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Laboratory Information Management System (LIMS) Market Worth $3.8 billion | MarketsandMarkets™

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CHICAGO, May 31, 2024 /PRNewswire/ — Laboratory Information Management System (LIMS) Market in terms of revenue was estimated to be worth $2.1 billion in 2024 and is poised to reach $3.8 billion by 2029, growing at a CAGR of 12.9% from 2024 to 2029 according to a new report by MarketsandMarkets™.

Growing R&D expenditure in pharmaceutical & biotechnology companies, heightening requirement of customizable LIMS solutions, and rising demand for real-time data access in food & beverage industry are some of the factors that attribute to the growth of the market. The centralized platform provided by LIMS for managing diverse laboratory data, including patient information and test results, further propels its adoption. As laboratories increasingly focus on operational efficiency and workflow optimization, the demand for LIMS continues to surge, underlining its essential role in modern healthcare and research environments.

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Browse in-depth TOC on “Laboratory Information Management System (LIMS) Market”

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Laboratory Information Management System (LIMS) Market Scope:

Report Coverage

Details

Market Revenue in 2024

$2.1 billion

Estimated Value by 2029

$3.8 billion

Growth Rate

Poised to grow at a CAGR of 12.9%

Market Size Available for

2018–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Type, Component, Deployment Model, Company Size and Industry

Geographies Covered

North America, Europe, Asia, Latin America, and Middle East & Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Growing use of LIMS in cannabis industry

Key Market Drivers

Growing use of LIMS to comply with stringent regulatory requirements

 

The cloud-based segment is expected to register a substantial growth in the Laboratory Information Management Systems (LIMS) market by deployment mode.

The Laboratory Information Management Systems (LIMS) market is segmented into on-premise LIMS, cloud LIMS, and remote-hosted LIMS. In 2023, the cloud-based segment is expected to register a substantial growth in the Laboratory Information Management Systems (LIMS) market, by deployment mode. It is driven by scalability, flexibility, and cost-effectiveness. The ability to adapt to changing workloads, reduced upfront investments, and lower maintenance costs make cloud solutions attractive to diverse laboratories. The accessibility and ease of remote data management meet the needs of a modern workforce, while enhanced security features address data protection and compliance concerns. As the industry prioritizes agility, cost efficiency, and data security, the growth of cloud-based deployment in LIMS is expected to continue.

The large companies segment holds substantial share in the Laboratory Information Management Systems (LIMS) market, by company size.

The Laboratory Information Management Systems (LIMS) market is segmented into large companies, mid companies, and small companies. In 2023, the large companies segment holds substantial share in the Laboratory Information Management Systems (LIMS) market, by company size. The large share of the segment is attributed to their scalability across multiple sites, comprehensive features for efficient data management and compliance, and ability to integrate with diverse laboratory instruments and enterprise systems, ensuring centralized control and enhanced collaboration. These factors collectively support improved efficiency, regulatory compliance, and ROI in large-scale laboratory operations.

Asia is to witness a considerable growth rate during the forecast period.

The Laboratory Information Management Systems (LIMS) market is divided into five primary regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is expected to experience significant growth at a notable CAGR during the forecast period. Key drivers of this growth include the rise in medical tourism, increasing investments likely to attract new market participants, the emergence of various technologies, and heightened foreign direct investments from European and North American pharmaceutical and biotechnology firms in Asia. These factors are expected to fuel the advancement of Laboratory Information Management Systems (LIMS) applications in the Asia Pacific region.

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Laboratory Information Management System (LIMS) Market Dynamics:

Drivers:

Growing use of LIMS to comply with stringent regulatory requirements

Restraints:

High maintenance and service costs

Opportunities:

Growing use of LIMS in cannabis industry

Challenge:

Dearth of trained professionals

Key Market Players of Laboratory Information Management System (LIMS) Industry:

LabWare (US), LabVantage Solutions Inc. (US), GenoLogics Inc. (an Illumina Company) (Canada), Accelerated Technology Laboratories (ATL) (US), CloudLIMS (US), LabLynx, Inc. (US), Thermo Fisher Scientific (US), Thermo Fisher Scientific Inc. (US), Dassault Systèmes (France), Novatek International (Canada), Ovation (US),  Labworks LLC (US), Autoscribe Informatics (a wholly owned subsidiary of Autoscribe Limited) (US Computing Solutions, Inc. (US),  Agilent Technologies (US), Siemens (Germany), Clinsys (US) are the major players in this market. These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market.

