Oilseeds are a vital component of global agriculture and play a crucial role in the production of food, feed, and biofuels. These seeds contain high levels of oil and are cultivated primarily for their oil content. The oil extracted from oilseeds is used in various applications, including cooking oil, margarine, biodiesel, and animal feed. In this article, we will explore the oilseed market, analyzing its production and consumption trends, major crops, market dynamics, challenges, opportunities, and future outlook.
Global Production and Consumption Trends
The production and consumption of oilseeds have been steadily increasing over the years, driven by factors such as population growth, changing dietary habits, and the growing demand for biofuels. Leading oilseed-producing countries include the United States, Brazil, China, India, and Argentina. These countries account for a significant portion of global oilseed production, with soybeans, rapeseed, sunflower seeds, and palm kernels being the most commonly cultivated crops.
In recent years, there has been a notable increase in the production of oilseeds in emerging economies, particularly in South America and Southeast Asia. These regions have favorable agro-climatic conditions for oilseed cultivation and have seen significant investments in agricultural infrastructure and technology. However, challenges such as land degradation, water scarcity, and climate change pose risks to the sustainability of oilseed production in these areas.
In the fiscal year 2021-22, global oilseed production totaled 632.86 million metric tons (MMT). Within the Indian agricultural sector, oilseeds hold the second most significant position in terms of both cultivated area and production, following food grains. In the fiscal year 2020-21, domestic production of edible oils amounted to 9.5 million metric tonnes, while domestic consumption stood at 22.5 million tonnes annually. Consequently, to bridge the gap of 13 million tonnes, the country resorts to imports, incurring a cost of US$ 13.5 billion (equivalent to approximately Rs. 1.17 lakh crore).
Figure 1: Edible Oil Domestic Production and Consumption in India for 2020-21 in Million Metric Tonnes
Source: NAARM Report
Major Oilseed Crops
Soybeans are the most widely cultivated oilseed crop globally, accounting for a significant portion of total oilseed production. Soybean oil is used in various food products, while soybean meal is a valuable protein source for animal feed. Rapeseed, primarily grown in Europe and Canada, is another important oilseed crop known for its high oil content and versatile applications. Sunflower seeds are cultivated mainly in Eastern Europe and Russia and are valued for their high-quality oil.
Palm oil, derived from the fruit of oil palm trees, is a crucial commodity in the oilseed market, with extensive use in the food, cosmetics, and biofuel industries. However, the production of palm oil has been associated with deforestation, habitat destruction, and environmental degradation, leading to concerns about its sustainability. In the fiscal year 2020-21, India imported approximately 13.352 million metric tonnes of edible oils, amounting to around Rs. 80,000 crores. Among all the imported edible oils, palm oil constitutes approximately 56% of the total, followed by soybean oil at 27%, and sunflower oil at 16%.
Figure 2: Segmentation of Edible Oil Import in India, in 2020-21
Source: NAARM Report
Market Dynamics and Drivers
Several factors drive the oilseed market, including population growth, urbanization, dietary shifts, and economic development. As populations grow and incomes rise, there is an increased demand for edible oils and protein-rich foods, driving the consumption of oilseeds. Moreover, the growing popularity of plant-based diets and the rising awareness of the health benefits of vegetable oils have contributed to the demand for oilseed products.
The expansion of the biofuel industry has also played a significant role in driving the oilseed market. Biofuels, such as biodiesel and bioethanol, are derived from renewable sources such as oilseeds and offer a cleaner alternative to fossil fuels. Government policies promoting the use of biofuels, along with concerns about energy security and climate change, have spurred investments in biofuel production, further boosting the demand for oilseeds. In August 2021, the Government of India launched the National Mission on Oilseeds and Oil Palm with the objective of achieving self-sufficiency in edible oil production and increasing domestic oilseed output. Under this initiative, the government plans to invest over 110 billion rupees ($1.48 billion) to provide farmers with comprehensive support, including improved technology and high-quality seeds.
Challenges and Constraints
Despite the promising prospects, the oilseed market faces several challenges and constraints that threaten its sustainability and growth. Climate change poses a significant risk to oilseed production, with extreme weather events, such as droughts, floods, and heatwaves, disrupting agricultural activities and reducing yields. Additionally, pest and disease pressures, soil degradation, and water scarcity present formidable challenges to oilseed producers.
The expansion of oilseed cultivation has also raised concerns about its environmental impact, particularly in regions with fragile ecosystems. Deforestation, habitat loss, and biodiversity decline are associated with the conversion of forests and natural habitats into agricultural land for oilseed cultivation. In 2010, the world had 3.92 billion hectares (Gha) of tree cover, covering approximately 30% of its total land area. However, by 2022, it experienced a loss of 22.8 million hectares (Mha) of tree cover. In the same year, India possessed 31.3 million hectares (Mha) of natural forest, which accounted for about 11% of its land area. Unfortunately, by 2022, India witnessed a loss of 117 thousand hectares (kha) of natural forest, resulting in emissions equivalent to 62.9 million metric tons (Mt) of CO₂. Sustainable agricultural practices and certification schemes, such as the Roundtable on Sustainable Palm Oil (RSPO), aim to address these concerns and promote responsible oilseed production.
Figure 3: Tree Cover in the World, From 2010 to 2022, in Billion Hectares
Source: Global Forest Watch
Emerging Opportunities and Innovations
Despite the challenges, the oilseed market presents numerous opportunities for innovation and growth. Advances in agricultural technology, such as precision farming, genetic engineering, and digitalization, are revolutionizing oilseed cultivation and improving productivity and efficiency. Precision farming techniques, including satellite imaging, drones, and soil sensors, enable farmers to optimize resource use, minimize environmental impact, and enhance crop yields.
Genetic engineering and biotechnology have led to the development of improved oilseed varieties with enhanced traits, such as disease resistance, drought tolerance, and higher oil content. These genetically modified crops offer potential solutions to the challenges facing the oilseed industry and could help meet the growing demand for sustainable oilseed products.
Market Outlook and Future Trends
Looking ahead, the oilseed market is expected to continue growing, driven by rising global demand for food, feed, and renewable energy. Population growth, urbanization, and changing dietary habits will drive the consumption of oilseed products, while advancements in technology and sustainable practices will enhance productivity and efficiency in oilseed cultivation.
The adoption of innovative technologies, such as artificial intelligence, blockchain, and biotechnology, will play a crucial role in shaping the future of the oilseed industry. These technologies offer opportunities to improve crop yields, reduce environmental impact, and enhance supply chain transparency and traceability.
However, addressing sustainability challenges, such as deforestation, biodiversity loss, and climate change, will be paramount for the long-term viability of the oilseed market. Collaborative efforts between governments, businesses, and civil society organizations will be essential in promoting responsible oilseed production practices and achieving sustainable development goals.
Key Developments
- On March 8, 2023, the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) and the Indian Oilseeds & Produce Export Promotion Council (IOPEPC) entered into a Memorandum of Understanding (MoU) aimed at boosting the cultivation of high-quality oilseeds in India.
- In August 2022, Bayer increased its current investment to obtain a controlling stake in CoverCress Inc., a sustainable oilseed producer focused on reducing carbon emissions.
- In July 2022, Corteva Agriscience, BASF, and MS Technologies entered into an agreement to collaborate on the development of advanced Enlist E3 soybeans featuring the nematode resistant soybean (NRS) trait for farmers in the United States and Canada.
- In May 2022, Syngenta Canada introduced the innovative Pelta seed pelleting technology for canola, designed to enhance seed size and uniformity, thereby improving the performance of singulation planters.
- In May 2022, Corteva Agriscience expanded its sunflower seed operations in Europe by investing USD 14.1 million in upgrading the Afumati production facility in Romania. This investment aims to address the increasing demand from both domestic and international farmers for top-quality sunflower seeds.
In conclusion, the oilseed market presents significant opportunities for growth and innovation, driven by increasing demand for food, feed, and renewable energy. While facing challenges such as climate change and environmental degradation, the industry is poised to capitalize on technological advancements and sustainable practices to meet the needs of a growing global population while preserving the planet’s resources for future generations.
Sustainable Solutions: Exploring the Growing Coagulation Analyzer Market
Thought ArticlesThe coagulation analyzer market is the global market for medical devices that examine the coagulation process, or the body’s natural tendency to create blood clots. These devices are generally used to detect and monitor blood clotting diseases such as thrombophilia, hemophilia, and von Willebrand disease.
Coagulation analyzers use a variety of technologies, including optical, mechanical, and electrochemical approaches, to determine the coagulation characteristics of a blood sample. Clotting time, prothrombin time, activated partial thromboplastin time, and international normalized ratio are some of the measures examined.
