#Person to Person Payment Market forecast
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Person to Person Payment Market Next Big Thing | ClearXchange, Tencent, Square, Circle Internet Financial, Phonepe
Advance Market Analytics published a new research publication on “Global Person to Person Payment Market Insights, to 2028” with 232 pages and enriched with self-explained Tables and charts in presentable format. In the study, you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market-associated stakeholders. The growth of the Person to Person Payment market was mainly driven by the increasing R&D spending across the world.
Major players profiled in the study are:
PayPal Pte. Ltd (United States), Tencent (China), Square, Inc (United States), Circle Internet Financial Limited (Ireland), ClearXchange (United States), Stripe (Germany), TransferWise Ltd (United Kingdom), CurrencyFair LTD (Ireland), One97 Communications Ltd (India), Phonepe(India), MobiKwik (India)
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Scope of the Report of Person to Person Payment
Person to Person payments are popularly known as P2P Technology or Peer-to-Peer payment which allows the customers to pay funds, bills from their bank account to credit card to another individual (Mall, retailer, bills, tours, tickets, etc) by using mobile phone using internet service by easily installing the specific app of that company. It is an online technology that helps in secure payments. It has made easy payments for various platforms. As there is high adoption of digitization in the world the growing use of E-commerce resulting in demand for online payment services.
On 1st November 2019, Square completed the sale of Caviar to DoorDash.
On 7th February 2020, Square announced it has acquired Canadian company Dessa for its development of business. It will help in machine learning abilities for the company.
The Global Person to Person Payment Market segments and Market Data Break Down are illuminated below:
by Type (NFC/Smartcard, SMS, Mobile Apps), Application (Money transfers & Payments, Easy payments), End Users (Retail, Travels and Hospitality, Transportation and Logistics, Energy and Utilities), Purchase (Airtime transfer & Top-Ups, Merchandise & Coupons, Travel & Ticketing), Locations (Remote payments, Proximity payments)
Market Opportunities:
Growing Digital Driven Lifestyle
Growing Online Shopping And Banking Applications
Market Drivers:
Growing Acceptance Of Online Banking
Increasing No Of Digital Devices Like Smart-Phones, Mobiles Etc
Market Trend:
Growing E-Commerce Application In P2P Technology
What can be explored with the Person to Person Payment Market Study?
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Person to Person Payment Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Person to Person Payment
Understand the Competitive Scenarios
Track Right Markets
Identify the Right Verticals
Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
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Strategic Points Covered in Table of Content of Global Person to Person Payment Market:
Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Person to Person Payment market
Chapter 2: Exclusive Summary – the basic information of the Person to Person Payment Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Person to Person Payment
Chapter 4: Presenting the Person to Person Payment Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country 2017-2022
Chapter 6: Evaluating the leading manufacturers of the Person to Person Payment market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2023-2028)
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source
Finally, Person to Person Payment Market is a valuable source of guidance for individuals and companies.
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Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Southeast Asia.
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Are You Buy Bitcoin The Correct Way? These 5 Tips Will Aid You Answer
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Driving Efficiency and Innovation: The Power of Advanced Car Rental Software Systems
The Evolution of Car Rental Software:
Gone are the days of manual paperwork and cumbersome reservation processes. Advanced car rental software system have revolutionized the way car rental companies manage their operations, from reservation and booking management to fleet tracking and customer relationship management. These software solutions leverage cutting-edge technology, such as cloud computing, mobile connectivity, and data analytics, to deliver seamless and intuitive experiences for both rental companies and their customers.
Key Features and Capabilities:
Online Reservation and Booking: Advanced car rental software systems enable customers to browse vehicle inventory, check availability, and make reservations online through user-friendly booking portals. Integration with websites, mobile apps, and third-party booking platforms allows for seamless, real-time reservation management.
Fleet Management: From vehicle acquisition and maintenance scheduling to tracking mileage and fuel consumption, car rental software systems provide comprehensive fleet management capabilities. Automated alerts and notifications help rental companies stay on top of maintenance tasks and ensure that their vehicles are always in optimal condition.
Inventory Optimization: Car rental software systems utilize advanced algorithms and predictive analytics to optimize inventory management and allocation. By analyzing historical data, seasonal trends, and demand forecasts, rental companies can maximize vehicle utilization rates and minimize idle inventory.
Customer Relationship Management (CRM): Built-in CRM functionality allows rental companies to track customer interactions, manage loyalty programs, and personalize marketing efforts. By capturing and analyzing customer data, rental companies can better understand their customers' preferences and behavior, leading to improved customer satisfaction and retention.
Billing and Invoicing: Car rental software systems streamline billing and invoicing processes, automating calculations, generating invoices, and processing payments electronically. Integration with accounting software simplifies financial management and ensures accurate record-keeping for tax purposes.
Benefits of Advanced Car Rental Software Systems:
Enhanced Efficiency: By automating routine tasks and streamlining workflows, car rental software systems improve operational efficiency and reduce manual errors. Rental agents can focus on providing excellent customer service, while administrative tasks are handled seamlessly in the background.
Improved Customer Experience: Advanced booking portals, personalized communications, and self-service options enhance the overall customer experience, making it easier for customers to find and book vehicles that meet their needs. Real-time updates and notifications keep customers informed throughout the rental process, fostering trust and loyalty.
Optimized Fleet Utilization: With advanced analytics and inventory optimization tools, rental companies can better manage their fleets, ensuring that vehicles are deployed where and when they are needed most. This leads to improved fleet utilization rates, Car Booking Software in USA reduced downtime, and increased profitability.
Data-Driven Insights: Car rental software systems capture and analyze vast amounts of data, providing rental companies with valuable insights into their operations, customer behavior, and market trends. These insights enable data-driven decision-making, allowing rental companies to identify opportunities for growth and innovation.
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Factoring Solutions For Trucking, Freight & Fleets Tools For Carriers
They will clarify how factoring with Apex works and reply all your questions about our team, processes, and factoring software. OTR Solutions makes it simple so that you just can get working capital so you probably can give attention to developing service and shipper relationships. Designed to remove excellent fee, brokers who factor can entry the instruments necessary to compete with America’s largest transportation brokers. No one wants to work at no cost, however within the trucking trade you get paid after you provide the service, so unfortunately non-payment can and does happen. The most important factor a provider ought to do when deciding on a factoring company is to learn and understand the factoring contract and any other doc that requires a signature. Know the distinction between an all-asset lien and an accounts receivable lien and solely work with a factoring company that files an accounts receivable lien.
