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Electric Wheelchair Market Size to Surpass USD 15.4 Bn by 2030

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Ottawa, Sept. 08, 2022 (GLOBE NEWSWIRE) — The global electric wheelchair market size will reach at USD 7.35 billion in 2022. The electric wheelchair product is mainly a machine that is used as a wheelchair and is operated with the help of electrical energy. It is also known as electric powered wheelchair or motorized wheelchair. It consists of a small motor and batteries which provide movement to this machine. It has various types according to the mechanism which is used in the system.

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What is the regional impact in the electric wheelchair market?

  • The region of North America as a market has produced the highest results pertaining to the huge geriatric population living in this nation. The presence of many old age homes has boosted the demand for electric wheelchair where special care and attention is provided to the elders in order to provide them with maximum comfort and safety.
  • The European region has also shown a considerable growth on account of the advanced medical facilities provided by the government to the people. The rapid urbanization and industrialization of this region has boosted the demand for automated machines and facilities.
  • The Asia-Pacific region has proved to be a potential market for the electric wheelchair pertaining to the increasing disposable income of the people residing in this region. The increasing awareness regarding advanced medical facilities has also propelled the size of the market during the forecast period.

Key Insights:

  • North America electric wheelchair market size was accounted at USD 2.7 billion in 2021.
  • North America region has contributed 42.5% market share in 2021.
  • Asia-Pacific is poised to grow at a CAGR of 9.5% between 2022 to 2030.
  • Front wheel drive segment is poised to grow at a registered CAGR of 9.3% from 2022 to 2030.
  • The center wheel drive segment has contributed market share of over 40% in 2021.

Report Highlights

  • On the basis of type, the center wheel drive type has dominated the market as a result of its multi-functional approach and stability. It also provides a smaller turning radius which makes it more portable and usable as compared to its competitors.
  • On the basis of end user, the market is dominated by the hospitals as a result of the huge number of patients visit this sector on a daily basis. The demand and supply are primarily generated in this industry. Home care becomes the next market which proves to be the fastest growing market as a result of the increasing old age homes globally. In order to provide maximum care and comfort to the elderly people, electric wheelchairs are used rapidly. The use of electric wheelchair has made the elderly people independent of.
  • On the basis of region, North America as a market has shown the maximum growth in the segment as a result of the huge demand experience by the market. The increasing incidents of accidents in the developing nations has boosted the need for electric wheelchair in the hospital sector. The European nations to prove to be a potential market for the electric wheelchair.

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Scope of the Report

Report Attributes Details
Market Size in 2021 USD 10.69 Billion
Revenue Forecast by 2030 USD 19.5 Billion
CAGR 6.91% from 2022 to 2030
Base Year 2021
Forecast Year 2022 to 2030
Key Players Demant A/S, Starkey Laboratories, Inc., Cochlear Ltd., RION Co., Ltd, Microson, GN Store Nord A/S, Sonova Group

Market Dynamics

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Drivers

An increasing demand for safety and comfort in the accessory services provided in the healthcare industry has boosted the demand for electric wheelchair. The inclusion of artificial intelligence in the electric wheelchair system has boosted its demand to a great extent. Facial expressions and gestures are taken into consideration for conducting the required movements which provides complete independence to the consumer. In order to gain independence from care givers, elders usually prefer to opt for automated services that can provide movement. The rapidly rising cases of high velocity accidents in the developed nations has also propelled the demand for automated electric wheelchairs. The hospital sector proves to be a great driving force for the growth of the market.

Restraints

The risk of mechanical malfunctioning which is associated with the use of automated electric wheelchairs has proved to be a restraining factor for the market. The after-sales services are very primitive and required advancements in order to boost the market. The occurrence of the pandemic had a significant impact on the growth of the market due to the lack of transportation facilities and strict lockdowns. Patient flow and regulation in the hospitals regarding lower limb disorders had reduced due to risk of spreading the infection. Hence the sales and demand were hampered to a great extent. These multiple reasons prove to be the restraining factors for the development of the market during the forecast period.

Opportunities

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Various lucrative opportunities are offered by the healthcare industry to this market as a result of the rapid rise in orthopedic surgeries. Increasing modernization and urbanization has boosted the number of road traffic accidents which benefits the market growth. The high level of comfort which is experienced by the patient is also proving to be a great opportunity for the market. The rapidly increasing number of people with physical disabilities has also increased the demand for electric wheelchair which provides them sufficient movement. The advanced technologies of artificial intelligence which is used in the electric wheelchair has provided the market numerous opportunities.