The expanding prevalence of blood clotting diseases, as well as the growing need for coagulation analyzers for diagnostic reasons, is the primary driver of the need for these solutions. Furthermore, the use of automated coagulation analyzers and the development of new coagulation tests are driving market expansion.
Automated coagulation analyzers provide several advantages over traditional manual procedures, including improved accuracy, efficiency, and speed. Furthermore, the development of sophisticated coagulation tests allows doctors to detect and monitor blood clotting problems with greater accuracy and efficiency.
Haemophilia is a rare hereditary condition affecting one in every three persons in the United States. The median age of diagnosis is 36 months for mild hemophilia, 8 months for moderate hemophilia, and 1 month for severe hemophilia. In two-thirds of instances, a family history exists.
A particular blood test is used to make the diagnosis, which is often performed after birth. Prenatal genetic testing may also be performed. In one-third of instances, the diagnosis is obtained following an atypical bleeding episode that necessitates the use of particular blood testing. The diagnosis of hemophilia in children under the age of two is classified as follows: less than 1-month-old (69.7%), 1-6 months (15.6%), 7-12 months (7.1%), 12-24 months (4.7%), and prenatal (2.8%).
Figure 1: Percentage of Diagnosis of Hemophilia Among Children Less Than 2 Years of Age
Source: Centers for Disease Control and Prevention
The rising prevalence of blood clotting diseases such as thrombophilia, hemophilia, and von Willebrand disease is a significant driver of the coagulation analyzer industry. According to the World Federation of Haemophilia, roughly 400,000 people worldwide have hemophilia, whereas von Willebrand disease affects about 1% of the world’s population. The increasing prevalence of these illnesses is likely to boost demand for coagulation analyzers for use for diagnostic purposes.
The aging population is another significant driver of the coagulation analyzer industry. As people age, their chances of getting blood clotting issues rise. According to the United Nations, the global population aged 65 and up is expected to reach 1.5 billion by 2050, up from 703 million in 2019.
The same source states that the population aged 65 and up accounted for 10% of the global population, a 2% increase over 2015’s percentage share. During the forecast period, demand for coagulation analyzers is likely to rise due to an increase in the aging population.
It took an average of 16 years between the onset of bleeding symptoms and the diagnosis of a bleeding disorder. Before being diagnosed with VWD, women had an average of six bleeding symptoms. Menorrhagia, bruising, nosebleeds, and bleeding after surgery, accident, or delivery were all typical complaints. Menorrhagia was the most commonly reported symptom.VWD was identified after an average of two tests (range: 1-20).
38% of women reported being diagnosed by a Haemophilia Treatment Centre (HTC) doctor. Women diagnosed by providers other than an HTC doctor accounted for 11%, with 42% by a haematologist, 28% by an internist or family doctor, and 19% by a gynecologist.
According to the CDC’s research of 102 women with VWD, the most often reported bleeding symptoms are as follows: heavy menstrual bleeding (95%), bleeding after mild traumas (92%), and excessive gum bleeding (76%).
Figure 2: Bleeding Symptoms in Women With VWD Percentage
Source: Centers for Disease Control and Prevention
The worldwide coagulation analyzer market for platelet function tests is expected to develop significantly because of the rising frequency of bleeding diseases, a growing geriatric population, and increased demand for point-of-care testing. Platelet function tests assess platelets’ capacity to form blood clots, making them a valuable diagnostic tool for diagnosing and treating a variety of bleeding problems.
The market is predicted to expand rapidly due to the development of sophisticated platelet function testing equipment, rising healthcare spending, and rising need for early illness detection. The use of platelet function tests in research and clinical trials will also help to fuel market expansion.
Type 1 Von Willebrand disease (VWD) is a minor hereditary bleeding illness characterized by extended bleeding times. It is caused by mutations in the gene that produces Von Willebrand factor, a protein implicated in blood clotting. This lowers the amount of functional VWF in the circulation. Symptoms include easy bruising, persistent bleeding from small cuts or accidents, frequent nosebleeds, heavy menstrual cycles, and, in extreme cases, bleeding into joints or soft tissues.
According to the CDC’s research of 42 men and 38 women with Type 1 VWD, 45% of women and 50% of men with VWD had severe bruising. 40% of women and 47% of men with VWD experienced significant bleeding during surgery. 34% of women and 29% of men with VWD experienced dental bleeding. 21% of women and 26% of men with VWD had undergone blood transfusions.
Figure 3: Bleeding in Men and Women With VWD
Source: Centers for Disease Control and Prevention
Geographically, the coagulation analyzer market is divided into North America, South America, Europe, the Middle East & Africa, and Asia Pacific. The North American coagulation analyzer market is likely to expand substantially throughout the forecast period due to an increase in the frequency of coagulation diseases, rising healthcare costs, and increased demand for sophisticated coagulation testing. The United States is likely to be a key market in this area because of its large market participants, well-established healthcare infrastructure, and beneficial government initiatives.
In conclusion, Coagulation analyzers vary in complexity, from simple point-of-care devices used in clinics or hospitals to high-throughput laboratory systems capable of processing large numbers of samples simultaneously. They play a critical role in ensuring patient safety during surgical procedures, managing patients with bleeding disorders, and monitoring anticoagulant therapy in conditions such as atrial fibrillation or deep vein thrombosis.
Table 1: Key Developments
Year
January 2024
Abbott’s PROTALITY™ brand, a high-protein nutrition shake, targets individuals who want to lose weight while preserving muscle mass and nutrition. Nearly half of individuals in the United States have tried to lose weight in the last year, and research showed that adults may require at least 50% more protein than the Recommended Dietary allowance to maintain muscle mass while losing weight.
January 2024
Beckman Coulter Diagnostics launched the DxC 500 aU Chemistry Analyzer, an automated clinical chemistry analyzer for healthcare systems. It provided superior automation technologies, onboarding protocols, and standardized reagents for use in healthcare networks. With over 120 tests that had been independently confirmed for Six Sigma performance, it minimizes QC troubleshooting and lab operating expenses. This gadget is intended for in vitro diagnostic usage only.
Source: Knowledge Sourcing Intelligence Analysis
Seeking Colors: Unveiling the Magnificence of Iron Oxide Pigments
Thought ArticlesBecause of their exceptional qualities, iron oxide pigments are flexible colorants that are extensively employed in a variety of sectors. These pigments, which are made from iron oxide minerals, are good for a variety of applications due to their high tinting power, great lightfastness, and chemical stability. Iron oxide pigments are widely used in the construction sector to color bricks, asphalt, and concrete, giving structures and infrastructure strength and visual appeal. They are also utilized in the production of ceramics, paints, varnishes, and plastics, where they add vivid and durable colors. Furthermore, because iron oxide pigments are non-toxic and inert, they are used in the pharmaceutical and cosmetics sectors. Iron oxide pigments are essential in many industries due to their wide range of uses and advantageous qualities, which boost products and materials. Join us as we explore the “Iron Oxide Pigments” in this article that has evolved the industry.
Iron Oxide Pigments:
Let’s discuss each one in detail.
1. Yellow Iron oxide Pigment
Yellow iron oxide pigment is a versatile coloring ingredient that is well-known for its brilliant hue and exceptional performance features. It can be synthesized chemically or extracted from natural iron oxide minerals. This pigment is widely used in many different industries and is distinguished by its distinctive yellow color. Yellow iron oxide pigment is frequently used in the construction industry to tint asphalt, concrete, and mortar. This adds visual appeal to the materials while also making them more resilient to the elements and long-lasting. It is a favored option for outdoor applications because of its resilience to adverse climatic conditions. Furthermore, yellow iron oxide pigment is highly valued in the paint and coating sector for its exceptional tinting strength, lightfastness, and chemical stability, which allow for the creation of vivid and long-lasting yellow hues in paints, coatings, and stains. Furthermore, it is used in rubber, plastics, and ceramics to provide a wide variety of products with a vibrant yellow color. Because yellow iron oxide pigment is non-toxic and works well with a variety of formulations, it is used in the cosmetics and personal care industry to formulate makeup goods including lipsticks, nail polishes, and eyeshadows. Yellow iron oxide pigment is still an essential part of many sectors due to its dependability and versatility, which improves the appearance and functionality of a broad range of goods and materials.
In December 2022, following their recent deal to purchase the iron oxide pigment activities of Venator Materials PLC, Cathay Industries announced the opening of a state-of-the-art finishing and blending facility in Batam, Indonesia. The plant will start producing goods in late 2023, adding to Cathay Industries’ already extensive global reach.
