AI in Fintech Market Revenue To Soar to $46,881.9 Million by 2030

The global AI in fintech market revenue stood at $7,702.7 million in 2020, and it is predicted to surge to $46,881.9 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 19.8% from 2020 to 2030 (forecast period). AI-based solutions are assisting businesses in reducing costs, automating processes, and mitigating the chances of errors.

The market is being driven by the growing focus of businesses on efficiency improvement and cost-cutting, rising adoption of artificial intelligence (AI), machine learning (ML), and internet of things (IoT) in financial institutions, surging adoption of the 5G technology, soaring use of fintech, and burgeoning requirement for cloud services across the world.

For example, many companies are using AI chatbots as customer assistants for various tasks, such as customer care executive (over the phone), online chat executive, and sales. By answering various frequently asked questions about a product or a service or a company, these chatbots improve customer experience by helping users get answers to their questions immediately. Moreover, these chatbots assist the company in saving money and time.

Furthermore, AI enables process automation, which plays a critical role in task execution within financial companies. The main aim of automation in the banking industry is to help in processing repetitive banking operations. Some of the major benefits of automation are time savings (frees up time for employees so that they can focus on more complex tasks), cost savings, mitigating the chances of human errors, and scalability. Depending on the component, the AI in fintech market is divided into services and solutions.

This market research report provides a comprehensive overview of the market

• The 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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Why Is Wood Vinegar Used in Wastewater Treatment Plants?

Wood vinegar or wood acid or pyroligneous acid is a dark liquid, which is derived from charcoal. It is obtained by heating biomass in a closed container. The smoke generated during charcoal production is cooled into a liquid and then separated into bio-oil, tar, and wood vinegar. The dark liquid is a combination of nearly 80–90% water and over 200 organic compounds, such as acetic acid, esters, formic acid, ketones, methanol, and phenol. 

As this charcoal derivative has a high waste management potential, the increasing government and public focus on wastewater treatment, to meet the surging demand for clean water, will help the wood vinegar market grow at a CAGR of 7.1% during the forecast period (2016–2023). According to P&S Intelligence, the market generated $3.2 million revenue in 2015. For instance, the U.S. government has enacted the Safe Drinking Water Act (SDWA) to ensure quality drinking water for Americans. 

In recent years, wood vinegar producers, such as TAGROW CO. LTD., Nakashima Trading Co. Ltd., Ace (Singapore) Pte Ltd., Canada Renewable Bioenergy Corporation, Byron Biochar, and Nettenergy BV,  have engaged in technological advancements to develop better and improved pyrolysis kiln methods to produce char, biochar, and wood vinegar. Additionally, the advanced pyrolysis methods help enhance the production process of wood vinegar and reduce the total manufacturing process. Further, the producers are also focusing on involving poverty-ridden people in wood vinegar production processes as the material is majorly produced in villages by using local resources and feedstock.

Geographically, the Asia-Pacific (APAC) region held the largest share in the wood vinegar market in 2015. This was on account of the presence of a vast base of end users and the existence of a large number of local producers in the region. Moreover, the surging need for clean water, owing to the booming population, will also create a huge requirement for wood vinegar in the coming years. For instance, the World Bank states that the population of India surged from 1.353 billion in 2018 to 1.366 billion in 2019.

 

Thus, the escalating need for treated water and surging government focus on using bio-based products will fuel the consumption of wood vinegar globally.

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Growing Deployment of Electric Vehicles Driving Demand for Electric Vehicle Communication Controllers

In recent years, the deployment of electric vehicles has surged sharply, on account of the escalating air pollution levels and the implementation of stringent emission norms by the governments of several countries. This has subsequently pushed up the demand for electric vehicle charging infrastructure and facilities, which has, in turn, fueled the need for electric vehicle communication controllers. Moreover, many electric vehicle manufacturers and charging component producers are investing heavily in the development of efficient and smart battery charging devices.

The organizations are focusing on leveraging the government provisions and incentives to manufacture more efficient and high-capacity electric vehicles and charging stations. For example, an investment of $15 million, which included a grant of $6 million from the Australian Renewable Energy Agency (ARENA), was made by several investors in Chargefox Pty. Ltd. in October 2018. The organization will use this investment to deploy electric vehicle chargers all over Australia, which will consequently push up the demand for electric vehicle communication controllers in the nation in the coming years.

Apart from the aforementioned factors, the advent of advanced technologies, such as the vehicle-to-grid (V2G) technology, for the two-way management of the demand for electricity, is also predicted to generate lucrative growth opportunities for the players operating in the electric vehicle communication controller market. Owing to these reasons, the value of the market is predicted to rise from $97.0 million in 2018 to $553.4 million by 2024, while the market will demonstrate a CAGR of 34.8% from 2019 to 2024 (forecast period), as per the estimates of the market research company, P&S Intelligence. 

