Day: November 7, 2024

Delray Beach, FL, Nov. 07, 2024 (GLOBE NEWSWIRE) — The Project Portfolio Management Market is expected to grow from USD 7.8 billion by 2024 to USD 13.7 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period, according to a new report by MarketsandMarkets™.

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Project Portfolio Management Market Dynamics:

Drivers

• Surging demand for advanced PPM tools due to growing project complexities
• Need for enhanced return on investment (ROI)
• Increasing demand for holistic view of resource management and project operations

Restraints

• High implementation costs
• Resistance to change within organizations
• Data security and privacy concerns

Opportunities

List of Top Project Portfolio Management Companies

• Oracle (US)
• Smartsheet (US)
• Microsoft (US)
• Asana (US)
• ServiceNow (US)
• Planview (US)
• SAP (Germany)
• Atlassian (Australia)
• Wrike (US)
• Monday.com (Israel)

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The expansion of the project portfolio management (PPM) industry will be fueled by the rising demand for projects to align strategically, AI and automation developments, the surge in remote work and digital collaboration tools, and the increasing use of PPM solutions in various sectors like IT, construction, finance, and healthcare to enhance resource distribution and guarantee project success.
As per offering, the solutions segment holds the largest share during the forecast period.

PPM solutions are software tools that help organizations efficiently manage projects and portfolios. Such solutions provide the functionality for project planning, resource allocation, budget management, risk assessment, and performance tracking. This allows organizations to prioritize projects at the highest level based on their vision, aligning with strategic objectives and optimizing available resources. The PPM solution gives dashboards and analytics to real-time project status and portfolio performance and supporting decisions. They are the drivers of process improvement, teamwork, and projects completed on time and within budget. All industries use these tools, available either as a product for onsite use or as cloud-based deployment models.

As per business function, the IT & software development will grow at the highest CAGR during the forecast period.

PPM is crucial in the IT & software development industry as it helps manage project organization, prioritize tasks, and align resources with business goals for efficiency. PPM solutions assist in overseeing the entire process of software projects, from initial planning and development to testing and deployment. They allow teams to monitor advancement, handle finances, and reduce risks, which helps ensure on-time completion and quality control. PPM solutions help balance workloads, enhance collaboration, and help make better decisions by offering insight into project status and resource utilization. This leads to improved performance, greater customer alignment, and successful IT strategy implementation within the company.

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As per organization size, large enterprises hold the largest share during the forecast period.

Large companies with an employee strength of over 1,000 employees make up a substantial portion of the PPM market. These companies need advanced PPM solutions to manage large project portfolios, varied teams, and intricate workflows. Sophisticated PPM tools allow large corporations to connect with current systems, handle numerous projects simultaneously, and guarantee compatibility with strategic objectives. They utilize advanced analytics, real-time reporting, and resource optimization to improve decision-making and operational efficiency. These businesses frequently seek customized, tailor-made, and flexible options to assist with international activities. Robust PPM systems aid large enterprises in simplifying processes, reducing risks, and promoting innovation within their extensive project environments.

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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Rockville, MD, Nov. 07, 2024 (GLOBE NEWSWIRE) — The world population has crossed 8 billion, with a significant number of elderly people suffering from sarcopenia. As per a new study by Fact.MR, the global sarcopenia treatment market is estimated at US$ 3.07 billion in 2024 and is projected to expand at a CAGR of 4.2% from 2024 to 2034.

The market is progressing as younger individuals increasingly recognize the signs of such conditions and pursue treatment. Treatment options include dietary and exercise therapies, often recommended by rheumatologists based on age and immune system. All of these factors are driving market growth as patients increasingly rely on these therapies.

Myostatin, vitamin D, angiotensin, and omega-3 supplements are favored by consumers for their ability to enhance strength recovery with minimal side effects, thus increasing demand for treatments. Rising personal healthcare expenses are projected to drive demand for sarcopenia treatment supplements.

• According to the National Health Expenditure Accounts (NHEA), healthcare spending in the United States grew by 4.3% in 2016, reaching US$ 3.3 trillion, or US$ 10,348 per person.

