The Functional Service Providers (FSP) Market: Unlocking Growth Potential

 

he global business landscape is witnessing a paradigm shift in how organizations approach various functions within their operations. One prominent evolution is the proliferation of Functional Service Providers (FSPs), which are playing a pivotal role in unlocking new dimensions of growth for businesses across industries. FSPs are third-party entities that offer specialized and focused services to support specific functions within an organization, allowing the client company to concentrate on its core competencies and strategic objectives. This emerging trend is reshaping industries, driving efficiency, and fostering innovation. 

FSPs cater to a wide array of functions, including but not limited to Information Technology (IT), Human Resources (HR), Finance and Accounting, Customer Service, and Research and Development (R&D). By partnering with FSPs, companies can tap into a pool of expertise without the burden of managing these functions in-house. This approach streamlines operations, reduces costs, and provides access to specialized skill sets that might be challenging to develop internally.

One of the key drivers behind the growth of the functional service providers market is the flexibility it offers. Organizations can tailor their engagement with FSPs according to their unique requirements. This flexibility is particularly beneficial for businesses with fluctuating workloads. For instance, a company might experience peak demands in customer service during holiday seasons but might not need the same level of support throughout the year. By utilizing FSPs, they can scale up or down as needed, optimizing resource utilization and cost-efficiency

Furthermore, FSPs often bring a fresh perspective to the table. These providers deal with various clients from diverse industries, which exposes them to a range of challenges and solutions. As a result, they can introduce innovative approaches that a single-company-focused department might overlook. This injection of new ideas and best practices can significantly enhance a company's competitiveness and ability to adapt to changing market conditions.

Cost reduction is another compelling factor driving the adoption of FSPs. Maintaining in-house teams for non-core functions can be financially burdensome due to overhead costs, employee benefits, and training expenses. On the other hand, partnering with FSPs converts fixed costs into variable ones, as companies pay only for the services they use. This cost-effective model frees up capital that can be reinvested in strategic initiatives.

However, while the benefits of FSPs are substantial, their integration requires thoughtful planning. Choosing the right FSP that aligns with the company's culture, values, and goals is critical. The transition should be seamless, and communication between the FSP and the organization should be transparent and consistent to ensure that objectives are met.

As the FSP market continues to expand, it is essential for companies to stay updated with the latest industry trends and best practices. Collaboration with FSPs demands a deep understanding of the vendor's capabilities and a clear delineation of responsibilities.

In conclusion, the Functional Service Providers (FSP) market is reshaping the business landscape by offering specialized support in various functions. Companies are recognizing the advantages of outsourcing non-core activities to FSPs, including cost savings, flexibility, and access to expertise. This trend allows organizations to optimize their operations, allocate resources strategically, and foster innovation. However, successful integration of FSPs requires careful planning and communication. As businesses evolve in a dynamic market, embracing the potential of FSPs can be a key differentiator that propels growth and competitiveness.

 

High Demand for Fresh Produce to Augment the LED Lighting Horticulture Market Growth

 

LED Lighting Horticulture

Horticulture is a growing field because of the many advantages that are associated with it. The first advantage of being involved with horticulture is being able to grow and harvest various different types of plants, flowers, vegetables, and fruit, which will ultimately result in providing food to many people. Horticultural crops are diverse; they include annual and perennial species, delicious fruits and vegetables, and decorative indoor and landscape plants. Horticulture is truly a burgeoning application. Thus, LED lighting horticulture market has been rising steadily in the recent years.

LED lighting is gaining traction in the market due to its numerous advantage such as cost-effective, efficient, brighter, low power consumption, and a longer life compared to incumbent technologies. Moreover, they can be placed near a lower layer of plants that are generally shaded from light by the upper layer, and enhance their production consistency, or yield. Furthermore, horticulture experts are increasingly encouraging the use of LED lighting for many applications due to the associated power savings, optimal plant light output, and longer lifespan up to 5X the conventional products.

