Managed Security Information and Event Management Services Industry Growth and Future Analysis

In 2023, the managed security information and event management (SIEM) services market was valued at approximately USD 7,531.7 million. Projections indicate a robust growth trajectory with a compound annual growth rate (CAGR) of 16.5% anticipated between 2024 and 2030. This growth is expected to propel the market to reach a substantial valuation of USD 21,707.2 million by the year 2030.

Security information and event management is a complete tech software that adds security event management and security information management into a single channel. The software helps companies from numerous sectors recognize and extenuate potential security dangers and threats.

Such solutions have turned into vital cybersecurity tools for an association as they are a central log system that gathers, analyzes, stores, and places data from all the systems connected with the establishment’s network.

Yet, the full utilization of this solution by an organization's internal IT department is both costly and intricate. A considerable number of companies find it challenging due to the expense and complexity, compounded by the absence of in-house human resources adept at using the solution.

The surge in cyber fraud occurrence is boosting the need for advanced security solutions, which, ultimately, is boosting the industry. According to a U.K.-based IT Company, cyberattacks increased by 125% at the worldwide level in 2022, compared to 2021. Among the numerous kinds of frauds— phishing, malware, data breaches, ransomware, and botnet—phishing is the most common.

In recent years, over 300,000 internet operators reported being phishing victims, and nearly 80% of the companies were the target of a phishing attempt in 2022. Moreover, people from educational establishments are the most likely to open a phishing email, and the monetary sector tends to come out on top, being the most extensively attacked industry by phishing. Additionally, SMEs experience approximately 300% more phishing and other cyberattacks than large enterprises.

Co-managed Security Information and Event Management (SIEM) represents a collaborative security approach, fostering a partnership between companies and managed security service providers (MSSPs). This cooperative strategy integrates the strengths of both entities to deliver a comprehensive security solution that caters to the diverse security needs of businesses.

Co-managed SIEM services offer enhanced threat detection, shared responsibility and management, responsive capabilities, along various other advantages. As a result, these services are widely favored for their scalability and customization benefits, contributing to more efficient event management and monitoring.

The managed SIEM services industry in the APAC region is projected to grow with the fastest development, boosted by the growing rate of digital transformation, increasing cloud acceptance, and increasing online connectivity. The varied cyber threat landscape, added with a rising awareness of cybersecurity measures, is convincing enterprises to invest in active safety solutions. 

Read More

Skin Replacements and Substitutes Industry Growth and Future Analysis

In 2023, the skin replacements and substitutes market brought in revenue totaling USD 1,178.2 million. With a projected compound annual growth rate (CAGR) of 7.0% from 2024 to 2030, it is anticipated to reach USD 1,869.2 million by 2030. This is mainly because of the increasing expenditure on appearance, growing populace, rising occurrence of burns and skin illnesses, and mounting life expectancy throughout the globe.

The growing burns occurrence is one of the sturdiest propellers in the industry. The WHO says that around 0.18 million individuals die of burns each year, while in India alone, more than 1 million individuals are affected by them.

The count of burn cases is lesser in high-income nations, while it is a key reason for disability-adjusted life years in low- and middle-income nations. Additionally, non-deadly burns are a key cause of illness. The mainstream of the cases is reported in homes and offices, among which most happen accidentally.

On the basis of product, the acellular category is projected to lead the skin replacements industry, with a revenue share of approximately 45% in 2030. An acellular skin replacement can be achieved in any demographic. It is suitable for the pediatric population, and it can be utilized in excised and insincere wounds.

Geographically, in 2023, the North American region will lead the industry, with approximately USD 0.6 billion in revenue, because of the growing expenditure on skincare, rising awareness of the appearance of advancing treatments obtainable, the growing pace of improvements in healthcare tech, and the existence of sophisticated medical facilities.

Read More

Electric Bus Charging Station Market Will Propel at a 30.5% CAGR

The electric bus charging station market generated a value of USD 3,116.6 million in 2023, which will increase to USD 19,906.9 million, with a 30.5% compound annual growth rate, by 2030.

The growth is mainly because of the increasing disposition of electric buses to implement the international sustainable landscape coupled with an advanced method by governments. This is in line with their respective strategies to move to a hybrid and greener transport solution regarding electric bus infrastructure advancement and rising funding for the same.

Furthermore, electric bus charging systems usually function on an important scale steadying the grid by controlling the need for power. These systems are properly armed with rapid facilitation between plug-in EVs and power outlets, allowing safe & easy charging of automobile batteries.

In addition, because of this benefit, different electric and automotive component producers are collaborating to improve EV charging infrastructure to come in line with the surging need for electric vehicles.

The less than 50 kW category, based on power, was the highest revenue contributor to the industry in 2023, generating approximately USD 2 billion. This kind of charging location is commonly positioned in facilities where the buses are charged during extended layovers or overnight.

The depot charging category, based on type, led the electric bus charging station market. Depot charging plays an important part in the working as well as management of electric bus fleets. This approach commonly works with recharging electric buses while they are parked at bus terminals or depots.

