MES & ECQM Market Size, Growth and Forecast 2023

Summary
Table Of Content

Market Insights

Managed Equipment Services (MES) and Enterprise Compliance and Quality Management (ECQM) refer to solutions that streamline the huge volumes of data in organizations. MES solutions are typically used by healthcare facilities, whereas ECQM solutions are used by organizations operating across the life sciences, pharmaceuticals, and medical devices sectors. Most of the ECQM software is based on FDA compliance in the healthcare sector to deliver the required information to the appropriate places.

Maintaining a high-quality level, along with stringent control and regulatory compliance, is crucial for various verticals, such as the pharmaceutical and medical device sectors. This significantly fuels the penetration of MES and ECQM solutions across different healthcare organizations. The MES and ECQM markets are strongly supported by the rising demand for medical devices, pharmaceuticals, and research in these industries. In addition, growing government regulations over quality control are another major factor contributing to the penetration of these solutions.

The MES and ECQM markets are heavily driven by the rising expenditure on healthcare I.T. infrastructure worldwide. With the increasing advancement and demand for healthcare I.T. integration globally, the MES and ECQM market is expected to witness strong growth during the forecast period. Currently, the market is in a premature stage and holds large room for further growth globally. As a result, the MES and ECQM markets are estimated to enjoy strong demand during the forecast period.

The report titled “Global MES and ECQM Market: Growth, Share, Opportunities, and Competitive Analysis, 2016–2023” offers strategic insights into the global MES and ECQM market, along with the market size and estimates for the duration of 2014–2023. The said research study covers an in-depth analysis of multiple market segments based on solution types and a cross-sectional study across different geographies and sub-geographical regions. The study covers the comparative analysis of different segments for 2015 and 2023. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities.

To help strategic decision-makers, the report also includes competitive profiling of the leading MES and ECQM vendors, their SCOT (Strengths, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments. Some of the major players profiled in the report are Siemens Healthcare GmbH, GE Healthcare, Sparta Systems, Inc., Pilgrim Quality Solutions, Inc., MetricStream, Inc., Toshiba Medical Systems Europe B.V., and others.

Other in-depth analysis provided in the report includes:

Current and future market trends to justify the forthcoming attractive markets within the MES and ECQM industries
Market fuelers, market impediments, and their impact on market growth
in-depth competitive environment analysis
Trailing 2-year market size data (2014–2015)
SRC (Segment, Region, Country) Analysis

Overall, the research study provides a holistic view of the global MES and ECQM markets, offering market size and estimates for the period from 2016 to 2023, keeping in mind the above-mentioned factors.

Based on geography, the global managed equipment services (MES) and enterprise compliance and quality management (ECQM) market are segmented as per the following regions and countries:

North America
- US.
- Canada
Europe
- Germany
- France
- UK.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- South-east Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC Countries
- South Africa
- Rest of the Middle East and Africa

The global MES and ECQM market is dominated, in terms of revenue and adoption, by the North American region. The region is mainly backed by the U.S., which has stringent regulations on healthcare facilities and organizations. Healthcare organizations and facilities across the U.S. and Canada have a strong penetration of MES solutions. In addition, due to the presence of major MES and ECQM solution providers, the market here has witnessed robust growth in the past few years.

Europe follows North America in revenue and adoption, accounting for the second-largest share worldwide. The two regions, collectively, are estimated to retain their dominant position in the market throughout the forecast period. Asia-Pacific is estimated to register the highest growth in the coming years. The market here is largely backed by Japan, South Korea, and Australia. India and China are also potential markets for MES and ECQM solutions.

Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Market Segmentation
1.4 Research Methodology
1.4.1 Phase I – Secondary Research
1.4.2 Phase II – Primary Research
1.4.3 Phase III – Expert Panel Review
1.4.4 Assumptions
1.4.5 Approach Adopted

Chapter 2 Executive Summary
2.1 Market Snapshot: Global MES & ECQM Market
2.2 Global MES & ECQM Market, By Engagement Model
2.3 Global MES & ECQM Market, By Geography

Chapter 3 Market Dynamics
3.1 Product Insights and Market Overview
3.1.1 Global Managed Equipment Services (MES) Market Revenue and Y-o-Y Growth, 2014 – 2023, (US$ Mn) (%)
3.1.2 Global Enterprise Compliance Quality Management Market Revenue and Y-o-Y Growth, 2014 – 2023, (US$ Mn) (%)
3.2 Key Market Trends and Future Outlook
3.3 Market Drivers
3.4 Market Growth Inhibitors
3.5 Opportunities
3.6 Impact Analysis: Market Drivers and Inhibitors
3.6.1 Impact Analysis of Drivers and Restraints
3.7 Competitive Analysis
3.7.1 Market Positioning of Key Vendors

Chapter 4 Global Managed Equipment Services (MES) Market Analysis
4.1 Market Analysis
4.2 End-to-end MES
4.3 On-demand MES

Chapter 5 Global Enterprise Compliance and Quality Management (ECQM) Market Analysis
5.1 Market Analysis
5.2 On-premise
5.3 Hosted

Chapter 6 North America MES & ECQM Market Analysis
6.1 Overview
6.2 North America MES Market Analysis, By Engagement Model, 2014 – 2023
6.2.1 Market Analysis
6.3 North America ECQM Market Analysis, By Deployment Model, 2014 – 2023
6.3.1 Market Analysis
6.4 North America MES & ECQM Market Analysis, By Region, 2014 – 2023
6.4.1 U.S.
6.4.1.1 U.S. MES Market Analysis, By Engagement Model
6.4.1.2 U.S. ECQM Market Analysis, By Deployment Model
6.4.2 Rest of North America
6.4.2.1 Rest of North America MES Market Analysis, By Engagement Model
6.4.2.2 Rest of North America ECQM Market Analysis, By Deployment Model

Chapter 7 Europe MES & ECQM Market Analysis
7.1 Overview
7.2 Europe MES Market Analysis, By Engagement Model, 2014 – 2023
7.2.1 Market Analysis
7.3 Europe ECQM Market Analysis, By Deployment Model, 2014 – 2023
7.3.1 Market Analysis
7.4 Europe MES & ECQM Market Analysis, By Region, 2014 – 2023
7.4.1 U.K.
7.4.1.1 U.K. MES Market Analysis, By Engagement Model
7.4.1.2 U.K. ECQM Market Analysis, By Deployment Model
7.4.2 Germany
7.4.2.1 Germany MES Market Analysis, By Engagement Model
7.4.2.2 Germany ECQM Market Analysis, By Deployment Model
7.4.3 CIS
7.4.3.1 CIS MES Market Analysis, By Engagement Model
7.4.3.2 CIS ECQM Market Analysis, By Deployment Model
7.4.4 Rest of Europe
7.4.4.1 Rest of Europe MES Market Analysis, By Engagement Model
7.4.4.2 Rest of Europe ECQM Market Analysis, By Deployment Model

Chapter 8 Asia Pacific MES & ECQM Market Analysis
8.1 Overview
8.2 Asia Pacific MES Market Analysis, By Engagement Model, 2014 – 2023
8.2.1 Market Analysis
8.3 Asia Pacific ECQM Market Analysis, By Deployment Model, 2014 – 2023
8.3.1 Market Analysis
8.4 Asia Pacific MES & ECQM Market Analysis, By Region, 2014 – 2023
8.4.1 China
8.4.1.1 China MES Market Analysis, By Engagement Model
8.4.1.2 China ECQM Market Analysis, By Deployment Model
8.4.2 Japan
8.4.2.1 Japan MES Market Analysis, By Engagement Model
8.4.2.2 Japan ECQM Market Analysis, By Deployment Model
8.4.3 South Asia
8.4.3.1 South Asia MES Market Analysis, By Engagement Model
8.4.3.2 South Asia ECQM Market Analysis, By Deployment Model
8.4.4 Australasia
8.4.4.1 Australasia MES Market Analysis, By Engagement Model
8.4.4.2 Australasia ECQM Market Analysis, By Deployment Model
8.4.5 Rest of Asia Pacific
8.4.5.1 Rest of Asia Pacific MES Market Analysis, By Engagement Model
8.4.5.2 Rest of Asia Pacific ECQM Market Analysis, By Deployment Model