The HortiCann Light+ Tech Conference (2020) shared the latest advances, research, and case-study findings regarding lighting optimization and efficacy, energy and cost savings, operations and environmental control systems, and strategies for integrating multiple ag-tech management technology platforms to attendees. The above-mentioned factors are expected to provide major traction to the LED lighting horticulture market. There is a high demand for fresh produce in quick time due to increasing global population and loss of arable land. According to the Food and Agriculture Organization (FAO) of the United Nations, overall food production needs to increase by 70% from 2005/07 to 2050 to sustain a population of 9.1 billion.

The LED lighting horticulture market is expected to witness significant growth due to increase in population and lack of adequate sunlight in some European regions, such as North Central Europe and Nordic countries. North America is also expected to offer lucrative growth opportunities to the market due to the unfavorable climatic conditions and increasing demand for LED lighting equipment. For instance, in February 2020, Cree, Inc. launched the next-generation XLamp XP-E2 Photo Red and Far Red LEDs, delivering breakthrough performance for horticulture applications.

These higher-performance horticulture LEDs increase the efficiency of LED luminaires, which makes them more affordable to grow food under optimized lighting. Moreover, in February 2021, TSRgrow announced Lighting as a Platform, a revolutionary technology that delivers unparalleled results to indoor growers, while significantly reducing up-front and long-term operating costs. However, high setup and installation costs of LED grow lights are the factors restraining the growth of the LED lighting horticulture market.

Smart Wind Market is Expanding Rapidly with Siemens Gamesa Renewable Energy Introducing Its Next-Generation Wind Turbine SG 3.4-145

 

Smart Wind is a revolutionary concept and has been around for quite some time. This is a concept that combines wind power with remote control turbines. The idea behind this new technology is to provide homeowners with the ability to produce free electricity at home SMART is an acronym for system management atmospheric resources through technology. Smart wind is a combination of management technologies and wind turbine siting, which would create electricity in a cost-effective manner. Governments of many countries are focused on reducing pollution and consumption of conventional fuels as well as increase the use of renewable power sources such as wind, hydro, geothermal, and biofuels. Since the demand for electricity is increasing significantly, the use of SMART wind technologies is expected to witness massive adoption in the near future. As per the World Bank, electric power consumption in India reached 804.514 kWh per capita in 2014, increasing from 640.395 kWh per capita in 2010. According to the Our World in Data, in 2019, Asia Pacific consumed 71,544 TWh of energy. Such high consumption of electricity suggests growth in the smart wind market in the near future.

MART Wind combines the use of two technologies: the horizontal axis and vertical axis turbines. This enables it to use the wind's kinetic energy and convert it into electrical energy. Since vertical axis turbines require the use of shafts in order to rotate, horizontal axis turbines have a tendency to be more compact. SMART Wind is actually a small wind turbine that measures less than 1 square meter. It uses the power of the wind to generate power. Just like other wind turbine technologies, it also employs the concept of the force of air against the rotation of the rotor blades. In this case, the wind turbine rotates in a horizontal direction. The U.S. has emerged as the leading player in the smart wind market with high production of renewable energy in the country. Furthermore, there is a solid platform for this market in both Europe and the Asia Pacific due to the high demand for electricity. 

One of the biggest problems that many people face is the reliability of the wind. It will either blow too hard or too soft, causing your electrical lines to be blown to oblivion. The best part about these systems is that they can be built by anyone. One of the major advantages of SMART wind is the low cost of electricity per unit. As per the American Wind Energy Association (AWEA), unsubsidized costs of this energy generation methodology in the U.S. range from US$ 32 to 62 per MWh in 2016. Such low cost of electricity can stimulate the growth of SMART wind market. Regardless, SMART wind requires high upfront cost and is a threat to the wildlife, which could restrict growth of the smart wind market.

Recently, in July 2020, Siemens Gamesa Renewable Energy launched its next-generation wind turbine SG 3.4-145.

Increasing Demand for Energy to Augment the Smart Power Technology Market Growth

 

Smart power technology includes all aspects of power generation and power distribution in an economical and eco-friendly manner. The technology allows optimal use of resources to increase power generation. Smart power technologies incorporate power generation and power distribution with emphasis on environmentally sensitive issues and sustainable technologies. Moreover, the technology enables to generate more energy from the same amount of resources.

Smart power technologies are widely used into telecom sector, healthcare sector, transport sector, manufacturing sector, public sector, and energy and utilities sector. Smart power generation source type includes electro-chemical, wind, solar, and other source.

