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Digital Scent Technology Market Size to Grow USD 354.7 Million by 2029 with a CAGR of 14.9% | Valuates Reports

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BANGALORE, India, Aug. 4, 2023 /PRNewswire/ — The Global Scent Technology Market is Segmented by Type (E-nose, Scent Synthesizer), by Application (Entertainment, Education, Food & Beverage, Healthcare, Communication): Global Opportunity Analysis and Industry Forecast 2023 – 2029.

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Due to the COVID-19 pandemic, the global Digital Scent Technology market size is estimated to be worth USD 132.7 million in 2022 and is forecast to a readjusted size of USD 354.7 million by 2029 with a CAGR of 14.9% during the forecast period 2023-2029.

Major Factors Driving the Growth of the Digital Scent Technology Market

More and more industries, including entertainment, gaming, marketing, and virtual reality, require more advanced sensory experiences. The incorporation of olfactory sensations into these experiences is made possible by digital scent technology, making the environment more realistic and immersive. This factor is expected to drive the growth of the Digital Scent Technology market

The medical industry is currently exploring the potential of digital scent technology for therapeutic applications, such as treating specific mental illnesses and enhancing memory. Therefore, the need for sensory enhancement, immersive experiences, and creative applications across various industries is driving the growth of the global digital scent technology market.

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TRENDS INFLUENCING THE GROWTH OF DIGITAL SCENT TECHNOLOGY MARKET:

e-nose technology development and expanded applications: Numerous more advantages, including anomaly detection and pattern identification, are driving up demand for e-nose. The e-nose can identify odor nuisance risks or other gas-related dangers by detecting changes in the composition of the air. The e-nose will inform users of unusual air conditions by adding alarm levels. Signal patterns produced by e-noses are related to the exposed gas composition. It makes an attempt to determine the type of gas composition that resulted in an odd air composition. Additionally, the use of small, transportable, and Internet of Things-enabled e-noses and platforms has increased recently.  This factor is expected to drive the growth of the digital scent technology market.

The use of fragrance in various gaming contexts can improve a game’s narrative capabilities. With the use of digital smell technology, players may sense the scent of the forest, the burning wood in the fireplace of the mansion, or the garden’s flowers. varied gaming areas have varied backdrops. The game experience gains a completely new dimension as a result, making it more interesting and fun. New games with a scent-focused theme may now be made thanks to digital smell technology. This factor is expected to drive the growth of the digital scent technology market.

Smell has been shown to help people remember things better and improve their memory. When learning materials are combined with digital scent technology, teachers can offer students a multimodal experience that can enhance their information retention. Second, greater participation. This factor is expected to drive the growth of the digital scent technology market.

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DIGITAL SCENT TECHNOLOGY MARKET SHARE

Alpha MOS, AIRSENSE Analytics, Odotech, Electronics Sensor Technology, and Owlstone are the top 5 producers of digital scent technology, together holding roughly 72% of the market.

In 2020, the market for digital smell technology was dominated by North America. Due to the presence of many important players in the area, North America is anticipated to continue to dominate the market over the projection period. The market is being driven by a number of key factors, including increased customer adoption of enhanced digital services, the use of biosensors for disease early detection, strict US regulations governing indoor air quality, and significant advancements in e-nose technology with regard to applications in the agricultural and medical sectors.

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Key Companies:

  • Alpha MOS
  • AIRSENSE Analytics
  • Odotech
  • Electronics Sensor Technology
  • Owlstone
  • Sensigent
  • The eNose Company

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SIMILAR REPORTS

–  Scent Synthesizer and E-Nose Product market was valued at USD 41 million in 2022 and is anticipated to reach USD 74 million by 2029, witnessing a CAGR of 8.7% during the forecast period 2023-2029.

–  AI Digital Scent Devices Market

–  Digital Smell Technology Market

–  Olfactory Technology Product market was valued at USD 237.6 million in 2022 and is anticipated to reach USD 1833.9 million by 2029, witnessing a CAGR of 33.5% during the forecast period 2023-2029.

