Point of View
The retail industry stands at a critical inflection point. The convergence of evolving consumer expectations, relentless technological disruption, and the inexorable demand for sustainability has rendered antiquated retail models obsolete. Retailers with a rudimentary transaction-based approach will likely lose 30-50% of their current revenue base in the next five years. To secure continued relevance and competitive viability, retailers must unreservedly embrace the HFS ‘Future of Retail’ framework. Rooted in real-world developments, the framework delineates a structured approach to navigating the complexities and capitalizing on the opportunities of this new technology-led era.
As Exhibit 1 illustrates, the current retail ‘modus operandi’ presents several challenges for consumers as it is limited by design.
Source: HFS Research, 2024
Retailers with this rudimentary mindset have been experiencing significant customer churn (up to 30%), a continuous dip in market share (3-5% per year), and cost overruns of more than 20% because of operational inefficiency. Therefore, it’s imperative to reimagine your operations with a structured transformation approach.
The HFS ‘Future of Retail’ framework (see Exhibit 2) has two intertwined layers. The inner layer focuses on the operational and technological components, and the outer layer focuses on stakeholder experience and sustainability.
Decoding the inner layer—operational and technological components
The outer layer advocates focusing on stakeholder experience and sustainability
As retail is a low-margin business and infrastructure investments tend to scale linearly, all the technological, operational, and business initiatives must be measured against improvement in financial performance, brand perception, operational efficiency, and customer satisfaction.
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North Carolina is one of the fastest-growing states in the country, experiencing robust economic growth through both an increasing population and the attraction of new businesses. Between 2020 and 2023 alone, the state’s population grew by 3.8%, outpacing both the national (1.0%) and the South’s (3.1%) rates of population growth (see Figure 1). 1 As the state evolves politically and demographically, the November election will address several critical issues that will shape its future. Jim Johnson, director of the Urban Investment Strategies Center and William R. Kenan Jr. Distinguished Professor of Strategy and Entrepreneurship at UNC Kenan-Flagler Business School, discusses in this interview how his research sheds light on these key issues and offers insights into the challenges and opportunities facing North Carolina.
Your research spans a variety of topics, from demographic shifts to economic development. What overarching patterns or themes have emerged, and why are they critically important in North Carolina today?
Jim Johnson: Over the past three decades, North Carolina has been one of the nation’s major migration destinations. People moving from other states and abroad were responsible for 95% of North Carolina’s growth (396,022) between 2020 and 2023 (see Figure 2). And migration has accounted for nearly all of North Carolina’s population growth of over 4 million people since 1990. 2
For two consecutive years, North Carolina ranked as America’s top state for business. However, we recently dropped to No. 2 in CNBC’s rankings, and there has been a notable slowdown in the rate of in-migration alongside an increase in out-migration. Between 2022 and 2023, the state's net migration rate dropped from 317 newcomers daily to 220, signaling that some key factors – like affordability, infrastructure and inclusiveness – might be slipping. 3
While North Carolina remains attractive as a place to live and do business, the state may be losing some of its shine because of changes in quality of life metrics, including crime, childcare, healthcare, environmental quality and inclusiveness. For instance, childcare shortages have led to increased costs, with the average cost of infant care now exceeding $9,100 annually in the state. 4 This strains working families and poses challenges for retaining talent.
Moreover, recent migration-induced growth has masked profound changes in the state's population composition, affecting our ability to produce the workforce required for economic development. Our growth is largely driven by people of color, who contributed to 69% of the state’s net population increase between 2020 and 2023 (see Figure 3). 5 Yet, we are pushing back on diversity, equity and inclusion precisely when we need all hands on deck to remain innovative and competitive.
North Carolina’s population is also aging. Between 2020 and 2023, the state's senior population grew by 11.2%, outpacing the total (3.8%), preschool age (1.1%), school age (0.5%) and working-age (2.9%) population growth rates (see Figure 4). 6 This demographic shift, coupled with normal age-related mortality, deaths of despair among prime working-age males, and declining male college enrollment, is creating a demographic depression in our labor market. For example, the state has seen a 20% increase in deaths of despair – particularly opioid overdoses – since 2018, which has disproportionately affected men ages 25-44. 7 These deaths represent a long-term economic loss, as each of these individuals could have contributed decades of productivity to the state’s economy.