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It’s price mentioning that, at 70%, Triumph Business Capital’s most upfront payment is way lower than rivals like RTS Financial. Yes, a freight broker can use a factoring company to improve money flow. Factoring permits brokers to sell their unpaid invoices to a third-party for immediate money. While Truckstop’s freight factoring program is good for newer companies and smaller fleets, Orange Commercial Credit’s factoring providers are best for larger fleets. They emphasize flat-rate factoring with no minimal necessities, clear charges, seamless invoice uploading, and a devoted account executive. Though Truckstop also serves large, established carriers, its freight factoring program is best fitted to newer companies or smaller fleets.
For instance, Landstar System made the Fortune 500 listing for the first time in 2021, and the company is at present ranked in place 491. MODE Transportation is a single-source, impartial mode light-asset-based supplier of freight brokerage. MODE Transportation was founded in 1989, and MODE is clearly an organization on the move. It lately acquired Avenger Logistics to increase its freight brokerage enterprise. Your needs and preferences will extremely affect which companies you think of as the most effective freight brokerage companies. But that can assist you get started, this may be a record of the main options with outlines that explain what these companies are best identified for.
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One lesser-known benefit of factoring is handing over your collections process. The freight forwarding market is presently valued at approximately 6.1 trillion USD. And one current report forecasts a three.7% compound annual development fee (CAGR) for it by 2026. We have labored with Robertson Freight for more than 16 years and rely on them for our worldwide export and import clearances and shipping-related wants. As with all companies, Robertson Freight’s greatest property are its employees.
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Streaming Analytics: Revolutionizing Businesses in the Data-Driven Era
In today's data-driven landscape, the ability to harness real-time streaming data is a game-changer for businesses across all sectors. Traditional analytics tools deal with static data, but streaming analytics empowers organizations to extract valuable insights from data in motion. This dynamic approach allows companies to respond swiftly to evolving situations, leveraging data from sources as diverse as websites, social media, sensors, and more. To effectively utilize this wealth of streaming data, businesses need adaptable tools and processes.
Understanding Streaming Analysis
Streaming analytics refers to the capability to continuously process and analyze real-time streaming data from various sources. It enables organizations to make informed decisions and take prompt actions while events are still unfolding. Streaming analytics systems excel in handling copious amounts of data from constantly active sources, such as location data, sensor readings, telemetry data, machine logs, social media feeds, and even data changes in traditional relational databases.
Role of Streaming Analysis in Data Science
The essence of data analytics is uncovering novel insights and detecting significant patterns in data, a task shared by both streaming analytics and conventional analytics. However, the modern data landscape has undergone a transformation. Data types, volumes, and velocities have skyrocketed, with Twitter generating over 500 million messages daily and IoT devices projected to generate a staggering 79.4 zettabytes of data by 2025. Streaming analytics excels in this environment by enabling organizations to discover new knowledge in real-time or nearly real-time, capitalizing on the freshness of data.
Additional Use Cases and Examples:
Credit Card Fraud Detection: In a world where billions of transactions occur, credit card associations like Visa and MasterCard rely on streaming analytics to sift through vast datasets for suspicious activity. Automated systems can trigger alerts based on predefined criteria, safeguarding against fraud by swiftly identifying unusual payment authorization requests.
Tailored Customer Experiences: Streaming analytics is invaluable for delivering timely insights. For instance, marketers use it to personalize product recommendations, optimize pricing, and enhance web experiences in real-time, ensuring that customer interactions remain relevant and engaging.
Transportation Truck Efficiency: Logistics companies depend on truck efficiency for their core operations. Real-time data sources like weather forecasts, traffic patterns, and temperature sensors inform route optimization and cargo preservation. Streaming analytics ensures that this data is analyzed swiftly enough to make critical decisions, preventing cargo spoilage due to delayed alerts.
Conclusion
Collecting data is merely the beginning; today's enterprises cannot afford the delays associated with batch data processing. From e-commerce platforms to ride-sharing apps and financial markets, the use of real-time event streams has become pervasive. Continuous, immediate-time event stream processing is an indispensable asset for any business sector dealing with substantial volumes of real-time data. By harnessing the power of streaming analytics, organizations can unlock new opportunities, make informed decisions, and stay competitive in the dynamic landscape of today's digital economy.
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Identity Verification Market Surges: Projected $38.5B Valuation by 2033, Driven by Innovations and Security Demands
The global identity verification market is predicted to expand at a CAGR of 13.2% over the course of the forecast period, according to FMI. Market value for the sector is anticipated to increase from $11.1 billion in 2023 to $38.5 billion by the end of 2033.
Increased legislation and the requirement that businesses operate in accordance with industry standards assist the identity verification industry. It is anticipated that market participants will have profitable expansion prospects, particularly in the banking sector. Additionally, the growing enterprise mobility and Bring Your Own Device (BYOD) trends are probably going to speed up market growth even more.
Use of advanced identity verification systems, such as incredibly powerful mobile devices with sophisticated cameras, GPS capabilities, and microphones, has increased self-service identity verification to offer multi-factor authentication in many forms. Because of its distinguishing characteristics, the inclusion of biometrics in digital identification provides enhanced attribution to a person. As a result, because the means of acquisition are strictly regulated, it is less vulnerable to imitation.
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To capitalise on this thriving market, key organisations are building mobile applications and Software Development Kits (SDKs). Document verification tests, such as nodding and blinking, allow driving licences and passports to be recognised and verified. Furthermore, leading players in the identity verification sector are constantly investing in R&D projects and releasing new technologies to combat security and cyber-attacks.
Key Highlights of the Identity Verification Industry:
The United States is projected to be a significant identity verification market over the projected period as well. The market is estimated to attain US$ 12.4 billion by 2033, expanding at a CAGR of 13% over the coming years.
Within Asia Pacific, China is expected to be a dominant market. The China market is assessed to reach US$ 3.1 billion by 2033, registering a CAGR of 12.6%. Rising governmental efforts to avoid identity fraud and invigoration of e-KYC are pushing market expansion.
