Salesforce Services Market Estimated To Expand At A Robust CAGR Over 2030

In today’s world of fierce competition, just coming up with unique products and creative marketing campaigns is not enough for companies. They also need to implement a strong focus on client satisfaction and retention and analysis of how well their marketing campaigns are faring. Moreover, with the rising penetration of smartphones and the internet, more people are using mobile and computer applications to interact with companies, which is why app development has become such a lucrative occupation.

Salesforce Services Market Report

According to P&S Intelligence, the increasing awareness of companies on all these areas is the key factor that will drive the salesforce services market to $55,307.6 million by 2030 from $9,124.2 million in 2019, at an 18.9% CAGR between 2020 and 2030. Salesforce refers to customer relationship management (CRM) solutions that help firms manage their customer service, sales, marketing, e-commerce, application development, and analytics processes. They allow companies to monitor the customer behavior and offer personalized recommendations, analyze the impact of their marketing activities, forecast sales, manage leads, store and process internet of things (IoT) data, and automate repetitive tasks.

Salesforce service solutions are being widely used in the retail & e-commerce, banking, financial services, and insurance (BFSI), IT & telecom, healthcare, government, and manufacturing sectors. Among these, these solutions find the highest adoption in the BFSI industry, which is constantly making efforts to connect with the young and tech-savvy customers digitally. Moreover, companies in the industry are deploying salesforce solutions to get an in-depth insight into customers’ accounts and queries and engage with the latter better.

The burgeoning adoption of the cloud is one of the biggest reasons the salesforce services market generates the highest revenue from North America. In addition, the continent is home to the world’s largest IT industry, which results in both the easy availability and high demand for such solutions. North America is also generally the first region to adopt emerging technologies, especially those related to the IT field. In the coming years though, the fastest rise in the adoption of salesforce services would be seen in Asia-Pacific (APAC), owing to economic growth, increasing preference for cutting-edge technologies, and expanding BFSI sector.

Therefore, as enterprises across industries indulge in even fiercer competition, they will likely procure software and apps that help make their business process smoother and more efficient.

Scooter Sharing Industry Set to Flourish in Future

The increasing population in many cities around the world is causing a sharp surge in the number of daily commuters, which, in turn, is leading to road congestion, especially during peak hours of the day. One of the most effective solutions to the problem is to increase the adoption of various ride-sharing services such as scooter sharing services. As a result, the governments of several countries are rapidly implementing regulations and policies for promoting the adoption of scooter-sharing services.

As scooters are smaller and have more compact sizes than other vehicles the increasing adoption of scooter-sharing services plays a pivotal role in reducing road congestion, which subsequently reduces the prevalence of road accidents. In addition to this, the deployment of ride-sharing services greatly reduces the number of vehicles running on the roads, which leads to a significant reduction in greenhouse gas emissions. At a time when air pollution is increasing at an alarming rate in several cities, the adoption of ride-sharing services is turning out to be a great method for mitigating environmental degradation.

The other important factor fueling the demand for scooter sharing services is the greater convenience offered by these services in comparison to the privately owned vehicles. This is because the ownership of a vehicle massively increases a person’s expenses, on account of the vehicle’s fuel costs, maintenance charges, parking expenses, insurance cover, and many other costs. Furthermore, the development of advanced mobile applications has boosted the convenience of the scooter sharing services, as these services can now be easily availed with just a few finger taps.

Because of the aforementioned reasons, the popularity of scooter-sharing services is increasing rapidly throughout the world. As a result, the global scooter sharing market is predicted to exhibit rapid progress in the future years. These services are availed for both one-way and round trips. Of these, the adoption of the scooter sharing services for one-way trips was higher in the past and this trend is predicted to be seen during the coming years as well.

Globally, the scooter sharing market will demonstrate the highest growth in Europe in the upcoming years, as per the estimates of P&S Intelligence, a market research firm based in India. This is attributed to the rising road congestion in major European cities and increasing greenhouse gas emissions in the region. In addition to this, many European countries such as Germany, France, and Spain are rapidly adopting scooter sharing services for reducing road congestion in the urban areas, which is, in turn, propelling the growth of the market in the region.

Therefore, it can be safely said that the demand for scooter sharing services will increase massively all over the world in the near future, mainly because of the increasing road congestion in urban areas, rising incidence of road accidents, high expenses associated with the ownership of vehicles, and the greater convenience offered by these services in comparison to personal vehicles.

Electric Aircraft Market Set to Flourish in Future

With the surging air pollution levels and rising carbon emissions, the governments of many countries are focusing on promoting the adoption of electric aircrafts. Moreover, the increasing implementation of regulatory environment regulations and carbon emission policies in several countries is also fueling the demand for electric aircrafts. For instance, Norway is aiming to deploy aircrafts powered by electricity in order to mitigate the emission of greenhouse gases by 2040. In addition, the Government of Norway wants aircraft manufacturing companies to manufacture a 30-seat airliner powered by electric motors, that can be officially launched by 2025.