The on-board category will advance at a higher CAGR of 35% during this decade. This is mainly because of the embedded charging tools, which make it simpler to fit charging panels on electric buses directly. This system comprises batteries, inverters, and chargers clubbed to bus design. 

Furthermore, the streamlined infrastructure employed in these charging devices assists in removing the requirement for external extensive time-consuming charging stations at depots along long routes.

APAC was the largest contributor to the industry. This can be mainly because of the large-scale advancement and acceptance of electric buses in India, South Korea, and China. In addition, the regional industry will further advance at the fastest compound annual growth rate, of 33%, in the years to come. 

Furthermore, North America is advancing at a steady compound annual growth rate. This can be mainly because of the governments’ advantageous incentives, tactics, and increasing environmental consciousness, which are boosting the funding in charging infrastructure in major cities.

With the increasing deployment of electric buses across the globe, the electric bus charging station industry will continuously grow in the coming years.

Read More

Automotive Data Logger Market Will Reach USD 5,770.5 Million By 2030

The worldwide automotive data logger market achieved a valuation of USD 3,587.3 million in 2023 and is anticipated to expand at a compound annual growth rate (CAGR) of 7.1% from 2024 to 2030. This growth trajectory is projected to lead to a market value of USD 5,770.5 million by the year 2030. 

This can be credited to the rising addition of compact, lightweight, and smart electrical and electronic systems in passenger vehicles, armed with the growing requirement for tracking and analyzing real-time car data to ensure vehicle and passenger safety.

Worldwide OEMs of automotive data logging equipment are paying more and more attention to the system enrichment that would attract more customers and offer more convenience to users. 

The breakthrough features are the swift and flexible hardware technologies, together with the enhanced and roomy dashboard customization options. For instance, in September 2019, Racelogic Ltd, an effective GNSS data logger, introduced VBOX Touch offering precision at the global level.

Regulatory bodies are the fastest-rising category, growing at a CAGR of 7.6% during the projection period. This can be ascribed to the fact that the market is going ahead in the direction of self-driving and eco-friendly vehicles. 

As a result, outdated regulations and rules must be updated, and new laws and regulations must be established. To accomplish this, regulatory bodies will need to gain a thorough understanding of the functionality of these modern vehicles, necessitating the use of data loggers at their testing facilities.

In 2023, the pre-sales category leads the automotive data logger industry, with a revenue share of approximately 75%. This is mainly because data loggers are extensively utilized in the automotive market at this stage because of their comfort of use and the comprehensibility and dependability of the gathered information.

The Controller Area Network (CAN) and Controller Area Network Flexible Data (CAN FD) categories dominated the market in 2023, capturing the largest market share of 40% based on channel. CAN and CAN FD are data communication protocols commonly utilized for transmitting sensor data and control information over two-wire connections between various components of electronic instrumentation and control systems.

During the projection period, the Asia-Pacific region is estimated to be the fastest-growing industry, growing at a CAGR of 7.8%. In the past few years, APAC has arrived as a center for the acceptance of enhanced features in automobiles. Industrialization and infrastructure growth in the region are creating many opportunities for automotive OEMs.

Additionally, with the surge in the acceptance of enhanced electric components in car architecture and during the testing of cars before their commercialization, the industry is set to experience a boom in the continent.

Read More

EV Battery Swapping Market Will Reach USD 7,477.5 Million By 2030

The EV battery swapping market was valued at USD 1,212.4 million in 2023, and this number is expected to reach USD 7,477.5 million by 2030, advancing at a CAGR of 28.3% during 2024–2030. This can be credited to the decreased upfront prices for electrical vehicles and no wait time for charging.

Because of the increasing distribution of e-rickshaws, the growing sales of e-scooters and their adoption in numerous B2B facilities, such as the rising utilization of e-cars in ride-hailing services, the rising deployment of e-buses in public transportation and moto-taxi and scooter sharing, there are countless prospects for infrastructure developers in the Indian industry for EV battery swapping.

In 2023, the three-wheeler category generated the highest revenue, and its forecast CAGR is 28%. The battery swapping method advances the lifespan of the battery of e-three-wheelers. Mainly because such vehicles travel above 100 km on daily basis on average, demanding regular battery swapping.

The swapping batteries effect in less discharge than conventional charging approaches, which amplified the adoption of this technology among e-rickshaw battery operatives in the country.

In 2023, the subscription model category had the considerable revenue share in the market. E-buses commonly have decided routes and stoppage, because of this, drivers know how many miles they travel daily and choose the subscription model.

Additionally, automobiles users for sharing need fast charging during their working hours, which demands several battery changes. Thus, drivers will possibly opt for subscription model since they will not have to pay every time for changing a battery.

In 2023, APAC held the largest revenue share in the EV battery swapping market. This can be credited to the fact that this state is the biggest market for EVs in the world. In particular, the region’s huger population finds electric two-wheelers easily affordable, which, in turn, leads to the demand for battery charging and swapping stations.

