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New affordability checks: a watershed moment for the gambling industry

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Study Conducted by Bestnongamstopcasinos UK

TALLINN, Estonia, May 30, 2024 /PRNewswire/ — After much discussion, a new initiative aimed at implementing further regulation in the gambling industry has been approved by parliament. Multiple stages of new affordability checks are to be introduced for people incurring financial losses to a certain amount from this August. The pilot programme, which is designed to protect players using online casinos or sports betting platforms from getting into financial trouble through gambling, will run for six months starting on 30th August and is designed as a two-stage approach. The first stage of affordability checks focuses on “invisible” checks on players losing £500 a month through gambling. This amount will drop even lower to £150 from 28th February 2025. The second stage involves closer scrutiny of players incurring losses of £1000 in 24 hours or £2000 in 90 days. After the six-month trial elapses, there will be a brief period of assessment to measure the effectiveness of the pilot scheme.

The initiative, which is viewed as the most drastic clampdown on the gambling industry in history, has already incurred the wrath of many operators and investors within the gambling industry, with many already worried not only about the short-term effects, but also the long-term consequences on their daily business and operations. The topic has caused huge debate amongst the public, from top politicians to industry insiders to users of gambling platforms and the debate will not likely dissipate anytime soon. Regardless of the outcome next year, the initiative has sent shockwaves around the gambling industry in what is potentially seen as a period of make or break for the gambling industry.

Our expert team at Bestnongamstopcasinosuk have put together this study and research on just how this is going to impact the industry, as these new regulations and changes continue to be rolled out in the near future and what we can expect to see off the back of these.

Protect the minority at the expense of the majority

The topic of affordability checks has been a divisive one since the initiative emerged in the mainstream, but the conversation is not a new one within the gambling industry, and indeed society. Since the UK Gambling Commission (UKGC) was established in 2005 on the back of the Gambling Act being passed by parliament, one of the primary objectives of the Commission was to protect children and vulnerable people from harm. In the proceeding years, there were a few initiatives that brought the topic of vulnerability into the spotlight. In particularly, the British Gambling Prevalence Survey in 2007, which provided statistics about the demographic of person gambling, what they were gambling on, but more importantly, what percentage of gamblers were at risk.

The overall findings revealed that there had been minor change since 1999 in the prevalence of problem gambling. Based on internationally recognised metrics, The Diagnostic and Statistical Manual for Menal Disorders, Edition IV (DSM IV) and the Canadian Problem Gambling Severity Index (PGSI), the UKGC using the latter found that 0.5% of adult gamblers had gambling issues. Once exclusive players of the National Lottery were removed from the findings, this DSM IV percentage rose to 1.2%. These figures might appear relatively low, but once the findings on low and moderate risk gamblers are put under the spotlight, the values jump to 5.1% and 1.4% respectively, highlighted a greater problem amongst gamblers.

Even as of 2022, the PGSI was down to 0.2%, but that value is still enough to prompt a pilot scheme on a wider scale, an indication that the minority does trump the majority when it comes to gambling issues. The strategy employed by the UKGC is the safer avenue, but that has not stopped hundreds of thousands of people petitioning against the affordability checks. To be exact, 103,537 people from all over the UK signed a petition set up by the Jockey Club against such checks. Although individual reasons for signing the petition are unstated in the anonymous movement, there is further fallout found online that suggests that there are other violations that could result from the affordability checks.

Invasion of privacy or protection of the vulnerable?

One of the main arguments against the new affordability checks is the potential access that those carrying out the checks would have into individual’s personal accounts and information. In an age where a lot of everyday life is carried out in the digital realm, the protection of personal data has become a greater priority in people’s lives and the idea of a credit agency snooping around personal accounts, be it bank or online casino, is unsettling for a vast majority. However, not only will people feel potentially violated by this intrusion, but individuals might also need to provide evidence in the form of payslips and bank statements that they are not liable to financial risk if they choose to play online casino games or bet online on sports.

