The latex surgical glove market is expected to grow at a CAGR of 5.25% over the forecast period to reach a market size of US$1,818.700 million in 2030 from US$1,561.911 million in 2025.
Latex surgical gloves are natural rubber gloves that are used as protective gear in medical and surgeries. It is used in surgeries by the doctor to ensure that no germs are transferred between the patient and the doctor, hence ensuring hygiene and safety. It is flexible and comfortable for healthcare providers as it is designed to fit the hands.
The growing number of surgeries is due to an increase in the number of diseases as well as an increase in the disposable income of the people. This has led to an increase in demand for surgeries for better health propelling the market growth of latex surgical gloves which is a must for ensuring safety during the surgical procedure. Further, the increased rules and regulations by the authorities are leading to an increased demand for latex surgical gloves for ensuring hygiene and safety, Moreover, we are witnessing an increased number of health check-ups than earlier due to increased healthcare infrastructure and rising disposable income with the people leading the market of latex surgical gloves to grow.
The latex surgical gloves market is experiencing some significant and innovative key developments driven by material technology, and enhancement in safety standards to market players are striving to achieve a competitive edge over others to meet the evolving customer needs. For instance, USMGC which is a key market player in the latex surgical gloves market, has acquired a polyisoprene chemical facility in South Carolina and become the only end-to-end, made-in-America producer of both nitrile and polyisoprene medical gloves for advancing in the North American latex surgical gloves market.
The latex surgical glove market by type is segmented into powdered and non-powdered. Powdered surgical gloves are a type of gloves that contain a light coating of powder for making the donning of the gloves easier. This coating is generally of cornstarch. Non-powdered surgical gloves, on the other hand, are free from powder rather they are treated with the coating of a polymer for the donning of the gloves. In the forecast period, non-powdered surgical gloves are anticipated to grow faster than powdered or they will even dominate the market for non-powdered reducing the powdered surgical gloves to the margin of non-powdered gloves are cleaner and thus given more preference. At the same time, some governments have banned powdered surgical gloves such as it is banned in the USA from 2017 as it exposes substantial risk of illness or injury to the individuals who are exposed to it.
The latex surgical glove market by end-user is segmented into hospitals, medical centers and ambulatory surgery centers. Hospitals need latex surgical gloves during medical and surgical procedures. Medical centers generally catering to small-scale procedures do need these gloves at smaller scale. Ambulatory surgery centers need surgical gloves during their minimally invasive procedures. During the forecast period, the hospital segment is anticipated to grow faster than others and will dominate the market as there is a high volume of medical and surgical procedures going on leading to large-scale demand by the hospitals.
Based on geography, the North American and European markets are anticipated to hold a significant share of the latex surgical gloves market. Various reasons are attributed to the growing trend of the demand for latex surgical gloves in the North American and European markets. The high expenditure cost along with strict guidelines and rules & regulations of the government in these regions regarding safety standards is leading to an increase in the market demand for latex surgical gloves. At the same time, the strong focus of governments on healthcare is encouraging development in safety standards as well leading to an increased innovation in surgical gloves.
The report includes the major players operating in the latex surgical glove market: Cardinal Health, Medline Industries, Inc., Molnlycke Health Care AB, Top Glove Corporation Bhd, Sempermed USA, Inc., Budev BV, Kossan Rubber Industries Bhd, Nulife, KANAM LATEX INDUSTRIES PVT LTD. and RFB LATEX LTD.
AI in the social media market is expected to grow at a CAGR of 28.53%, reaching a market size of US$6,748.861 million in 2029 from US$1,924.194 million in 2024.
The market is flourishing as the application of artificial intelligence for offering real-time information about target audiences is getting popularized in social media and the adoption of AI in several social media applications for effective advertisement. Another aspect responsible for the market development of AI in social media is the outburst of data, generated when social media platforms spit out. On the contrary, privacy and data security issues act as a hindrance to the overall growth of this market. Opportunities to mushroom this market growth can also be expected to come from employing available machine learning platforms for the social media segment during the forecast.
Moreover, social media is not just for being in touch with distant relatives or posting updates about personal events. Today most social media platforms are keen on AI-based services to widen the market for related AI products to improve revenue. They go ahead with targeting specific advertising campaigns based on user interests over the platform, generate content according to the trend or user type, and improve services according to individual user preferences, creating a better overall experience. Other examples of AI use in social media comprise personalized content recommendations, image and video recognition, fraud detection, and even trend analysis. There are, however, several areas where AI will have a specific role to play today and in the future. New applications are being developed to provide users with even better experiences, as we move into an era of ever-greater and broader applications of AI in social media.
Further, the major reason that is driving the market is the growing demand for personal experiences and personalization as well as experienced content. Consumers today expect a customized way of speaking to their preferences, habits, and interests. AI plays a very important role in achieving this personalization. Using sophisticated algorithms, the AI can evaluate the user data, including browsing history and social media interaction, for suggesting content, goods, and services extremely applicable and validated for every user. It reflects the conversion rates for businesses improving user engagement. The requirement for AI-enabled social media solutions is expected to shoot up as customers increasingly demand a personalized affair while they navigate the web.
Additionally, AI has affected social media advertising now. Using user input, the AI can create extremely specific advertising campaigns. It maximizes the effectiveness of the campaign and increases ROI by ensuring that the right audience gets the right message at the right time. AI is also capable of optimizing ads in real time; it allows marketers to change their tactics based on performance indicators. Last but not least, AI improves ad placement based on user preferences and behaviour. AI-driven ad targeting presents itself as an undeniable case to make AI investments in social media for better use of advertising budgets.
By technology, Artificial Intelligence (AI) In Social Media market is segmented into two major categories, machine learning and deep learning and Natural Language Processing (NLP). Technological advancements have played a very prominent role in the growth of AI in the social media market. Most importantly, the advances made were those of highly sophisticated machine learning algorithms, natural language processing, and computer vision capabilities that now many social media platforms can turn AI into different applications. AI-influenced Chatbots are indeed developed to give a more humanistic and efficacious style of interaction that enhances user experience and customer service. These also identify and remove offensive or harmful content from users’ searches, ensuring an even safer experience while surfing online. The AI-generated text and image contents have also grown increasingly valuable and compelling for social media marketing. However, AI-based recommendation systems have become even more effective in personalizing content to each user’s preference, increasing user satisfaction and engagement with the platform.
The Artificial Intelligence (AI) In Social Media market by application is segmented into sales and marketing, customer experience management, predictive risk assessment, and image recognition. The sales and marketing segment deals with the use of AI to enhance user interaction, advertising, and brand marketing on social media platforms. These companies use AI-based solutions for customer engagement activities, personalization of content, as well as targeted advertising. When it comes to user behaviour and preferences, the AI algorithms optimize the placement of advertisements to make it a lot couched in the marketing campaign. With the contribution of AI to this field, companies can set schedules based on what is appropriate for audiences receiving the specific message at a particular time.
The Artificial Intelligence (AI) In Social Media market by end-users is segmented into retail, BFSI, E-commerce, media and advertising, and others. The retail segment’s growth is anticipated to be driven by the increasing use of social media for online shopping and other e-commerce activities. Social media platforms are growing in popularity as retail companies use them to improve their relationships with customers. Retail brands benefit from AI in social media by being able to predict marketing trends, improve the effectiveness of their promotions, outperform their rivals, and more. AI enables the retail sector to provide data-driven in-store experiences, personalized product recommendations, and image recognition searches through social media posts to uncover hidden patterns.
Based on geography, the Asia Pacific region of the Artificial Intelligence (AI) In Social Media market is growing significantly. AI is expected to see substantial growth in the Asia Pacific social media market shortly. This area has historically had high levels of innovation in several fields, such as automation, robotics, and artificial intelligence, which has helped to create an environment that is favourable for AI’s growth in this industry. As digital trade develops, online platforms are being adopted by businesses and individuals more frequently.
Furthermore, more effective AI processing in the Asia Pacific area is made possible by developments in digital infrastructure, such as enhanced internet connectivity, data centres, and cloud computing. Regional governments have also called for unity and interconnectedness in order to improve financial cooperation among participating trade partners and integrate markets.
As a part of the report, the major players operating in the Artificial Intelligence (AI) In Social Media market that have been covered are Adobe, AWS, Google LLC, and IBM Corp., Meta, Microsoft, Salesforce Inc.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2024/12/ai-in-social-media.webp5191000Gaurav Singhhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngGaurav Singh2024-12-05 12:06:032024-12-05 12:06:03Artificial Intelligence In Social Media Market size worth US$6,748.861 million by 2029
The EV solid-state battery market is expected to register a compound annual growth rate (CAGR) of 41.39% during the forecast period (2024-2029).
An electric vehicle (EV) solid-state battery employs a solid electrolyte material instead of liquid or gel polymer electrolyte, thus making it a safer and more stable option with the prospects of a higher energy density option. It has diverse advantages like a higher energy density, longer driving ranges, improved safety due to being non-flammable, shorter charging time, and longer lifespan of batteries. Batteries of these types are easy to use for EV owners and can potentially change the EV market significantly by allowing for long ranges within short charging times and high levels of safety. The problem of fires and explosions is also mitigated by the fact that solid electrolytes cannot catch fire.
The market for EV solid-state batteries is emerging and is driven by various technological and regulatory advances. Solid state batteries possess fire retardant characteristics and inherent lesser thermal runaway tendency, making them safer in use than conventional lithium-ion batteries. Dense energy storage capabilities lead to elevated driving ranges due to internal design. Quick charging periods with extended cycle duration enhance the convenience associated with ownership of an ecologically friendly automobile. In addition, there is a potential market for EVs with batteries built on this technology with minimal reluctance to fossil fuel energy sources and consequently lesser greenhouse gas emissions as well as air pollutants.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in June 2023, BASQUEVOLT, a company that specializes in solid-state technologies for mobile and stationary energy storage systems, announced that its R&D facility will provide 100% European-designed and manufactured solid-state batteries by the end of 2023, with support from EIT InnoEnergy, the European Institute of Innovation and Technology.
