What are Factors Contributing to the Surge of Cyber Security Market in Asia-Pacific (APAC) in Future?

The rising prevalence of cyber-attacks across the world is one of the biggest factors fuelling growth in the demand for cybersecurity solutions all around the world. Since the last few years, there has been a massive surge in the incidence of cyber attacks, owing to the rising internet penetration, soaring number of smartphone users, increasing trend of bring your own device (BYOD), and escalating enterprise mobility requirements i across the world. 

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Due to the increasing awareness regarding security breaches, a majority of information technology (IT) companies (95% of the companies) have significantly increased their expenditure in cybersecurity solutions. The other major factor propelling the demand for cybersecurity solutions is the increasing usage of smartphones across the world. 

Driven by the above-mentioned factors, the global cyber security market is expected to demonstrate huge growth in its revenue over the next few years. North America accounted for the largest share in the cyber security market in 2016, with nearly 9% growth rate during 2013 – 2016. A large number of IT companies are located in North America, making it a hotspot for cyber-attacks.

The modern mobile devices are equipped with a plethora of advanced features similar to personal computers such as GPS navigation, access to email, internet, and many other applications, which consequently make them extremely susceptible to cyber-attacks. 

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Moreover, the security measures in these phones like firewalls are not updated regularly, which make the sensitive information stored in these devices such as contact details and password details much more enticing to cyber adversaries, which in turn, boost the demand for cybersecurity. 

Cybersecurity provides security in areas of network, application, endpoint, wireless, and cloud. Amongst these, the adoption of cybersecurity solutions for areas of enterprise applications is expected to be the highest in the coming years. This is mainly attributed to the rising demand for protecting enterprise data and applications from highly complex cyber attacks.

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How is Increasing Need for 5G Network Propelling Growth of Global GIS in Telecom Market?

Owing to the surging usage of geographic information system (GIS) for mobile and broadband services, especially for tracking the broadband infrastructure, the demand for GIS will increase rapidly across the world. In addition to this, the burgeoning usage of GIS by companies for studying and analyzing the specific areas suitable for their business expansion is significantly boosting the implementation of these systems.

Since the last few years, there have been huge investments for the expansion of the broadband infrastructure and developing high-speed networks, and these have considerably propelled the adoption of GIS in several countries.

Powered by the above-mentioned factor, the revenue generated from the worldwide sales of GIS solutions and provision of related services to telecom companies is predicted to increase from $1.3 billion to $4.6 billion from 2019 to 2030. The global GIS in telecom market is also expected to advance at a CAGR of 12.2% during the forecast period (2020–2030).

GIS is used for capturing, checking, storing, and displaying the data related to the various objects on the Earth’s surface, such as buildings and streets, as well as  topographical features. These systems are used in telecom industry for gathering real-time data and knowledge of the network structure.

GIS-based telecommunications network is widely used by large enterprises and small and medium enterprises (SMEs). Of these, the large enterprises recorded higher use of these systems during the historical period (2014–2019).

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This is mainly attributed to the fact that large telecommunications enterprises are increasingly shifting to GIS for improving their network connection and the installation process of their systems.

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Lightning Reduction in Available Farming Area to Fuel Massive Surge in Global Vertical Farming Market

Among the biggest opportunities for the vertical farming market players are the increasing utilization of internet of things (IoT) sensors for the production of crops. The vertical farming industry is shifting toward the implementation of complex sensors for the automated production of crops, in order to increase the yield and also reduce the wastage of water during the farming process. The information collected from the sensors is used for analysis, thereby leading to improved production cycles and processes.

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On the basis of growth mechanism, the vertical farming market is categorized into hydroponics, aeroponics, and aquaponics. Amongst these, the hydroponics category accounted for the largest market share, in terms of revenue, historically. The aquaponics category is expected to register the highest CAGR in the future. This is attributed to this growth mechanism’s useful characteristic of combining aquaculture and hydroponics together, in order to develop a closed-loop system, which allows for the efficient production of different types of crops.

Based on structure, the vertical farming market is divided into the shipping container and building-based categories. Of these, the building-based category registered the larger market share, in terms of revenue, in the past. This category, on account of the growing unavailability of agricultural land, as a result of the ever-increasing population and large-scale urbanization, is also expected to record faster growth, as compared to the shipping container category. Its ability to provide almost eight times more farming area than single-level farming is another factor contributing toward the rapid adoption of building-based vertical farming. 

