Europe Indoor Cycling Software Market to Grow at a CAGR of 9.2% to reach US$ 123.24 Million from 2021 to 2028
The Europe indoor cycling software market is expected to grow from US$ 66.75 million in 2021 to US$ 123.24 million by 2028; it is estimated to grow at a CAGR of 9.2% during 2021–2028.
Indoor cycling is a convenient and effective technique to exercise and train at home or gyms and fitness facilities. People are placing a great emphasis on health and fitness due to various issues such as sedentary lifestyles, poor eating habits, high pollution levels, and an increase in the number of lifestyle diseases. Furthermore, global health issues have been exacerbated by the COVID-19 epidemic. As a result of these considerations, the popularity of indoor workout equipment, such as indoor bikes, has skyrocketed. Individuals, athletes, fitness studios, gyms, and other end-users are increasing their need for indoor bikes, trainers, and other associated equipment, which drives the growth of the Europe indoor cycling software market.
Based on session type, the Europe indoor cycling software market is bifurcated into solo and group. Based on application, the Europe indoor cycling software market is bifurcated into professional training and health and fitness. Based on subscription, the Europe indoor cycling software market is bifurcated into monthly subscriptions and annual subscriptions.
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Europe Indoor Cycling Software Market: Strategic Insights
Market Size Value in US$ 66.75 million in 2021 Market Size Value by US$ 123.24 million by 2028 Growth rate CAGR of 9.2% during 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Europe Indoor Cycling Software Market: Strategic Insights
| Market Size Value in | US$ 66.75 million in 2021 |
| Market Size Value by | US$ 123.24 million by 2028 |
| Growth rate | CAGR of 9.2% during 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Europe Indoor Cycling Software Market
The COVID-19 pandemic has prompted people across Europe to rethink their behavior while working, interacting with others, and moving. With numerous major countries such as Germany, the UK, and France, Europe is a critical zone for growth. The region offers lucrative opportunities for the growth of the Europe indoor cycling software market due to the widespread usage of innovative technological solutions across numerous sectors. All of these mentioned countries have a considerable number of businesses, particularly in the healthcare and fitness and training industries. A few of the primary factors driving the growth of the indoor cycling software market in Europe are the large presence of businesses using indoor cycling and the high acceptance of such software among professional trainers. Consequently, despite the COVID 19 outbreak, demand for indoor cycling software is expected to increase in the future. Russia, the UK, Spain, Italy, Germany, Turkey, and France are among the major countries affected by the COVID-19 outbreak. To control the spread of the novel coronavirus, governments in several European nations have implemented lockdowns/movement restrictions in various areas for several weeks. However, numerous European major countries are gradually loosening their limitations. Constraints on people's movement and outdoor activities propel the demand for indoor cycling equipment and software across the region, contributing to the growth of Europe indoor cycling software market.Europe Indoor Cycling Software Market InsightsSurging Adoption of Indoor Cycling Equipment Amid COVID-19 Boost The Demand For Europe Indoor Cycling Software Market
Indoor cycling dominates the fitness sector. Cycling and workout enthusiasts have been the major consumers of the indoor cycling. People prefer this cardio workout as they don't want an expensive cycling studio membership or a high-priced bike to achieve a rigorous workout session. However, due to the shuttering of gyms amid the COVID-19 pandemic, home workout practices have become increasingly popular. Cyclists are also preferring home workouts as alternatives to their typical fitness regimens. As a result, European businesses have seen a significant increase in sales. For instance, Wattbike reported a 110% rise in web sessions in March 2020, along with a 250% increase in sales activity. In April, it recorded a 300% increase in web sessions and a 350% surge in sales activity. Similarly, several businesses leveraged the COVID-19 situation to persuade individuals to stay active while being at home for prolonged periods. After British Cycling, a national governing body, suspended all sanctioned cycling events and imposed restrictions on club riding, RGT Cycling made all its premium features available for free to all indoor bikers from December 2020, which led to a rise in the adoption of indoor cycling equipment in Europe.Session Type-Based Europe Indoor Cycling Software Market Insights
Based on session type, the Europe indoor cycling software market is bifurcated into solo and group. The market participants are investing heavily in offering integrated indoor cycling experiences to enhance the experience of individual riders in a solo or group sessions. For example, in 2019, Bkool launched an integrated realistic direct drive indoor smart trainer with a flexible stand that allows the rider to swing up to 6° on the bike, thus providing enhanced overall rider experience.Application-Based Europe Indoor Cycling Software Market Insights
Based on application, the Europe indoor cycling software is bifurcated into professional training and health and fitness. The vendors of indoor cycling software are continually upgrading their solutions to deliver via apps and provide an explicit training goal for personalized workout classes. It allows riders to do workouts by subscribing to a training plan tailored to the target events for the rider. The indoor cycling software is majorly adopted by professional trainers and health & fitness centers to conduct group and solo sessions.Subscription -Based Europe Indoor Cycling Software Market Insights
Based on subscription, the Europe indoor cycling software market is bifurcated into monthly subscription and annual subscription. Customer billing offers many benefits on a recurring basis. Therefore, many organizations that used the pay-once, use-for-forever model earlier, now switch to the subscription business model. With a recurring billing model and high revenues and customer lifetime values (CLVs), the business could see substantial and continued growth in the coming years. Players operating in the Europe indoor cycling software market adopt various strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key market players are listed below:- In 2020, IRONSTAR partnered with Rouvy to add a few unique bike courses to the digital cycling platform.