Challenges

The electric wheelchair has been designed in order to enable the geriatric population to perform movement independently. Hence, the use of artificial intelligence has been seen in its mechanism which provides comfort to the patient. Technical glitches experienced by the patient proves to be a challenge for the growth of the market. As the individual using a wheelchair is disabled, any technical fault created leads to a great discomfort for the consumer. Failure of any component of the electric wheelchair proves to be a bad experience for the user. This negative impact hinders the growth of the market. The heavy weight of the electric wheelchair makes it difficult for the consumers to carry it along during traveling. The high cost associated with the electric wheelchair makes it an unaffordable affair for the consumer due to the shortage of disposable income with the people.

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Recent Developments

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  • In January 2021 – Invacare Corporation along with its associated company, Alber USA LLC, disclosed the launch of the power assist devices. These devices are launched as the next generation technology. The Alber e-motion power is an assist device that is used for manual wheelchairs in order to provide a push rim system. It consists of an in-hub motor which is considerably powerful and is connected to lithium-ion batteries for energy.

Market Segmentation

By Product

  • Center Wheel Drive
  • Front Wheel Drive
  • Standing Electric Wheelchairs
  • Rear Wheel Drive

By End Users

  • Hospitals & Clinic
  • Home Care
  • Sports Conditioning

By Age Group

  • 60 years
  • 21 to <60 years
  • < 20 years

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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Artificial Intelligence

Vantiva Demonstrates its Vision of the Connected Home of the Future with New Lineup of AI-Powered CPE at IBC 2024

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 Set-top boxes with human-like AI personal assistants and gateways with AI-powered security and privacy shape a new consumer experience at home
PARIS, Sept. 9, 2024 /PRNewswire/ — Vantiva (Euronext Paris: VANTI), a global technology leader enabling Network Service Providers (NSPs) to connect consumers worldwide, will demonstrate innovative AI-powered products at IBC 2024, including set-top boxes (STBs) and broadband gateways, all connected to Vantiva’s Navigate AI cloud. This new class of CPE features a local Neural Processing Unit (NPU) and enhanced CPU and GPU performance, ensuring more private, secure and lower latency Edge AI use cases. This positions operators as “Home AI” platform providers offering new AI services, while optimizing cloud costs and maximizing CPE capital investment.

“Our focus and vision for the home of the future incorporates AI-enabled devices that can meet and exceed the evolving demands for intelligent interactions between consumers and their digital environment,” said Charles Cheevers, CTO at Vantiva. “With deep insights we’ve gained from serving the connected home industry, we are poised to combine the STBs, broadband gateways and cloud capabilities into a unified AI platform delivering new-AI based assistants, enriched video and audio experiences such as automated multi-lingual services, diversified advertising opportunities and cutting-edge gaming experiences, positioning Service Providers at the forefront of generative AI offerings for consumers.”
Vantiva will be demonstrating the following at IBC:
The STB as central hub of the AI-powered home: With multi-modal inputs such as camera, far-field microphones and speakers, Vantiva’s new STBs enable cutting-edge features such as an AI-powered personal assistant that can understand and engage in human communication. Users can fully engage with this human-like assistant, making interactions with Generative AI feel like real conversations.Shoppable TV: Vantiva’s STBs improve the shopping experience with AI and NPU capabilities. The “Shoppable TV” feature utilizes the NPU for real-time object detection, automatically matching that object in video to a catalog. This allows for instant shopping through the TV via voice commands.Audio accessibility feature improvement: AI greatly enhances the STB by enabling live audio transcription, allowing consumers to enjoy video streams in their original audio with auto-generated subtitles in any language. This local transcription capability helps service providers reduce costs by lessening their dependence on cloud services. Vantiva’s AI-powered transcription technology empowers operators to offer a richer, more inclusive viewing experience around the world. In addition, local AI can detect noise in a room and automatically adjust the TV volume for optimal sound.More immersive gaming experience: By adding a vision camera to the STB, along with NPU acceleration, Vantiva introduces new gesture-based interactions, creating a much more immersive gaming experience. In addition, the ability to run gesture, pose and facial detection models locally on the STB reduces costs and latency by eliminating the need for cloud processing.AI upscaling technology: Vantiva significantly improves existing upscaling technology by leveraging the local STB engine to analyze images in real-time to enhance video quality and enable new features, like upscaling and tracking objects in a video for high-quality Picture-in-Picture.    Broadband Gateways: Vantiva’s broadband gateways complement the STBs with the addition of a NPU on top of their already impressive MIPS count. This allows new broadband apps to run locally for Edge AI services. The broadband gateways also ensure consumer privacy and security by providing real-time activity reports of cameras, microphones and sensors. Additionally, they offer advanced tools to show interactions between devices, leverage the gateways to detect security threats and intrusions and allow consumers to manage or block camera and audio services as needed.Logo – https://mma.prnewswire.com/media/2388773/Vantiva_Logo.jpgPDF- https://mma.prnewswire.com/media/2500516/Vantiva_IBC.pdf
ContactsVantiva Press [email protected] 
Thatcher+Co. for Vantiva [email protected]

