Key growth drivers of the market:
o The Indian government has initiated several development programs, which are supporting the VR market. Also, organizations like IDG Ventures India (IDGVI) and Axilor Ventures are participating in the development of the VR market in India with the help of investments through Frontier Tech Innovators Program. As a result, various kinds of VR equipment have become easily accessible and affordable for Indians, thus driving the growth of the market.
o VR has recently found extensive usage in India in the fields of military, telecommunications, entertainment, and medicine for training, developing easy mobile application, designing games, and enabling easy surgery simulation, phobia treatment, and robotic surgery. Increasing use of VR applications in different industries is driving growth of the market across India.

Key deterrents to the growth of the market:
Although the Indian VR market operates with the help of several large, small, domestic and international enterprises, the technological infrastructure of the country lags behind that of the advanced economies like China, the United States of America (U.S.A), and Japan. Also, the Indian parents are often not ready to let their children use VR applications extensively through games, movies, or other forms of entertainment, or even education for they fear that it might develop addiction among kids. As a result, use of VR applications in India is limited to specific play stations at supermarkets, or in the form of headgears sold with smartphones.

Companies covered:

o IndiaNIC Infotech Limited
o Juego Studio Private Limited
o Meraki Virtual Reality Studio
o Merxius Software Private Limited
o Quy Technology Private Limited
o SmartVizx Private Limited
o Tata Elixsi
o Xenium Digital Private Limited
o Yudiz Solution Private Limited
o Zatun

The post Virtual Reality Market in India (2018-2023) first appeared on CRI Report.

Key growth drivers of the market:
o India has a huge technically skilled workforce which helps boost the specialty chemicals market in the country. As of 2016, 51.09% of the total population of science, technology, engineering and math (STEM) graduates were from India. Apart from the availability of a large educated population, India offers unskilled labor at much lower wages as compared to other countries. The availability of a large talent pool, along with a nominal wage rate makes India an attractive production hub for various foreign companies. This, in turn, acts as a driving force for the specialty chemical market in India.
o The Chinese government announced the closure of various chemical companies that produced hazardous waste, which led to disruption of the supply chain. The developed markets are, therefore, now focusing on having an alternative supplier of chemicals apart from China to ensure an uninterrupted supply of end products, making Indian players more competitive.
Key deterrents to the growth of the market:
o In the specialty chemicals market, only a few Indian players have the capability to compete with global giants in terms of product development and innovation. As a result, Indian specialty chemical manufacturers are generating less revenue, and sales has also dropped as compared to foreign companies.
o Indian specialty chemical manufacturers are often forced to deal with cyclicality, especially in the textile manufacturing sector. Therefore, companies face difficulty in surviving during periods of low demand. This, in turn, hampers the growth of small specialty chemical manufacturers of India.

Companies covered:

o Aarti Industries Limited
o Bodal Chemicals Limited
o Deepak Nitrite Limited
o Ion Exchange (India) Limited
o Meghmani Organics Limited
o NOCIL Limited
o SRF Limited
o Sudarshan Chemical Industries Limited
o Sunshield Chemicals Limited
o Vinati Organics Limited

The post Specialty Chemicals in India (2018-2023) first appeared on CRI Report.

Smart lights are weather-adaptive and includes the use of Internet of Things (IoT) for lighting homes, streets, factories and commercial spaces intelligently. Lighting automation technology enables consumers to adjust lighting remotely. The Indian smart lighting market is expected to reach a value of INR 373.7 Bn by 2023, expanding at a compound annual growth rate (CAGR) of ~38.44% during the 2018-2023 period. Growth of the smart lighting market is owed to the government’s push in terms of the ‘Smart City Mission’, and ‘Digital India’ programs, as well as rising adoption of smart homes across the country.