Chapter 9 Middle East & Africa (MEA) MES & ECQM Market Analysis
9.1 Overview
9.2 MEA MES Market Analysis, By Engagement Model, 2014 – 2023
9.2.1 Market Analysis
9.3 MEA ECQM Market Analysis, By Deployment Model, 2014 – 2023
9.3.1 Market Analysis
9.4 MEA MES & ECQM Market Analysis, By Region, 2014 – 2023
9.4.1 GCC countries
9.4.1.1 GCC countries MES Market Analysis, By Engagement Model
9.4.1.2 GCC countries ECQM Market Analysis, By Deployment Model
9.4.2 North Africa
9.4.2.1 North Africa MES Market Analysis, By Engagement Model
9.4.2.2 North Africa ECQM Market Analysis, By Deployment Model
9.4.3 South Africa
9.4.3.1 South Africa MES Market Analysis, By Engagement Model
9.4.3.2 South Africa ECQM Market Analysis, By Deployment Model
9.4.4 Rest of MEA
9.4.4.1 Rest of MEA MES Market Analysis, By Engagement Model
9.4.4.2 Rest of MEA ECQM Market Analysis, By Deployment Model

Chapter 10 Latin America MES & ECQM Market Analysis
10.1 Overview
10.2 Latin America MES Market Analysis, By Engagement Model, 2014 – 2023
10.2.1 Market Analysis
10.3 Latin America ECQM Market Analysis, By Deployment Model, 2014 – 2023
10.3.1 Market Analysis
10.4 Latin America MES & ECQM Market Analysis, By Region, 2014 – 2023
10.4.1 Brazil
10.4.1.1 Brazil MES Market Analysis, By Engagement Model
10.4.1.2 Brazil ECQM Market Analysis, By Deployment Model
10.4.2 Mexico
10.4.2.1 Mexico MES Market Analysis, By Engagement Model
10.4.2.2 Mexico ECQM Market Analysis, By Deployment Model
10.4.3 Rest of Latin America
10.4.3.1 Rest of Latin America MES Market Analysis, By Engagement Model
10.4.3.2 Rest of Latin America ECQM Market Analysis, By Deployment Model

Chapter 11 Company Profiles
11.1 Siemens Healthcare GmbH
11.1.1 Siemens Healthcare GmbH: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
11.2 GE Healthcare
11.2.1 GE Healthcare: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
11.3 AssurX, Inc.
11.3.1 AssurX, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
11.4 EtQ, Inc.
11.4.1 EtQ, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
11.5 Koninklijke Philips N.V.
11.5.1 Koninklijke Philips N.V.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
11.6 SAP SE
11.6.1 SAP SE: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
11.7 Syniverse Technologies, LLC
11.7.1 Syniverse Technologies, LLC: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
11.8 Pilgrim Software, Inc.
11.8.1 Pilgrim Software, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
11.9 Sparta Systems, Inc.
11.9.1 Sparta Systems, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
11.10 Invensys Ltd. (Schneider Electric)
11.10.1 Invensys Ltd. (Schneider Electric): Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)

