Cyber Insurance Market to Boom in Developed as well as Developing World

Cyber attacks lead to financial losses of almost $600 billion, which is roughly 0.8% of the worldwide gross domestic product (GDP), every year, according to the latest Economic Impact of Cybercrime report by McAfee. With the world shifting to digital platforms from the simple pen-and-paper mode, the data is becoming increasingly vulnerable to attacks by hackers and thieves. While the cyber security domain is itself going through advancements, such as the integration of artificial intelligence (AI), cyber criminals are still one step ahead.

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Thus, with the increasing incidence of cyber attacks and the resulting need of companies as well as individuals to protect themselves from losses, the cyber insurance market is growing around the world. Most of the cyber crimes are conducted with the motive of financial prosperity, for instance the May 2017 ransomware, which infected more than 300,000 computers in over 100 countries, as part of a worldwide extortion attempt. Hence, individual owners and companies are rapidly seeking cyber insurance, risk consulting, and claims services.

Among them, claims services have been quite high in demand in the past, as people have lost millions of dollars due to cyber attacks, which has necessitated the need for reimbursements and coverage. Due to the same reason, customers are expected to rapidly opt for risk consulting services in the coming years, to analyze the vulnerabilities in their network and servers and be better prepared for a rainy day. By knowing their risk beforehand, end users can adopt robust cyber security measures to thwart any internet-based attack.

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The risk of cyber attacks is high for large as well as small and medium enterprises (SMEs). Due to the fact that plumper sums can be extorted from larger companies, hackers majorly target these. For instance, the distributed denial of service (DDoS) attack of October 2016 impacted the operations of several multinational firms, including Airbnb, Netflix, Spotify, and Twitter. It is because of these reasons that large enterprises have sought cyber insurance services more than SMEs in the past.

GLOBAL CYBER INSURANCE MARKET

By Enterprise Size

• Large Enterprise

• Small and Medium Enterprise

By Service

• Insurance

• Claim Service

• Risk Consulting

By Industry

• BFSI, Healthcare

• Retail & Manufacturing

• IT Services

By Region

• Americas

• Europe

• Rest of the World (RoW)

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Autonomous Mobile Robots Market to Witness a 18.3% CAGR During 2020–2030

The growing demand for automation solutions is a key driving factor for the growth of autonomous mobile robots market globally. This rise in demand for automation solution is because of the lack of labor, growing complexity in manufacturing operations, surging focus on productivity, and high labor cost.

Ascribed to these factors, different industries are making use of AMRs. For example, logistics and warehouses need AMRs for tasks including loading and transportation work. In addition to this, the automotive original equipment manufacturers utilize robots for performing complex assembly processes such as those involving the use of flexible parts. These factors are resulting in the growing demand for AMRs.

AMRs are increasingly being deployed in the agriculture sectors for different applications, which is opening up wide opportunities for the players operating in the domain. With the growing implementation of technology in agriculture applications, farming practices are becoming sophisticated and modernized.

In addition to this, due to the surging population, increasing automation in the agriculture industry, and lack of availability of farm workers, the need for AMRs is in the industry is rising. AMRs can capture crop data in agricultural fields, which aids in predicting the yield of crop and its health.

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Out of these, the logistics sector made the most use of AMRs during 2014–2019, and the largest demand for these devices is further projected to be created by the logistics sector in the coming years. The fastest growth in demand for AMRs is predicted to be registered by the hospitality sector during the forecast period.

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How is Rising Prevalence of Infectious Diseases Powering Surge in Global Disposable Gloves Market?

The rising prevalence of infectious diseases across the world is one of the key factors fuelling the growing demand for disposable gloves. 

As per the World Health Organization (WHO), 9 million people were diagnosed with tuberculosis (TB) and 1.5 million people died due to this disease in 2013. In addition to this, the organization reported that 145,700 people died as a result of measles (a viral infection) in 2013. These factors have resulted in a huge increase in the need for proper equipment that would protect the patients and caregivers from serious infections, thereby pushing the demand for disposable gloves.

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Due to the above-mentioned factors, the global disposable gloves market is expected to register huge growth in the coming years. The most widely used types of disposable gloves are neoprene gloves, nitrile gloves, natural rubber or latex gloves, and vinyl gloves. The disposable gloves are used in various medical applications such as surgeries and examinations. These gloves are also commonly used in cleanrooms, food and beverages sector, and various other kinds of non-medical applications.

