The Indian financial services sector is a highly volatile sector, influenced by fiscal and monetary policies, government regulations, trade rules, tax changes, and technology changes. The insurance industry in India is regulated by the Insurance Regulatory and Development Authority of India (IRDAI), which is an autonomous body established in 1999.

Market segment insights
In India, currently there are 24 life insurance players, which comprise 1 public sector and 23 private sector players. The Indian life insurance market is exhibiting immense growth, next to banks for mobilized savings, and is a formidable part of the Indian capital market. In FY 2019, the life insurance sector accounted for approximately 2.68% to India’s gross domestic product (GDP).

LIC is the sole public sector life insurance company in India. However, private life insurance companies have been penetrating the market since 2000, mainly through unique customer services.

In terms of the number of new policies issued, shares of both LIC and private insurers have increased during the FY 2017-FY 2018 period. In FY 2018, LIC held a share of ~75.67% in terms of the number of new policies issued, the rest being acquired by private insurers. The demand for LIC policies is usually high, owing to the handsome maturity value offered by the company at the end of the policy terms.

Considering the amount of premium collected in FY 2018, LIC alone held a share of ~69.36%. However, the share of private insurers, in terms of premium collected, had increased during the FY 2017-FY 2018 period at a rate of ~19.17%, mainly due to innovative product mixes offered by the companies. In FY 2018, out of the top private insurers operating in India, ICICI Prudential had the highest market share (~5.9%), followed by SBI Life (~5.53%) and HDFC Standard (~5.14%).

Key growth drivers of the market
On the macroeconomic front, the Indian economy has been gaining momentum since FY 2018. Moreover, India’s young population with increased purchasing power and greater inclination towards security products is growing.

However, the penetration of life insurance in India is shallow, compared to the advanced and emerging economies of the world. In a way, life insurance companies are utilizing the opportunity of penetrating the Indian market, thereby taking advantage of its expanding economy and rising individual income level.

Key deterrents to the growth of the market
High lapse ratio, due to low persistency, is having a detrimental impact on the overall business of insurers. This is because lapsation of insurance policies result in a negative impact on customer retention, product performance, pricing factors, product image and workforce planning.

Companies covered
• Life Insurance Corporation of India
• HDFC Life Insurance Company Limited
• ICICI Prudential Life Insurance Company Limited
• SBI Life Insurance Company Limited
• Aditya Birla Sun Life Insurance Company Limited
• Bajaj Allianz Life Insurance Company Limited
• Max Life Insurance Company Limited
• PNB Metlife India Insurance Company Limited
• Reliance Nippon Life Insurance Company Limited
• Tata AIA Life Insurance Company Limited

Life Insurance Market in India 2020

The post Life Insurance Market in India 2019 first appeared on CRI Report.

Market insights:
The Indian television market comprises of the television sets incorporated with light-emitting diode (LED), liquid crystal display (LCD), high definition (HD), and ultra-high definition (UHD) technologies. The flat panel television (LED, LCD, HD, and UHD) market in India was valued at INR 690.16 Bn in FY 2018 and is expected to reach INR 1,238.33 Bn by FY 2024, expanding at a compound annual growth rate (CAGR) of ~9.25% during the FY 2019-FY 2024 period.
The reduction of import duty on open cell LED TV panels from 5% to 0% has led to the fall the cost of the overall television sets in the country. Moreover, the industry is witnessing a shift in consumer preferences towards flat panel televisions, with a spurt in its demand, from the traditional CRT displays. However, the adoption of substitute devices like laptops and mobile phones, coupled with a fall in profitability is impeding the growth of flat panel television market in India.

Segmentation insights:
The flat panel television market can be segmented into smart TV and non-smart TV. The smart TV segment accounts for a significant share of more than 70% of the overall television market. Foreign players like Xiaomi, OnePlus and Motorola have disrupted the smart TV segment in India with the launch of its range of affordable products. Domestic players are rapidly reducing prices to deal with the fierce competition in the industry. Xiaomi is one of the important players in the smart TV segment with a share of ~29.50%, followed by LG, Samsung and Sony.
In terms of display size, television sets between 32 inches and 43 inches account for the most notable percentage of sales since they are affordable to the masses. Further, as goods and services tax (GST) rates were reduced, prices of television sets went down.