Market Dynamics:

The increasing demand for energy due to increasing population around the world is expected to boost the growth of the Smart Power Technology Market. For instance, according to the U.S. Energy Information Administration (EIA), the global energy consumption will grow by nearly 50% between 2018 and 2050, and this growth is focused in regions where strong economic growth is driving demand, particularly in the Asia Pacific.

Moreover, increasing demand for energy efficient products and the need for cost-effective operations (due to usage of renewable resources) for smart power generation are some of the factors that are expected to drive the smart power technology market growth.

Increasing collaborations and partnerships between major players are also expected to augment the growth of the smart power technology market. For instance, in January 2021, Powermat Technologies announced a new partnership with Jetsons Robotics to manage energy transfer and provide advanced wireless charging technology that withstands challenging weather conditions and enables efficient and autonomous solar energy production.

However, high cost for setting up smart power generation plants, high cost of raw materials, and demand for cheap and efficient power products is expected to hamper the growth of the smart power technology market.

Competitive Analysis:

Major players operating in the smart power technology market are Wärtsilä Corporation, Schukat Electronic Vertriebs, RICOH Electronic Devices, STMicroelectronics N.V, Texas Instruments, Smart Power Technologies LLC, and Smart Power Devices Ltd.

Major players in the market are adopting various strategies, such as product launch, to enhance their market share. For instance, in February 2021, MediaTek announced its new M80 5G modem which combines mmWave and sub-6 GHz 5G technologies onto a single chip. The 5G modem is ideal for a wide range of devices, such as industrial IoT applications, broadband customer premise equipment, Mi-Fi hotspots, PCs, smartphones, and more.

In February 2021, Fourth Wave Energy announced plans to spin-off of smart home technology subsidiary, GeoSolar Technologies. Once complete, the transaction will form two separate and independent publicly traded companies.

Emergence of Covid-19 to Offer Lucrative Growth Opportunities for Players in Intelligent Virtual Assistant Market

 

An Intelligent Virtual Assistant is a computer program that mimics human interaction in order to carry out specific tasks, such as client service. Intelligent Virtual Assistants are now used for various applications across several industries. In business, they may be employed by call centers and BPO firms to assist their clients in completing tasks that may be tiresome or time-consuming for them. They also provide services like data entry, typing, speech transcription, answering phone calls, email and transcription. In the education sector, Virtual Assistants provide tuition management services and bookkeeping among others.

There are two main technologies that make up this type of a Virtual Assistant: the visual, artificial intelligence (or VAI) and the verbal artificial intelligence (VAA). The Virtual Assistant programs are able to detect key information in conversations, and then communicate this information through appropriate user interfaces. This enables a Virtual Assistant to understand, process, and reply to customer queries in a natural manner. Because of this, most Virtual Assistants operate on a "self-service" basis whereby they can suggest or even direct the customer in certain ways to make certain tasks easier. In addition, the software also provides the client with an interface that allows them to control their VA via chat or telephone.

Market Dynamics

Increasing generation of data is expected to propel growth of the intelligent virtual assistant market. For instance, according to International Data Corp, the total volume of data is expected to reach 175 zettabytes in 2025, of which around 80% is expected to be unstructured data.

Emergence of Covid-19 is expected to offer lucrative growth opportunities for players in the intelligent virtual assistant market. Various sectors have begun adopting intelligent virtual assistant to avoid human interaction and to contain the spread of the novel coronavirus.

Factors such as high cost and complexity associated with virtual assistant along with lack of skilled personnel are expected to restrain growth of the global intelligent virtual assistant market.

Major players operating in the global intelligent virtual assistant market include, NextIT Corp., eGain Communications Corp., Creative Virtual Ltd., Conversica, Inc., Artificial Solutions Ltd., Creative Virtual Ltd., SpeakToit Inc., Anboto Group., IntelliResponse Systems Inc., Nuance Communications Inc., Five9 Inc., and CodeBaby Corp.

December 2020: Conversica, Inc. announced a reseller agreement with Affinitiv, a leading provider of data-driven marketing and software solutions to the automotive market. Through this agreement, Affinitiv is tightly integrating Conversica Intelligent Virtual Assistants with Affinitiv’s XRM platform, giving dealerships a highly reliable and seamless exchange of data to accelerate retailer performance and enhance the vehicle shopper’s experience.  