The collective impact of these disruptive demographic trends have far-ranging and geographically expansive implications for the state’s ability to create and maintain a competitive workforce, especially when viewed in conjunction with below-replacement-level fertility – another long-standing trend affecting the size and composition of the population of our nation and the state. Emblematic of both the scope and magnitude of the impact of these combined forces, deaths exceeded births in 80 of North Carolina’s 100 counties between 2020 and 2023 (see Figure 5).
Your work on the nursing profession emphasizes the importance of understanding "iceberg demographics." Can you discuss how these hidden demographic trends also influence North Carolina’s attractiveness as a migration destination?
Jim Johnson: The concept of " iceberg demographics " arises from the pushback on race and gender equality, coupled with growing labor activism. Post-COVID, we’ve witnessed increased labor activism, including walkouts, strikes, resignations and pushback on mandatory return-to-office mandates. During the pandemic, people reflected on their lives, and many challenges workers face today are not visible to the naked eye, much like an iceberg.
These "iceberg demographics" are the invisible attributes that shape individuals' lives but are not readily apparent. For example, over 60% of women ages 45-54 in the workforce are managing menopausal symptoms, but very few companies have policies or resources in place to accommodate them. 8 Understanding these hidden factors is crucial for successfully recruiting and retaining workers today. People analytics will become the norm, as companies will need to modify workplace policies, practices and procedures to accommodate the diverse needs of their employees. In a state like North Carolina, where net migration has been a significant driver of growth, these invisible demographics could greatly influence whether people choose to move here or take their talent elsewhere.
Given demographic headwinds such as an aging population and below-replacement-level fertility, what strategies should North Carolina adopt to maintain its economic vitality?
Jim Johnson: First and foremost, we need to push for comprehensive immigration reform at the national level. As an aging state with declining fertility, we need labor, and if we can’t reproduce it, we must import it. Immigration is an age-selective process, and young immigrants are crucial for our labor force. Currently, immigrants account for roughly 12% of North Carolina’s workforce. 9 Without them, sectors like construction, healthcare and agriculture would face critical labor shortages.
Additionally, we should invest in age-friendly infrastructure and the longevity economy. North Carolina’s senior population will exceed 2.8 million by 2035, presenting enormous business and job opportunities in fields like healthcare, housing and elder care services. 10 Age-friendly cities are also key for retaining older residents, ensuring they remain active participants in the economy.
Embracing a "bring back our own population" strategy can help rebuild dying counties and those experiencing biological decline. Currently, 80 counties in North Carolina have more deaths than births. 11 By incentivizing young and middle-aged talent – particularly those with remote work opportunities – to return to their hometowns where they have location-specific capital in the form of aging parents, grandparents and other relatives, we can begin reversing these trends.
How do you see the future of North Carolina’s demographic trends affecting the state’s education system and workforce readiness ?
Jim Johnson: We are facing significant challenges due to deaths of despair, declining fertility and the sex ratio imbalance in higher education. The sex ratio in higher education has been 60% female and 40% male for four decades, creating a shortage of marriageable males and affecting family structure and child-rearing. 12 As a result, the number of births in the state has declined sharply. In 2022, North Carolina recorded just over 118,000 births, compared with over 132,000 in 2008. 13 This declining fertility rate is leading to a potential enrollment cliff in both K-12 and higher education.
Additionally, deaths of despair are concentrated among prime working-age males, ages 25-44, whose premature deaths rob the state of critical labor force contributions. 14 For example, opioid-related deaths have increased by 35% since the pandemic began, contributing to the loss of nearly 14,000 potential workers over the past decade. 15 These trends will affect our ability to cultivate a workforce that is competitive on a national and global scale.
