Demand for BFSI Security Solutions Predicted to Explode in North America and Europe in Future

The increasing digitization of banking and financial operations all over the world is pushing up the demand for banking, financial services, and insurance (BFSI) security solutions. This is because the rising adoption of personalized and digital banking is augmenting the threat of data breaches and cyber-attacks. Moreover, with banking operations moving to cloud networks and adopting digital technologies, the threat of data theft, including breach of sensitive and confidential information, is rising rapidly.

Because of these risks, banks and other financial organizations are increasingly adopting advanced security solutions. For example, InvestBank P.S.C. adopted a security solution developed by Cisco Systems Inc. in May 2018 for supporting its digital transformation strategy. The security solution included Cisco’s advanced malware protection (AMP) for end points, for the detection and prevention of advanced threats. Banks are also adopting the internet of things (IoT) for enhancing the security of their operations.

This technology assists in the identification of the devices and systems used for transmitting vulnerabilities, tracking of the location of financial crimes, and remote monitoring of surveillance devices for the early detection of various fraudulent activities. Besides this technology, financial institutions are also adopting smart security solutions for detecting potential cyber-attacks, assessing risks, automating operations, and centralizing management systems. In many countries, intelligent security solutions are quickly becoming popular among the organizations operating in the BFSI industry.

The growing deployment of such security solutions by banks and other financial organizations is positively impacting the growth of the global banking, financial services, and insurance (BFSI) security market. Due to this reason, the market is predicted to witness a massive surge in its valuation, from $31.3 billion to $175.1 billion, from 2019 to 2030. Furthermore, the BFSI market is predicted to advance at a CAGR of 16.9% between 2020 and 2030.

BFSI Industry Outlook by P&S Intelligence 

Depending on security type, the BFSI security market is divided into information security and physical security categories. Between the two, the information security category is predicted to exhibit higher growth rate in the market in the future years. The category is further divided into data loss prevention, antivirus, unified threat management, encryption, risk and compliance management, and identity and access management categories. Amongst these, the encryption category recorded the highest growth in the market in the past.

Globally, the BFSI security market would exhibit lucrative growth in Europe and North America in the upcoming years, as per the forecast of P&S Intelligence, a market research company based in India. This is credited to the implementation of strict data policies aimed at enhancing data security in these regions. Additionally, the growing focus of financial organizations on digitization and the rising popularity of cloud-based data storage solutions will further propel the market growth in these regions in the future.

Hence, it can be said with full surety that the adoption of security solutions by BFSI organizations will rise enormously all over the world in the coming years, mainly because of the rising digitization in this domain and the growing prevalence of data breaches and cyber-attacks in banking and financial operations.

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Global Edge Data Center Market Set to Generate Over $50.0 Billion Revenue by 2030

Due to the increasing commercialization of the 5G network, the growing usage of the internet of things (IoT) devices, and the soaring over-the-top (OTT) traffic and mobile data traffic, the global edge data center market will grow substantially in the coming years. The market attained a value of $5.3 billion in 2019 and is predicted to reach a revenue of $53.1 billion by 2030. Furthermore, the market is predicted to progress at a CAGR of 25.4% from 2020 to 2030.

The surging mobile data traffic is one of the biggest factors responsible for the expansion of the edge data center market across the globe. The growing usage of IoT devices and smartphones is augmenting the mobile data traffic, which is, in turn, fueling the development of edge data centers around the world. According to the report, the Cisco Visual Networking Index: Global Mobile Data Traffic Forecast Update 2017–2022, in 2019, the total mobile data traffic was around 26.8 exabytes per month.

Furthermore, the report predicts that the total mobile data traffic will rise to more than 77.5 exabytes per month by 2022. Apart from these factors, the surging OTT traffic all over the globe is also driving the progress of the edge data center industry. The burgeoning requirement for OTT services and the soaring consumer preference for online content are the major reasons behind the ballooning OTT traffic around the world.