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Globally, the Asia-Pacific (APAC) region is forecast to record the fastest growth in the vertical farming market in the coming years. The major factor contributing toward this rapid advance would be the rapid reduction in the fertile agricultural land in this region. In densely populated countries, such as India and China, the available farming land is witnessing a massive reduction, owing to the burgeoning population level. Furthermore, the increase in the per capita income in these countries is causing rapid progress in the market.

Therefore, the market, due to the decreasing farming area and ballooning demand for organic food items, is expected to witness significant growth in the coming years.

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How Practice Management Systems Market Growth Mirrors Rapid Electric Health Record Adoption?

In February 2009, the U.S. government passed the Health Information Technology for Economic and Clinical Health (HITECH) Act to encourage the adoption of electronic health records (EHR). Similarly, the EHR standards were launched by Government of India in 2013 and amended in 2016. EHRs are electronic versions of patient records, which can include their prescriptions, doctor visit schedules, diagnosis summary, lab and imaging results, and insurance and medical billing information. The rising implementation of EHRs has given rise to a new occupation: practice management.

Thus, with the rapid digitization of the healthcare sector, the practice management systems market size is expected to witness a robust increase in its revenue, from $9.3 billion revenue in 2017 to $16.0 billion by 2023, at a 9.7% CAGR during 2018–2023 (forecast period). A practice manager looks after all the administrative and financial functions of a clinic or hospital, such as medical billing, governance, transcription utilization, essential supplies procurement, staff hiring, personnel policy and benefits management, regulatory compliance management, and service marketing.

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Practice management systems, which help in accomplishing the above-mentioned tasks, are available as standalone and integrate systems. Of these, the integrated variants had been more preferred till 2017, as they offer a single interface for all tasks. This improves the administrative and clinical efficiency and allows doctors and other healthcare professionals to engage with patients better, which ultimately results in an enhanced level of care at optimal costs. As the increase in the cost of medical services is a concern everywhere, the adoption of practice management systems is increasing.

Around the world, North America was the largest practice management systems market in 2017, as several companies here offer health information technology solutions and the fact that the documentation process here is being swiftly digitized. Asia-Pacific (APAC) would observe the fastest integration of these systems in medical practice in the coming years, on account of the rising government support for healthcare sector digitization and EHR, e-prescription platforms, and patient engagement solutions. Additionally, Europe- and North America-based providers of such solutions are rapidly expanding their operations in APAC, which would further spur the demand for them here.

Hence, as more and more healthcare processes and data shift to digital platforms and demand for cost-effective medical services increases, practice management systems would find an increasing number of takers in the coming years.

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Why are Connected Devices Significant for Retail Cloud Market Prosperity?

For a lot of people these days, life without their smartphone is unimaginable. With their utility expanding way beyond calling and messaging, these electronics are virtually serving as people’s personal assistants. One of the strongest impacts of the increasing smartphone usage has been on the retail industry. More and more people are now shopping online, than going to the good-old brick-and-mortar stores. 

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The retailers and brand owners too have embraced the trend, by offering online shoppers exclusive discounts, cashbacks, same-day delivery, and lots more. With more and more stuff selling online, the retail sector is rapidly adopting cloud computing for enhanced operations. Thus, with the surge in the smartphone ownership rate and internet penetration, the retail cloud market is also growing rapidly. 

Smartphones are now doubling up at points of sale (POS), with storeowners using them to take payments, manage their inventory, and track the location of various supplies or the deliveries going out. By integrating cloud with such POSs, retailers can analyze customers’ preferences and accordingly modify their offerings. This is also helping the industry in recommending stuff to customers and adjusting marketing strategies, to retain and gain customers.

Another area where retail cloud market are being leveraged is compliance management. Edge-to-edge solutions for compliance cycle management allow retailers to see detailed product information when sourcing them or selecting the supplier. Additionally, these solutions also offer comprehensive customer support, which helps retailers engage with their customers and tend to their requirements, queries, and complaints better. 

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This ultimately builds brand image, which is quite important in today’s times of stiff competition, where consumers are not only brand-conscious, but also retailer-conscious. Of the various solutions offered by retail cloud vendors — customer management, supply chain management, data security, workforce management, and reporting and analytics — end users are the most quickly opting for reporting and analytics. 