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Cloud Machine Learning Operations (MLOps) Market Size to Grow USD 3652.7 Million by 2030 at a CAGR of 44.6% | Valuates Reports

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BANGALORE, India, Sept. 9, 2024 /PRNewswire/ — Cloud Machine Learning Operations (MLOps) Market is Segmented by Type (Platform, Services), by Application (BFSI, Healthcare, Manufacturing, Retail, Public Sector): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The global Cloud Machine Learning Operations (MLOps) market was valued at US$ 186.4 million in 2023 and is anticipated to reach US$ 3652.7 million by 2030, witnessing a CAGR of 44.6% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Cloud Machine Learning Operations (MLOps) Market:
The growing use of artificial intelligence (AI) and machine learning (ML) across a variety of sectors is fueling the rapid growth of the cloud machine learning operations (MLOps) market. Cloud-based MLOps solutions are increasingly crucial as businesses look to simplify the deployment, monitoring, and management of ML models at scale. These systems help companies speed up time-to-market for AI products, enhance model accuracy, and automate procedures. The market is being driven by the increasing need for affordable and scalable cloud solutions, and major companies are concentrating on improving their MLOps offerings by integrating them with well-known cloud services and cutting-edge analytics tools.
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TRENDS INFLUENCING THE GROWTH OF THE CLOUD MLOPS MARKET:
The use of cloud MLOps (Machine Learning Operations) services is a major growth driver in the BFSI (Banking, Financial Services, and Insurance) industry. Financial institutions are using MLOps more and more to boost fraud detection, handle data more efficiently, and provide individualized client experiences. These companies can effectively manage and implement machine learning models at scale with Cloud MLOps, which improves predictive analytics and decision-making. Cloud-based services enable BFSI businesses to handle enormous volumes of data in real-time, which helps them stay competitive and adaptable to changes in the market. Furthermore, cloud MLOps services’ scalability and flexibility enable easy integration with current IT infrastructure, which accelerates adoption and market expansion.
One of the main factors propelling the growth of the cloud MLOps market is the proliferation of cloud MLOps platforms. These systems offer all-inclusive solutions that optimize every stage of the machine learning process, from model training and data intake to deployment and oversight. Cloud MLOps systems simplify complicated procedures and shorten the time needed to deploy machine learning models into production by providing integrated tools and frameworks. Because of its simplicity of use, businesses from a variety of sectors are drawn to it, which promotes wider adoption. AWS, Google Cloud, and Azure are just a few of the cloud providers that compete fiercely, which encourages ongoing innovation, enhances platform capabilities, and expands the market. Strong cloud MLOps platforms are in greater demand as businesses look for effective methods to use AI and machine learning.
The market for cloud MLOps is expanding thanks in large part to the retail and healthcare industries. Cloud MLOps are utilized in the healthcare industry to improve patient care by means of individualized treatment plans, predictive analytics, and effective health record administration. Real-time data analysis is made possible by cloud-deployed machine learning models, which support early diagnosis and therapy optimization. Cloud MLOps is used in the retail industry for customized marketing, inventory control, and demand forecasting. Real-time consumer data analysis makes it possible for merchants to enhance both customer satisfaction and operational effectiveness. In addition to propelling these industries’ digital transformation, the use of cloud MLOps also greatly expands the industry as a whole.
The exponential development in data creation is one of the main drivers propelling the cloud MLOps industry. Massive volumes of data are being produced every day as a result of the widespread use of digital devices and the Internet of Things (IoT). Systems that are effective are necessary for organizations to handle, examine, and learn from this data. The infrastructure and resources required to manage the deployment of machine learning models and large-scale data processing are provided by Cloud MLOps. Businesses may effectively store, process, and analyze data by utilizing cloud-based solutions. This gives them the ability to make data-driven choices and obtain a competitive advantage. The continual increase in data creation guarantees a consistent need for cloud MLOps platforms and services.
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CLOUD MACHINE LEARNING OPERATIONS (MLOPS) MARKET SHARE
Because of its robust technical infrastructure and the presence of many digital giants like Google, Amazon, and Microsoft, North America is a leader in the cloud MLOps industry. When it comes to creating and implementing cutting-edge cloud MLOps platforms and services, these businesses are in the forefront. The need for cloud MLOps solutions is fueled by the region’s strong rate of adoption of AI and machine learning technology across a variety of industries, including retail, healthcare, and finance. North America’s supremacy in this sector is also a result of significant investments in R&D and a strong startup environment. The region’s market growth is further bolstered by favorable government efforts and regulatory support for data security.
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
–  MLOps Platform Market
–  Machine Learning Operations (MLOps) Platform Market
–  MLOps Technology Market
–  The Machine Learning Operations (MLOps)market was estimated to be worth US$ 545.5 million in 2023 and is forecast to a readjusted size of US$ 9066.7 million by 2030 with a CAGR of 41.8% during the forecast period 2024-2030.
–  AI & Machine Learning Operationalization (MLOps) Software Market
–  MLOps Solution market was valued at US$ 546.1 million in 2023 and is anticipated to reach US$ 8884.3 million by 2030, witnessing a CAGR of 41.3% during the forecast period 2024-2030.
–  ModelOps and MLOps Platforms Market
–  The global cloud artificial intelligence market was valued at USD 42.7 Billion in 2022, and is projected to reach USD 887 Billion by 2032, growing at a CAGR of 35.8% from 2023 to 2032.
–  Cloud Database Market
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Nium Strengthens Executive Leadership Team with Chief Financial Officer and Chief Compliance Officer Appointments

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Investment banking veteran, Andre Mancl, joins as CFO; Fraud risk expert, Philip Doyle, to lead regulatory compliance operations  
SAN FRANCISCO, Sept. 9, 2024 /PRNewswire/ — Nium, the global leader in real-time cross-border payments, today announced two executive appointments that strengthen its leadership team and underscore the company’s focus on driving efficient and responsible growth.

Andre Mancl joins as Chief Financial Officer. He will oversee all financial strategies for the company and will lead Nium’s global finance organization, including planning, treasury, tax, reporting, corporate development, and investor relations. He will be integral in helping Nium deliver profitable growth and efficiency at scale, while creating value for all Nium shareholders.
Philip Doyle joins as Chief Compliance Officer. He will lead Nium’s global risk and compliance programs, ensuring both evolve and grow as regulatory expectations heighten. Both executives will report to Prajit Nanu, Founder and CEO of Nium, and will join the company’s Executive Committee.
“These two leaders add deep subject matter expertise in their respective fields and complement what is already one of the best leadership teams in global payments,” said Nanu. “We’re in a great position to continue executing on a sustainable growth strategy, elevating our operational performance across all areas of our business, while delivering customer-centric technology innovation. These leaders, together with our colleagues around the world, take us steps closer to achieving a mission of connecting the world’s banks and businesses to the future of real-time, cross-border payments.”
Prior to Nium, Mancl was the Chief Financial Officer at ChowNow, a leading software platform that connects independent restaurants with their diners through a suite of digital products. Before joining ChowNow in 2021, he was a Managing Director and Global Co-Head of Internet Investment Banking at Credit Suisse. As an Investment Banker, he worked in the Technology Sector for over 15 years and has been involved in tens of billions of dollars of debt, equity, and M&A transactions. During his banking career he advised and executed transactions for companies, such as Lyft, Snap, Ancestry.com, Facebook (Meta), AppLovin, and GoDaddy. Prior to his investment banking career, he served as a distinguished SH-60B Seahawk Helicopter Pilot in the United States Navy, flying missions in various regions and received the Order of the Daedalian for landing a helicopter in distress. He holds an MBA from the University of California Los Angeles (UCLA) and a BS in Industrial and Systems Engineering from the University of Southern California (USC).
“Throughout my career in the technology sector, I’ve witnessed firsthand the profound impact of technology innovation on the global economy,” commented Mancl. “Joining Nium at this pivotal moment is one of the most exciting moments of my career and I’m humbled to be part of such an exceptional team. I look forward to playing a meaningful role in Nium’s next phase of growth.”
Doyle joins Nium with decades of risk and compliance experience, most recently Chief Risk and Compliance Officer for Zepz, one of the world’s leading remittance companies. There he created and led the company’s global compliance program, including standards and best practices for adhering to applicable local and international regulations. Prior to this, Doyle held senior financial crime positions at banks, such as Revolut, Clearbank, and Tandem Bank. A career-long “fraud fighter,” Doyle has also held fraud prevention roles at FICO, SAV Credit Limited, Visa, and Morgan Stanley. He holds an MSc. from the University of Nottingham and a BSc. from the University of Sussex.
“Payments is built on the trust we earn from the banks and businesses we serve,” said Doyle. “There could not be a better time to start my journey with Nium with so much investment going into expanding our compliance programs to be best-in-class.”
Mancl and Doyle join at a time of great momentum for Nium, which recently announced its expansion Latin America with license applications, key fintech association memberships, and new customers. The company also announced new local funding and collection capabilities to more than 40 countries and 15 currencies, with more to come. In June, the company announced that it had raised US$50 million in a Series E funding round, led by a prominent sovereign wealth fund in Southeast Asia. Today’s news follows key appointments for the company including Spencer Hanlon to Chief Operating Officer and Alexandra Johnson to Chief Payments Officer.
About Nium
Nium, the leader in real-time, cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorisations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
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