It is a fine line the Gambling Commission has to toe, with the protection of those vulnerable the outstanding argument for the implementation of this initiative. The powers responsible have constantly reiterated that any checks would be “frictionless” and “unintrusive” but without any tangible evidence of that, it will remain hard to persuade the public of that aspect. Although the risk assessments are predicted to be aimed at approximately 3% of gambling accounts, there are still many people sceptical of the actual need to comply with the checks. According to a survey conducted by YouGov, 65% of online gambling users were unwilling to comply with the affordability checks. Couple that with 70% of people that would resist preliminary “fitness” checks before gambling (EY for the Betting and Gaming Council), there is much work to do for the Gambling Commission to persuade the majority that the protection of vulnerable peoples should be the overriding objective.

More clarity about how the process works is always an advantageous method to convince people of the overall benefits of such a significant change in online gambling and would go some way to quell some of the uproar from certain sectors. The UKGC opened up channels where individuals could voice their questions, concerns, or general input. The overarching aim of course was to provide complete disclosure on the initiative but also to explain how seamless and frictionless any checks would be to help put any unsettled minds at ease. However, in the opinion of many, the pilot scheme initiated by the UKGC could be seen as an obstruction to the freedom individuals expect to have not just when gambling online, but in society and life in general. Protection vs Freedom is essentially the argument at hand for the UKGC to consider and ensuring that the process is as transparent as possible by working with the public on consultation platforms is one way to prove good intentions. Ultimately, the outcome of these consultations should provide a more balanced approach to the proposals in what is seen as a pivotal moment for the UK gambling industry.

A nervous wait for the gambling industry

The importance of this new initiative and the concern felt is understandable when one considers the substantial number of people working in or involved with the gambling industry. This could range from roles within online casino, sponsors, marketing companies, investors, even football teams or whole individual sporting industries such as horse racing. The advancement in technology has propelled gambling, especially the online kind, into a new financial stratosphere, and has created a new avenue of profitability that matches up with the constantly evolving online world. As a result of its success, many interested parties from other industries have started to become more involved with the gambling industry. However, the more players involved, the more people that stand to lose something.

For the gambling industry, the pilot scheme poses a massive threat to the industry as a whole and if the pilot scheme is successful, and the planned changes are implemented officially, nervousness might turn quickly to panic at how those involved in the UK gambling industry would proceed. Online casinos for example are already having to deal with the new limit imposed on online slots play by the government which will come into effect in September. The new regulation on online slots, which caps a stake at £5 for adults, and £2 for younger players, is part of the wider attempt that includes the pilot scheme to better regulate the gambling industry in the United Kingdom, but mainly implemented to protect the vulnerable.

The most striking impact for the UK gambling industry with new limits and checks imposed would be witnessed in the income margins. With regards to online casino, the industry is expected to lose £170 million as a result of new online slots limits imposed, which equates to 1.5% of the annual income of £10.9 billion. A reason for this is that players would simply go elsewhere, potentially to overseas online casinos that do not have the same restrictions as UK-licensed online casinos would. Players going elsewhere is a major concern for online casino operators, especially with the range and potency of virtual private networks (VPN) nowadays. The ability to connect and play on non-UK online casinos is remarkably simple nowadays, and the affordability checks are seen by the gambling industry as another reason for players on UK platforms to seek the emergency exit and take their money abroad.

It is an unsettling period for all involved in the gambling industry, but one shred of hope for companies within the industry is that investors were still willing to support online casino ventures when the announcement about online slots limits was made on Wednesday 21st February, with shares in big players such as Ladbrokes and 888 rising faster than the FTSE 100. However, it will be a long, nervous wait to see how the freshly imposed affordability checks affect the thinking of players and their consequent actions.

Is horse racing in the UK likely to suffer the most?

While the online gambling world in the UK will be nervously awaiting the outcome of the affordability checks, physical establishments could also be counting the costs of further spending restrictions put in place on gambling. Horse racing has been an institution in the UK for centuries, and betting on the sport continues to play a crucial role in the funding of the sport. Although affordability checks do not affect physical bets being placed, there might be a potential ripple effect felt if online betting platforms are severely affected by the pilot project affordability checks.