Furthermore, many industry players are focusing on developing the V2V charging technology. This is because this technology assists in reducing the load on the grid, which generally increases massively when connecting several vehicles to the charging infrastructure. The technology basically takes power from the batteries of the idle EVs and feeds it to the grid, which helps in reducing the load on the grid. Supply equipment communication controllers (SECC) and electric vehicle communication controllers (EVCC) are the two types of systems used in electric vehicle charging facilities. Between these, the demand for SECC is predicted to rise at a faster pace over the next few years. 

This will be because of the soaring deployment of electric vehicle charging stations all over the world. As per various estimates, there were nearly 538,600 publicly accessible chargers around the world in 2018, which was higher than the number of chargers in 2017 (105,360). Geographically, the sales of electric vehicle communication controllers were observed to be the highest in the Asia-Pacific (APAC) region in the years gone by and this trend is expected to continue in the forthcoming years as well. This is attributed to the growing adoption of electric vehicles, on account of the provision of subsidies by the governments of the regional countries, in the region. 

Thus, the demand for electric vehicle communication controllers will soar in the coming years, primarily because of the increasing adoption of electric vehicles and the surging requirement for electric vehicle charging infrastructure across the world. 

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Why Is Asia-Pacific Leading Electric Bus Charging Station Market?

A number of factors, such as the increasing adoption of electric buses in public fleets, rising number of government incentives and soaring investments for the development of electric bus charging infrastructure, and growing electric vehicle (EV) industry, are expected to drive the electric bus charging station market at a CAGR of 9.7% in the foreseeable period (2019–2025). According to P&S Intelligence, the market generated revenue of $6.6 billion in 2018, which is expected to reach $12.3 billion by 2025. Moreover, the market is witnessing the increasing demand for ultra-fast-charging stations.

Electric Bus Charging Station Market

One of the major factors boosting the market growth is the rising number of government incentives, including tax rebates, subsidies, and grants, and soaring investments for the development of charging infrastructure. For instance, in February 2018, a budget of $82.7 million (EUR 70 million) was announced by the European Commission for the adoption of electric buses in public fleets and deployment of the related charging stations. Moreover, the Government of China had introduced a program to install 500,000 public charging stations during 2015–2020.

The type segment of the electric bus charging station market is categorized into depot charging, inductive charging, and opportunity charging. Out of these, the depot charging category held the largest volume share in the market in 2018. This is attributed to the surging fondness of private and public transport companies for charging buses overnight, as the buses that use this type of charging have similar operational features to diesel buses. Furthermore, depot charging stations have lower installation and functioning costs than other types of charging stations.

Geographically, the electric bus charging station market in Asia-Pacific (APAC) accounted for the largest share in 2018. This is ascribed to the favorable government initiatives for the deployment of charging infrastructure and the massive growth in the Chinese electric bus market. The country alone holds an around 99.0% share of the total sales of electric buses across the globe. This generates a huge demand for related charging stations in China. Moreover, APAC countries have a strong pledge to increase the number of electric buses in their transportation systems. 

Thus, the rising adoption of electric buses in public fleets and the surging number of government incentives are expected to propel the market growth during the forecast period.

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How is Rising Incidence of Respiratory Diseases Driving Demand for Capnography Devices?

Rapid technological advancements and innovations such as the incorporation of molecular correlation spectroscopy and photo detectors in microstream capnographs and the adoption of miniaturized mainstream multi-gas monitors are pushing up the sales of capnography devices across the world. Advanced capnography devices provide greater safety and accuracy levels than the conventionally used ones and also have an adjustable flow rate that allows the retrieval of huge sample volumes and prevents contamination by moisture.

Additionally, various benefits of capnography such as long-term efficacy, improved optimization of post-operative outcomes, enhanced overall efficiency, and quick response time are predicted to boost the demand for capnography devices all over the world in the future years. Apart from these factors, the increasing initiatives being taken by several renowned organizations and governments for promoting the usage of capnography devices are also fueling the sales of these devices across the globe.

Browse detailed report with COVID-19 impact analysis at Capnography Devices Market Research Report

Geographically, the capnography devices market will exhibit the fastest growth in Asia-Pacific (APAC) in the forthcoming years, on account of the numerous favorable government initiatives being launched regarding the usage of capnography devices, soaring geriatric population, and the rising incidence of chronic diseases in the region. According to the World Population Ageing 2019 report published by the UN, the population of geriatric people (people aged 65 years or above) in Asia is predicted to rise to 954.6 million by 2050.

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How is Growing Incidence of Skin Diseases Driving North American Aromatherapy Market?