Additionally, due to the APAC’s robust growth potential, key OEMs and battery manufacturers are focused on growing their market share by tying up with swapping facilities. Within APAC, China has the largest market for EV battery swapping services, because it is the largest manufacturer of both EVs and their batteries, as well as their largest user.

Over the forecast period, the highest CAGR is expected in Europe. This is on account of regional countries’ individual and collective goals to reduce their carbon emissions. For this, numerous incentives, tax rebates, and other schemes have been implemented to boost ZEV adoption. Further, numerous cities, especially those in Italy and Spain, have a rich scooter culture, which, in contemporary times, is propelling the sale of electric scooters.

Hence, increasing distribution of e-rickshaws, the growing sales of e-scooters and their adoption in numerous B2B facilities, the rising deployment of e-buses in public transportation and moto-taxi, are the major factors that will drive the EV battery swapping market in the future

Read More

U.A.E. Diesel Generator Set Market Will Reach USD 204.5 Million By 2030

The U.A.E. diesel generator set market is witnessing growth and is projected to reach USD 204.5 million by 2030. The significant development is credited to the growing need for main and backup energy sources, mainly in retail stores, residential buildings, hotels, office spaces, and hospitals.

Additionally, the industry development is propelled by the high-volume need for medium- and high-energy diesel gensets from the commercial industry and the development in the mining, construction, oil & gas, energy & power, and manufacturing industries.

In recent years, the 376–750 kVA category had the leading revenue share in the industry, of over 40%. This can be credited to the increasing installation of such diesel gensets in commercial buildings, such as healthcare facilities, shops, manufacturing facilities, hospitality units, and several other services as a backup power source. Diesel generators are favored in the region due to their affordability and widespread availability, making them the preferred choice to address power interruptions caused by outages.

With the fast-growing demand for high-performance diesel generator sets, particularly among the major construction firms, oil and gas companies, and the enterprises that seek the latest models being in the lead, the UAE has witnessed an increase in such markets. 

And to cater to this expanding market, many companies are therefore innovating to present top-notch products and are also allocating and investing funds for developing or for setting up their supply chains. On top of it, some companies decided to form partnerships to receive more customers and clients in the U.A.E.

The U.A.E. is experiencing a growing utilization of data centers by hyperscale cloud providers and other businesses looking to capitalize on domestic and worldwide data usage. Local authorities have also contributed to growing the demand for the nation's cloud services.

Besides these, a remarkable growth of technology including the Internet of Things (IoT), edge computing and 5G networking is giving birth in the U.A.E. to another requirement of massive data storage. 

Additionally, the process of big data application extends to different segments of the economy including e-commerce, online payment systems, and Internet banking, among others, which brightens the market for data centers in the near future.

In recent years, on the basis of application, the industrial category had the largest revenue share, of more than 40%, and the industry is also estimated to show substantial development during the forecast period. Industrial development growth becomes the key drive for the sale of diesel generator sets. 

Going along, the growing number of large-scale industrial construction projects in the country would lead to a higher number of industrial-purpose diesel generator sets in the same period.

Read More

Peer-to-Peer Carsharing Market Will Reach USD 7,225.2 Million by 2030

The peer-to-peer carsharing market is witnessing growth and is projected to reach USD 7,225.2 million by 2030. This growth of the market can be credited to the low price and convenience of these mobility platforms, rising worries over GHG emissions, robust push for vehicle electrification, rising acceptance of such services in emerging nations, and worsening urban road traffic.

The introduction of Mobility as a Service (MaaS) has led to notable enhancements in the efficiency of transportation networks, benefiting both transportation agencies and the services themselves. This adoption of MaaS is recognized as a key trend in the market, highlighting its substantial positive impact on overall transportation operations.

As developing countries such as India and China are set to experience a remarkable transformation of their economy, also there is an increment in the number of companies and flows of investments to many startups. Therefore, an augmentation of output from these manufacturers as they seek to improve mobility services to workers is the result. This gives an advantage when the global P2P service demand goes up.

Environmental agencies are increasingly becoming concerned about worsening air quality. This in turn has certain governments taking the step of implementing projects whose main purpose is the reduction of emissions particularly by reducing the number of registered vehicles on the road. 

Carsharing plays an important role since it comes up as a dominant weapon to decrease the impacts of pollution on the environment. A larger coverage of carsharing benefits would mean a considerable diminution in the number of private cars on the streets and thus CO2 pollution into the air.

In recent years, Europe accounted for the largest share, of 40%, in the P2P carsharing market. Due to the densely populated cities and growing pollution in the region, the European Union (EU) continues to emphasize the need for green technologies and other alternatives, to facilitate a reduction in environmental emissions. This, combined, with the high purchase cost of vehicle ownership, has led to an exponential growth in the demand for these services in Europe.

Thus, the growth of the market can be credited to the low price and convenience of these mobility platforms, rising worries over GHG emissions, robust push for vehicle electrification, rising acceptance of such services in emerging nations, and worsening urban road traffic.

Read More