For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=10051

Key Takeaways from Market Study

• The global sarcopenia market is projected to reach US$ 4.63 billion by the end of 2034.
• The North American market is forecasted to expand at a 6% CAGR through 2034.
• In 2024, protein supplements are estimated to account for 5% of the market share.
• By 2034, Latin America is projected to hold 7% of the global market share.
• The market in Brazil is forecasted to expand at a CAGR of 1% from 2024 and 2034.

“Increasing prevalence of sarcopenia is necessitating early diagnosis and effective treatments. The susceptibility of the expanding aging population to sarcopenia is also driving market expansion,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Sarcopenia Treatment Market:

Key industry participants like Bayer AG, Haleon Group of Companies, Zydus Life Sciences Limited, Eli Lilly and Company, Novartis AG, Abbott Laboratories Inc., GlaxoSmithKline Plc, F-Hoffmann La-Rache, Sanofi Inc., Amway Corporation. etc. are driving the sarcopenia treatment industry.

Association of Sarcopenia with Chronic Conditions

Sarcopenia is often associated with chronic conditions like diabetes, cancer, and cardiovascular disease. The rising occurrence of sarcopenia due to the increasing prevalence of these ailments boosts the demand for treatments. This surge in cases has driven consumers to seek treatment, thereby driving market growth.

Sarcopenia is now being diagnosed earlier as awareness of the condition grows among both the public and healthcare professionals. As awareness increases, there is a greater demand for improved treatments and therapies. These factors have spurred manufacturers in the country to expand their operations to seize market opportunities.

Sarcopenia Treatment Industry News:

• In October 2023, Metagenics LLC acquired 100% of Amipro Advanced Development Products, which had been the exclusive distributor of Metagenics’ products in South Africa for many years. This acquisition strengthens Metagenics’ distribution network, enabling direct distribution operations across key EMEA markets.
• Additionally, in September 2023, Biophytis received authorization from the United States Food and Drug Administration (FDA) to initiate its SARA-31 research in the U.S., marking the first phase 3 trial in the sarcopenia therapy sector.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the sarcopenia treatment market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product type (protein supplements, vitamin B12 supplements, vitamin D & calcium supplements) and distribution channel (hospital pharmacies, retail pharmacies, online pharmacies, hypermarkets & supermarkets), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

Check out More Related Studies Published by Fact.MR Research:

Muscle stimulators market is expected to reach US$ 1.85 billion by 2032, growing at a CAGR of 5.4%.

Patient blood management market in 2022 is valued at US$ 12.7 billion and is estimated to reach a sales revenue of US$ 18.4 billion by the end of 2027.

Women’s health rehabilitation products market is predicted to increase from its current valuation of US$ 3.22 billion and reach US$ 5.77 billion by the end of 2033.

Bone biopsy systems market is set to enjoy a valuation of US$ 227.6 million in 2022 and expand at a CAGR of 6% to reach US$ 408.9 million by the end of 2032.

Veterinary endoscopy market is currently valued at US$ 184 million. Global sales of veterinary endoscopy machines are expected to rise at a CAGR of 5.5% from 2022 to 2027 and will reach US$ 240.4 million by 2027.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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Luton, Bedfordshire, United Kingdom, Nov. 07, 2024 (GLOBE NEWSWIRE) — The growth of the automotive telematics market is driven by rising vehicle production with advanced safety features, such as eCall, across regions including Europe, Japan, China, and the United States. The adoption rate of embedded telematics is expected to increase, supporting market expansion for telematics solutions over the forecast period.

A key factor in the rising adoption of telematics systems is the focus of automotive manufacturers on embedding telematics in both passenger and commercial vehicles. Growing consumer awareness of telematics’ benefits, including better insights into vehicle performance and driver behavior, is prompting fleet owners and managers to adopt these systems. Increased consumer interest and higher technology adoption rates, both from OEMs and aftermarket providers, are further fueling the market’s growth.

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Growing Demand for Connected Vehicle Solutions Drives Market Growth

The automotive industry is witnessing a surge in demand for connected vehicle solutions as consumers show increasing interest in advanced connectivity features. Automotive manufacturers are responding by integrating telematics systems across a wide range of vehicles to engage customers and showcase the extensive benefits of vehicle telematics.

