COVID-19: Potential Impact on Spintronics Market Estimated to Record Highest CAGR in Coming Years

The global prevalence of chronic obstructive pulmonary disease is 65 million people, while its annual death rate is 3 million, as estimated by the World Health Organization in the second edition of its Global Impact of Respiratory Diseases report.

The single biggest cause of such respiratory problems is air pollution caused by the discharge of toxic gases from vehicles and industries. Thus, to deal with the issue, governments in numerous countries are encouraging people to adopt electric vehicles (EV). With the increasing sale of EVs in the coming years, the usage of spintronic sensors would also surge.

As a result, the spintronics market would grow from its value of $362.7 million in 2019 to $12,845.6 million by 2030, at a 34.8% CAGR during 2020–2030 (forecast period).

Such sensors lower the power consumption and enhance the accuracy of operations, by utilizing the tunnel magnetoresistance (TMR) and giant magnetoresistance (GMR) effects. In EVs, spintronics-based sensors are used to make automobiles more efficient, increase the life of batteries, and predict overloading and breakdowns. EVs majorly utilize angular, position, and linear sensors, based on the TMR technology.

Apart from sensors, spintronics is also used in data storage devices, wherein the spinning motion of the electrons, along with their charge, is leveraged to store information. In general, spintronics devices can be based on semiconductors or metals, wherein metal-based devices are further of the GMR and TMR types.

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Of these, TMR-type metal-based spintronics devices account for the higher adoption, owing to their smaller size and lower power consumption advantage. Additionally, they also offer a better insulating performance than the GMR variants, as they have higher magnetoresistance.

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Know How Covid-19 Impact on Automation as a Service (AaaS) Market | Insights on Size, Share, Demand, Trends & Key Players

In 2017, the global automation as a service (AaaS) market generated $2.9 billion and is projected to reach $10.9 billion by 2023, registering a 23.9% CAGR during the forecast period (2018–2023). The market is growing due to the decreasing cost of automation software and services, surging demand for virtual workforce, and greater ease of doing business.

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AaaS is a platform which utilizes technologies including cognitive analytics, artificial intelligence (AI), machine learning, and internet of things for offering enterprises a way to automate their business processes for increasing accuracy and speed of operations. On the basis of business process, the AaaS market is divided into human resources (HR), information technology (IT), finance & accounting, sales & marketing, supply chain, operations, and customer service.

Among these, the IT division accounted for the major share of the market during the historical period (2013–2017) and is predicted to dominate the market during the forecast period as well. The sales & marketing division is projected to grow at the fastest pace during the forecast period because of the increasing need for engaging customers and managing billing processes.

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When industry is taken into consideration, the AaaS market is categorized into travel & tourism, banking, financial services, & insurance (BFSI), hospitality, telecom & IT, media & entertainment, manufacturing, transportation & logistics, energy & utilities, healthcare, retail & consumer goods, and government & defense. Out of these, the BFSI category dominated the market during the historical period and is further expected to contribute the largest revenue share to the market during the forecast period, which is ascribed to the rising requirement for automation in processes including invoice digitization, customer service, and credit card approvals.

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Why is Increasing Gasoline and Diesel Price Major Reason behind Carsharing Market Growth?

The world is in grave danger, as the high amounts of greenhouse gas (GHG) emissions are making the air fouler by the day. Whenever coal, natural gas or crude oil and its derivatives are burned, carbon dioxide, nitrogen oxides, carbon monoxide, sulfur dioxide, and other harmful gases are released into the atmosphere. These are not only making the earth hotter, but also creating difficulties in breathing. The transport sector is one of the major emitters of GHGs, which is why several steps are being taken to check it and reduce the rate of air quality degradation.

One such effort has been the strong promotion of shared mobility services, as 3–4 people can travel in the same vehicle, which automatically helps bring down the number of automobiles in operation. As, still, most vehicles run on gasoline and diesel, shared mobility aids in bringing down pollution. This is one of the primary reasons the carsharing market, which valued $5,571.2 million in 2018, is projected to grow to $10,846.9 million by 2025, at an 11.0% CAGR between 2019 and 2025. In such a model, people can rent cars as per requirement and pay on the basis of the journey distance or time.

