Global Online Travel Agent Market

The vanadium mining market consists of sales of vanadium ores and concentrates and related services. The global vanadium ore mining market is expected to decline from $1.7 billion in 2019 to $1.6 billion in 2020 at a compound annual growth rate (CAGR) of -5.8%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 18% from 2021 and reach $2.5 billion in 2023. The vanadium ore mining market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The APAC market is the largest market for Vanadium Ore Mining and is expected to continue to be the largest market during the forecast period. The increasing use of Vanadium in automobile industry will drive the Vanadium ore mining market. Use of vanadium alloy for manufacturing automobile parts will reduce their weight and increases their fuel efficiency. According to an investing firm (aheadoftheherd.com), around 85% of all automobiles will incorporate vanadium alloy to reduce their weight, thereby increasing their fuel efficiency by 2025. The rate at which vanadium is being deposited into the environment is increasing, which can be attributed to global rise in discharges to the environment of vanadium rich industrial byproducts including steel slags, and ash from the expansion of waste incineration. Due to this major jurisdictions including the USA, and China are implementing environmental protection strategies/regulations to lessen the toxic effects of Vanadium, these regulations will hamper the Vanadium ore mining market. For example, in the USA, vanadium is listed as Contaminant Candidate List 4 (CCL4) and is subject to more stringent monitoring in potable waters, on the other hand China is waging war on smog and promotion of environmentalism (by regulating iron ore blends to lower vanadium content raw material). The use of vanadium redox flow batteries (VRFB`s) for energy storage is an emerging trend market. This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers. For example, China national development and reform commission released a policy document that called for the launch of pilot projects which ramp up utilization of VRFBs for its electric grid by the end of 2020.

Online Travel Agent Market Definition

The trust and foundations market consists of sales of trust and foundations services by entities (organizations, sole traders and partnerships) that operate grant-making foundations or charitable trusts. Only goods and services traded between entities or sold to end consumers are included The global trusts and foundations market is expected to grow from $161.9 billion in 2019 to $163.1 billion in 2020 at a compound annual growth rate (CAGR) of 0.73%. The slow growth rate is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $197 billion in 2023 at a CAGR of 6.5%. North America was the largest region in the trusts and foundations market in 2019. Asia-Pacific is expected to be the fastest-growing region in the forecast period. An increase in charity by people to several foundations is driving the market of trust and foundations. People are coming forward to help others in difficult times by providing with any kind of assistance that can ease the life of the needy. According to the statistics provided by the National Philanthropic Trust (NPT), approximately 90% of high net worth households give charity. NPT statistics show that Americans gave $449.64 billion to charity in 2019, which is a 5.1% increase from 2018. Around 69% of total giving came from individuals and around 17% from foundations. Therefore, an increase in charity by individuals, family, and personal foundations helps in driving the growth trust and foundation market. Funds are collected from generous individuals and also some companies as part of their Corporate Social Responsibility (CSR) activity. Help Age India, an Indian non-profit organization, helps senior citizens who do not have any support with such funds. The organization advocates for their necessities such as quality medical services, action against elder abuse, and many other activities at a public, state and cultural level with Central and State governments. In 2018, Help Age India conducted the largest healthcare program across India. It provided cataract surgeries to the elderly. There is an increase in NGOs catering to climate change activism as this is a widespread issue affecting several people and communities. Young people around the world are majorly elevating their voices on the issue if environmental change. From Greta’s movement, ‘Fridays for Future’ to the Madrid Climate Change Conference, all are focused on directing the attention towards climate change. For instance, the United Nations carries out its efforts to protect the environment with the help of the UN Environment Programme (UNEP) and the World Meteorological Organization (WMO). Another organization working in the direction of climate change is the Green Climate Fund that helps by providing financial assistance to the projects directed towards protecting the environment. The issue related to NGOs acting as a cover for illegal activities is expected to limit the growth of the trust and foundations market. The involvement of trust and foundations in illegal activities creates a negative image in society leading to the loss of confidence. For instance, in August 2020, it has been reported by New Vision that more than 200 refugee NGOs were operating illegally in Uganda. It was reported that these refugee settlements are operating without valid permits and valid memorandum of understandings (MOUs). When the verification was done, it was found that only 69 partners were fully authorized to implement requests response activities and around 208 were illegal. Therefore, this kind of event causes trust issues, which restrict the growth of the trust and foundations market.

