How is Increasing Usage of Wireless Electronic Devices Driving Energy Harvesting System Market?

Electronic devices that are wireless have become a very important part of everyone’s lives these days, whether it’s the industrial or domestic scenario. Such devices do not need to be connected to the main power grid and are powered by batteries.

Due to this extensive usage of batteries, manufacturers have been heavily focusing on enhancing their efficiency; however, the fact remains that batteries need to be replaced after a certain amount of time and the ones in use need to be maintained on regular basis. Additionally, these days, there is a high demand for devices and batteries which make use of clean and green energy.

According to a P&S Intelligence report, in 2017, the global energy harvesting system market reached a value of $358.5 million and is projected to generate revenue of $659.6 million by 2023, witnessing an 11.0% CAGR during the forecast period (2018–2023).

Due to all these factors, the shift has been increasingly moving energy harvesting systems, as they are efficient and make use of alternate energy that is gathered from the environment. Energy harvesting systems harness small amounts of energy from the surroundings that is otherwise wasted in different forms. The technology can prove immensely useful for powering up low-power electronics, therefore, the demand for energy harvesting systems is growing rapidly.

These systems are capable of harnessing energy from different sources, such as electromagnetic/radio frequency, light, thermal (heat), and vibration. Out of these, the light energy harvesting technology was utilized the most in the past, which is because of the easy availability of this technology and its innovative applications in the solar energy sector.

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Other than this, the demand for vibration energy harvesting technology is also expected to rise considerably in the near future, as this technology is being widely adopted in remote locations and harsh environments.

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How will Electric Vehicles Initiative Boost Global Battery Management System Market?

The rising demand for electric vehicles (EVs) across the globe, on account of the increasing government policies and measures supporting the deployment of eco-friendly vehicles, is one of the major factors powering the sale of battery management systems (BMS) throughout the world. For instance, New Zealand joined the global EV initiative in 2018 that has put the country alongside the top electric vehicle markets.

Additionally, the country plans to transition from fossil-fuel-powered transport to that running on clean and renewable electrical energy, over the next few decades. As a result, the global battery management system market is expected to progress at a CAGR of 14.5% during the forecast period (2020–2030), at which its revenue would increase from $5.1 billion in 2019 to $22.3 billion by 2030.

The surging demand for renewable energy due to global warming is another important factor propelling the uptake of battery management systems across the world. As per the International Energy Agency (IEA), renewable sources of energy currently make up nearly 26% of the global electricity consumption, and it is set to touch 30% by 2024, which is driving the sale of lead–acid and lithium-ion batteries.

A BMS helps prolong the life of the battery by making sure it doesn’t operate above the maximum voltage and current, collecting and analyzing operational data, and monitoring its health. Lithium-ion (Li-ion), lead–acid, and nickel batteries are widely used across the world.

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Amongst these, the integration of BMSs was recorded to be the highest in Li-ion batteries in 2019. This is primarily ascribed to the burgeoning adoption of Li-ion batteries, on account of their numerous advantages, such as higher density, longer life cycle, and stronger resilience. These batteries are also predicted to register the fastest growth in BMS integration during the forecast period. 

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Growing usage of cloud in cyber security to take AI in cyber security market forward

Due to the increasing incidence of cyber crimes across the globe, the adoption of artificial intelligence (AI) in cyber security is expected to rise in the coming years. Since the last few years, the occurrence of cyber crimes and frauds, including card payment and identity thefts, has increased significantly, which has, in turn, boosted the incorporation of AI in cyber security. This is primarily due to the ability of AI-based solutions to tackle cyber fraud by reducing the response time, identifying threats, and providing refining techniques that help in distinguishing attacks requiring quick response. 

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Mid-tier companies, owing to their weaker security systems and lower investments in cyber security, as compared to the larger organizations, are facing frequent cyber attacks. These attacks are causing these companies to lose millions of dollars in revenue every year, which is further driving the adoption of AI in cyber security. As a result, the global AI in cyber security market is predicted to exhibit exponential growth in the coming years.

Modern cyber-security solutions employ the use of a wide array of AI-powered technologies, such as natural language processing (NLP), image processing, speech recognition, and machine learning. Amongst these, the machine learning technology is expected to play a major role in combating cyber attacks in future. This is mainly ascribed to the characteristic ability of the technology to enhance an organization’s system performance by understanding various patterns and getting acquainted with different situations. Moreover, this technology uses the organization’s existing data to mimic cognitive functions, which protects the systems against cyber-attacks. 