2. Red Iron oxide pigment
Hematite, or red iron oxide pigment, is a popular colorant that is well-known for its remarkable qualities and bright red color. This pigment, which can be chemically synthesized or derived from natural iron oxide deposits, has exceptional thermal stability, lightfastness, and tinting strength. Many industries, such as building, coatings, plastics, and ceramics, are greatly attracted to its deep red color. Red iron oxide pigment is a common component used in the building industry to color bricks, pavers, concrete, and roofing materials. It gives architectural constructions strength and visual appeal. Similar to this, it is used in the coatings industry to make paints, varnishes, and protective coatings for everything from industrial gear to automotive finishes, adding vivid and durable red hues while guaranteeing corrosion resistance. Furthermore, red iron oxide pigment is often used in plastics to improve the UV resilience and aesthetic appeal of toys, consumer goods, and packaging. It is used in the ceramics industry to color and glaze ceramics, porcelain, and tiles, giving the final goods more depth and richness. Red iron oxide pigment is a very versatile, long-lasting, and visually appealing pigment that is used in many different production industries to improve a wide range of products and materials.
In November 2022, Cathay Industries made an announcement announcing that it had reached a deal with Venator Materials PLC to acquire its iron oxide pigment business. This acquisition will enable Cathay Industries to expand its global production presence while generating significant synergies and new growth prospects. The acquisition includes eight production facilities and one administrative site spread over six nations on four continents in addition to Venator’s product line.
3. Black Iron oxide pigment
Originating from iron oxide minerals, black iron oxide pigment is a multipurpose coloring ingredient that is well-known for its rich, opaque black color and remarkable resilience. Many different sectors find it to be a popular choice because of its longevity and strong pigment. Black iron oxide pigment is widely used in construction to color paving stones, mortar, and concrete. This gives the materials a polished, modern look while protecting them from fading and weathering. It also plays a crucial role in the production of black paints, stains, and coatings for industrial machines, automotive finishes, and architectural applications in the coatings and paints sector. Long-lasting performance in outdoor conditions is ensured by its resistance to chemicals and UV radiation, and its high tinting strength offers rich, consistent colors. Additionally, black iron oxide pigment is used in It adds rich, opaque black color to a variety of materials, from consumer goods to industrial components, in plastics, rubber, and textiles. It is used to provide strong pigmentation and improve the look of beauty items such as mascaras and eyeliners in the cosmetics and personal care industry. Black iron oxide pigment is still in high demand across many industries due to its adaptability, toughness, and rich black color. It enhances the appearance, functionality, and durability of a wide range of goods and materials.
In April 2023, Following the successful completion of the purchase of Venator’s color division, Oxerra, a new brand identity and name for Cathay Industries, a prominent global maker of iron oxide pigments, was introduced. Combining the products and services of both companies establishes Oxerra as a world-renowned leader in the coating, plastic, construction, and specialty industries. It also positions Oxerra as a manufacturer of comprehensive color solutions and a supplier of cutting-edge, sustainable, and innovative solutions.
4. Orange Iron Oxide Pigment
Because of its brilliant color and outstanding performance qualities, orange iron oxide pigment is a flexible coloring ingredient that is used extensively in a variety of sectors. This pigment, which is derived from iron oxide rocks, is widely sought-after for its rich orange color in a variety of applications. Orange iron oxide pigment is frequently used in the construction industry to color paving materials, mortar, and concrete. Because of its superior weather resistance and lightfastness, colored surfaces stay vibrant for longer periods even in the face of adverse weather conditions. Furthermore, orange iron oxide pigment is used in the coatings and paints sector to add warmth and brightness to a variety of goods, such as industrial coatings, automotive paints, and architectural coatings. Its ability to work with various solvents and binding agents makes it a recommended option for producers looking for reliable and long-lasting coloring. Orange iron oxide pigment is used in polymers, ceramics, and textiles in addition to building and coatings. It enhances the aesthetic appeal of a range of things made of plastic, such as consumer goods, toys, and packaging. It is an essential component of glazes and ceramic bodies used in the production of ceramics, helping to produce colorful and visually appealing tiles and pottery. Orange iron oxide pigment is also used in the textile industry to dye fabrics, providing a long-lasting and colorfast way to get vivid orange colors in apparel and household textiles. Overall, orange iron oxide pigment’s adaptability, robustness, and vivid hue make it a necessary component for a variety of sectors, improving aesthetic appeal and performance.
In June 2022, the plastics sector may color engineering plastics with high-performance, environmentally friendly colorants from the specialty chemicals business LANXESS. The company will showcase its product lines for the energy-efficient production of plastic goods that avoid reworking by eliminating the need for further coating at K 2022, which is scheduled to take place in Düsseldorf, Germany from October 19 to 26. This covers both general-purpose items and those tailored to specific needs. The property profile is determined by factors such as heat stability, color strength, resistance to light and weather, and brilliance, depending on the product.
As a safety precaution, orange is required for high-voltage components. Live wires in electric and hybrid cars as well as parts for high-voltage applications are increasingly being marked with this colour. The purpose of the signal colour is to warn emergency services and mechanics about the possible risk of electric shock. LANXESS has created a soluble organic dye that can be used to permanently colour polymers in the shade of orange found in RAL 2003. Macrolex Orange HT has exceptional colour strength and brilliance and is extremely heat-stable, light-fast, and weather-resistant. In contrast to most traditional colourants, the halogen-free Macrolex Orange HT is ideal for use with polyamide as well as other common plastics like polycarbonate and polyphenylene sulphide, which require high processing temperatures to be processed.
Figure 1: World Mine Production, 2023 (In Tonnes)
Source: USGS
Travel Management Software Enhance Efficiency in Business Travel
Thought ArticlesTravel Management Software
Travel Management is an application that helps businesses manage bookings, and track and analyse the company’s travel processes. It simplifies travel management, further saving time and money for the company. Some of the various features that are included in a travel management tool are individual account handling, customizable travel policies, customer support, travel spending analytics, data encryption and security, an easy-to-use booking system, loyalty programs, expense tools for seamless integration, and many others.
The wide range of benefits that travel management solutions bring include simplified travel bookings, business travel personalization, substantial travel inventory, travel cost savings, advanced analytics, streamlined approval workflow, round-the-clock support, on-demand scalability, easy access, virtual travel consultancy, and many others.
One of the largest travel management systems present in the market is SAP Concur, which provides a one-stop software system for all of the company’s travel arrangements that need to be handled. Their platform helps manage travel budgeting, policy, and reporting, making sure that everything is always running as per the requirements. The features of the software provided by SAP include:
Rising business travels worldwide propels the travel management software market.
Travel management software is commonly used by companies to manage expenses and track the details of employee’s business trips. This allows the company to know all kinds of information on business travel, which include the location of the employee, expenses for the business trip, policies of the business trip, spending of the employee from the company, and many others.
The US Travel Association states that the business travel trend has shown a significant acceleration in the world. The various trends, as per the US Travel Association, include:
The increase in growth of the global business travel industry will provide the necessary boost to the growth of the global demand for travel management solutions. The increase in growth of business travels will drive the demand for improved and efficient travel management softwares in the market, further boosting the growth and development of travel management software solutions. As per the Global Business Travel Association, the global business travel industry is expected to witness a significant increase in growth in the upcoming years. It was stated that the spending level is projected to pass $1.4 trillion in 2024, which is further expected to increase to reach $1.8 trillion by 2027. It was also stated that global business travel spending has shown an estimated increase of 47% in 2022, which is an increase reaching $1.03 trillion and is expected to further increase by 32% in 2023.
Figure 1: Increase in Business Travel Spending, in USD Trillions, Global, 2022 to 2027
Source: Global Business Travel Association
Furthermore, the Asia Pacific region is expected to witness significant growth in the upcoming years. Some of the major players include Japan, South Korea, Australia, Singapore, Hong Kong, and Malaysia. As per the Global Business Travel Association, regional travel spending accounted for an increase of 41% in 2023, accounting for an estimated US$567 billion, and is expected to increase to reach $800 billion by 2027. It has also been stated that the regional business travel spending in 2023 was expected to reach 92% of the travel spending of 2019, which accounts for an estimated $616 billion. The Asia Pacific region also accounts for 39% of the global total business travel spending, which accounts for an estimated $402 billion in 2022.