Enable GingerCannot connect to Ginger Check your internet connection
or reload the browserDisable in this text fieldEditEdit in GingerEdit in Ginger×

Time Temperature Indicator Labels Market to Expand Rapidly as Key Industry Player CCL Industries Inc. consolidates a U.S.-based digital label converter

 

The time-temperature indicator is an innovative device that gathers real-time data of time and temperature. These systems are very popular among large enterprises and companies that find it difficult to keep track of various aspects of their operations. Indicator Label is also a very useful tool for monitoring inventory inventories of products and services. These labels have proven to be very useful for measuring the overall production efficiency and have provided excellent and quick feedback to the product or service owner. This kind of technical report has been very beneficial in improving productivity levels and customer satisfaction. Time-temperature indicators are crucial in detecting product degradation, which could be caused due to external and internal effects by providing alert notifications. These notifications are provided in real-time to ensure high quality of products.

Growing emphasis on smart pharmaceutical packaging is expected to drive growth of the global time temperature indicator labels market during the forecast period. Pharmaceutical products are highly sensitive to temperature and sunlight and thus require proper handling and care. Inappropriate handling and packaging can lead to severe losses for the pharmaceutical companies. As a matter of fact, in certain cases, it can be hazardous for the life of consumers. Smart medical packaging or smart pharmaceutical packaging is comprised of information tracking as well as product verification. It also includes verification of levels of temperature that is being maintained throughout the supply chain. Thus, these factors are expected to drive growth of the global time temperature indicator labels market during the forecast period. Furthermore, rising trade activities to import and export perishable items are expected to boost the global time temperature indicator labels market growth over the forecast period.

However, a lack of consumer awareness and the advent of advanced technologies such as temperature monitoring devices is expected to hinder the global time temperature indicator labels market growth over the forecast period. Besides, Asia Pacific is expected to witness the highest CAGR in the global time temperature indicator labels market in the near future. This is owing to the rapid growth of the e-commerce industry in emerging economies such as India and China. According to the India Brand Equity Foundation (IBEF), the Indian e-commerce market is expected to reach US$ 64 billion by 2020, increasing from US$ 38.5 billion in 2017.

Key companies operating in the global time temperature labels market are CCL Industries Inc., 3M Company, LCR Hallcrest LLC, Temptime Corporation, Thin Film Electronics ASA, NiGK Corporation, American Thermal Instruments, and DeltaTrak Inc.

For instance, in July 2020, CCL Industries Inc. acquired InTouch Label and Packaging Co. Inc., a U.S-based digital label converter. 

Enable GingerCannot connect to Ginger Check your internet connection
or reload the browserDisable in this text fieldEditEdit in GingerEdit in Ginger×

Cooling Towers Market to Witness Robust Growth as Key Industry Leader SPX Cooling Technologies Comes up with Marley BasinGard Filter for Cooling Towers

 

A cooling tower is basically a building structure made from various building materials used to efficiently cool high-temperature liquids such as steam, air, water, or even water-cooled by mechanical energy. In the earlier days, cooling towers were designed to reduce the temperature of flowing water. However, today, cooling towers are designed to maintain the optimum temperature for several reasons, and these include minimizing energy consumption, reducing noise emissions, and reducing wear and tear on cooling equipment. The cooling tower provides reliable heat transfer. One of the most important advantages of using cooling towers is that it offers a reliable source of heating and cooling system for residential and commercial purposes.

The global cooling towers market is expected to witness massive growth during the forecast period, owing to increasing electricity consumption worldwide. According to the International Energy Agency (IEA), in 2018, the electricity consumption reached 24,738.9 TWh (Terawatt-hour), increasing from 19,851.8 TWh in 2010. This, in turn, has led to an increased demand for uninterrupted electricity supply thereby increasing electricity generation. Generally, the cooling towers are used in power generation plants to dissipate the heat into the atmosphere. Hence, such factors are expected to drive growth of the global cooling towers market during the forecast period. Furthermore, technological advancements in cooling towers combined with stringent environmental regulations are expected to propel the global cooling towers market growth over the forecast period. For instance, in November 2017, SPX Cooling Technologies showcased its latest Marley cooling tower and component innovations at Power-Gen International.