In the Europe region, Germany is projected to drive significant market growth. Germany’s identity verification industry is projected to attain US$ 2.7 billion by 2033. The market is expected to exhibit a CAGR of 11.7% in the next 10 years. The demand for identity verification services is projected to surge due to the establishment of smart infrastructure, smart cities, and digital driver’s licenses in the region.
Based on organization size, large enterprises are projected to dominate the marketplace over the forecast period. The segment is expected to display a 12.6% CAGR in the forecast period, rising from the 9.8% CAGR observed in the historical period.
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Latest Market Developments in the Market:
In November 2020, LexisNexis Risk Solutions introduced LexisNexis Fraud Intelligence. This tool assists businesses to mitigate the risk associated with account opening. This solution helps enterprises in reducing the new account fraud risk by clubbing identity events and consumer application activity to develop a robust and comprehensive score that delivers a broad picture of identity proof.
Financial Action Task Force (FATA) increased the scope of reporting entities in 2021, and motivated member countries to compel virtual asset dealers, legal professionals, and art dealers to perform anti-money laundering screening on their clients.
In November 2021, Experian Information Solutions, Inc. introduced Work Report, which is an automated verification solution that permits users to consent to reveal their payment details to another organization digitally. The solution links to an employer’s payroll information in a matter of seconds to check a consumer’s gross and net income, status, and job tenure.
Key Segments Covered in the Identity Verification Industry Analysis
By Component:
Solutions
Services
By Deployment Mode:
On-premises
Cloud
By Type:
Biometrics
Non-biometrics
By Organization Size:
SMEs
Large Enterprises
By Vertical:
BFSI
Government and Defense
Healthcare & Life Sciences
Retail and eCommerce
IT & ITeS
Energy and Utilities
Education
Travel
Gaming
Others
By Region:
North America
Latin America
Europe
Asia Pacific
The Middle East and Africa
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Honey Market Growth Opportunities: Identifying Untapped Markets and Emerging Trends
The global honey market size is expected to reach USD 13.57 billion by 2030, registering a CAGR of 5.3% during the forecast period, according to a new report by Grand View Research, Inc. Increased demand for nutritious and natural sugar alternatives and healthy spreads is expected to drive the market. The growing demand for vegan and organic honey products, including soups, challah, and hot toddy, is likely to fuel the overall growth of this market. In addition, inclination towards the use of natural ingredients including honey by several pharmaceutical companies for treatments, such as hemodialysis, diabetic foot ulcers (DFUs), autolytic debridement, mucositis, vernal keratoconjunctivitis, and hemorrhoid, will fuel the market growth. Honey infused with natural ingredients helps boost the body’s healing process at a faster rate.
Honey Market Report Highlights
The organic processing segment is projected to register the fastest CAGR of 5.9% from 2023 to 2030 as manufacturers are launching various organic products owing to consumer demand
The online distribution channel segment is expected to register the fastest growth rate during the forecast period owing to a shift in consumer shopping behavior. Due to the availability of doorstep delivery, easy payment methods, and significant discounts, consumers prefer buying honey products from online websites
Asia Pacific is expected to register the highest CAGR from 2023 to 2030 due to the emerging markets of China and India. The growing number of new product launches and rising concerns over health are likely to positively influence the growth of the Asia Pacific market
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The conventional processing segment held the largest revenue share in 2022 and is expected to maintain its lead over the forecast period. The popularity of these products due to a variety of applications in the food and beverages and beauty and personal care industries is the key factor driving the segment. New product launches by companies in this segment are projected to fuel the market growth.
The hypermarkets and supermarkets distribution channel segment held the largest revenue share in 2022. Owing to the shopping experience offered by these establishments, a large percentage of people prefer to buy products from hypermarkets and supermarkets. Other key reasons contributing to the expansion of this distribution channel are the opportunity to physically inspect these products and the assistance provided. The market is characterized by the presence of a few well-established players and several small and medium players.
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Smart Card Market Size, Share, Trends, Opportunities 2026
The Smart Card Market size is estimated to be USD 13.9 billion in 2021 and projected to reach USD 16.9 billion by 2026, at a CAGR of 4.0% during the forecast period.
Increase in the demand for contactless card (tap-and-pay) payments amid COVID-19, proliferation of smart cards in healthcare, transportation, and BFSI verticals; and increased penetration of smart cards in access control and personal identification applications. These factors will drive market growth through the end of the forecast period. Moreover, surged benefits offered by smart cards in form of multifunctionality and flexibility; and easy access to e-government services and risen demand for online shopping and banking will drive the demand of smart cards in the near future.
A few of the key players in the smart card market are Include Thales Group (France), IDEMIA (France), Giesecke + Devrient GmBH (Germany), CPI Card Group (US), HID Global Corporation (US), Watchdata (China), Eastcompeace (China), Inteligensa (US), ABCorp (US), and CardLogix (US) are among the major players in the smart card market.
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The contactless segment to account largest market share during the forecast period owing to rising need for tamper-resistant systems.
In order to communicate with readers, a contactless smart card incorporates a smart card secure microcontroller or equivalent intelligence, internal memory, and a small antenna. Near-field communication (NFC) or radio frequency identification (RFID) are primarily used for contactless smart cards. As a result of COVID-19, the World Health Organization (WHO) and many governments around the world are advocating the use of contactless smart cards for a variety of purposes to ensure social distancing to contain the spread of the disease. Users benefit from the ease, speed, and convenience of contactless smart cards. Due to its ability to facilitate safe and secure transactions without physical contact, the contactless interface has become highly relevant in the current COVID-19 environment, especially for payment applications.
Telecommunications segment likely to hold largest share in the smart card market during the forecast period due to Increasing penetration of high-end SIM card technologies
Microcontroller-based smart cards such as subscriber identity modules (SIMs), are used in mobile phones and other devices that require identification. In a wireless cell phone network, a SIM identifies and authenticates subscribers. The telecommunications segment dominated the smart card market in 2020 with highest market share. Mobile networks are expanding globally and their infrastructure is improving, boosting market growth. In addition, COVID-19 led to a higher demand for connectivity. During the current economic crisis, the trend of digitalizing business and private communication has gained momentum, along with the generalization of digital conferences. The growth of the mobile SIM card market in the coming years is expected to be boosted by the penetration of high-end SIM card technologies, such as LTE, 5G, M2M, and SWP.
