Cyber Insurance Market Worldwide Opportunities, Driving Forces, COVID-19 Impact Analysis, Future Potential 2030

The COVID-19 crisis is having a positive effect on the demand for cyber insurance, as the pandemic has shifted countries’ focus to healthcare and economic stability, thus opening the doors for cyber-criminals to hack servers and steal vital information. Malware spams, phishing attacks, and ransomware attacks have increased since the outbreak, many of which have targeted the World Health Organization (WHO). Therefore, in order to protect themselves against intellectual property and financial damage by such attacks, companies of all sizes are opting for cyber insurance.

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With the growing awareness on insurance, surging number of cyber-attacks, and increasing government regulations, the profile of cyber risk management firms is becoming better. This factor is set to prove instrumental in driving the cyber insurance market at a 26.3% CAGR between 2020 and 2030, thereby leading to the increase in the industry size from $5,573.2 million in 2019 to $70,671.9 million by 2030. In 2019, standalone insurance, based on product type, was more popular, as this product allows companies to instantly compensate themselves as well as their customers for any financial loss arising out of a cyber-attack. 

Standalone cyber insurance policies compensate the insured client or customer for the credit monitoring costs, IT forensic costs, data restoration costs, and public relations expenses, which might be incurred due to a data breach. Moreover, such policies also offer cover for the direct losses due to phishing, social engineering frauds, cyber frauds, spoofing, and phreaking, as well as companies’ legal liabilities to third parties. Large enterprises are the more-significant users of cyber insurance compared to small- and medium-sized enterprises (SMEs), as such companies are rapidly deploying the cloud, artificial intelligence (AI), internet of things (IoT), big data, and machine learning (ML) technologies in their operations. 

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This is leading to the creation of huge volumes of data, which includes sensitive information, including customers’ personal details. This is why such companies are regularly targeted by cyber-criminals, with the intention of getting access to a vast amount of data at once. Owing to the high risk of cyber-attacks and their high spending power, large enterprises are quickly adopting cyber insurance. Owing to the existence of several major cyber insurance companies, including Chubb Group Holdings Inc., American International Group Inc., and Lockton Incorporated, North America is currently the largest contributor to the market.

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Business Impacts of COVID-19 on Compressor Market | Strategies of Major Industry Competitors

The automotive industry is expanding rapidly at the present time due to the increasing disposable income of people, rising demand for electric cars, and technological advancements. From 2012–2017, the automobile industry registered a growth of around 17% in the sales of all types of vehicles around the globe. In addition to this, the demand for passenger vehicles witnessed nearly 16% growth in the same time period worldwide. 

This expansion of the automotive industry is resulting in the rising requirement for compressors, as they are widely used in various applications in the industry, including engine construction, tire inflation, air conditioning systems, and car painting.

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HVAC systems perform heating and cooling pf buildings and are utilized in both commercial and residential sectors. In 2017, the overall AC demand stood at 110 million, which rose from 100 million in 2013. The HVAC domain is further expected to witness considerable growth in the near future as well because of the increasing construction of commercial as well as residential buildings, expanding smart homes market, and development of energy efficient systems.

The rising usage of screw compressors is a key driving factor for the growth of compressor market.  At the present time, energy efficiency is a primary requirement observed in the domain. This is the major reason for the increasing adoption of screw compressors, as they offer higher efficiency than reciprocating compressors.

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Compressors are utilized in HVAC systems and refrigerators that are installed in various application areas, such as food outlets, hotels, industrial buildings, residential buildings, supermarkets & hypermarkets, and commercial buildings. Hence, as the demand for HVAC-R systems increase, the requirement for compressors will rise as well. Apart from better energy efficiency, these compressors also provide continuous flow and low-end temperature of the compressed air. 

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Connected Car Market Outlook and Forecast 2020 due to COVID-19 Impact

According to a report by P&S Intelligence, the global connected car market reached a value of $72,499.2 million in 2019, and it is projected to attain a value of $198,459.7 million by 2025, progressing at a 24.1% CAGR during the forecast period (2020–2025). The growing demand for improved driving experience, introduction of IoT in the automotive industry, and surging concerns regarding safety and security are the key factors resulting in the expansion of the market across the globe.

In terms of services, the connected car market is categorized into fleet management, mobility management, driver assistance, vehicle safety, and entertainment, out of which, the driver assistance category held the major share of the market in 2019. The supportive government initiatives in several countries, increasing safety concerns among people, and rising adoption of ADAS features are the reasons for the growth of the category. In addition to this, the installation of basic ADAS features in new vehicles has been made mandatory in a number of countries.

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The growing demand for improved driving experience is the key reason for the expansion of the connected car market across the globe. As the urbanization is rising, the need for vehicles for both commercial and personal uses has increased as well. This has led to an increased number of vehicles on roads that are causing traffic jams. These problems can be taken care of to some extent with the aid of innovative connectivity features.

In addition to this, the surging concerns regarding safety and security are also projected to result in the growth of the connected car market in the years to come. Technologies including automatic braking, ADAS, and lane assistance can considerably help in improving the driving experience significantly. These technologies aid in decreasing traffic rule violations, causing a decline in road accidents. Owing to these factors, the integration of safety and security solutions in new vehicles are increasing.

In conclusion, the demand for connected cars is growing due to the rising need for enhanced driving experience and increasing security and safety concerns among people. 

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Electric Vehicle Communication Controller Market Future Trends, Prominent Players, Industry Impact and Forecast by 2024

The global electric vehicle communication controller (EVCC) market is expected to generate a revenue of $553.4 million by 2024, increasing from $97.0 million in 2018, and is predicted to progress at a 34.8% CAGR during the forecast period (2019–2024), according to a report by P&S Intelligence. The major factors leading to the growth of electric vehicle communication controller market are rising investments in charging infrastructure and growing government support for deploying electric vehicle charging infrastructure.