- In 2020, Tour des Stations announced a multi-year partnership with Rouvy. As an official training partner, Rouvy will offer up to 11 main climbs of the Tour des Stations on its platform.
By Session Type
- Solo
- Group
By Application
- Professional Training
- Health and Fitness
By Subscription
- Monthly Subscription
- Annual Subscription
Company Profiles
- BKOOL, S.L.
- Body Bike International A/S
- Garmin Ltd.
- Kinomap
- Wahoo Fitness
- Strava, Inc.
- SpiviTech Ltd.
- VirtualTraining s.r.o.
- Stages Indoor Cycling LLC
- Zwift Inc
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Session Type, Application, and Subscription
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
France, Germany, Italy, Russian Federation, United Kingdom
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Europe Indoor Cycling Software Market – By Session Type
1.3.2 Europe Indoor Cycling Software Market – By Application
1.3.3 Europe Indoor Cycling Software Market – By Subscription
1.3.4 Europe Indoor Cycling Software Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Indoor Cycling Software Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 Europe
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Europe Indoor Cycling Software Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Surging Adoption of Indoor Cycling Equipment Amid COVID-19
5.1.2 Growing Number of Patients with Chronic Diseases
5.2 Market Restraints
5.2.1 Hesitation in Adopting Indoor Fitness Regime
5.3 Market Opportunities
5.3.1 Increasing Awareness About Benefits of Cycling
5.4 Future Trends
5.4.1 Advanced Technology Integration for Enhanced Capabilities
5.5 Impact Analysis of Drivers and Restraints
6. Europe Indoor Cycling Software Market – Europe Market Analysis
6.1 Overview
6.2 Europe Indoor Cycling Software Market Forecast and Analysis
6.3 Market Positioning- Top Five Players
7. Europe Indoor Cycling Software Market Analysis – By Session Type
7.1 Overview
7.2 Europe Indoor Cycling Software, by Session Type (2020 and 2028)
7.3 Solo
7.3.1 Overview
7.3.2 Solo: Europe Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Group
7.4.1 Overview
7.4.2 Group: Europe Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
8. Europe Indoor Cycling Software Market – By Application
8.1 Overview
8.2 Europe Indoor Cycling Software, by Application (2020 and 2028)
8.3 Professional Training
8.3.1 Overview
8.3.2 Professional Training: Europe Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Health and Fitness
8.4.1 Overview
8.4.2 Health and Fitness: Europe Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
9. Europe Indoor Cycling Software Market – By Subscription
9.1 Overview
9.2 Europe Indoor Cycling Software, by Subscription (2020 and 2028)
9.3 Monthly Subscription
9.3.1 Overview
9.3.2 Monthly Subscription: Europe Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Annual Subscription
9.4.1 Overview
9.4.2 Annual Subscription: Europe Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
10. Europe Indoor Cycling Software Market – Country Analysis
10.1 Overview
10.2 Europe Indoor Cycling Software Market Breakdown, by Country
10.2.1 Germany: Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
10.2.1.1 Germany: Indoor Cycling Software Market, by Session Type
10.2.1.2 Germany: Indoor Cycling Software Market, by Application
10.2.1.3 Germany: Indoor Cycling Software Market, by Subscription
10.2.2 France: Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
10.2.2.1 France: Indoor Cycling Software Market, by Session Type
10.2.2.2 France: Indoor Cycling Software Market, by Application
10.2.2.3 France: Indoor Cycling Software Market, by Subscription
10.2.3 Italy: Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
10.2.3.1 Italy: Indoor Cycling Software Market, by Session Type
10.2.3.2 Italy: Indoor Cycling Software Market, by Application
10.2.3.3 Italy: Indoor Cycling Software Market, by Subscription
10.2.4 UK: Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
10.2.4.1 UK: Indoor Cycling Software Market, by Session Type
10.2.4.2 UK: Indoor Cycling Software Market, by Application
10.2.4.3 UK: Indoor Cycling Software Market, by Subscription
10.2.5 Russia: Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
10.2.5.1 Russia: Indoor Cycling Software Market, by Session Type
10.2.5.2 Russia: Indoor Cycling Software Market, by Application
10.2.5.3 Russia: Indoor Cycling Software Market, by Subscription
10.2.6 Rest of Europe: Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
10.2.6.1 Rest of Europe: Indoor Cycling Software Market, by Session Type
10.2.6.2 Rest of Europe: Indoor Cycling Software Market, by Application
10.2.6.3 Rest of Europe: Indoor Cycling Software Market, by Subscription
11. Europe Indoor Cycling Software Market - COVID-19 Impact Analysis
11.1 Overview
12. Europe Indoor Cycling Software Market-Industry Landscape
12.1 Overview
12.2 Market Initiative
13. Company Profiles
13.1 BKOOL, S.L.
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Body Bike International A/S
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Garmin Ltd.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Kinomap
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Wahoo Fitness
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Strava, Inc.