The voluntary health organizations market consists of sales of voluntary health services by entities (organizations, sole traders and partnerships) that are engaged in raising funds for health-related research such as disease prevention (heart disease, cancer, diabetes, and others), health education, and patient services. Only goods and services traded between entities or sold to end consumers are included. The global voluntary health organizations market is expected to increase from $46.75 billion in 2019 to $47.08 billion in 2020 at a compound annual growth rate (CAGR) of 0.7%. The slow growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The market is then expected to recover and reach $56.84 billion in 2023 at a CAGR of 6.48%. North America was the largest region in the voluntary health organizations market in 2019. Asia-Pacific is expected to be the fastest-growing region in the forecast period. Increased voluntary contributions are expected to drive the demand for the voluntary health organizations market. Voluntary health organizations generate their revenue primarily from voluntary contributions from the general public, which are to be used for general or specific purposes that are connected with health, welfare, or community services. For instance, the total voluntary contributions to the WHO (World Health Organization) in 2018 amounted to $2.2 billion. Additionally, WHO received $615 million in 2018 for the outbreak and crisis response. Therefore, a growing number of voluntary contributions from the general public are predicted to fuel the demand for the voluntary health organizations market. High administrative costs associated with voluntary health organizations are limiting the growth of the voluntary health organizations market. Voluntary health organizations require funds to keep their organization running. A percent of the amount received through funding is spent on staff, IT services (associated with proper infrastructure and operations), building utilities, legal services, other office supplies, and maintenance. Each organization allocates a percent to administrative costs. According to the Center for American Progress`s press release in April 2019, in the USA, the administrative spending for non-profit institutions was 25% of the total spending of the institution. However, in some cases, the high administrative costs indicate fraud or unwarranted expenditures by some organizations. Most of the donors would prefer to see their philanthropic donations go directly to an organization’s core mission, rather than to administrative expenses, and such high and unwarranted expenditures would affect their willingness to donate. Therefore, the high administrative costs associated with voluntary health organizations are likely to hinder the voluntary health organizations market growth. Introduction to online fundraising is gaining popularity in the voluntary health organizations market. Major players operating in the industry are highly focused on introducing digital philanthropy which is widely favorable among donors (and the non-profits they support). For instance, non-profits have reported a 77% increase in online revenue over the past 5 years with email messaging driving 13% of online giving. Also, in 2018, 8.5% of overall fundraising was received through online channels. On average, non-profits raised $1.77 through Facebook for every $100 of total online revenue in 2018. In August 2020, Cone Health, a not-for-profit health care network serving people in Alamance, Forsyth, Guilford, Randolph, Rockingham, and surrounding counties, planned to merge with Sentara Healthcare. With the merger of Sentara Healthcare, Cone Health plans to create a combined organization with a unique value-based approach that is focused on keeping people healthy and well, while providing high-quality, accessible, and affordable health care in more ways and more places. Sentara Healthcare is a US-based not-for-profit health system company operating in North Carolina and Virginia, with 12 hospitals, outpatient care centers, imaging centers, and more.

The consumer electronics repair and maintenance market consists of sales of consumer electronics repair and maintenance services by entities (organizations, sole traders and partnerships) that are engaged in repairing and maintaining consumer electronics such as televisions, stereos, speakers, video recorders, CD and DVD players, radios, and cameras, without retailing new consumer electronics. Only goods and services traded between entities or sold to end consumers are included. The global consumer electronics repair and maintenance market is expected to increase from $16.34 billion in 2019 to $16.52 billion in 2020 at a compound annual growth rate (CAGR) of 1.11%. The low growth rate is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $20.52 billion in 2023 at a CAGR of 7.5%. North America was the largest region in the consumer electronics repair and maintenance market in 2019. Asia-Pacific is expected to be the fastest-growing region in the forecast period. An increase in equipment failure rates and cost benefits of repairing old equipment rather than disposing of them are expected to drive the consumer electronics repair and maintenance market. The branded and non-branded low-cost products regularly flood the market and need repair in some time as they are made with poor quality material or due to regular maintenance. However, research suggests that companies are now taking a different approach, which is building products that could be easily repaired for use as fixing an issue in a gadget is always a cost-effective solution than buying a new one, thereby enhancing the trust of the customer. Customers tend to buy and refer the products of the company that offers repair manual, spare parts and provide assistance and guidance on fixing the product. Apple has begun assembling the older iPhone in India. Companies like iFixit and Repair Cafe are bringing people together to work for repairing devices. The European Commission is all set to discuss eco-design regulation for smartphones from 2021, including access to spare parts and repair information. The COVID-19 pandemic has significantly impacted the consumer electronics repair and maintenance industry as governments across the globe have imposed lockdowns and put restrictions on non-essential services to prevent the spread of the virus. Repair and maintenance services hugely depend on labor and the availability of labor during this pandemic is a big challenge. The repair industry across countries such as US, the UK, Germany, Italy, the Middle East and India have also witnessed an increase in labor cost due to labor shortages in the lockdown. The repairing industry, in general, fixes around 25 million electronic appliances in a month, but due to lockdown and social distancing norms, the products are expected to pile up for repair. Besides, the supply chain disruptions in various countries have made it difficult to find spare components for mobile and other electronic appliances making consumers wait longer for availing services.

