Ride-Hailing Market - Future of Taxi Apps & Factors Driving Their Growth

In 2018, the global ride-hailing market reached a value of $50.4 billion and is predicted to generate $120.2 billion in 2024, advancing at a 13.0% CAGR during the forecast period (2019–2024). The market is witnessing growth due to the rising concerns toward environmental degradation, government initiatives, convenient and economically efficient mobility option, and road congestion in urban areas. Ride-hailing services are offered by transportation network companies that utilize online mobile applications for matching commuters’ transport needs of reaching specific destination from specific origin

When vehicle type is taken into consideration, the ride-hailing market is categorized into executive, luxury, and economy. The economy category accounted for the major share of the market during the historical period (2014–2018) and is projected to dominate the market during the forecast period as well. The reason for this is that the number of cars offered in this category is the highest as compared to other categories. Majority of the customers opt for ride-hailing services for shorts and medium distance travels and do not prefer to invest in luxury or executive cars.

Among all the regions, namely Asia-Pacific (APAC), North America, Europe, and Rest of the World, the APAC region dominated the ride-hailing market during the historical period and is further expected to account for the largest share of the market during the forecast period. This is because of the rising requirement for ride-hailing services in the region and increasing concern regarding surging pollution. In addition to this, the need for alternative mobility options for dealing with road congestion during peak hours and growing internet penetration are also contributing to the rising demand for these services APAC.

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A major driving factor of the ride-hailing market is that this mobility option is convenient and economical. High investment, which includes fuel cost, maintenance charge, vehicle cost, insurance cost, and parking expense, is required for owning a private vehicle. However, ride-hailing services allow users to enjoy the facilities of owning a private vehicle and make payments on the basis of their usage only. The additional expenses are taken care of by the service providers. Furthermore, these services are particularly convenient for the daily commuters, as they are generally available round the clock and throughout the year.

The increasing concern toward environmental degradation is another primary driving factor of the ride-hailing market. Environmental agencies’ concerns regarding the degrading quality of air caused by the rising amount of exhaust fumes from vehicles are resulting in the undertaking of several initiatives by the government. Greenhouse gas emissions from vehicles have compelled the governments across the world to form strict environmental policies. Ride-hailing services can prove to be an efficient solution regarding reducing the emissions from vehicles, as the increasing use of these services can reduce the number of vehicles on the road.

The introduction of robotaxis is a key trend that is being observed in the ride-hailing market. Autonomous taxis will offer ride-hailing services at much lower cost because of their higher utilization rate as compared to mobility services that are currently present. This can further result in the shift in preference of customers from buying personal vehicles to availing ride-hailing services. Attributing to these factors, different vehicle manufacturers and technology companies are increasingly focusing on the development of autonomous taxis.

Thus, the market is growing due to the surging concern regarding environmental degradation and convenience and economic viability of ride-hailing services.

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Rising Demand for Electric Vehicles Driving the Growth of Battery Management System Market

In 2019, the global battery management system market generated $5.1 billion and is expected to reach $22.3 billion in 2030, advancing at a 14.5% CAGR during the forecast period (2020–2030). 

An electronic system which controls and monitors the charging and discharging of rechargeable battery is called BMS. The system is utilized for calculating the battery data, monitoring the state of the battery, and balancing the cells of the battery. When battery type is taken into consideration, the battery management system market is divided into lead-acid, lithium-ion, nickel, and other (which include sodium-sulfur and flow). 

Out of these, the Li-ion battery type dominated the market during the historical period (2014–2019), both in terms of value and volume, and is expected to account for the major share of the market during the forecast period as well. 

In terms of vertical, the battery management system market is categorized into telecommunications, automotive, aerospace & defense, industrial, consumer electronics, and others (which include infrastructure, marine, and medical). 

Out of these, the automotive sector held the largest value share of the market during the historical pried and is expected to retain its position during the forecast period. This is because of the increasing demand for electric vehicles, primarily in Turkey, China, India, and Canada. The sector is further projected to grow at the fastest pace during the forecast period.