Europe to account for the second largest share of the smart card market by 2026
Europe has witnessed rapid adoption of state-owned healthcare and health insurance systems than the most developed countries across the world. The European Commission has mandated the use of cards as a replacement to E- 111 paper forms for cross-border healthcare services, which has led to the growth of the smart card market in Europe. The region comprises economically and technologically advanced countries, such as the UK and Germany. The UK, France, and Germany are the major markets for smart cards in Europe. The increasing circulation of smart cards and terminals by card companies, such as Visa and MasterCard, has led to a growth in total spending in these countries.
Government initiatives for electronic identity (e-ID) card schemes are expected to propel the Government and Healthcare vertical to grow at the highest CAGR in the coming years in Europe. Due to a rise in identity fraud cases, European governments have mandated the use of National Identity Card for citizens. For instance, in the UK, in 2019, identity fraud cases reached 223,163. Therefore, it is expected to increase the adoption of smart cards in the coming years in Europe.
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Unlocking Potential: How Technology is Transforming the Global 3D Printed Maxillofacial Implants Market
The global demand for 3D printed maxillofacial implants market is anticipated to show a compound annual growth rate (CAGR) of 8.2% and reach a market valuation of US$ 1,119.1 million by 2033.
Increased demand for efficient reconstructive operations and an increase in traffic accidents due to urbanization and industrialization are expected to present a number of growth prospects for the 3D printed maxillofacial market. During the assessment period, it is projected that the market for 3D printed maxillofacial implants would grow due to the rising desire for less invasive surgical procedures.
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Revolutionizing Maxillofacial Surgery: 3D Printing Takes Center Stage
A recent Future Market Insights report highlights the burgeoning market for 3D printed maxillofacial implants. These innovative implants offer a new era of possibilities in maxillofacial reconstruction, surpassing limitations associated with traditional methods.
Market Poised for Exponential Growth
The report reveals a promising future for the market, with a projected CAGR of 8.2% over the next decade. This follows a steady growth trajectory observed between 2018 and 2022, where the market reached a value of US$483.8 million. The rising demand for 3D printed maxillofacial implants is attributed to several key advantages:
Reduced Surgical Times: 3D printing allows for customized implants, streamlining surgical procedures and minimizing patient recovery time.
Unprecedented Customization: Unlike traditional implants with limited size and shape options, 3D printing enables the creation of personalized implants that perfectly fit a patient’s unique anatomy.
Key Takeaways:
The global 3D printed maxillofacial implants market is projected to reach a value of US$1,119.1 million by 2033, reflecting a significant rise from US$507.3 million in 2023.
This growth is anticipated at a strong compound annual growth rate (CAGR) of 8.2% throughout the forecast period.
The increasing demand for personalized and minimally invasive surgical solutions for maxillofacial reconstruction is a key driver for market expansion.
Competition Analysis:
Key players in the global 3D printed maxillofacial implants market include Materialise, Zimmer Biomet, Medartis, DePuySynthes, and others.
Recent Industry Updates include:
In May 2022, Medartis Holding AG announced that it has completed the acquisition of Nextremity Solutions Inc., a strategic commercialization organization located in Warsaw, Indiana. The total purchase price for the transaction is going to be up to US$ 70 million and includes milestone and earn-out payments of up to US$ 30 million. The initiative might allow Medartis to expedite its USextremities business by gaining access to a comprehensive product pipeline, strong relationships with US design surgeons, and an experienced research and development team.
In December 2020, Zimmer Biomet Holdings, Inc., a globally renowned healthcare player announced that the company completed the acquisition of A&E Medical Corporation, a Vance Street Capital Portfolio Company, for US$ 150 million in cash at closing and S$ 100 million in cash payable in 2021.
Key Companies Profiled:
Johnson & Johnson Services
Materialise
Stryker Corporation
Zimmer Biomet Holdings
B. Braun Melsungen
Medtronic Plc.
Boston Medical Products
Integra Lifesciences
KLS Martin
Medartis
Key Segments Profiled in the Global 3D Printed Maxillofacial Implants Market:
By End User Verticals:
Hospitals
Clinics
Ambulatory Surgical Centers
Other End User Verticals
By Region:
North America Market
Latin America Market
Europe 3D Market
Asia Pacific Market
The Middle East & African (MEA) Market
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Cross-Border B2C E-Commerce Market Size 2024 Global Business Insights Report
Cross-Border B2C E-Commerce Market Scope & Overview
A current market study on theCross-Border B2C E-Commerce Marketcontains an overview of the worldwide industry as well as a complete analysis of the key market factors. The market's development possibilities are calculated with the greatest precision after extensive research on historical and present growth features. The first component of the study is an executive summary of the market, which includes an overview of key findings and figures. It also provides information on the industry's demand and supply patterns.
This study offers a market definition as well as a comprehensive taxonomy to aid readers in deciphering fundamental industry data. In addition, the research offers important information regarding the Cross-Border B2C E-Commerce industry and its evolution. The market analysis identifies major industry trends that are predicted to have a substantial impact on market growth in the next years. This section also includes information on specific industry trends.
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Market Key Players:
Alibaba/AliExpres, Amazon, ASOS, eBay, iHerb, Joom, Lazada, Pinduoduo, Shein, Shopee
Market Segmentation
To cover all area of the business and give readers with a full market information approach, the global Cross-Border B2C E-Commerce market is split into various categories. The important macroeconomic factors that are projected to influence market growth throughout the forecast period are explained in this report. This section examines the market's value chain, supply chain, forecast components, and value chain analysis, in addition to macroeconomic issues. The following part goes into greater detail about market dynamics as well as a study of their impact on the industry.
On The Basis of Category
Entertainment & Education
Apparel & Accessories
Consumer Electronics
Home Furnishing
Personal Care & Beauty
Healthcare & Nutrition
Footwear
Food & Beverage
Others
On The Basis of Payment Method
Digital Wallets
Credit/Debit Cards
Internet Banking
Others
On The Basis of Offering
In-House Brands
Assorted Brands
On The Basis of End-user
Adults
Teenagers/Millennials
Senior Citizens
Others
COVID-19 Impact Analysis
The study illustrates how the COVID-19 pandemic has affected theCross-Border B2C E-Commerce market. Furthermore, there is a wealth of information on the COVID-19 pandemic market's potential and existing impact. The research comprises a comprehensive examination of the prior market as well as an assessment of potential opportunities.