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 SpiviTech Ltd.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 VirtualTraining s.r.o.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Stages Indoor Cycling LLC
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Zwift Inc.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Glossary
LIST OF TABLES
Table 1. Europe Indoor Cycling Software Market, Revenue and Forecast, 2019–2028 (US$ Mn)
Table 2. Germany: Indoor Cycling Software Market, by Session Type –Revenue and Forecast to 2028 (US$ Million)
Table 3. Germany: Indoor Cycling Software Market, by Application –Revenue and Forecast to 2028 (US$ Million)
Table 4. Germany: Indoor Cycling Software Market, by Subscription–Revenue and Forecast to 2028 (US$ Million)
Table 5. France: Indoor Cycling Software Market, by Session Type –Revenue and Forecast to 2028 (US$ Million)
Table 6. France: Indoor Cycling Software Market, by Application –Revenue and Forecast to 2028 (US$ Million)
Table 7. France: Indoor Cycling Software Market, by Subscription–Revenue and Forecast to 2028 (US$ Million)
Table 8. Italy: Indoor Cycling Software Market, by Session Type –Revenue and Forecast to 2028 (US$ Million)
Table 9. Italy: Indoor Cycling Software Market, by Application –Revenue and Forecast to 2028 (US$ Million)
Table 10. Italy: Indoor Cycling Software Market, by Subscription–Revenue and Forecast to 2028 (US$ Million)
Table 11. UK: Indoor Cycling Software Market, by Session Type –Revenue and Forecast to 2028 (US$ Million)
Table 12. UK: Indoor Cycling Software Market, by Application –Revenue and Forecast to 2028 (US$ Million)
Table 13. UK: Indoor Cycling Software Market, by Subscription–Revenue and Forecast to 2028 (US$ Million)
Table 14. Russia: Indoor Cycling Software Market, by Session Type –Revenue and Forecast to 2028 (US$ Million)
Table 15. Russia: Indoor Cycling Software Market, by Application –Revenue and Forecast to 2028 (US$ Million)
Table 16. Russia: Indoor Cycling Software Market, by Subscription–Revenue and Forecast to 2028 (US$ Million)
Table 17. Rest of Europe: Indoor Cycling Software Market, by Session Type –Revenue and Forecast to 2028 (US$ Million)
Table 18. Rest of Europe: Indoor Cycling Software Market, by Application –Revenue and Forecast to 2028 (US$ Million)
Table 19. Rest of Europe: Indoor Cycling Software Market, by Subscription–Revenue and Forecast to 2028 (US$ Million)
Table 20. Glossary of Terms, Europe Indoor Cycling Software Market
LIST OF FIGURES
Figure 1. Europe Indoor Cycling Software Market Segmentation
Figure 2. Europe Indoor Cycling Software Market Overview
Figure 3. Europe Indoor Cycling Software Market, By Session Type
Figure 4. Europe Indoor Cycling Software Market, By Application
Figure 5. Europe Indoor Cycling Software Market, By Subscription
Figure 6. Europe Indoor Cycling Software Market, By Country
Figure 7. Europe – PEST Analysis
Figure 8. Europe Indoor Cycling Software Market: Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. Europe Indoor Cycling Software Market Impact Analysis of Drivers and Restraints
Figure 11. Europe Indoor Cycling Software Market, Forecast and Analysis (US$ Mn)
Figure 12. Market Positioning- Top Five Players
Figure 13. Europe Indoor Cycling Software Market Revenue Share, by Session Type (2020 and 2028)
Figure 14. Solo: Europe Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Group: Europe Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Europe Indoor Cycling Software Market Revenue Share, by Application (2020 and 2028)
Figure 17. Professional Training: Europe Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Health and Fitness: Europe Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Europe Indoor Cycling Software Market Revenue Share, by Subscription (2020 and 2028)
Figure 20. Monthly Subscription: Europe Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Annual Subscription: Europe Indoor Cycling Software Market– Revenue and Forecast to 2028 (US$ Million)
Figure 22. Europe Indoor Cycling Software Market Revenue Share, By Country (2020 and 2028)
Figure 23. Germany: Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. France: Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Italy: Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. UK: Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Russia: Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Rest of Europe: Indoor Cycling Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Impact of COVID-19 Pandemic in Europe Country Markets
The List of Companies - Europe Indoor Cycling Software Market
- BKOOL, S.L.
- Body Bike International A/S
- Garmin Ltd.
- Kinomap
- Wahoo Fitness
- Strava, Inc.
- SpiviTech Ltd.
- VirtualTraining s.r.o.
- Stages Indoor Cycling LLC
- Zwift Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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