–  Digital Olfactory technology market was valued at USD 72 million in 2022 and is anticipated to reach USD 705.3 million by 2029, witnessing a CAGR of 38.0% during the forecast period 2023-2029.

–  Digital Perfume Market

–  Digital Fragrance Market

–  Floral Scented Candles Market

–  Air Fresheners market was valued at USD 9074.7 million in 2022 and is anticipated to reach USD 11370 million by 2029, witnessing a CAGR of 2.8% during the forecast period 2023-2029.

–  Virtual Reality Headsets market size is projected to reach USD 42100 million by 2027, from USD 9457.7 million in 2020, at a Compound Annual Growth Rate (CAGR) of 23.2% during the forecast period 2021-2027.

–  Chemical Sensors market size was USD 28750 million and it is expected to reach USD 47700 million by the end of 2027, with a CAGR of 7.5% during 2021-2027.

–  IoT Device Management market size is projected to reach USD 7668.1 Million by 2028, from USD 1783.2 Million in 2021, at a CAGR of 22.6% during 2022-2028.

–  Digital Process Automation market size is projected to reach USD 11770 Million by 2027, from USD 6451.8 Million in 2020, at a CAGR of 8.5% during 2021-2027.

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Blockchain Press Releases

KuCoin Campus Survey Reveals: 88% of Participants Eager to Build Careers in Blockchain

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VICTORIA, Seychelles, April 30, 2024 /PRNewswire/ — KuCoin, a leading global crypto exchange, has launched a survey report on Blockchain Education and Career as its new KuCoin Campus initiative, aiming to understand global interest in blockchain education and careers. This effort marks the beginning of their educational campaign, focusing on engaging in offline interaction to enhance learning.

The survey has unveiled a high interest in learning and pursuing a career in the blockchain industry, with responses from over 1900 survey participants, reflecting a promising talent pool that industry partnerships and career guidance can harness, and a substantial market for job opportunities and professional development in this field.

In the heart of KuCoin’s survey, an overwhelming 88% of respondents showcase their eagerness to embark on blockchain careers. This enthusiasm is further evidenced by the 75% of participants who declare a “very high” interest in the blockchain sphere, indicating a widespread recognition of its transformative capabilities.

The survey also delves into the experience levels of blockchain enthusiasts, revealing that 65% of respondents have been engaged with the industry for at least a year, including a notable 15% with over three years of experience. This diverse mix of newcomers and veterans highlights the industry’s dynamic nature and the continuous influx of fresh talent.

Engagement preferences further reflect the community’s diverse approach to blockchain, with 49% favoring investment as a means of learning, followed by the use of blockchain services and applications (39%), and formal education and community involvement trailing closely. This indicates a broad spectrum of entry points into the blockchain world, from financial investment to academic pursuit and community participation.

Moreover, the survey sheds light on the core principles that intrigue participants, with 51% fascinated by blockchain’s potential in reshaping finance and its prospects for high profitability. Regarding practical applications, investing and trading (51%) and the pursuit of passive income (49%) stand out as areas of keen interest, alongside the exploration of AI integration, digital assets, and cross-border payment solutions. This indicates a strong interest in leveraging blockchain for financial gain and innovation.

The survey offers crucial insights for a diverse audience, including investors, organizations, and individuals either working in or aspiring to join the blockchain industry. This initiative represents a strategic step towards aligning KuCoin’s educational efforts with the evolving needs and interests within the blockchain realm. Please read the full report here.

About KuCoin Campus

KuCoin Campus is a global initiative set to unfold through a series of dynamic offline events at schools and colleges around the world. While KuCoin Learn serves as our comprehensive online learning platform, KuCoin Campus extends its educational endeavor into the physical realm. It aims to engage with academic communities, enlightening students and educators alike about the burgeoning world of digital finance and its potential impact on the future.