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AI is widely used for data security, network security, cloud security, and identity and access security. Out of these, network security recorded the highest implementation of AI-based cyber security solutions in the past. The main factors fuelling the rapid adoption of AI-powered solutions in network security are the massive vulnerabilities and susceptibilities witnessed in the several wireless networks adopted by the major companies for their operations. It is all about network; once hackers get through to the network, they can access all the critical data of a company.

Therefore, due to the escalating incidence of cyber crimes and increasing need for data privacy and protection, the demand for AI-based cyber security solutions is forecast to witness a huge surge in the coming years.

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How is Rising Prevalence of Hospital-Acquired Infections Driving Hospital Infection Therapeutics Market?

Hospitals or other medical facilities are particularly associated with the treatment of diseases and the idea of getting infected with a pathogen while being in the hospitals may be quite foreign to a lot of people. However, hospital infections or hospital-acquired infections affect a lot of people; for example, according to the World Health Organization, of every 100 patients that are hospitalized, at any given time, about 10 in developing and 7 in developed counties will acquire at least one hospital infection. In addition to this, newborns especially are at a higher risk of suffering from healthcare associated disease in emerging economies.

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Some of the hospital infections are catheter-associated urinary tract infections, central line-associated blood stream infections, hospital-acquired pneumonia, surgical site infections, Clostridium difficile infections, and ventilator-associated pneumonia. Much like any other infection, the risk of hospital infections depends on the patient’s immune status. Other than this, prevalence of several pathogens in the local community and infection control practices are also major factors on which hospital infection depend. Some of the major risk factors for these infections include longer hospital stays, older age, multiple underlying chronic illnesses, recent invasive procedures, immunosuppression, frequent encounters with healthcare facilities, and mechanical ventilatory support.

Because of these reasons, the need for preventing and treating hospital infections is growing, which is why the hospital infection therapeutics market is expected to register substantial growth in the coming years. Hospital infections are caused by viral, bacterial, and fungal pathogens, due to which a number of antiviral, antibacterial, and antifungal drugs have been developed. Among these, the largest demand is predicted to be created for antibacterial drugs in the near future. Pneumonia was the most prevalent hospital infection in the past and the prevalence of hospital acquired urinary tract infection is also projected to grow considerably in the coming years.

Geographically, North America has emerged as the largest hospital infection therapeutics market in the past few years, which is attributed to the enhanced healthcare infrastructure, increased awareness regarding healthcare, high ratio of hospitals in comparison to the population, surging aging population, and rising count of multi drug resistant microbial pathogens in the region. Apart from this, the demand for hospital infection therapeutics is also expected to increase significantly in the Asia-Pacific region because of the rising incidence of hospital infections and high requirement for therapeutic drugs in countries including China and India.

In conclusion, the demand for hospital infection therapeutics is growing due to the rising incidence of hospital infections.

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How is Growing Number of Clinical Trials Driving E-Clinical Solutions Market?

The number of clinical trials is rising; the growing prevalence for chronic and lifestyle associated diseases and surging aging population has led to the increased frequency of pipeline drugs, which need to go through clinical trials before they are approved. While before, clinical trials were taking place in Western Europe and North America, during the recent times, emerging countries, such as Poland, China, South Korea, and India, have become popular destinations for conducting clinical trials. This shift has taken place due to the need for reducing operational cost and getting a large pool of patients.

Attributed to this, the need for e-clinical solution software for the collection of data from investigational center and for helping to use the collected data effectively in less time is increasing. E-clinical solutions are utilized for accelerating the clinical development process. The eClinical solutions market size is expected to grow at a considerable pace in the coming years. Types of solutions offered under e-clinical technology are product and professional services. Between these two, the larger demand was created for e-clinical products in the past, which are further predicted to be more in demand in the near future as well. E-clinical professional services are projected to advance at the faster pace in the coming years.

