Global Position Sensor Market Set to Witness Consistent Growth till 2024

The burgeoning usage of position sensors in various automobile parts and applications, such as pedal positioning, clutch plates, parking assistance systems, hybrid engines, and steering angle sensing, is one of the biggest factors increasing their demand across the world.

The soaring production of vehicles across the globe, especially in emerging economies, such as Thailand, China, and Indonesia, is another factor pushing the demand for position sensors. It has been observed that the production of motor vehicles in China increased from 7.7 million units in 2013 to 29.7 million units in 2017.

Due to the above-mentioned factors, the revenue generated from the sales of position sensors stood at $9.1 billion in 2018. It is predicted that the global position sensor market will reach a valuation of $14.2 billion by 2024, with a CAGR of 7.7% during 2019–2024 (forecast period).

There are mainly two types of position sensors — linear and rotary — of which rotary variants registered higher sales in 2018. This is attributed to the wide-scale utilization of these sensors in various automotive applications, such as throttle position control and pedal position, and in numerous consumer electronic appliances.

Apart from automotive, packaging is another field where these devices are used. Therefore, the thriving packaging industry across the world, especially in developing nations, such as India and China, is also responsible for the growing demand for these instruments.

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According to several reports, the plastic packaging industry in India, owing to the growing pharmaceutical and food and beverage sectors and increasing exports requiring superior packaging, in order to meet the standards of international markets, recorded huge growth during 2010–2017.

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How is Soaring Global Geriatric Population Fuelling Surge in Population Health Management Market?

The soaring global geriatric population, which is expected to reach at least 1.5 billion by 2050, according to the World Health Organization (WHO), is a key factor responsible for the rise in the demand for population health management (PHM). Elderly people require extensive care as they are more susceptible to diseases, especially chronic diseases, such as cancer and cardiovascular ailments, owing to their low immunity levels and high recovery periods. This causes a huge increase in the demand for better prevention, diagnosis, and treatment processes. In addition to this, older people also have a greater requirement for personalized medicine, because of their increased susceptibility to drug allergy, thereby boosting the demand for population health management.

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The other important factors bolstering the demand for PHM are the increasing healthcare expenditure, incentives, and investments by various governments throughout the world. The adoption of healthcare information technology and the enactment of the Patient Protection and Affordable Care Act, also called Obamacare, by the federal government of the U.S. are also contributing toward the rising popularity of the PHM approach. Driven by these factors, the global population health management market is expected to register considerable growth in the coming years.

Globally, North America has recorded the highest adoption of PHM solutions in the last few years, and this region is also expected to witness the highest usage of these solutions in the coming years. 

This is mainly attributed to the increasing government regulations aimed at promoting the adoption of PHM solutions, soaring healthcare expenditure, developing healthcare infrastructure, and rising incidence of chronic diseases. In North America, the population health management market in the U.S. is the more productive, primarily on account of the Patient Protection and Affordable Care Act.

Therefore, it can be concluded that owing to the burgeoning demand for advanced healthcare solutions that are backed by holistic data analysis and the soaring geriatric population levels and associated health disorders, the demand for PHM will witness tremendous growth in the coming years.

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Cyber Insurance Market to Boom in Developed as well as Developing World

Cyber attacks lead to financial losses of almost $600 billion, which is roughly 0.8% of the worldwide gross domestic product (GDP), every year, according to the latest Economic Impact of Cybercrime report by McAfee. With the world shifting to digital platforms from the simple pen-and-paper mode, the data is becoming increasingly vulnerable to attacks by hackers and thieves. While the cyber security domain is itself going through advancements, such as the integration of artificial intelligence (AI), cyber criminals are still one step ahead.

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Thus, with the increasing incidence of cyber attacks and the resulting need of companies as well as individuals to protect themselves from losses, the cyber insurance market is growing around the world. Most of the cyber crimes are conducted with the motive of financial prosperity, for instance the May 2017 ransomware, which infected more than 300,000 computers in over 100 countries, as part of a worldwide extortion attempt. Hence, individual owners and companies are rapidly seeking cyber insurance, risk consulting, and claims services.