This is because of the increasing requirement for solutions that can help them in the analysis of data. With data at the core of important business decisions, analyzing it to gain actionable insights is being felt as the need of the hour. With reporting and analytics, end users can scour through huge volumes of unstructured and structured data to study customers’ buying patterns and preferences, so they know which product to promote to whom.

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How is the Rising Adoption of Cloud Computing Fuelling the Surge of Global Security Policy Management Market?

Owing to the burgeoning need for the security of enterprise networks, on account of the increasing prevalence of cyber-attacks, the demand for security management policy solutions is expected to rise in the coming years. 

For instance, the number of distributed denial of service (DDOS), one of the most lethal types of cyber-attacks, is expected to increase from 7.3 million to 14.5 million from 2017 to 2022 respectively. In addition to this, businesses are increasingly adopting advanced technologies such as cloud computing and internet of things (IoT), thereby further boosting the demand for  security management policy solutions.

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The rising need for security policy management solutions from the banking, financial services, and insurance (BFSI) industry is another important factor responsible for the surge in the adoption of these solutions. Since the last few years, there has been a huge growth in the adoption of technologies such as natural language processing (NLP), machine learning, and cloud computing by the organizations operating in the BFSI sector. 

This has consequently propelled the adoption of security policy management solutions for helping in the assessment of outcomes of policy changes and thus reducing risks, ensure compliance with industry standards, and prevent operational disruption. Due to the above-mentioned factors, the global security policy management market generated a revenue of $1,622.3 million in 2018 and is predicted to attain value of $2,647.1 million by 2024, exhibiting a 9.1% CAGR during 2019–2024(forecast period). 

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Security policy management solutions are adopted in multiple industries namely banking, financial services, and insurance (BFSI), IT & telecom, manufacturing, government, and retail and e-commerce. Amongst these, the BFSI industry, owing to the rising usage of artificial intelligence (AI) solutions and online banking, recorded the highest adoption of these solutions in 2018.

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How is Growing Chronic Disease Burden Aiding in Embolotherapy Market Growth?

Irrespective of the economic standing of the countries, the growing burden of chronic diseases has become a major cause of worry for governments across the globe. Changing lifestyle and degrading quality of the environment has resulted in the increased prevalence of chronic diseases, such as cancer, cardiovascular diseases, hepatitis, and disorders of the nervous system. The World Health Organization reported that in 2018, about 9.6 million deaths occurred due to cancer, globally. In another study, conducted by the American Society of Clinical Oncology, in the 2006–2015 period, an approximate annual increase of 3% in liver cancer cases was observed in the US.

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The deliberate occlusion of vessels with the help of different embolic agents, such as glue, balloons, and coils is referred to as embolization. Embolotherapy is carried out for various purposes, such as devascularization of organs, bleeding control, reduction of tumors, and elimination of vascular malformations.  This is performed while treating numerous conditions, such as gastrointestinal disorders, urological & nephrological disorders, neurological disorders, peripheral vascular diseases, and cancer. During 2014–2018, embolotherapy was most extensively used in the treatment of cancer. In the coming future, cancer would continue being the largest application area for embolotherapy.  In the forecast period (2019–2024), the embolotherapy market is predictedto register an 8.0% CAGR.

In recent years, many new products have received approvals or have been launched in the embolotherpay market. One such example is of Torpedo, is a product of Merit Medical Systems Inc., which was launched in September 2019. The product is made of a patented gelatin foam that is loaded into a cartridge and delivered to the targeted vasculature via a syringe. The features of the Torpedo foam are that is it is hydrophilic, biocompatible, resorbable, and especially used in the hypervascular tumor emobilization. The availability of such products for patient care is helping them recover faster without compromising the quality of care.

Various life-threatening conditions, such as arteriovenous malformations, aneurysms, and strokes, are being treated with several embolic agents that are available in the market, such as absorbable gelatin pledgets and powder, stainless steel coils, ethanol, polyvinyl alcohol foam, and glue. Many manufacturers are working for the development of liquid embolic agents that can be used in the treatment of other diseases besides HCC.  In October 2018, for their product named the Magic Glue, Balt International Received the CE mark. This product is a next-generation cyanoacrylate liquid embolic agent, which is used in the embolization of arteriovenous malformations.

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