Russia-Ukraine War Impact Analysis
In the Cross-Border B2C E-Commerce market analysis, the impact of the Russia-Ukraine war on global and domestic markets is also explored. For firms and individuals interested in the industry, the report is a significant source of direction and information. It includes crucial information as well as the current situation of the major manufacturers' markets.
Competitive Outlook
This Cross-Border B2C E-Commerce market research includes a full list of all of the market's key stakeholders, as well as specific information about each firm, including a company profile, revenue shares, strategic overview, and recent developments. In addition, the study contains extensive qualitative and quantitative market data, as well as the research methods used to reach various conclusions.
Report Conclusion
Cross-Border B2C E-Commerce market research can help business participants better understand the competitive environment and strategies used by significant competitors. This research will assist market participants in making educated business decisions and gaining a competitive advantage.
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Is It Better To Rent Or Buy A House?
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Is It Better To Rent Or Buy A House?
Considering whether to rent or buy a house is a major decision that requires careful evaluation. With various factors influencing your choice, such as financial stability, lifestyle preferences, and long-term goals, it is essential to determine the best option for you. This article will explore the advantages and disadvantages of renting and buying a house, providing you with the necessary insights to make an informed decision. Whether you aspire to invest in a property or seek the flexibility of renting, understanding the pros and cons of each will guide you towards choosing the path that aligns with your personal and financial objectives.
Factors to Consider
When deciding whether to rent or buy a house, there are several factors you should take into consideration. These factors will help you evaluate your financial situation, the current market conditions, and your future plans.
Financial Situation
Your financial situation plays a crucial role in determining whether renting or buying is the right choice for you. Consider your income, savings, and debt obligations. Evaluate how much you can afford to spend on housing costs, including mortgage payments, council tax, and maintenance expenses. Understanding your financial capabilities will help you make a more informed decision.
Market Conditions
Market conditions also play a significant role in the renting versus buying decision. Research the real estate market in your area to determine if it’s a buyer’s or seller’s market. Evaluate the housing prices, mortgage interest rates, and forecasted trends. Taking into account the current market conditions can help you assess whether it makes more financial sense to rent or buy.
Future Plans
Lastly, consider your future plans before making a decision. Are you planning to stay in the same area for a long time, or do you anticipate relocating in the near future? Evaluate your job security and the stability of your personal circumstances. Understanding your future plans will help you determine if renting or buying aligns better with your long-term goals.
Advantages of Renting
Renting a house offers several advantages that may be appealing to you. Consider these advantages before making a decision.
Flexibility
One significant advantage of renting is the flexibility it provides. Renting allows you to have a more transient lifestyle, offering the freedom to move without the hassle of selling a property. This flexibility can be particularly beneficial for individuals who have uncertain job situations or value the ability to explore different neighbourhoods or cities.
Lower Upfront Costs
Renting a house generally requires lower upfront costs compared to buying. While you may need to pay a security deposit and the first month’s rent, these costs are typically more affordable than the down payment and closing costs associated with purchasing a home. Renting can be an attractive option if you don’t have substantial savings or are not yet ready to commit to a long-term financial investment.
Maintenance and Repairs
Another advantage of renting is that the responsibility for maintenance and repairs usually falls on the landlord. You won’t have to worry about unexpected expenses for major repairs, such as a leaky roof or a malfunctioning HVAC system. This can be particularly beneficial for individuals who prefer to avoid the stress and financial burden that can come with homeownership maintenance.
Disadvantages of Renting
While renting has its advantages, there are also some disadvantages that you should consider before making a decision.
Limited Control
One significant drawback of renting is the limited control you have over the property. As a tenant, you must abide by the landlord’s rules and restrictions. You may not be able to make significant changes or improvements to the property without the landlord’s permission. This lack of control can be frustrating for individuals who value the ability to customize their living space to their preferences.
Lack of Equity
Renting a house does not provide you with the opportunity to build equity. The monthly rent payments are essentially paying for your temporary housing needs and do not contribute towards building ownership in the property. This lack of equity means that renting may not offer the same long-term financial benefits as homeownership.
Rent Increases
Another disadvantage of renting is the potential for rent increases. Landlords can choose to increase the rent when the lease agreement expires, which can result in higher housing costs over time. Rent increases may affect your ability to budget and plan for the future. If you are concerned about unpredictable rent hikes, buying a home and locking in a fixed mortgage payment might be more appealing.
Advantages of Buying
Buying a house also offers several advantages that you should consider.
Investment Opportunity
One of the most significant advantages of buying a house is the potential for it to be a sound investment. Real estate tends to appreciate in value over time, giving you the opportunity to build wealth. If the market conditions are favourable, buying a house can be a smart financial decision in the long run.
Stability
Owning a home provides stability and a sense of permanence that can be appealing to many individuals. When you own a house, you can establish roots in a community, build relationships with neighbours, and have a place to call your own. If you value stability and the feeling of being rooted, buying a house may be the right choice for you.
Building Equity
When you make mortgage payments on a home, a portion of those payments goes towards building equity in the property. Equity is the difference between the property’s market value and the amount you owe on the mortgage. Building equity can provide financial security and give you the ability to leverage your home’s value for other investments or loans in the future.
Disadvantages of Buying
Before making a decision, it’s important to be aware of the potential disadvantages of buying a house.
Higher Upfront Costs
One significant drawback of buying a house is the higher upfront costs compared to renting. Along with the down payment, you will need to cover closing costs, such as survey fees, mortgage fees, and legal fees. These costs can add up and may require a substantial amount of savings. If you are not prepared to make a sizable financial commitment upfront, renting might be a more feasible option.
Maintenance and Repairs
As a homeowner, you are responsible for the maintenance and repairs of the property. This can include regular maintenance tasks, such as landscaping and cleaning, as well as unexpected repairs that can be costly. The responsibility for maintenance and repairs can be overwhelming for individuals who prefer not to be burdened with these tasks or who are not financially prepared for unforeseen expenses.
Market Risks
Buying a house introduces market risks into your financial equation. Real estate markets can fluctuate, and there is no guarantee that the value of your property will always appreciate. Economic factors, neighbourhood changes, and other external circumstances can impact the future value of your home. It’s important to consider the potential risks and be prepared for the possibility that your property’s value may decrease.