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Different e-clinical products are safety solution, randomization and trial supply management (RTSM) solution, electronic clinical outcome assessment solution (eCOA), clinical trial management system (CTMS), clinical data management system (CDMS)/electronic data capture solution (EDC), and others. Out of these, the CDMS/EDC solution was the most in demand in the past and is further expected to witness the highest demand in the coming years as well. CDM is the collection, integration, and validation of clinical trial data. It aids in managing data flow and data capture instrument and data collection, which is followed by data quality check procedures for assuring quality and lastly database closure.

A key trend in the e-clinical solutions market is the growing adoption of cloud technology for the development of e-clinical suit. Advanced cloud computing aids enterprises to grasp new business opportunities and innovate at a faster pace. The healthcare industry is widely implementing cloud-based technology for exchanging financial, medical, and associated complex data by healthcare organizations. Moreover, the biopharmaceutical companies are making use of cloud-based technology for reducing the time consumed and managing the cost of clinical trial processes. The cloud-based technology is furthermore becoming an essential strategic decision for pharma IT players as a differentiator. 

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How are Energy Conservation Efforts Propelling Grow Lights Market?

The population continues to explode, with 9.7 billion people estimated to inhabit the earth in 2050, compared to 7.7 billion in 2017, according to the United Nations. The already growing population is moving to cities, from rural and semi-rural areas, in search of jobs and better living conditions. 

This is why the size of urban centers is increasing, thereby rapidly leading to the encroachment of farming land. This is creating a problem, as the increasing number of people is leading to the rising demand for agricultural products.

Thus, to feed the growing population, at the same time dealing with the swift reduction in arable land, indoor and vertical farming methods are being adopted. Hence, with the rapid adoption of advanced agricultural practices, the grow lights market is on path to a huge revenue boom in the coming years.

Vertical and indoor farming can be practiced in any enclosed space, such as warehouses, laboratories, and even shipping containers, provided appropriate infrastructure is available. In the absence of sunlight, grow lights remain the only source of ultraviolet (UV) radiation for plant growth, which is why the demand for such products is surging.

Another reason behind the increasing sale of grow lights is the legalization of cannabis in numerous places around the world. For instance, the U.S. state of Colorado allowed the recreational usage of marijuana in 2012. This has already increased the interest of a large number of farmers, who are now looking at cannabis as a lucrative cash crop. 

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With most of the cannabis farming being done indoors, in vertically stacked layers, where grow lights are a necessity, since, being an enclosed space, such settings do not receive sunlight, the demand for these products is going up.

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How is Growing Education Industry Driving AI in Education Market?

The education industry can easily be called one of the most important parts of any country, since without education life would go back to primitive ways, which is why it is no doubt that the industry is growing swiftly at the present time. As per the Bureau of Labor Statistics, there are more than 100K establishments in the private education service industry, approximately 200K when local, state, and federal government institutions are included. 

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With the combination of both, the education industry employs more than 3.5 million people. Attributed to this growth, the education industry, much like any industry really at the present time, is undergoing technological innovations. One of the latest advancements in the industry is the integration of artificial intelligence (AI), which is a rapidly growing technological domain possessing capabilities of altering every aspects of social interaction. In the education sector, AI has begum producing new learning and teaching solutions that are going through testing in different contexts. 

Gone are those days when a simple pen and notebook sufficed for in a classroom. These days, the lives of human beings are surrounded by a number of devices that govern the daily lives and the learning platforms are not foreign to these advancements. According to a P&S Intelligence report, in 2019, the global AI in education market attained a value of $1.1 billion and is expected to generate a revenue of $25.7 billion in 2030, progressing at a 32.9% CAGR during the forecast period (2020–2030).

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The components of AI include both services, including professional and managed, and solutions, including software tools and platforms and hardware. The larger demand in 2019 was created for AI solutions, owing their increased need for helping educators in automating administrative tasks and exploring more possibilities for enhancing learning in classroom teaching. Machine learning (ML) and natural learning processing (NLP) are the two AI technologies which are used in the education sector. 

The demand for ML is predicted to increase considerably in the coming years, which is attributed to the rising need for automated grading systems, requirement for creating customized assignments for each student as per his/her weaknesses and strengths for improving the overall learning process and feedback, and growing emphasis on intelligent decision-making among educators. The demand for NLP is expected to be higher in the near future as it aids in processing text and speech in an electronic format from discussions and chats on portals that assists students in writing assignments and educators for better assessment.

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