The smart lighting market is segmented based on offering, lighting source, communication technology, and application type. Based on offerings, the smart lighting market is categorized into hardware, software, and services. Based on the lighting source, the market is classified into LED bulbs, downlights, batten lights, and others. Based on communication technology, the smart lighting market is categorized into wired technology and wireless technology. Based on the application type, the smart lighting market is classified into indoor use and outdoor use.

Lighting source-wise segment insights:

Among the different smart light sources used in India, the Light Emitting Diode (LED) bulbs segment holds the largest share (~68%), owing to its cost-effectiveness and energy saving features. Attractive discounts and rebates are also driving the market for LED bulbs, which are used for smart lighting across the country. The Street Light National Program of the Indian government is expected to further push the market for smart LED lights.

Communication technology-wise segment insights:
In the Indian market, wired technology dominates the communication technology segment of the smart lighting market with a share of ~62%. This is because wired communication technology is considered to be more reliable, due to the presence of various company-specific proprietary protocols.

Application-wise segment insights:
In India, ~55% of smart lighting is used indoors, while the remaining is used for outdoor applications. Steady adoption of connected lighting systems in residential and commercial zones contributes to the greater share of indoor applications in the Indian smart lighting market.

Key growth drivers of the market:
o The per capita income in India stood at INR 1,12,835 in March 2018, up from INR 1,03,870 in March 2017. Such an increase in the per capita income of Indians, along with rising awareness about contemporary technological advancements, has influenced the mindset of Indians towards using smart technologies. As a result, demand for smart lighting system has increased.
o Motion-detecting lighting systems are replacing the conventional lighting methods in the smart cities and business hubs in India. Therefore, the market players have sufficient opportunities to come up with new smart lighting technologies which are capable of developing energy-saving systems in India.

Key deterrents to the growth of the market:
o The high cost of IoT-enabled systems is hindering the growth of the smart lighting market in India. Owing to its high installation costs, Indian customers are developing antagonistic attitude towards the smart-lighting system, which in turn is negatively affecting the demand of the smart lights market across the country.
o The smart lighting systems installed in India has affected the health of the users in an adverse manner. Questions have arisen concerning the potential health implications of blue-rich and solid-state of the LED lights. It is predicted that prolonged exposure of human beings to short-wavelength high intensity visible lights is phototoxic to the retina. Consumers’ awareness about such adverse health impacts is hindering the growth of the smart lighting business in India.

Companies covered:
o Ajanta India Ltd.
o Bajaj Electricals Ltd.
o Havells India Ltd
o Osram India Pvt Ltd.
o Philips India Ltd.
o Samsung India Electronics Pvt. Ltd.
o Schneider Electric India Pvt. Ltd.
o Syska LED Lights Pvt Ltd.
o Wipro Ltd.

The post Smart Lighting Market in India (2018-2023) first appeared on CRI Report.

Market insights:
In India, the online grocery market is at a nascent stage. Currently, only ~0.15% (~ 2 Mn out of ~1.35 Bn) Indians make purchases through online channels, mainly due to abundant presence of physical grocery stores across the country. However, the market is anticipated to expand at a high compound annual growth rate (CAGR) of ~68.66% during the 2018-2023 period, to reach a value of INR 1,034.13 Bn by 2023, from its 2018 value of INR 62.01 Bn. Such remarkable growth of the Indian online grocery market is accounted to growing customer acceptance, increasing internet and smartphone penetration, new market entries, and increasing focus of online marketplaces like Amazon and Flipkart in the grocery segment.

Key growth drivers of the market:

o Acceptance of online grocery platforms in India has increased in recent years, owing to the rising awareness about the convenience of the process, digital literacy, and internet penetration across the country. Also, investors have shown the tendency to spend large amounts on customer retention, because grocery is an essential commodity for households. Therefore, customer acceptance, and high investment on customer retention is expected to lead to further growth of the online grocery market in India.
o The central government of India has designed and developed smart cities with a state-of-the-art infrastructure for setting up different models of e-commerce and online transactions. Owing to these reasons, the online grocery retail market is witnessing a growth rate of ~25-30% in the Indian metropolitans, and other emerging smart cities.