Figure 2: Increase in Business Travel Spendings, in USD Trillions, Asia Pacific, 2022 to 2027
Source: Global Business Travel Association
Key Developments:
October 2023: Citi announced the launch of the first complete travel and expense system for Citi Commercial Bank Clients in collaboration with Navan, a leading modern travel and expense management solution. This solution allows integration of the innovative card link technology of Navan Connect, further creating a seamless digital experience for Citi Commercial Bank cardholders. The system was announced to be only available to US-based Citi Commercial Bank clients, due to the solution being their first complete end-to-end corporate Travel and Expense (T&E) management collaboration of this scale.
February 2022: Coupa Software announced the release of their Travel & Expense (T&E) management solution dubbed Coupa Travel & Expense. This solution consists of seamless travel booking, unified expense management, live on-the-road traveller support, and a complete integrated mobile application, further optimizing real-time travel spending and enhancing the traveller experience.
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Rising Market of Spirometers
Thought ArticlesThe spirometers market is expected to grow at a compound annual growth rate (CAGR) of 8.16% to attain a market size of US$2.198 billion by the end of the analysis period, 2026. The market was valued at US$1.269 billion in 2019.
The increasing level of respiratory diseases and lung problems are giving potential for the market growth of spirometers. According to the data of NCBI (National Center for Biotechnology Information), respiratory diseases are one among the major chronic diseases that are reported in the globe. Spirometer is a device that assists in the diagnosis and testing of various respiratory diseases like Asthma, emphysema and other breathing disorders. Spirometer is also widely used by medical practitioners and hospitals in a large number. The use of spirometer in order to test the proper functioning of lungs before lung surgery is a common practice in hospitals, which indeed increase the need of spirometers in hospitals. The increasing number of respiratory diseases and lung problems is driving the scope of spirometers in the global market. WHO (World Health Organization) accounts respiratory diseases as an acute, dangerous and widely distributed disease in the world.
The rising rate of air pollution is one major reasons behind the increase of respiratory diseases. Air pollution stands as the major factor behind the diseases like Bronchitis and emphysema. Spirometer is widely employed for the diagnosis and for the checking of diseases like emphysema and bronchitis. COPD (chronic inflammatory lung disease) is one of the most common diseases prevailing in the world. Intense cough and increased mucus production are the major symptoms of COPD. According to the data collected from the United States by NCBI, states that in U.S since 1999 the mortality rate of COPD has been decreased in men and increased in women. The annual report analysis of WHO points out COPD, Asthma, Acute Lower respiratory disease, Tuberculosis and lung cancer as the top 5 fatal respiratory diseases of the decade. The increasing rate of respiratory diseases in hand to hand with air pollution is boosting the demand of spirometers in the market.
The increasing level of atmospheric pollution is leading to the increase of respiratory disorders and demanding more use of spirometers for the analysis and diagnosis.
The rate of air pollution is drastically increasing due to the vast industrialization of this decade. The excess amount of carbon emission from industries, factories and automobiles are leading to the rising level of respiratory diseases. The reports of IUCN (International Union for Conservation of Nature) states that an increase of 12% can be seen on the carbon emission rate after 2000 up to 2020. The 70% of total carbon emission accounts to the combustion of fossil fuels and industrial emissions. The tremendous increase in the number of automobile production is also resulting to more air pollution due to the emissions from cars and motor vehicles. Reduced rate of carbon recycling along with a higher pollution rate is rising the rate of respiratory diseases. About more than half of respiratory diseases are caused due to the smoking and the other is caused due to the increased amount of pollution. The increasing number of people, who are affected by respiratory diseases are rising the market value of spirometers in the global market. Spirometers are accounted as one of the major devices employed in hospitals and used by medical practitioners to diagnose respiratory diseases, where increasing number of respiratory diseases boosting the market of spirometer.
Leaping advancements and developments in the technological field supporting spirometer market
The developments and researches taking place in the technological field is hiking the demand and market for spirometers. The number of researches and developments are taking place in the medical field. The development of new technologies and systems for easy diagnosis and evaluation of diseases are pushing the scope of electronic devices and equipment’s in the medical diagnosis field. Spirometer is one of the devices that made developments and progress in the mode of testing and compatibility. The size and user effectiveness of spirometer has been technically upgraded with support assistance of electronic field. The system software’s and display systems developed in support to spirometer is giving potential to the market growth of spirometer.
The investment of emerging economies and developed countries in the medical field
The huge investments by corporate giants and governments in the medical field is leading to the progress and development of medical diagnosis field. The increasing number of pandemic diseases and respiratory problems occurring due to air pollution are making the governments and company giants to invest more in the development and growth of the medical field. The upgradation giving to the diagnosing devices of major common diseases like respiratory disorders, are making the function and testing of spirometers more efficient and user friendly. The emerging countries and countries with the stable economy are also providing support and implementing government policies, creating more opportunities for the key players in medical diagnosing devices field, making the market for medical diagnosis devices.
The rising trend of homely based medical diagnosis is also leading the market growth of devices like spirometers. The simple and efficient mode of medical diagnosis is rising in the medical field. The diagnosing devices thar are accurate and user-friendly are rising the trend of home-based medical checkup and diagnosis. The introduction of upgraded pocket and user-friendly spirometers is hiking the value of spirometer market.
Segmentation of spirometer market
Based on the type, spirometers are mainly segmented into two handheld spirometer and tabletop spirometer. Handheld spirometer is mainly used for easy and quick home-based medical diagnosis. Tabletop spirometer is employed for hospital usages.
By the type of technology, spirometer is segmented into volume measurement and flow measurement. The one that employs volume-based analysis and one that uses flow-based analysis.
By the type of usage or application spirometer is employed for diagnosing and assessing diseases like COPD, Asthma, Bronchitis and cystic fibrosis, etc.
By geographic regions, spirometer market is segmented as North America, Asia Pacific, Europe, South America, Middle East and Africa. North America dominating the market of spirometer.
Coronavirus Pandemic Analysis
The analysis report also provides the report about the effect of the COVID pandemic on spirometers market. COVID pandemic had a major positive impact on the market of spirometers. Respiratory problems and respiratory disorders are the major symptoms and harmful effects caused by the CORONA virus. The respiratory problems caused by COVID pandemic had resulted in the increasing need and demand for respiratory diagnosing devices like spirometer. The need for quick and accurate respiratory testing devices had tremendously boosted the market value of spirometers in the global medical devices market.
Spirometers Market Scope:
Exploring the Top IT Automation Trends
Thought ArticlesIT automation is the process of managing, streamlining, and automating workflows, processes, and repetitive tasks inside the IT infrastructure using technology. It automates processes like software deployment, system provisioning, monitoring, and maintenance with the use of technologies like scripts, orchestration platforms, and artificial intelligence. Organizations may boost productivity, lower manual error rates, and free up resources for more strategic projects by automating mundane IT tasks. Rapid scalability, increased agility, and improved overall system security and reliability are all made possible by IT automation. The use of IT automation is a crucial part of contemporary IT strategies as companies work to streamline their IT operations and react quickly to shifting needs. Join us as we explore the “Top IT automation trends” in this article that have evolved the automation trends in IT.
Top IT automation trends
Let’s discuss each one in detail.
1. Artificial Intelligence and Machine Learning
Industry-revolutionizing advances in Artificial Intelligence (AI) and Machine Learning (ML) allow computers to learn from data and make intelligent judgments without explicit programming. While machine learning is a subset of artificial intelligence, it focuses on algorithms that automatically become better with use. AI is the general term for a variety of methods that mimic human intellect. Practical applications of AI and ML are being made in several industries, including manufacturing, healthcare, finance, and retail, to streamline operations, automate procedures, and produce insights from massive datasets. For instance, ML algorithms are used in healthcare to help diagnose patients, and AI-driven chatbots in finance offer individualized client support. Innovation is being fuelled by the combination of AI and ML, which enables businesses to seize new possibilities, improve decision-making, and provide people with more individualized experiences.
The University of Cambridge, Intel Corporation, and Dell Technologies announced in November 2023 the launch of “Dawn Phase 1,” the fastest AI supercomputer that was co-designed. The supercomputer, which harnesses the combined power of AI and high-performance computing (HPC) to address some of the most pressing global issues, was constructed by elite technical teams. It is anticipated that this will hasten future technological leadership and foreign investment in the technology industry in the United Kingdom.
2. Hyper-Automation
Hyper-automation is an all-encompassing automation strategy that uses a variety of technologies, including workflow orchestration, artificial intelligence, robotic process automation (RPA), machine learning, process mining, and process mining. In contrast to classical automation, which concentrates on automating specific tasks, hyper-automation aims to automate decision-making processes as well as whole workflows within the company. Hyper-automation helps businesses become more efficient and agile and simplify their processes by combining various automation technologies. It makes it possible to automate more sophisticated and cognitive processes that call for decision-making abilities comparable to those of a human, as well as repetitive and rule-based operations. Hyper-automation also helps businesses find bottlenecks, understand their processes better, and continuously improve performance.