IoT Integration Enhances Vehicle Performance and Safety

Vehicle manufacturers are embracing Internet of Things (IoT) technologies to boost vehicle performance and safety features. This integration of IoT solutions into telematics is enhancing real-time data collection, analysis, and application, contributing to the increased reliability and functionality of modern vehicles.

Telematics Solutions Empower Fleet Management with Advanced Analytics

Fleet management systems are increasingly relying on telematics solutions to improve operational control through data analytics. With features like optimized driving routes, driver behaviour insights, and performance tracking, telematics-enabled fleet management empowers fleet operators to make data-driven decisions, enhancing overall efficiency and safety.

Market Dynamics

DRIVER: Rising Adoption of Connected Car Services

The connected car market is experiencing rapid growth, driven largely by advancements in the telecom industry. The implementation of 5G networks across major regions has spurred demand for connected car services by enabling features like real-time traffic monitoring, remote diagnostics, and autonomous driving capabilities. Collaborations between telecom providers and automotive manufacturers have further accelerated the adoption of connected features. For example, in June 2023, Targa Telematics partnered with Renault to incorporate the “Renault Easy Connect for Fleet” platform, enhancing connectivity options in Renault and Dacia models.

Satellite Technology and Sustainability Goals Fuel Connected Car Advancements

Satellite technology is playing a significant role in advancing connected and autonomous vehicles, aligning with the United Nations’ 2030 Sustainable Development Goals (SDGs). Specifically, several nations are working towards SDG 3 targets aimed at reducing road traffic fatalities and injuries by 2030. The integration of satellites into connected vehicles aids in data collection and analysis, crucial for enhancing road safety and improving navigation. To meet growing consumer demands for enhanced features, automakers are embedding advanced systems in mid-segment and premium vehicles, generating a wealth of real-time data that telematics tools can interpret, which is driving market growth.

Restraint: Lack of Standardization

The telematics market within the automotive industry faces significant challenges due to the lack of standardization and inconsistent regulations across regions. Different regions have their own set of standards, making it difficult for telematics devices to work seamlessly together. For example, Original Equipment Manufacturers (OEMs) often develop proprietary telematics systems that do not integrate smoothly with third-party applications or services, limiting the ability to use external applications across different vehicles. This fragmentation results in difficulties with data sharing, integration, and the provision of consistent real-time updates, such as traffic information or vehicle diagnostics.

Cybersecurity Concerns and Data Breaches

Rising cybersecurity threats, such as unauthorized access to vehicles and data breaches, are additional concerns that could impact the widespread adoption of telematics technology. In January 2023, security researchers revealed vulnerabilities in the telematics systems of 16 car manufacturers, which allowed hackers to control car functions, including starting or stopping the engine. In March 2023, Skoda Auto India experienced a data breach, with over 20 databases and customer information leaked on a hacker forum. These incidents highlight the potential risks of telematics technology, further complicating efforts to enhance the security and trustworthiness of telematics systems.

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Opportunity: 5G/6G and Artificial Intelligence Will Create Futuristic Growth Opportunities

The advent of 5G/6G technology has opened up significant growth opportunities for the automotive telematics industry, providing enhanced speed, low latency, and high bandwidth. These advancements are particularly evident in premium and luxury vehicles, which are increasingly equipped with telematics devices operating on 5G/6G networks. As consumer demand for these feature-rich vehicles rises, the market for telematics solutions in vehicles has expanded. According to exactitude consultancy analysis, sales of premium cars grew by 10.5% from 2021 to 2023, while luxury vehicle sales surged by 35% during the same period. This growing demand for premium and luxury vehicles has created new opportunities for telematics devices that can perform a range of functions, including vehicle maintenance detection, enhanced user experiences, remote diagnostics, and in-car infotainment systems.

Safety & Security Segment Growth

The safety and security segment is poised for significant growth, driven by the increasing integration of advanced safety features like Advanced Driver Assistance Systems (ADAS), anti-lock braking systems, and others. As automakers focus on enhancing vehicle safety, the incorporation of telematics systems to support these features will be critical in boosting consumer adoption and improving road safety overall.