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The rising demand for EVs, which is attributed to the increasing consumption of fuel in traditional vehicles and surging pollution levels, is a key driving factor of the battery management system market. The adoption of EVs thus is increasing to take care of the surging vehicular pollution in various countries. 

For example, New Zealand joined the EV initiative in 2018 and is focusing on the transition to a net-zero emissions economy by 2050. BMSs are utilized in EVs to control the cells’ voltages and to optimize the performance of the battery.

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Artificial Intelligence (AI) in Cyber Security Market to Observe $17.0 Billion Growth by 2023

Ever since data sharing between two computing devices became possible, cyber-attacks have been leading to huge financial losses all across the world. There are several types of cyber-crimes, such as data and identity theft, email and password hacking, phishing, denial of service (DoS), distributed denial of service (DDoS), and fraudulent transactions. With the increasing awareness of organizations on the issue, they are spending more than before on cyber security. But criminals are always one step ahead, as even before some new data or network security software is launched, they find out new ways to get into the system.

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Data security, network security, cloud security, and identity & access security, are the various services offered via vendors. Out of these, network security was the most widely provided service via such solutions, during 2013–2016, due to the growth in the usage of wireless communication devices and the vulnerability of wireless networks to attacks. During the forecast period, the usage of these solutions would increase the fastest for cloud security, as a result of the rising popularity of cloud computing. To save on operational costs, businesses are shunning traditional application deployment platforms in the favor of cloud.

Thus, with cyber criminals becoming increasingly smart and the rate of internet-based attacks rising, the artificial intelligence(AI) in cyber security market is expected to grow too, from $1.2 billion in 2016 to $18.2 billion by 2023, at a CAGR of 36.0% during 2017–2023 (forecast period). While large enterprises are already adopting such solutions to fend of attackers, many mid-sized and other small businesses haven’t yet followed suit, due to lower budgets. 

This is why internet-based attacks are being increasingly carried out on such companies, which is expected to prompt many of these to use AI to protect their information technology (IT) infrastructure, software, applications, and critical information. In the same vein, cloud computing is also making inroads into cyber security, as it is more affordable for companies, especially small and medium enterprises. 

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Cloud-based protection for the IT infrastructure improves data collection and collaboration and threat modeling, blocks threats, and reduces the time between threat detection and neutralization. Additionally, it also allows businesses to do away with the need to hire support personnel and helps better manage their IT data, computing devices, servers, networks, and applications.

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How is Rising Need for Water-Proof Motors Driving Stepper Motor Market Forward?

An electromechanical device which uses electrical pulses to achieve mechanical movements is termed as a stepper motor. It is also commonly referred to as a step motor or a stepping motor. Instead of working on the continuous applied voltage, stepper motors work by digital pulses. They are mainly used for controlling motion, that is positional control — rotational or linear.

The integrated lead screw motors have a stepper motor and a lead screw combined in one compact envelop, and provide better efficiency and torque without producing much noise; this type of stepper motor is expected to witness the fastest growth in demand in the near future.  The stepper motor market growth is expected to advance at a 4.6% CAGR in the coming years, as mentioned in a P&S Intelligence study.

In recent years, many technical advancements have taken place, which have led to the miniaturization of many devices and equipment. This, in turn, has led to the demand for miniaturized machinery components. There has been a growing demand for the scaled-down stepper motors in the stepper motor market, due to the rising popularity of the miniaturized electronics.

Stepper motors are of the following types: integrated lead screw, fully-enclosed, and rotary. During 2013–2017, the demand was the highest for the rotary stepper motors. These motors are easily customizable depending on the special engineering and integration requirements. They are specially designed to provide increased torque and better efficiency. Further, there has been a surge in the hybrid technology-based rotary motors, which has been driving the demand for this type.

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Due to their versatile application, stepper motors are now being integrated with the waterproof technology. This has made these motors corrosion-free, thereby expanding their application area to an array of industries, such as undersea mining, industrial automation, oil exploration, and undersea exploration. 