Competition analysis:
The Indian television market is highly competitive and is dominated by significant players like Samsung, LG and Sony, and they collectively constitute a substantial share of the market. Nevertheless, foreign players like Xiaomi, Realme and OnePlus are flourishing and have captured a considerable share in a short span, owing to their affordable products with a wide variety of features. Moreover, the online sale of television sets has increased considerably in the past few years, posing a threat to conventional sales channels.

Companies covered:
• BPL Limited
• Intex Technologies (India) Limited
• Hitachi India Private Limited
• LG Electronics India Private Limited
• Panasonic India Private Limited
• Philips India Limited
• Samsung Electronics India Private Limited
• Sony India Private Limited
• TCL India
• Xiaomi Technology India Private Limited

The post Television Market in India (LED, LCD, HD, UHD) 2019 first appeared on CRI Report.

The retail banking sector, currently comprises a network of ~96,068 branches of public sector, private sector, foreign, regional, rural, and cooperative banks (urban and rural). During the FY 2014-FY 2019 period, deposit at SCBs expanded at a compound annual growth rate (CAGR) of ~10.39% to reach INR 1,30,430.12 Bn in FY 2019 from its FY 2014 value of INR 79,556.90 Bn.

Various government initiatives like increasing the number of banks’ public service units in rural areas, the Pradhan Mantri Jan Dhan Yojana program, free credit and debit cards with low transaction limits and promotion of technology-based banking systems are driving the growth of the retail banking sector of India.

Major players operating in the Indian retail banking industry include Yes Bank Limited, Axis Bank Limited, Bandhan Bank Limited, State Bank of India Limited and HDFC Bank Limited.

Market segment insights
As of FY 2018, in terms of deposit, public sector banks held the highest market share (~70.06%), followed by private sector banks. In FY 2018, SCBs opened around 1,594 new branches in tier I cities across India, which accounts for ~40.37% of the overall new branches opened during the year. During the same period, public sector banks had around 82,730 on-site ATMs and about 63,234 off-site ATMs across India. Among these, most public sector bank ATMs are in the semi-urban regions.

Key growth drivers of the market
In order to increase the penetration of services across India, SCBs have introduced facilities like opening a zero-balance savings account for the low-income population group in rural areas. Government-led, bank-based pension and insurance schemes like Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana have also propelled the growth of the retail banking industry in India.

Owing such customer-centric facilities, the penetration level of the banking sector in India had reached ~80% in FY 2018. The introduction of internet-based banking facilities has made transactions easier, thereby increasing the account-to-account transaction volume across the country.

Key deterrents to the growth of the market
Apart from banking, the popularity of internet-based banking has made it easy for hackers to engage in fraudulent activities. Crimes related to credit card fraud, spamming, spoofing, e-money laundering, ATM fraud, phishing, identity theft and credit through unauthorized cheque increased in India in FY 2019, as compared to that of FY 2018. This, in turn, has led to customers’ dissatisfaction and loss of trust towards web-based banking.

Companies covered
• Allahabad Bank Limited
• Axis Bank Limited
• Bandhan Bank Limited
• Bank of Baroda Limited
• HDFC Bank Limited
• ICICI Bank Limited
• Kotak Mahindra Bank Limited
• RBL Bank Limited
• State Bank of India Limited
• Yes Bank Limited

The Internet banking comprehensive market by banking Type (Retail Banking, Corporate Banking, Investment Banking); by deployment (On Cloud and on premises); and Region –Analysis of Market Size, Share & Trends for 2016 – 2019 and Forecasts to 2029

The post Retail Banking Industry in India 2019 first appeared on CRI Report.

Market segment insights:
Based on product type, the male grooming products market is segmented into face care, body care and hair care products. As of 2018, the face care products segment held the largest market share (~53%) in terms of market revenue, followed by body care products (~41%) and hair care products (~6%). The face care products segment for men was valued at INR 74.47 Bn in 2018 and it is expected to reach INR 136.69 Bn by 2024. Major players in the face care products market for men are Nivea Men, Emami’s Fair and Handsome, and Garnier Men.