In the UK, some of the biggest sponsors of horse racing are online betting services such as Bet365, Unibet, BoyleSports, and Sky Bet. These companies provide huge financial support to racecourses up and down the country, which is put towards the upkeeping of racecourses, promotion, prize money, indeed all aspects that contribute to the successful running of horse racing. For a racecourse such as Cheltenham for example, which hosts the famous Gold Cup, they rely heavily on Sky Bet’s sponsorship of the Cheltenham Festival to maintain its standing in the horse racing world in the UK and Europe.

However, the horse racing industry right now is facing its own challenges with the incoming affordability checks pilot scheme a potential contributor to them. According to records from the last financial year, the turnover created by online betting fell by £1.75 billion. This is a staggering amount, and online bookmakers are concerned that this amount will only increase if the government is successful in pushing through affordability checks. The UK is renowned worldwide for being one of the greatest destinations for horseracing that attracts the biggest owners and jockeys at classic races and events such as the Gold Cup and Royal Ascot. The UK gambling industry will want to keep it that way and the Jockey Club particularly will be hoping their organised petition gets some legs.

What can we expect over the next year?

The whole gambling industry is holding its breath for the outcome of the affordability checks pilot scheme. Since the announcement was made, there is a chance some individuals might have already altered their gambling habits in advance of potential checks entering their lives. However, the vast majority, especially those not incurring losses to the amounts specified in the scheme, will likely continue as normal, but will still be wary. Regardless of the level of involvement as a provider or a user, the government’s white paper has certainly dropped a bombshell in the gambling industry.

Asides from the financial aspects, there are many other potential side-effects of any checks that are put in place in the future, perhaps most significantly on the general societal attitude surrounding gambling itself. For the main beneficiaries within the gambling industry, the fight against these potential affordability checks will continue, but regardless of the outcome of the pilot project, many within the industry are seeing this as a watershed moment for the gambling industry.

References:

PGSI & DSM IV (2007): https://www.minutes.haringey.gov.uk/documents/s18211/British%20Gambling%20Prevalence%20Survey%202007%20executive%20summary%20-%20July%2020081.pdf

PGSI & DSM IV (2022): https://www.gamblingcommission.gov.uk/about-us/print/gambling-behaviour-2022-findings-from-the-quarterly-telephone-survey#:~:text=Significant%20increases%20in%20gambling%20participation,in%20year%20to%20December%202021).

Petition: https://petition.parliament.uk/petitions/649894

Online slots limits: https://www.theguardian.com/society/2024/feb/23/online-slot-machine-stakes-capped-great-britian#:~:text=The%20amount%20that%20can%20be,how%20much%20punters%20can%20wager.

Ascot 2022 turnover : https://www.ascot.com/news/ascot-racecourse-announces-2022-financial-results#:~:text=2022%20business%20summary&text=%2D%20Turnover%20rose%20by%20161%25%20to,and%20admission%20revenues%20recovering%20strongly.

Loss horse racing betting revenue: https://www.racingpost.com/news/britain/revealed-the-real-cost-of-the-huge-fall-in-racing-betting-turnover-a8rwu5W3rCRF/

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Global Ultrasound Institute (GUSI) Unveils POCUS Essentials Plus Simulation: A Game-Changing Advancement in Point-of-Care Ultrasound Training

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17 mins ago

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September 20, 2024

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Partnership with e-Sono (3B Scientific) Delivers Unmatched Learning Experience with Over 1,000 Case-Based Simulations and Comprehensive Educational Resources

SAN FRANCISCO, Sept. 20, 2024 /PRNewswire/ — Global Ultrasound Institute (GUSI), the leading provider of point-of-care ultrasound (POCUS) education and training, is thrilled to announce the launch of its latest innovation, POCUS Essentials Plus Simulation. This groundbreaking product is the result of a strategic partnership with e-Sono, a division of 3B Scientific, and promises to revolutionize ultrasound training by combining GUSI’s premier learning resources with e-Sono’s extensive simulation library.

GUSI introduces Simulation-enhanced online POCUS courses

POCUS Essentials Plus Simulation offers an unparalleled educational experience by integrating GUSI’s complete learning library, which includes POCUS Essentials Courses across acute and primary care, pediatrics, obstetrics, and musculoskeletal ultrasound. Learners can now access detailed training on over 30 anatomical regions through hundreds of lectures delivered by leading POCUS experts.