The break-down of primary participants is as mentioned below:

By Company Type – Tier 1: 38%, Tier 2: 45%, and Tier 3: 17%By Designation – C-level: 29%, Director-level: 44%, and Others: 27%By Region – North America: 42%, Asia Pacific: 21%, Europe: 28%, Latin America: 5% and Middle East & Africa: 4%

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Laboratory Information Management System (LIMS) Market – Key Benefits of Buying the Report:

This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.

This report provides insights on:

Analysis of key drivers (surge in LIMS adoption to meet stringent regulatory requirements, a heightened emphasis on enhancing laboratory efficiency, technological advancements offering sophisticated LIMS solutions, an increasing trend towards cloud-based LIMS adoption, and escalating R&D investments in pharmaceutical and biotechnology sectors), restraints (elevated maintenance and service costs, absence of standardized LIMS integration, challenges in interoperability, and limited uptake in small and medium-sized enterprises), opportunities (application of LIMS in the cannabis industry, the rising popularity of cloud-based solutions, and substantial growth potential in emerging markets), challenges (shortage of trained professionals and interfacing issues with informatics software) are factors contributing the growth of the LIMS market.Product Development/Innovation: Detailed insights on upcoming trends, research & development activities, and new software launches in the Laboratory Information Management Systems (LIMS) market.Market Development: Comprehensive information on the lucrative emerging markets, type, component, deployment model, company size, industry, and region.Market Diversification: Exhaustive information about the software portfolios, growing geographies, recent developments, investments in the Laboratory Information Management Systems (LIMS) market.Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, company evaluation quadrant, and capabilities of leading players in the global Laboratory Information Management Systems (LIMS) Market.

Related Reports:

Lab Automation Market – Global Forecasts to 2028

Laboratory Information System (LIS) Market – Global Forecasts to 2028

Medical Equipment Maintenance Market – Global Forecasts to 2028

Laboratory Informatics Market – Global Forecasts to 2026

Laboratory Centrifuges Market – Global Forecasts to 2026

Get access to the latest updates on Laboratory Information Management System (LIMS) Companies and Laboratory Information Management System (LIMS) Industry

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Reolink Black Friday Sales 2024 – Enjoy Early Saving Today

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LOS ANGELES, Nov. 15, 2024 /PRNewswire/ — Black Friday is just around the corner, enjoy early Black Friday security camera deals to enhance home security sooner. Reolink, an innovative leader in intelligent visual technology for the home, is offering diverse range of security cameras, enabling consumers to keep a vigilant eye on their home’s safety.

From now to November 18th, visit the Reolink website and its Amazon store to get the industry-leading 4K continuous recording battery camera Altas PT Ultra, 4K 180° color night vision battery camera Argus 4 Pro, 2K Dual-Band Wi-Fi Battery Doorbell, along with Argus 3 Pro and E1 Zoom.

Reolink Altas PT Ultra with Solar Panel (Save 31%, now $249.99)

Altas PT Ultra is an industry-leading 4K pan & tilt battery camera that offers continuous recording with a blindspot-free view. Equipped with a powerful 20000mAh battery, it can deliver a 96-hour 4K continuous recording on a single charge. The ColorX technology delivers day&night true-color vision without the needs of spotlights or infrared lights. Originally $359.99, it’s $249.99 during the sale, offering a significant 31% discount.

Reolink Argus 4 Pro with Solar Panel (Save 30%, now $229.99)

Argus 4 Pro is the world’s first 4K battery-powered camera with ColorX Night Vision and dual image stitching technology, providing a 180° blindspot-free view. Its battery life is 30% longer than the average battery-powered cameras in the market, reducing the frequency of charging. Originally $329.99, it’s $229.99 during the sale, offering a remarkable 30% discount.

Reolink Battery Doorbell (Save 30%, now $153.99)

Battery Doorbell features 2K/4MP resolution and captures a full head-to-toe view with no subscription fees. It can run on battery power or be hardwired for consistent operation, offering flexible installation and power supply solutions. Battery Doorbell can support Reolink Home Hub for local storage of video recordings and centralized management of cameras. Originally $219.99, it’s $153.99 during the sale, offering an amazing 30% discount.