List of Figures

FIG. 1 Global MES & ECQM: Market Segmentation
FIG. 2 Global MES & ECQM Market: Research Methodology
FIG. 3 Top-Down and Bottom Up Approach
FIG. 4 Global MES & ECQM Market, By Engagement Model, 2015 (US$ Mn)
FIG. 5 Global MES & ECQM Market, By Geography, 2015 (US$ Mn)
FIG. 6 Global MES Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 7 Global ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 8 Market Positioning of Key MES & ECQM Solution Vendors, 2015
FIG. 9 Global MES Market Revenue Contribution, By Engagement Model, 2015 & 2023 (Value %)
FIG. 10 Global End-to-end MES Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 11 Global On-demand MES Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 12 Global ECQM Market Revenue Contribution, By Deployment Model, 2015 & 2023 (Value %)
FIG. 13 Global On-premise ECQM Market, 2014 – 2023, (US$ Mn)
FIG. 14 Global Hosted ECQM Market, 2014 – 2023, (US$ Mn)
FIG. 15 North America MES & ECQM Market, 2014 – 2023, (US$ Mn)
FIG. 16 U.S. MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 17 Rest of North America MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 18 Europe MES & ECQM Market, 2014 – 2023, (US$ Mn)
FIG. 19 U.K. MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 20 Germany MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 21 CIS MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 22 Rest of Europe MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 23 Asia Pacific MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 24 China MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 25 Japan MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 26 South Asia MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 27 Australasia MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 28 Rest of Asia Pacific MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 29 MEA MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 30 GCC countries MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 31 North Africa MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 32 South Africa MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 33 Rest of MEA MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 34 Latin America MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 35 Brazil MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 36 Mexico MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)
FIG. 37 Rest of Latin America MES & ECQM Market Revenue, 2014 – 2023, (US$ Mn)

List of Tables

TABLE 1 Market Snapshot: Global MES & ECQM Market
TABLE 2 Impact Indicators
TABLE 3 Impact Analysis of Drivers and Restraints
TABLE 4 North America MES & ECQM Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 5 North America MES & ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 6 U.S. MES & ECQM Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 7 U.S. MES & ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 8 Rest of North America MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 9 Rest of North America ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 10 Europe MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 11 Europe ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 12 U.K. MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 13 U.K. ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 14 Germany MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 15 Germany ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 16 CIS MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 17 CIS ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 18 Rest of Europe MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 19 Rest of Europe ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 20 Asia Pacific MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 21 Asia Pacific ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 22 China MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 23 China ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 24 Japan MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 25 Japan ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 26 South Asia MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 27 South Asia ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 28 Australasia MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 29 Australasia ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 30 Rest of Asia Pacific MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 31 Rest of Asia Pacific ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 32 MEA MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 33 MEA ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 34 GCC countries MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 35 GCC countries ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 36 North Africa MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 37 North Africa ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 38 South Africa MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 39 South Africa ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 40 Rest of MEA MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 41 Rest of MEA ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 42 Latin America MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 43 Latin America ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 44 Brazil MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 45 Brazil ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 46 Mexico MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 47 Mexico ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 48 Rest of Latin America MES Market Revenue, By Engagement Model, 2014 – 2023 (US$ Mn)
TABLE 49 Rest of Latin America ECQM Market Revenue, By Deployment Model, 2014 – 2023 (US$ Mn)
TABLE 50 Siemens Healthcare GmbH: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
TABLE 51 GE Healthcare: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
TABLE 52 AssurX, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
TABLE 53 EtQ, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
TABLE 54 Koninklijke Philips N.V.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
TABLE 55 SAP SE: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
TABLE 56 Syniverse Technologies, LLC: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
TABLE 57 Pilgrim Software, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
TABLE 58 Sparta Systems, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)
TABLE 59 Invensys Ltd. (Schneider Electric): Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Key Applications Served, SCOT Analysis, Recent Developments)

Frequently Asked Question

What is the size of Managed Equipment Services (MES) & Enterprise Compliance and Quality Management (ECQM) Market?

The market for Managed Equipment Services (MES) & Enterprise Compliance and Quality Management (ECQM) Market is expected to reach USD$ XX Mn in 2023.

What is the Managed Equipment Services (MES) & Enterprise Compliance and Quality Management (ECQM) Market CAGR?

The Managed Equipment Services (MES) & Enterprise Compliance and Quality Management (ECQM) Market is expected to see significant CAGR growth over the coming years, at XX%.

What is the Forecast period considered for Managed Equipment Services (MES) & Enterprise Compliance and Quality Management (ECQM) Market

The report is forecasted from 2016 -2023.

What is the base year considered for Managed Equipment Services (MES) & Enterprise Compliance and Quality Management (ECQM) Market

The base year of this report is 2015.

Who are the major players in this market?

Healthcare GmbH, GE Healthcare, Sparta Systems, Inc., Pilgrim Quality Solutions, Inc., MetricStream, Inc. .are some of the major players in the global market.

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