Month: December 2020

High sensitivity, low cost, quick response rate, the ability to customize flexibility, small size, and ease of use are some of the advantages of these devices over the other variants. When vertical is taken into consideration, the market is divided into automotive & aerospace, petrochemical and oil & gas, consumer electronics, food & beverage, pharmaceuticals, industrial, and utilities.

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Amongst these, the automotive & aerospace category recorded the highest growth in the market in the past years. This was because of the enactment of several strict government regulations and policies that mandate the usage of temperature sensors in vehicles. This was done for making the fuel consumption of the automobile more efficient, mainly due to the high air pollution and the huge demand for reducing the greenhouse gas emissions of vehicles.

Furthermore, the rapid expansion of the automotive industry and the aftermarket is boosting the requirement for temperature sensors all over the globe. Geographically, the temperature sensor market recorded the highest growth in Asia-Pacific (APAC) in the past and this trend is predicted to continue in the coming years as well. This would be because of the growing requirement for processed food items in the region, the rising urbanization rate, and the expanding automobile industry in the regional countries.

In this region, China is the biggest user of temperature sensors and across the world, it is the second-largest user of temperature sensors. Thus, it can be said with surety that the market would register huge growth all over the world in the upcoming years, primarily because of the increasing requirement for temperature sensors in the automobile industry and the boom of this industry in various countries. 

CAD is used to create designs, ranging from that of a single steel rod to those of entire townships. These designs are modified and extensively analyzed before construction starts. Additionally, CAD is also used to design and improve construction equipment depending on the requirement of the project. With the Indian government pursuing the construction of 100 smart cities, the usage of CAD software to design such intelligent infrastructure will rise.

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Now, even though almost every industry in the country uses this software, not everyone is well-versed in it. Every project design and execution team has members who are technically inclined and those who aren’t. This is why 3D CAD software enjoys a wider penetration in India than 2D software. With 3D software, collaboration between the technical and non-technical staff becomes easier.

In addition, this type of software allows for the creation of realistic and accurate designs in less time, which, in turn, leads to time and cost savings, thereby offering end users competitive advantages. Since Maharashtra contributes the most to India’s GDP, specifically 14.3% in 2019, its demand for this software would rise the fastest in the country. The growth of the Indian CAD software market in the state is primarily owed to its productive technology, manufacturing, trade, and finance industries.

Moreover, the Maharashtra Industrial Policy 2019 aims to boost infrastructure development in the state. For instance, large portions of the extensive Delhi–Mumbai Industrial Corridor, Delhi-Mumbai Expressway, Mumbai–Ahmedabad bullet train line, and Western Dedicated Freight Corridor lie in Maharashtra, all of which are drawing massive infra investments. Hence, with the growth in varied industries, the demand for CAD software will increase in India.

Apart from the food & beverage sector, chillers also find wide application in large, enclosed public settings. From $10.5 trillion in 2017, the worldwide construction sector is expected to grow to $12.8 trillion by 2022, due to the large-scale development of office premises, residential buildings, airports, and metro lines.

For instance, 115 skyscrapers were under construction in London in 2018, and 42 were under construction in Chicago in 2019. Moreover, China and India are strongly focusing on constructing new airports and expanding the existing ones, to cater to the growing civil aviation market.

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This is why the transportation sector has been the largest buyer of chillers among all commercial application areas. In the coming years though, the demand for such systems will rise the fastest in the hospitality sector, as a commercial application area. “International tourist arrivals (overnight visitors) worldwide grew 4% in 2019 to reach 1.5 billion.”, as per the United Nations World Tourism Organization (UNWTO).

This has been boosting the construction of hotels around the world, where chillers are important for maintaining the desired temperature, especially in tropical and subtropical areas. Owing to the growing construction, food & beverage, and hospitality industries, Asia-Pacific (APAC) has been the largest chiller market in the past. Japan, China, Thailand, and Australia are popular tourist destinations; therefore, the number of hotels and resorts here is rather high.

Moreover, the IT industry is expanding in regional countries, especially India and China, which is driving the construction of data centers. The perpetually running IT components at such settings heat up quickly, therefore need proper cooling and ventilation, which is increasingly being provided with chillers. Therefore, with the growth in the manufacturing industry, especially the food & beverage sector, the sale of chillers will continue to rise.

The global cyber insurance market was valued at $5,573.2 million in 2019 and is predicted to generate a revenue of $70,671.9 million in 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market would progress at a CAGR of 26.3% between 2020 and 2030.

The increasing prevalence of cyberattacks, the rising digitization, and soaring incorporation of cyber insurance policies as risk mitigation strategies by businesses are the main growth drivers of the market. With the surging penetration of the internet and the increasing digitization of business operations, the incidence of cyberattacks and frauds such as the breach of personal data and confidential information like social security numbers, passwords, credit card numbers, and email addresses is rising rapidly all over the world.

According to many reports, as many as 8 billion records, that included phone numbers, home addresses, and credit card numbers were exposed in various data breaches from January 2019 to April 2020. Because of the growing prevalence of these attacks, the governments of various countries are rapidly implementing strict cyber security measures. These measures involve very high fines and penalties for data breaches and frauds.

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The rapid enactment of these policies in several countries is fueling the expansion of the cyber insurance market across the world. Depending on type, the cyber insurance market is divided into integrated and standalone. Between these, the standalone category will record higher growth in the future years. This market research report provides a comprehensive overview of the cyber insurance market

• Historical and the present size of the cyber insurance 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

Lucrative opportunities are being offered to the fraud detection and prevention market by the rising usage of the blockchain technology for supply chain management. Frauds are often not detected in the supply chain, as it is a complex chain of processes, involving the participation of various parts and personnel. As blockchain offers greater traceability and transparency, it allows companies to reduce the risk, which is why it would gain wide popularity in the coming years. 

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). 

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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. The major advantage of blockchains are the difficulty in manipulation and cracking they pose. The fraud detection and prevention market is predicted to be dominated by Asia-Pacific (APAC) and North America, in 2024, with a 67.5% cumulative share.

This market research report provides a comprehensive overview of the fraud detection and prevention market

• Historical and the present size of the fraud detection and prevention 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