Based on vehicle type, the EV solid state battery market is categorized into passenger cars and commercial vehicles. The market for EVs solid-state batteries will expand mostly in the market for passenger cars due to the high demand, the growing public awareness of environmental issues, supportive government policies, and the technological advancements in EVs. In addition, solid-state batteries are mainly designed to provide high energy density and reduced charging time, which is useful as range anxiety is a very common issue among the owners of passenger cars.
Based on propulsion, the EV solid state battery market is classified into plug-in hybrid electric vehicles, hybrid electric vehicles, and battery electric vehicles. An increase in demand for Battery Electric Vehicles (BEVs) is expected to propel the growth of the EV solid-state battery market owing to factors such as the adoption of BEVs and safety improvements of such battery devices alongside increased sales. Solid-state batteries permit longer ranges and render shorter refueling intervals, which are two characteristics associated with BEVs. In addition, the increasing ready acceptance of all-electric cars as well as government support are increasing the uptake of BEVs hence making them a fundamental driver of the EV solid-state battery market.
Based on geography, the EV solid state battery market is extending majorly in the Asia Pacific region due to various factors. The Asia-Pacific region encompasses key nations including China, Japan, India, and South Korea which are economically growing countries. The factors for EV solid-state battery market growth projection are escalating economic growth, coupled with the sizeable production bases that will propel its demand. Moreover, within the region, China is regarded as the leading country as far as the solid-state battery market is concerned. It is also projected to be the largest market for EVs in the world. This, in turn, will boost the need for EV solid state batteries demand which has fueled the expansion of the regional market.
As a part of the report, the major players operating in the EV solid state battery market that have been covered are Toyota Motor Corporation, Contemporary Amperex Technology Co., Limited., BYD Motors Inc., Panasonic Life Solutions India Pvt. Ltd., Ampcera, Hyundai Motor Company, Renault Group, Samsung SDI Co. Ltd, Volkswagen AG, Mitsubishi Motors, Ford Motor Company, General Motors, Stellantis NV, and LG Chem Ltd.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2024/12/ev-solid-state-battery-market.webp5191000Gaurav Singhhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngGaurav Singh2024-12-05 04:43:182024-12-05 13:49:36EV Solid State Battery Market is expected to grow at a CAGR of 41.39%
The position sensor market is expected to attain US$11.795 billion by 2029, at a CAGR of 8.22% from US$7.947 billion in 2024.
A position sensor is a type of electrical component that is used to detect the position or distance of any object. It helps to detect the location of any object, and also the displacement. There are three basic types of position sensors available across the globe, which are linear sensors, rotary sensors, and angular sensors. The linear sensor measures the linear distance of any object, whereas the angular sensor measures the displacement. The rotary sensor helps to measure the position of the rotating shaft or object.
The global position sensor market is estimated to witness massive growth, which can majorly be attributed to the wide-industry application of this sensor, and implementation of new technologies into the market. Various global companies and organizations introduced new products in the global position sensor market, which comprises of latest technologies, offering better accuracy. In January 2024, Infineon Technologies AG, a global leader in the magnetic position sensor market, launched the XENSIV TLI5590-A6W magnetic position sensor, which is integrated with tunnel magnetoresistance (TMR) technology. This new position sensor offers a smaller design and a higher level of accuracy.
The position sensor market, by type, is segmented into potentiometric position sensors, capacitive position sensors, rotary position sensors, and others. The potentiometric position sensors category is forecasted to witness massive growth under the type segment of the global position sensor market. A potentiometric position sensor is a type of sensor that measures the displacement or displacement of any object. The potentiometric position sensors offer multiple benefits to the industries, like it is a cost-efficient technology, and requires low technical integration. This type of sensor is generally used across multiple industries, including robotics, Industrial settings, and manufacturing.
The specification segment of the position sensor market is categorized into contact and contactless. The contactless category of the specification segment of the position segment market will attain a greater market share, compared to the contact category. A contactless position sensor is a type of linear sensor, which uses multiple technologies like magnetic field and optical laser to determine the position of any object. These types of sensors are used across multiple industries like aerospace & defense, automotive, manufacturing, and consumer electronics. The contactless position sensor provides an accurate and reliable measurement of the distance, angle, and position of the object.
The position sensor market, under the application segment, is categorized into material handling, test equipment, machine tools, robotics, motion systems, and others. The motion system category of the application segment is estimated to grow at a higher rate, in the global position sensor market. A motion system is a type of electrical component, which is used to detect the mechanism of any object. The position sensor is among the key components of the motion system. The motion system is used majorly in the manufacturing sector, which further helps to automate the manufacturing process.
By industry, the position sensor market is categorized into consumer electronics, automotive, aerospace & defense, packaging, manufacturing, and others. Under the industry segment of the global position market, the aerospace and defense category is forecasted to attain a greater market share. In the global aerospace and defense sector, linear and angular position sensors are generally used. The angular position sensor detects and tracks the position of various rotation components of the airplane, whereas the linear position sensor monitors the height and distance of the airplane.
Based on geography, the Asia Pacific region of the position sensor market is anticipated to attain significant growth. The Asia Pacific region is among the biggest manufacturing regions of the automotive industry, which is among the leading consumers of position sensors across industries. The Asia Pacific region, in recent years, witnessed significant growth in its automotive production. The increase in automotive production across the region, especially in countries like China, India, Japan, and South Korea, will boost the global position sensor market forward. Similarly, the expansion of the consumer electronics industry is also among the major factors boosting the growth of the position sensor market in the region. Various countries in the regions like India, Vietnam, China, and Taiwan are among the global manufacturing hubs for consumer electronics.
As a part of the report, the major players operating in the position sensor market that have been covered are Texas Instruments Incorporated, CTS Corporation, Ams-OSRAM AG, TE Connectivity, Honeywell International Inc., Infineon Technologies AG, NXP Semiconductors, SICK AG, Keyence Corporation, STMicroelectronics N.V., Temposonics (Amphenol Group), Photon Controls India PVT. LTD., Sensata Technologies, and Renesas Electronics Corporation.
The utilization of artificial intelligence is widespread and is transforming our working and living conditions dramatically. Some technologies we interact with daily, for example, social networks, mobile devices, smart home systems, and online retailing, are a product of AI. It is used by platforms to analyze a person’s voice; predict what goods one would wish to purchase and even suggest what next one should read or watch. The growth of AI is in the driving seat of the revolution of technology by enhancing automation and invention. The application of AI in organizations is to facilitate decision-making processes, forecasting trends and enhance operations. Every new advancement in AI is changing the face of industries, making it difficult to sideline its role in the future of technology.
Artificial intelligence is changing the nature of the healthcare sector by providing means to address various issues on patient care, diagnostics, and even the overall operation of the healthcare engineer. Medical resources can be analyzed with the help of AI systems, which not only assist doctors in their work but also save a lot of time. For example, by analyzing lab tests, medical history, and imaging studies, AI can help screen for diseases such as cancer, heart disease, or brain disorders with improved speed and accuracy.
AI is reshaping the healthcare industry by impacting care for patients and diagnosis of diseases, as artificial intelligence is transforming the provision of medical services. It enables the provision of customized treatment approaches and early diagnosis. Thanks to AI, medicine is entering a new age of precision and efficacy regarding accuracy. Patient outcomes are improving, the accuracy of diagnosis is rising, and healthcare processes are managed faster through the use of large volumes of data and advanced algorithms which has also increased investments in the healthcare industry, for instance as per the Economic Survey 2023-24, Indian government health expenditures accounted for 1.28 percent of GDP in 2018-19 and increased to 1.9% in 2023-24.
Figure 1: Percentage of Increased Investment in Healthcare, India, 2018 to 2024
Source: Economic Survey
Further, AI has revolutionized healthcare in the following ways:
AI in Cancer Therapies
AI in precision therapies have significantly advanced cancer care. Tempus, IBM Watson Health, and similar companies are pioneering oncology by integrating clinical, genomic, and treatment data. AI (artificial intelligence) systems can predict how well a specific drug will work against the tumour, making the risky trial-and-error approach in treatment a thing of the past.
For instance, a conventional diagnostic method works at about 65% accuracy. AI models published in the Register of Oncology evaluated suitable cancer therapies at an 87% efficiency. This is particularly the case for targeted therapies. These are drugs that are designed to kill only the cancerous cells leaving healthy tissues intact.
Diagnosis of Rare Diseases through AI
Diagnosing uncommon conditions such as rare diseases, which usually lasts for years and involves a lot of guessing, is another field of practice where artificial intelligence excels. Companies such as Deep Genomics have been looking at genetic disparities and searching for potential drug development opportunities for rare conditions with the help of A.I. A World Economic Forum report published in 2023 stated that the introduction of A.I. has helped reduce rare disease diagnosis time by as much as 50%.
Improving Risk Prediction and Diagnosis
A diagnostic technology that is virtually unheard of until the recent advancement is aided by AI. Massive amounts of data, including but not limited to genetic material, clinical histories, and pictures for assessment, are subjected to machine learning methodologies to identify “hints” that wouldn’t be recognizable to a human specialist. For instance, some of these systems can evaluate DNA sequences to assess the chances of sick predisposition or analyse diagnostic images to reveal potential tumours before they become visible in human patients. This is advantageous for healthcare providers because all these capabilities enable timely corrective measures, which in turn improve the health of the patients’ populations.
Moreover, by identifying patients destined to suffer from certain illnesses, for example, AI simplifies risk stratification. AI systems aggregate data available on patients e.g. wearables, EMR and geolocation data, generating complex risk profiles for every individual. This allows the patients and the health care providers to mitigate the risks associated or changes.
Enhancing Drug Development and Discovery
Traditional approaches to drug discovery often take longer and involve more costs making them less effective. In this case, artificial intelligence is seen as a solution since it enhances the selection of drug candidates and reduces the time taken for clinical trials. In recent years, machine learning models have become extremely efficient in analyses of several molecular models, predicting the outcome of drugs, and identifying drugs that are potential candidates for treating certain diseases. This ability shortens the duration for implementing new treatment options leading to reduced expenses and expanded access to modern treatment solutions.
Moreover, AI focuses on finding predictive biomarkers of patient responses to treatment for the sake of precision therapy development. This ensures that the treatments not only work but are also tailored to avoid negative responses. Through the introduction of AI in drug development, pharmaceutical companies are relieved that they can focus on treatment curation in line with precision medicine.