The most recent version of Enlitic Curie, a platform that streamlines workflow management for radiology departments, was unveiled by Enlitic in March 2023. The platform is home to Curie|ENDEX, which analyzes and processes medical pictures using natural language processing and computer vision, and Curie|ENCOG, which uses artificial intelligence to recognize and safeguard protected health information.
3. No Code/Low Code Automation
Users who lack considerable coding skills can construct automation workflows with the help of no code/low code automation. These systems simplify automation by using pre-built components and easy visual interfaces. Users may quickly construct workflows by dragging and dropping parts. No code/low code solutions facilitate collaboration between business and IT teams by democratizing automation. This accelerates the development cycle and allows for the rapid implementation of automation solutions. By lowering the dependency on conventional programming, this method opens up automation to a wider range of stakeholders, such as business users and citizen developers. In the end, it fosters efficiency, creativity, and agility within businesses by facilitating a quicker reaction to shifting business requirements and freeing up IT resources for more important projects.
For example, in March 2023, Tech Data Corp. and the AI process automation company Simplifai.ai established a strategic agreement. The objective of this collaboration is to introduce Simplifai’s cutting-edge automation solutions to significant markets in the Asia Pacific and Japan area. The partnership expanded Tech Data’s offering of cloud-native technology and AI solutions.
4. Cloud Automation
By using automated procedures and instruments, cloud automation streamlines the management and functioning of cloud-based services, apps, and infrastructure. It includes activities such as orchestration, monitoring, provisioning, and configuration. By doing this, businesses may improve productivity, lower manual error rates, and streamline their cloud operations. By automating routine processes like software deployment, resource provisioning, and scaling, cloud automation allows IT teams to concentrate on key projects. Furthermore, by imposing uniform configurations throughout cloud environments, automation guarantees uniformity and compliance. Through the optimization of resource use and dynamic resource adjustments based on demand, cloud automation offers enterprises cost savings, enhanced scalability, and agility. The utilization of cloud computing by businesses is becoming more and more dependent on cloud automation to fully realize the advantages of the cloud.
At Cisco Live, the flagship networking and security event, in June 2022, Cisco introduced AppDynamics Cloud. A platform for cloud-native observability designed for contemporary applications with ever-more-complex distributed architectures and services. With its focus on ease of use, usability, and intuitiveness, it enables IT teams to provide the outstanding digital experiences that customers, organizations, and end users are currently requesting.
It is anticipated that North America will account for a sizeable portion of the cloud automation industry. A new era of hybrid IT, combining public, private, and hybrid cloud, is being ushered in by numerous regional businesses, surpassing the public cloud. Prominent industry participants have adopted a hybrid cloud approach, which has facilitated their corporate operations and customer support. The usage of Cloud Automation is on the rise in the region due to the growing trends of cyber security and digital transformation. For example, UiPath and Microsoft Worked Together to Deliver the Automation of the Future to the Cloud.
Figure 1: Projected Increase in Productivity Due to AI in Selected Economies Until 2035
Source: World Economic Forum
5. Container Management
The coordination and management of applications that are containerized is known as container management. It entails managing distributed environments through networking, scaling, deployment, and monitoring of containers. These processes can be automated with the help of well-known container management technologies like Kubernetes, which offer features like load balancing, service discovery, and resource utilization optimization. Developers may effectively deploy and manage applications in a scalable and consistent manner while abstracting away the underlying infrastructure concerns with container management. Because of its ability to promote agility, software applications may be developed, tested, and deployed more quickly. Furthermore, by enabling enterprises to develop and implement apps as modular, independently deployable services, container management promotes the use of microservices architecture, improving flexibility and scalability while lowering operational overhead. All things considered, container management simplifies the lifespan of containerized apps, enabling enterprises to adopt contemporary, new development practices.
A multi-year cooperation was announced in April 2022 by Sensely, Keralty S.A.S., and its American affiliate Sanitas USA, Inc. Through this partnership, Sanitas hopes to use Sensely’s cutting-edge visual user interface and multilingual symptom assessment tool to power its next-generation mySanitas application.
Exploring the Key Tools of Ethical AI
Thought ArticlesFairness, accountability, openness, and the welfare of society are given top priority in ethical AI. It guarantees that AI systems protect privacy, don’t have prejudices, and respect human rights. Diverse viewpoints, thorough testing, and ongoing oversight are all necessary for ethical AI design to minimize potential risks. It encourages the ethical application of AI technologies, building confidence among developers, consumers, and impacted communities. In the end, ethical AI seeks to match technical advancement with moral standards and social ideals to enhance humanity rather than exploit it.
Top Ethical AI Tools
Let’s discuss each one in detail.
1. Privacy
In ethical AI, privacy refers to protecting people’s data through the AI lifecycle. It demands unambiguous permission procedures, minimal data gathering, and, when practical, data anonymization or pseudonymization. Strong security measures are also necessary for ethical AI to prevent breaches or unwanted access. To give users clear explanations of data usage and AI decision-making processes, transparency is essential. Constant assessment and auditing guarantee adherence to ethical norms and privacy laws. Additionally, giving people authority over their data promotes accountability and trust in AI systems, helping society strike a healthy balance between technical growth and privacy rights.
The Federal Trade Commission released the preliminary schedule for its annual PrivacyCon event on February 27, 2024. The event will be held virtually on March 6, 2024, and will include talks on a range of privacy and data security research topics.
2. Accountability
To ensure ethical AI, accountability must be established for the creation, implementation, testing, and results of AI systems. It entails defining the parties involved and what their responsibilities are to uphold moral conduct throughout the AI lifespan. Accountability is facilitated by transparent documentation of AI algorithms and decision-making processes, which allows relevant stakeholders to examine and supervise the process. Mechanisms for addressing and resolving possible damages caused by AI systems are included in ethical AI frameworks. Accountability also includes following the law, moral principles, and professional standards. Trust and confidence in the usage of AI systems are fostered by regular audits, impact assessments, and feedback mechanisms that assist track the performance of AI systems and rectify any departures from ethical principles.
In June 2023, The Everyday AI platform, Dataiku, revealed advancements in tools, safety, and enterprise applications of Generative AI. These breakthroughs go beyond the capabilities of typical chatbots and open up the possibility of significant, practical workplace applications. They are developed from the invaluable expertise obtained from working with over 500 customers.
3. Human Oversight
For ethical AI to be implemented responsibly and reliably, human oversight is necessary. It entails incorporating human judgment and intervention at pivotal AI lifecycle stages, like decision-making, model construction, and data collection. Human oversight provides the contextual understanding and ethical reasoning that machines cannot, so mitigating the biases, errors, and unintended effects inherent in AI algorithms. It makes it possible to monitor AI systems for accountability, justice, and adherence to moral and legal requirements. Furthermore, human oversight makes it easier to intervene when AI systems behave unethically or produce undesirable results, enabling the implementation of corrective measures or modifications. By encouraging openness, responsibility, and public acceptance of AI technology, this person-in-the-loop strategy fosters a cooperative interaction between people and machines while respecting human rights.
In February 2024, a Leading provider of AI-driven medical documentation solutions, DeepScribe, unveiled its new Trust and Safety Suite. The cutting-edge capabilities of DeepScribe’s most recent ambient AI technology showcase the company’s commitment to establishing industry norms for safety, ethics, and transparency in AI in healthcare and making sure that technological developments in this field are as reliable as they are ground-breaking. Users and administrators will have access to DeepScribe’s experienced human audits team by sending created notes to the team. After going over the notes and grading the outputs using DeepScribe’s clinical accuracy approach, this team will offer tailored recommendations to raise the output accuracy.
4. Transparency
To foster mutual respect and understanding among stakeholders, ethical AI must be transparent. It entails clearly and understandably revealing details regarding AI systems, such as their goals, data sources, algorithms, and decision-making procedures. Users may evaluate AI systems’ dependability, understand how they work, and foresee any biases or limitations thanks to transparent AI design. Furthermore, open documentation promotes accountability by permitting outside examination and verification of the actions and results of AI systems. Ethical AI frameworks support openness in data gathering, use, and sharing procedures, enabling people to make knowledgeable decisions about their personal information. Transparent communication of AI’s capabilities and limitations also aids in controlling expectations and preventing misuse or over-reliance.