However, the requirement for a massive quantity of water is expected to propel the global cooling towers market growth in the near future. Besides, increasing demand for nuclear power generation can present lucrative growth opportunities in the global cooling towers market. Furthermore, Asia Pacific to hold a dominant position in the global cooling towers market in the near future. This is owing to growing focus on the construction of nuclear power plants. Furthermore, Europe is expected to register a robust growth rate, owing to increasing number of heavy industries in the region.

Major companies involved in the global cooling towers market are SPX Corporation, Baltimore Aircoil Company Inc., Evapco, Inc., Enexio, Hamon & CIE International SA, Babcock & Wilcox SPIG, Paharpur Cooling Towers, and Johnson Controls Inc.

For instance, in September 2020, SPX Cooling Technologies introduced Marley BasinGard Filter for cooling towers as part of its MarleyGard Water Management and Tower Protection Tools.

Thermal Imaging- a remarkable development in the field of surveillance and security

 

Thermal imaging is a technology used for the collection of digital images of any given location or surface by the use of infrared radiation. This technology is majorly used for law enforcement, mining, environmental monitoring, security, and industrial and defense applications. Thermal imaging provides higher quality images and more information about the surfaces. Thermal imaging cameras are used for different purposes. For instance, they are used for security purposes as well as environmental monitoring purposes.

Growing demand for thermal imaging from various sectors such as automotive, government & defense, and healthcare to improve security is driving the market growth of thermal imaging. Rising terrorist activities due to geopolitical tension and the need for monitoring critical infrastructure is again uplifting the market growth. Moreover, increasing up-gradation of military equipment due to growing spending by government is expected to have a positive outlook on the market of thermal imaging. According to the sipri fact sheet, global military expenditure was $1917 billion in 2019, an increase of 3.6 percent from 2018. Total military spending accounted for 2.2 percent of global gross domestic product (GDP) in 2019.

Europe is expected to gain significant growth over the forecast period and this is attributed to the increasing adoption of thermal imaging in the automotive sector and also the region has a strong presence in the automotive industry. According to the European Automobile Manufacturers Association, 18.5 million motor vehicles were produced in the European Union in 2019 and 15.8 million passenger cars were manufactured in the European Union in 2019. Additionally, increasing adoption of thermal imaging for surveillance and security purposes is further anticipated to foster regional market growth.

Key Developments:

1.      In May 2020, FLIR Systems has announced the launch of new thermal imaging science Kits: FLIR A400 and A700 for researchers, engineers, and systems testers. These smart camera systems can produce accurate, consistent thermal data for electronics testing, product development,  and a range of scientific research needs

2.      In May 2020, Seek Thermal, a provider of high-performance thermal imaging products, has introduced Seek Scan™, a simple, low-cost thermal imaging system designed to automate body temperature screening using skin temperature as a proxy.

3.      In June 2018, Thales has launched Sophie Ultima, a thermal imager designed to give tactical superiority through collaborative and augmented imaging capability at night and by the day

4.      In May 2020, Vodafone UK, partnered with Digital Barriers to launch a heat detection camera during the coronavirus pandemic. The heat detection camera combines thermal imaging and Vodafone’s IoT connectivity to screen the temperature of people as they enter buildings.

Thermal imaging, Thermal imaging technology, digital images, higher quality images, FLIR Systems, market analysis, market trends, market forecast

Nexa3D Launches xCure, A new Post-processing System, to Disrupt 3D Printing Market

 

3D Printing, also known as additive manufacturing or computer-aided design, is the creation of an object by using a CAD (computer-aided design) model or a virtual three-dimensional model on a computer screen. The object is then printed in solid or semi-solid materials from the computer's digital design. This process is similar to how a 3-D printer makes a photo-realistic image, except with an additive printer, it uses the same principles that produce digital images but with less human interference. 3D printing is still in the nascent stage in various sectors.

