How Are Automotive and Aircraft Manufacturers Benefitting from Biocomposites?

Biocomposites refer to structural materials that are created from renewable resources. After their successful use, these materials biodegrade in an anaerobic environment to produce a feedstock or fuel that is sustainable and degradable. The disposal of these composites is quite easy, and it causes no harm to the environment. Due to the high durability of these substances, they are majorly used to increase the shelf-life of products. These composites are made of materials that are used for multiple tissue engineering and restorative applications owing to their superior mechanical properties, biodegradability, and biocompatibility.

These composites are being increasingly used in the automobile industry as they offer huge energy and cost savings for automakers. Moreover, the low weight of biocomposites also makes them ideal for the automotive industry. With the increasing adoption of lightweight vehicles owing to their energy efficiency, the biocomposites market will advance at a CAGR of 12.8% during 2018–2023. The market stood at $4,167.2 million in 2017, and it is projected to reach $8,473.4 million by 2023. Additionally, the usage of bio-based composites also reduces the dependence of automakers on non-renewable, petroleum-based polymeric plastics.

According to P&S Intelligence, the Asia-Pacific (APAC) region dominated the biocomposites market in the past due to the escalating adoption of lightweight materials in the automotive and aerospace industries, spurring demand for flame-retardant and electricity-resistant materials in the electrical and electronic sector, and accelerating usage of chemical- and corrosion- resistant materials in the pipe and tank and construction industries. Moreover, the region is also expected to adopt bio-based components at the highest rate in the coming years.

Thus, the growing consumption of lightweight and biodegradable composites in automotive and military aircraft production will augment the usage of biocomposites in the foreseeable years.

Read More: https://www.psmarketresearch.com/market-analysis/biocomposites-market

Read More

Digitization of Financial Institutions Propelling Anti-Money Laundering Solution Demand

Money laundering refers to the illegal process of making huge sums of money generated by criminal activities, such as terrorist funding and drug trafficking, appear to have come from a legitimate source. Thus, the surging cases of money laundering, primarily on account of the rising penetration of the internet and increasing use of virtual currencies, will create a huge requirement for anti-money laundering (AML) software in the forthcoming years.

Moreover, the escalating use of online banking services, such as digital payments, will amplify the need for AML software and associated services in the foreseeable future. Additionally, the toughening government regulations regarding money laundering will facilitate the anti-money laundering market growth during 2021–2030. According to P&S Intelligence, the market generated a revenue of $2.4 billion in 2020.

With the growing use of online banking services, escalating frequency of digital transfer of funds using unified payment services, and soaring traffic over the internet, governments are drafting stringent AML laws and digital payment laws, to mitigate the cases of money laundering. In recent years, AML solution providers have been focusing on the introduction of new products to attract more customers.

For instance, in August 2020, Comarch SA launched a fraud detection system for small and medium enterprises (SMEs) and corporate banking. This system can reduce the effort in transaction screening as it can automatically flag suspicious transactions. Additionally, the system can be extended with artificial intelligence (AI) algorithms to develop models that can regulate the occurrence of specific events with high accuracy, based on historical data.

This market research report provides a comprehensive overview of the market

• 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

Read More

Why Is Geriatric Population Boom a Key Surgical Simulation Market Driver?

The surgical simulation market is expanding on account of the increasing surgery volume, booming geriatric population, rising popularity of minimally invasive surgeries, and rapid technological advancements. Thus, the revenue generated from the sale of such solutions, which was $337.4 million in 2019, is predicted to display a healthy 16.4% CAGR between 2020 and 2030 (forecast period). Such simulators create virtual representations of real-life medical situations, so that students, as well as experienced doctors, can practice their skills.

The divisions on the basis of end user are hospitals, academic & research institutes, military organizations, surgical clinics, and others, which include nursing homes and fertility centers. In 2019, the highest market revenue was generated by the academic & research institutes division, as students are now demanding a first-hand training experience, before they operate on real patients. Moreover, even professionals are using simulators to improve their skills, as new medical procedures are being innovated. Even during the forecast period, this division is expected to witness the fastest advance in the industry.