Customized Treatment Programs
AI has proven to be remarkably efficient in understanding patient information, with an ability to design personalized treatment regimens. For example, AI systems can analyze the tumour genetics in patients suffering from cancer to recommend the most appropriate measures while ensuring that each patient receives care that suits his or her needs and context the most. Similarly, algorithms in AI robotics in medicine regarding cardiology have also advanced to a level where the system can offer the patients the dosages of drugs which are over a period and specific to their physical health and lifestyle practices measured.
Moreover, systems powered by AI can also monitor patients at all times and make changes to the treatment plans whenever necessary. The patient wears devices that allow their vital signs and health information to be recorded at all times, and all this data helps the doctor to change the treatment when there are any changes in the patient’s condition. It helps in this regard because the treatment regime is dynamic and is bound to be effective throughout the treatment.
In conclusion, the healthcare delivery model is being transformed significantly with the integration of AI technology which aims to revolutionize the future of precision therapies within a short – medium-term time frame. AI enhances the delivery of healthcare services by promoting early diagnosis, shortening the treatment development process and also tailoring treatments to patients’ specific characteristics. However, for these technologies to be maximally beneficial, the stakeholders must also deal with the ethical and practical concerns that accompany such a revolution. Naturally, one of the more precise elements of modern medicine – precision medicine – will incorporate Artificial Intelligence in more, and more effective ways, which draws a line to a time when healthcare would be patient-centric, fair and advanced.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2024/12/ai-in-precision-therapies-market.webp5191000Gaurav Singhhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngGaurav Singh2024-12-04 06:22:212024-12-04 06:57:26Revolutionizing Healthcare: The Role of AI in Precision Therapies
The medical device security market is expected to expand at a CAGR of 8.51% over the forecast period, reaching a market size of US$10.910 billion in 2029 from US$7.252 billion in 2024.
Manufacturers of medical devices are continuously developing innovative, highly complex, and more connective devices. These products offer a wide range of advantages, incorporating improved medications, more precise diagnostics, a better understanding of monitoring, computerized control, and focused details and data monitoring. Further, this enlarged network of devices provides opportunities for both patients and suppliers to benefit. Although these companies are heavily investing in the development of new medical gadget advancements, they usually fall short on security mastery and assets to ensure irrefutable levels of security are integrated into these things.
The market of medical device security is expected to witness a significant boost due to the increasing utilization of cloud-based solutions by hospital infrastructure that presents a threat to data theft of valuable patient data as well as hospital information. Moreover, the expanding employment of IoT-connected medical devices has created a vast interconnection requiring a secure device, increasing cybersecurity threats like ransomware attacks also requiring medical device security solutions. Further, the growing adoption of Telemedicine or connected medical devices in countries will enable patients to communicate with healthcare facilities through their homes which is positively impacting the growth of the market.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in May 2024, the Advanced Research Projects Agency for Health (ARPA-H) introduced the Universal Patching and Remediation for Autonomous DEfense program which is a cybersecurity initiative to improve and automate cybersecurity in healthcare facilities. The program invested more than $50 million in creating apparatuses for IT teams to better protect hospital areas, guaranteeing the coherence of patient care.
Based on the type, the medical device security market is divided into endpoint security, application security, cloud security, and network security. Endpoint security is a major contributor to the growth of the market since it deals with securing a single medical IoT device, a single desktop computer, or a single mobile device. All of these devices can connect to various networks and therefore can attract potential threats in the form of cyberattacks. Some of the major factors that will propel the growth of endpoint security within the medical device industry include the rise in the number of connected medical devices and the rise in the number of cyber-attacks.
Based on the device type, the medical device security market is classified into hospital medical devices, wearable and external devices, and internally embedded medical devices. Hospital medical devices are the segment that will hold a major market share for the growth of the medical device security market. These devices such as MRI or CT machines, infusion pumps, and respirators, play a crucial role in providing health services. The rising globalization with increasing accessibility exposes these devices to prying cyber threats.
Based on the solution, the medical device security market is categorized into identity and access management solutions, antivirus or antimalware solutions, encryption solutions, and others. The market for medical device security is anticipated to grow on account of the rising need for identity and access management solutions. This is a consequence of the need to adhere to more stringent regulations and concerns regarding the potential loss of sensitive information. Solutions for identity and access management consist of systems that provide services such as user profile management, system and data access authentication, and policy enforcement.
Based on the services, the medical device security market is classified into professional and managed. The medical device security market is appearing to increase due to the increase in professional services which feature security evaluations, vulnerability assessments, incident response strategies, and related training programs. Professional services support organizations, especially in instances like helping organizations to comply with the regulations and offering various skills and knowledge related to medical devices.
Based on geography, the medical device security market is extending majorly in the North America region due to various variables. Healthcare in North America faces significant protection and security concerns due to digital patient records. Diverse regulations such as the Health Insurance Portability and Accountability Act (HIPAA) guarantee consistent advancement in cyber security solutions. North American countries like the US and Canada’s economies empower significant investment in R&D, driving the development of the IoT device market within the region resulting in the rise of requirements for medical device security.
As a part of the report, the major players operating in the medical device security market that have been covered are Cisco Systems, Inc., IBM, General Electric Company, Koninklijke Philips N.V., McAfee, LLC, Check Point Software Technologies Ltd., CloudPassage Inc., DXC Technology Company, Palo Alto Networks Company, and Cleardata.
Artificial Intelligence or AI engineering is one of the newest and fastest-growing disciplines, which focuses on developing various types of AI-based tools, platforms, processors, and systems. Artificial intelligence engineering offers applications across a wide range of industries, majorly for the development of tools which includes autonomous systems, for manufacturing, automotive, energy, and retail among others.
The AI-based tools and platforms help in the elimination of various types of human errors, across multiple injuries, reducing the risk of accidents. It also helps organizations to understand, utilize, and analyze a wide quantity of data, which can be impossible for humans to perform, and it can also understand changes in trends. Artificial intelligence-based tools also help in improving the customer experience and can offer efficient customer support.
Use Case:
Automotive– In the automotive industry, the artificial intelligence engineering solution can help in developing multiple key services, like driver assistance solutions, automation in manufacturing, and vehicle autonomy. The driver assistance system is an artificial intelligence-based tool that helps the driver by offering mild control of the vehicle, like object detection, lane assist, and multiple safety features.
Healthcare- In the healthcare sector, artificial intelligence engineering services can help in developing new and more advanced tools and platforms for drug research, drug delivery, and patient care. With advanced tools for patient care, the disease diagnostic capability of the industry will increase significantly, creating a quicker and more accurate platform to detect several diseases.
Manufacturing- In the global manufacturing sector, artificial intelligence services can offer the capability to integrate AI-based technologies and tools into manufacturing, ensuring an efficient and optimum manufacturing process.
1. Increasing adoption of AI in the automotive industry
With the growing demand for AI and automation in the automotive in the global market, the utilization of AI engineering in the industry is expected to witness a significant surge. In the automotive market, artificial intelligence offers a wide range of applications. In the industry, artificial intelligence, helps the car manufacturer optimize the manufacturing process. Artificial intelligence is also been integrated into the vehicles, which helps to offer autonomous driving. In electric vehicles, artificial intelligence also helps the vehicle to establish connections between multiple cars, and it also provides a wide range of information, like vehicle conditions, passenger safety, and driving conditions.
International Organization of Motor Vehicle Manufacturers (OICA) in its sales report stated that the production of global automotives increased significantly over the past few years. The agency stated that in 2021, a total of 80.004 million units of automobiles were produced in the global market, in which the Asia-Oceania region accounted for a greater share, producing about 46.768 million automobiles, followed by 16.190 million produced in the American region, and 16.137 million produced in the European region. In 2022, the global production increased to 84.830 million units, with about 50.021 million vehicles produced in the Asia-Oceania region. In 2022, about 17.753 million units were produced in the American region, and about 16.032 million units were produced in the European region. In 2023, the global production witnessed an increase of about 17%, reaching 93.546 million units. In 2023, the total production of automobiles in the Asia-Oceania region was recorded at 55.115 million units, followed by 18.122 million and 17.753 million produced in Europe and the American region respectively.
Figure 1: Automotive Production Across the Globe, Million, 2021 to 2023
Source: International Organization of Motor Vehicle Manufacturers
2. Increasing investments in the AI sector.
The increasing global investments in AI technology are among the key factors propelling the growth of AI engineering in the global market. With increasing public or private investments in the AI technology sector, the global AI-based technology landscape is estimated to witness significant growth. Various countries across the globe introduced key policies and investment strategies to boost the AI landscape in their nation. Countries like India, China, Japan, the USA, and France are among the fastest developing nations in the technological sector, which aims to further boost the technological industries by developing the AI sector.
For instance, in July 2024, the Union Government of India, allocated over INR 551.75 crore from the union budget of the nation, for the IndiaAI mission of the nation. Through this investment, the government aims to enhance research and application of AI in the nation and seeks to strengthen the position of the nation as a leader in the AI sector. Similarly, SAP India, in its report, stated that about 77% of the start-ups in the nation invest in newer technologies like artificial intelligence, machine learning, and blockchain.
In November 2024, NHK (Japan Broadcasting Corporation) in its news stated that the Government of Japan plans to fund a sum of US$ 65 billion, for the development of AI and chipmaking in the nation. Furthermore, the Microsoft Corporation, in April 2024, announced the company’s investment of about US$2.9 billion in the AI and cloud infrastructure landscape in the nation. Through this investment, the company also aims to boost the research and cybersecurity landscape of Japan. The company also announced its aim to offer training in advanced technologies like AI to about 3 million individuals in the nation. The company plans to offer training through programs focused on society and organizations’ assistance. Similarly, in April 2024, Oracle, a global leader in the technological sector, also announced an investment of about US$8 billion for the development of AI and cloud computing landscape in Japan. The company aims to develop its footprint across the nation through Japan.
Key Developments
In November 2024, L&T Technology Services Limited, a global technological leader based in India, announced the acquisition of Intelliswift, a Silicon Valley-based technological provider. Through this acquisition, L&T aims to boost product development, platform engineering, and data & AI capabilities.
