BFSI Security Market 2020 | Covid19 Impact Analysis | Business Outlook, Growth, Revenue, Trends and Forecasts 2030

The global BFSI security market had a value of $31.3 billion in 2019 and is expected to reach $175.1 billion by 2030, advancing at a CAGR of 16.9% during the forecast period (2020–2030). This can be attributed to the increasing number of data breaches in the financial services industry.

Globally, Asia-Pacific (APAC) is predicted to witness the fastest growth during the forecast period. The rapid growth in the BFSI security market in APAC can be attributed to the rise in cloud-based technologies, increase in the number of commercial banks, surge in the number of cyberattacks, and stringent government regulations. 

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For instance, it is mandatory for the commercial banks in China to put in place appropriate risk warning and monitoring systems in order to alleviate business risks. 

The financial institutions and banks are in the process of shifting their core applications over cloud network, due to various factors such as increasing need for real-time analysis of large amounts of data, escalating risks related to the usage of conventional technologies, personalized customer experience, minimal capital expenditure, and superior operational control of platforms. As the data stored over the cloud network becomes more susceptible to security breaches, the BFSI industry is implementing cloud-based security solutions. 

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It is expected that the adoption of such strict security measures will lead to more efficient management of operations over the cloud network. 

Due to the involvement of financial assets and the presence of massive unstructured data, the financial services industry is one of the most lucrative targets for cybercriminals. In addition to this, the rapid rise in technological advancements including the shift toward digital operations and the wide-scale adoption of online banking, will increase the probability of data breaches, thus causing huge losses to the industry. 

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Photonics Market Growth Declines, However COVID-19 Pandemic May Bring Back Demand in Long Term

As people are becoming increasingly aware regarding the adverse impact that their actions are having on the environment. Therefore, in order to reduce carbon footprints, people are extensively adopting energy efficient solutions, which includes energy efficient lighting solutions. An emerging technology in the field is that of photonics, which is the area of study that involves the usage of radiant energy, and whose fundamental element is photon. 

Photonic applications utilize photon in the same way the electronic applications utilize electrons. Light travels approximately ten times the speed that electricity does, meaning that data transmitted photonically can travel long distances in a fraction of the time. 

As per a report by P&S Intelligence, in 2019, the global photonics market attained a value of $576.8 billion and is predicted to generate a revenue of $1,214.5 billion by 2030, progressing at a 6.9% CAGR during the forecast period (2020–2030). Different product types which make use of the photonics technology are optical component & system, light-emitting diode (LED), sensor & detector, and laser.

Photonics devices further aid in saving energy and are less sensitive to interference and possess unique physical properties. Attributed to these advantages of photonics devices over traditional electronic devices, their demand is predicted to increase significantly in the coming years. 

The demand for LEDs is predicted to advance at a considerable pace in the coming years, which is ascribed to the rapid adoption of the LED technology around the world. Photonics is playing an important role in the development of the LED technology into intelligent digital lighting solutions, which can save 70% of the electrical consumption.

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The photonics technology has a number of applications, including display, production technology, information technology, lighting, photovoltaic, measurement & image processing, communication, and medical technology & life science.

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Business impacts of COVID-19 on Urban Air Mobility Market. Strategies of major industry competitors

The traffic on roads is increasing at a rapid pace day-by-day. These days, people are able to afford vehicles easily and the number of public transport vehicles has also risen considerably in the past few years on account of the growing population. Road congestion is a major problem in urban and highly populated cities, and results in wastage of time and also impacts economic growth. Take for instance the situation in the U.S., where people spend about 90 hours in traffic jams each year, on an average. This increases the transportation expenditure of people by more than $1,000. The situation is same, if not much worse, in countries such as China and India.

As per a report by P&S Intelligence, the global urban air mobility market is predicted to reach $895 million by 2023, and it is expected to generated a revenue of $6,889.4 million by 2030, advancing at a 33.9% CAGR during the forecast period (2023–2030). Among passenger and cargo aircraft type, the larger demand in 2023 is projected to be registered for passenger flights. Air taxi, air ambulance, and airport shuttle come under UAM passenger flights. These services are expected to be available for both intercity and intracity commuting. At the present time, aircrafts are being developed for intracity travel due to the strict regulations and limitations in battery technology.