“POCUS Essentials Plus Simulation is a significant leap forward in ultrasound education,” said Dr. Mena Ramos, co-CEO of GUSI. “Our collaboration with e-Sono allows us to offer a truly immersive learning experience that combines high-quality content with cutting-edge simulation technology. We are excited to provide healthcare professionals with the tools they need to excel in real-world clinical settings.”

The product also features advanced case-based clinical integration developed by POCUS clinical experts, along with robust anatomical coverage, including cross-sectional imaging. The inclusion of e-Sono’s comprehensive Sim Library, featuring more than 1,000 case-based ultrasound simulations, allows learners to practice scanning techniques and visualize pathology in a dynamic, interactive environment.

“The integration of digital simulation brings clinical anatomy and ultrasound images to life by allowing clinicians to see and correlate them in real time,” says Dr. Nicholas LeFevre, a fellowship-trained, active POCUS educator and Associate Professor of Family and Community Medicine at the University of Missouri.

“POCUS is an essential extension of our clinical evaluation. To master it, we must immerse ourselves in simulation-based education that reflects real patient care.”

– Sahar Ahmad. M.D., Associate Professor of Medicine and Director of Medical Intensive Care Unit at Stony Brook University Hospital; Director, Ultrasound & Critical Care Education; Chair, Ultrasound Education Task Force, Renaissance School of Medicine at Stony Brook University

In addition to its educational resources, POCUS Essentials Plus Simulation includes all the features of GUSI’s ScanHub learning platform, such as Sage AI for on-demand expert answers, the ScanFolio device-independent scan archive and feedback system, a performance dashboard, and QBanks with thousands of questions and pathologic videos. The program is eligible for over 50 hours of Continuing Medical Education (CME) credits, further enhancing its value to healthcare professionals.

Fourth year med student at Touro University California Medical School Jori Enfield adds, “As a medical student, the POCUS Essentials Plus Simulation has been a great addition to my POCUS training. The interactive design has helped reinforce key concepts and boosted my confidence in identifying and interpreting anatomical structures through real-time ultrasound practice. The ability to practice independently, without needing an ultrasound model or instructor, provided both convenience and an effective way to build my skills. This program has greatly enhanced my ability to integrate POCUS into clinical rotations.”

Dr. Kevin Bergman, GUSI co-CEO added, “POCUS Essentials Plus Simulation sets a new standard for ultrasound training. The combination of extensive lectures, dynamic and interactive simulations, and expert clinical integration prepares learners for real-life applications in a way that traditional methods simply cannot match.”

For more information about the POCUS Essentials plus Simulation or any of GUSI services, please visit https://globalultrasoundinstitute.com/

About Global Ultrasound Institute:

Global Ultrasound Institute stands at the forefront of point-of-care ultrasound, providing wraparound education, training, AI, and administrative software tools to healthcare providers and health systems globally to lower barriers to POCUS adoption and implementation. GUSI has trained over 14,000 healthcare practitioners in over 60 countries. GUSI is working to create a better world in which every healthcare practitioner is empowered to offer a rapid, reliable, accurate ultrasound-enabled diagnosis directly at the point-of-care, for any patient, anywhere.

About e-Sono (3B Scientific):

e-Sono, a division of 3B Scientific, specializes in advanced simulation technologies for medical education. With a focus on providing high-quality, interactive learning experiences, e-Sono supports the development of essential clinical skills through its extensive library of case-based ultrasound simulations and educational tools.

