Why will Popularity of Electric Vehicle Battery Swapping Technology Boom in APAC in Future?

A number of factors, such as the slow charging process at charging stations, need for less time consumption in charging and lower upfront cost of electric vehicles (EVs), less availability of proper charging infrastructure, and rise in investments in the manufacturing of lithium-ion batteries, are driving the electric vehicle battery swapping market. The battery swapping technology acts a suitable substitute for supplying power to EVs as it eradicates the requirement of slow-charging stations. 

The market is currently witnessing a trend of technological advancements. The advancements in battery swapping technologies are allowing drivers to swap the discharged batteries at a dedicated swapping center with charged ones. This enhances the EV’s uptime, while reducing its operational costs. Additionally, the increasing sales of EVs, falling prices of batteries, and improving technologies are projected to drive the need for battery swapping technologies across the world.

According to P&S Intelligence, Asia-Pacific (APAC) is projected to hold the largest share in the electric vehicle battery swapping market in 2030, and the regional market is also projected to observe the fastest growth in the coming years. This can be ascribed to the rising number of research and development (R&D) activities to make advancements in battery swapping technologies, government strategies to facilitate the deployment of EVs, lack of adequate charging infrastructure, rising demand for electric mobility, and surge in investments in this domain in the region.

Thus, the increasing need for zero-waiting time for EV charging and improved run time of vehicles will accelerate the adoption of the battery swapping technology across the globe in the foreseeable future.

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How Are Technological Advancements Strengthening Automotive Data Logger Market?

Factors such as the rising integration of intelligent, compact, lightweight electrical and electronic systems in passenger vehicles and the surging need to monitor and analyze real-time automobile data to optimize passenger and vehicle safety will boost the automotive data logger market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue reached ~$3 billion in 2020. Nowadays, the mounting investments being made by market players in the advancement of automotive data logger systems have become a prominent market trend.

Automotive Data Logger Market Outlook

One of the key growth drivers for the market is the booming demand for in-vehicle connectivity features worldwide. To meet this demand, automakers are increasingly integrating in-vehicle connectivity solutions in their offerings, through partnerships with consumer electronics and software vendors. The installation of advanced features such as automotive data logger solutions enables automobile manufacturers to collect data and then provide information about the functions of systems such as lane assist and automatic brake. 

Whereas, Asia-Pacific (APAC) is expected to exhibit the fastest growth in the automotive data logger market throughout the forecast years, due to the existence of a vast automobile manufacturing base in the region. Moreover, the accelerating industrialization rate and flourishing infrastructure sector in APAC nations will also propel the market growth in the region in the upcoming years. Besides, the surging adoption of advanced electronic components in automobile architecture will also augment the market growth in the immediate future.

Therefore, the rising demand for in-vehicle connectivity features and accelerating technological advancements in the automotive sector will drive the market growth in the forecast years.

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Automotive Differential Market Growth Driven By AWD Vehicle Sales

A number of factors such as the rising adoption of all-wheel-drive (AWD) vehicles, surging need for enhanced fuel efficiency and road traction, and burgeoning demand for heavy-duty and commercial vehicles will support the automotive differential market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue stood at ~$20 billion in 2020. At present, the increasing electrification of vehicles is becoming a prominent market trend, due to the mounting focus on mitigating vehicular pollution.

The burgeoning need for AWD vehicles, owing to the enhanced safety, drive control, and stability offered by them, will augment the demand for automotive differentials in the coming years. AWD systems were initially used in high-end vehicles, but due to the escalating consumer focus on vehicle safety, automakers are rapidly integrating such systems in passenger cars as well. Additionally, the surging installation of AWD systems in electric vehicles (EVs) will also facilitate the market growth in the foreseeable future.  

Geographically, Asia-Pacific (APAC) is expected to account for the largest share in the automotive differential market throughout the forecast period. This can be attributed to the presence of the world’s largest automobile production hub—China—in the region, due to the easy availability of raw materials, the existence of a vast workforce, and huge demand for automobiles in the country. According to the OICA, China produced 5,231,161 commercial vehicles and 19,994,081 passenger cars in 2020.

Therefore, the burgeoning demand for AWD vehicles and increasing production of passenger cars and commercial vehicles will drive the demand for automotive differentials in the foreseeable future.  

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Growing Adoption of Intelligent Applications Driving Demand for Edge AI Software

With rapid advancements in the artificial intelligence (AI) software, the requirement for intelligent applications is surging sharply. This is, in turn, driving the demand for the edge AI software, as these intelligent applications need a high computing power to process and gather information continuously for providing significant and effective outcomes, which is only possible with the adoption of this software.

Additionally, the burgeoning requirement for greater efficiency in data processing is further boosting the need for edge AI software. Besides the aforementioned factor, the surging adoption of cloud computing solutions by enterprises is also fueling the demand for this software around the world. AI-integrated applications that are deployed on the cloud usually have latency issues and provide slow responses.

As the edge AI software can make the applications function with high bandwidth and low latency by keeping the computer resources at the edge of the network, it is being increasingly adopted by businesses. The other major factor pushing up the requirement for the edge AI software is the rapid advancements being made in the internet of things (IoT) applications.

IoT applications deal with various devices that interact with each other over the internet, with the AI assisting them in learning from the data collected. Moreover, IoT enables the trading of data between different machine parts or production lines over a wireless network. Due to these factors, many organizations are actively focusing on developing enhanced IoT-based applications and gadgets, thereby propelling the growth of the edge AI software market.

This market research report provides a comprehensive overview of the 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
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

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How Is Defense Sector Fueling Unmanned Ground Vehicles Market Growth?