Your coming research suggests that anti-DEI policies could hinder North Carolina's growth. Can you explain how these policies might affect the state's ability to attract and/or retain a diverse talent pool?
Jim Johnson: Anti-DEI policies could lead to a decline in North Carolina's attractiveness as a destination, as people increasingly vote with their feet and choose more inclusive environments. We know from a recent survey that 88% of young professionals under 35 would consider not taking a job or moving to a state that did not support reproductive rights or DEI initiatives. 16 With 80 counties where deaths exceed births, we cannot afford to lose anyone. 17
Pushing an anti-DEI agenda hampers our ability to develop and retain the talent needed to move our state forward. It’s not just a moral issue – it’s an economic imperative.
Based on your findings, what are the most critical actions that North Carolina must take to ensure it remains a top destination for business, innovation and quality of life?
Jim Johnson: Embracing diversity as a form of enlightened self-interest is essential given the disruptive demographic trends we are experiencing. We must address deaths of despair and the loss of young, working-age individuals to premature disabilities and deaths. Currently, North Carolina has one of the highest rates of opioid-related deaths in the Southeast, with over 3,000 deaths annually. 18 Tackling this issue head-on is vital for the health of our workforce.
Developing an affordable workforce housing strategy for public school teachers and civil servants is crucial. Right now, over 50% of North Carolina’s teachers report struggling to find affordable housing near their schools. 19 Demonstrating a commitment to climate and environmental justice will also enhance our state’s appeal, as extreme weather events and environmental degradation increasingly affect where people choose to live and work.
Investing in R&D in the business of aging and creating age-friendly infrastructure will capitalize on opportunities presented by an aging population. Finally, rebranding North Carolina as a place where empathy and compassion are core operating principles will help attract and retain talent. Prioritizing these actions will ensure that North Carolina remains a top destination for business, innovation and quality of life.
1 Annual and Cumulative Estimates of the Components of Resident Population Change for the United States, Regions, States, District of Columbia, and Puerto Rico: April 1, 2020 to July 1, 2023 (NST-EST2023-COMP) Source: U.S. Census Bureau, Population Division Release Date: December 2023
2 Annual and Cumulative Estimates of the Components of Resident Population Change for the United States, Regions, States, District of Columbia, and Puerto Rico: April 1, 2020 to July 1, 2023 (NST-EST2023-COMP). U.S. Census Bureau, Population Division Release Date: December 2023.
3 North Carolina Office of State Budget and Management. (2023). State migration trends and estimates: 2022-2023. Retrieved from https://www.osbm.nc.gov/data
4 Child Care Aware of America. (2023). The U.S. and the high price of child care: An examination of a broken system. Retrieved from https://www.childcareaware.org
5 Annual Estimates of the Resident Population by Sex, Race, and Hispanic Origin for North Carolina: April 1, 2020 to July 1, 2023 (SC-EST2023-SR11H-37). U.S. Census Bureau, Population Division Release Date: June 2024
6 Annual Estimates of the Resident Population for Selected Age Groups by Sex for North Carolina: April 1, 2020 to July 1, 2023 (SC-EST2023-AGESEX-37). U.S. Census Bureau, Population Division Release Date: June 2024
7 North Carolina Department of Health and Human Services. (2023). Deaths of despair report: Opioid overdose trends in North Carolina, 2018-2023. Retrieved from https://www.ncdhhs.gov
8 North American Menopause Society. (2023). Menopause in the workplace: Impacts and statistics. Retrieved from https://www.menopause.org
9 Migration Policy Institute. (2023). Immigrants in the U.S. states: Workforce data for North Carolina. Retrieved from https://www.migrationpolicy.org
10 North Carolina Office of State Budget and Management. (2023). North Carolina population projections: 2020-2035. Retrieved from https://www.osbm.nc.gov/data
11 North Carolina Department of Health and Human Services. (2023). Vital statistics report: Births and deaths by county, 2023. Retrieved from https://www.ncdhhs.gov
12 National Center for Education Statistics. (2023). Enrollment and graduation rates by gender in higher education: A 40-year analysis. Retrieved from https://nces.ed.gov
13 North Carolina Department of Health and Human Services. (2023). Birth statistics report: 2008-2022. Retrieved from https://www.ncdhhs.gov
