How are Energy Conservation Efforts Propelling Grow Lights Market?

Fluorescent, high-intensity discharge (HID), light-emitting diode (LED), plasma, and induction bulbs can be used to providing lighting in indoor farming settings. Among these, LED bulbs are the most heavily deployed, as they lead to considerable cost-savings. 

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First, LED lights have a 25-times longer life than a similarly rated incandescent bulb, and the former also consume 75% less energy, which ultimately results in a reduction in the operational expenditure for the farmer.

The utility of LEDs is so well known that governments around the world are undertaking initiatives to increase their adoption. In Numerous countries, including Switzerland, Brazil, Argentina, Venezuela, Canada, Australia, Malaysia, Russia, South Korea, and Mexico, conventional lights are being replaced with energy-efficient variants. 

For instance, Los Angeles successfully replaced all of its street lights with LEDs in 2013, hoping to save $7 million in energy costs and an additional $2.5 million in maintenance activities. Similarly, under the Unnat Jeevan by Affordable LEDs and Appliances for All (UJALA) scheme, the Indian government has already provided over 350 million LED bulbs, as of April, 2020.

In the coming years, Asia-Pacific (APAC) would witness the most rapid advance of the grow lights market, on account of its booming population and government initiatives aimed at encouraging the usage of LED lights. Further, the region accounts for a rapidly rising rate of urban migration, which is leading to the destruction of farmlands for the expansion of cities. To feed the rising number of people and coping with the decreasing arable land area, the focus on urban farming is increasing.

Hence, with the rising popularity of the indoor and vertical farming methods, the demand for grow lights will continue surging across the world.

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How are Advancements in Technology Fuelling Surge in Global Automotive Sensors Market?

The surging implementation of stringent laws and regulations regarding emission standards and vehicle safety requirements, in several countries across the world, is one of the major factors responsible for the massive growth in the demand for automotive sensors. For instance, multiple European countries have enacted laws which make it mandatory for the vehicles operating there to have driving assistance features, such as advanced emergency braking, tire pressure monitoring, intelligent speed assistance, lane keeping assist, reversing camera or detection system, and attention and drowsiness detection.

The rapid development of advanced sensors, owing to the rising investments in the field, is another major factor fuelling the demand for automotive sensors. Since the last few years, many major automotive companies have been shifting their focus toward the development of advanced sensors. As a result, the global automotive sensors market revenue is expected to increase from $25,723.8 million in 2019 to $58,215.3 million in 2030. The market is further predicted to progress at a CAGR of 7.4% during the forecast period (2020–2030).

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There are various types of sensors installed in vehicles, namely position sensors, pressure sensors, temperature sensors, motion sensors, oxygen sensors, torque sensors, optical sensors, gas sensors, and level sensors. Out of these, position sensors recorded the highest demand in the past, mainly due to their wide-scale use in numerous vehicle parts, such as clutch, brakes, transmission, chassis, and engine, in order to compute the steering wheel position, motor rotor position, pedal position, throttle position, and the positions of valves, knobs, and actuators.

The automotive sensors market is currently witnessing swift technological innovations in the sensors and the automotive industry in general. For instance, these ongoing advancements have resulted in the development of different driver assistance system (ADAS) sensors, such as light detection and ranging (LiDAR), radar, and ultrasonic sensors. In addition to this, the incorporation of sensor fusion in automobiles has witnessed a rising popularity in recent years. For instance, the combination of LiDAR, ultrasonic, radar, and other sensors enhances various ADAS functions, such as obstacle avoidance and cross-traffic assistance, where individual sensors face limitations.

Globally, the highest integration of automotive sensors was witnessed in the Asia-Pacific (APAC) region during the historical period (2015–2019). APAC is also projected to register the fastest growth in demand for these devices during the forecast period. Within APAC, China is the major consumer of such instruments, as it is the largest automobile producer here as well as the world, producing almost half the vehicles around the globe. Additionally, owing to extreme air pollution levels, the transportation system of regional countries is being rapidly electrified, and to achieve it, a lot of sensors have to be integrated in automobiles.

Hence, it is clear that due to the rapid development of advanced automotive technologies, soaring demand for high-end vehicles equipped with modern features, and presence of strict vehicle safety laws in many countries, the demand for automotive sensors is expected to shoot up in the coming years.