Similarly, a JetBlue Airways, Zunum Aero, and Boeing Co. backed startup announced in May 2018 that it intends to launch its first hybrid-electric plane by 2022. Furthermore, the rising number of airline passengers is also positively impacting the worldwide requirement for aircrafts that are easier to maneuver, safer, and create less noise. Besides these factors, the lower cost of ownership of electric aircrafts is also fueling the expansion of the global electric aircraft market.

Geographically, the deployment of these aircrafts is expected to rise considerably in North America in the forthcoming years, with the U.S. predicted to become the largest electric aircraft market in the upcoming years. The Environmental Protection Agency (EPA) has recently laid down regulations pertaining to the emission of greenhouse gases by aircrafts. Moreover, the increasing research activities and rapid technological advancements are also expected to fuel the demand for electric aircrafts in the country in the upcoming years.

With the enactment of such strict regulations by the governments of other countries, the sales of electric aircrafts are surging sharply. This is also encouraging original equipment manufacturers (OEMs) to penetrate newer markets in both developing and developed nations. In addition, the burgeoning requirement for the adoption of fuel cells in electric aircrafts, advent of technologically advanced battery parts and materials, and emergence of next-generation asynchronous propeller technology in order to cater to the needs of consumers are predicted to push up the sales of electric aircrafts in the coming years.

Hence, it can be safely said that the demand for electric aircrafts will rise enormously in the coming years, mainly because of the burgeoning need for environment-friendly aircrafts all over the world.

Injector Nozzle Market Set to Flourish in Future

An injector nozzle is used to inject the prescribed volume of fuel inside the combustion chamber after receiving a signal from electronic sensors in the automobile. The fuel enters the nozzle at a high pressure, which is then passed through extra thrust into the engine cylinder. The fuel is injected in the nozzle in the form of spray. As injector nozzles help in reducing emission from the engine and maintaining the engine performance, nozzle shape, injector sac, injector seat, and size of the nozzle hole are precisely monitored while making them.

Automakers around the world are increasingly installing injector nozzles in their offerings to comply with the toughening vehicle emission standards, owing to which, the injector nozzle market will prosper in the upcoming years. For instance, the Euro 6 standards caused a sharp reduction in nitrogen oxides (NOx) emission from light-duty vehicles from 2.0 g/kWh to 0.4 g/kWh in steady-state testing and from 2.0 g/kWh to 0.46 g/kWh in transient testing. 

According to P&S Intelligence, the North American injector nozzle market advanced at the highest rate in the preceding years due to the huge requirement for domestic vehicles in the region. Moreover, the toughening emission laws of the U.S. will also encourage the integration of injector nozzles in automobiles in the region. For instance, the U.S. Environmental Protection Agency (EPA) has laid down the Heavy-Duty Highway Engine: Clean Fuel Fleet Exhaust Emission Standards and Phase 1 Greenhouse Gas Emission Standards and Fuel Efficiency Standards for Medium- and Heavy-Duty Engines and Vehicles to reduce emission from medium- and heavy-duty vehicles.

In the coming years, the demand for injector nozzles is expected to soar in Asia-Pacific (APAC). This will be due to the surging vehicle demand, lowering the production cost of automobile parts, and increasing implementation of stringent emission norms. For instance, according to the OICA, 19,994,081 cars and 5,231,161 commercial vehicles were manufactured in China in 2020. Furthermore, the implementation of emission norms, such as Bharat Stage VI (BS-VI) in India, is resulting in the large-scale installation of injector nozzles in vehicles in the region.

Thus, the increasing implementation of stringent vehicle emission norms and booming automobile sales and production will create a huge requirement for injector nozzles worldwide.  

Automotive Drivetrain Market Statistics: A Huge Opportunity For Investors by 2030

The International Energy Agency (IEA) predicts that global stock of battery electric vehicle (BEV) trucks, plug-in hybrid electric vehicle (PHEV) trucks, and fuel cell electric vehicle (FCEV) trucks will expand from 30,872 units in 2020 to 860,942 units by 2030, 228 units in 2020 to 900,264 units by 2030, and 3,815 units in 2020 to 26,139 units by 2030, respectively. The organization also forecasts that BEV cars and PHEV cars sales will increase from 2,008,024 units in 2020 to 14,370,678 units by 2030 and 969,034 units in 2020 to 7,761,233 units by 2030, respectively.

Thus, the rising penetration of electric vehicles, owing to the escalating need to reduce greenhouse gas (GHG) emissions, will help the automotive drivetrain market progress in the foreseeable future. The U.S. Energy Information Administration (EIA) estimates that world carbon dioxide (CO2) emissions from fossil fuel combustion increased from 36.638 billion metric tons in 2018 to 36.912 billion metric tons in 2019. As per the organization, global atmospheric CO2 concentration surged from 409.28 parts per million in 2019 to 411.74 parts per million in 2020.

In contemporary times, automobile manufacturers are using drivetrain systems developed by ZF Friedrichshafen AG, Aisin Seki Co. Ltd., American Axle & Manufacturing Inc., GKN PLC, JTEKT Corporation, Borgwarner Inc., Dana Incorporated, Showa Corporation, Magna International Inc., and Schaeffler Group. Currently, these companies are focusing on manufacturing lightweight drivetrains to improve the overall performance of vehicles. Drivetrains offered by these manufacturers are used in passenger cars, EVs, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs).