Key growth drivers of the market:
• The traditional idea of masculinity conforming to physical appearances has undergone considerable changes and men have become conscious about how they look. As a result, demand for products like moisturizers, whitening creams, anti-aging creams, sunscreens, body lotions and other products for men has picked up.
• Increased penetration of social media platforms like Facebook, Instagram, YouTube and WhatsApp have exposed men, both in urban and rural areas, to global fashion trends, thereby increasing the demand for male grooming products like beard oil, hair gel, and hair masque.
Key deterrents to the growth of the market:
• In India, the male grooming products market is dominated by a few major players like Emami, Gillette, and L’Oréal, offering products at higher prices. Such high price ranges affect the adoption of male grooming products on a large scale, especially by the middle class and lower middle-class population of the country. This is likely to impede the growth of the male grooming products market in India.
• Consumers in semi-rural and rural areas are hardly aware of niche and premium male grooming products such as beard oil, beard wax, moisturizers, whitening creams, face wash, body wash, face scrubs, exfoliators, sunscreen lotion, and serum, among others. The market in rural and semi-rural areas remains unpenetrated, since men using grooming products are still considered a taboo, which presents a major challenge for market growth.
Competition analysis:
Some of the major players operating in the male grooming products market in India are Emami Limited, Gillette India Limited and Godrej Consumer Products Limited. In 2018, Procter & Gamble held the largest market share (~20%), followed by HUL (~8%) and Malhotra Group (~6%).
Companies covered:
• Emami Limited
• Gillette India Limited
• Godrej Consumer Products Limited
• Hindustan Unilever Limited
• Marico Limited
• Himalaya Drug Company Private Limited
• L’Oreal India Private Limited
• Mcnroe Consumer Products Private Limited
• Nivea India Private Limited
• Vi-John India Group
• Happily Unmarried Private Limited
• Helios Lifestyle Private Limited
• Zed Lifestyle Private Limited

The post Male Grooming Products Market in India 2019 first appeared on CRI Report.

Market segment insights:
Based on product categories, the Indian e-commerce market can be segmented into online travel, online retail, online financial services, online matrimony and classified, and other online services segments.
The online travel segment held the highest market share in 2019. Improved air and rail connectivity, coupled with growing number of Internet users in tier II and tier III cities has boosted the online travel market. Moreover, government initiatives to promote tourism such as Athiti Devo Bhava and Incredible India have attracted international travelers in India, which has had a positive impact on market growth. Companies including MakeMyTrip, Goibibo, IRCTC, Clear trip and Yatra.com are leading the players in the online travel market in India.
By 2024, the online retail market is expected to dominate the e-commerce market in India and reach a value of INR 4289.64 Bn, expanding at a CAGR of ~20.22%. In this segment, demand for electronics products was the highest, followed by apparels and home furnishing products, in 2018. Deep discounts offered by e-retailers in the form of cashback offers, and buyback schemes have driven the market for online retail in India. Moreover, growing appetite for international brands, especially for apparels, has also positively affected market growth. In the online retail space, companies such as Amazon, Flipkart and Snapdeal are the major players.
The online financial services market in India is expected to be the fastest growing segment, expanding at a CAGR of ~33.55% during the forecast period. An increase in the number of mobile wallet and digital transactions, coupled with the proliferation of high-speed Internet has propelled the adoption of online financial services among consumers, thereby fueling market growth. Furthermore, lucrative discounts, free coupons and cashbacks offered by companies like Paytm, Google Pay, Mobikwik and PhonePe have attracted more consumers to use digital financial services during payment for bills like telephone, and electricity.

Competitive insights:
E-commerce companies are incorporating various technologies like voice recognition, virtual and augmented reality (VR & AR), Fintech, artificial intelligence (AI) and machine learning (ML) to attract customers and compete with other players. Companies like Amazon, Flipkart, Goibibo, Ola, Zomato and Ixigo have incorporated voice assistants for assisting customers with their queries, thereby improving customers’ satisfaction. E-commerce companies are also integrating Fintech-based payment platforms like PayPal, Apple Pay, Google Pay and Amazon Pay to offer secure and efficient online payment methods to consumers.
Companies covered
• Infibeam Avenues Ltd.
• Info Edge (India) Ltd.
• Thomas Cook (India) Ltd.
• BigTree Entertainment Pvt. Ltd.
• Flipkart Internet Pvt. Ltd.
• Jasper Infotech Pvt. Ltd.
• MakeMyTrip (India) Pvt. Ltd.
• One97 Communications Ltd.
• People Interactive (India) Pvt. Ltd.
• Amazon India Ltd.