Transparency is further improved by routine reporting and disclosure of AI performance indicators and effects, enabling constant development and adherence to moral standards and cultural norms. In general, openness, accountability, and reliability are encouraged by transparency in the creation and application of AI technologies. To protect people’s rights in the era of artificial intelligence, the General Data Protection Regulation (GDPR) of the European Union contains measures for automated decision-making and profiling.
Due to growing awareness of potential biases and ethical concerns, North America has seen a considerable surge in ethical AI. Policymakers, academics, and tech corporations work together to create frameworks that guarantee AI systems are transparent, accountable, and fair. Research and development expenditures are directed toward improving privacy protections, reducing biases, and encouraging the responsible application of AI. The goals of programs like AI ethics boards and regulatory guidelines are to promote public confidence and set industry standards. This expansion is a result of a concerted effort across North America to maintain ethical standards while utilizing AI’s promise.
Figure 1: AI Adoption Rate Around the World
Source: IBM
5. Diversity, non-discrimination, and bias mitigation
AI programs should interact with a wide range of users to prevent inadvertent bias. If AI is allowed to run amok, it may result in bias or marginalization of some populations. Because not all groups are represented in the development of AI and because not all groups may use AI in the same way or to the same extent, bias might be challenging to eradicate. One crucial first step in reducing discrimination is to encourage inclusion and guarantee that everyone has access to it. Throughout the development and deployment phases, bias can be further mitigated by ongoing evaluations and modifications. Data publication can also encourage the use of impartial AI. It has also been demonstrated that utilizing a variety of data sets reduces the likelihood of bias.
Industry titans including Block, Canva, Carlyle, The Estée Lauder Companies, PwC, and Zapier are already utilizing Open AI’s ChatGPT Enterprise, which was introduced a few months ago, to completely transform the way their businesses run. Introducing ChatGPT Team as a new self-serve option today. Access to sophisticated models, such as GPT-4 and DALL·E 3, and tools, such as Advanced Data Analysis, is provided by the chatGPT Team. It also comes with admin tools to manage a team and a specific collaborative workspace. One can own and control business data, just like with ChatGPT Enterprise.
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Exploring the Top Technological Trends in EVs
Thought ArticlesAutomobiles that run on electricity stored in rechargeable batteries are known as electric vehicles (EVs). They have no tailpipe emissions; thus, they don’t produce any greenhouse gasses or air pollutants. When compared to conventional internal combustion engine vehicles, EVs operate more quietly and require less maintenance. They are growing in popularity as a greener, more sustainable form of transportation because of technological developments, which also help the environment. Join us as we explore the ” Technological trends in EVs” in this article that have evolved the technological trends in EVs.
Top EV Technologies
Let’s discuss each one in detail.
1. AI-powered Auto Health Checks
AI systems are collecting sensor data and evaluating abnormalities to revolutionize EV performance and safety. These technologies assess the condition of batteries and EVs, enabling fleet managers and owners to take preventative measures and save expensive repairs. One notable example is the vehicle intelligence system, which is funded by the Indian Department of Science and Technology and was created by Delhi-based Vecmocon Technologies. It includes fleet management, predictive maintenance, remote diagnostics, keyless entry, and user-adaptive algorithms to guarantee a dependable and secure electric vehicle driving experience.
2. Advanced Driver Assistance Systems (ADAS)
The term “ADAS” refers to a group of technologically advanced features, including sensors and controllers, that improve driving comfort and safety by keeping an eye out for other cars and pedestrians. Real-time recommendations, such as those for parking and emergency braking, are made using this data. To increase safety, Advanced Driver Assistance Systems (ADAS) may also identify whether a driver is sleepy. In February 2024, Haomo.AI, an artificial intelligence firm, secured over RMB 100 million (US$14 million) in a Series B1 financing led by Chengdu Wufa Private Equity Fund Management Co. The money will be used to improve research and development as well as promote robotics development in Chengdu’s Wuhou area, which is located in the Sichuan region of southwest China.
3. Hydrogen Fuel Cell Vehicles (FCVs)
The use of renewable energy is driving the movement to make EVs greener. In addition to solar, wind, and hydropower, interest in hydrogen fuel cells has grown. As the name implies, the fuel is hydrogen, and the only byproducts are heated air and water. Even though FCEVs are still in their infancy, a lot of research is being done in this area. In the upcoming years, nations like India even want to commercialize these hydrogen fuel cells. For instance, Toyota introduced the Mirai, India’s first electric car fuelled by hydrogen fuel cells, in March 2022. As part of a pilot project being carried out by Toyota and the International Centre for Automotive Technology (ICAT), the hydrogen-powered vehicle has been introduced in the nation. The project’s goal is to examine and assess the Toyota Mirai on Indian roads and climate conditions.
4. Enhanced Connectivity
The transition to software-defined vehicles (SDVs) places a strong emphasis on seamless communication for a comfortable and easy ride. Software controllers can send and receive data to and from internal and external components using vehicle-to-everything (V2X) technology. This data includes remote diagnostics, location-based services, current charge level monitoring, and over-the-air software updates. For instance, in 2023, Software-defined commercial trucks are becoming a reality thanks to the partnership between Bosch and Plus. Plus is providing its PlusDrive solution with the Bosch integrated steering system, which combines hardware and software to provide commercial vehicles with driver assistance and partially automated functions, through a new technical partnership.
Software-defined vehicles are rapidly expanding in the Asia-Pacific area due to developments in technology and rising consumer demand for connected and autonomous driving solutions. The government’s measures supporting smart transportation and the rapidly urbanizing world are some of the elements driving this expansion. Advanced software systems are integrated into software-defined vehicles to improve the functionality, safety, and efficiency of the vehicle. These vehicles can provide features like over-the-air upgrades, predictive maintenance, and real-time data analytics.
Figure 1: Electric Car Sales (In Million)
Source: IEA
5. Charging Infrastructure Development
There are now four distinct charging standards used in India: CHAdeMO, CCS, Bharat AC-001, and Bharat DC-001. This has resulted in a highly fragmented industry. The infrastructure that is now in place is concentrated in urban areas, but numerous stations that span highways are being built by public-private partnerships. One attempt to resolve inconsistencies in charging standards is the universal chargers from Bolt. Earth. Fast charging technology is also shortening charging times, which maximizes the use of current infrastructure and increases return on investment (ROI) for infrastructure developers.
For instance, there are 4,19 public EV charging stations operating on National Highways and 6,586 operable public EV charging stations across India, according to data released by Press Information Bureau in 2023,
Figure 2: State Wise Operational Public EV Charging Stations
Source: Press Information Bureau
6. Improved battery
The desire for EVs with greater performance and range is driving advancements in battery technology. Solid-state batteries promise efficiency, longevity, and a higher energy density with more energy storage since they employ solid electrolytes rather than liquid or gel. Lithium-sulfur batteries provide higher energy storage at lower costs in a similar manner. For e-scooters, sodium-ion (Na-ion) batteries are now being investigated. Although they are less than perfect for long distances, they are reasonably priced. Furthermore, improvements in battery recycling technologies are contributing to longer battery lives and lower operating expenses.
Asia Pacific is growing significantly in EVs due to the renewable energy industry expansion, the presence of a sizable consumer base for portable gadgets, and the rise in the use of battery energy storage technologies. For instance, in May 2023, a new kind of battery that integrates two technology techniques has been developed by researchers from LG Energy Solution and the University of California, San Diego. The battery is an all-silicon solid-state battery since it contains both an all-silicon anode and a solid-state electrolyte.
7. Smart Grids
Users are guaranteed a seamless charging experience thanks to smart grids‘ improved load balancing and EV charging efficiency. EVs are a more sustainable option because of innovations like vehicle-to-grid (V2G) technology and bi-directional charging, which enable EVs to serve as energy repositories that may return unused energy to the grid. V2G technology enables vehicles to return energy from their battery back onto the electric grid. Toyota Motor North America (Toyota) and Oncor Electric Delivery (Oncor), a Texas-based electric transmission and distribution company, have decided to work together on a pilot project centered around this technology. The project will be spearheaded by Toyota’s Electric Vehicle Charging Solutions (EVCS) team, and it represents a significant first for Toyota to work with a public utility on Battery Electric Vehicles (BEVs) in the United States.
8. Light weighted material and improved aerodynamics
The adoption of lightweight materials and enhanced aerodynamics is revolutionizing industries by improving performance, fuel efficiency, and sustainability. Lightweight materials such as carbon fiber, aluminum alloys, and advanced composites reduce vehicle weight, enhancing energy efficiency and extending range in automotive and aerospace sectors. Improved aerodynamics through design optimization and advanced simulation techniques minimize drag, enhancing vehicle stability and fuel economy. This trend also extends to renewable energy sectors like wind turbines and solar panels, where lighter materials and streamlined designs increase energy production efficiency. Overall, these advancements contribute to greener, more efficient, and technologically advanced products across various industries. For instances, to develop and construct complex metal and hybrid structures for body-in-white and chassis, ArcelorMittal and KIRCHHOFF Automotive GmbH signed a memorandum of understanding (MoU) in March 2023. ArcelorMittal hopes to break into the market for lightweight vehicle materials with this venture.
