry, growing investment in facial recognition technologies by the government and defense sector and rising technological advancements across business verticals are some of the major driving factors contributing to the growth of Global Facial Recognition Market.

Facial recognition is a method of confirming or identifying a person’s character utilizing their face. Facial recognition system can be utilized to distinguish individuals in photographs, recordings, or in real-time. Facial recognition is a classification of biometric security. Different types of biometric software incorporate fingerprint recognition, voice recognition, and eye retina or iris recognition. The innovation is generally utilized for security and law authorization; however there is an expanding interest in different spaces of utilization. Facial recognition frameworks make use of computer algorithms to choose out explicit, one of kind details a couple of individuals’ face. Distance between eyes or state of the jaw, are then changed over into a numerical representation and compared with information on different faces gathered during a facial recognition database. Commonly, facial recognition doesn’t depend on a gigantic data set of photographs to decide a person’s personality, it basically identifies and remembers one individual as the sole proprietor of the device, while restricting admittance to other people.

Market share of facial recognition companies: Some of the key players for global facial recognition market are Safran SA, NEC Corporation, Gemalto, Cognitec Systems, Aware Inc., Daon Inc., FaceFirst Inc., Key Lemon Ltd., Ayonix Corporation, Face++ and others.

News: Hanvon Developed Facial Recognition that Works with Masks to Combat Coronavirus

On March 9th, 2020; Hanwang Technology developed a facial recognition system that can recognize individuals wearing masks. Facial recognition systems for surveillance and installments have been seriously impeded by the face mask which has gotten universally worn as assurance against the Covid flare-up in China. SenseTime claimed to have created facial biometric innovation that can identify individuals wearing face masks. The organization offers a solitary channel solution like for access control, and a multi-channel framework for networked observation cameras. The innovation can likewise be incorporated with a thermometer to identify fever.

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Global Facial Recognition Market Segmentation:

By Technology:

• 2D Recognition
• 3D Recognition
• Thermal Recognition

By Component:

• Facial Recognition Software
• Analytics
• Others

By Vertical:

• Media & Entertainment
• Retail & E-commerce
• Telecom & IT
• Automobile & Transportation
• Government
• Healthcare
• Others

Increasing Importance of the Surveillance Industry, Growing Investment in Facial Recognition Technologies by the Government and Defense Sector and Rising Technological Advancement across Business Verticals Drive the Market Growth

The major factor drives the growth of global facial recognition market is increasing significance of the surveillance industry. The increasing adoption of advanced video surveillance frameworks like 360 security cameras, CCTV, open air PTZ cameras, thermal security cameras, and others by the end-user to improve safety and security are increasing the demand for face recognition. Video surveillance systems are significantly utilized in applications such as crime prevention, traffic management and industrial processes monitoring. The expanding interest for video surveillance systems at air terminals, homes, public travel vehicles, business workplaces, and stockrooms, among others is probably going to drive the market interest. For example; in January 2020, the public authority of Moscow has carried out live face recognition cameras to give security to the residents. These cameras are given by NtechLab Company to help the police force look for suspects on a live camera.

In addition, another major factor for the growth of global facial recognition market is growing investment in facial recognition technologies by the government and defense sector. Government associations are spending huge amounts on the deployment of these arrangements across various government applications, like military and defense, homeland security, and law enforcement. This has addressed various criminal examinations, accordingly working with different divisions. This has helped in the fast identification of offenders, accordingly solving various criminal examinations. For instance; as indicated by Comparitech, the quantity of CCTV cameras in China ranges from 200 million to 626 million by 2020. Facial recognition advances have been sent by means of country security, government and local law authorization offices, and other security organizations across the globe.

Furthermore, rising technological advancements across business verticals also drive the global facial recognition market. For instance; in April 2020, Microsoft Azure refreshed its facial recognition arrangement. The new version has an improved-on User Interface (UI) and addresses client feedback without any problem. It likewise helps gadgets with getting quicker and updated information, which can be sent rapidly with further developed IoT Central application work process. However, high implementation cost and lack of accuracy of facial recognition technology may hamper the global facial recognition market growth. In spite of that, increasing adoption of cloude-based facial recognition technology can provide various opportunities for the further growth of the global facial recognition market over the forecast period.

North America is Excepted to Dominate the Global Facial Recognition Market

North America is anticipated to dominate the global face recognition market due to increasing adoption of facial recognition technology in different departments such as motherland defense, justice, security, and rising infrastructural development and presence of key players. For example; MorphoTrust, an auxiliary of IDEMIA, is perhaps the most noticeable sellers of biometry items and services in the U.S. It has created facial recognition systems for state and government law requirement offices, state DMVs, state divisions, and air terminals. Rising infrastructural development also drive the market in this region. For instance; as indicated by the U.S. Office of Management and Budget and the Homeland Security Research Corporation, DHS Homeland Security subsidizing represents around 20-21 percent of all out U.S. Homeland Security Homeland Defense subsidizing, while generally 40% of the DHS spending finances civil, non-security programs like USCG search and rescue activities and customs capacities.

Asia-Pacific is predicted to be the fastest growing region over the forecast period due to wide use of face recognition technology, increasing adoption of surveillance technologies and rising government initiatives. For instance; in March 2020, India supported the deployment of its Automated Facial Recognition System (AFRS) the country over by mid 2021, permitting facial biometrics to be separated from video and CCTV which will be coordinated with the picture of people’s photographs whose identity data are housed in a data set by the National Crime Records Bureau under the domain of the Minister of State for Home Affairs. As per Comparitech, in China, the quantity of CCTV cameras goes from 200 million to 626 million by 2020.

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