Financial Considerations
When deciding whether to rent or buy a house, it’s crucial to evaluate the financial implications of each option.
Down Payment
If you decide to buy a house, you will need to pay a down payment upfront. The down payment is a percentage of the property’s purchase price and is typically 20% of the total cost. However, some loan programs allow for a lower down payment, but this may result in additional costs such as private mortgage insurance (PMI). Consider your financial capabilities and determine if you have enough savings to cover the down payment and associated costs.
Mortgage Payments
Buying a house involves taking out a mortgage loan to finance the purchase. You will need to make monthly mortgage payments for the duration of the loan term, which is typically 15 to 30 years. Assess your budget and calculate how much you can comfortably afford to pay each month towards your mortgage. Keep in mind that these payments should be manageable while also accounting for other financial obligations.
Insurance
As a homeowner, you will have additional expenses such as insurance. Homeowners insurance is necessary to protect your investment from potential damage or unforeseen events. Consider these additional costs when evaluating the financial implications of buying a house.
Renting Considerations
If you are considering renting a house, there are specific considerations you should keep in mind.
Rental Costs
When renting, you need to consider the monthly rental costs and whether they fit within your budget. Take into account not only the base rent but also any additional expenses such as utilities, parking fees, or pet fees. It’s important to ensure that the total rental costs align with your financial capabilities.
Lease Terms and Restrictions
Renting a house involves signing a lease agreement with the landlord. Review the lease terms to understand the duration of the lease, renewal options, and any restrictions that may be in place. Some leases may have limitations on pets, modifications to the property, or noise restrictions. Make sure the lease terms are agreeable to you and align with your lifestyle.
Tenant Rights
Renting provides you with certain rights as a tenant, such as the right to a habitable living space and the right to privacy. Familiarize yourself with the tenant rights in your jurisdiction to ensure that you are protected. Understanding your rights as a tenant can help ensure a fair and satisfactory renting experience.
Buying Considerations
If buying a house is more appealing to you, here are some considerations to keep in mind.
Home Price
The price of the home you wish to purchase is an essential factor to consider. It’s important to research home prices in your desired area to determine if they fit within your budget. Factor in your down payment, mortgage payments, and other homeownership costs to ensure that the price of the home aligns with your financial capabilities.
Service charges
Some properties, particularly in leaseholds, may require homeowners to pay service charge on a periodic basis. These fees cover the cost of shared amenities, maintenance, and community services. Consider these fees when evaluating the affordability of a property and assess whether they are worth the added benefits of the community.
Homeownership Costs
Owning a home comes with additional costs beyond the mortgage payment. These costs include rates, buildings insurance, utilities, and maintenance expenses. Assess your budget and determine if you have enough financial flexibility to cover these ongoing homeownership costs comfortably.
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Renting versus Buying in Different Life Stages
The decision to rent or buy a house can vary depending on your life stage and personal circumstances. Here are considerations specific to different life stages.
Young Professionals
As a young professional, you may have a more unpredictable lifestyle and be focused on career growth. Renting can provide the flexibility to move for job opportunities or explore different cities without being tied down by homeownership responsibilities. Consider your short-term goals and the potential need for flexibility before committing to buying a house.
Growing Families
For growing families, stability and space become crucial considerations. Buying a house may offer the stability needed to establish roots in a community and provide a suitable environment for children. Owning a home can also provide more space for a growing family compared to renting. Consider the long-term needs of your family and the desire for stability when evaluating renting versus buying.
Retirees
Retirees often prioritize financial security and stability. Many retirees choose to downsize or relocate to a different area. Renting can provide the flexibility to explore different retirement destinations without the financial burden of homeownership. It’s important to consider your retirement plans and financial goals before deciding whether to rent or buy a house.
Conclusion
When deciding whether to rent or buy a house, it’s important to weigh the advantages and disadvantages of each option. Consider your financial situation, the current market conditions, and your future plans. Reflect on the advantages of renting, such as flexibility and lower upfront costs, as well as the disadvantages, including limited control and lack of equity. In contrast, buying offers advantages like investment opportunities, stability, and building equity, but it also comes with higher upfront costs, maintenance responsibilities, and market risks.
Ultimately, the decision should be based on your personal circumstances and financial capabilities. Seek professional advice from estate agents, financial advisors, or mortgage professionals to ensure that you are making an informed decision. Whether you choose to rent or buy, carefully consider the factors discussed in this article to make the right choice for your housing needs and long-term financial goals.
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Utilizing Technology for Efficient Financial Management in Condominiums
Parterre Property Services Inc., a leading provider of condominium management solutions, is revolutionizing the landscape of financial management in condominiums through innovative technology integration.
With the rise in demand for streamlined operations and transparent financial processes in condominium management, Parterre Property Services Inc. is at the forefront of adopting cutting-edge technology to meet these evolving needs. Their commitment to leveraging technology for efficient financial management sets them apart as a trusted partner for condominium associations seeking excellence in their operations.
As condominiums continue to be a popular choice for urban living, the need for professional condominium management services becomes increasingly crucial. Condominium boards and associations often face complex financial challenges, from budgeting and forecasting to expense tracking and reporting. Parterre Property Services Inc. recognizes these challenges and addresses them proactively through their advanced technological solutions.
One of the key components of Parterre's technology-driven approach is their state-of-the-art financial management software. This software is specifically designed to streamline financial processes, providing real-time insights into the financial health of condominiums. From automated budget creation to expense categorization and payment tracking, the software simplifies the complexities of financial management, allowing condominium managers to focus on strategic decision-making.
In addition to their innovative software solutions, Parterre Property Services Inc. also offers personalized support from experienced condominium managers. These professionals work closely with condominium boards and associations to understand their unique needs and tailor financial management strategies accordingly. Whether it's creating custom financial reports or providing guidance on cost-saving measures, Parterre's team of experts is committed to delivering unparalleled service to their clients.
"Our condominium managers act as strategic partners, guiding our clients through every step of the financial management process," at Parterre Property Services Inc. "We believe in fostering strong relationships built on trust, communication, and collaboration."
With a focus on transparency and accountability, Parterre Property Services Inc. ensures that condominium boards and associations have full visibility into their financial data at all times. Through secure online portals, clients can access important financial documents, track expenses, and monitor budget performance with ease.