These motors come with hermetic cable feedthrough O-rings, factory-fitted shaft seals, and a pressure equalization system. Further, the waterproof technology has enabled the used of stepper motors in salvage robots, robotic submarines, automated undersea lights and cameras, and oil exploration equipment.

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Germany Automotive Digital Services Market Driven by Demand

The German automotive digital services market generated a revenue of $2168.6 million in 2017, and it is estimated to witness a 19.3% CAGR during the forecast period (2018–2023). The market is being driven by the incorporation of mobility-on-demand services and advanced driver-assistance systems (ADAS). Automotive digital services are a collection of internet-enabled services that provide both the driver and the passengers a convenient and safer traveling experience. These digital services include connected car services, infotainment services, and logistic fleet management services.

The growing preference for mobility-on-demand services is being seen as the key trend in the German automotive digital services market. The widening availability of such services is allowing an increasing number of people to use ride hailing and sharing services instead of public transport facilities. Presently, over 750,000 people are using car sharing services in Germany, and 8 million more are open to the idea of car sharing. Lower journey costs and convenient travel offered by such services providers have compelled many people to prefer these over traditional cab services and delay purchasing their own vehicles.

The German automotive digital services market is being driven by the demand for vehicles with in-vehicle connectivity features. Automotive manufactures are partnering with consumer electronics and information technology vendors to integrate these in the automobile infotainment systems to cater to customers’ demand. In-vehicle connectivity provides access to internet-based applications and services while traveling, tracks and monitors the vehicles around, and also features dashboard infotainment, thereby benefitting the logistic fleet management and mobility-on-demand markets.

Another factor adding to the growth of the German automotive digital services market is the rising focus on the safety and security of vehicles. Automakers are now incorporating advanced safety and security features to have an edge over their competitors in the market. ADAS related to safety and security of the vehicles is being contemplated as a mandatory deployment for passenger cars by the European Commission. Autonomous emergency braking and lane departure warning systems have become mandatory for all heavy-goods vehicles sold in Europe, since November 2015.

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The opportunities for the players in the German automotive digital services market lie in the technological advancements in the fields of artificial intelligence, ADAS, and connected cars, which are opening up new avenues for the manufacturers to develop autonomous cars. The digital content consumption by car users would increase owing to the provision of human-machine interface (HMI) systems that include touch screens and digital instrument clusters to provide digital services in automobiles.

On the basis of type of service, the categories of the German automotive digital services market are in-vehicle digital services, mobility-on-demand, and logistic fleet management. The mobility-on-demand category is classified into car sharing and ride hailing and sharing subcategories. In 2017, the ride hailing and sharing subcategory accounted for the larger share in the market. The convenience associated with these services and the growing customer base in urban areas are driving the market.

The in-vehicle digital services category of the German automotive digital services market is subcategorized into dashboard infotainment, internet of things, and ADAS. Among these, the ADAS subdivision held the largest share in 2017. This can be attributed to the comparatively high price of this particular service, its growing demand, and high installation rate. However, during the forecast period, dashboard infotainment category is predicted to witness the fastest growth among all categories.

Hence, the German market for automotive digital services would progress during the forecast period owing to the increase in the consumption of data by passengers.

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Vertical Farming Market Predicted to Grow at a CAGR of 24.2% in Near Future

The number of people living in cities rose to 4.2 billion in 2018 and is further expected to reach 6.7 billion by 2050, as per the World Urbanization Prospects 2018 report published by the United Nations Department of Economic and Social Affairs. This migration from rural to urban areas is owed to the increasing population worldwide and growing government emphasis on smart cities. Farmlands are unable to provide adequate amounts of crops to cater to the rising number of people.

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Hence, there is a dire need for alternate farming techniques, one of which is vertical farming. This farming method makes use of indoor farming techniques and the controlled-environment agriculture (CEA) technology. The production of food through this method is done on vertically inclined surfaces. The crops are stacked in vertical layers, which are integrated into structures such as skyscrapers and shipping containers. 