Another key driver for the surgical simulation market is the booming geriatric population. The United Nations Department of Economic and Social Affairs (UNDESA) says that by 2050, the population of people in the 65-and-above age group will rise to 1.5 billion, from 703 million in 2019. The elderly suffer from more-serious diseases more often, which creates a need for long-term medical care. Therefore, the hospitalization rate, surgery volume, and chances of surgical complications in the elderly are higher, thus leading to the rapid adoption of surgical simulators.

Asia-Pacific (APAC) is projected to advance the most rapidly in the surgical simulation market during the forecast period. The geriatric population is increasing in the region, with the UN predicting the number of elderly people in India and China to reach 324 million and 437 million, respectively, by 2050. Moreover, medical procedures in the regional developing countries are cheaper than in developed countries, which is why hordes of people from the latter come to the former for treatment, thereby resulting in the increasing adoption of surgical simulation solutions for training.

Hence, as the volume of surgeries and number of older people increase around the world, so will the demand for surgical simulators for first-hand training.

Read More

Development of Autonomous Vehicles Boosting Driving Simulator Market Growth

 Factors such as the burgeoning demand for vehicles, soaring number of research and development (R&D) initiatives in the domain of advanced driver-assistance systems (ADAS), and surging demand for skilled drivers, owing to the high road accident rate, will facilitate the driver simulator market during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at $1,525.6 million in 2020. Moreover, the surging need for skilled commercial vehicle drivers for logistics services will support the market growth in the foreseeable future.

Driving Simulator Market Outlook

In recent years, the advent of autonomous vehicles has become a prominent market trend. Automakers across the world are heavily investing in the development of components, such as sensors and processors, that are installed in autonomous vehicles. Nowadays, automotive original equipment manufacturers (OEMs) are using driving simulators to test the performance and capabilities of these components and features, as driving simulator systems deliver excellent testing competence in realistic surroundings. The rapid advancements being made in the autonomous technology will drive the demand for driving simulators in the coming years. 

At present, the driving simulator market is moderately consolidated in nature due to the presence of few players, such as Cruden B.V., MTS System Corp., Ansible Motion Ltd., NVIDIA Corp., AutoSim AS, OKTAL SYDAC, CAE Inc., Mechanical Simulation Corp., Dallara Group Srl, and Moog Inc. Nowadays, these players are focusing on product launches to gain a competitive edge in the market. For instance, in July 2020, Anthony Best Dynamics Ltd. introduced a static driving simulator that delivers high levels of driver immersion.

Explore Full Report Description At: https://www.psmarketresearch.com/market-analysis/driving-simulator-market

Geographically, North America held the largest share in the driving simulator market in 2020, due to the surging number of vehicles on North American roads. Moreover, the rising implementation of stringent government regulations for road safety and traffic control facilitates the market growth in the region. Additionally, the increasing advancements being made in the driving simulator technology, to prevent potential failures that might lead to driver injuries, are also contributing to the market growth in the region.

Thus, the increasing adoption of autonomous vehicles and booming need for enhanced driving experience will facilitate the market growth in the forecast years. 

Read More

Radiofrequency Ablation Devices Providing Enhanced Pain Relief

 An increasing number of patients are opting for minimally invasive procedures, as they result in less scarring and pain and decrease the chances of infections related to open surgeries. For example, back pain can be treated by radiofrequency (RF) ablation procedures, which are minimally invasive, thus pose a lower risk of any complication after and during the treatment process. RF ablation devices destroy the nerve fibers in the spine to stop the pain signals from reaching the brain. Moreover, the increasing awareness and low cost of RF ablation treatment for pain relief will fuel the demand for these devices.

The application of these devices is surging among elderly patients, as they are more susceptible to health disorders and abnormalities. Apart from long-lasting pain, old people require minimally invasive treatments for several chronic diseases, such as cardiovascular diseases (CVDs) and cancer. According to the 2019 UN World Population Ageing report, the global population of people in the age group of 65 and above will be 1.5 billion in 2050. Owing to this reason, the revenue of the radiofrequency ablation devices market will increase from $3,173.5 million in 2019 to $11,080.3 million by 2030, at a CAGR of 12.6% during 2020–2030.