Black Friday may be on the horizon, but from today until November 18th, customers can dive into early Reolink Black Friday sales. From now until November 18th, customers can purchase coupons for just a few dollars on the Reolink website. These coupons can be combined with Reolink Black Friday discounts and redeemed for up to $40 from Nov. 19 to Dec. 2. Visit Reolink website and its Amazon store to score the best security camera deals.

About Reolink

Reolink offers smart security solutions for homes and businesses, aiming for a seamless security experience with its wide range of products. Serving millions globally, it provides video surveillance and protection, standing out for its commitment to security technology innovation.

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SOURCE Reolink Innovation Inc.

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AEKE Reimagines Home Fitness Experience with Launch of AI-Powered Smart Home Gym K1 on Kickstarter

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NEW YORK, Nov. 15, 2024 /PRNewswire/ — AEKE is redefining home fitness with the launch of the Smart Home Gym K1, set to debut on Kickstarter this December 3rd. The all-in-one, AI-powered gym with an auto-foldable and movable design brings a new level of accessibility and efficiency to fitness by transforming any space into a hyper-personalized training hub.

Taking up just 0.3 square meters, the new AEKE K1 features an AI coaching system that empowers users to train smarter other than harder.

Key Features of the AEKE K1:

AI-Driven Personalization: Leveraging advanced AI, the K1 builds custom workout plans and courses, adapting them based on individual progress and goals through a six-dimensional body assessment.Precision Motion Tracking: Powered by high-sensitivity AI cameras and powerful 5T chips, our self-developed vertical AI Model ensures precise tracking, offering real-time feedback on form, speed, and balance and rep count.Compact-Smart Design: With its sleek, compact design, the K1 easily integrates into any room, blending in without dominating home space.No Ongoing Fees: Access all the features and updates with no subscriptions, making it a cost-effective solution.Complete Training Solution: Catering to a range of fitness goals from weight loss to muscle gain, the K1 includes a variety of workout programs from strength training to yoga to keep exercise routines diverse and effective.Targeted Strength-Building Strategy: With advanced algorithms built by AEKE, K1 adapts intensity as users grow stronger, backed by professional strength training plans and data-driven performance insights to help users stay on track.Personalized and immersive experience: Motion gaming and exercise competition, a 2.1-channel Bluetooth speaker and customer can customized their own music playlist during course make it more immersive and fun.

“We are hugely grateful to our crowdfunding supporters for enabling us to create an innovative fitness experience. I’ve seen firsthand how financial, time, and space constraints hold many people back from accessing quality fitness instruction. Inconsistent training levels can also make it tough for people to find reliable trainers and see results, even after investing time and money. The K1 removes common barriers to fitness and makes professional fitness training accessible to everyone, helping them more efficiently achieve their goals, no matter their schedule or space,” said Loong, COO of AEKE.

With the Kickstarter campaign launching this month, early backers can be among the first to embark on a unique fitness journey offered by the award-winning AEKE K1, which has clinched the German Red Dot Award, the American IDA Design Award, and the International CMF Design Award since it was unveiled.

Currently, AEKE is gearing up for crowdfunding and is offering many benefits for customers who place a deposit. For more details and to get updates, visit aeke.com 

About AEKE

Founded in 2022, With a team of over 200 industrial sports scientists, hardware engineers, and AI experts, AEKE combines AI technology with a human-centric approach to deliver the most intelligent and effective fitness experience.

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SOURCE AEKE

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UST Opens New Office and Generative AI Experience Center in Cyberjaya, Malaysia

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Inauguration of third delivery center in Malaysia positions the country as the focal point for UST’s expansion in Southeast Asia

CYBERJAYA, Malaysia, Nov. 15, 2024 /PRNewswire/ —UST, a leading digital transformation solutions company, has opened a new office and state-of-the-art Generative AI Experience Center in Cyberjaya, Selangor, Malaysia. This facility will act as a hub for innovation and collaboration, bringing together leaders and thinkers at the forefront of the Generative AI space to drive digital transformation in Southeast Asia and beyond.

