Can the smart home market in India gain major traction?

Home automation is no longer stuff of science fiction. It has become a living and breathing concept in the form of smart homes. It is one of the biggest innovations in the field of real estate today, and is equipped with the latest features and technologies. Tier 1 and tier 2 cities of India are seeing an increase rise in demand for smart home facilities as it provides comfort, security and is now a part of a lifestyle. 

Why smart homes might gain traction? 

The smart home market in India is still evolving, and at its core, smart homes is the ability to manage a system of networked devices, also known as the Internet of Things [IoT] through apps on the smart-phones and computers. In India, this concept was limited to the high-income strata of society, but now it is spreading among the mid-income segment also. For young professionals, smart homes are now seen as essential components of their dwelling rather than a different product offering. New advanced technology is making customers smarter and so are their homes. Today’s homebuyers are looking for homes that complement their lifestyle and make their lives simpler. Moreover, increasing awareness about the need for sustainable development and living is another reason for the rise in demand of smart homes. 

Why smart homes might not gain traction? 

Smart home solutions are expensive and the use-cases are not defined clearly enough to attract the attention of a majority of Indian consumers. For smart homes to truly take off, prices have to come down and the technologies need to be adapted to suit Indian lifestyle. The Indian consumer is not so keen to pay extra for these services and someone who has already spent lakhs to buy an apartment will not be willing to shell atleast 10% extra to install these facilities. Smart homes are yet to penetrate the market and affordability and connectivity are holding back the smart home market in India now.

What is pushing forward the global fintech market?

Fintech is an emerging trend in financial operations and is driven by the adoption of technology in financial services such as banking, money transfers, digital payments, financial software and automation and alternative lending and funding platforms.

According to research by a leading market research firm, the global fintech market is expected to expand at a CAGR of 22.17% and be worth approximately USD 305.7 Bn by 2023. The various services provided by the fintech sector are payment/billing, capital market, regtech, money transfer/remittance, mortgage/real estate, lending, wealth management and capital markets.

Major drivers behind the growth of the global fintech market:

1.Digitalization of financial service: customer interaction and back-end operations have been transformed with the digitalization of financial services. With online financial services and digitalization, customers regularly access automated versions of financial related activities, which is far more convenient and seamless than physically visiting a bank. However, two major challenges are presented by digitalization. Firstly, banks have to spend billions of dollars annually to develop apps and websites alongside automating services and back-end operations. Second is the cutthroat competition present within the industry itself .consumers can choose from hundreds of companies online for the best pricing and services.

2. Moving beyond traditional financial services: In order to enhance their core offerings, many fintech firms are experimenting with new technologies and services, such as block chain and crypto-assets. Many firms view crypto/block chain as a high growth potential technology and are leveraging their expertise in payments, programming and market structure to help move forward in this field. Some fintech firms are even offering marketing, human resources and operations software. As they possess a large consumer base and understand small business needs, they are in a position to offer products that help manage a business.

The fintech industry is in a state of transformation as it is moving towards a more scalable and digital structure. It is a good position to experience long- term growth.

What are the key segments present in the global meat substitutes market

A meat substitute or a meat alternative approximates certain qualities such as texture, appearance, flavour or chemical characteristics of specific types of meat. Meat substitutes are usually vegetarian ingredients and sometimes without animal derivatives such as dairy. People are moving towards meat substitutes due to the rising health issues such as diabetes and obesity and increasing awareness of the damage caused to the environment by animal rearing for meat consumption.

 According to a study conducted by a leading market research company, the global meat substitutes marketis anticipated to expand at a CAGR of 7.4% during the 2018-2023 period and is expected to be worth USD 6.1 Bn by 2023. There is a shift from using soy and wheat, to cleaner label ingredients for making alternative meat products, which appeals to vegetarians, non-vegetarians and vegans.

The global meat substitutes market is segmented on the basis of product and source type. Based on the product, the meat substitutes market consists of tofu and tofu-based products, textured vegetable protein (TVP), tempeh, seitan, and quorn. The tofu and tofu-based segment accounted for 43% market share in 2018 and seitan is expected to show the highest growth (8.3%) during the 2018-2023 period.

Based on the source type, the soy segment held a market share of 48% in 2018. Wheat is expected to expand at a CAGR of 7.7% during the 2018-2023 period. The mycoprotein segment is anticipated to expand at the CAGR of 7.8% till 2023 due to the several health benefits attached to this segment.

Geographically, the meat substitutes market in Europe is anticipated to expand at a CAGR of 9.3% till 2023 followed by the North American market which is projected to expand at a CAGR of 5.9% by 2023. The Africa meat substitutes market is still at an ascent phase and is expected to grow steadily during the forecast period.

What are the key trends in the warehousing market in India?