Vertical farming facilitates the growth of crops in any climate and region, even under extreme temperatures, across the globe. The major crops grown through this process include spinach and lettuce. In 2016, the vertical farming market valued $1.4 billion, and it is projected to grow at a CAGR of 24.2% in the coming years. The two types of structures used for vertical farming are shipping containers and building-based vertical farms. 

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In the near future, building-based vertical farming is predicted to witness a CAGR of 24.6%, as it provides nearly eight times more growing area than single-level farming. It also ensures food security for a city over a long period of time and is cost efficient.

The research offers the global vertical farming market size for the period 2013–2023.

GLOBAL VERTICAL FARMING MARKET

By Component

• Hardware
  • Lighting
    • Grow Lights
    • Grow Light Reflectors
    • Grow Light Ballasts
  • Hydroponic Components
    • Pumps and Irrigation
    • Meters and Solutions
    • Water Filters
    • Others (includes Timer and Delivery System)
  • Climate Control
    • Ventilation Fans
    • Air Purification/ Control 
    • Others (includes Condenser and HVAC System)
  • Sensors
    • Temperature Sensors
    • CO2 Sensors
    • Nutrient Sensors
    • PH Sensors
    • Crop Sensors
    • Others (Biosensors and Electronics Nose)
• Software

By Structure 

• Building Based Vertical Farms
• Shipping Container Based Vertical Farms

By Growth Mechanism

• Hydroponics
• Aeroponics
• Aquaponics

By Crop Type

• Lettuce
• Spinach
• Broccoli
• Cucumber
• Pepper
• Tomato
• Others (includes Strawberry and Pomegranate)

By Geography

• North America
  • By Component
  • By Structure
  • By Growth Mechanism
  • By Crop Type
  • By Country
    • U.S
    • Canada
    • Rest of North America
• Europe
  • By Component
  • By Structure
  • By Growth Mechanism
  • By Crop Type
  • By Country
    • The U.K.
    • Netherland
    • Sweden
    • France
    • Rest of Europe
• Asia-Pacific
  • By Component
  • By Structure
  • By Growth Mechanism
  • By Crop Type
  • By Country
    • Japan
    • China
    • Singapore
    • Taiwan
    • Rest of Asia-Pacific
• Latin America
  • By Component
  • By Structure
  • By Growth Mechanism
  • By Crop Type
  • By Country
    • Brazil
    • Rest of Latin America
• MEA
  • By Component
  • By Structure
  • By Growth Mechanism
  • By Crop Type
  • By Country
    • South Africa
    • Rest of MEA

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Wide Applications in Healthcare and Manufacturing Industries Driving the Growth of Optical Metrology Market

In 2017, the global optical metrology market generated $1,989.2 million and is projected to witness a 6.5% CAGR during the forecast period (2018–2023). The market is growing due to the rising demand for inspection of underground pipes for cracks and defects in oil & gas industry, surging need for precise measuring tools and equipment for inspections in the semiconductor industry, and wide applications of optical metrology in manufacturing and healthcare industries.

The method of measuring, using both 2D and 3D measurement techniques, objects using light is referred to as optical metrology. On the basis of application, the optical metrology market is divided into surface inspection, distance measurement, and form measurement.

Out of these, the surface inspection application dominated the market during the historical period (2013–2017) and is further projected to account for the major share of the market during the forecast period. The reason for this is the rising usage of laser scanners in the surface inspection of aerospace parts and increasing utilization of video measuring machines in the manufacturing of automotive parts in the automobile industry.

When industry is taken into consideration, the optical metrology market is categorized into aerospace & defense, consumer electronics, automotive, medical, and others (which include energy & utility, food & beverage, oil & gas, construction, and education).

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Among these, the largest revenue share of the market was held by the automotive industry during the historical period because of the expanding automotive industry in countries including Germany, China, and the U.S and growing requirement for optical metrology equipment for the measurement and inspection of manufactured automobile parts.

Thus, it is clear that, as machines and tools keep becoming more complex, optical metrology will be used even more in the coming years.

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