Among them, claims services have been quite high in demand in the past, as people have lost millions of dollars due to cyber attacks, which has necessitated the need for reimbursements and coverage. Due to the same reason, customers are expected to rapidly opt for risk consulting services in the coming years, to analyze the vulnerabilities in their network and servers and be better prepared for a rainy day. By knowing their risk beforehand, end users can adopt robust cyber security measures to thwart any internet-based attack.

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The risk of cyber attacks is high for large as well as small and medium enterprises (SMEs). Due to the fact that plumper sums can be extorted from larger companies, hackers majorly target these. For instance, the distributed denial of service (DDoS) attack of October 2016 impacted the operations of several multinational firms, including Airbnb, Netflix, Spotify, and Twitter. It is because of these reasons that large enterprises have sought cyber insurance services more than SMEs in the past.

GLOBAL CYBER INSURANCE MARKET

By Enterprise Size

• Large Enterprise

• Small and Medium Enterprise

By Service

• Insurance

• Claim Service

• Risk Consulting

By Industry

• BFSI, Healthcare

• Retail & Manufacturing

• IT Services

By Region

• Americas

• Europe

• Rest of the World (RoW)

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Autonomous Mobile Robots Market to Witness a 18.3% CAGR During 2020–2030

The growing demand for automation solutions is a key driving factor for the growth of autonomous mobile robots market globally. This rise in demand for automation solution is because of the lack of labor, growing complexity in manufacturing operations, surging focus on productivity, and high labor cost.

Ascribed to these factors, different industries are making use of AMRs. For example, logistics and warehouses need AMRs for tasks including loading and transportation work. In addition to this, the automotive original equipment manufacturers utilize robots for performing complex assembly processes such as those involving the use of flexible parts. These factors are resulting in the growing demand for AMRs.

AMRs are increasingly being deployed in the agriculture sectors for different applications, which is opening up wide opportunities for the players operating in the domain. With the growing implementation of technology in agriculture applications, farming practices are becoming sophisticated and modernized.

In addition to this, due to the surging population, increasing automation in the agriculture industry, and lack of availability of farm workers, the need for AMRs is in the industry is rising. AMRs can capture crop data in agricultural fields, which aids in predicting the yield of crop and its health.

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Out of these, the logistics sector made the most use of AMRs during 2014–2019, and the largest demand for these devices is further projected to be created by the logistics sector in the coming years. The fastest growth in demand for AMRs is predicted to be registered by the hospitality sector during the forecast period.

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How is Rising Prevalence of Infectious Diseases Powering Surge in Global Disposable Gloves Market?

The rising prevalence of infectious diseases across the world is one of the key factors fuelling the growing demand for disposable gloves. 

As per the World Health Organization (WHO), 9 million people were diagnosed with tuberculosis (TB) and 1.5 million people died due to this disease in 2013. In addition to this, the organization reported that 145,700 people died as a result of measles (a viral infection) in 2013. These factors have resulted in a huge increase in the need for proper equipment that would protect the patients and caregivers from serious infections, thereby pushing the demand for disposable gloves.

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Due to the above-mentioned factors, the global disposable gloves market is expected to register huge growth in the coming years. The most widely used types of disposable gloves are neoprene gloves, nitrile gloves, natural rubber or latex gloves, and vinyl gloves. The disposable gloves are used in various medical applications such as surgeries and examinations. These gloves are also commonly used in cleanrooms, food and beverages sector, and various other kinds of non-medical applications.

The biggest rage currently being witnessed in the disposable gloves market is the surging development and utilization of powdered disposable gloves. These gloves have a powder (cornstarch) on the inside that makes them easy to wear and remove and prevents the sticking of latex with the hands. These gloves are ideal for situations which require the gloves to be worn for a long period of time. The powdered gloves are highly resistant to wear and tear as compared to the powder-free disposable gloves.

