Month: July 2020

The constant increase in the temperature, as a result of global warming, is one of the biggest factors responsible for the surge in the demand for air-conditioning systems and associated services across the world. The release of various airborne pollutants, such as nitrogen oxides, chlorofluorocarbons (CFCs), and methane, into the atmosphere, as a result of fossil fuel burning, is the biggest contributor to global warming.

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As a result, the global HVAC market reached a value of $240.8 billion in 2019, and it is expected to generate revenue of $367.5 billion by 2030. This massive growth of HVAC market is during the forecast period (2020–2030) is projected to be at a CAGR of 3.9%. Throughout the world, a high demand is generated for the installation, upgradation/replacement, repair and maintenance, and consulting services for HVAC systems.

According to the National Aeronautics and Space Administration (NASA), there has been a 0.90 °Celsius increase in the average global temperature from the 1951–1980 period to 2017. The other key factors boosting the demand for heating, ventilation, and air conditioning (HVAC) systems and services across the globe are the expanding construction sector in various countries and increasing number of favorable government initiatives and policies, to aid their installation in residential, commercial, and industrial buildings.

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This is mainly ascribed to the huge demand for the replacement of faulty components, in order to improve their energy efficiency, across the world. This will also improve the operational efficiency of these systems, and thus reduce the dependence on non-renewable energy. Amongst these, the demand for the upgradation/replacement of HVAC systems was found to be the highest in 2019.

The increasing internet penetration and digitization in several industries and business operations has tremendously increased the adoption of digital solutions such as online transactions, data analysis, and various other processes. This has also significantly increased the prevalence of cyber attacks all over the world, with soaring number of cyber fraud, theft, and data breach cases, especially those pertaining to social security numbers, passwords, credit card details, email addresses, and other confidential information, being reported every year. 

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Due to these reasons, the global cyber insurance market will grow, in value, from  $5,573.2 million to $70,671.9 million from 2019 to 2030. In addition to this, the market is predicted to advance at a CAGR of 26.3% from 2020 to 2030, according to the estimates of P&S Intelligence, a market research firm in India. Cyber insurance solutions are widely adopted by both small and medium enterprises (SMEs) and large enterprises.

“According to many reports, there had been data breach incidents involving nearly 8 billion records, that included phone numbers, home addresses, and credit card details during January 2019—April 2020”. Furthermore, the increasing incidence of data breaches has made the governments of many countries implement stringent cyber security policies and measures for mitigating the growing security risks, which has, in turn, boosted the demand for cyber insurance solutions across the world.

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Between the two, the large enterprises are expected to generate higher demand for these solutions and systems in the future years. This is credited to the fact that the large enterprises are increasingly adopting various advanced technologies, owing to which, they are becoming more vulnerable to cyber attacks. Integrated and standalone are two main types of cyber insurance solutions used by organizations across the world.