Contact:

Dr. Kevin Bergman, Co-Founder, co-CEO, Global Ultrasound Institute
Dr. Mena Ramos, Co-Founder, co-CEO, Global Ultrasound Institute

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Technical Support Outsourcing Market to Grow by USD 17.3 Billion (2024-2028) as Demand for Cost-Efficient Solutions Rises, AI Drives Market Transformation- Technavio

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17 mins ago

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September 20, 2024

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NEW YORK, Sept. 20, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global technical support outsourcing market size is estimated to grow by USD 17.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.99%  during the forecast period. Increasing need for cost-effective solutions to improve efficiency is driving market growth, with a trend towards emergence of chatbots. However, outsourcing can compromise quality of technical support  poses a challenge. Key market players include Aress Software and Education Technologies P Ltd., Computer Generated Solutions Inc., CSS Corp., Essentiel Outsourcing S.L., Flatworld Solutions Pvt. Ltd., Genpact Ltd., Global response Corp., HCL Technologies Ltd., IBN Technologies Ltd., Infosys Ltd., International Business Machines Corp., Invensis Technologies Pvt. Ltd., ISPL Support Services, Qcom Outsourcing Ltd., StarTek Inc., Suma Soft Pvt. Ltd., Tata Consultancy Services Ltd., Telegenisys Inc., Wipro Ltd., and Worldwide Call Centers Inc..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Technical Support Outsourcing Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 7.99%

Market growth 2024-2028

USD 17.3 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

7.32

Regional analysis

APAC, South America, Europe, North America, and Middle East and Africa

Performing market contribution

APAC at 58%

Key countries

China, Brazil, India, Germany, and Argentina

Key companies profiled

Aress Software and Education Technologies P Ltd., Computer Generated Solutions Inc., CSS Corp., Essentiel Outsourcing S.L., Flatworld Solutions Pvt. Ltd., Genpact Ltd., Global response Corp., HCL Technologies Ltd., IBN Technologies Ltd., Infosys Ltd., International Business Machines Corp., Invensis Technologies Pvt. Ltd., ISPL Support Services, Qcom Outsourcing Ltd., StarTek Inc., Suma Soft Pvt. Ltd., Tata Consultancy Services Ltd., Telegenisys Inc., Wipro Ltd., and Worldwide Call Centers Inc.

Market Driver

The technical support outsourcing market is experiencing growth due to the rising adoption of chatbots in various industries. These AI-powered tools offer a quick and efficient way for businesses to communicate with their customers, providing instant responses and reducing the need for on-site repair personnel. Machine Learning as a Service (MLaaS) is a key technology driving this trend, enabling chatbots to understand customer situations and generate appropriate responses in real time. Additionally, MLaaS can predict demand for services, providing enterprises with valuable insights and improving customer experience. Sectors such as retail, BFSI, and healthcare, which generate large amounts of data, are particularly benefiting from this integration. As a result, the global technical support outsourcing market is expected to expand significantly during the forecast period. 

The Technical Support Outsourcing market is thriving, with trends like chat boxes and virtual help desks revolutionizing customer interactions. Independent software vendors and SMEs are outsourcing technical support to cut operating expenses and access qualified personnel. The help desk system is becoming more sophisticated, with a tiered staffing structure including Tier 1 staff for basic queries. In the retail, BFSI, hospitality, and eCommerce industries, customer databases are driving the need for efficient technical support. Emerging technologies like quantum computing, electronic billing, and digital payment systems require specialized expertise. Call volume management is crucial, with CRM systems helping to streamline processes. Personnel training and system upgrades are ongoing priorities. In-house resources may not always have the technical skills needed for complex issues, making outsourcing an attractive option. The market is dynamic, with trends like user-friendly services and office space requirements shaping the landscape. Broken servers and other IT issues can cause significant downtime, making quick First Call Resolution essential. Overall, Technical Support Outsourcing is an essential strategy for businesses looking to stay competitive in today’s digital world. 