The post E-commerce Market in India 2019 first appeared on CRI Report.

The post Activewear Market in India 2019 first appeared on CRI Report.

Market segmentation based on application:
Based on application, the surgical robotics market is segmented into six segments, namely general surgery, gynecology, urology, orthopedic, cardiac, and others. The general surgery segment dominated the market with a ~31% share in 2018. This segment includes various abdominal surgeries, pediatric surgeries, and surgical oncology. Augmented use of high-precision robotic surgeries in complex procedures, such as surgical oncology, bariatric surgery, and pediatric surgeries has fuelled the growth of the general surgery segment. Gynecology was the second-leading application segment of the market in 2018, followed by the urology and orthopedic segments.
Orthopaedic is estimated to be the fastest-growing application segment, expanding at a CAGR of 25.82% during 2019 to 2024 period. Rising use of surgical robotics has improved the precision and consistency of joint and hip replacement surgeries. Furthermore, the cardiac segment is expected to witness promising growth, owing to increased use of robotic assistance in bypass, cardiac valve surgery, cardiac implants, atrial fibrillation surgery, and cardiac tumor surgeries.

Market influencers:
India has experienced an increased incidence of complex chronic conditions like orthopedic disorders, cardiovascular problems, neurological disorders, and cancer that need high precision surgical intervention. As of 2018, around 1.90 Mn knee and hip replacement procedures have been performed in the country. Growing demand for minimally invasive robotic orthopedic surgeries has driven the surgical robotics market owing to reduced pain and quick recovery time, along with a high success rate.
The significant growth in Indian medical tourism has played an instrumental role in driving the surgical robotics market. The influx of medical tourists in the country grew at an annual rate of around 16% in 2018. India appeared to be a significant destination for robotic surgeries among international patients owing to low cost and low waiting time as compared to countries like the U.S., the U.K., Singapore, and Thailand.
India has embraced surgical robotics at a much slower pace than other developed countries; the prohibitive cost of installation and recurring services were the primary deterrents of the market penetration. The high costs of purchase, disposable supply, and annual maintenance of surgical robots act as significant financial constraints for the adoption. Furthermore, the robot-assisted surgeries are not covered by the Indian medical insurance providers, which leads to mounting economic burden on patients. However, positive clinical outcomes, and the advancement of technologies such as 3D visualization, single-port systems, fully-wristed instruments, haptic feedback, and artificial intelligence are projected to create lucrative market opportunities.

Competitive insights
The surgical robotics market in India initially experienced a monopoly with only the presence of the Da Vinci robotic system, provided by Intuitive Surgical. Slowly other global players like CMR Surgical (Versius), Stryker (Mako), Medtronic (Renaissance), Accuray (CyberKnife), and Smith & Nephew (NAVIO PFS) have entered the surgical robotics domain. Leading healthcare companies (such as Medtronic, Zimmer, and Johnson & Johnson) have been focusing on acquiring small robotic companies (such as Mazor Robotics, Medtech, and Verb Surgical) to foray in surgical robotics. Also, the expiry of Intuitive Surgical’s patent in 2022 is expected to fuel competitiveness among the existing market players.

Companies covered
• ASIMOV Robotics Pvt. Ltd.
• Accuray Medical Equipment (India) Pvt. Ltd.
• CMR Surgical India Pvt. Ltd.
• India Medtronic Pvt. Ltd. (Mazor Robotics)
• Intuitive Surgical India Pvt. Ltd.
• Johnson & Johnson Pvt. Ltd.
• Smith & Nephew Healthcare Pvt. Ltd.
• Stryker India Pvt. Ltd.
• Titan Medical Inc.
• Zimmer India Pvt. Ltd.

The post Surgical Robotics Market in India 2019 first appeared on CRI Report.