The new Cyberjaya facility is UST’s third delivery center in Malaysia and will develop cutting-edge AI solutions for use in a diverse range of market sectors, including banking, manufacturing, retail, O&G, telecom, and education. The GenAI Center of Excellence in Malaysia will elevate customer experiences across Southeast Asia to improve both the engineering services and the digital portfolio of UST. A key focus area will be developing custom Large Language Models (LLMs) tailored to specific business needs. Additionally, work conducted at the Center of Excellence will empower cloud, infrastructure, and cybersecurity applications, automating backend tasks and digitising front-end user experiences, benefiting both engineering and GBS teams.

The facility was formally opened on November 11, as part of a ceremony featuring notable tech industry leaders and government officials including: Y.A.B. Dato’ Seri Amirudin Bin Shari, Menteri Besar (Chief Minister) of Selangor state; Wan Murdani Wan Mohamad, Senior Vice President of Malaysia Digital Economy Corporation (MDEC); Puan Nor Suhaila Binti Saat, Director, Sepang Municipal Council; Kamarul Ariffin Abdul Samad, Chief Executive Officer, Cyberview Sdn Bhd; TS Koay, Managing Director Dell Technologies Malaysia, Chai Ping Chua, Country Site Leader Experian Malaysia, Sunil Balakrishnan, CVO & Global Head of Center Operations, UST; Gilroy Mathew, Sr Vice president, UST; and Amar Chhajer, Vice President & Country Head Malaysia, UST.

“The opening of this advanced new delivery center will enhance our ability to support the growing Malaysian and Southeast Asian markets and positions us for further growth in this dynamic region. UST’s focus on Generative AI aligns with the current digital landscape and will empower businesses to harness the potential of AI and automation to drive digital transformation. We’re grateful for the support of our partners and stakeholders, who has been instrumental in fostering a strong tech community here in Malaysia. UST’s focus on Generative AI aligns with the current digital landscape and will empower businesses to harness the potential of AI and automation to drive digital transformation,” said Amar Chhajer, Vice President & Country Head – Malaysia, UST.

“UST is a key partner in our mission to develop digital infrastructure and nurture local tech talent. The UST Gen AI Center of Excellence is exactly the type of forward-thinking initiative that will help propel Malaysia into the next phase of digital evolution. It will be a catalyst for research and development in AI, helping to unlock new opportunities and insights across a wide range of sectors. UST’s commitment to Malaysia’s thriving tech ecosystem has been instrumental in helping transform this sector of our economy. Over the past decade, UST has invested in developing over 10,000 engineering professionals in Malaysia, contributing to the creation of a dynamic and resilient digital ecosystem,” said Y.A.B. Dato’ Seri Amirudin Bin Shari, Menteri Besar (Chief Minister) of Selangor state.

UST began operating in Malaysia in 2006, opening its first center in Penang in 2011. This location also became home to UST’s first Infinity Lab in 2020, supporting innovation that has helped UST expand operations throughout Southeast Asia. UST Malaysia has grown to become one of the company’s biggest delivery center locations in the world and there are currently over 1,500 USsociates in Malaysia. UST Malaysia has two delivery centers in Penang. UST is certified as a ‘Great Place to Work’ in Malaysia.

About UST

Since 1999, UST has worked side by side with the world’s best companies to make a powerful impact through transformation. Powered by technology, inspired by people, and led by our purpose, we partner with our clients from design to operation. Our digital solutions, proprietary platforms, engineering expertise, and innovation ecosystem turn core challenges into impactful, disruptive solutions. With deep industry knowledge and a future-ready mindset, we infuse innovation and agility into our clients’ organizations–delivering measurable value and positive lasting change for them, their customers, and communities around the world. Together, with 30,000+ employees in 30+ countries, we build for boundless impact–touching billions of lives in the process. Visit us at www.UST.com

Media Contacts, UST:

Tinu Cherian Abraham
+1 (949) 415-9857

Merrick Laravea
+1 (949) 416-6212

Neha Misri
+91-9284726602

Roshni Das K
+91 7736795557
media.relations@ust.com

Media Contacts, India:

Adfactors PR
ust@adfactorspr.com 

Media Contacts, U.S.

S&C PR
+1-646.941.9139
media@scprgroup.com

Makovsky
ust@makovsky.com

Media Contacts, U.K.:

FTI Consulting
UST@fticonsulting.com

 

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