Key deterrents to the growth of the market:
o Most of the customers in India often show a tendency of switching between different online grocers, with special inclination towards those who provide more discounts, charge less for delivery, and generate a higher value of coupon offers. As a result, the online grocery market players face difficulty in developing a loyal customer base in India, which in turn hampers their business.
o The Indian grocery market is dominated by ~12 Mn local physical grocery stores. Most of the Indian families still prefer purchasing grocery from the ‘kirana’ stores, because of lack of trust, thus hindering generation of revenue for online grocers.

Companies covered:

o Amazon India Pvt. Ltd.
o Godrej Nature’s Basket Ltd.
o Grofers India Pvt. Ltd.
o Paytm E-Commerce Pvt. Ltd. (Paytm Mall)
o Reliance Retail Ltd. (RelianceSmart.in)
o Supermarket Grocery Supplies Pvt. Ltd. (BigBasket)
o UrDoorstep eRetail Pvt. Ltd.
o ZN Retail Pvt. Ltd.

The post Online Grocery Market in India (2018-2023) first appeared on CRI Report.

Industry-wise digital advertising segment insights:
Based on the amount spent by different market players operating in various industries in India, it is observed that all major sectors like e-commerce, telecom, consumer durables, media and entertainment, fast moving consumer goods (FMCG), banking, financial services and insurance (BFSI), automotive, and retail have had similar share of investments on online advertising. This implies that the level of acceptance of the benefits of online advertising has been high across miscellaneous business sectors in India.

Key growth drivers of the market:
o Government initiatives like ‘Digital India’, has led to an increase in digital consumption across the country. Through online advertising, the e-players can promote their products on social media, and search engines, thereby converting virtual media into a marketplace.
o In India, consumers mostly prefer videos and music in the entertainment category. Consumption of digital video has increased from ~48% in 2016 to ~55% in 2017, which implies a positive impact on spending on video advertisements.

Key deterrents to the growth of the market:
o Issues of internet connectivity and low broadband penetration are still prevalent in India, mainly in rural areas. Also, the digital video businesses in India face problems due to the high input costs, thus hampering the growth of online advertising in the country.
o In India, digital content is mostly delivered in English, and does not appeal to a considerable section of the society, which seeks vernacular content. This acts as a deterrent to the growth of digital media as an advertising platform in comparison to TV or radio.

Companies covered:

o Adglobal360 India Private Limited
o DDB Mudra Private Limited
o Grey Worldwide (India) Private Limited
o Interactive Avenues Marketing Solutions Private Limited
o Komli Media India Private Limited
o Madison Communications Private limited
o McCann Erickson India Private Limited
o Ozone Media Solutions Private Limited
o Pinstorm Technologies Private Limited
o SVG Media Private Limited

The post Online Advertising Market in India (2018-2023) first appeared on CRI Report.

Market insights:

The non-life insurance market in India was valued at INR 1,281 Bn in FY 2017, and is anticipated to expand at a compound annual growth rate (CAGR) of ~24% in FY 2018, to reach a value of INR 4,434 Bn by the end of FY 2023. Economic growth of the country, expansion of the associated industries like automobile, and healthcare, and strengthening of the online distribution channel are contributing to the growth of the market. The major players operating in the Indian non-life insurance market include the New India Assurance Company Limited, National Insurance Company Limited, ICICI Lombard General Insurance Company Limited, and Bajaj Allianz General Insurance Company Limited.

Product-wise segment insights:

The main non-life insurance products offered by the companies in India include motor insurance, health insurance, fire insurance, and marine insurance, among others. The motor insurance segment dominated the market between FY 2016 and FY 2017, contributing ~39% of the total general insurance gross direct premium collected in FY 2017, owing to a significant rise in the demand of automobiles (passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles), and compulsion of motor insurance across the country.