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Blockchain Press Releases

Bosera HashKey Bitcoin and Ether Spot ETFs Officially Launch on HKEX with Two-Way Investment Flexibility

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HONG KONG, April 30, 2024  /PRNewswire/ — The Exchange Traded Funds, Bosera HashKey Bitcoin ETF and Bosera HashKey Ether ETF (the “ETFs”) have officially launched on the Hong Kong Stock Exchange today. In respect of the ETFs, Bosera Asset Management (International) Co., Limited and HashKey Capital Limited are the Investment Manager and Sub-Investment Manager respectively. The ETFs are part of the first batch of Bitcoin and Ether spot ETFs to launch in a major financial hub in Asia and they are now listed under the tickers  BTC: 3008.HK (HKD); 9008.HK (USD) and ETH: 3009.HK (HKD); 9009.HK (USD) respectively.

One of the key features of these ETFs is that they introduce an ‘in-kind’ subscription mechanism, which allows investors to directly subscribe for ETF shares using Bitcoin and Ethereum. Investors can purchase the ETFs with Bitcoin or Ethereum and subsequently sell them for cash, or vice versa, enabling seamless two-way investment flexibility.

Additionally, the Bosera HashKey Bitcoin ETF and Bosera HashKey Ether ETF track the CME CF Bitcoin Reference Rate – Asia Pacific Variant and the CME CF Ether-Dollar Reference Rate – Asia Pacific Variant respectively.

“The launch of the Bosera HashKey Bitcoin ETF and Bosera HashKey Ether ETF marks a significant leap forward in democratizing access to cryptocurrencies,” said Deng Chao, CEO of HashKey Capital. “These innovative ETFs not only provide a convenient entry point for investors but also underscore our commitment to driving innovation in the virtual asset ecosystem.”

Importantly, non-Hong Kong nationals can also subscribe for or purchase units in the ETFs if they meet local regulatory requirements, such as passing customer due diligence.

The Bosera HashKey Bitcoin ETF and Bosera HashKey Ether ETF are now available for trading on the Hong Kong Stock Exchange.

Note: The tickers BTC: 3008.HK (HKD); 9008.HK (USD) and ETH: 3009.HK (HKD); 9009.HK (USD)are now officially listed on the Hong Kong Stock Exchange (HKEX).

About HashKey Capital

Global in influence and crypto-native, HashKey Capital is a digital asset and blockchain leader helping institutions, founders and talents advance the blockchain industries.

As one of the largest crypto funds and the earliest institutional investor in Ethereum, HashKey Capital has managed over US$1 billion in client assets since its inception, with over 500 investments in infrastructure, tools, and applications.

With our deep knowledge across the blockchain ecosystem, HashKey Capital has built a robust network connecting founders, investors, developers, and regulators.

For media enquiries, please contact [email protected] ; [email protected] 

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Blockchain

No plans for total crypto ban in Russia, lawmaker says

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A lawmaker in Russia has stated that there are no plans for a total ban on cryptocurrencies in the country. This statement provides clarity on the regulatory stance of the Russian government regarding cryptocurrencies and addresses concerns about potential prohibitive measures.

The clarification from the lawmaker indicates that while Russia may be considering regulations to govern the use and trading of cryptocurrencies, there are no intentions to outright ban their existence or usage. This stance suggests a more nuanced approach to cryptocurrency regulation, aiming to balance innovation and development in the digital asset space with regulatory oversight and consumer protection.

The statement may help alleviate uncertainty and fears within the cryptocurrency community in Russia, as well as among international investors and stakeholders. Clear regulatory guidelines and a willingness to engage with the crypto industry can foster a more conducive environment for innovation, investment, and economic growth.

The lawmaker’s assertion that there are no plans for a total crypto ban in Russia provides reassurance to market participants and signals a potentially more constructive approach to cryptocurrency regulation in the country. It remains to be seen how regulatory frameworks will evolve in Russia, but this statement suggests a willingness to engage in dialogue and develop regulations that support the growth of the crypto industry while addressing regulatory concerns.

Source: crypto.news

The post No plans for total crypto ban in Russia, lawmaker says appeared first on HIPTHER Alerts.

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