According to Cisco, the worldwide internet protocol (IP) gaming, multimedia, and video streaming traffic is predicted to reach over 81% of all internet traffic by 2021. This will push up the requirement for edge data centers, which will, in turn, propel the growth of the market. Depending on component, the edge data center market is divided into solutions and services. Between these, the solutions category is predicted to record the highest growth in the market in the upcoming years.

This would be because of the rising establishment of edge data centers around the world. The solutions category is further subdivided into cooling, power and uninterruptible power supply (UPS), IT racks & enclosure, networking equipment, storage, and data center infrastructure management (DCIM). Out of these, the cooling subcategory is predicted to demonstrate the fastest growth in the edge data center market in the coming years, on account of the rising utilization of high-end cooling technologies in various data centers across the globe.

Geographically, the edge data center industry will exhibit the fastest growth in the Asia-Pacific (APAC) region in the future, as per the estimates of the market research company, P&S Intelligence. This would be due to the increasing digitization and the soaring internet penetration in the emerging economies such as China, Indonesia, and India. According to a report produced by the Internet & Mobile Association of India (IAMAI), on November 2019, there were over 504 million active internet users in India.

Hence, it is safe to say that the market will demonstrate rapid advancement all over the world in the coming years, mainly because of the increasing mobile data traffic, the rising popularity of online streaming, and the rapid digitization of business operations around the world.

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How is Rising Prevalence of Acne Contributing to Growth of U.S. Scar Treatment Market?

“Acne is the most common skin condition in the United States, affecting up to 50 million Americans annually.” Says the American Academy of Dermatology (AAD). This common disease leads to nasty scars on the skin, which is a key reason people in the country go for a range of cosmetic and personal care products. Other kinds of common scars in the country are hypertrophic scars and keloids, which drastically degrade the appearance, and with people becoming increasingly conscious of their looks, cosmetic and personal care companies are making good money.

Another key reason topical products are so popular is that apart from reducing the appearance of mature scars, they prevent their formation in wounds that have freshly healed. With the increasing incidence of wounds in the country, the demand for topical treatments is rising. The U.S. accounts for one of the highest volumes of surgeries in the world, for both essential and elective purposes. Since surgeries often include incisions into the skin, the prevalence of post-surgical scars is rather high in the nation.

With time, silicone-based topical scar treatment products have gained widespread popularity among the masses. They are effective on a wide range of scars, such as stretch marks and hypertrophic, acne, keloidal, and post-surgical scars. Such products reduce the darkness of the scars, as well as their size, which is why silicone gels, sprays, gel sheets, and creams are witnessing rapidly increasing sales. As a result, numerous types of silicone-based products have been launched in the country for scar treatment, including Avosil Scar Care ointment, ScarAway, and Kelo-Cote and Kelo-cote spray.

Moreover, the easy availability of these and other scar treatment products on online platforms has led to their increasing sales. Due to the rising internet penetration in the country, e-commerce activities are picking up. Online shopping portals offer numerous facilities, such as cashless payments, home delivery, offers and discounts, easy returns, and freedom to compare similar products by different brands. Thus, cosmetic and personal care companies in the U.S. scar treatment market are rapidly establishing an online presence, as well as offering their products on popular e-commerce platforms.

Get More details U.S. Scar Treatment Market Segmentation Analysis

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What Role Government Authorities Play in U.S. Medical Equipment Maintenance Market Growth?

With every passing day, the dependence of humans on technology and machines is increasing. In healthcare for example, till at least the last decade of the 19th century, most diagnoses were made by doctors using nothing but their medical knowledge and skill, which wasn’t always accurate. Now, imaging systems, vital sign monitors, pathology machines, such as blood or urine analyzers, and several other electrical systems are a common sight at healthcare settings. Their importance in diagnosis and surgery makes then run throughout the day, seven days a week, which leads to wear and tear.