Market Insights

Development and launch of novel software for 3D printing is expected to propel growth of the global 3D printing market over the forecast period. For instance, in July 2020, SprintRay released a new software feature dubbed ‘Pixel Toning’ to its digital dentistry ecosystem. Moreover, R&D in 3D bio-printed implants is also expected to aid in growth of the global 3D printing market over the forecast period. For instance, in August 2019, CollPlant Holdings Ltd., a regenerative medicine company, announced that it is developing 3D bio-printed implants for regeneration of breast tissues and has successfully produced first prototypes.

R&D of 3D biochips for medical applications is expected to offer lucrative growth opportunities for players in the global 3D printing market. For instance, in May 2020, researchers from Russian Academy of Sciences, Russia, reported development of 3D biochips and optimized analytical procedures that can facilitate further studies towards practical application for hepatitis C virus detection. Moreover, development of novel 3D printing techniques for medical applications is also expected to aid in growth of the market. For instance, in June 2020, researchers at the University of Minnesota reported development of a 3D printing technique that uses motion capture technology to print electronic sensors directly on organs that are expanding and contracting.

The global 3D printing market is witnessing development of bio-inks. For instance, in June 2020, researchers from the Ohio State University and the Pennsylvania State University, U.S., reported development of a specially-formulated bio-ink designed for printing directly in the body.

Competitive Analysis

Major players operating in the global 3D printing market include, SprintRay, 3D Systems Corporation, EnvisionTEC GmbH, Nexa3D, Nanoscribe GmbH, Stratasys Ltd., and Voxeljet Technology GmbH.

April 2020: EnvisionTEC GmbH completed a clinical trial to use the EnvisionTEC 3D printed Nasopharyngeal Swabs for COVID-19 testing.

October 2020: Nexa3D, a US-based SLA 3D printer manufacturer, launched a new post-processing system called the xCure.

In-depth report on Global 3D Printing Market by Coherent Market Insights:

Intelligent Transportation System and Solution

 

Intelligent transportation solution provides real-time traffic statistics that helps in solving problems associated with traffic congestion. The system fetches information from sensors that analyze vehicle speed, pre-emption alarms, traffic signals, and other traffic-related data.  Road safety and surveillance, traffic management, public transport, environment protection, freight management, automotive telematics, and parking management are some of the application areas of intelligent transportation solutions.

Growing concern regarding the public safety and increasing traffic congestion is driving the market growth of the intelligent transportation system. The growing need for effective traffic management in order to reduce the traffic is again fueling market growth. Moreover, the increasing adoption of the intelligent transportation system for real-time traffic information as it helps in resolving growing traffic congestion is also propelling the market growth of the intelligent transportation system. The growing focus of manufacturers to create awareness regarding traffic management will further favor market growth in the near future. For instance, in July 2020, Huawei conducted an online summit of the Intelligent Traffic Management Solution with the theme of "Transform the Way We Move” to address challenges on traffic law enforcement, traffic violation inspection, and traffic control with advanced technologies including big data, AI, cloud, 5G, and more.

From the geographical point of view, North America is expected to gain significant growth over the forecast period and this is attributed to the strong presence of IT & software companies coupled with the rapid adoption of intelligent transportation systems across the region. According to the International Trade Administration, the United States has the most advanced software and information technology (IT) services industry in the world. More than 40 percent of the $5 trillion global IT market is in North America, primarily the United States and there are more than 525,000 software and IT services companies in the United States and around 40,500 tech startups were established in 2018 alone.

Key Developments:

1.      In June 2020, SINTRONES, a provider of computing technology in vehicles, announced the launch of the new ABOX-5210G. The new product is powered by AI GPU computing, Intel Gen 10 Core i9, with NVIDIA GPU technology and incorporates numerous unique features to support AIoT (AI and IoT) on Smart Cities and IIoT (Intelligent IoT) on Transportation.

2.      In July 2020, NEC Technologies India, a wholly-owned subsidiary of Japanese technology company NEC Corporation, has partnered with Urban Mass Transit Company (UMTC) to develop intelligent mobility solutions in rural and urban India.

3.      In April 2020, FITSCO (Shanghai Fuxin Intelligent Transportation Solutions Co.) and Cognitive Pilot, have signed a contract to develop an AI-based computer vision system for urban trams with the possibility of autonomous control and movement.