The market for the environment, conservation, and wildlife organizations consist of sales of environment, conservation, and wildlife services by entities (organizations, sole traders, and partnerships) that are engaged in promoting the preservation and protection of the environment and wildlife. These organizations address issues related to air and water management, global warming, and natural resources. The market consists of revenue generated by organizations from providing these services. The global environment, conservation, and wildlife organizations market is expected to decline from $22.23 billion in 2019 to $22.16 billion in 2020 at a compound annual growth rate (CAGR) of -0.30%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing and is harming efforts to prevent biodiversity loss worldwide. The market is then expected to recover and reach $25.95 billion in 2023 at a CAGR of 5.40%. The growing concern on the extinction of species is driving the growth of the environment, conservation, and wildlife organizations market. The wildlife conservation organizations are collaborating with local governments, businesses, and individuals to preserve and save biodiversity. These organizations are funded by foundations, individuals, and corporates in several ways. In 2019, the International Union for Conservation of Nature (IUCN) stated that 28,338 out of 105,732 species included in the assessment are threatened with extinction. In 2018, WHO stated that 250,000 additional deaths are expected due to climatic changes between 2030 and 2050. Several organizations and individuals are donating to save and preserve the natural habitat. In February 2020, Jeff Bezos from Amazon announced plans to donate $10 billion to support a global initiative that will fund scientists, activists, and NGOs to protect the planet. Similarly, in January 2019, Hansjörg Wyss donated $1 billion for Hansjorg ocean conservation around the world. Therefore, such initiatives are expected to drive the growth of the environment, conservation, and wildlife organizations market. The growing technological advancement in the conservation of wildlife is shaping the environment, conservation, and wildlife organizations market. Major organizations are focusing on creating innovative technology solutions for the environmental, conservation, and wildlife organizations market. For instance, in 2019, Resolve, the conservation nonprofit organization, developed an AI-powered camera system called TrailGuard AI, which is powered by Intel’s Movidius technology, to address the issues of poaching in The Serengeti National Park in Tanzania, which is spread over a vast area. This device helps identify humans, animals, and vehicles with high accuracy by using its deep neural network algorithms, and alerts park rangers by allowing them to respond before poachers can strike.