Preventive, operational, and corrective are the three types of repair services provided for medical devices and systems. Among these, healthcare entities in the country majorly go for preventive services, as these are provided via annual maintenance contracts (AMC), which are quite popular among customers here. AMCs generally offer numerous service cycles for a fixed payment every year, which comes out to be cost-effective for healthcare providers. Additionally, preventive maintenance is essential to keep the systems in prime operating conditions, so that unexpected breakdowns can be avoided.

Apart from the need to keep their systems in optimum condition and prevent breakdowns and operational calamities, another factor which pushes medical firms to regularly service their equipment is the strict government regulations imposed on the healthcare sector. With medical devices being used on lots of sick people every day, the chances of hospital-acquired infections (HAI) increase. As per the Centers for Disease Control and Prevention (CDC), one in every 31 patients gets an HAI in the country every day. As maintenance services also include a thorough cleaning of the equipment, health centers are mandated to avail of those.

The companies in the U.S. medical equipment maintenance market provide these solutions for imaging, electromedical, life-support, surgical, and dental equipment, and endoscopes. Imaging equipment is the most regularly serviced of all, as it is more expensive than others and premature replacement due to avoidable factors would lead to unnecessary expenditure for medical centers. This is also attributed to the increasing procurement of X-ray, ultrasound, magnetic resonance imaging (MRI), computed tomography (CT), nuclear imaging, and other such diagnostically and surgically important systems in the country.

Hence, with a rise in the installation of medical equipment in the U.S., the demand for their maintenance and repairs would also increase.

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Exploding Demand Expected for Off-Highway Electric Vehicles in Near Future

The revenue of the off-highway electric vehicles market in 2030 will be $97,754.1 million, compared to an estimated $16,908.6 million in 2021, and it will witness a massive 21.5% CAGR between 2021 and 2030. The key reason behind it would be the technological advancements in electric propulsions, which have already been widely tested and adopted in on-road vehicles.

Key advancements in this regard include a higher battery capacity and power output, both of which are essential for the success of EVs. Moreover, all this must happen without an increase in the price of batteries, which remains a key concern for those switching or seeking to switch to electric mobility for on- and off-road purposes.

Another major driver for the sale of such vehicles is the growing demand for low-emission and -noise machines in the construction sector, as they can operate in densely populated areas and even indoors.

Thus, the BEV category dominates the off-highway electric vehicles market in the propulsion segment. The absence of the diesel engine not only makes BEVs emission-free, but also extremely quiet.

This is also consistent with construction being the largest application area of off-highway electric vehicles. The global population boom is making the construction of civic, industrial, commercial, and residential infrastructure necessary.

In this regard, the stringent emission regulations being implemented on conventional vehicles around the world are playing a major part, by making these automobiles increasingly expensive.

During the COVID-19 pandemic, the sale of such equipment witnessed a massive downfall due to the closure of construction sites, mines and oil & gas projects, and many manufacturing plants, including of these vehicles themselves.

However, the race to finish the delayed infrastructure projects as soon as possible is benefitting the off-highway electric vehicles market in the post-lockdown era, with many OEMs launching new vehicle models suited to different purposes.

APAC continues to witness the highest demand for off-highway machines with fully electric or hybrid-electric propulsion. The region is the world's largest construction market and also the most-polluted, led by China and India in both these aspects. Therefore, the focus on integrating electric drivetrains in off-highway vehicles has become really strong here in the recent past. Additionally, APAC is the largest manufacturer of EVs, thus leading to their easy availability.

This presents lucrative opportunities for key off-highway electric vehicles market players, including Hyundai Doosan Infracore Co. Ltd., Komatsu Ltd., AB Volvo, Caterpillar Inc., LIEBHERR-International Deutschland GmbH, J.C. Bamford Excavators Limited, Sany Heavy Equipment International Holdings Company Limited, DEERE & COMPANY, Epiroc AB, and Hitachi Ltd. Thus, they have begun entering into partnerships and collaborations, merging with and acquiring similar firms, and expanding their geographical presence, apart from launching new vehicle models.