In the global AI-based technology market, AI engineering plays a critical role in enhancing the capability of AI technology across multiple industries. With the increasing global demand for AI technology across multiple industries and the introduction of key investment strategies and policies by the governments of various governments, the demand for AI engineering is set to achieve greater growth.
https://www.knowledge-sourcing.com/resources/wp-content/uploads/2024/12/artificial-intelligence-engineering-market.webp5191000Gaurav Singhhttps://www.knowledge-sourcing.com/resources/wp-content/uploads/2023/02/Printable-Resolution-big-300x78.pngGaurav Singh2024-12-03 12:54:202024-12-03 13:06:07The Future of AI Engineering: Trends and Innovations Shaping
Artificial intelligence (AI) in the banking market is estimated to grow at a CAGR of 55.53% to attain US$54.635 billion in 2029, increasing from US$17.383 billion in 2024.
Artificial intelligence (AI) techniques play a major role in the daily lives of people which has prompted the banks to adopt the use of such technology to satisfy the needs of the users. This includes a rise in the need for mobile and internet banking services that are less complex owing to the availability of diverse software for different purposes. Due to the integration of different coherent AI technologies, banks can integrate digital advantages which will also make them suitable competitors to the FinTech firms. It is envisaged that AI will aid the extensive use of data analytics to enable banks to address issues of unauthorized transactions and meet their KYC regulatory compliance and controls.
The most recent trend being witnessed in the banking sector is the introduction of AI which will majorly fuel the market expansion. This is due to an increase in the need for faster services and ease of use by customers. AI in banking systems is aimed at improving the level of customer satisfaction, improving business processes as well as solving problems related to banking systems. Such technology helps in storing, and analyzing data in huge volumes and helping banks understand useful business information in less time. Moreover, the growth in compliance and a decrease in operational risk will enhance the embrace of AI in the banking sector.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in June 2024, NatWest launched Cora+, an upgraded version of its virtual Cora a conversational agent developed in partnership with IBM and oriented towards generative AI. The new adaptation was presented during London Tech Week and made the UK bank one of the first to integrate generative AI within a digital assistant. Cora satisfies the needs of the customers on a 24-hour basis and answers any questions relating to banking using common language processing and machine learning skills.
Based on the solution, the AI in banking market is divided into hardware, software, and services. Software is most likely to fuel the growth of AI in the banking market majorly because software is at the core of data processing, machine learning, and forecasting. Software is more flexible and amenable to changes than hardware thus allowing banks to meet their requirements as well as provide interoperability with the existing systems.
Based on the application, the AI in banking market is classified into customer service, robot advice, general purpose/predictive analysis, cyber security, and direct learning. It is expected that the deployment of general purpose/predictive analysis for activities such as intellectual fraud detection and customer risk profiling will enable AI in bank market to grow. Predictive analysis is dynamic and can encourage the efficiency and expansion of several banking operations. It aids superior judgment by comprehending extensive amounts of information and is capable of detecting trends beneficial to lending and investing for banks.
Based on geography, the AI in banking market is extending majorly in the North America region due to various variables. The North American region is expected to grow due to the increased adoption of fast-changing digital technologies like data analytics, AI, blockchain, the Internet of Things, cloud computing, and internet services in the region. Thus, this region will lead when it comes to the adoption of AI in the banking sector. In addition, the local market is anticipated to grow owing to the rising digitization of the banking industry within this region with the rise in regional players developing improved AI for the banking sector.
As a part of the report, the major players operating in the AI in banking market that have been covered are Zest AI, IBM, Data Robot Inc., Accenture, Personetics Technologies, Kensho Technologies, LLC, Wipro, Intel, SAP, Temenos, SAS, Abe AI and OSP Labs.
The vegetable seed market is estimated at US$8.782 billion in 2024 and is anticipated to grow at a CAGR of 6.06% to reach US$11.785 billion by 2029.
Vegetable seeds are tiny embryonic plants covered with a protective seed coating. The seed requires a variety of conditions to grow and shape into a mature plant. Seeds of a vegetable have an embryo, endosperm, and seed coat as components. Vegetable seeds could be of different types depending on their growing season, namely, annuals, biennials, or perennials. Annual seeds complete their live cycle incorporating germination, development, blossoming, and seed production all within the same growing season, biennials require two seasons to complete their life cycle while perennials survive for a period more prominent than two years.
Various variables encourage the growth of the vegetable seeds market such as expanding health-conscious consumers adopting more vegetables in diets, and the significance of a healthy diet to avoid chronic illnesses. The rise in urbanization has moreover driven an increment in home planting and community gardens as a means of hobby. Cross-breed and genetically modified seeds are being developed, which is progressing yield, illness resistance, and dietary quality due to innovative advancements. Drone and sensor technology are enabling more precise seed planting and enhanced crop yields in agriculture. Moreover, increasing spending on premium vegetables is being supported by economic growth and rising disposable income, especially for high-quality fresh produce leading to a substantial shift from farm-saved seed multipurpose varieties to advertised brands of premium vegetable seeds with determinate characteristics.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, BASF announced a collaboration with Plant Products to distribute Nunhems greenhouse tomato and cucumber seeds for indoor development within the Controlled Environment Agriculture (CEA) market. Beginning August 19, 2024, Plant Products plans to disperse these seeds for indoor utilize within the United States and Canada. This move marks a vital step towards expanding access to high-quality vegetable seeds for CEA cultivators.
Based on the type, the vegetable seeds market is divided into root bulb, solanaceae, brassica, leafy, and others. Solanaceae vegetable seeds are the leading segment in the global vegetable seeds market. Among all the vegetables such as tomatoes, peppers, eggplants, and potatoes are derived from Solanaceae vegetable seeds with widest applications in addition to their angles to cover high demand, yield production properties, and availability year-round. These crops are consumed as fresh salads, cooked dishes, processed products, or industrial products used in many different types of cuisines.
Based on the farm type, the vegetable seeds market is classified into indoor and outdoor. Outdoor farming is the major segment in the vegetable seeds market as increasing consumers tend to adopt fresh yields and the availability of good infrastructure. It needs vast land area, particularly in developing countries hence it requires low investment in infrastructure as well as lighting cost. Similarly, fresh vegetables and fruits are considered frequently superior in taste due to the outdoor growth of natural foods that are preferred by consumers.
Based on the trait, the vegetable seeds market is categorized into conventional and genetically modified. Conventional vegetable seeds contribute majorly to the vegetable seeds market as this demand is directly influenced by long-term safety and environmental considerations, consumers want conventional seeds over genetically modified seeds. Governments enforce a massive number of restrictions on genetically modified crops that drive up costs and make commercialization difficult for businesses.
Based on geography, Asia-Pacific is the fastest-growing region for the vegetable seeds market and is free from climatic variations as the production of vegetables in greenhouses is possible which accelerates the growth of the seeds. Driving the demand for vegetable seeds in the region is that it has the world’s largest population further demanding temperate and tropical food with a changing vegetable liking which is reflected in the demand for more vegetables. The demand for urban food production, as well as disposable income fuelling health-conscious purchasing decisions, has all contributed to an increased market size.
As a part of the report, the major players operating in the vegetable seeds market that have been covered are W. Atlee Burpee & Co., Mahindra Agri-Business, Bayer AG, Takii & Co. Ltd., Syngenta, Sakata Seed America, Kitazawa Seed Company, Corteva, Limagrain, Vokkal Seed, East-West Seed India, Rijk Zwaan India, German Seed Alliance, and BASF Agriculture Solutions.
The agrochemicals market is anticipated to grow at a CAGR of 4.33% over the forecast period to reach US$372.472 billion by 2029, increasing from the estimated value of US$301.334 billion in 2024.
Agrochemicals are chemical items that are utilized in agribusiness to control pests, infections, and weeds to assist in growing plants way better and progress crop yield. A few of these chemicals are pesticides, herbicides, fungicides, nematodes, and fertilizers, utilized as plant development regulators. Even though they increment the efficiency of agribusiness, they also have environmental implications such as water contamination, harm to beneficial life forms, etc., and the new improvement and progression of herbicides and pesticide-resistant are rising due to pest resistance. There is a shifting trend within the industry for sustainable hones in agrochemical items.
The agrochemicals market is growing on account of the surging worldwide population which has made it basic to extend food production, subsequently making agrochemicals a fundamental part in boosting crop yield and securing crops. Effective agricultural hones are also vital due to urbanization and the shortage of land. In addition, climate change leads to more pesticide necessities since extreme climate can diminish an area’s crop yield and lead farmers to utilize a more prominent number of agrochemicals. Rising consumer demand for safe agro-food products meant the utilization of a broad range of agrochemicals. Agrochemicals are also needed in export markets where other countries have higher standards of quality measurements.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in May 2024, ADAMA Ltd, a world leader in crop protection products obtained registration for EDAPTIS®, a ready-to-use product for the broad-spectrum control of grassy weeds in Poland. This novel method indicates a higher efficacy in the fight against resistant populations and thus is to be viewed as an innovation for the European cereal herbicide market.
Based on the type, the agrochemicals market is classified into two main solutions which are fertilizers and pesticides. The fertilizers are further divided into nitrogenous fertilizers, phosphatic fertilizers, and potassium fertilizers, while pesticides are further divided into organophosphates, pyrethroids, biopesticides, neonicotinoids, and others. Fertilizers are expected to contribute majorly to the agrochemical market. The rising food demand with increasing awareness regarding soil health maintenance and intensifying agriculture pose the major factors propelling growth in fertilizers. Fertilizers improve soil fertility and nutrient status which results in increased crop yield. In addition, balanced use of fertilizers can improve the health of the soil and enable reducing other inputs to achieve sustainable agriculture.
Based on the crop type, the agrochemicals market is categorized into oilseeds, cereals, fruits and vegetables, and others. Cereals would be a major contributor to the Agrochemicals market. Rice, wheat, and corn amongst others are key cereals consumed by a global population leading to the majority usage of agrochemicals in their cultivation. Cereal crops such as maize and wheat are in high demand for livestock feed, human consumption, and industrial applications so, with a growing population and changing diet there is an increased requirement for cereals and thus yielding varieties with the help of agrochemicals.