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This being said, the demand for intercity travel is also predicted to rise considerably in the near future, since with technological advancements in battery, motors, and in the fuselage, the range of electric vertical take-off and landing (eVTOL) aircraft will increase as well, thereby allowing people to travel easily from one city to another. Piloted and autonomous are two aircrafts types which are going to be used for UAM. Between these two, the utilization of autonomous aircrafts is projected to be higher in 2030, as they are being considered to be the better suited option for passenger and cargo services.

In the coming years, North America is expected to emerge as the largest urban air mobility market in throughout the time period 2023–2030. This is due to the fact that major cities in the U.S. are registering high traffic congestion, which, in turn, would result in the rapid adoption of airport shuttle and taxi services. Apart from this, the demand for UAM services is also predicted to rise considerably in Europe in the coming years, which is ascribed to the heavy investments in the domain by France and Germany for procuring the eVTOL technology for commercial applications.

In conclusion, the surging road congestion is driving the demand for UAM services. 

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How is Growing Adoption of Smartphones Driving Augmented Reality and Virtual Reality Market?

Owing to the rising disposable income of people and technological advancements, the demand and adoption of smartphones has risen considerably in the past few years. At the present time, approximately 3 billion people are using smartphones all across the world. India, the U.S., and China are countries which have the largest number of smartphones users, with each country surpassing 100 million user mark easily. 

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Some of the major smartphone vendors across the globe are Huawei, Apple, and Samsung. This is growing penetration of smartphones is further providing platform for other innovative technologies such as virtual reality (VR) and augmented reality (AR). This is because devices such as smartphones and tablets are being hailed as the potential hardware interface for AR and VR technologies and products. 

The AR technology allows the users to experience the real world that has been enhanced or augmented digitally in some way. On the other hand, VR completely removes the user from the real-world experience and replaced it with a world that completely simulated. As per a report by P&S Intelligence, the augmented reality and virtual reality market attained a value of $6.2 billion in 2017, and it is expected to generate a revenue of $94.4 billion by 2023, advancing rapidly at a 58.1% CAGR during the forecast period (2018–2023). 

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Between hardware and software components for these technologies, the demand for hardware component was higher in the past. This can be ascribed to the growing requirement for high-performance AR devices, declining cost of products, and rising application areas. 

Between AR devices, including heads up display and head mounted display (HMD), and VR devices, including projection-based device, head mounted display, and gesture control devices, the demand for AR devices is predicted to rise in the years to come. This is because of the fact that AR-based HMDs are gaining traction in different applications including education, automotive, gaming, and military. Moreover, the extensive adoption of mobile AR is expected to drive the demand for AR devices. 

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What are Key Factors Fuelling Surge of Global Automotive Human-Machine Interface Market?

The increasing demand for higher safety features and enhanced user experience in vehicles is one of the major factors pushing the adoption of automotive human–machine interface (HMI) across the world. Since the last few years, there has been a surge in the popularity of various advanced driver assistance systems (ADAS), such as automatic brakes and alert systems, which apprise drivers about the permissible speed limit, traffic situation, and traffic signals, which have, in turn, increased the demand for automative HMI. These HMI systems enhance the interaction between drivers and ADAS systems, thereby leading to better safety of the vehicle and passengers.

Due to the above-mentioned factors, the global automotive human–machine interface (HMI) market is expected to grow from $13.9 billion in 2017 to $29.6 billion by 2023, exhibiting a CAGR of 13.8% during the forecast period (2018–2023). The various types of automotive HMI systems available in the market are steering-mounted controls, touch screen displays, rear-seat entertainment (RSE) consoles, heads-up displays (HUD), instrument clusters, and multi-function switches. Amongst these, HUDs are expected to witness the fastest rise in procurement, owing to the increasing uptake of premium cars.