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Fraud Detection and Prevention Market Growing due to Need to Curb Fraudulent Activities

The global fraud detection and prevention market is driven by the usage of artificial intelligence (AI) and machine learning (ML) for curbing fraudulent activities, primarily mobile frauds, and those in the banking, financial services, and insurance (BFSI) sector. The market was valued at $20,614.4 million in 2018, and is predicted to advance at a CAGR of 15.1% during the forecast period (2019–2024). The key elements in the process are to identify the fraud risk, assess the likelihood of the risks, and take measures before any significant damage is done.

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Under the application segment, the fraud detection and prevention market is categorized into identity theft, payment frauds, money laundering, and others. Among these, the payment frauds category dominated the market in 2018, and it is expected to continue on this path during the forecast period. This is mainly due to the increase in the volume of electronic payments, which is resulting in a rise in the fraudulent activities in the payment sector. A key driver for the market is itself the rising need to protect web-based payment transactions.

The need for protecting online financial platforms from fraudulent activities and inherent risks is mainly due to the rapid digitalization. Payment frauds are mostly unauthorized transactions processed by a cyber-criminal. It is challenging to eliminate the threat in the e-commerce domain; however, updating the software and network security systems can help in this regard. The fraud detection and prevention market is burgeoning on account of the rising electronic payment rate across the globe. Thus, with the need to curb web-based payment frauds, this application category is expected to dominate the market during the forecast period. 

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On the basis of enterprise size, the fraud detection and prevention market is bifurcated into large enterprises and small and medium enterprises (SMEs). Among the two, the large enterprises bifurcation held the larger market share in 2018, and it is also expected to dominate it in the forecast period. Large enterprises are quickly adopting such software to protect their massive business data and information from any misconduct. Additionally, they have higher budgets, which gives them more purchasing power.

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BFSI Security Market 2020 | Covid19 Impact Analysis | Business Outlook, Growth, Revenue, Trends and Forecasts 2030

The global BFSI security market had a value of $31.3 billion in 2019 and is expected to reach $175.1 billion by 2030, advancing at a CAGR of 16.9% during the forecast period (2020–2030). This can be attributed to the increasing number of data breaches in the financial services industry.

Globally, Asia-Pacific (APAC) is predicted to witness the fastest growth during the forecast period. The rapid growth in the BFSI security market in APAC can be attributed to the rise in cloud-based technologies, increase in the number of commercial banks, surge in the number of cyberattacks, and stringent government regulations. 

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For instance, it is mandatory for the commercial banks in China to put in place appropriate risk warning and monitoring systems in order to alleviate business risks. 

The financial institutions and banks are in the process of shifting their core applications over cloud network, due to various factors such as increasing need for real-time analysis of large amounts of data, escalating risks related to the usage of conventional technologies, personalized customer experience, minimal capital expenditure, and superior operational control of platforms. As the data stored over the cloud network becomes more susceptible to security breaches, the BFSI industry is implementing cloud-based security solutions. 

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It is expected that the adoption of such strict security measures will lead to more efficient management of operations over the cloud network. 

Due to the involvement of financial assets and the presence of massive unstructured data, the financial services industry is one of the most lucrative targets for cybercriminals. In addition to this, the rapid rise in technological advancements including the shift toward digital operations and the wide-scale adoption of online banking, will increase the probability of data breaches, thus causing huge losses to the industry. 

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Photonics Market Growth Declines, However COVID-19 Pandemic May Bring Back Demand in Long Term

As people are becoming increasingly aware regarding the adverse impact that their actions are having on the environment. Therefore, in order to reduce carbon footprints, people are extensively adopting energy efficient solutions, which includes energy efficient lighting solutions. An emerging technology in the field is that of photonics, which is the area of study that involves the usage of radiant energy, and whose fundamental element is photon. 

Photonic applications utilize photon in the same way the electronic applications utilize electrons. Light travels approximately ten times the speed that electricity does, meaning that data transmitted photonically can travel long distances in a fraction of the time. 

As per a report by P&S Intelligence, in 2019, the global photonics market attained a value of $576.8 billion and is predicted to generate a revenue of $1,214.5 billion by 2030, progressing at a 6.9% CAGR during the forecast period (2020–2030). Different product types which make use of the photonics technology are optical component & system, light-emitting diode (LED), sensor & detector, and laser.

Photonics devices further aid in saving energy and are less sensitive to interference and possess unique physical properties. Attributed to these advantages of photonics devices over traditional electronic devices, their demand is predicted to increase significantly in the coming years. 

The demand for LEDs is predicted to advance at a considerable pace in the coming years, which is ascribed to the rapid adoption of the LED technology around the world. Photonics is playing an important role in the development of the LED technology into intelligent digital lighting solutions, which can save 70% of the electrical consumption.

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The photonics technology has a number of applications, including display, production technology, information technology, lighting, photovoltaic, measurement & image processing, communication, and medical technology & life science.

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Business impacts of COVID-19 on Urban Air Mobility Market. Strategies of major industry competitors

The traffic on roads is increasing at a rapid pace day-by-day. These days, people are able to afford vehicles easily and the number of public transport vehicles has also risen considerably in the past few years on account of the growing population. Road congestion is a major problem in urban and highly populated cities, and results in wastage of time and also impacts economic growth. Take for instance the situation in the U.S., where people spend about 90 hours in traffic jams each year, on an average. This increases the transportation expenditure of people by more than $1,000. The situation is same, if not much worse, in countries such as China and India.

As per a report by P&S Intelligence, the global urban air mobility market is predicted to reach $895 million by 2023, and it is expected to generated a revenue of $6,889.4 million by 2030, advancing at a 33.9% CAGR during the forecast period (2023–2030). Among passenger and cargo aircraft type, the larger demand in 2023 is projected to be registered for passenger flights. Air taxi, air ambulance, and airport shuttle come under UAM passenger flights. These services are expected to be available for both intercity and intracity commuting. At the present time, aircrafts are being developed for intracity travel due to the strict regulations and limitations in battery technology.

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This being said, the demand for intercity travel is also predicted to rise considerably in the near future, since with technological advancements in battery, motors, and in the fuselage, the range of electric vertical take-off and landing (eVTOL) aircraft will increase as well, thereby allowing people to travel easily from one city to another. Piloted and autonomous are two aircrafts types which are going to be used for UAM. Between these two, the utilization of autonomous aircrafts is projected to be higher in 2030, as they are being considered to be the better suited option for passenger and cargo services.

In the coming years, North America is expected to emerge as the largest urban air mobility market in throughout the time period 2023–2030. This is due to the fact that major cities in the U.S. are registering high traffic congestion, which, in turn, would result in the rapid adoption of airport shuttle and taxi services. Apart from this, the demand for UAM services is also predicted to rise considerably in Europe in the coming years, which is ascribed to the heavy investments in the domain by France and Germany for procuring the eVTOL technology for commercial applications.

In conclusion, the surging road congestion is driving the demand for UAM services. 

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How is Growing Adoption of Smartphones Driving Augmented Reality and Virtual Reality Market?

Owing to the rising disposable income of people and technological advancements, the demand and adoption of smartphones has risen considerably in the past few years. At the present time, approximately 3 billion people are using smartphones all across the world. India, the U.S., and China are countries which have the largest number of smartphones users, with each country surpassing 100 million user mark easily. 

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Some of the major smartphone vendors across the globe are Huawei, Apple, and Samsung. This is growing penetration of smartphones is further providing platform for other innovative technologies such as virtual reality (VR) and augmented reality (AR). This is because devices such as smartphones and tablets are being hailed as the potential hardware interface for AR and VR technologies and products. 

The AR technology allows the users to experience the real world that has been enhanced or augmented digitally in some way. On the other hand, VR completely removes the user from the real-world experience and replaced it with a world that completely simulated. As per a report by P&S Intelligence, the augmented reality and virtual reality market attained a value of $6.2 billion in 2017, and it is expected to generate a revenue of $94.4 billion by 2023, advancing rapidly at a 58.1% CAGR during the forecast period (2018–2023). 

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Between hardware and software components for these technologies, the demand for hardware component was higher in the past. This can be ascribed to the growing requirement for high-performance AR devices, declining cost of products, and rising application areas. 

Between AR devices, including heads up display and head mounted display (HMD), and VR devices, including projection-based device, head mounted display, and gesture control devices, the demand for AR devices is predicted to rise in the years to come. This is because of the fact that AR-based HMDs are gaining traction in different applications including education, automotive, gaming, and military. Moreover, the extensive adoption of mobile AR is expected to drive the demand for AR devices. 

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