Based on geography, the agrochemicals market is extending majorly in the North American region due to various variables. North American countries, especially the United States and Canada, are one of the largest economic regions that are more dependent on industrial agriculture due to conventional agriculture practices using high amounts of agrochemicals for crop protection. The area is very active on the agriculture innovation front with strong adoption of precision agrochemicals at site-specific levels. The industry benefits largely from the regulatory regime in North America that favors investment and innovation. The robust economy provides increased resources for agriculture which has driven the acquisition and utilization of agrochemicals.
As a part of the report, the major players operating in the agrochemicals market that have been covered are BASF SE, Corteva, Yara International ASA, Bayer AG, Syngenta Group, Israel Chemicals Limited, Nutrien Ltd., FMC Corporation, ADAMA Ltd., and Nufarm Ltd.
Latex Surgical Glove Market size worth US$1,818.700 million by 2030
Press ReleasesThe latex surgical glove market is expected to grow at a CAGR of 5.25% over the forecast period to reach a market size of US$1,818.700 million in 2030 from US$1,561.911 million in 2025.
Latex surgical gloves are natural rubber gloves that are used as protective gear in medical and surgeries. It is used in surgeries by the doctor to ensure that no germs are transferred between the patient and the doctor, hence ensuring hygiene and safety. It is flexible and comfortable for healthcare providers as it is designed to fit the hands.
The growing number of surgeries is due to an increase in the number of diseases as well as an increase in the disposable income of the people. This has led to an increase in demand for surgeries for better health propelling the market growth of latex surgical gloves which is a must for ensuring safety during the surgical procedure. Further, the increased rules and regulations by the authorities are leading to an increased demand for latex surgical gloves for ensuring hygiene and safety, Moreover, we are witnessing an increased number of health check-ups than earlier due to increased healthcare infrastructure and rising disposable income with the people leading the market of latex surgical gloves to grow.
The latex surgical gloves market is experiencing some significant and innovative key developments driven by material technology, and enhancement in safety standards to market players are striving to achieve a competitive edge over others to meet the evolving customer needs. For instance, USMGC which is a key market player in the latex surgical gloves market, has acquired a polyisoprene chemical facility in South Carolina and become the only end-to-end, made-in-America producer of both nitrile and polyisoprene medical gloves for advancing in the North American latex surgical gloves market.
The latex surgical glove market by type is segmented into powdered and non-powdered. Powdered surgical gloves are a type of gloves that contain a light coating of powder for making the donning of the gloves easier. This coating is generally of cornstarch. Non-powdered surgical gloves, on the other hand, are free from powder rather they are treated with the coating of a polymer for the donning of the gloves. In the forecast period, non-powdered surgical gloves are anticipated to grow faster than powdered or they will even dominate the market for non-powdered reducing the powdered surgical gloves to the margin of non-powdered gloves are cleaner and thus given more preference. At the same time, some governments have banned powdered surgical gloves such as it is banned in the USA from 2017 as it exposes substantial risk of illness or injury to the individuals who are exposed to it.
The latex surgical glove market by end-user is segmented into hospitals, medical centers and ambulatory surgery centers. Hospitals need latex surgical gloves during medical and surgical procedures. Medical centers generally catering to small-scale procedures do need these gloves at smaller scale. Ambulatory surgery centers need surgical gloves during their minimally invasive procedures. During the forecast period, the hospital segment is anticipated to grow faster than others and will dominate the market as there is a high volume of medical and surgical procedures going on leading to large-scale demand by the hospitals.
Based on geography, the North American and European markets are anticipated to hold a significant share of the latex surgical gloves market. Various reasons are attributed to the growing trend of the demand for latex surgical gloves in the North American and European markets. The high expenditure cost along with strict guidelines and rules & regulations of the government in these regions regarding safety standards is leading to an increase in the market demand for latex surgical gloves. At the same time, the strong focus of governments on healthcare is encouraging development in safety standards as well leading to an increased innovation in surgical gloves.
The report includes the major players operating in the latex surgical glove market: Cardinal Health, Medline Industries, Inc., Molnlycke Health Care AB, Top Glove Corporation Bhd, Sempermed USA, Inc., Budev BV, Kossan Rubber Industries Bhd, Nulife, KANAM LATEX INDUSTRIES PVT LTD. and RFB LATEX LTD.
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The market analytics report segments the latex surgical glove market as follows:
Artificial Intelligence In Social Media Market size worth US$6,748.861 million by 2029
Press ReleasesAI in the social media market is expected to grow at a CAGR of 28.53%, reaching a market size of US$6,748.861 million in 2029 from US$1,924.194 million in 2024.
The market is flourishing as the application of artificial intelligence for offering real-time information about target audiences is getting popularized in social media and the adoption of AI in several social media applications for effective advertisement. Another aspect responsible for the market development of AI in social media is the outburst of data, generated when social media platforms spit out. On the contrary, privacy and data security issues act as a hindrance to the overall growth of this market. Opportunities to mushroom this market growth can also be expected to come from employing available machine learning platforms for the social media segment during the forecast.
Moreover, social media is not just for being in touch with distant relatives or posting updates about personal events. Today most social media platforms are keen on AI-based services to widen the market for related AI products to improve revenue. They go ahead with targeting specific advertising campaigns based on user interests over the platform, generate content according to the trend or user type, and improve services according to individual user preferences, creating a better overall experience. Other examples of AI use in social media comprise personalized content recommendations, image and video recognition, fraud detection, and even trend analysis. There are, however, several areas where AI will have a specific role to play today and in the future. New applications are being developed to provide users with even better experiences, as we move into an era of ever-greater and broader applications of AI in social media.
Further, the major reason that is driving the market is the growing demand for personal experiences and personalization as well as experienced content. Consumers today expect a customized way of speaking to their preferences, habits, and interests. AI plays a very important role in achieving this personalization. Using sophisticated algorithms, the AI can evaluate the user data, including browsing history and social media interaction, for suggesting content, goods, and services extremely applicable and validated for every user. It reflects the conversion rates for businesses improving user engagement. The requirement for AI-enabled social media solutions is expected to shoot up as customers increasingly demand a personalized affair while they navigate the web.
Additionally, AI has affected social media advertising now. Using user input, the AI can create extremely specific advertising campaigns. It maximizes the effectiveness of the campaign and increases ROI by ensuring that the right audience gets the right message at the right time. AI is also capable of optimizing ads in real time; it allows marketers to change their tactics based on performance indicators. Last but not least, AI improves ad placement based on user preferences and behaviour. AI-driven ad targeting presents itself as an undeniable case to make AI investments in social media for better use of advertising budgets.
By technology, Artificial Intelligence (AI) In Social Media market is segmented into two major categories, machine learning and deep learning and Natural Language Processing (NLP). Technological advancements have played a very prominent role in the growth of AI in the social media market. Most importantly, the advances made were those of highly sophisticated machine learning algorithms, natural language processing, and computer vision capabilities that now many social media platforms can turn AI into different applications. AI-influenced Chatbots are indeed developed to give a more humanistic and efficacious style of interaction that enhances user experience and customer service. These also identify and remove offensive or harmful content from users’ searches, ensuring an even safer experience while surfing online. The AI-generated text and image contents have also grown increasingly valuable and compelling for social media marketing. However, AI-based recommendation systems have become even more effective in personalizing content to each user’s preference, increasing user satisfaction and engagement with the platform.
The Artificial Intelligence (AI) In Social Media market by application is segmented into sales and marketing, customer experience management, predictive risk assessment, and image recognition. The sales and marketing segment deals with the use of AI to enhance user interaction, advertising, and brand marketing on social media platforms. These companies use AI-based solutions for customer engagement activities, personalization of content, as well as targeted advertising. When it comes to user behaviour and preferences, the AI algorithms optimize the placement of advertisements to make it a lot couched in the marketing campaign. With the contribution of AI to this field, companies can set schedules based on what is appropriate for audiences receiving the specific message at a particular time.
The Artificial Intelligence (AI) In Social Media market by end-users is segmented into retail, BFSI, E-commerce, media and advertising, and others. The retail segment’s growth is anticipated to be driven by the increasing use of social media for online shopping and other e-commerce activities. Social media platforms are growing in popularity as retail companies use them to improve their relationships with customers. Retail brands benefit from AI in social media by being able to predict marketing trends, improve the effectiveness of their promotions, outperform their rivals, and more. AI enables the retail sector to provide data-driven in-store experiences, personalized product recommendations, and image recognition searches through social media posts to uncover hidden patterns.
Based on geography, the Asia Pacific region of the Artificial Intelligence (AI) In Social Media market is growing significantly. AI is expected to see substantial growth in the Asia Pacific social media market shortly. This area has historically had high levels of innovation in several fields, such as automation, robotics, and artificial intelligence, which has helped to create an environment that is favourable for AI’s growth in this industry. As digital trade develops, online platforms are being adopted by businesses and individuals more frequently.
Furthermore, more effective AI processing in the Asia Pacific area is made possible by developments in digital infrastructure, such as enhanced internet connectivity, data centres, and cloud computing. Regional governments have also called for unity and interconnectedness in order to improve financial cooperation among participating trade partners and integrate markets.
As a part of the report, the major players operating in the Artificial Intelligence (AI) In Social Media market that have been covered are Adobe, AWS, Google LLC, and IBM Corp., Meta, Microsoft, Salesforce Inc.
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The market analytics report segments Artificial Intelligence (AI) In Social Media market as follows:
EV Solid State Battery Market is expected to grow at a CAGR of 41.39%
Press ReleasesThe EV solid-state battery market is expected to register a compound annual growth rate (CAGR) of 41.39% during the forecast period (2024-2029).
An electric vehicle (EV) solid-state battery employs a solid electrolyte material instead of liquid or gel polymer electrolyte, thus making it a safer and more stable option with the prospects of a higher energy density option. It has diverse advantages like a higher energy density, longer driving ranges, improved safety due to being non-flammable, shorter charging time, and longer lifespan of batteries. Batteries of these types are easy to use for EV owners and can potentially change the EV market significantly by allowing for long ranges within short charging times and high levels of safety. The problem of fires and explosions is also mitigated by the fact that solid electrolytes cannot catch fire.