The biggest rage currently being witnessed in the disposable gloves market is the surging development and utilization of powdered disposable gloves. These gloves have a powder (cornstarch) on the inside that makes them easy to wear and remove and prevents the sticking of latex with the hands. These gloves are ideal for situations which require the gloves to be worn for a long period of time. The powdered gloves are highly resistant to wear and tear as compared to the powder-free disposable gloves.

Globally, North America is expected to observe the highest growth in the demand for disposable gloves in the coming years, on account of the high awareness regarding hand hygiene, high incidence of infectious diseases, and greater patience compliance for surgical treatments in the region. The recommendation of the CDC for the utilization of disposable gloves in medical treatments and procedures will also fuel their adoption in future. Asia-Pacific (APAC) is predicted to register the fastest growth in the demand for disposable gloves in future, owing to the rising healthcare expenditure and improving healthcare expenditure in the region.

Thus, it can be undoubtedly said that the demand for disposable gloves will observe major growth in the coming years, primarily due to the soaring awareness regarding hygiene, increasing prevalence of communicable diseases, and booming healthcare industry across the world.

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­How is Growing E-Retail Industry Driving Artificial Intelligence in Retail Market?

The e-retail industry is registering significant growth, because of the surging penetration of internet, rising number of alternate payment methods, growing utilization of smartphones, and increasing investments in logistics around the globe. Furthermore, the growth of the e-commerce industry is also contributing considerably to the expansion of the e-retail industry. 

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In 2013, the worldwide business-to-consumer e-commerce sales stood at $1.2 trillion. Moreover, the current e-commerce statistics state that about 40% of the internet users globally have bought goods or products online via tablets or mobiles, which amounts to over 1 billion online buyers and the number is further predicted to rise in the coming years. 

According to a report by P&S Intelligence, the global AI in retail market generated a revenue of $720.0 million in 2018 and is predicted to attain a value of $4,337.1 million by 2024, advancing at a 35.4% CAGR during the forecast period (2019–2024).

Due to this expansion of the e-retail and the overall retail industry, the companies in the domain are increasingly making use of artificial intelligence (AI) solutions. The incorporation of AI in operations allow retailers to predict the behavior of customers and then provide them with personalized services, thereby improving customer experience and satisfaction. 

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Both solutions and services are offered by the AI technology, however, AI-based solutions were more in demand in 2018 in the retail industry, which is ascribed to the rising adoption of solutions by e-commerce companies in North America for providing better shopping experience to their customers. 

Different AI-based solutions are visual search, chatbot, recommendation engine, customer relationship management, price optimization, and supply chain management. All these solutions are increasingly being used by retailers for benefitting from streamlined and automated operations, which are further aiding them to achieve their organizational growth goals.

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How are Awareness Campaigns Driving Disposable Plastic Blood Bag Market?

Heart diseases kill 17.9 people each year, while 9.6 million die of cancer, says the World Health Organization (WHO). With these, the surgery and hospitalization rates are rapidly going up. One of the most basic things many such patients need is blood, which, being a highly critical and easily contaminable product, has to be kept in clean and sterile bags. Thus, with the growing incidence of chronic diseases and usage of blood at healthcare centers, the disposable plasticblood bag market size is expanding around the world.

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Disposable bags are indispensable for two main reasons: to stop blood of different groups mixing with each other, which can be deadly for the recipient, and to minimize the chances of blood-borne diseases, such as acquired immune deficiency syndrome (AIDS). Disposable bags are also used when collecting blood, and with the rate of blood donation going up, the demand for such containers is also surging. For instance, in the U.K., the number of donated units increased from 161,019 in 2015/16 to 159.264 in 2018/19, according to the National Health Service (NHS) data.

The primary reason behind the increase in blood donations is the continuous efforts by government and international organizations to raise the awareness about the same. Apart from the WHO, International Federation of Red Cross and Red Crescent Societies (IFRC) and American Red Cross are engaged in these activities. With campaigns and other activities organized by these agencies, people are realizing the importance of blood in patient treatment as well as the fact that donating blood regularly is good for their own health.

Across the world, the largest disposable plastic blood bag market is North America, majorly on account of the rising number of patients suffering from blood disorders. For instance, the Leukemia and Lymphoma Society says that every three minutes, blood cancer is diagnosed in one person in the U.S. Further, according to the National Cancer Institute of the U.S., 61,780 cases of leukemia were detected in the country and 2019, and the disease resulted in 22,840 deaths.