Distribution channel-wise segment insights:
Non-life insurance policies are sold in India through individual agents, corporate agents (banks, and others), brokers, and direct business. In FY 2017, direct business transactions owed for ~31% of the overall non-life insurance policies sold in India. People prefer buying insurance policies through direct business distribution channels because of its fast and easy process.

Key growth drivers of the market:

The non-life insurance industry is driven by the growing demand for a number of associated sectors such as the automobile industry, and the healthcare industry. Total automobile production in India reached 29 Mn units in FY 2018 from 25 Mn units in FY 2017, owing to the increased purchasing power of the middle-class population, coupled with a growing young working population. Since motor insurance is compulsory in India, growth of the automobile sector is expected to boost the motor insurance segment of the non-life insurance market in India. Apart from the automobile industry, growth in health awareness, and rising inclination towards preventive healthcare are encouraging demand for the health insurance segment of the Indian non-life insurance market.

Key deterrents to the growth of the market:

The rate of non-life insurance penetration, measured as a percentage of insurance premium to gross domestic product (GDP), stood at 0.77% in 2016, which was lower than 0.80% in 2013. This implies that during 2014-2016, growth of insurance premium in India was lower than the growth in national GDP, mainly due to the capping of incentives of the brokers and agents, and supply-side problems in the associated industries. Emerging economies in Asia such as Malaysia, Thailand, and China have higher non-life insurance penetration than India.

Companies covered:

o Agriculture Insurance Company of India Limited
o Bajaj Allianz General Insurance Company Limited
o HDFC ERGO General Insurance Company Limited
o ICICI Lombard General Insurance Company Limited
o IIFCO Tokio General Insurance
o National Insurance Company Limited
o Oriental Insurance Company Limited
o Star Health and Allied Insurance Company Limited
o Tata AIG General Insurance Company Limited
o The New India Assurance Company Limited

The post Non-Life Insurance Market in India (2018-2023) first appeared on CRI Report.

The growth of e-commerce, an expanding smartphone user base, presence of payment banks and Unified Payment Interface (UPI) platforms are driving the mobile wallet market in India.

It is estimated that during the FY 2019–FY 2023 period, the Indian mobile wallet market will expand at a compound annual growth rate (CAGR) of ~52.21%, by volume, from the mark of 6.4 Bn in FY 2018.

Service-wise market segment insights:

In FY 2017, the money transfer segment had a market share of ~37.60%, followed by the recharge and bill payments segment (~29.71%). This shows that after the demonetization of INR 500 and INR 1,000 banknotes in November 2016, Indian consumers have accepted mobile wallets as the smart and convenient method of tackling scarcity of liquid cash.

Player-wise market segment insights:

The major players in the Indian mobile wallet market include Paytm, FreeCharge, MobiKwik, and others. Among these, Paytm emerged as the most used mobile wallet in 2017 with a share of ~41.60%. Paytm became successful in acquiring the largest market share owing to its high integration with the self-owned e-commerce platform (Paytm Mall), and acquisition of the latest payment banks license.

Market trends:
o The UPI system developed by National Payments Corporation of India (NPCI), which facilitates inter-bank transactions, is a path-breaking trend in the Indian mobile wallet market. Users have started using UPI for creating a virtual payment address (VPA), and make peer-to-peer payments easily.

o Development of quick response (QR) code for digital payments at different retail outlets has eliminated the use of expensive electronic data capture (EDC) machines or near field communication (NFC) devices.

Key growth drivers of the market:

o E-wallets are the backbone of the e-commerce industry in India. The Indian e-commerce market is expected to expand at a CAGR of ~41% during the 2018-2023 period. Such high growth of the e-commerce segment is fueling the development of the mobile wallet market in India.

o Availability of affordable smartphones is expected to propel growth of the Indian mobile internet industry, both in the urban and rural markets. Due to the increased penetration of smartphones and the Internet, use of mobile wallets across the country is expected to pick up. Expansion in the usage of smartphones and mobile internet will enable high usage of mobile wallets across the country.

