How is Increasing Adoption of Electric Rickshaws Fuelling Growth of Indian Electric Rickshaw Motor and Controller Market?

In India, the most important factor fuelling the rise in the demand for electric rickshaw motors and controllers is the mushrooming number of electric rickshaws operating in the country on account of the soaring number of incentives and polices being implemented by the Indian government. The number of electric rickshaws running on the roads of the country increased by almost 600,000 between 2014 and 2018. Moreover, the total number of electric rickshaws in India was found to be more than 700,000 in 2018.

The other major factor responsible for the surge in the demand for electric rickshaw motors and controllers in India is the rising average operational life of electric rickshaws in the country. There has been a massive rise in the manufacturing of electric rickshaws in India by major organized multinational corporation (MNCs) over the last few years (especially since the Goods and Services Tax [GST] rollout). These electric rickshaws, owing to their superior build and quality, have a higher average life span (3.6 years) than the rickshaws manufactured by the unorganized and local companies (2.2 years).

Driven by the above-mentioned factors, the revenue generated from the sales of electric rickshaw motors and controllers in India is expected to be $59.8 million and $26.2 million, respectively, by 2024. The Indian electric rickshaw motor and controller market is predicted to attain a valuation of $86.0 million by 2024, with the Indian electric rickshaw motor market expected to advance at a CAGR of 15.1% and the Indian electric rickshaw controller market predicted to progress at a CAGR of 14.4% during the forecast period (2019–2024).

In India, Delhi recorded the highest adoption of electric rickshaw motors and controllers in 2018. This is mainly attributed to the large volume of sales of electric rickshaws in the city since 2013. In addition to this, the Delhi government announced in 2016 that it would provide a subsidy of $439.6 on the purchase of electric rickshaws. Due to this factor, the Indian electric rickshaw motor and controller market registered huge progress in Delhi during 2016–2018, which, in turn, created a huge demand for motors and controllers in the city during that period.

Therefore, the demand for electric rickshaw motors and controllers is certain to skyrocket in India over the next few years, owing to the rising adoption of electric rickshaws in the country because of the favorable government measures and the numerous advantages offered by these vehicles over the conventional rickshaws.

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What are Main Factors Responsible for Surge in Global Connected Motorcycle Market?

The rising penetration of sport and luxury bikes in many countries especially the developing nations of APAC and Latin America, Middle East and Africa (LAMEA) is one of the major factors powering the rise in the demand for connected motorcycles. The soaring per capita income and the resultant surge in the purchasing power of the people in the emerging economies across the world such as India and China is pushing the adoption of connected motorcycles.

Technological innovations in automation and big data and the increasing integration of artificial intelligence and internet of things (IoT) in motorcycles for improving road and passenger safety are the other major factors that will boost the popularity of connected motorcycles across the globe. Since the last few years, there has been a huge rise in the popularity of off-road and long-distance biking and this massively increased the probability of fatal motorcycle accidents. As a result, a majority of the motorcycle manufacturing companies have started developing motorcycles equipped with advanced rider-assistance systems and in-motorcycle connectivity devices.

Due to the above-mentioned factors, the global connected motorcycle market is predicted to observe unprecedented growth during the forecast period (2020–2030). The connected motorcycles can be serviced by either the original equipment manufacturers (OEMs) or third-party service providers. Of these, the OEMs-based services are predicted to record higher demand during the forecast period. This is mainly attributed to the fact that the OEMs efficiently analyze all the essential information like riding mode, speed, and parking location and rider behavior and are thus, able to provide personalized services and accurate information about the upcoming maintenance requirements. 

Globally, the Asia-Pacific (APAC) region would see the fastest rise in the adoption of motorcycles equipped with connected systems, during the forecast period. This is mainly ascribed to the rising popularity of these motorcycles in the region. The connected systems and features have already been introduced in the luxury and sport motorcycles and soon, will trickle down to the economy range motorcycles. Moreover, the rapid technological developments in rider assistance systems will propel the adoption of advanced connected systems in motorcycles, thereby fuelling the growth of the connected motorcycle market in the region in the coming years.

Hence, owing to the rising prevalence of road accidents and increasing adoption of advanced automated systems in motorcycles, the demand for connected motorcycles is set to skyrocket across the globe over the next few years.

Source: https://www.psmarketresearch.com/market-analysis/connected-motorcycle-market

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Mobile POS Terminals Market to Grow Due to Growing Trend of Digital Payments

P&S Intelligence published a new research report, titled, "mPOS Terminals Market: Global Industry Analysis and Forecast till 2030, with the rising number of people preferring cashless payments, the global mobile POS market, which generated $19.5 billion in 2019, is predicted to experience a 17.9% CAGR between 2020 and 2030 (forecast period). This is because mPOS terminals enable companies to receive contactless payments and speed up the checkout process.




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Till 2030, the retail category will continue generating the highest revenue in the mobile POS terminals market, as retailers are increasingly deploying such systems to help customers pay for stuff at any place in the store, which helps save the time otherwise wasted in long queues. For instance, in 2018, POS terminals were deployed in 350 stores across the U.S. by Walmart Inc.

The hardware bifurcation held larger share in the mobile POS terminals market during the historical period (2014–2019), because of the rapid increase in digital payments in the retail, food service, healthcare, hospitality, and various other industries, which creates a high requirement for different types of smartphone point-of-sale terminals.

Asia-Pacific (APAC) dominated the mobile POS terminals market in 2019, and it will keep contributing the highest revenue till 2030. This is ascribed to the advancing healthcare, retail, and hospitality industries in the region, as a result of the high rate of urbanization. Mobile point-of-sale terminals find widespread adoption in the retail industry, which is the largest in APAC.

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This market research report provides a comprehensive overview of the mPOS terminal market

• Historical and the present size of the mPOS terminal market
• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential

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How is Development of Smart Cities Causing Boom of Global Light Sensor Market?

The increasing usage of consumer electronic devices is one of the major factors propelling the demand for light sensors across the world. In various consumer electronic devices such as smartphones and tablets, several features like automatic screen brightness control require the sensing of light. 1.4 billion smartphones were sold throughout the globe in 2019 and this number is expected to increase to 1.6 billion by 2040.

Owing to the mushrooming demand for these devices from the younger population, especially the millennials. Moreover, the soaring population in several countries will further boost the demand for customer electronic devices across the world.

Due to these factors, the global light sensor market attained a valuation of $1,456.2 million in 2019 and is predicted to advance at a CAGR of 9.5% during the forecast period (2020–2030). Light sensors are extensively used for proximity detection, ambient light sensing, RGB (red, green, and blue) color sensing, infrared radiation (IR) detection, and gesture recognition. 

Amongst these, the ambient light sensing applications are expected to record the highest use of light sensors during the forecast period. This would because of the rising utility of this function in the healthcare and automotive sectors around the world.

Light sensors are widely used in consumer electronics, industrial, automotive, healthcare, and entertainment sectors. Out of these sectors, the automotive sector is predicted to observe the highest growth in the usage of light sensors in the coming years. This is mainly attributed to the increasing incorporation of advanced driver assistance systems (ADAS) in automobiles, which require light sensors for park assist, light sensing, and several other applications.

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The light sensors produce the output in two forms — digital and analog. Of these, the light sensors equipped with digital output displays record higher demand, owing to their wide application in ADAS systems.

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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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