The market for EV solid-state batteries is emerging and is driven by various technological and regulatory advances. Solid state batteries possess fire retardant characteristics and inherent lesser thermal runaway tendency, making them safer in use than conventional lithium-ion batteries. Dense energy storage capabilities lead to elevated driving ranges due to internal design. Quick charging periods with extended cycle duration enhance the convenience associated with ownership of an ecologically friendly automobile. In addition, there is a potential market for EVs with batteries built on this technology with minimal reluctance to fossil fuel energy sources and consequently lesser greenhouse gas emissions as well as air pollutants.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in June 2023, BASQUEVOLT, a company that specializes in solid-state technologies for mobile and stationary energy storage systems, announced that its R&D facility will provide 100% European-designed and manufactured solid-state batteries by the end of 2023, with support from EIT InnoEnergy, the European Institute of Innovation and Technology.
Based on vehicle type, the EV solid state battery market is categorized into passenger cars and commercial vehicles. The market for EVs solid-state batteries will expand mostly in the market for passenger cars due to the high demand, the growing public awareness of environmental issues, supportive government policies, and the technological advancements in EVs. In addition, solid-state batteries are mainly designed to provide high energy density and reduced charging time, which is useful as range anxiety is a very common issue among the owners of passenger cars.
Based on propulsion, the EV solid state battery market is classified into plug-in hybrid electric vehicles, hybrid electric vehicles, and battery electric vehicles. An increase in demand for Battery Electric Vehicles (BEVs) is expected to propel the growth of the EV solid-state battery market owing to factors such as the adoption of BEVs and safety improvements of such battery devices alongside increased sales. Solid-state batteries permit longer ranges and render shorter refueling intervals, which are two characteristics associated with BEVs. In addition, the increasing ready acceptance of all-electric cars as well as government support are increasing the uptake of BEVs hence making them a fundamental driver of the EV solid-state battery market.
Based on geography, the EV solid state battery market is extending majorly in the Asia Pacific region due to various factors. The Asia-Pacific region encompasses key nations including China, Japan, India, and South Korea which are economically growing countries. The factors for EV solid-state battery market growth projection are escalating economic growth, coupled with the sizeable production bases that will propel its demand. Moreover, within the region, China is regarded as the leading country as far as the solid-state battery market is concerned. It is also projected to be the largest market for EVs in the world. This, in turn, will boost the need for EV solid state batteries demand which has fueled the expansion of the regional market.
As a part of the report, the major players operating in the EV solid state battery market that have been covered are Toyota Motor Corporation, Contemporary Amperex Technology Co., Limited., BYD Motors Inc., Panasonic Life Solutions India Pvt. Ltd., Ampcera, Hyundai Motor Company, Renault Group, Samsung SDI Co. Ltd, Volkswagen AG, Mitsubishi Motors, Ford Motor Company, General Motors, Stellantis NV, and LG Chem Ltd.
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This analytics report segments the EV solid state battery market on the following basis:
Position Sensor Market size worth US$11.795 billion by 2029
Press ReleasesThe position sensor market is expected to attain US$11.795 billion by 2029, at a CAGR of 8.22% from US$7.947 billion in 2024.
A position sensor is a type of electrical component that is used to detect the position or distance of any object. It helps to detect the location of any object, and also the displacement. There are three basic types of position sensors available across the globe, which are linear sensors, rotary sensors, and angular sensors. The linear sensor measures the linear distance of any object, whereas the angular sensor measures the displacement. The rotary sensor helps to measure the position of the rotating shaft or object.
The global position sensor market is estimated to witness massive growth, which can majorly be attributed to the wide-industry application of this sensor, and implementation of new technologies into the market. Various global companies and organizations introduced new products in the global position sensor market, which comprises of latest technologies, offering better accuracy. In January 2024, Infineon Technologies AG, a global leader in the magnetic position sensor market, launched the XENSIV TLI5590-A6W magnetic position sensor, which is integrated with tunnel magnetoresistance (TMR) technology. This new position sensor offers a smaller design and a higher level of accuracy.
The position sensor market, by type, is segmented into potentiometric position sensors, capacitive position sensors, rotary position sensors, and others. The potentiometric position sensors category is forecasted to witness massive growth under the type segment of the global position sensor market. A potentiometric position sensor is a type of sensor that measures the displacement or displacement of any object. The potentiometric position sensors offer multiple benefits to the industries, like it is a cost-efficient technology, and requires low technical integration. This type of sensor is generally used across multiple industries, including robotics, Industrial settings, and manufacturing.
The specification segment of the position sensor market is categorized into contact and contactless. The contactless category of the specification segment of the position segment market will attain a greater market share, compared to the contact category. A contactless position sensor is a type of linear sensor, which uses multiple technologies like magnetic field and optical laser to determine the position of any object. These types of sensors are used across multiple industries like aerospace & defense, automotive, manufacturing, and consumer electronics. The contactless position sensor provides an accurate and reliable measurement of the distance, angle, and position of the object.
The position sensor market, under the application segment, is categorized into material handling, test equipment, machine tools, robotics, motion systems, and others. The motion system category of the application segment is estimated to grow at a higher rate, in the global position sensor market. A motion system is a type of electrical component, which is used to detect the mechanism of any object. The position sensor is among the key components of the motion system. The motion system is used majorly in the manufacturing sector, which further helps to automate the manufacturing process.
By industry, the position sensor market is categorized into consumer electronics, automotive, aerospace & defense, packaging, manufacturing, and others. Under the industry segment of the global position market, the aerospace and defense category is forecasted to attain a greater market share. In the global aerospace and defense sector, linear and angular position sensors are generally used. The angular position sensor detects and tracks the position of various rotation components of the airplane, whereas the linear position sensor monitors the height and distance of the airplane.
Based on geography, the Asia Pacific region of the position sensor market is anticipated to attain significant growth. The Asia Pacific region is among the biggest manufacturing regions of the automotive industry, which is among the leading consumers of position sensors across industries. The Asia Pacific region, in recent years, witnessed significant growth in its automotive production. The increase in automotive production across the region, especially in countries like China, India, Japan, and South Korea, will boost the global position sensor market forward. Similarly, the expansion of the consumer electronics industry is also among the major factors boosting the growth of the position sensor market in the region. Various countries in the regions like India, Vietnam, China, and Taiwan are among the global manufacturing hubs for consumer electronics.
As a part of the report, the major players operating in the position sensor market that have been covered are Texas Instruments Incorporated, CTS Corporation, Ams-OSRAM AG, TE Connectivity, Honeywell International Inc., Infineon Technologies AG, NXP Semiconductors, SICK AG, Keyence Corporation, STMicroelectronics N.V., Temposonics (Amphenol Group), Photon Controls India PVT. LTD., Sensata Technologies, and Renesas Electronics Corporation.
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This analytics report segments the position sensor market as follows:
Revolutionizing Healthcare: The Role of AI in Precision Therapies
Thought ArticlesThe utilization of artificial intelligence is widespread and is transforming our working and living conditions dramatically. Some technologies we interact with daily, for example, social networks, mobile devices, smart home systems, and online retailing, are a product of AI. It is used by platforms to analyze a person’s voice; predict what goods one would wish to purchase and even suggest what next one should read or watch. The growth of AI is in the driving seat of the revolution of technology by enhancing automation and invention. The application of AI in organizations is to facilitate decision-making processes, forecasting trends and enhance operations. Every new advancement in AI is changing the face of industries, making it difficult to sideline its role in the future of technology.
Artificial intelligence is changing the nature of the healthcare sector by providing means to address various issues on patient care, diagnostics, and even the overall operation of the healthcare engineer. Medical resources can be analyzed with the help of AI systems, which not only assist doctors in their work but also save a lot of time. For example, by analyzing lab tests, medical history, and imaging studies, AI can help screen for diseases such as cancer, heart disease, or brain disorders with improved speed and accuracy.
AI is reshaping the healthcare industry by impacting care for patients and diagnosis of diseases, as artificial intelligence is transforming the provision of medical services. It enables the provision of customized treatment approaches and early diagnosis. Thanks to AI, medicine is entering a new age of precision and efficacy regarding accuracy. Patient outcomes are improving, the accuracy of diagnosis is rising, and healthcare processes are managed faster through the use of large volumes of data and advanced algorithms which has also increased investments in the healthcare industry, for instance as per the Economic Survey 2023-24, Indian government health expenditures accounted for 1.28 percent of GDP in 2018-19 and increased to 1.9% in 2023-24.
Figure 1: Percentage of Increased Investment in Healthcare, India, 2018 to 2024
Source: Economic Survey
Further, AI has revolutionized healthcare in the following ways:
AI in precision therapies have significantly advanced cancer care. Tempus, IBM Watson Health, and similar companies are pioneering oncology by integrating clinical, genomic, and treatment data. AI (artificial intelligence) systems can predict how well a specific drug will work against the tumour, making the risky trial-and-error approach in treatment a thing of the past.
For instance, a conventional diagnostic method works at about 65% accuracy. AI models published in the Register of Oncology evaluated suitable cancer therapies at an 87% efficiency. This is particularly the case for targeted therapies. These are drugs that are designed to kill only the cancerous cells leaving healthy tissues intact.
Diagnosing uncommon conditions such as rare diseases, which usually lasts for years and involves a lot of guessing, is another field of practice where artificial intelligence excels. Companies such as Deep Genomics have been looking at genetic disparities and searching for potential drug development opportunities for rare conditions with the help of A.I. A World Economic Forum report published in 2023 stated that the introduction of A.I. has helped reduce rare disease diagnosis time by as much as 50%.
A diagnostic technology that is virtually unheard of until the recent advancement is aided by AI. Massive amounts of data, including but not limited to genetic material, clinical histories, and pictures for assessment, are subjected to machine learning methodologies to identify “hints” that wouldn’t be recognizable to a human specialist. For instance, some of these systems can evaluate DNA sequences to assess the chances of sick predisposition or analyse diagnostic images to reveal potential tumours before they become visible in human patients. This is advantageous for healthcare providers because all these capabilities enable timely corrective measures, which in turn improve the health of the patients’ populations.
Moreover, by identifying patients destined to suffer from certain illnesses, for example, AI simplifies risk stratification. AI systems aggregate data available on patients e.g. wearables, EMR and geolocation data, generating complex risk profiles for every individual. This allows the patients and the health care providers to mitigate the risks associated or changes.
