Increase in demand for weather forecasting using big data analytics and rise in climate change patterns resulting in uncertainties such as rainfall are the major factor that drive growth of weather risk management solutions market.
However, weather accuracy and lack of technical expertise hamper the market growth. Furthermore, developing economies such as India and China are expected to provide lucrative opportunities for this market.
COVID-19 Scenario Analysis:
- The global impact of the COVID-19 is expected to significantly affect the weather risk management solutions market in 2020.
- Though governments have imposed lockdowns to contain spread of the virus, weather risk management solutions can help governments to prepare well before any weather disturbance and make a strategy accordingly to mitigate any financial losses.
- Overall, the pandemic is expected to have a positive impact on the weather risk management solutions market.
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Weather risk management solutions is a growing market and prominent players are adopting different strategies such as expansion of their services, new product launches, collaborations, partnerships, and mergers to increase their customer base.
For instance, in August 2019, Vaisala acquired professional business-to-business weather services from Foreca Oy, which offers weather services and precise weather forecasts to media houses, consumers, and digital media channels.
Asia-Pacific is expected to have the largest weather risk management solutions market share during the forecast period, owing to technological advancements in emerging countries in the region.
In addition, countries such as India, where agriculture is the main occupation, weather risk management solutions can help farmers and governments to be well prepared based on the forecast and minimize financial losses caused by unusual weather.
Key benefits of the report:
- This study presents analytical depiction of the weather risk management solutions market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the weather risk management solutions market share.
- The current weather risk management solutions market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed weather risk management solutions market analysis based on the present and future competitive intensity of the market.
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