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Market Challenges

Technical support outsourcing allows enterprises to delegate their customer service needs to third-party companies. However, this arrangement comes with challenges. Quality issues may arise due to the lack of direct control over the services provided. Consumers’ expectations may not always be met, leading to dissatisfaction. Moreover, hidden costs and inefficiencies can increase the overall expense. These factors impact the quality of services delivered to end-users, posing a significant challenge for service providers in the technical support outsourcing market. Despite these hurdles, the market is expected to grow due to factors such as cost savings and access to specialized expertise. However, addressing the aforementioned challenges is crucial for ensuring customer satisfaction and market success.Technical support outsourcing has become a popular solution for various industries including retail, BFSI, hospitality, eCommerce, and more. Outsourcing technical support allows businesses to focus on their core competencies while experts handle IT issues. However, challenges persist. In industries like retail and BFSI, managing customer databases and ensuring data security are crucial. Emerging technologies like quantum computing, electronic billing, and digital payment systems require technical expertise. User-friendly services, office space, and system upgrades also demand attention. Training, broken servers, and outsourcing maintenance are common challenges. Global SMEs and independent software vendors seek cost-effective ways to provide quality technical support. Policies, strategies, and initiatives are essential for addressing data breaches and financial harm. Internal IT teams face employee capability limitations, accessibility issues, and business plan alignment. Consumer technical support requires digital technology proficiency, social media savvy, and online platform expertise. Smart computing devices, cost-effective ways, and global digital transformation call for automation and technical expertise.

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Segment Overview 

This technical support outsourcing market report extensively covers market segmentation by

Type 1.1 Help desk1.2 Call centerBusiness Segment2.1 Large enterprises2.2 SMEsGeography 3.1 APAC3.2 South America3.3 Europe3.4 North America3.5 Middle East and Africa

1.1 Help desk-  The Technical Support Outsourcing Market continues to grow, with businesses increasingly turning to external providers for cost savings and expertise. Outsourcing allows companies to focus on their core competencies while receiving reliable and efficient technical support services. Service providers offer 24/7 support, multilingual capabilities, and advanced technology solutions. This partnership results in improved customer satisfaction and operational efficiency for businesses.

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Research Analysis

Technical support outsourcing refers to the practice of companies contracting third-party providers to manage and resolve their customers’ technology-related issues. In various industries like retail, BFSI, hospitality, eCommerce, and more, outsourcing technical support has become a cost-effective way to improve customer experience and focus on core business functions. With the rise of digital technology, emerging technologies such as quantum computing, electronic billing, and digital payment systems are increasingly being adopted. This creates a need for user-friendly services and efficient technical support. Outsourcing technical support allows companies to access skilled professionals and keep up with system upgrades and training. Broken servers, internet service, smart computing devices, and software projects require constant attention. Social media and online platforms add another layer of complexity. Technical support outsourcing providers offer maintenance and helpdesk services, ensuring that businesses can provide uninterrupted services to their customers. The global digital transformation trend drives the demand for outsourcing technical support. Companies can save on office space and costs while ensuring that their customers’ queries are addressed promptly and efficiently. Consumer technical support is a crucial aspect of any business, and outsourcing allows companies to provide round-the-clock support, enabling them to stay competitive in the digital age.

Market Research Overview

Technical support outsourcing refers to the practice of hiring third-party providers to manage and deliver customer technical assistance services. This approach is increasingly popular among various industries, including retail, BFSI, hospitality, eCommerce, and more, due to the benefits it offers in managing customer databases and handling emerging technologies such as quantum computing, electronic billing, digital payment systems, and user-friendly services. Outsourcing technical support can help businesses save on office space and system upgrades, while also providing access to trained personnel and quality control measures. However, it’s essential to consider policies, strategies, and initiatives to ensure technical expertise, automation, and First Call Resolution (FCR) rates. Independent software vendors and global SMEs can leverage outsourcing technical support to improve technology awareness and employee capability, while also addressing issues like broken servers, data breaches, and financial harm caused by internal IT teams. With the rise of digital technology, social media, online platforms, internet services, and smart computing devices, cost-effective ways to provide technical support are becoming increasingly important. Outsourcing maintenance, app development, and software projects can help businesses stay competitive in the global digital transformation landscape. Moreover, technical support outsourcing can help businesses manage call volume, implement help desk systems, and provide virtual help desks to offer 24/7 support. A tiered staffing structure with Tier 1 staff handling basic queries and CRM systems ensuring customer interactions can lead to improved technical skills, policies, and strategies.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeHelp DeskCall CenterBusiness SegmentLarge EnterprisesSMEsGeographyAPACSouth AmericaEuropeNorth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Technology

EV Charging Adapter Market to Grow by USD19.29 Billion (2024-2028) as Tax Incentives and AI-Driven Innovations, Boost EV Sales and Charging Infrastructure Development – Technavio