14 North Carolina Department of Health and Human Services. (2023). Deaths of despair: Impact on the labor force in North Carolina. Retrieved from https://www.ncdhhs.gov
15 North Carolina Department of Health and Human Services. (2023). Opioid overdose trends and workforce impact: 2013-2023. Retrieved from https://www.ncdhhs.gov
16 Pew Research Center. (2023). Young professionals' attitudes towards reproductive rights and DEI initiatives in the workplace. Retrieved from https://www.pewresearch.org
17 North Carolina Department of Health and Human Services. (2023). Vital statistics report: Births and deaths by county, 2023. Retrieved from https://www.ncdhhs.gov
18 North Carolina Department of Health and Human Services. (2023). Annual opioid overdose death report. Retrieved from https://www.ncdhhs.gov
19 North Carolina Association of Educators. (2023). Teacher housing affordability survey: 2023 report. Retrieved from https://www.ncae.org
William R. Kenan Jr. Distinguished Professor of Strategy and Entrepreneurship, Director of the Urban Investment Strategies Center
Home • Water Industry Insights • U.S. & Canada Digital Water Market Outlook: Key Drivers, Competitive Shifts, and Forecasts, 2024–2033
The U.S. and Canada have long been at the forefront of digital water adoption, shaped by a diverse network of assets, an expansive roster of technology vendors, and relative access to capital. As such. Bluefield Research anticipates strong demand for digital water solutions in North America, underpinning a cumulative US$169.5 billion in spending from 2024 to 2033.
This growth is fueled by several key factors: the need for increased efficiencies in asset and operations management, which is becoming ever more critical due to a growing workforce gap; shifts in policy and government funding that are incentivizing digital technology adoption; and the increasingly ubiquitous deployment of technology across all aspects of critical infrastructure. These drivers also usher in the increasingly complex challenges associated with cybersecurity.
As utility demand intensifies, from very large to very small utilities, the vendor landscape is becoming more competitive. The market is currently dominated by established water technology players, many of which are based in the U.S. and Canada. However, new market entrants are making inroads through strategic acquisitions and partnerships, while emerging startups are challenging the status quo, especially with software-based solutions.
This Insight Report ( and related data dashboard) offers a comprehensive analysis of the U.S. & Canada digital water market, including hardware, software, services, and connectivity. Bluefield’s bottom-up approach provides a detailed view of the current landscape and future growth, along with insights into major drivers and trends, the competitive environment, and detailed company profiles of 15 major digital water incumbents.
Section 1: U.S. & Canada Digital Water Market Drivers & Trends
Section 2: U.S. & Canada Digital Water Market Forecasts
Section 3: Competitive Landscape
Section 4: Key Company Profiles
Companies mentioned.
Global digital water incumbents: top company strategies and rankings, 2024 u.s. elections: implications for the water industry, digital twins in water: market overview, competitive trends, and key profiles, related podcast, from milestones to predictions: what’s next for the future of water , have ongoing analysis needs.
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Siemens healthineers, (germany) and philips healthcare (netherlands) are leading players in the digital radiography market.
The global digital radiography market size is projected to grow to USD 1.9 billion by 2029 from USD 1.6 billion in 2024, at a CAGR of 3.5% during 2024-2029. A few drivers of the digital radiography market are as follows: Improving performance and capabilities of digital radiography systems with the need for technological advancements, which has resulted in better image quality, faster processing time, and reduced radiation exposure.
The market for digital radiography does not seem to be very fragmented; however, until now, it has been showing quite a number of well-established companies and upcoming rivals in the race to share the same marketplace. The key players operating in the global digital radiography market include Siemens Healthineers, (Germany), Philips Healthcare (Netherlands), GE Healthcare (US), Canon, Inc (Japan), Shimadzu Corporation (Japan), Agfa-Gevaert Group (Belgium), Samsung Medison (South Korea), Konica Minolta (Japan), Shenzhen Mindray Bio-Medical Electronics Co., (China), FUJIFILM Holdings Corporation (Japan), among many others.