Artificial Intelligence in Telematics

The integration of artificial intelligence (AI) with 5G/6G infrastructure is accelerating the development of connected vehicles, where AI processes vast amounts of data from the vehicle’s surroundings to enhance operational efficiency and decision-making capabilities. Companies like Tesla have pioneered the use of AI-based features such as Autopilot, which improves safety and self-driving capabilities by leveraging data collected from millions of vehicles. AI also enables predictive maintenance in automotive telematics, allowing fleet managers to anticipate and prevent costly repairs or breakdowns before they occur. The combination of 5G/6G technology with AI is a key driver for future growth in the automotive telematics market, offering enhanced capabilities and a more connected, efficient driving experience.

Challenge: Cybersecurity

As the telematics industry continues to expand in the automotive sector, cybersecurity remains a critical challenge. With the increasing connectivity of vehicles, telematics systems such as software, apps, and Bluetooth are vulnerable to cyberattacks. Several incidents have highlighted the potential risks posed by cyber vulnerabilities in connected vehicles. For example, in 2015, two researchers were able to hack into Chrysler’s Jeep vehicle, leading to a software upgrade for 1.4 million vehicles. Similarly, Tesla S and Nissan Leaf models were targeted in a cyberattack in February 2016.

To address these risks, various stakeholders are focusing on integrating cybersecurity and threat detection systems within telematics solutions. Data analytics and artificial intelligence (AI) are being utilized to improve the security features of telematics systems. In partnership with a leading car manufacturer, Viasat developed the first-ever advanced in-car connectivity system with military-grade security features.

Regulatory Efforts to Improve Cybersecurity

Regulators worldwide are responding to the increasing cybersecurity threats by setting minimum standards for vehicle software and security. For example, the United Nations Economic Commission for Europe (UNECE) introduced two key regulations—UN Regulations R155 and R156—in June 2024 to combat cybercrimes in connected vehicles.

• UN R155 mandates that automakers install a Cybersecurity Management System (CSMS) in vehicles to identify and mitigate cyber threats throughout a vehicle’s lifecycle.
• UN R156 requires automakers to implement Software Update Management Systems (SUMS), ensuring that software updates are regularly processed to keep vehicles protected from emerging security threats.

These regulations are expected to significantly reduce cybersecurity concerns related to connected vehicles, promoting safer and more secure automotive telematics systems globally.

Automotive Telematics Market Ecosystem.

The leading Original Equipment Manufacturers (OEMs) in the automotive telematics market have embraced the latest technologies, diversified portfolios, and established strong distribution networks globally. These OEMs are at the forefront of integrating connected vehicle technologies, offering solutions that enhance vehicle safety, efficiency, and overall user experience. By leveraging advancements in 5G/6G connectivity, artificial intelligence (AI), and real-time data analytics, these companies are shaping the future of automotive telematics.

• Robert Bosch GmbH (Germany)
• Webfleet Solutions B.V. (Netherlands)
• Trimble (U.S.)
• Verizon (U.S.)
• Zonar Systems (U.S.)
• Octo Group S.p.A (Italy)
• Microlise Telematics Pvt. Ltd. (U.K.)
• Harman International (U.S.)
• AT&T (U.S.)
• TomTom N.V.  (Netherlands)
• Visteon Corporation (U.S.)
• Telefonica S.A (Spain)
• Aptiv PLC (Ireland)
• Geo Tab Inc. (Canada)
• Mix Telematics (South Africa)
• Microlise Limited (UK)
• Continental AG (Germany)
• LG Electronics (South Korea)
• Harman International (US)

Recent Developments

• Continental AG and Google Cloud Collaboration (January 2024): At CES 2024, Continental AG and Google Cloud unveiled a generative AI voice assistant integrated into Continental’s Smart Cockpit High-Performance Computer. This collaboration enhances user interaction in vehicles, offering conversational navigation, driver personalization, and in-car control​.
• Continental and Aurora Innovation (January 2024): Continental AG and Aurora Innovation showcased advanced hardware designs at CES 2024, featuring telematics units and automated driving control units that support Aurora’s self-driving technology​.

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Embedded Systems to Lead the Automotive Telematics Market

The embedded systems segment is anticipated to hold the largest market share in the automotive telematics industry by 2030. Embedded telematics systems offer a range of advanced features and substantial benefits compared to integrated systems. These solutions seamlessly integrate with the vehicle’s onboard electronics, enabling functionalities such as real-time data insights, navigation assistance, and remote control, all without requiring additional hardware or aftermarket installations. As a result, embedded telematics provides enhanced vehicle security, improved driver safety, and optimized operational efficiency, meeting the increasing demand for connected and smart vehicle solutions.