When system is taken into consideration, the market is divided into SECC and EVCC, between which, the EVCC division held the major share of the market, in terms of volume, in 2018. The rising sales of plug-in electric vehicles (PEV) is creating high demand for EVCC. The adoption of these vehicles has been rising due to the supportive government policies in the form of incentives and subsidies. The SECC division is expected to advance at a faster pace during the forecast period due to the growing installation of charging stations.

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The development of advanced technologies, including vehicle-to-grid (V2G) for two-way electricity requirement management grid, is providing opportunities to the players operating in the EVCC market. As the utilization of electric vehicles is rising, the need for increased accessibility to charging ports is growing as well. Attributed to this, companies in the domain are focusing on developing advanced charging stations. The development of the V2G charging technology will decrease the load on electric grids, if multiple vehicles are connected for charging.

In conclusion, the demand for EVCC is growing due to the increasing adoption of electric vehicle and rising government support.

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Changes in Consumer Behaviour During COVID-19 Outbreak May Affect Growth of Cyber Insurance Market

The global cyber insurance market will grow, in value, from $5,573.2 million to $70,671.9 million from 2019 to 2030. In addition to this, the market is predicted to advance at a CAGR of 26.3% from 2020 to 2030, according to the estimates of P&S Intelligence, a market research firm in India. Cyber insurance solutions are widely adopted by both small and medium enterprises (SMEs) and large enterprises.

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“According to many reports, there had been data breach incidents involving nearly 8 billion records, that included phone numbers, home addresses, and credit card details during January 2019—April 2020”. Furthermore, the increasing incidence of data breaches has made the governments of many countries implement stringent cyber security policies and measures for mitigating the growing security risks, which has, in turn, boosted the demand for cyber insurance solutions across the world. 

The increasing internet penetration and digitization in several industries and business operations has tremendously increased the adoption of digital solutions such as online transactions, data analysis, and various other processes. This has also significantly increased the prevalence of cyber attacks all over the world, with soaring number of cyber fraud, theft, and data breach cases, especially those pertaining to social security numbers, passwords, credit card details, email addresses, and other confidential information, being reported every year. 

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Between the two, the large enterprises are expected to generate higher demand for these solutions and systems in the future years. This is credited to the fact that the large enterprises are increasingly adopting various advanced technologies, owing to which, they are becoming more vulnerable to cyber attacks. Integrated and standalone are two main types of cyber insurance solutions used by organizations across the world.

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Automotive LiDAR Market to Witness Robust Expansion Throughout the Forecast Period 2030

 Due to rapid technological advancements, the implementation of strict safety regulations and policies regarding vehicles by the governments of several countries, and the superior detection ability of LiDAR (light detection and ranging), the global automotive LiDAR market is predicted to register huge growth in the coming years. Many public and private organizations are making huge investments in the development of LiDAR sensors, on account of excellent performance of these sensors in various automotive applications.

Due to the growing prevalence of road accidents, the governments of many countries are implementing strict regulations that mandate the adoption of safety systems and features in automobiles. For example, the EU (European Union) has recently enacted a regulation that mandate the incorporation of various driver assistance features such as emergency stop signal, intelligent speed assistance, and advanced emergency braking in automobiles running on the roads of the member nations.

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Many automakers and technology developers such as Waymo LLC and Tesla Inc. are working on robotaxis. These taxis are predicted to be launched in 2025. They will be mainly used for ride hailing services, which would push up the deployment of fully-autonomous cars and subsequently boost the sales of LiDAR sensors in the coming years. Geographically, the automotive LiDAR market would register rapid advancement in Asia-Pacific in the future, as per the estimates of the market research firm, P&S Intelligence.

Hence, it can be said with complete surety that the market will surge sharply throughout the world in the years to come, primarily because of the rising adoption of ADAS and other safety systems in vehicles and the growing usage of connected cars and autonomous vehicles across the world.

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Coronavirus Business Impact – Motion Sensor Market In-depth Analysis of the Industry with Future Estimations

The burgeoning demand for consumer electronics is one of the major factors propelling the need for motion sensors across the world. Motion sensors are widely used in consumer electronics for a wide array of applications such as in controlling the orientation of the smartphone screen. The consumer electronics industry is expanding at a rapid rate, on account of the soaring demand for wearable devices and smartphones, especially from millennials. 

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Furthermore, the surging global population level is also expected to boost the need for consumer electronics, which in turn, will fuel the rise in the demand for motion sensors. Driven by the above factors, the global motion sensor market is expected to increase its revenue from $4,430.7 million in 2019 to $7,590.8 million by 2030, with a CAGR of 5.1% during the forecast period (2020–2030). 

The wide-scale usage of motion sensors in various automotive components such as vehicle alarm system, wheel alignment system, and airbag system, and the huge growth of the automotive industry over the last few years are the other factors contributing to the rising demand for motion sensors across the world. As per the International Organization of Motor Vehicle manufacturers (OICA), 95.1 million vehicles including passenger and commercial vehicles were sold in 2018. 

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In addition to this, the increasing focus on the adoption of electric vehicles throughout the world is also pushing the demand for motion sensors.Motion sensors are used in consumer electronics, automobiles, medical devices, building automation systems, and industrial equipment. Amongst these, the building automation systems, owing to the rising adoption of heating, ventilation, and air-conditioning (HVAC) equipment, are predicted to record the fastest growth in the usage of motion sensors during the forecast period.

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