According to P&S Intelligence, the Asia-Pacific (APAC) will lead the automotive drivetrain market in the forthcoming years. This will be on account of the increasing technological advancements in the automobile industry and the surging vehicle production in the region, especially in Japan, India, South Korea, and China. For example, the Society of Indian Automobile Manufacturers (SIAM) states that 3,062,221 passenger vehicles and 624,939 commercial vehicles were manufactured in India in the financial year (FY) 2020–2021.

Therefore, the surging production and adoption of automobiles, including EVs, will accelerate the deployment of automotive drivetrains in the foreseeable future.

Automotive Composite Demand To Rise Substantially in Future

The International Organization of Motor Vehicle Manufacturers (OICA) states that a total of 77,621,582 vehicles were manufactured in 2020. As per the OICA, India, China, Japan, Thailand, Indonesia, and South Korea produced 3,394,446 units, 25,225,242 units, 8,067,557 units, 1,427,074 units, 691,286 units, and 3,506,774 units of vehicles, respectively, in 2020. The increasing automobile production, especially in the Asia-Pacific (APAC) region, on account of the mounting investments being made by automakers in APAC nations, will fuel the demand for automotive composite materials in the foreseeable future.

Additionally, the burgeoning demand for lightweight and fuel-efficient vehicles, owing to the surging concerns over rising air pollution levels and depleting fossil fuel reserves, is also expected to contribute to the progress of the automotive composite market in the upcoming years. According to the World Health Organization (WHO), nearly 99% of the people across the world breathe air that exceeds WHO guideline limits regarding pollutant level. Automobile manufacturers are using a combination of plastics, steel, magnesium, aluminum, and composites to reduce vehicle weight, which will, in turn, lead to lesser fuel consumption and carbon dioxide (CO2) emission. 

In contemporary times, automotive original equipment manufacturers (OEMs) are using ceramic matrix composite materials, metal matrix composite materials, and polymer matrix composite materials, such as carbon fiber reinforced polymers, glass fiber reinforced polymers, and natural fiber reinforced polymers, to reduce overall vehicle weight. These materials are manufactured by Toray Industries Inc., Scott Bader Company Ltd., Johns Manville, Koninklijke Ten Cate N.V., UFP Technologies Inc., Teijin Limited, SAERTEX GmbH & Co. KG, E.I. du Pont de Nemours and Company, Cytec Industries Inc., and Johnson Controls Inc.

Furthermore, the European region also consumed a considerable quantity of automotive composites in the recent past. The European automotive composite market was dominated by the U.K., Germany, Spain, Russia, and France. High volume consumption of these materials in such countries can be attributed to the rapid technological advancements and extensive focus of automakers on enhancing passenger comfort and manufacturing lightweight vehicles. Additionally, the presence of strict vehicular emission curtailment laws also facilitates the usage of composite materials in the automotive industry of Europe. 

Thus, the burgeoning automobile sales and production and rising demand for lightweight vehicles are expected to propel the usage of automotive composites in the forthcoming years.  

North American Autonomous Car Market to Witness Robust Growth in Coming Years

With the surging demand for safe and efficient driving options and advancements in electric and connected car technologies, the demand for autonomous cars is growing rapidly in North America. Moreover, the federal and the state governments in the region are enacting policies for promoting the adoption of these cars. Every year, the region is witnessing the enactment of a large number of legislations regarding autonomous vehicles. For instance, in the U.S., 15 states enacted as many as 18 autonomous vehicle related legislations, while 29 states passed autonomous vehicle related policies in 2018.

Besides the aforementioned factors, the mushrooming popularity of connected cars is also fueling the demand for autonomous cars in the region. These cars are equipped with advanced systems and features such as traffic and collision warnings, real-time traffic monitoring, road side assistance, and smartphone connectivity with vehicle. As connected cars must be equipped with V2I and V2V connectivity, which is extremely necessary for vehicle autonomy, the adoption of autonomous technology is easier in these cars than in conventional cars.

Due to the above-mentioned factors, the demand for autonomous cars is soaring in North America, as a result of which, the revenue of the North American autonomous car market is expected to rise to $52.3 billion by 2030. Furthermore, the market will advance at a CAGR of 17.1% from 2023 to 2030, as per the estimates of the market research company, P&S Intelligence. When autonomy is taken into consideration, autonomous cars are categorized into fully and semi-autonomous cars.

In North America, the popularity of autonomous cars was found to be higher in the U.S. in the past years. This was because of the inclination of customers for more-advanced cars (level 2 autonomy) in the country. In addition to this, the country is home to a large number of original equipment manufacturers (OEMs), who are rapidly manufacturing new models equipped with advanced automation systems and features, which is also boosting the demand for autonomous cars.

Thus, due to the soaring popularity of connected cars, surging requirement for greater vehicle safety, and the increasing implementation of supportive policies regarding autonomous car deployment by various governments, the sales of autonomous cars will boom in North America in the coming years.