Hence, as the surgery and hospitalization rates increase and more people willingly donate blood, the demand for disposable plastic bags to store it will also rise.

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Solar Street Lighting Market to Register Growth due to Falling Cost of Solar Panels

Who isn’t aware about the pitfalls and harms of the increased usage of fossil fuels for harnessing energy these days?! Today, topics such as energy efficiency, sustainable living, and production of energy using renewable sources are pretty common, which is certainly necessary. It is high time that each and every person starts thinking about using clean energy, and that too, efficiently.

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One of the major technologies that have been developed for generating clean energy is those which help in the utilization of solar power. The sun is capable of providing sufficient amount of energy for powering up both residential and commercial buildings.

As per the International Energy Agency, the use of renewable energy is expected to increase by 50% during 2019–2024, with solar energy leading the charge. Photovoltaic (PV) panels have become quite popular these days, and several buildings are increasingly making their use for a number of applications.

Other than this, solar energy is also being used in street lighting applications, as such street lights offer a better value for cost, provide optimum lighting, are easy to install, and require low maintenance. Due to these advantages, the global solar street lighting market is projected to grow considerably in the coming years, according to P&S Intelligence.

One of the primary reasons for this growth is the falling prices of solar panels, which is ascribed to the improvement in the manufacturing process. In 2009, the cost of a solar panel installation was $8.50 per watt, which has now fallen by over 65%, to $2.96 per watt.

Other than this, the efficiency of solar panels has also increased significantly since the emergence of the technology, thereby resulting in the widening application areas for solar energy, including street lighting. Today, solar street lights can run from dusk till dawn and even during winters or after a hurricane.

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How is Increasing Adoption of 3D Printing Driving 3D Printing Filaments Market?

The manufacturing world has changed a lot since the start of the industrial revolution. Clearly, great minds might have come up with different sort of ideas for manufacturing products on an industrial scale. Some of the traditional manufacturing techniques include subtractive manufacturing and formative manufacturing (injecting modules). But, since there is scope of improvement in almost every field, regardless of the time period, the notion of 3D printing came into being, and in 1987, Chuck Hull released the first 3D printer, which changed the face of industrial manufacturing. With the development of 3D printing techniques, the need for cutting tools or molding reduced, and the manufacturing process became easy and more efficient.

In 3D printing, a component is manufactured directly onto a built platform, layer by layer, by using different kinds of materials, which are referred to as filaments. It is no wonder that the demand for 3D filaments is increasing with the growing adoption of 3D printing. According to a P&S Intelligence report, in 2018, the global 3D printing filaments market reached a value of $544.8 million, and it is further expected to generate $2,146.2 million by 2024, progressing at a 25.4% CAGR during the forecast period (2019–2024). Ceramics, metals, and plastics are some of the major materials which are used in 3D printing.

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These filaments are used in different industries, namely healthcare, industrial, consumer goods, automotive, and aerospace & defense. The components in the aerospace & defense industry are complex in nature, and 3D printing is the ideal way for manufacturing them. In addition to this, customized aircraft components can be produced much more easily with 3D printing techniques, as compared to conventional manufacturing techniques. Due to these reasons, the adoption of 3D printing in the aerospace & defense industry is rising, which, in turn, is resulting in the growth of the 3D printing filaments market.

Mass customization is a major reason for the increase in the adoption of 3D printing techniques. While the technology was first adopted by the aerospace industry, it soon became the go-to option for other industries as well. Due to the changing preference of people, product customization has become an important aspect for companies to gain a competitive edge in the market. The usage of 3D printing, instead of subtractive manufacturing, also reduces wastage and operational costs. All these factors would further result in a growing demand for 3D printing filaments in the near future.

The requirement for these materials has been quite high in North America in the past, which can be attributed to the rapid expansion of the aerospace & defense industry and the early introduction of 3D printing for mass customization of intermediate products in the region. Aircraft manufacturing companies in North America, such as The Boeing Company and Lockheed Martin Corporation, are increasingly incorporating 3D printing into their production processes, which is creating a high requirement for the materials used in 3D printers.

In conclusion, the consumption of 3D printing filaments is growing due to the rapid adoption of 3D printing for mass customization.

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