Due to the growing shift toward minimally invasive surgeries (MIS) from open surgeries, hospitals are deploying RF ablation products in large numbers, as they are the first point of contact for the diagnosis and treatment of diseases. Catheter systems are the most widely used RF ablation equipment in these healthcare settings to treat chronic diseases. The system includes electrodes and probes that are thrust into the affected body parts for ablation procedures. In addition to this, hospitals and ambulatory surgical centers (ASCs) also use generators and accessories for ablating or destroying the dysfunctional tissue inside the body.

Moreover, North America is expected to adopt the highest number of RF ablation devices in the future, as it has a large end-user base due to the rising cases of cancer and heart diseases. Moreover, the surging healthcare expenditure, favorable reimbursement ecosystem, and easy availability of RF ablation procedures will augment the use of these products in the region. To cater to this swelling demand, companies including Abbott Laboratories, Stryker Corporation, Baylis Medical Company Inc., RF Medical Co. Ltd., Boston Scientific Corporation, Johnson & Johnson, and AngioDynamics Inc. are launching new products and entering into mergers and acquisitions.

Thus, the shift toward MISs and high demand for pain relief procedures will boost the adoption of RF ablation devices in healthcare settings.

Read More

Huge Growth Expected in Facial Skin Ablative Treatment Market in Future

Nowadays, people have become more conscious of their appearance and are willing to pay for energy-based aesthetic treatments, including laser skin resurfacing. Both women and men are undergoing aesthetic and cosmetic procedures to enhance their facial appearance. For example, the American Society for Aesthetic Plastic Surgery (ASAPS) states that liposuction and eyelid surgery/blepharoplasty were among the top five cosmetic surgical procedures opted by the female population of the U.S. in 2019. Whereas, the male population of the country mostly opted for liposuction, nose surgery, and eyelid surgery/ blepharoplasty.

Men and women across the world are increasingly opting for aesthetic and cosmetic surgeries due to an exponential rise in their disposable income. Among the various skin issues, wrinkles, aging, hyperpigmentation, acne, and scars are becoming increasingly prevalent among the populace. Acne and other scars are caused by stress, a sedentary lifestyle, which that triggers hormonal changes, and an imbalanced diet. Owing to the rising prevalence of such disorders, the facial skin ablative treatment market is expected to advance at a CAGR of 7.8% during 2020–2030. The market stood at $4,134.6 million in 2019, and it is expected to reach $8,394.3 million by 2030.

Geographically, North America registers the maximum number of facial skin ablative treatment procedures, and it will witness the same trend in the future. This will be due to the increasing consciousness among people regarding their physical appearance, growing awareness about the latest technologies, and rising cases of skin disorders, especially acne and other types of scars. As per the American Academy of Dermatology (AAD), nearly 50 million Americans are affected by acne annually. Moreover, the presence of major companies in the region will promote such treatments and procedures in the coming years.

Thus, the strong focus on physical appearance and rising awareness regarding aesthetic and cosmetic procedures are encouraging people to undergo facial skin ablative treatments.

Read More

Advancements in IoT Boosting Edge AI Software Demand

As edge artificial intelligence (AI) is a combination of AI and edge computing, the burgeoning demand for intelligent applications, primarily on account of the rapid advancements in AI, will fuel the adoption of edge AI software in the coming years. Such intelligent applications need high computing power for constant collection and processing of information for providing significant and effective outcomes.

Thus, the surging requirement for the efficiency of ongoing data processing will boost the adoption of edge AI software in the forthcoming years. Moreover, advancements in internet of things (IoT) applications will propel the edge AI software market growth during the forecast period (2021–2030), as edge computing addresses the challenges related to IoT. 

According to P&S Intelligence, the market generated a revenue of $600 million in 2020. IoT applications deal with connecting devices and AI enables such devices to learn from the collected data. Further, IoT technology empowers the transmission of information between multiple stages of the production line or several parts of a machine over a wireless network.

Additionally, the rising workload of enterprises on the cloud will also propel the need for edge AI software in the foreseeable future. Business organizations around the world are rapidly shifting to cloud computing, owing to which the AI technology is gaining prominence.

AI applications deployed on cloud platforms have latency issues and offer slow responses. To overcome these challenges, enterprises are shifting toward edge AI software as it places the computer resources at the edge of the network, which helps in allowing applications to function with high bandwidth and low latency.

This market research report provides a comprehensive overview of the market

• 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

Read More