Published

17 mins ago

on

September 20, 2024

By

NEW YORK, Sept. 20, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global EV charging adapter market size is estimated to grow by USD 19.29 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 42.77% during the forecast period. Increasing EV sales through tax incentives pushing demand for well-built EV charger infrastructure is driving market growth, with a trend towards focus on reducing charging time. However, increasing cost pressure adversely affecting sales of ac level 2 and dc fast chargers poses a challenge – Key market players include ABB Ltd., Aptiv Plc, ChargePoint Holdings Inc., CHONGQING SENKU MACHINERY IMP AND EXP Co. Ltd., Delta Electronics Inc., Eaton Corp. Plc, EDF Energy Holdings Ltd, Enel Spa, EV Safe Charge Inc., FLO Services USA Inc., Kempower Oy, Lectron EV, Leviton Manufacturing Co. Inc., Phihong USA Corp., Robert Bosch GmbH, Schneider Electric SE, Shanghai Mida EV Power Co. Ltd., Shanghai Zencar Industry Co Ltd, Siemens AG, and Webasto SE.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Ev Charging Adapter Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 42.77%

Market growth 2024-2028

USD 19292.2 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

31.08

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 50%

Key countries

China, US, Norway, Japan, and Germany

Key companies profiled

ABB Ltd., Aptiv Plc, ChargePoint Holdings Inc., CHONGQING SENKU MACHINERY IMP AND EXP Co. Ltd., Delta Electronics Inc., Eaton Corp. Plc, EDF Energy Holdings Ltd, Enel Spa, EV Safe Charge Inc., FLO Services USA Inc., Kempower Oy, Lectron EV, Leviton Manufacturing Co. Inc., Phihong USA Corp., Robert Bosch GmbH, Schneider Electric SE, Shanghai Mida EV Power Co. Ltd., Shanghai Zencar Industry Co Ltd, Siemens AG, and Webasto SE

 

Market Driver

The Ev Charging Adapter Market is experiencing significant growth due to technological innovations in battery technology and charging infrastructure. Manufacturers are focusing on reducing charging time and cost, leading to advancements such as portable solar-powered charging stations and ultra-fast charging stations. For instance, Envision Solar’s EV ARC is a solar-powered parking structure that charges a 21.6-kilowatt-hour battery, while the China State Grid’s ultra-fast charging station in Beijing can charge buses to 100% in 10 minutes using Microvast’s ultra-fast charging battery and 31 chargers. GE’s multi-coil system enables efficient interoperability and charging while driving, and DC fast charging offers a range of 40 miles in 10 minutes. The use of solar energy for charging EVs is an emerging trend, which is expected to be encouraged by private and government bodies due to its low cost, driving the market’s growth during the forecast period. 

The EV charging adapter market is experiencing rapid growth in the automobile sector due to the increasing popularity of electric vehicles (EVs). By 2027, the market is forecasted to expand significantly. EV charging adapters enable compatibility between charging stations and various EV models with different charging connector types such as CHAdeMO and CCS. Improvements in charging infrastructure networks, installation in public areas, workplaces, residential complexes, and highways, are driving the market. Innovation, efficiency, versatility, safety features, and user-friendly designs are key factors contributing to the popularity of EV charging adapters. Diverse charging standards, including those for battery-electric vehicles and plug-in hybrid vehicles like the Chevrolet Volt and Nissan Leaf, necessitate the use of EV charging adapters. Environmental concerns, government norms, raw material prices, and compatibility with various charging port types are influencing market trends. Brands like ConnectDER, with offerings like meter sockets and home EV chargers, are providing rebates and tax credits to boost consumer adoption. 