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Boom Expected in Biosensors Market in Future

A biosensor is an analytical device that measures a wide range of analytes, including bacteria, ions, organic compounds, and gases. The device comprises a biological element, such as a nucleic acid, an antibody, or an enzyme, and a transducer. The biological element combines with an analyte and a transducer to convert biological response into an electrical signal. It is portable, easy-to-use equipment that is used in a variety of applications, including medical testing, food toxicity, agricultural testing, industrial process, and environment monitoring, owing to its high accuracy and portability.

Due to these factors, biosensors are widely used for point-of-care testing. In recent years, the demand for this testing has increased significantly, on account of surging requirement for integrated and portable devices. It helps in performing tests near to patient and offers instant results outside laboratory. Biosensors also assist clinicians in diagnosing causes of diseases for immediate management. Thus, increasing penetration of such devices will accelerate the biosensors market at 9.8% CAGR during 2016–2022. The market stood at $14,169.5 million in 2015, which is projected to reach $27.1 billion by 2022.

Thus, the rising application of biosensors has encouraged companies, such as LifeSensors Inc., Nova Biomedical Corporation, TaiDoc Technology Corporation, Siemens AG, Medtronic PLC, Abbott Laboratories Inc., F. Hoffmann La Roche, Johnson and Johnson, ACON Laboratories, and I-SENS Inc., to develop and produce biosensors for multiple applications. These market players offer biosensors that are based on technologies, such as optical, thermal, electrochemical, and piezoelectric. Adoption of these technologies helps in providing accurate and immediate results within the medical, agriculture, and manufacturing industries.

According to P&S Intelligence, North America utilized the highest number of biosensors in 2015 in the biosensors market. Whereas, the Asia-Pacific (APAC) region will be the fastest adopter of such devices in the coming years. The APAC market is expected to grow significantly during the forecast period, due to the booming population, rising prevalence of diabetes, escalating awareness regarding clinical outcomes, and intensifying developments in technologies of medical equipment and devices. Among APAC nations, Japan is the largest consumer of biosensors.   

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Why are Hypodermic Needles Rapidly Replacing Traditional Needles in Healthcare Settings?

The growing incidence of various lifestyle-associated and chronic diseases and the soaring geriatric population in several countries are the major factors fueling the sales of hypodermic needles across the world. In addition to this, the rising concerns being raised over needlestick injuries are further boosting the demand for hypodermic needles. The Safe Injection Global Network (SIGN), under the World Health Organization (WHO), frequently conducts workshops and events all over the world for raising public awareness about safe injection methods and practices.

The increasing prevalence of needlestick injuries is another important factor contributing to the mushrooming popularity of hypodermic needles throughout the world. These needles are long, hollow, and cylindrical in shape and are primarily used with syringes for injecting and extracting fluids from the human body. These needles are available in two forms namely reusable and disposable. The reusable needles are required to be thoroughly sterilized before they are reused. These needles are majorly used by diabetics for administering insulin in their bodies. 

Diagnostic centers and hospitals are the major end users of the hypodermic needles. Of these, the usage of these needles is currently higher in the hospitals. This is credited to the rising number of people visiting hospitals for the diagnosis and treatment of various diseases and medical conditions. Moreover, the increasing incidence of various chronic diseases, rising implementation of government initiatives in several countries for promoting safe injection techniques, and the growing consumer preference for safety hypodermic needles in hospitals. 

In the coming years, the North American hypodermic needle market is predicted to exhibit rapid expansion. This is attributed to the rising incidence of lifestyle-associated and chronic diseases in the region and the increasing patient preference for safe injection methods in the North American countries. However, despite these growth drivers, the sales of the hypodermic needles will increase at a faster rate in the Asia-Pacific (APAC) region in the forthcoming years, mainly on account of the improving healthcare facilities and the increasing public awareness of safe injection practices and usage of syringes in the region.

Hence, it is certain that the sales of hypodermic needles will rise tremendously throughout the world in the years to come, primarily because of the growing incidence of lifestyle-associated and chronic diseases, soaring geriatric population, and the rising prevalence of needlestick injuries across the world. 

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