A number of factors such as the surging use of robotics in areas affected by biological, radiological, chemical, and nuclear attacks and the burgeoning demand for autonomous systems in the commercial and defense sectors will facilitate the unmanned ground vehicles market growth during the forecast period (2021–2030). Moreover, the increasing government investments being made in the development of UGVs will also accelerate the market growth in the coming years. According to P&S Intelligence, the market generated a revenue of $2,489.2 million in 2020.

Unmanned Ground Vehicles Market Outlook

One of the key growth drivers for the market is the booming demand for UGVs from the defense sector. The surging investments being made by governments in upgrading their defense fleets and the mounting military expenditure of several countries will fuel the adoption of UGVs in the defense industry. These vehicles are used for transportation, combat support, and search and rescue operations. For example, in March 2020, HORIBA MIRA secured a $3.25 million (GBP 2.3 million) contract to provide VIKING autonomous UGVs to the U.K. Defence Science and Technology Laboratory (Dstl).

Globally, North America will account for the largest share in the unmanned ground vehicles market during the forecast period, with the U.S. contributing the highest revenue to the regional market. The presence of the world's leading manufacturers, users, and exporters of unmanned military systems in the U.S. contribute to the growth of the market in the region. Both North American countries are awarding major contracts to the leading unmanned ground vehicle manufacturers for procuring combat-capable UGVs. For instance, the U.S. has deployed numerous unmanned systems along the Mexico border to ensure that civilians don’t get hurt in gang-related disputes and violence.

Thus, the surging use of UGVs in the defense sector and rising advancements in autonomous UGV technology will support the market growth in the coming years. 

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Over $10,000.0 Million Growth Expected in Healthcare Cognitive Computing Market till 2024

Around the world, the number of clinical trials and drugs being discovered is increasing, which is leading to the generation of massive volumes of data. To assimilate and analyze all this data to understand the medical condition of patients and offer effective therapy, the use of machine learning, natural language processing (NLP), information retrieval, and automated reasoning is rising around the world. Numerous hospitals in Europe and North America have already integrated these advanced technologies in their operations. For instance, the Roald Dahl Foundation, which is a charity organization, and Alder Hey Children’s Hospital adopted these solutions in May 2016.

Thus, with the rising incorporation of these technologies in patient care, the healthcare cognitive computing market, which valued $1,722.0 million in 2017, is projected to grow to $13,300.0 million by 2024, at a CAGR of 34.0% during 2018–2024 (forecast period). Among the above mentioned technologies, NLP is the most widely used, and its integration rate in healthcare settings would also rise the fastest in the coming years. This is attributed to the ability of this cognitive computing technology to convert human speech to computer language, which ultimately results in better patient care.

All such cognitive computing technologies can be deployed on the site or on the cloud, of which cloud has been the preferred deployment mode for the majority of the entities in the healthcare niche. This is because cloud is cheaper, as it requires none of the expensive and hard-to-maintain on-premises servers. Moreover, cloud platforms allow companies to store huge volumes of data at low costs, with the users being able to increase or decrease the storage space as per requirement. In addition, with cloud, the data can be accessed from anywhere, anytime, provided that the device has an internet connection.

Presently, the flag bearer of the healthcare cognitive computing market is North America, on account of the rapid drug development being pursued by the major pharmaceutical companies, increasing spending on healthcare, growing geriatric population, and surging number of hospitals. Additionally, technology companies, medical research firms, and healthcare providers are rapidly entering into collaborations, regarding the various cognitive computing technologies. In the immediate future, though the net adoption of the technologies will be highest here, the fastest rise in their procurement will be seen in Asia-Pacific (APAC), for almost similar reasons as in North America.

Thus, with advancements in the healthcare ecosystem, the use of cognitive computing will continue growing.

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How Will Diagnostic Imaging Systems Enhance Healthcare System of North America?

According to the Centers for Disease Control and Prevention (CDC), six in ten adults in the U.S. are suffering from at least one chronic disease like diabetes, cancer, heart disease, or stroke. Moreover, the U.S. registers 1.7 million cancer cases and approximately 600,000 deaths due to cancer, annually, making it the second leading cause of death in the nation. Besides, incidences of type-2 diabetes, cancer, cardiovascular diseases (CVDs), and chronic obstructive pulmonary disease (COPD) are increasing in North America. The rising incidences of these diseases have increased the adoption of diagnostic imaging systems in the region. 

These factors along with swelling geriatric population, surging healthcare spending, and constant innovations in technology are expected to derive the North American diagnostic imaging systems market growth. The market is projected to generate $17.7 billion revenue by 2024, progressing at a CAGR of 5.0% during the forecast period (2019–2024). This growth can be primarily supplemented by initiatives taken by governments of the North American nations.

To adhere to the increasing demand for diagnostic imaging devices, companies such as Esaote S.p.A., FUJIFILM Holdings Corporation, Karl Storz GmbH & Co. Kg., Carestream Health Inc., General Electric Company, Canon Medical Systems Corporation, FUJIFILM Holdings Corporation, Dornier MedTech GmbH, Carestream Health Inc., Hologic Inc., Koninklijke Philips N.V., Esaote S.p.A., and Siemens AG, are indulging in collaborations and acquisitions. Through these strategic developments, these companies aim to improve patients’ access to novel technologies, increase market share and reach of companies, and enhance patient outcomes.

Thus, the widening portfolio of the diagnostic imaging devices is expected to propel the demand for such systems in foreseeable future. This will, in turn, help in improving the healthcare system of North America.

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