In 2020, Brazil registered 592,212 cancer cases and 259,949 deaths, as per the International Agency for Research on Cancer (IARC). Moreover, as per the World Health Organization (WHO), Latin America (LATAM) had recorded 1.3 million new cancer cases in 2018, which, according to the IARC, surged to 1.4 million in 2020. Similarly, the cases of heart diseases are also rising in the region on account of an unhealthy lifestyle, exposure to pollution, stress, and several genetic factors.

North America Aromatherapy Market - Global Opportunity & Industry Forecast Report

As per P&S Intelligence, due to the surging prevalence of such chronic conditions, the LATAM wound dressing market size will grow from $344.3 million in 2020 to $549.5 million in 2030, at a 5.0% CAGR between 2021 and 2030. This is because often, these chronic diseases result in long-lasting wounds, which are slow and hard to heal. Moreover, the surgeries done to treat these conditions also lead to wounds, which require an array of dressings for their management.

Another chronic disease responsible for the increasing number of people suffering from such wounds in the region is diabetes. This fairly common disease has pressure ulcers, venous leg ulcers, and foot ulcers as its complications, which are all long-lasting wounds. Therefore, with the WHO predicting the diabetes incidence in LATAM to increase to 40 million by 2030 from 25 million in 2011, the cases of all such wounds will continue to rise. As a result, the demand for advanced and traditional wound dressing products will keep increasing in the region.

Due to these reasons, the hospitals & specialty clinics, long-term-care settings, and home healthcare settings in the region are witnessing a rising footfall. Among these, hospitals and specialty clinics account for the highest usage of wound dressing products because these places are generally the first choice of patients, as they have advanced medical equipment and employ staff with years of experience. Apart from merely diseases, complex wounds are also a result of accidents, burns, and other forms of physical trauma, which hospitals and specialty clinics are the best equipped to deal with.

Presently, Brazil is the largest country in the LATAM wound dressing market, and it will continue to generate the highest demand for such products in the years to come. This is because it is the most-populated country and also the one with the most-advanced healthcare infrastructure in the region. Moreover, several private and public organizations are taking initiatives to raise awareness on wound care in the country. Additionally, the increasing number of people suffering from chronic diseases is leading to a rise in the incidence of chronic wounds and, in turn, the usage of wound dressings here.

Therefore, with the growing prevalence of chronic wounds, the demand for wound dressing products will continue to escalate in the LATAM region.

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Prefilled Syringes Market and its Growth Landscape in the Foreseeable Future

Prefilled syringes have become an efficient, convenient, and reliable method of drug and vaccine administration. Patients can now self-administer injectable drugs because of the availability of prefilled syringes. These syringes offer optimum dose precision, reduced drug waste, and increased lifespan of the product. Additionally, prefilled syringes offer greater patient safety by reducing the exposure to toxic materials that might happen while drawing medications from vials. These benefits will drive the prefilled syringes market from $1,914.1 million in 2020 to $3,646.7 million by 2030, at a CAGR of 6.8% during 2021–2030.

Patients with diabetes use the maximum number of prefilled syringes, for the administration of insulin. People suffering from other chronic diseases, such as cancer, cardiovascular disorders (CVDs), and respiratory diseases, are increasingly relying on prefilled syringes. The increasing incidence of inflammatory chronic diseases, according to the Autoimmunity Research Foundation, is an outcome of vitamin supplementation, misuse of antibiotics, prevailing environmental conditions which subdue immunity, and widespread adoption of mandatory mass vaccinations. Different types of customized prefilled syringes with varied drug compositions and doses are now available to treat these diseases.

Browse detailed report with COVID-19 impact analysis at Prefilled Syringes Market Research Report

Thus, owing to the rising demand for biologics and biosimilars, growing expenditure on healthcare, increasing awareness about the technology of safe injectables, and presence of numerous medical device companies, European countries consumed the maximum number of prefilled syringes in the past. Moreover, P&S Intelligence reports that the Asia-Pacific (APAC) region is demonstrating a rapid surge in the application of these syringes. This can be attributed to the numerous technological advancements and growing demand for injectable drugs to treat lifestyle-associated and chronic diseases in India and China.

The players in the consolidated prefilled syringes market are taking strategic measures such as product approvals to gain an edge in the industry. For instance, Bristol-Myers Squibb Company received approval from the U.S. Food and Drug Administration (USFDA) for its supplemental Biologics License Application (sBLA) in June 2018 for the usage of low-dose Yervoy (ipilimumab) plus Opdivo (nivolumab) as the first-line treatment of advanced non-small cell lung cancer (NSCLC) in these patients with tumor mutational burden (TMB) >=10 mutations per megabase (mut/Mb).

The increase in the chronic disease incidence will, therefore, lead to a surging demand for drugs, while technological developments will result in the widescale application of prefilled syringes for their administration, especially by those living on their own or those who want more independence.

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