Virtual Tour Software Enhances the Virtual Reality Experience
Thought ArticlesVirtual Tour Software
Virtual Tour Software is a tool that is used by various companies or tour operators to create virtual visualizations in the form of a panoramic 360-degree view of a specific location, allowing users and customers to visualize and experience the location without being physically present in the location.
These types of software are commonly used as marketing tools by businesses in different industries such as travel agencies, real estate agencies, hotel marketing teams, school and academic environments, and many others. Real estate agencies use this tool for conducting the sale of a house without the necessity of being in the location.
The virtual tour software will contain a pre-recorded video/image of the house, which customers will be able to access through the virtual tour software, with the agency guiding the customer in the virtual tour software. Similarly, virtual tour software is well known to be used by travel agencies to sell travel packages to customers who wish to travel to specific locations in the world, allowing the travel agency to create a 360-degree visualization in the form of images or videos of different destinations for prospective tourists. School and Academic environments are also known to make use of virtual tour software in the current period. It is commonly used for virtual visits to museums and other historic locations or integrated into the learning curriculum for an immersive and exciting learning experience.
The increasing growth of GPS software propels the virtual tour market.
A global positioning system (GPS) can be defined as a space-based system of satellites that provide information about the location and time around the world. Google Maps is one of the largest GPS software applications that is available on various mobile phone devices. Google Maps allows users to use the free mapping platform which provides information about the geographical regions and sites around the world.
Google Maps consists of information and details about an estimated 99% of the geography, which includes latitudes, longitudes, weather conditions, names of locations, names of streets, and many others. Google has stated that Google Maps users contribute more than 20 million pieces of information daily to the map application, which accounts for 200 contributions per second.
One of the many features in Google Maps is Street View, which is a virtual tour integration that allows the user to move on a virtual space in the Google Maps application. Street view allows the users to visualize the location without being present physically and allows the user to move from one location to another virtually with the use of arrows. The increasing usage of Google Maps will be a driving force for the growth of virtual tour software worldwide. Google Maps is known to be commonly used in mobile phone devices, with an estimated 54% of the global smartphone users accessing it. it has been also found that Google Maps accounts for an estimated 1 billion users monthly. Google Maps accounted for an estimated download count of 9.12 million in 2022 in the United States. Among the many users worldwide, 4.41 million people in Germany have used Google Street View, increasing the popularity of Google Maps.
The increasing growth in real estate applications propels the virtual tour market.
The real estate sector has displayed an increase in the adoption of virtual reality software and hardware for increasing real estate sales. Virtual tour software allows customers to experience an immersive field of view of a preferred house in a virtual space, which is further guided by the real estate agent in charge of the virtual tour. Virtual tour software allows real estate brokers to target suitable buyers by offering a 360 virtual tour and uncover leads by integrating virtual reality, enhancing the customer experience and satisfaction.
Square Yards is one of the largest real estate marketplaces that has integrated 3D and virtual reality technology in India. They are known to offer real estate information and recommendations through virtual tours of the properties on their real estate website. Square Yards has stated an increase of 70% in their revenues during FY23. The increase in revenue accounted during 2021-22 to FY23 was Rs. 395.6 crore in 2021-22 to Rs. 670.5 crore in 2023. 77% of the business revenue was accounted from India, while the remaining 10% and 13% came from the Gulf and the rest of the world respectively.
Figure 1: Increase in Revenue, Square Yards, 2021-2023
(in crores of Rupees)
Source: Square Yards Media
Figure 2: Regional Contribution of Revenue, Square Yards
(in percentage of revenue)
Source: Square Yards Media
The growing tourism industry propels the virtual tour software market.
The tourism industry is one of the major users of virtual tour software worldwide. Virtual tour software allows travel agencies and tour operators to create a virtual visualization of tourist destinations for customers to visualize without physically being present in the location. Tourism companies have been known to leverage virtual reality and visualizations to display accurate representations of tourist destinations to customers who travel. It is also used by sales and marketing teams for the promotion of tourism or by web content managers who integrate virtual tours into websites or online portals.
The growth of the tourism industry, coupled with the increase in development and advancements of virtual reality, and augmented reality, will drive the growth of the virtual tour software market. For instance, India has one of the largest tourism sectors worldwide and has been ranked 10th among the 185 countries in terms of travel & tourism contribution to the GDP in 2019. As per the India Brand Equity Foundation (IBEF), the India travel and tourism sector to India’s economy accounted for an estimated valuation of Rs. 15.9 trillion in 2022, which is an estimated US$191.25 billion. It was also stated that the travel & tourism industry’s contribution to the GDP accounted for US$178 billion in 2021 and is expected to reach an estimated value of US$512 billion by 2028. This increase in the industry is also expected to provide 53 million jobs by 2029 in India. Therefore, the increase in the growth of the industry will provide growth opportunities in the virtual tour market for travel agencies during the upcoming years.
Figure 3: Projected Travel & Tourism Industry’s Contribution to the GDP, India, 2021-2028
(in billions of US Dollars)
Source: India Brand Equity Foundation
AI to Levitate the MRI in Healthcare Industry
Thought ArticlesArtificial Intelligence (AI) has shown a massive increase in growth during the past two years, coupled with the increasing adoption and development of automation and technology worldwide for a wide variety of applications in healthcare, food and beverage, construction, and many other industries. AI can be defined as the process of simulating human intelligence through the use of machines, specifically computer systems. This process allows the encapsulation of processes like learning, self-correction, and reasoning through the use of code and machinery. AI is known to have different technological facets, which include:
AI is known to have a wide range of applications, which includes healthcare, business, education, finance, law, and manufacturing. In the healthcare sector, the use of AI technology has shown an increase in MRI technologies. MRI scanners are known to be medical imaging machinery that uses magnetic fields and radio waves to take pictures of the body’s interior. It is commonly known to be helpful for the collection of pictures of soft tissue, such as organs and muscles, that are not visible through X-ray scans.
The increasing prevalence of brain and heart diseases propels the MRI scanning technology growth.
Magnetic Resonance Imaging (MRI) technology is known to be used to scan the inside of the body, commonly soft tissue such as muscles and organs. It is commonly used in the healthcare sector for scanning various conditions in the body, which include tumours such as cancers, soft tissue injuries such as damaged ligaments, joint injury or disease, spinal injury or disease, and injuries or disease of internal organs, which include brain, heart, and digestive organs. The increase in the prevalence of health conditions that affect the internal organs of the body gives rise to an increasing need for improved MRI technology in the market.
AI usage in MRI technology allows for a wide range of benefits, helping improve the productivity and efficiency of MRI scans in the healthcare sector. The benefits include improved reconstruction, quicker diagnosis, and enhanced fault detection. AI enables the reconstruction of rapid MRI scans that are coarsely sampled into high-quality images, which further helps doctors interpret MRI scans more accurately. AI also helps doctors by providing detailed summaries and information on the diagnosis, helping doctors to create better results and decisions. AI is also known for improving fault detection through advanced algorithms and machine learning technologies.
One of the major growth drives of MRI scans in the market is the increasing prevalence of brain and heart disease in the world. For instance, as per the American Heart Federation, the number of people affected by Alzheimer’s disease and related dementias is expected to increase to 9.3 million in the United States by 2060, which will be a significant increase from 2.9 million in 2017.
Additionally, some of the leading factors that lead to an increasing prevalence of cardiovascular disease (CVD) deaths in 2021 include elevated LDL cholesterol (3.8 million deaths), high fasting plasma glucose (2.3 million deaths), air population (4.8 million deaths), high body-mass index (BMI) (2.0 million deaths), tobacco use (3.0 million deaths), low physical activity (397,000 deaths), and raised blood pressure (10.8 million deaths). The increased death rate of CVDs will drive the need for improved and enhanced MRI devices, which include AI-integrated MRI devices, to help prevent CVDs and other internal organ-related diseases or injuries from ever occurring.