In the past few years, India’s logistics and warehousing market is going through a transformation. With the concept of e-commerce growing pace, the need for an efficient supply chain is paramount. The contribution of this industry to the economic growth of the country is duly recognized and the government has been taking steps to implement focussed reforms to enhance the warehousing industry and attract investments.

As the warehousing market in India gains prominence with the entry of several domestic players and global leaders, the demand for warehousing facilities that match up to global standards has grown. As the market matures, there are a few trends that will define the Indian warehousing market.

1. The GST effect: according to a survey conducted on occupiers of warehouses in the country, with regards to their views on the impact of GST on business and operations, a majority of the respondents were in favour of the implementation of GST. Post GST implementation, warehouse occupiers are driven by the desire of consolidation and expansion activities across the country. A unified taxation structure is required for the emergence of a consolidated market. 
2. Moving beyond the obvious epicentres: Prior to GST, a bulk of the warehouses were situated in Delhi National Capital Region (NCR) Mumbai Metropolitan Region (MMR) and Bangalore. In 2016, smaller cities such as Hyderabad, Kolkata and Pune saw the setting up of warehouses. 
3. Innovation to drive efficiency and cost saving: Technological advancements will shape the overall functioning of the warehousing market in India. Software that enables improved fleet management though RFID system for inventory identification,  live tracking of goods, automated pallet storage, amongst others are being adopted almost everywhere. 

The Goods and Services Tax (GST) has improved the Indian warehousing market’s chances of competing globally by implementing a uniform taxation system and encouraging structural change in operation dynamics for the warehousing segment. 

How is Governmental Intervention Encouraging the Warehousing Market in India?

The warehouse industry in India is still in its nascent phase. Factors such as technological advancements in the form of increasing adoption of Internet of things (IoT), cloud computing, big data analytics, robotics and automation, advanced imagers, and mobile thermal printers, increase in private foreign investment, rising international trade and domestic consumption, rise of an organized retail in the country, and removal of several governmental regulations have acted as key driver behind the growth of the warehousing market in the country.

According to research by a leading market research company, the warehousing market in India is supported immensely by governmental initiatives such as the implementation of the of the goods and services tax (GST), the Make in India initiative and setting up of industrial corridors. These initiatives have encouraged international organizations to invest in the warehousing industry in India. Removal of several regulations such as interstate checkpoints, multiple central and state level taxes, and reduction in cargo movement time are encouraging warehouse consolidation.

Despite its immense importance in influencing the economic growth of the country, the Warehousing Market in India faces several challenges.

1. Poor Infrastructure: in order to ensure proper warehousing storage, the infrastructure must be of world-class quality. A majority of the warehousing industry is largely unorganized, fragmented, dominated by small players and not linked with interstate roads or highway networks.

2. Power Shortages: Power cuts in cold storages and warehouses leads to huge wastages of agricultural products and an increase in the cost of power leads to the rising cost of agricultural products.

3. Technological Deficiencies: Inadequate IT penetration and manual warehouse management, record keeping and billing have raised serious doubts on the credibility, reliability, and sustainability of the warehousing sector in India.

Increasing international trade and a sharp increase in automobile sales is boosting the warehousing market in India. As India has become the manufacturing hub for a number of industries, the need for structurally and technologically efficient warehousing facilities is non-negotiable.

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Top Reasons for the Growth of the Online Food Delivery Market in India

Technological advancements are rapidly disrupting a number of industries in India, and the food and beverages industry is not far behind in terms of adopting the latest technology. Major players in the food and beverages industry in India are aiming to attain more customers and get more widespread, leveraging online food delivery system. Online food delivery model is gradually reshaping the gourmet and the eatery enterprises, and transforming the way consumers are ordering and receiving food.

Online Food Delivery Market

Why online food delivery is growing in popularity?

The online food delivery market in India is burgeoning, thanks mainly to the following reasons –

1. Growing per capita income - India's per capita income has climbed up to almost 8.6% in the fiscal year 2018. As a result, disposable income of Indians have increased, and has provided them with higher purchasing power. This in turn is paving the way for the growth of online food delivery market in the country.

2. Better customer Relationship Management – Most eateries in India believe online food ordering arrangements possess the latest and sophisticated customer relationship management. Leveraging this, restaurants are capable of providing all the expected administrations to the purchasers, right from ordering food to its conveyance at their doorsteps.

3. Enhanced consumer loyalty - A recent study revealed that 91% of online clients are using mobile applications and desktop applications to place orders, which in turn enhances the chances of retaining customer loyalty and having recurring orders at a much lower price as against dining out.

4. Tech-savvy millennial population – With 50% of the 1.35 Bn population falling under the age of 25 years and half of the remaining population aged under 35 years, India represents one of the youngest populations of the world. Owing to the fact that the majority of demand coming from the age group between 18 and 40, the online food delivery services in India looks promising and offers significant growth opportunities.