Traditional approaches to drug discovery often take longer and involve more costs making them less effective. In this case, artificial intelligence is seen as a solution since it enhances the selection of drug candidates and reduces the time taken for clinical trials. In recent years, machine learning models have become extremely efficient in analyses of several molecular models, predicting the outcome of drugs, and identifying drugs that are potential candidates for treating certain diseases. This ability shortens the duration for implementing new treatment options leading to reduced expenses and expanded access to modern treatment solutions.
Moreover, AI focuses on finding predictive biomarkers of patient responses to treatment for the sake of precision therapy development. This ensures that the treatments not only work but are also tailored to avoid negative responses. Through the introduction of AI in drug development, pharmaceutical companies are relieved that they can focus on treatment curation in line with precision medicine.
AI has proven to be remarkably efficient in understanding patient information, with an ability to design personalized treatment regimens. For example, AI systems can analyze the tumour genetics in patients suffering from cancer to recommend the most appropriate measures while ensuring that each patient receives care that suits his or her needs and context the most. Similarly, algorithms in AI robotics in medicine regarding cardiology have also advanced to a level where the system can offer the patients the dosages of drugs which are over a period and specific to their physical health and lifestyle practices measured.
Moreover, systems powered by AI can also monitor patients at all times and make changes to the treatment plans whenever necessary. The patient wears devices that allow their vital signs and health information to be recorded at all times, and all this data helps the doctor to change the treatment when there are any changes in the patient’s condition. It helps in this regard because the treatment regime is dynamic and is bound to be effective throughout the treatment.
In conclusion, the healthcare delivery model is being transformed significantly with the integration of AI technology which aims to revolutionize the future of precision therapies within a short – medium-term time frame. AI enhances the delivery of healthcare services by promoting early diagnosis, shortening the treatment development process and also tailoring treatments to patients’ specific characteristics. However, for these technologies to be maximally beneficial, the stakeholders must also deal with the ethical and practical concerns that accompany such a revolution. Naturally, one of the more precise elements of modern medicine – precision medicine – will incorporate Artificial Intelligence in more, and more effective ways, which draws a line to a time when healthcare would be patient-centric, fair and advanced.
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Medical Device Security Market size worth US$10.910 billion by 2029
Press ReleasesThe medical device security market is expected to expand at a CAGR of 8.51% over the forecast period, reaching a market size of US$10.910 billion in 2029 from US$7.252 billion in 2024.
Manufacturers of medical devices are continuously developing innovative, highly complex, and more connective devices. These products offer a wide range of advantages, incorporating improved medications, more precise diagnostics, a better understanding of monitoring, computerized control, and focused details and data monitoring. Further, this enlarged network of devices provides opportunities for both patients and suppliers to benefit. Although these companies are heavily investing in the development of new medical gadget advancements, they usually fall short on security mastery and assets to ensure irrefutable levels of security are integrated into these things.
The market of medical device security is expected to witness a significant boost due to the increasing utilization of cloud-based solutions by hospital infrastructure that presents a threat to data theft of valuable patient data as well as hospital information. Moreover, the expanding employment of IoT-connected medical devices has created a vast interconnection requiring a secure device, increasing cybersecurity threats like ransomware attacks also requiring medical device security solutions. Further, the growing adoption of Telemedicine or connected medical devices in countries will enable patients to communicate with healthcare facilities through their homes which is positively impacting the growth of the market.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in May 2024, the Advanced Research Projects Agency for Health (ARPA-H) introduced the Universal Patching and Remediation for Autonomous DEfense program which is a cybersecurity initiative to improve and automate cybersecurity in healthcare facilities. The program invested more than $50 million in creating apparatuses for IT teams to better protect hospital areas, guaranteeing the coherence of patient care.
Based on the type, the medical device security market is divided into endpoint security, application security, cloud security, and network security. Endpoint security is a major contributor to the growth of the market since it deals with securing a single medical IoT device, a single desktop computer, or a single mobile device. All of these devices can connect to various networks and therefore can attract potential threats in the form of cyberattacks. Some of the major factors that will propel the growth of endpoint security within the medical device industry include the rise in the number of connected medical devices and the rise in the number of cyber-attacks.
Based on the device type, the medical device security market is classified into hospital medical devices, wearable and external devices, and internally embedded medical devices. Hospital medical devices are the segment that will hold a major market share for the growth of the medical device security market. These devices such as MRI or CT machines, infusion pumps, and respirators, play a crucial role in providing health services. The rising globalization with increasing accessibility exposes these devices to prying cyber threats.
Based on the solution, the medical device security market is categorized into identity and access management solutions, antivirus or antimalware solutions, encryption solutions, and others. The market for medical device security is anticipated to grow on account of the rising need for identity and access management solutions. This is a consequence of the need to adhere to more stringent regulations and concerns regarding the potential loss of sensitive information. Solutions for identity and access management consist of systems that provide services such as user profile management, system and data access authentication, and policy enforcement.
Based on the services, the medical device security market is classified into professional and managed. The medical device security market is appearing to increase due to the increase in professional services which feature security evaluations, vulnerability assessments, incident response strategies, and related training programs. Professional services support organizations, especially in instances like helping organizations to comply with the regulations and offering various skills and knowledge related to medical devices.
Based on geography, the medical device security market is extending majorly in the North America region due to various variables. Healthcare in North America faces significant protection and security concerns due to digital patient records. Diverse regulations such as the Health Insurance Portability and Accountability Act (HIPAA) guarantee consistent advancement in cyber security solutions. North American countries like the US and Canada’s economies empower significant investment in R&D, driving the development of the IoT device market within the region resulting in the rise of requirements for medical device security.
As a part of the report, the major players operating in the medical device security market that have been covered are Cisco Systems, Inc., IBM, General Electric Company, Koninklijke Philips N.V., McAfee, LLC, Check Point Software Technologies Ltd., CloudPassage Inc., DXC Technology Company, Palo Alto Networks Company, and Cleardata.
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Medical Device Security Market is analyzed into the following segments:
The Future of AI Engineering: Trends and Innovations Shaping
BlogArtificial Intelligence or AI engineering is one of the newest and fastest-growing disciplines, which focuses on developing various types of AI-based tools, platforms, processors, and systems. Artificial intelligence engineering offers applications across a wide range of industries, majorly for the development of tools which includes autonomous systems, for manufacturing, automotive, energy, and retail among others.
The AI-based tools and platforms help in the elimination of various types of human errors, across multiple injuries, reducing the risk of accidents. It also helps organizations to understand, utilize, and analyze a wide quantity of data, which can be impossible for humans to perform, and it can also understand changes in trends. Artificial intelligence-based tools also help in improving the customer experience and can offer efficient customer support.
Use Case:
1. Increasing adoption of AI in the automotive industry
With the growing demand for AI and automation in the automotive in the global market, the utilization of AI engineering in the industry is expected to witness a significant surge. In the automotive market, artificial intelligence offers a wide range of applications. In the industry, artificial intelligence, helps the car manufacturer optimize the manufacturing process. Artificial intelligence is also been integrated into the vehicles, which helps to offer autonomous driving. In electric vehicles, artificial intelligence also helps the vehicle to establish connections between multiple cars, and it also provides a wide range of information, like vehicle conditions, passenger safety, and driving conditions.
International Organization of Motor Vehicle Manufacturers (OICA) in its sales report stated that the production of global automotives increased significantly over the past few years. The agency stated that in 2021, a total of 80.004 million units of automobiles were produced in the global market, in which the Asia-Oceania region accounted for a greater share, producing about 46.768 million automobiles, followed by 16.190 million produced in the American region, and 16.137 million produced in the European region. In 2022, the global production increased to 84.830 million units, with about 50.021 million vehicles produced in the Asia-Oceania region. In 2022, about 17.753 million units were produced in the American region, and about 16.032 million units were produced in the European region. In 2023, the global production witnessed an increase of about 17%, reaching 93.546 million units. In 2023, the total production of automobiles in the Asia-Oceania region was recorded at 55.115 million units, followed by 18.122 million and 17.753 million produced in Europe and the American region respectively.
Figure 1: Automotive Production Across the Globe, Million, 2021 to 2023
Source: International Organization of Motor Vehicle Manufacturers
2. Increasing investments in the AI sector.
The increasing global investments in AI technology are among the key factors propelling the growth of AI engineering in the global market. With increasing public or private investments in the AI technology sector, the global AI-based technology landscape is estimated to witness significant growth. Various countries across the globe introduced key policies and investment strategies to boost the AI landscape in their nation. Countries like India, China, Japan, the USA, and France are among the fastest developing nations in the technological sector, which aims to further boost the technological industries by developing the AI sector.
For instance, in July 2024, the Union Government of India, allocated over INR 551.75 crore from the union budget of the nation, for the IndiaAI mission of the nation. Through this investment, the government aims to enhance research and application of AI in the nation and seeks to strengthen the position of the nation as a leader in the AI sector. Similarly, SAP India, in its report, stated that about 77% of the start-ups in the nation invest in newer technologies like artificial intelligence, machine learning, and blockchain.
In November 2024, NHK (Japan Broadcasting Corporation) in its news stated that the Government of Japan plans to fund a sum of US$ 65 billion, for the development of AI and chipmaking in the nation. Furthermore, the Microsoft Corporation, in April 2024, announced the company’s investment of about US$2.9 billion in the AI and cloud infrastructure landscape in the nation. Through this investment, the company also aims to boost the research and cybersecurity landscape of Japan. The company also announced its aim to offer training in advanced technologies like AI to about 3 million individuals in the nation. The company plans to offer training through programs focused on society and organizations’ assistance. Similarly, in April 2024, Oracle, a global leader in the technological sector, also announced an investment of about US$8 billion for the development of AI and cloud computing landscape in Japan. The company aims to develop its footprint across the nation through Japan.
Key Developments
In the global AI-based technology market, AI engineering plays a critical role in enhancing the capability of AI technology across multiple industries. With the increasing global demand for AI technology across multiple industries and the introduction of key investment strategies and policies by the governments of various governments, the demand for AI engineering is set to achieve greater growth.
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Artificial Intelligence In Banking Market size worth US$54.635 billion by 2029
Press ReleasesArtificial intelligence (AI) in the banking market is estimated to grow at a CAGR of 55.53% to attain US$54.635 billion in 2029, increasing from US$17.383 billion in 2024.
