Yacht Charter Market: Potential Effect On Upcoming Future Growth, Competitive Analysis And Forecast 2019 - 2027
Transparency Market Research has published a new report on the global yacht charter for the forecast period of 2019–2027. According to the report, the global yacht charter market is projected to reach ~US$ 25.5 Bn by 2027, expanding at a CAGR of ~7% during the forecast period.
Global Yacht Charter Market: Key Insights
- According to the report, the global yacht charter market is projected to witness major expansion owing to the emergence of luxury tourism across Asia Pacific.
- Shift of consumer trend from ownership to rental is anticipated to drive the yacht charter market.
- Newer business models are emerging regarding yacht charters, such as skippered charters or cruise style charters.
Expansion of Global Yacht Charter Market
- The high cost associated with yacht ownership is encouraging customers to opt for yacht charter instead of buyouts. A yacht charter is a more economic travel scheme, as consumers pay only once during the usage as against for ownership, and can fly to the destination and then charter rather than sail to the destination, saving time and fuel. Consumer preference associated with owing luxury assets such as yachts is changing, and people are more acceptable towards charter services, which is estimated to drive the yacht charter market.
- Remote destinations such as Alaska, U.S., Sea of Cortez U.S., Antarctica, and Micronesian islands in Asia Pacific are gaining popularity among tourists, which, in turn, is estimated to boost the yacht charter market.
- Increased popularity of yacht charters for corporate events and business affairs is anticipated to drive market growth.
- Flag state rules, regulatory uncertainties, and cross-border operations are likely to hamper the growth of the yacht charter market.
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Based on yacht size, the medium segment held a leading share of the yacht charter market. The small segment also held a significant share; however, demand is gradually shifting toward mid-sized yachts, owing to the preference for luxury.
In terms of customer, the corporate and retail segments accounted for leading shares of the global yacht charter market. Chartered yachts are increasingly being utilized for corporate events, worldwide. Yachts chartered by corporates are emerging as a venue for investors’ meets and client presentations. The retail segment comprises travel agencies and brokers who book yachts. Retailers manage the travel, negotiations, contracts, and taxes related to hiring a yacht, which saves the end user from these hassles.
Regional Analysis of Global Yacht Charter Market
In terms of region, the global yacht charter market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe held a notable share of the global yacht charter market, owing to the high demand from areas surrounding the Mediterranean Sea. The yacht charter market in Europe has been expanding, owing to the high preference for nautical tourism in the region. Croatia and Greece, together, held a major share of the yacht charter market in Europe, due to scenic coastlines and rise in nautical tourism in these countries.
Cloud-based Contact Center Market: Introduction
Transparency Market Research delivers key insights on the global cloud-based contact center market. In terms of revenue, the global cloud-based contact center market is estimated to expand at a CAGR of ~22% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global cloud-based contact center market.
A cloud-based contact center is a setup to handle customer communications over the Internet. It enables customers to run call centers. It also handles inbound and outbound customer communications. A cloud-based contact center is essentially a set of software solutions that provide applications and comprehensive tools that enable brands to connect with customers across multi-channels such as social media, email, live chat, WhatsApp, voice, and Google’s Business Messages. Features of a cloud-based contact center includes call center integration, Omni-channel support, IVR, call center reports, ACD, and auto dialer real-time monitoring.
The shift from analog to digital technologies among organizations has led to significant rise in the amount of organizational data. More than a quarter of the global population is anticipated to be using wireless devices over the next few years. Hence, the demand for cross-channel communication solutions is expected to boost the cloud-based contact center market during the forecast period. Additionally, a shift in the working of BPO companies from phone calls to other communication channels, including e-mail, web chat, and social media is also projected to propel the cloud-based contact center market during the forecast period. Cloud-based contact center solutions provide an efficient option to establish communication with customers in real-time. Hence, a rise in the demand to solve customer queries in real-time is estimated to drive the cloud-based contact center market.
Cloud-based Contact Center Market: Dynamics
Artificial intelligence has been a subject of intense research for the past few decades; it comprises computers that think like humans. Artificial intelligence has undergone mainstream with the expansion of its application areas. For instance, Alcatel-Lucent International is investing in research & development to provide more advanced solutions in the cloud-based contact center market. It emphasizes on offering or launching artificial intelligence and cloud-based contact center solutions for its customers, which helps boost the popularity of the company in the cloud-based contact center market.
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Virtual agents, a major application of cloud-based contact centers, is expected to be used extensively in the healthcare industry. The Association of American Medical Colleges (AAMC) estimates a shortage of 150,000 doctors over the next 10 years. In line with ongoing experiments and future work, virtual assistants are expected to assist doctors with medical diagnosis.
For instance, in May 2021, Gridspace, Inc., a software company, entered into partnership with Google Cloud to help healthcare companies accelerate their cloud-based contact center transformation by simplifying cloud deployments and procurement processes.
Moreover, a cloud-based contact center would save time of doctors, thereby making healthcare cheaper and efficient. The technology is expected to affect the lives of people in various domains in the near future. Banking and eCommerce sectors are anticipated to witness significant adoption of cloud-based contact center technology over the next few years.
Cloud-based Contact Center Market: Prominent Regions
The North America cloud-based contact center market is projected to expand significantly during the forecast period. North America is ahead of all other regions in terms of usage of digital technologies and deployment. North America is a hub for new technologies and innovation. The adoption of cloud-based contact centers is increasing significantly to create full-featured, state-of-the-art multichannel contact centers to support digital transformation to deliver better customer experiences, for operational cost reduction, and to improve scalability and flexibility.
However, the cloud-based contact center market in Asia Pacific is projected to expand at a robust pace during the forecast period. The rapid adoption of cloud technology is observed in Asia Pacific in the past few years. In the region, large enterprises are anticipated to adopt cloud-based contact center solutions at a higher rate during the forecast period. South America and Middle East & Africa are expected to be high growth potential regions of the global cloud-based contact center market during the forecast period.
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