To know about the assumptions considered for the study download the pdf brochure
The top players in the digital radiography market utilize some of the key strategies that help them stay ahead in the competition. Continuing research and development allows companies to come up with new, innovative, and technologically advanced digital radiography systems and improve their product lineups. Strategic partnerships and collaborations with healthcare providers and institutions are also done to get greater market share and increase their reach. The key players focus on customer-oriented strategies that involve a full range of training, support, and maintenance services to enhance user experience and satisfaction. Siemens Healthineers, (Germany), accounted for the leading position in the Digital radiography market in the year 2023, followed by Philips Healthcare, Netherlands, GE Healthcare, (US), Canon, Inc., (Japan), and FUJIFILM Holdings Corporation, (Japan).
SIEMENS HEALTHINEERS (GERMANY)
Siemens Healthineers is one of the global leaders in medical technologies, including digital radiography systems. Their digital radiography systems unite ultra-modern technologies with sophisticated imaging possibilities for generating first-class diagnostic images while keeping a sharp eye on patient safety and comfort. Siemens Healthineers' digital radiography systems provide healthcare facilities with as much diversity in requirements as possible. Equipped with versatile configurations, the systems accommodate a wide range of clinical applications, from routine diagnostic imaging to specialized procedures. These machines are equipped with user-friendly graphical interfaces and workflow optimization tools, enabling the whole process of imaging to be streamlined for healthcare professionals to effectively acquire and interpret images. Siemens Healthineers is working relentlessly to evolve this digital radiography technology, focusing on innovation and continuous improvement. With modern challenges and demands shifting in healthcare, every effort combines to make patients better and to deliver advanced services in diagnostic imaging worldwide.
PHILIPS HEALTHCARE. (NETHERLANDS)
Philips is among the top four players in the digital radiography market. The company believes in research & development activities to maintain its leading position in the | digital radiography market. The company spends over 10% of its annual turnover on R&D activities and product development that has helped the company to launch innovative products continuously in the market. For instance, CombiDiagnost R90, Digital Diagnost C90, and ProxiDiagnost N90 are some of the products launched by the company in the last three years. The company also focuses on teleradiology services and has launched SHINEFLY in collaboration with Digital China Health of China for the Chinese market. Philips also follows inorganic growth strategies in the form of partnerships, collaborations, and acquisitions. The strong product portfolio of the company, its geographical presence, and ongoing partnerships and agreements are well complemented by frequent launches, which have further strengthened this position in the market.
GE HEALTHCARE (US)
GE Healthcare is one of the major medical technology businesses that provide a complete and innovative digital radiography system portfolio, standing for reliability and performance. These innovative digital radiography systems from GE Healthcare use advanced technology to provide high image quality to clinicians for accurate diagnosis and patient care. These products are designed for all healthcare environments-small clinics and large hospitals alike—the strengths of which must be needed at each step in terms of versatility and flexibility. Digital radiography from GE Healthcare drives workflow efficiency and user experience by hosting sophisticated image processing algorithms, integrated intuitive user interfaces, and ergonomic designs. With very strong commitments to research and development, it would never be at par in upgrading digital radiography systems with new technologies so as to quickly respond to new arising challenges in clinical care.
Related Reports:
Digital Radiography Market by Product (Fixed (Floor-to-Ceiling, Ceiling), Portable (Mobile, Handheld)), Type (Retrofit, New Digital System), Application (Chest, CVS, Ortho, Pediatric), End User (Hospitals, Imaging Center) - Global Forecast to 2029
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Market Forecast - Exciting Growth Ahead. According to BCC Research, the global market for microelectronic medical implants will soar from $49.0 billion in 2024 to an impressive $85.1 billion by 2029! This represents a remarkable CAGR of 11.7% over the forecast period (2024-2029).