Luxury automakers, including Mercedes-Benz and BMW, have been early adopters, offering embedded telematics as standard or optional features to enhance the driving experience with advanced connectivity and convenience. Mainstream brands like Ford and Toyota have also followed suit, incorporating embedded systems to offer valuable features such as remote vehicle access, stolen vehicle tracking, and predictive maintenance alerts. These features are particularly attractive to consumers and fleet operators looking to enhance vehicle safety and performance without the need for aftermarket installations. The growing consumer demand for connected car services, coupled with regulatory mandates and ongoing technological advancements, is driving the global adoption of embedded telematics solutions.

Asia Pacific Dominates the Automotive Telematics Market

The Asia Pacific region is poised to be the most lucrative market for automotive telematics during the forecast period. China holds the largest market share in the region, accounting for more than 45% of the global vehicle production. The automotive telematics market in Asia Pacific is expected to see substantial growth, with passenger car production in the region predicted to increase from approximately 57 million units in 2024 to about 62 million units by 2030. A significant driver behind this growth is the increasing demand for premium and luxurious vehicle features, particularly in India, which is expected to experience the fastest growth rate in the region.

Key players in the Indian automotive market, including MG Motor, Maruti Suzuki, Hyundai, and Tata Motors, are integrating telematics solutions into their vehicles to meet the rising demand for advanced vehicle technologies. Additionally, major telecom players like Vodafone Idea, Airtel, and Jio are supporting the automotive industry by providing robust connectivity services to enable advanced features in premium and luxury vehicles.

China: Leading in 5G Network Deployment

China has established the largest 5G network in the world, with over 2.64 million 5G base stations in operation by the end of March 2023. The rapid development of 5G-based telematics cars is significantly supported by the Chinese government’s investment in 5G infrastructure, creating a conducive environment for the growth of connected vehicles. The increasing demand for safer and more efficient transportation has prompted automotive manufacturers to integrate 5G technology into their vehicles.

Major OEMs such as BYD, Geely, and SAIC Motor are leading efforts to incorporate 5G-enabled telematics systems in their vehicles. For example, Huawei and SAIC Motor have partnered to develop the “HiCar” system, integrating 5G technology with intelligent vehicle systems to enhance user experience through seamless connectivity. Additionally, Geely and China Mobile collaborated to launch the world’s first 5G-based remote driving service, allowing users to control their vehicles remotely via a mobile app, marking a significant innovation in automotive telematics.

Market Segments:

By Services

• Emergency Call
• Stolen Vehicle Assistance
  • Stolen Vehicle Tracking
  • Stolen Vehicle Slowdown
  • Remote Ignition Block
  • Theft Alarm Notification
• Insurance Risk Assessment (Usage Based Insurance)
• On-Road Assistance (Breakdown Assistance)
• Remote Diagnostics
• Others

By Fleet Management Services

• Fleet Tracking and Geofencing
• Routing and Scheduling
• Vehicle Maintenance and Diagnostics
• Fleet Analytics and Reporting
• Others

By Vehicle Type

• Passenger cars
• Light Commercial Vehicles
• Trucks
• Buses

By Vehicle Type

• Passenger cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

By Form

By Connectivity

By Offerings

Electric & Hybrid Vehicle Telematics Market, By Vehicle Type

• Battery Electric Vehicles (BEVs)
• Plug-in Hybrid Vehicles (PHEVs)
• Fuel-cell Electric Vehicles (FCEVs)

Electric & Hybrid Vehicle Telematics Market, By Services

• Emergency Call
• Stolen Vehicle Assistance
  • Stolen Vehicle Tracking
  • Stolen Vehicle Slowdown
  • Remote Ignition Block
  • Theft Alarm Notification
• Insurance Risk Assessment (Usage Based Insurance)
• On-Road Assistance (Breakdown Assistance)
• Remote Diagnostics
• Others

By Region

• Asia Pacific
• Europe
• North America
• Rest of the World

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