Artificial intelligence (AI) techniques play a major role in the daily lives of people which has prompted the banks to adopt the use of such technology to satisfy the needs of the users. This includes a rise in the need for mobile and internet banking services that are less complex owing to the availability of diverse software for different purposes. Due to the integration of different coherent AI technologies, banks can integrate digital advantages which will also make them suitable competitors to the FinTech firms. It is envisaged that AI will aid the extensive use of data analytics to enable banks to address issues of unauthorized transactions and meet their KYC regulatory compliance and controls.
The most recent trend being witnessed in the banking sector is the introduction of AI which will majorly fuel the market expansion. This is due to an increase in the need for faster services and ease of use by customers. AI in banking systems is aimed at improving the level of customer satisfaction, improving business processes as well as solving problems related to banking systems. Such technology helps in storing, and analyzing data in huge volumes and helping banks understand useful business information in less time. Moreover, the growth in compliance and a decrease in operational risk will enhance the embrace of AI in the banking sector.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in June 2024, NatWest launched Cora+, an upgraded version of its virtual Cora a conversational agent developed in partnership with IBM and oriented towards generative AI. The new adaptation was presented during London Tech Week and made the UK bank one of the first to integrate generative AI within a digital assistant. Cora satisfies the needs of the customers on a 24-hour basis and answers any questions relating to banking using common language processing and machine learning skills.
Based on the solution, the AI in banking market is divided into hardware, software, and services. Software is most likely to fuel the growth of AI in the banking market majorly because software is at the core of data processing, machine learning, and forecasting. Software is more flexible and amenable to changes than hardware thus allowing banks to meet their requirements as well as provide interoperability with the existing systems.
Based on the application, the AI in banking market is classified into customer service, robot advice, general purpose/predictive analysis, cyber security, and direct learning. It is expected that the deployment of general purpose/predictive analysis for activities such as intellectual fraud detection and customer risk profiling will enable AI in bank market to grow. Predictive analysis is dynamic and can encourage the efficiency and expansion of several banking operations. It aids superior judgment by comprehending extensive amounts of information and is capable of detecting trends beneficial to lending and investing for banks.
Based on geography, the AI in banking market is extending majorly in the North America region due to various variables. The North American region is expected to grow due to the increased adoption of fast-changing digital technologies like data analytics, AI, blockchain, the Internet of Things, cloud computing, and internet services in the region. Thus, this region will lead when it comes to the adoption of AI in the banking sector. In addition, the local market is anticipated to grow owing to the rising digitization of the banking industry within this region with the rise in regional players developing improved AI for the banking sector.
As a part of the report, the major players operating in the AI in banking market that have been covered are Zest AI, IBM, Data Robot Inc., Accenture, Personetics Technologies, Kensho Technologies, LLC, Wipro, Intel, SAP, Temenos, SAS, Abe AI and OSP Labs.
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Vegetable Seed Market size worth US$11.785 billion by 2029
Press ReleasesThe vegetable seed market is estimated at US$8.782 billion in 2024 and is anticipated to grow at a CAGR of 6.06% to reach US$11.785 billion by 2029.
Vegetable seeds are tiny embryonic plants covered with a protective seed coating. The seed requires a variety of conditions to grow and shape into a mature plant. Seeds of a vegetable have an embryo, endosperm, and seed coat as components. Vegetable seeds could be of different types depending on their growing season, namely, annuals, biennials, or perennials. Annual seeds complete their live cycle incorporating germination, development, blossoming, and seed production all within the same growing season, biennials require two seasons to complete their life cycle while perennials survive for a period more prominent than two years.
Various variables encourage the growth of the vegetable seeds market such as expanding health-conscious consumers adopting more vegetables in diets, and the significance of a healthy diet to avoid chronic illnesses. The rise in urbanization has moreover driven an increment in home planting and community gardens as a means of hobby. Cross-breed and genetically modified seeds are being developed, which is progressing yield, illness resistance, and dietary quality due to innovative advancements. Drone and sensor technology are enabling more precise seed planting and enhanced crop yields in agriculture. Moreover, increasing spending on premium vegetables is being supported by economic growth and rising disposable income, especially for high-quality fresh produce leading to a substantial shift from farm-saved seed multipurpose varieties to advertised brands of premium vegetable seeds with determinate characteristics.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, BASF announced a collaboration with Plant Products to distribute Nunhems greenhouse tomato and cucumber seeds for indoor development within the Controlled Environment Agriculture (CEA) market. Beginning August 19, 2024, Plant Products plans to disperse these seeds for indoor utilize within the United States and Canada. This move marks a vital step towards expanding access to high-quality vegetable seeds for CEA cultivators.
Based on the type, the vegetable seeds market is divided into root bulb, solanaceae, brassica, leafy, and others. Solanaceae vegetable seeds are the leading segment in the global vegetable seeds market. Among all the vegetables such as tomatoes, peppers, eggplants, and potatoes are derived from Solanaceae vegetable seeds with widest applications in addition to their angles to cover high demand, yield production properties, and availability year-round. These crops are consumed as fresh salads, cooked dishes, processed products, or industrial products used in many different types of cuisines.
Based on the farm type, the vegetable seeds market is classified into indoor and outdoor. Outdoor farming is the major segment in the vegetable seeds market as increasing consumers tend to adopt fresh yields and the availability of good infrastructure. It needs vast land area, particularly in developing countries hence it requires low investment in infrastructure as well as lighting cost. Similarly, fresh vegetables and fruits are considered frequently superior in taste due to the outdoor growth of natural foods that are preferred by consumers.
Based on the trait, the vegetable seeds market is categorized into conventional and genetically modified. Conventional vegetable seeds contribute majorly to the vegetable seeds market as this demand is directly influenced by long-term safety and environmental considerations, consumers want conventional seeds over genetically modified seeds. Governments enforce a massive number of restrictions on genetically modified crops that drive up costs and make commercialization difficult for businesses.
Based on geography, Asia-Pacific is the fastest-growing region for the vegetable seeds market and is free from climatic variations as the production of vegetables in greenhouses is possible which accelerates the growth of the seeds. Driving the demand for vegetable seeds in the region is that it has the world’s largest population further demanding temperate and tropical food with a changing vegetable liking which is reflected in the demand for more vegetables. The demand for urban food production, as well as disposable income fuelling health-conscious purchasing decisions, has all contributed to an increased market size.
As a part of the report, the major players operating in the vegetable seeds market that have been covered are W. Atlee Burpee & Co., Mahindra Agri-Business, Bayer AG, Takii & Co. Ltd., Syngenta, Sakata Seed America, Kitazawa Seed Company, Corteva, Limagrain, Vokkal Seed, East-West Seed India, Rijk Zwaan India, German Seed Alliance, and BASF Agriculture Solutions.
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Agrochemicals Market size worth US$372.472 billion by 2029
Press ReleasesThe agrochemicals market is anticipated to grow at a CAGR of 4.33% over the forecast period to reach US$372.472 billion by 2029, increasing from the estimated value of US$301.334 billion in 2024.
Agrochemicals are chemical items that are utilized in agribusiness to control pests, infections, and weeds to assist in growing plants way better and progress crop yield. A few of these chemicals are pesticides, herbicides, fungicides, nematodes, and fertilizers, utilized as plant development regulators. Even though they increment the efficiency of agribusiness, they also have environmental implications such as water contamination, harm to beneficial life forms, etc., and the new improvement and progression of herbicides and pesticide-resistant are rising due to pest resistance. There is a shifting trend within the industry for sustainable hones in agrochemical items.
The agrochemicals market is growing on account of the surging worldwide population which has made it basic to extend food production, subsequently making agrochemicals a fundamental part in boosting crop yield and securing crops. Effective agricultural hones are also vital due to urbanization and the shortage of land. In addition, climate change leads to more pesticide necessities since extreme climate can diminish an area’s crop yield and lead farmers to utilize a more prominent number of agrochemicals. Rising consumer demand for safe agro-food products meant the utilization of a broad range of agrochemicals. Agrochemicals are also needed in export markets where other countries have higher standards of quality measurements.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in May 2024, ADAMA Ltd, a world leader in crop protection products obtained registration for EDAPTIS®, a ready-to-use product for the broad-spectrum control of grassy weeds in Poland. This novel method indicates a higher efficacy in the fight against resistant populations and thus is to be viewed as an innovation for the European cereal herbicide market.
Based on the type, the agrochemicals market is classified into two main solutions which are fertilizers and pesticides. The fertilizers are further divided into nitrogenous fertilizers, phosphatic fertilizers, and potassium fertilizers, while pesticides are further divided into organophosphates, pyrethroids, biopesticides, neonicotinoids, and others. Fertilizers are expected to contribute majorly to the agrochemical market. The rising food demand with increasing awareness regarding soil health maintenance and intensifying agriculture pose the major factors propelling growth in fertilizers. Fertilizers improve soil fertility and nutrient status which results in increased crop yield. In addition, balanced use of fertilizers can improve the health of the soil and enable reducing other inputs to achieve sustainable agriculture.
Based on the crop type, the agrochemicals market is categorized into oilseeds, cereals, fruits and vegetables, and others. Cereals would be a major contributor to the Agrochemicals market. Rice, wheat, and corn amongst others are key cereals consumed by a global population leading to the majority usage of agrochemicals in their cultivation. Cereal crops such as maize and wheat are in high demand for livestock feed, human consumption, and industrial applications so, with a growing population and changing diet there is an increased requirement for cereals and thus yielding varieties with the help of agrochemicals.
Based on geography, the agrochemicals market is extending majorly in the North American region due to various variables. North American countries, especially the United States and Canada, are one of the largest economic regions that are more dependent on industrial agriculture due to conventional agriculture practices using high amounts of agrochemicals for crop protection. The area is very active on the agriculture innovation front with strong adoption of precision agrochemicals at site-specific levels. The industry benefits largely from the regulatory regime in North America that favors investment and innovation. The robust economy provides increased resources for agriculture which has driven the acquisition and utilization of agrochemicals.
As a part of the report, the major players operating in the agrochemicals market that have been covered are BASF SE, Corteva, Yara International ASA, Bayer AG, Syngenta Group, Israel Chemicals Limited, Nutrien Ltd., FMC Corporation, ADAMA Ltd., and Nufarm Ltd.
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This analytics report segments the agrochemicals market on the following basis: