Artificial Intelligence
Global Lab Grown Diamond Market Report 2023: Rising Sustainability Concerns Bodes Well for Sector
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Dublin, March 09, 2023 (GLOBE NEWSWIRE) — The “Global Lab Grown Diamond Market: Analysis By Manufacturing Method, By Size, By Type, By Nature, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global lab grown diamond market was valued at US$22.45 billion in 2022. The market value is forecasted to grow to US$37.32 billion by 2028.
In a strong validation of the category, the Federal Trade Commission (FTC) in the US expanded its definition of diamonds to include lab-grown in 2018 (previously referred to as synthetic), but still requires a lab-grown designation to be transparent about origin. The global lab grown diamond market is associated with manufacturing and sale of lab grown diamonds (LGD) by entities (organizations, sole traders and partnerships) to fashion, jewelry, and industrial sectors for a variety of end use applications in biotechnology, quantum computing, high-sensitivity sensors, thermal conductors, optical materials, adorned accessories, etc. The global lab grown diamond market volume was at 9.13 million carats in 2022.
The lab grown diamond market has taken off in the past 5-7 years. Factors such as rapid decline in prices, increasing consumer awareness, rising disposable income, increased sense of style and personalised fashion among millennials and gen Z, rising government restrictions on the purchase and sale of conflict diamonds and increasing applications of lab grown diamond in biotechnology, quantum computing, high sensitivity sensors, laser optics, medical equipment, etc. are expected to drive the overall market growth in the forecasted period.
The market is anticipated to grow at a CAGR of approx. 9% during the forecasted period of 2023-2028.
Market Segmentation Analysis:
- By Manufacturing Method: The report provides the bifurcation of the market into two segments based on manufacturing method: chemical vapor deposition (CVD) and high pressure high temperature (HPHT). Chemical vapor deposition lab grown diamond market is both the largest and fastest growing segment of global lab grown diamond market owing to low costs associated with CVD production, increasing demand for lab grown diamonds by end user industries, low space consumption of CVD machines and increased ability of CVD techniques to grow diamonds over large areas and on various substrates with fine control over chemical impurities and properties of diamond produced.
- By Size: The market on the basis of size has been divided into three segments: below 2 carat, 2-4 carat, and above 4 carat. Below 2 carat lab grown diamond market is both the largest and fastest growing segment of global lab grown diamond market owing to growing popularity of below 2 carat weight diamonds in jewelry market, affordable price range of these diamonds, rising disposable income, rapidly expanding working class population and increased demand for sustainable and eco-friendly alternative to naturally mined diamond.
- By Type: The report provides the bifurcation of the market into two segments based on type: polished and rough. Polished lab grown diamond market is both the largest and fastest growing segment of lab grown diamond market owing to growing application of these diamonds in jewelry, electronic & healthcare sector, rapidly expanding fashion industry, increasing technological advancements in diamond cuttings & polishing processes and high end jewelers adopting for cost efficient, better quality and customizable polished lab grown diamonds.
- By Nature: On the basis of nature, the global lab grown diamond market can be divided into two segments: colored and colorless. Colored lab grown diamond market is the fastest growing segment of global lab grown diamond market owing to increasing number of companies trading in fancy colored diamonds, rapidly expanding fashion industry, rising popularity of colored diamond jewelry among millennials & gen Z, urbanization, rising demand of extravagant colored lab grown diamonds in haute couture and the prestige, royalty & status associated with owing colored diamonds.
- By Application: The report offers the division of the market into two segments based on application: jewelry and industrial. Lab grown diamond jewelry market is both the largest and fastest growing segment of global lab grown diamond market owing to increasing number of jewelry store, rising disposable income, increasing awareness about ongoing fashion trends among millennials & Gen Z, allure of larger diamond within same price range and lab grown diamond manufacturing companies providing known origins of every diamond along with verified records, quality certificates and traceable manufacturing source.
- By Region: The report provides insight into the lab grown diamond market based on the regions namely North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific lab grown diamond market in the largest & fastest growing region of global lab grown diamond market owing to rapidly growing urban population, large consumer base, increasing manufacturing activities by various end-user industries, rising internet penetration and the presence of numerous reactor plants for synthetic diamond manufacturing. Asia Pacific lab grown diamond market is divided into five regions on the basis of geographical operations, namely, China, Japan, India, South Korea and Rest of Asia Pacific, where China lab grown diamond market held the largest share in Asia Pacific lab grown diamond market owing to rapidly growing middle class, followed by India.
Market Dynamics:
Growth Drivers:
The global lab grown diamond market has been growing over the past few years, due to factors such as rapid urbanization, fall in prices of lab grown diamonds, increasing demand from end user industries, fast growing jewelry industry, rising demand for lab grown diamonds among millennials, etc. Positively expanding end user industries, increasing number of manufacturing activities & rapidly developing emerging economies are positively contributing towards increased demand for lab grown diamonds used for cutting, grinding, shaping, polishing, drilling and hard coatings for industrial equipment such as wire-drawing dies, quarrying saws, grinding wheels, machine tools, and mining drills etc. across a wide range of end user industries like construction, semiconductors, electronics, mining, oil and gas, precision machining, etc.
So, increasing demand from various end user industries will continue to boost the growth of global lab grown diamond market.
Challenges:
However, the market growth would be negatively impacted by various challenges such as complexities in manufacturing process, increased competition from naturally mined diamonds, etc. There is an increased preference for naturally mined diamonds as these diamonds are seen to be unique, rare, special and one of a kind, in comparison to lab grown diamonds that are produced in bulk and have no uniqueness or supply constraints attached to them.
Also, since there is no rarity attached to them, the value of lab grown diamonds will continue to depreciate in forecasted years, negatively impacting the resale value of these diamonds and making it more costly to upgrade them in the future, impeding the growth of lab grown diamonds in the upcoming years.
Trends:
The market is projected to grow at a fast pace during the forecasted period, due to various latest trends such as increasing consumer awareness, rising sustainability concerns, advancements in lab grown diamond production technologies, etc. Artificial intelligence in lab grown diamond market is associated with providing advanced analytics, pricing, grading, and sorting technologies to simplify & streamline the real-time pricing process by analyzing market data, pricing trends, and other factors needed to provide a more accurate & updated diamond pricing estimates, making the process more efficient, convenient and effective for traders, sellers and buyers.
Competitive Landscape:
Lab grown diamond market has been moderately fragmented due to the presence of numerous international, regional and local vendors. In order to expand their consumer base & gain larger market share, lab-grown diamond companies have been facilitated by increased market competition to innovate, focus on improvement in company’s production capacity, and establish strategic partnerships, mergers, acquisition & collaboration. The key players of the market are:
- Henan Huanghe Whirlwind Co.,Ltd.
- New Diamond Technology Company
- Swarovski International Holding AG (Swarovski AG)
- WD Lab Grown Diamonds
- Applied Diamond, Inc.v De Beers Group (Element Six)
- HEYARU Group
- ABD Diamonds
- Clean Origin LLC
- Eco Lab Diamonds
- Vibranium Lab Grown Diamonds
Looking around the world, more and more diamond manufacturers and diamond brands have begun to invest in the technology development, commercial production, market cultivation and marketing activities of lab-grown diamonds to tap the vast market. In 2017, Swarovski officially launched its lab-grown diamond brand Diama in North America. And, in 2021, Pandora announced that it would abandon natural diamonds and use lab-grown diamonds to produce its new brand, Pandora Brilliance.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Fall in Prices of Lab Grown Diamonds
6.1.2 Increasing Demand From End User Industries
6.1.3 Rapid Urbanization
6.1.4 Fast Growing Jewelry Industry
6.1.5 Rising demand of Lab Grown diamonds among Millennials
6.2 Challenges
6.2.1 Complexities in Manufacturing Process
6.2.2 Increased Competition From Naturally Mined Diamonds
6.3 Market Trends
6.3.1 Increasing Consumer Awareness
6.3.2 Integration of Artificial Intelligence (AI)
6.3.3 Rising Sustainability Concerns
6.3.4 Advancements in Lab Grown Diamond Production Technologies
7. Competitive Landscape
8. Company Profiles
Companies Mentioned
- Henan Huanghe Whirlwind Co.,Ltd.
- New Diamond Technology Company
- Swarovski International Holding AG (Swarovski AG)
- WD Lab Grown Diamonds
- Applied Diamond, Inc.v De Beers Group (Element Six)
- HEYARU Group
- ABD Diamonds
- Clean Origin LLC
- Eco Lab Diamonds
- Vibranium Lab Grown Diamonds
For more information about this report visit https://www.researchandmarkets.com/r/5ud5ft
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Artificial Intelligence
Identity Governance & Administration Market Projected to Reach $24.42 billion by 2030 – Exclusive Report by 360iResearch
PUNE, India, April 25, 2024 /PRNewswire/ — The report titled “Identity Governance & Administration Market by Component (Services, Solution), Modules (Access Certification & Compliance Control, Access Management, Identity Lifecycle Management), Organization Size, Deployment, Vertical – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $8.46 billion in 2023 to reach $24.42 billion by 2030, at a CAGR of 16.34% over the forecast period.
“Navigating Global Identity Governance With Key Strategies for Digital Security and Compliance”
Identity governance and administration (IGA) has emerged as a critical policy-driven approach aimed at fortifying digital identities within organizations, ensuring that proper access is provided to the right individuals for valid reasons. Across the globe, the demand for IGA solutions is on the rise, driven by the need to tackle sophisticated cyber threats, comply with stringent data protection laws, and adapt to the digitization wave sweeping through industries. Challenges include integrating these solutions with pre-existing IT frameworks, primarily in organizations reliant on legacy systems. The North American market, led by the United States and Canada, is at the forefront of this expansion, embracing technological advancements and stringent regulatory standards. Meanwhile, the Europe, Middle East, and Africa (EMEA) region is navigating its unique landscape, with the EU focusing heavily on compliance through GDPR and the Middle East and Africa gradually recognizing the value of digital security. The Asia-Pacific region is witnessing a significant uptrend in IGA solutions adoption, spurred by digital transformation initiatives and cybersecurity awareness, with China and India playing pivotal roles. This global perspective highlights the universal importance of IGA in today’s digital era, highlighting the critical balance between innovation, security, and regulatory compliance in safeguarding digital identities.
Download Sample Report @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
“Navigating the New Normal With The Crucial Role of Identity Governance in Securing Hybrid Work Environments”
As businesses globally embrace the fusion of remote and traditional office work, the need for secure, hybrid workspaces becomes paramount. The shift toward flexible working models, accelerated by the COVID-19 pandemic, highlights the importance of cybersecurity and accessibility in ensuring operational continuity and a better work-life balance. Identity governance & administration (IGA) systems emerge as essential tools within this evolving work landscape. They enable organizations to manage digital identities and access rights effectively, safeguarding sensitive data against unauthorized access across diverse working environments. By ensuring that only credentialed employees can access critical information, regardless of their physical location, IGA solutions stand at the forefront of maintaining cybersecurity compliance and operational integrity. This development signifies a growing demand for robust identity governance frameworks, ensuring businesses remain resilient and secure in remote work and beyond.
“Elevating Security and Efficiency in Organizations through Specialized Identity Governance & Administration Services”
Managed and professional services provide organizations with the specialized expertise necessary for optimizing the performance and security of identity governance & administration (IGA) systems, eliminating the need for such in-depth knowledge internally. Businesses benefit from advanced skills that enhance system functionality and safeguard sensitive data by outsourcing specific IGA tasks. From the initial stages of integration and implementation, ensuring seamless incorporation with existing infrastructures, to ongoing support and maintenance for consistent system reliability and up-to-dateness, these services form the foundation of effective IGA strategies. Furthermore, training and consulting play a pivotal role, equipping companies with the understanding and capability to utilize their IGA systems to the fullest. IGA solution is a critical technological tool designed to streamline the management of user access rights across organizations, bolstering security, operational efficiency, and compliance with regulatory standards. This comprehensive approach to IGA facilitates a more secure, efficient, and compliant organizational environment, empowering businesses to focus on core objectives and ensure their data remains protected.
Request Analyst Support @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
“International Business Machines Corporation at the Forefront of Identity Governance & Administration Market with a Strong 7.09% Market Share”
The key players in the Identity Governance & Administration Market include Broadcom, Inc., SAP SE, Oracle Corporation, Microsoft Corporation, International Business Machines Corporation, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Identity Governance & Administration Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Identity Governance & Administration Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Identity Governance & Administration Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
Ask Question to ThinkMi @ https://app.360iresearch.com/library/intelligence/identity-governance-administration
“Dive into the Identity Governance & Administration Market Landscape: Explore 197 Pages of Insights, 654 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsIdentity Governance & Administration Market, by ComponentIdentity Governance & Administration Market, by ModulesIdentity Governance & Administration Market, by Organization SizeIdentity Governance & Administration Market, by DeploymentIdentity Governance & Administration Market, by VerticalAmericas Identity Governance & Administration MarketAsia-Pacific Identity Governance & Administration MarketEurope, Middle East & Africa Identity Governance & Administration MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
Related Reports:
Privileged Identity Management Market – Global Forecast 2024-2030Identity & Access Management Professional Services Market – Global Forecast 2024-2030Digital Identity Solutions Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
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Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
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Artificial Intelligence
Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms
MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.
SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]
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Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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