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The key catalyst for the popularity of such models has been the advent of the mobility as a service (MaaS) concept. With shared mobility companies putting in the hard yards of owning and maintaining the vehicles, a great weight has been lifted off the shoulders of users. Those who use MaaS services do not need to spend thousands of dollars on purchasing a personal vehicle, paying for insurance premiums, parking, and regular servicing and maintenance. Not to forget the rapidly increasing prices of diesel and gasoline, all of which become the responsibility of the service provider.

Asia-Pacific (APAC) is currently the largest carsharing market, majorly on account of the strong government support for such a transportation system, especially in China. In this country, the number of electric cars in shared mobility fleets has drastically risen in the last few years. Being one of the most industrially productive, and therefore polluted, countries on earth, China is taking concrete steps to increase the penetration of electric vehicles, including among car sharing companies, such as offering subsidies, tax rebates, and monetary incentives for their purchase.

Hence, as the realization about the fact that shared mobility can potentially reduce the number of automobiles on the road increases, carsharing services are bound to become more popular than ever in the coming years.

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What are the Major Factors Fuelling the Progress of Americas Self-Checkout Systems Market?

The rising number of digital transactions in most of the countries in the Americas is one of the biggest factors responsible for the surge in the usage for self-checkout systems in the region. Most of the countries in the region are rapidly shifting toward cashless transactions and economy. For instance, 90% of the population in Canada owned credit cards in 2018. Moreover, the country observed a growth of 7% and 9% in the usage of debit cards and in the total value of the transactions made through debit cards, respectively, from 2016 to 2017. 

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The other major factor propelling the demand for self-checkout systems in North and South America is the rising shortage of labor in the region. Since the last few years, there has been a massive rise in labor shortage in most of the countries in the region. For instance, the companies in the U.S. are increasingly finding it difficult to find skilled employees, with almost 6.3 million jobs remaining unfilled in the country in January 2018. Moreover, the companies recorded a rise of around 16% in unfilled jobs from 2017 to 2018. 

Due to the above-mentioned factors, the revenue generated from the sales of self-checkout systems in the Americas is expected to increase from $3.9 billion in 2018 to $7.1 billion by 2024. The Americas self-checkout systems market is predicted to advance at a CAGR of 10.9% during the forecast period (2019–2024). Many companies in the Americas are rapidly adopting the self-checkout systems hardware, software, and services. Out of these, the self-checkout systems hardware observed the highest adoption in the region in 2018, as they transactions cannot proceed without enabling terminals, card readers, and machines.

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The biggest trend presently being witnessed in the Americas self-checkout systems market is the adoption of mobile scan and go systems across the region. These systems enable the users to use their smartphones for scanning the items that they want to buy from the shop at the service point-of-sale (POS) terminal. The mobile scan and go systems allow the customers to digitally make payments without being in direct contact with any machine, thereby reducing the overall buying time.

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How are Energy Conservation Efforts Propelling Grow Lights Market?

Fluorescent, high-intensity discharge (HID), light-emitting diode (LED), plasma, and induction bulbs can be used to providing lighting in indoor farming settings. Among these, LED bulbs are the most heavily deployed, as they lead to considerable cost-savings. 

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First, LED lights have a 25-times longer life than a similarly rated incandescent bulb, and the former also consume 75% less energy, which ultimately results in a reduction in the operational expenditure for the farmer.

The utility of LEDs is so well known that governments around the world are undertaking initiatives to increase their adoption. In Numerous countries, including Switzerland, Brazil, Argentina, Venezuela, Canada, Australia, Malaysia, Russia, South Korea, and Mexico, conventional lights are being replaced with energy-efficient variants. 

For instance, Los Angeles successfully replaced all of its street lights with LEDs in 2013, hoping to save $7 million in energy costs and an additional $2.5 million in maintenance activities. Similarly, under the Unnat Jeevan by Affordable LEDs and Appliances for All (UJALA) scheme, the Indian government has already provided over 350 million LED bulbs, as of April, 2020.

In the coming years, Asia-Pacific (APAC) would witness the most rapid advance of the grow lights market, on account of its booming population and government initiatives aimed at encouraging the usage of LED lights. Further, the region accounts for a rapidly rising rate of urban migration, which is leading to the destruction of farmlands for the expansion of cities. To feed the rising number of people and coping with the decreasing arable land area, the focus on urban farming is increasing.

Hence, with the rising popularity of the indoor and vertical farming methods, the demand for grow lights will continue surging across the world.

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How are Advancements in Technology Fuelling Surge in Global Automotive Sensors Market?

