APAC CAD Software Market | Covid19 Impact Analysis | Business Outlook, Growth, Revenue, Trends and Forecasts 2024

The popularity of CAD software in the automotive industry is one of the major driving factors for the APAC CAD software market. The requirement for high-quality components is increasing significantly in the automotive industry in APAC. Because of this, auto part buyers are also trying to focus on the quality of their products. In addition, numerous connected cars are predicted to be on the roads in the coming years, due to which automobile designers are becoming more inclined toward using advanced solutions supported by CAD software for developing error-free products.

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Another major factor leading to the growth of the APAC CAD software market is the surging adoption of the software in the packaging industry. Due to technological advancements, the complexity of designs in the packaging machinery has increased. This has resulted in the growing adoption of CAD software by engineers and designers to increase the efficiency and throughput. Through simulation and communication control tools, the software enables engineers to provide unconventional modeling. Furthermore, the software is also being increasingly utilized in the industry because of the rising demand for smart packaging.

When geography is taken into consideration, China was the largest APAC CAD software market during the historical period, accounting for 31.9% of the regional revenue in 2018. The reason for this is the growing number of engineering universities and the expansion of the media & entertainment and automotive industries in the country. The highest CAGR is expected to be recorded by India during the forecast period due to the growing demand for CAD software from the aerospace & defense and automotive industries.

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The market is growing due to the increasing usage of CAD in the automotive and packaging industries, and an increasing number of startup companies. CAD involves the use of computers for analyzing, creating, and simulating designs in order to generate technical documentation. This technology is used by architects, engineers, and designers for visualizing concepts.

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AI in Education Market Growth Analysis, Post COVID-19 Impact | Potential Business Impacts for Key Players

The focus on digitization and e-learning is increasing rapidly in order to enhance the quality of education that is provided. Ascribed to this, the concept of conversational learning is also becoming an important aspect of education around the globe. The concept of conversational learning involves the presentation of content as a two-way conversation. Teaching through conversational learning solutions makes the process more interactive and interesting for the children. Since, chatbots can be programmed as per the learner’s needs, they are becoming an important part of the conversational learning process. Chatbots also offer students relevant content, which saves their time and results in successful completion of the course.

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Because of this, the application of artificial intelligence (AI) in the education sector is rising. AI in education majorly focuses on identifying the needs of students and developing personalized curriculum for enhancing the learning experience of students. According to a P&S Intelligence report, in 2019, the global AI in education market reached $1.1 billion and is predicted to generate $25.7 billion in 2030, advancing at a 32.9% CAGR during the forecast period (2020–2030). The two components in the domain are service and solution, between which, the larger demand was created for AI solutions during 2014–2019. Hardware and software tools & platforms are the two major AI in education solutions.

Different applications of AI in education are intelligent tutoring systems, content delivery systems, virtual facilitators, and learning platforms. Chatbots and interactive websites are some other applications. Among these, the largest demand during 2014–2019 was created for learning platforms, which are further expected to be the most in demand during the forecast period. This is because of the increasing preference for distance and online education courses by students and working professionals, growing focus on the integration of next-generation technologies in the education sector, and growing trend of self-learning through online platforms. The fastest growth in demand is projected to be registered by the intelligent tutoring systems applications.

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A key driving factor for the industry is the increasing demand for personalized education based on AI. Personalized learning solutions aid in better understanding of the students, including their academic goals, interests, and educational background, which further helps in creating a customized educational experience. Students can design courses as per their requirement and also obtain feedback related to their progress throughout their course. For example, in June 2019, Lingvist Technologies OU, a provider of language courses, launched an AI-powered language learning platform called Couse Wizard, which allows users to create and customize courses according to their interests, hobbies, and career by speaking or typing keywords.

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Big Data Analytics in Healthcare Market Growth Analysis, Post COVID-19 Impact | Potential Business Impacts for Key Players

The demand to organize huge amount of data is driving the big data analytics in healthcare market. With increasing research and development activities, the healthcare industry is generating huge data volumes. Big data analytics is playing a major role in reducing the overall cost and providing quality services in the healthcare system by aiming to generate valuable insights from such rich data sets.

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The big data analytics in healthcare market to grow to $22,743.1 million by 2023 from $7,013.5 million in 2017, registering a 21.8% CAGR during the forecast period (2018–2023). The market is witnessing growth due to the rising initiatives by governments to adopt electronic health records, surging demand for financial analytics in the healthcare domain, and increasing requirement for the analysis of structured and unstructured datasets.

The big data analytics in healthcare market is helping doctors and other healthcare service providers in deliver personalized care in a cost-effective and time-efficient manner. Healthcare facilities are enthusiastically integrating IT technology into their workflow for improving patient outcomes, providing support for reformed payment structures, and reducing healthcare cost. Technological advancements have led to the generation of increased unstructured data, such as clinical, imaging, claims, socioeconomic, and genomic data and electronic health records, which big data analytics help organize into structured data.

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The classifications of the big data analytics in healthcare market based on region are Asia-Pacific (APAC), Europe, North America, and Rest of the World. The highest revenue was generated by the North American region in the historical period as the U.S. is home to the largest healthcare industry in the world, which leads to huge data generation and the need for its maintenance. In the forecast period, APAC would register the fastest growth as the economy of many countries here is improving, which is leading to the betterment of healthcare facilities.

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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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