As the demand for efficient condominium management solutions continues to grow, Parterre Property Services Inc. remains dedicated to innovation and excellence in financial management. By leveraging technology, expertise, and personalized service, they are helping condominium associations across Toronto and beyond achieve their financial goals and thrive in today's competitive real estate market.
For more information about Parterre Property Services Inc. and their services, please visit https://parterreproperty.ca/.
About Parterre Property Services Inc.:
Parterre Property Services Inc. is a leading provider of condominium management solutions in Canada. With a focus on innovation, transparency, and personalized service, Parterre empowers condominium associations to achieve excellence in their operations. From financial management to maintenance and resident services, Parterre offers comprehensive solutions tailored to meet the unique needs of each client.
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MARKET GROWTH PROSPECTS OF BANKING SECTOR IN INDIA, 2023- 24 – DART CONSULTING FORECASTS HIGHER GROWTH IN THE NEXT FIVE YEARS
India’s banking sector is sufficiently capitalized and well-regulated. The financial and economic conditions are comparatively better even by comparing with well developed economies. Indian banks are generally resilient and have withstood the global downturn well as can be noted by reviewing previous years records.
The Indian banking industry has recently witnessed the rollout of innovative banking models like payments and small finance banks. In recent years, the Banks are increasingly focusing widening banking reach, through various schemes like the Pradhan Mantri Jan Dhan Yojana and Post payment banks. The rise of Indian NBFCs and fintech have significantly enhanced India’s financial inclusion and helped fuel the credit cycle in the country.
Here is a quick overview of key players in the industry.
HDFC Bank Ltd
HDFC Bank Ltd (HDFC) offers personal and corporate banking, private and investment banking, and other related financial solutions to individuals, MSMEs, government, and agriculture sectors, financial institutions and trusts, and non-resident Indians. It provides a range of deposit services and card products; loans for homes, cars, commercial vehicles, and other personal and business needs; insurance for life, health, and non-life risks; and investment solutions such as mutual funds, bonds, equities, and derivatives. HDFC also provides services such as cash management, corporate finance advisory, customized banking solutions, project and structured finance, trade financing, foreign exchange, internet banking, and payment and settlement services, among others. The bank operates in India through a network of branches, ATMs, phone banking, net banking, and mobile banking. It has overseas branches in Bahrain, Hong Kong, and the UAE, and representative offices in the UAE and Kenya. HDFC is headquartered in Mumbai, Maharashtra, India.
ICICI Bank Ltd
ICICI Bank Ltd (ICICI Bank) provides personal and corporate banking, investment banking, private banking, venture capital, life and non-life insurance solutions, securities broking, and asset management services to corporate and retail clients, high-net-worth individuals, and SMEs. It offers a wide range of products such as deposits accounts including savings and current accounts, and resident foreign currency accounts; investment products; and consumer and commercial cards. ICICI Bank offers to lend for home purchase, commercial business requirements, automobiles, personal needs, and agricultural needs. The bank offers services such as foreign exchange, remittance, import and export financing, advisory, trade services, personal finance management, cash management, and wealth management. It has an operational presence in Europe, Middle East, and Africa (EMEA), the Americas, and Asia. ICICI Bank is headquartered in Mumbai, Maharashtra, India.
State Bank of India
State Bank of India (SBI) is a universal bank. It provides a range of retail banking, corporate banking, and treasury services. The bank serves individuals, corporates, and institutional clients. Its major offerings include deposits services, personal and business banking cards, and loans and financing. The bank provides services such as mobile banking, internet banking, ATM services, foreign inward remittance, safe deposit locker, money transfer, mobile wallet, trade finance, merchant banking, project export finance, treasury, offshore banking, and cash management services. It operates in Asia, the Middle East, Europe, Africa, and North and South America. SBI is headquartered in Mumbai, Maharashtra, India.
Punjab National Bank
Punjab National Bank (PNB) offers retail and commercial banking, agricultural and international banking, and other financial services. Its retail and commercial banking portfolio offers credit and debit cards, corporate and retail loans, deposit services, cash management, and trade finance. Its international banking portfolio includes foreign currency accounts, money transfers, letters of guarantee, and world travel cards, and solutions to non-resident Indians. PNB also offers merchant banking, mutual funds, depository services, insurance, and e-services. The bank operates in India and has overseas operations in the UK, Bhutan, Myanmar, Bangladesh, Nepal, and the UAE. PNB is headquartered in New Delhi, India.
Bank of Baroda
Bank of Baroda (BOB) offers retail, agriculture, private and commercial banking, and other related financial solutions. It includes loans, deposit services, and payment cards. The bank offers loans for homes, vehicles, education, agriculture, personal and corporate requirements, mortgage, securities, and rent receivables, among others. It provides current and savings accounts; fixed and recurring deposits; debit, credit, and prepaid cards. The bank also provides insurance coverage for life, health, and general purposes. It offers services such as treasury, financing, mutual funds, cash management, international banking, digital banking, internet banking, start-Up banking, and wealth management. The bank has operations in Asia-Pacific, Europe, North America, and the Middle East and Africa. BOB is headquartered in Baroda, Gujarat, India.
Industry Performance
The health of the banking system in India has shown steady improvement, according to the Reserve Bank of India’s latest report on trends in the sector. From capital adequacy ratio to profitability metrics to bad loans, both public and private sector banks have shown visible improvement. And as credit growth has also witnessed an acceleration in 2021-22, banks have seen an expansion in their balance sheet at a pace that is a multi-year high. As of November 4, 2022, bank credit stood at Rs. 129.26 lakh crore (US$ 1,585.09 billion). As of November 4, 2022, credit to non-food industries stood at Rs. 128.87 lakh crore (US$ 1.58 trillion).
Given the increasing intensity, spread, and duration of the pandemic, economic recovery the performances of key companies in the industry was positive. The reported margin of the industry by analyzing the key players was around 13.7% by taking into consideration the last 3 years’ data. Details are as follows.