Globally, North America is expected to observe the highest growth in the demand for disposable gloves in the coming years, on account of the high awareness regarding hand hygiene, high incidence of infectious diseases, and greater patience compliance for surgical treatments in the region. The recommendation of the CDC for the utilization of disposable gloves in medical treatments and procedures will also fuel their adoption in future. Asia-Pacific (APAC) is predicted to register the fastest growth in the demand for disposable gloves in future, owing to the rising healthcare expenditure and improving healthcare expenditure in the region.

Thus, it can be undoubtedly said that the demand for disposable gloves will observe major growth in the coming years, primarily due to the soaring awareness regarding hygiene, increasing prevalence of communicable diseases, and booming healthcare industry across the world.

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­How is Growing E-Retail Industry Driving Artificial Intelligence in Retail Market?

The e-retail industry is registering significant growth, because of the surging penetration of internet, rising number of alternate payment methods, growing utilization of smartphones, and increasing investments in logistics around the globe. Furthermore, the growth of the e-commerce industry is also contributing considerably to the expansion of the e-retail industry. 

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In 2013, the worldwide business-to-consumer e-commerce sales stood at $1.2 trillion. Moreover, the current e-commerce statistics state that about 40% of the internet users globally have bought goods or products online via tablets or mobiles, which amounts to over 1 billion online buyers and the number is further predicted to rise in the coming years. 

According to a report by P&S Intelligence, the global AI in retail market generated a revenue of $720.0 million in 2018 and is predicted to attain a value of $4,337.1 million by 2024, advancing at a 35.4% CAGR during the forecast period (2019–2024).

Due to this expansion of the e-retail and the overall retail industry, the companies in the domain are increasingly making use of artificial intelligence (AI) solutions. The incorporation of AI in operations allow retailers to predict the behavior of customers and then provide them with personalized services, thereby improving customer experience and satisfaction. 

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Both solutions and services are offered by the AI technology, however, AI-based solutions were more in demand in 2018 in the retail industry, which is ascribed to the rising adoption of solutions by e-commerce companies in North America for providing better shopping experience to their customers. 

Different AI-based solutions are visual search, chatbot, recommendation engine, customer relationship management, price optimization, and supply chain management. All these solutions are increasingly being used by retailers for benefitting from streamlined and automated operations, which are further aiding them to achieve their organizational growth goals.

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How are Awareness Campaigns Driving Disposable Plastic Blood Bag Market?

Heart diseases kill 17.9 people each year, while 9.6 million die of cancer, says the World Health Organization (WHO). With these, the surgery and hospitalization rates are rapidly going up. One of the most basic things many such patients need is blood, which, being a highly critical and easily contaminable product, has to be kept in clean and sterile bags. Thus, with the growing incidence of chronic diseases and usage of blood at healthcare centers, the disposable plasticblood bag market size is expanding around the world.

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Disposable bags are indispensable for two main reasons: to stop blood of different groups mixing with each other, which can be deadly for the recipient, and to minimize the chances of blood-borne diseases, such as acquired immune deficiency syndrome (AIDS). Disposable bags are also used when collecting blood, and with the rate of blood donation going up, the demand for such containers is also surging. For instance, in the U.K., the number of donated units increased from 161,019 in 2015/16 to 159.264 in 2018/19, according to the National Health Service (NHS) data.

The primary reason behind the increase in blood donations is the continuous efforts by government and international organizations to raise the awareness about the same. Apart from the WHO, International Federation of Red Cross and Red Crescent Societies (IFRC) and American Red Cross are engaged in these activities. With campaigns and other activities organized by these agencies, people are realizing the importance of blood in patient treatment as well as the fact that donating blood regularly is good for their own health.

Across the world, the largest disposable plastic blood bag market is North America, majorly on account of the rising number of patients suffering from blood disorders. For instance, the Leukemia and Lymphoma Society says that every three minutes, blood cancer is diagnosed in one person in the U.S. Further, according to the National Cancer Institute of the U.S., 61,780 cases of leukemia were detected in the country and 2019, and the disease resulted in 22,840 deaths.

Hence, as the surgery and hospitalization rates increase and more people willingly donate blood, the demand for disposable plastic bags to store it will also rise.

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