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The automotive HMI market is presently witnessing rapid technological developments, aimed at improving the consumer convenience level. Some of the improvements that have been made in these systems are the development of highly adaptable and dynamic displays and enhanced dashboard layout flexibilities. The soaring government incentives and other measures and increasing adoption of these systems are bolstering the scope for further advancements in them, with each passing year.

Geographically, the highest adoption of automotive HMI systems was observed in the Asia-Pacific (APAC) region in the past few years. This is primarily attributed to the higher sales of passenger cars in this region than anywhere else, on account of the surging purchasing power of the people. Owing to the burgeoning sales of premium and luxury cars and soaring customer preference for vehicles equipped with HMI features in the U.S., North America is expected to witness the fastest growth in the demand for automotive HMI systems during the forecast period.

Therefore, it is clear that due to the increasing adoption of ADAS in vehicles, soaring government initiatives, and growing need for enhanced safety systems in vehicles, the demand for automotive HMI systems will grow considerably in the coming years.

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How is Growing Adoption of Digital Media Marketing Driving Web Content Management Market?

Ascribed to the surging penetration of internet and strong proliferation of social media platforms, businesses are extensively making use of digital marketing increasing their shares in the global markets. There days, the conventional marketing methods, such as advertising through posters or billboards, are no longer effective, which is why, companies are turning to online platforms, including, mobile application, web applications, websites, search engines, and social media, for ensuring that their products and services come into the limelight. 

Moreover, enterprises are also taking customer experience management into consideration. All of this is creating a wide need for web content management (WCM) for supplementing digital and multi-channel marketing. WCM basically refers to a program that helps companies maintain, control, change, and reassemble the contents on a webpage. 

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The program aids in automating major parts of the publishing process, has the ability of organizing and designing websites for providing effective access to up-to-date and relevant content, and has the ability of preparing and controlling content for publication. 

According to a report by P&S Intelligence, in 2017, the global web content management market attained a value of $4,784.1 million and is expected to generate a revenue of $11,035.4 million by 2023, progressing at a 15.2% CAGR during the forecast period (2018–2023). Both solutions and services are offered under WCM, between which, the demand for WCM solutions was higher in the past. 

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This can be ascribed to the growing spending on digital marketing platforms for the promotion of products and related brands and increasing number of internet users in Asia-Pacific (APAC) and European regions. Different WCM solutions are content analytics, digital marketing content management, web creation & editing tools, web experience management, digital asset management, mobile & social media content management. The demand for digital marketing content management was the highest in the past.

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APAC HVAC Market to Witness 4.3% CAGR during 2019–2024

Commercial spaces which use HVAC systems include transportation, hospitality, healthcare, and government establishments, supermarkets/hypermarkets, commercial offices/buildings, data centers, convenience stores, educational institutes, and department stores.

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Apart from the growing demand for HVAC appliances from the commercial sector, the industrial sector, including energy & utilities, oil & gas, automotive, food & beverage, chemical & cement, electronics, and textile plants, is also registering a considerable surge in the requirement for these systems, which can be ascribed to the rapid industrialization in the region.

Since the demand for HVAC systems is booming in the region, advancements such as the development of smart HVAC systems are also taking place. Much like all other smart devices, the major aim of these advanced HVAC systems is to reduce the consumption of energy. Smart HVAC systems provide information regarding their operation and energy consumption.

The users can make use of this information and adjust the system according to their needs, for example the temperature settings, length of preheating or precooling, and times for on and off operations. In addition to this, smart HVAC systems are also embedded with sensors and learning algorithms to learn the user behavior in a better manner.

Within the region, India would witness the fastest APAC HVAC market advance, on account of the Make in India initiative, which is encouraging companies to produce such equipment domestically, thus resulting in a fall in their prices. Additionally, this government initiative is also leading to the growth of the manufacturing sector, in general. With more production facilities being constructed, various types of heating, cooling, and ventilation appliances would be installed.

Hence, the demand for HVAC systems in the region is rising because of the expanding construction industry and adoption of smart HVAC systems.

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