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The future of market research is shaped by several key trends, including the adoption of Predictive Analytics and Artificial Intelligence (AI) for more precise predictions and personalized insights. Customer-centric approaches, driven by direct customer feedback and enhanced user experiences, are also at the forefront. ...
The global market research industry generates over $118 billion in annual revenue and the United States holds a 53% share of this market. Reflecting on the beginning of the year and the various predictions about crucial trends in market research for 2024, several companies, including Resonio, ReconMR, and TechCrunch, anticipated that artificial intelligence would be a major game-changer.
Grand View Research provides off the shelf, syndicated market research studies, publishing over 240 reports each year, covering 45 industries, on a global as well as regional level. We track various industries, identifying key markets and understanding key macro and micro-economic trends. Keeping pace with the business environment, we publish ...
Crawford argues market research is essentially future-focused, an observation that rings true for all practitioners. Market researchers collect data so their clients can anticipate the future, form policy and plan accordingly. Advertising, a reason for much research going back over the years, is perhaps even more future-focused and at times ...
Longitudinal tracking. One of the biggest market research trends going into 2023 and beyond will be longitudinal studies and tracking. For far too long, research has relied on broken-down respondent sets that do not help gather a macro-level view of data and insights. With the help of community management platforms, longitudinal research helps ...
Market research enables businesses to: 1. Better comprehend their target audience's demographics and segment customers effectively. 2. Study competition and recognize market trends. 3. Guide ...
The future of market research. 20 October 2022. Authors Eric Duchamp. From researcher to business partner: A new mindset for market researchers to elevate their value proposition. Business Trends.
Data Analytics Market Overview. Data Analytics Market Size was valued at USD 55.1 billion in 2022. The Data Analytics market industry is projected to grow from USD 7.03 Billion in 2023 to USD 303.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 27.60% during the forecast period (2023 - 2030).
Making Market Research Easy - Enhancing Industry Partnerships This webinar is free and open to all of industry. Join the GSA Office of Small and Disadvantaged Business Utilization and the GSA Federal Acquisition Service Office of Customer & Stakeholder Engagement (CASE) as they team to provide innovative insights on how to respond to GSA's RFIs.
Source: HFS Research, 2024. Retailers with this rudimentary mindset have been experiencing significant customer churn (up to 30%), a continuous dip in market share (3-5% per year), and cost overruns of more than 20% because of operational inefficiency. ... The HFS 'Future of Retail' framework (see Exhibit 2) has two intertwined layers. The ...
North Carolina's population is also aging. Between 2020 and 2023, the state's senior population grew by 11.2%, outpacing the total (3.8%), preschool age (1.1%), school age (0.5%) and working-age (2.9%) population growth rates (see Figure 4). 6 This demographic shift, coupled with normal age-related mortality, deaths of despair among prime working-age males, and declining male college ...
Bluefield Research anticipates strong demand for digital water solutions in North America, underpinning a cumulative US$169.5 billion in spending from 2024 to 2033. ... demand intensifies, from very large to very small utilities, the vendor landscape is becoming more competitive. The market is currently dominated by established water technology ...
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Stigma is a discrediting attribute that emerges in social interactions, playing different roles in different contexts. Several fields (e.g., sociology and psychology) have dedicated special attention to this phenomenon as it significantly impacts people's lives. Although there is some interest in the idiosyncrasies of stigma in marketing and consumer behavior, the literature investigating such ...
Latest Business News | Market Research Future. [email protected] 📞 +1 (855) 661-4441 (US) 📞 +44 1720 412 167 (UK) Free Cloud Setups are a Victim of Botnets Increasingly. By Shubhendra Anand, 22 August, 2024. A growing dependency on Internet marketing has led to several disruptions in the web sector.
The research insight on digital radiography market highlights the growth strategies of the companies. Know the future scenario, forecast, and current trends in digital radiography. Siemens Healthineers, (Germany) and Philips Healthcare (Netherlands) are Leading Players in the Digital Radiography Market