Key deterrents to the growth of the market:

o As a result of interoperability, the software used by one mobile wallet service provider can be exchanged among different partner merchants. This, in turn, increases the chances of cybercrime, giving rise to the reluctance of consumers to share confidential bank details with mobile wallet platforms. As a result, the sales volume of the mobile wallet market players becomes hindered.

o Many mobile wallets, which are currently operating in the Indian market, are only compatible with one or two operating systems (commonly with iOS and Android). This, in turn, limits the use of mobile wallets and increases that of Bharat Interface for Money (BHIM) and UPI, which are compatible with all operating systems.

Companies covered:

o Airtel Payments Bank Ltd.
o ANI Technologies Pvt. Ltd. (Ola Money)
o FreeCharge Payment Technologies Pvt. Ltd.
o HDFC Bank Ltd. (PayZapp)
o One MobiKwik Systems Pvt. Ltd.
o Oxigen Services (India) Pvt. Ltd.
o PayPal, Inc.
o Paytm Mobile Solutions Pvt. Ltd.
o PhonePe Pvt. Ltd.
o Reliance Payment Solutions (JioMoney)

Mobile Wallet Market: Market Segments: By Product (Proximity and Remote); By Mode of Payment (SMS, NFC, WAP, Others); By Application (Retail, Vending Machine, Public Transportation and Restaurants); and Region – Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030

The post Mobile Wallet Market in India (2018-2023) first appeared on CRI Report.

Key growth drivers of the market:
o The central government of India, as well as several private organizations have taken initiatives to improve the condition of public health within the country. Such participation from the public and private enterprises have resulted in the growth of the healthcare sector, thereby leading the medical devices market in India to prosper.
o The Indian government has allowed 100% foreign direct investment (FDI) in the medical devices industry. Inflow of FDI is expected to spur research and development (R&D) activities and manufacturing innovations, which in turn can help in driving the growth of the medical devices market in India.

Key deterrent to the growth of the market:

India imports nearly 70% of the total number of medical devices sold in the country. Excessive dependency on import of high-tech devices from the developed countries is hindering the growth of the domestic medical devices’ manufacturers in India.

Companies covered:

o Centenial Surgical Suture Ltd.
o Opto Circuits (India) Ltd.
o Poly Medicure Ltd.
o B. Braun Medical (India) Pvt. Ltd.
o Philips India Ltd.
o Baxter International Inc.
o Becton, Dickinson and Company
o GE Healthcare Ltd.
o Medtronic, Inc.
o Siemens Healthineers, Inc.

The post Medical Device Market in India (2018-2023) first appeared on CRI Report.

Global market insights:
The global machine learning market is expected to reach a value of INR 543.18 Bn by the end of 2023, from INR 91.83 Bn in 2017, expanding at a compound annual growth rate (CAGR) of nearly 42.99%. This growth is attributed to technological advancements, and its proliferation in the field of data generation.

India market insights:
In India, though the adoption of AI applications is still at a nascent stage, it is anticipated that the market will grow at a high rate in the coming years. Among the various AI technologies being implemented in India, the highest investments are in the field of machine learning applications. In India, investments in artificial intelligence (which was INR 773.64 Bn in 2017) is expected to expand at a CAGR of 33.49% during the 2018-2023 period. The reason behind such high anticipated investments is the growing popularity of AI technologies, especially ML applications, across business functions like finance, accounting, general management, IT, operations, and administration.
Key growth drivers of the market:
o The implementation of machine learning reduces the chances of human error. Also, it makes machines smarter, thereby reducing their reliance on operators. In a way, machine learning enhances technicians’ accuracy and efficiency, owing to which many companies are switching from traditional data interpretation methods, to machine learning. This, in turn, is providing growth opportunities for the market in India.
o Cloud-based analytics, when used in conjunction with machine learning, helps analysts identify anomalies in real time, so that they can be rectified swiftly. The introduction of the concept of stream-based analytic platforms has opened up new avenues for the extensive use of machine learning applications in various sectors of the Indian market.