Companies Net Margin EBITDA/Sales
HDFC Bank Ltd. 23.5% 31.2%
ICICI Bank Ltd. 22.3% 30.4%
State Bank of India 10.0% 25.7%
Punjab National Bank 4.0% 10.0%
Bank of Baroda 8.9% 13.9%
Industry Margins 13.7% 22.2%
Industry Trends
The macroeconomic picture for 2023 portends mixed fortunes for consumer payment players. Higher rates should boost banks’ net interest margins for card portfolios, but persistent inflation, depletion of savings, and a potential economic slowdown could weigh on consumers’ appetite for spending. Digital identity is expected to evolve as a counterbalancing force to mitigate fraud risks in the long run. Transaction banking businesses are standing firm despite recent market uncertainties. For many banks, these divisions have been a steady source of revenues and profits.
Over the long term, banks will need to pursue new sources of value beyond product, industry, or business model boundaries. The new economic order that will likely emerge over the next few years will require bank leaders to forge ahead with conviction and remain true to their purpose as guardians and facilitators of capital flows. With these factors in mind, the industry is still showing huge growth potential, some of the growth divers that is propelling the industry are:
Rising rural income pushing up demand for banking
Rapid urbanisation, decreasing household size & easier availability of home loans has been driving demand for housing.
Growth in disposable income has been encouraging households to raise their standard of living and boost demand for personal credit.
The industry is attracting major investments as follows.
On June 2022, the number of bank accounts—opened under the government’s flagship financial inclusion drive ‘Pradhan Mantri Jan Dhan Yojana (PMJDY)’—reached 45.60 crore and deposits in the Jan Dhan bank accounts totaled Rs. 1.68 trillion (US$ 21.56 billion).
Some of the major initiatives taken by the government to promote the industry in India are as follows:
As per the Union Budget 2022-23:
National Asset reconstruction company (NARCL) will take over, 15 non-performing loans (NPLs) worth Rs. 50,000 crores (US$ 6.70 billion) from the banks.
National payments corporation India (NPCI) has plans to launch UPI lite this will provide offline UPI services for digital payments. Payments of up to Rs. 200 (US$ 2.67) can be made using this.
In the Union budget of 2022-23 India has announced plans for a central bank digital currency (CBDC) which will be possibly know as Digital Rupee.
Through analyzing the performance of the contributing companies for the last three years, we can ascertain that the sector witnessed compounded annual growth rate (CAGR) of 9.9% at the end of 2022. Details are as below.
Companies CAGR
HDFC Bank Ltd. 14.02%
ICICI Bank Ltd. 7.3%
State Bank of India 8.4%
Punjab National Bank 9.2%
Bank of Baroda 10.7%
Industry CAGR 9.9%
Working through partnerships both with NBFCs and FinTech is high on the agenda of the Indian banking sector, and this is an area of focus of the FICCI National Committee on Banking. Banks will have to play a very constructive role as India aspires to be the leading economy in future. The strengthened banking sector has the potential to contribute directly and indirectly to GDP, increase job creation and enhance median income. Technology interventions to strengthen the quality and quantity of credit flow to the priority sector will be an important aspect. The need for sustainable finance / green financing is also gaining importance.
With these attributes boosting the sector, the Indian banking industry is likely to grow 5% more than the reported growth rate and is expected to exhibit CAGR of 10.4% in the next five years from 2023 to 2027.
DART Consulting provides business consulting through its network of Independent Consultants. Our services include preparing business plans, market research, and providing business advisory services. More details at https://www.dartconsulting.co.in/dart-consultants.html
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Exploring Emerging Markets: Duty Free Retailing Market Dynamics
Duty Free Retailing is Evolving with Experience Seeking Travelers
The duty free retailing market is poised to witness a surge in demand by experience seeking travelers amid growing global tourism. Duty free retailing involves the sale of goods without import duties or taxes to international travelers. Common duty free products sold include fragrances, cosmetics, liquor, tobacco and confectionery. Duty free outlets provide travelers an avenue to purchase famous brands at significant markups compared to local prices. The global duty free retailing market is estimated to be valued at US$ 38.95 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the duty free retailing market include Dufry AG, LOTTE Duty Free Company, DFS Group Limited, Gebr. Heinemann SE & Co. KG, The Shilla Duty Free, The King Power International Group, James Richardson Corporation Pty Ltd., Duty Free Americas, Inc., Flemingo International Ltd., Dubai Duty Free, and China Duty Free Group Co., Ltd. This prominent companies continue to expand their global footprint to tap growing demand.
Market Key Trends
The growing trend of airport retailing experience is a key trend in the duty free retail market. Major airports are focusing on transforming duty free shopping into a distinct experience zone by implementing innovative concepts. For instance, duty free outlets are promoting live entertainment and interactive digital elements to engage travelers. Furthermore, personalized service, exclusive offers and smooth payment options using technologies are being emphasized to differentiate the airport retailing experience. This trend is expected to drive higher ticket size per customer as experience seeking travelers spend more time at airport retail zones.
Porter's Analysis
Threat of new entrants: Low cost of operations and brand loyalty make it difficult for new players to enter the market. However, opportunities exist in developing economies.
Bargaining power of buyers: Buyers have moderate bargaining power due to accessibility of substitute shopping channels and product choices. Promotions and unique product offerings help retailers maintain customers.
Bargaining power of suppliers: Suppliers have low bargaining power as duty free retailers source products from a wide range of suppliers globally and alternative supplier options are available.
Threat of new substitutes: Substitute shopping channels like online retail and duty paid retail offer alternate shopping experiences. However, duty free retains advantages like heavy discounts, exclusive products and airport ambience.
Competitive rivalry: Intense competition exists among major players to gain higher airport shop space and offer wider range of luxury brands. Market consolidation is high with top players dominating developed regions.
Geographical regions with high market value
The Asia Pacific region accounted for the highest share in the global duty free retailing market in terms of value in 2023, with countries like China, Japan, South Korea and India witnessing heavy passenger traffic. Europe is another major region contributing to high duty free sales, led by heavy international transit in countries like the UK, Germany and France.
Fastest growing region
The Middle East and Africa region is projected to grow at the fastest CAGR during the forecast period of 2023-2030. This can be attributed to rising per capita spending by Gulf country nationals and tourists, expanding airports in the developing economies and increasing international travel within the region. Dubai Duty Free in UAE has been amongst the highest grossing airport retailers globally.
#Duty Free Retailing Market Growth#Duty Free Retailing Market Trends#Duty Free Retailing Market Shares
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