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The unique selling point of online ordering system is the convenience. However, there’s much more to the benefits it brings to both restaurants and customers, and this trend is expected to continue in the foreseeable future.

What are the Different Staplers Available in the Global Surgical Staplers Market?

Increasing number of laparoscopic surgeries across the world, especially bariatric surgeries, is resulting in greater acceptance of surgical staplers. These staplers are considerably effective with respect to faster, more accurate and precise surgical wound closure, and that is the reason why it is witnessing higher adoption. There’s a rising prevalence of severe health issues like obesity, cardiovascular diseases, and even cancer, which, in turn, has led to the rise in the number of surgeries that are carried out each year. This increase in the number of surgeries is driving the demand for surgical staplers across the world.

Global Surgical Staplers Market

Different types of Surgical Staplers

The global surgical staplers market is loaded with different staplers, each possessing unique set of utility and application. Some of the most prominent surgical staplers available are –

• Linear Staplers - Linear staplers are extensively used for closing the ends of a hollow organ or vessel. They are effective for providing an easier access to narrow anatomic sites such as the pelvis. For such applications, linear staplers come with articulated heads and flexible shafts have been developed.
• Linear Cutter Staplers -These staplers are typically linear staplers that come with an integrated cutting device. Four or six staggered lines of staples (two or three “rows”) are combined together, and the tissue between the two inner staple lines is indented. The main application of these staplers are stapling closed both ends of a hollow organ like bowel, bronchus and other vascular structure.
• Circular Staplers - Circular stapling devices include two staggered circular lines of staples to press circular scalpel resects on the overlaying tissue in the form of “rings” or “donuts” and create a circular anastomosis. Circular stapling devices are generally applicable for general surgery as well as for thoracic and colorectal surgery. 

Benefits of Surgical Staplers

According to the global surgical staplers market report, surgical staplers made of stainless steel are extensively used in wounds under high tension, including wounds on the scalp or the trunk. Advantages of staples include quick application, minimal tissue damage, negligible risk of infection, and strong wound closure.

Our related topic:
What Drives The Global Surgical Staplers Market?

Why the Global Surgical Staplers Market is Growing in Relevance?

What Makes the Global Surgical Staplers Market Expand?

Is The Global Surgical Staplers Market Developing?

How is The Global Carbonated Beverage Market Expected to Perform?

A carbonated beverage is a drink which contains carbon dioxide gas. The gas dissolves when in contact with drink producing carbonic acid that makes the drink fizzy and pleasant to consume. The product is especially preferred as a cold drink in warm climates.

With an increasing number of customers becoming aware of the harmful effects of high sugar intake, the demand for traditional carbonated drinks is steadily declining, especially in mature markets like the United States (U.S.) and Western Europe. The global carbonated beverage market, therefore, has witnessed an increasing demand for low or no-sugar variants of these beverages. Diet Coke, Diet Pepsi, Coca- Cola Life, and Diet Dr. Pepper are huge market pullers. 

 

Carbonated Beverages Market

High sugar content is creating a shift in consumer preferences

Top non-alcoholic beverage companies offer their products in a variety of packaging sizes as a strategy to increase sales. Smaller packs help customers minimize their sugar intake per serving, making it the preferred and more convenient size for consumption. The carbonated beverage market size is anticipated to witness limited growth due to increasing awareness regarding the harmful consequences of excessive sugar intake.

A key market trend that is being observed across various regions, especially in the mature markets where the growth of standard carbonated drinks has stagnated, is the introduction of products with new, unique, and exotic flavor combinations. Apart from this, drinks with functional additives are also garnering major demand.

The carbonated drinks manufacturing companies distribute their products through numerous channels, which mainly include hypermarkets, supermarkets, and general merchandisers. Moreover, food service and drinking establishments, convenience stores and gas stations, vending machine operations, and other channels like e-commerce portals are also supplying soft drinks to consumers. Despite the existence of various market mediums, the maximum amount of sales occur through the hypermarkets, supermarkets, and general merchandiser’s route.

According to market research, traditional soda based drinks dominate the global carbonated beverages market, however, with the increasing awareness regarding the harmful consequences of high sugar intake, low-calorie variants of soda or diet soda are becoming popular. Based on distribution channels, the global carbonated beverages market is segmented into hypermarkets, supermarkets, general merchandisers, food services and drinking establishments, convenience stores, and online grocery stores. Europe held approximately 34% of the global carbonated beverages market in 2018, followed by the North American region with a 28% share. The volume of sales has risen in Europe due to the increase in sales of premium quality beverages.

Our related post:
1. Key drivers and challenges to the Global Carbonated Beverage Market
2. Key Segments Present in The Global Carbonated Beverages Market
3. Will the Global Carbonated Beverages Market Continue to Expand?