Key deterrents to the growth of the market:

Most machine learning applications are interlinked with cloud-based analytics. In order to update customer information on cloud-based platforms, front line employees ask customers to provide their personal details (such as social security numbers, financial information, etc.). However, customers are often reluctant to share such information, owing to concerns regarding privacy. Customers’ apprehensions regarding the safety of their information hinders the implementation of machine learning applications.

Companies covered:

o Artivatic Data Labs Pvt. Ltd.
o Formcept Technologies & Solutions Pvt. Ltd.
o PixelCrayons
o QBurst Technologies Pvt. Ltd.
o Active Intelligence Pte. Ltd.
o Amazon Web Services, Inc.
o Fair Isaac Corporation
o International Business Machines Corporation
o Microsoft Corporation
o Xoriant Corporation

The post Machine Learning Market in India (2018-2023) first appeared on CRI Report.

Market insights:
The hotel industry in India is expected to reach a value of INR 1,210.87 Bn by the end of 2023, expanding at a compound annual growth rate (CAGR) of ~13% during the 2018-2023 period, owing to the high arrival rate of foreign tourists and business delegates. In 2018, the major hotel brands operating in India were Marriott International, The Indian Hotels Company Limited (including brand Ginger), Radisson Hotel Group, ITC Hotels, Accor Hotels, Hyatt Hotels, Sarovar Hotels, Intercontinental Hotels Group, Lemon Tree Hotels, and Oberoi Hotels & Resorts. The occupancy rate (percentage of days for which rooms are booked in a given period) of the major hotels in India increased at a rate of ~65% between FY 2017 and FY 2018, due to increased demand from business and leisure travelers, and a slowdown in the addition of new hotel rooms across the country.

Market segment insights:
Kerala is anticipated to be the leading provider of hospitality services in the country, with a total of 440 approved hotels. Maharashtra, Gujarat, Rajasthan, and Tamil Nadu are the other states that make up the list of top five states with regard to hospitality services.
In terms of revenue sources for hotels, rooms have so far had the largest share. In FY 2017, on an average, ~53.6% of the total revenue of Indian hotels came from rooms, followed by food and beverages, and banquet services. Demand for hotel rooms is high across the country, owing to increased business-related and leisure travel.

Market trends:
o Hotel owners are adopting the latest marketing practices through social media, which prove to be effective in generating exposure and higher volume of bookings.
o Hotel booking apps are being used increasingly by consumers since they are easy to handle and provide users with the most suitable options based on their requirements.

Key growth drivers of the market:
o During CY 2017, the total number of foreign tourist arrivals in India stood at 10.04 Mn and reached 6.75 Mn in January-August 2018, registering a YoY growth rate of 7.5%. An increase in the number of foreign tourists and international corporate travellers looking for business opportunities in the country is driving the growth of the hotel industry in India.
o The Indian government has allowed 100% foreign direct investment (FDI) in tourism construction projects, development of hotels, resorts, and recreational facilities. This will act as a driving force for the development of new hotels across the country.

Key deterrents to the growth of the market:
The implementation of the goods and services tax (GST) has helped customers of the hospitality industry with reduced expenditure, by harmonizing taxes and reducing business transaction costs. This however, has turned out to be a disadvantage for hotel owners since the final cost that end users bear has decreased, thus reducing their profit margins.

Companies covered:

o Bharat Hotels Limited (The Lalit)
o Hyatt Hotels and Resorts
o ITC Hotels
o Lemon Tree Hotels Limited
o Marriott Hotels India Private Limited
o Mayfair Hotels and Resorts Limited
o The Indian Hotels Company Limited
o The Leela
o The Oberoi Group
o The Park Hotels

The post Hotel Industry in India (2018-2023) first appeared on CRI Report.