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Based on our analysis, the market exhibited a decline of 3.36% in 2020. The market is projected to grow from USD 55.18 billion in 2021 to USD 80.24 billion in 2028 at a CAGR of 5.5% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
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