The surging implementation of stringent laws and regulations regarding emission standards and vehicle safety requirements, in several countries across the world, is one of the major factors responsible for the massive growth in the demand for automotive sensors. For instance, multiple European countries have enacted laws which make it mandatory for the vehicles operating there to have driving assistance features, such as advanced emergency braking, tire pressure monitoring, intelligent speed assistance, lane keeping assist, reversing camera or detection system, and attention and drowsiness detection.

The rapid development of advanced sensors, owing to the rising investments in the field, is another major factor fuelling the demand for automotive sensors. Since the last few years, many major automotive companies have been shifting their focus toward the development of advanced sensors. As a result, the global automotive sensors market revenue is expected to increase from $25,723.8 million in 2019 to $58,215.3 million in 2030. The market is further predicted to progress at a CAGR of 7.4% during the forecast period (2020–2030).

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There are various types of sensors installed in vehicles, namely position sensors, pressure sensors, temperature sensors, motion sensors, oxygen sensors, torque sensors, optical sensors, gas sensors, and level sensors. Out of these, position sensors recorded the highest demand in the past, mainly due to their wide-scale use in numerous vehicle parts, such as clutch, brakes, transmission, chassis, and engine, in order to compute the steering wheel position, motor rotor position, pedal position, throttle position, and the positions of valves, knobs, and actuators.

The automotive sensors market is currently witnessing swift technological innovations in the sensors and the automotive industry in general. For instance, these ongoing advancements have resulted in the development of different driver assistance system (ADAS) sensors, such as light detection and ranging (LiDAR), radar, and ultrasonic sensors. In addition to this, the incorporation of sensor fusion in automobiles has witnessed a rising popularity in recent years. For instance, the combination of LiDAR, ultrasonic, radar, and other sensors enhances various ADAS functions, such as obstacle avoidance and cross-traffic assistance, where individual sensors face limitations.

Globally, the highest integration of automotive sensors was witnessed in the Asia-Pacific (APAC) region during the historical period (2015–2019). APAC is also projected to register the fastest growth in demand for these devices during the forecast period. Within APAC, China is the major consumer of such instruments, as it is the largest automobile producer here as well as the world, producing almost half the vehicles around the globe. Additionally, owing to extreme air pollution levels, the transportation system of regional countries is being rapidly electrified, and to achieve it, a lot of sensors have to be integrated in automobiles.

Hence, it is clear that due to the rapid development of advanced automotive technologies, soaring demand for high-end vehicles equipped with modern features, and presence of strict vehicle safety laws in many countries, the demand for automotive sensors is expected to shoot up in the coming years.

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Fraud Detection and Prevention Market Growing due to Need to Curb Fraudulent Activities

The global fraud detection and prevention market is driven by the usage of artificial intelligence (AI) and machine learning (ML) for curbing fraudulent activities, primarily mobile frauds, and those in the banking, financial services, and insurance (BFSI) sector. The market was valued at $20,614.4 million in 2018, and is predicted to advance at a CAGR of 15.1% during the forecast period (2019–2024). The key elements in the process are to identify the fraud risk, assess the likelihood of the risks, and take measures before any significant damage is done.

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Under the application segment, the fraud detection and prevention market is categorized into identity theft, payment frauds, money laundering, and others. Among these, the payment frauds category dominated the market in 2018, and it is expected to continue on this path during the forecast period. This is mainly due to the increase in the volume of electronic payments, which is resulting in a rise in the fraudulent activities in the payment sector. A key driver for the market is itself the rising need to protect web-based payment transactions.

The need for protecting online financial platforms from fraudulent activities and inherent risks is mainly due to the rapid digitalization. Payment frauds are mostly unauthorized transactions processed by a cyber-criminal. It is challenging to eliminate the threat in the e-commerce domain; however, updating the software and network security systems can help in this regard. The fraud detection and prevention market is burgeoning on account of the rising electronic payment rate across the globe. Thus, with the need to curb web-based payment frauds, this application category is expected to dominate the market during the forecast period. 

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On the basis of enterprise size, the fraud detection and prevention market is bifurcated into large enterprises and small and medium enterprises (SMEs). Among the two, the large enterprises bifurcation held the larger market share in 2018, and it is also expected to dominate it in the forecast period. Large enterprises are quickly adopting such software to protect their massive business data and information from any misconduct. Additionally, they have higher budgets, which gives them more purchasing power.

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