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 Market Challenges

The global EV charging adapter market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) and the development of charging infrastructure. Governments worldwide prioritize vehicle safety, leading to the integration of advanced safety systems like antilock braking systems, airbags, tire pressure monitoring systems, and advanced driver assistance systems in both premium and entry-level vehicles. In particular, the US and China have shown high adoption rates for advanced driver assistance systems. However, the added cost of these safety features and EV charging adapters is a concern for Original Equipment Manufacturers (OEMs). Price-sensitive buyers are unwilling to bear the extra cost, putting pressure on OEMs to absorb the expenses. This situation may negatively impact the growth of the EV charging adapter market during the forecast period. Moreover, the increasing number of EVs equipped with AC Level 2 chargers and the expansion of charging infrastructure in public places necessitate further investment from OEMs. To meet these demands, they must comply with standards such as the European New Car Assessment Programme (Euro NCAP) and other regional regulations. Despite the challenges, the long-term outlook for the EV charging adapter market remains positive due to the growing demand for electric vehicles and the need for reliable charging solutions.The Ev Charging Adapter Market is experiencing significant growth due to the increasing popularity of battery-electric and plug-in hybrid vehicles. However, challenges persist in improving charging infrastructure networks, particularly in public areas, workplaces, and residential complexes along highways. Innovation, efficiency, and versatility are key focus areas for manufacturers to meet diverse charging standards and user needs. Safety features and user-friendly designs are essential for gaining brand value and customer trust. Environmental concerns and government norms are driving the transition to zero emission vehicles, leading to the availability of rebates, tax credits, and incentives. Raw material prices and diverse charging standards pose challenges, but companies like ChargePoint, Sunrun, and ConnectDER are addressing these issues with Level 2 home chargers, WiFi capabilities, and various plug types (NEMA 14-50, NEMA 6-50). Brand value, convenience, and charging speed are crucial factors for consumers considering the Chevrolet Volt and Nissan Leaf. As the market evolves, the focus on efficiency, versatility, and safety features will continue to be essential for market success.

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Segment Overview 

This ev charging adapter market report extensively covers market segmentation by

Type 1.1 AC1.2 DCApplication 2.1 Public2.2 PrivateGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 AC- The Ev Charging Adapter Market is experiencing significant growth due to the increasing adoption of electric vehicles. These adapters enable charging at home or on the go, providing convenience for consumers. Manufacturers are focusing on developing efficient and cost-effective solutions to meet the rising demand. Key players in the market include Aptiv, Bosch, and Schneider Electric, among others. Collaborations and partnerships are common strategies to expand market reach and enhance product offerings. The market is expected to continue growing, driven by government initiatives and consumer preferences for sustainable transportation.

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Research Analysis

The Ev Charging Adapter Market is poised for significant growth in the Rapidly Automobile Sector, driven by the increasing popularity of electric vehicles (EVs). Charging adapters enable EVs to connect to various charging stations, with compatibility for different charging connector types such as CHAdeMO and CCS. The market forecast period projects continued expansion, fueled by the improvement of charging infrastructure networks. Individual charging stations, public areas, workplaces, residential complexes, highways, and other locations are installing charging ports to cater to the diverse charging standards of EVs. Safety features and user-friendly designs are key considerations for charging adapters, ensuring a seamless charging experience for users during the transition to electric vehicles. The diverse charging standards and the need for compatibility have led to the development of various connector types. CHAdeMO and CCS are currently the most common, but other standards may emerge. The convenience offered by EV charging adapters is a significant factor in the growth of the market, as they enable EV owners to charge their vehicles at a wider range of charging stations.

Market Research Overview

The Ev Charging Adapter Market is poised for significant growth in the Rapidly Automobile Sector, driven by the increasing popularity of electric vehicles (EVs). Charging adapters enable EVs to charge at various charging stations using different connector types such as CHAdeMO and CCS. The market is forecast to expand during the period due to the improvement of charging infrastructure networks, installation in public areas, workplaces, residential complexes, highways, and the transition to zero emission vehicles. The versatility, efficiency, safety features, and user-friendly designs of EV charging adapters are key factors driving their popularity. However, diverse charging standards and compatibility concerns may pose challenges. Environmental concerns, government norms, raw material prices, and the availability of rebates, tax credits, and incentives also influence market dynamics. Brands like ChargePoint, Sunrun, and ConnectDER offer Level 2 home chargers, meter sockets, and public charging ports. The market is expected to benefit from the increasing popularity of battery-electric vehicles and plug-in hybrid vehicles, including models like the Chevrolet Volt and Nissan Leaf.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeACDCApplicationPublicPrivateGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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