The human rights organizations market consists of revenue generated through human rights services by entities that are engaged in promoting causes associated with human rights either for a broad or a specific constituency. Establishments in this industry address issues such as protecting and promoting broad constitutional rights and civil liberties of individuals and those suffering from neglect, abuse, or exploitation, promoting the interests of specific groups such as children, women, senior citizens, or persons with disabilities, improving relations between racial, ethnic, and cultural groups, and promoting voter education and registration. The global human rights organizations market is expected to decline from $16.01 billion in 2019 to $15.75 billion in 2020 at a compound annual growth rate (CAGR) of -1.6%. The decline is mainly due to the COVID-19 outbreak that has put the economy in recession and forcing governments to reallocate grants to emergency funds pushing organizations to consider layoffs or to shut down completely. The market is then expected to recover and reach $17.74 billion in 2023 at a CAGR of 4.03%. The rise in hate crimes is expected to drive the human rights organizations market. Hate crime is a form of criminal violence upon a person or property, caused in whole or in part by an offender’s bias against a race, religion, disability, sexual orientation, ethnicity, gender, or gender identity. As per the annual report of FBI published in 2019, physical attacks against individuals have risen, accounting for 61% of the 7,120 cases reported by law enforcement authorities nationally as hate crimes in the USA. Government and non-governmental organizations aim to curb the abuses that challenge people`s human rights, which further aids in the growth of the human rights organizations market. Increasing attacks against human rights defenders are anticipated to hinder the human rights organization market. Attacks against human rights organizations that strive to safeguard human rights are rising at an alarming rate. For instance, in 2019, the Business and Human Rights Resource Center has tracked around 572 attack cases that were related to business-related activities, which is up from 492 cases in 2018. These attacks cause a sense of fear and timidness among individuals who work for human rights protection and challenges human rights protection activities, which thereby impedes the growth of the market. Organizations and human rights defenders are working towards protecting the digital human rights of individuals. According to the Pew Research poll of US adults in November 2019, the majority of Americans consider their online and offline activities are being tracked and monitored by companies and the government. Data collection has become mainstream that it breaches the privacy of individuals as everything is being tracked over the internet. To safeguard the interests of individuals using digital technology, human rights organizations are spreading awareness and are fighting to bring laws into place. In September 2020, Alwaleed Philanthropy, a charitable and philanthropic organization founded with a mission to help mitigate poverty and transcend international boundaries, has joined the Saudi Human Rights Commission to sign a memorandum of cooperation aimed at improving the protection of human rights of women and young people in Saudi Arabia. The Saudi Human Rights Commission is a Saudi government organization working for the protection and promotion of human rights in line with international standards.

The parking lots and garages market consists of sales of parking lots and garages services by entities (organizations, sole traders and partnerships) that are engaged in operating parking lots and parking garages. These establishments provide temporary parking services for motor vehicles, usually on an hourly, daily, or monthly basis. Only goods and services traded between entities or sold to end consumers are included. The global parking lots and garages market is expected to decline from $97 billion in 2019 to $95.57 billion in 2020 at a compound annual growth rate (CAGR) of -1.47%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The market is then expected to recover and reach $109.87 billion in 2023 at a CAGR of 4.76%. North America was the largest region in the parking lots and garages market in 2019. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The lack of sufficient parking due to rising motor vehicles use in developing economies is expected to drive the global parking lots and garages market. Market liberalization has caused a severe increase in transport, one of the important economic sectors, and its operational efficiency, which in turn has led to increased stagnant traffic in cities. For instance, in India, the average volume of traffic related to parking during peak time can reach 30%–50% of total traffic according to a research study published by the Journal of Traffic and Transportation Engineering. The commuters in Indian cities spend over 80 hours a year to look for parking space due to the lack of parking spaces in Indian cities amid a growing population of vehicles. The imbalance between parking supply and parking demand due to the increasing use of vehicles in developing economies is driving the market. Expensive parking spaces are expected to hinder the global parking lots and garages market. For instance, according to Parkopedia’s global parking index 2019, the average regular parking cost for 2-hour off-street parking in New York is $34.94 per day, $14.61 in Amsterdam, and $17.33 in Hong Kong. In Australia, daily parking costs around $54 and $24 for 2-hour parking. Motorists often get frustrated due to the expensive parking cost as most of the time they end up paying for the time they do not use. Also, the small parking spaces and poor parking services add to their irritation. To cut the parking prices and other issues associated with it, people try to avoid using personal vehicles, windup their works in a short time that hampers their daily work targets, or decide to park elsewhere risking the safety of their vehicle. The wireless smart parking sensor for detecting parking space occupancy is an emerging trend in the global parking lots and garages market. The Parking Lot Sensor (PLS) senses and records occupancy of parking space, allowing active parking lots management functionality such as search, navigation, and reservation. The sensors help in the effective management of parking spaces in cities. For instance, BOSCH recently launched a parking lot sensor that utilizes the LoRaWAN protocol for wireless communication. This sensor helps in guided and regulated parking, which removes traffic limitations. In April 2019, Laz Parking acquired Professional Parking, a California shuttle company for an undisclosed amount. Professional Parking with over 50 shuttles in its fleet, provides services to universities, municipal accounts, and seasonal deals. Laz Parking is the fastest-growing and second-largest parking and mobility company headquartered in the United States.