Figure 1: Factors Contributing to Cvd Deaths, Global, 2021
(in millions of people)
Source: World Heart Report, World Heart Federation
Another factor that leads to the increasing prevalence of heart and brain diseases in the market is the increasing aged population worldwide. Aging is one of the major factors that propel the increasing risk factor of heart and brain diseases, which include coronary heart disease, Alzheimer’s disease, Amyotrophic lateral sclerosis (ALS) disease, and many others. The increase in the number of elderly people will increase the need for improved healthcare facilities and technologies, which include MRI devices. AI in MRI devices will help improve the diagnosis through efficiency and improved information collection and production. The World Health Organization states that the number of people aged 60 years and above will account for 1 in 6 people by 2030. It was also stated that the global population of those who are aged 60 years and above will account for an increase from 1 billion in 2020 to 1.4 billion by 2030, which will be expected to double in size to 2.1 billion by 2050. It was also stated that the number of people aged 80 years and above will be expected to triple to reach 426 million by 2050. The increase in the global aged population will lead to an increased prevalence of heart and brain diseases or injuries, further driving the need for MRI devices or scanners in the healthcare sector, coupled with developing technologies such as artificial intelligence integrated into the machinery, helping prevent diseases before occurring or increasing in risk in the human body.
Figure 2: Projected Aged Population Growth, Global, by Billion, 2020-2050
(in billions of people)
Source: World Health Organization
Key Developments:
August 2023: Fujifilm announced the launch of their new MRI system that consists of Deep Learning Reconstruction technology, dubbed ECHELON Synergy. The 1.5 Tesla magnetic resonance imaging (MRI) system employs Synergy DLR, which is Fujifilm’s proprietary Deep Learning Reconstruction (DLR) technology that is powered by AI, that enhances the sharpness of images and produces scans faster, contributing to a higher throughput, image quality, and patient satisfaction.
July 2022: Siemens Healthineers announced the acceleration and improvement of their Magnetic Resonance Imaging (MRI) with artificial intelligence, dubbed Deep Resolve. This deep learning solution for image reconstruction removes the dilemma of the trade-off between scan time, resolution, and image noise of MRI scans. This improved the efficiency and productivity of MRI scanners by allowing clinicians to choose a significantly faster scan time, further reducing noise and maintaining the resolution or even improving the image quality. The solution works with the scanner’s raw data to use AI algorithms, improving the image from the first steps of image reconstruction.
Driving Growth: Exploring Trends in the Oilseed Market
Thought ArticlesOilseeds are a vital component of global agriculture and play a crucial role in the production of food, feed, and biofuels. These seeds contain high levels of oil and are cultivated primarily for their oil content. The oil extracted from oilseeds is used in various applications, including cooking oil, margarine, biodiesel, and animal feed. In this article, we will explore the oilseed market, analyzing its production and consumption trends, major crops, market dynamics, challenges, opportunities, and future outlook.
Global Production and Consumption Trends
The production and consumption of oilseeds have been steadily increasing over the years, driven by factors such as population growth, changing dietary habits, and the growing demand for biofuels. Leading oilseed-producing countries include the United States, Brazil, China, India, and Argentina. These countries account for a significant portion of global oilseed production, with soybeans, rapeseed, sunflower seeds, and palm kernels being the most commonly cultivated crops.
In recent years, there has been a notable increase in the production of oilseeds in emerging economies, particularly in South America and Southeast Asia. These regions have favorable agro-climatic conditions for oilseed cultivation and have seen significant investments in agricultural infrastructure and technology. However, challenges such as land degradation, water scarcity, and climate change pose risks to the sustainability of oilseed production in these areas.
In the fiscal year 2021-22, global oilseed production totaled 632.86 million metric tons (MMT). Within the Indian agricultural sector, oilseeds hold the second most significant position in terms of both cultivated area and production, following food grains. In the fiscal year 2020-21, domestic production of edible oils amounted to 9.5 million metric tonnes, while domestic consumption stood at 22.5 million tonnes annually. Consequently, to bridge the gap of 13 million tonnes, the country resorts to imports, incurring a cost of US$ 13.5 billion (equivalent to approximately Rs. 1.17 lakh crore).
Figure 1: Edible Oil Domestic Production and Consumption in India for 2020-21 in Million Metric Tonnes
Source: NAARM Report
Major Oilseed Crops
Soybeans are the most widely cultivated oilseed crop globally, accounting for a significant portion of total oilseed production. Soybean oil is used in various food products, while soybean meal is a valuable protein source for animal feed. Rapeseed, primarily grown in Europe and Canada, is another important oilseed crop known for its high oil content and versatile applications. Sunflower seeds are cultivated mainly in Eastern Europe and Russia and are valued for their high-quality oil.
Palm oil, derived from the fruit of oil palm trees, is a crucial commodity in the oilseed market, with extensive use in the food, cosmetics, and biofuel industries. However, the production of palm oil has been associated with deforestation, habitat destruction, and environmental degradation, leading to concerns about its sustainability. In the fiscal year 2020-21, India imported approximately 13.352 million metric tonnes of edible oils, amounting to around Rs. 80,000 crores. Among all the imported edible oils, palm oil constitutes approximately 56% of the total, followed by soybean oil at 27%, and sunflower oil at 16%.
Figure 2: Segmentation of Edible Oil Import in India, in 2020-21
Source: NAARM Report
Market Dynamics and Drivers
Several factors drive the oilseed market, including population growth, urbanization, dietary shifts, and economic development. As populations grow and incomes rise, there is an increased demand for edible oils and protein-rich foods, driving the consumption of oilseeds. Moreover, the growing popularity of plant-based diets and the rising awareness of the health benefits of vegetable oils have contributed to the demand for oilseed products.
The expansion of the biofuel industry has also played a significant role in driving the oilseed market. Biofuels, such as biodiesel and bioethanol, are derived from renewable sources such as oilseeds and offer a cleaner alternative to fossil fuels. Government policies promoting the use of biofuels, along with concerns about energy security and climate change, have spurred investments in biofuel production, further boosting the demand for oilseeds. In August 2021, the Government of India launched the National Mission on Oilseeds and Oil Palm with the objective of achieving self-sufficiency in edible oil production and increasing domestic oilseed output. Under this initiative, the government plans to invest over 110 billion rupees ($1.48 billion) to provide farmers with comprehensive support, including improved technology and high-quality seeds.
Challenges and Constraints
Despite the promising prospects, the oilseed market faces several challenges and constraints that threaten its sustainability and growth. Climate change poses a significant risk to oilseed production, with extreme weather events, such as droughts, floods, and heatwaves, disrupting agricultural activities and reducing yields. Additionally, pest and disease pressures, soil degradation, and water scarcity present formidable challenges to oilseed producers.
The expansion of oilseed cultivation has also raised concerns about its environmental impact, particularly in regions with fragile ecosystems. Deforestation, habitat loss, and biodiversity decline are associated with the conversion of forests and natural habitats into agricultural land for oilseed cultivation. In 2010, the world had 3.92 billion hectares (Gha) of tree cover, covering approximately 30% of its total land area. However, by 2022, it experienced a loss of 22.8 million hectares (Mha) of tree cover. In the same year, India possessed 31.3 million hectares (Mha) of natural forest, which accounted for about 11% of its land area. Unfortunately, by 2022, India witnessed a loss of 117 thousand hectares (kha) of natural forest, resulting in emissions equivalent to 62.9 million metric tons (Mt) of CO₂. Sustainable agricultural practices and certification schemes, such as the Roundtable on Sustainable Palm Oil (RSPO), aim to address these concerns and promote responsible oilseed production.
Figure 3: Tree Cover in the World, From 2010 to 2022, in Billion Hectares
Source: Global Forest Watch
Emerging Opportunities and Innovations
Despite the challenges, the oilseed market presents numerous opportunities for innovation and growth. Advances in agricultural technology, such as precision farming, genetic engineering, and digitalization, are revolutionizing oilseed cultivation and improving productivity and efficiency. Precision farming techniques, including satellite imaging, drones, and soil sensors, enable farmers to optimize resource use, minimize environmental impact, and enhance crop yields.
Genetic engineering and biotechnology have led to the development of improved oilseed varieties with enhanced traits, such as disease resistance, drought tolerance, and higher oil content. These genetically modified crops offer potential solutions to the challenges facing the oilseed industry and could help meet the growing demand for sustainable oilseed products.
Market Outlook and Future Trends
Looking ahead, the oilseed market is expected to continue growing, driven by rising global demand for food, feed, and renewable energy. Population growth, urbanization, and changing dietary habits will drive the consumption of oilseed products, while advancements in technology and sustainable practices will enhance productivity and efficiency in oilseed cultivation.
The adoption of innovative technologies, such as artificial intelligence, blockchain, and biotechnology, will play a crucial role in shaping the future of the oilseed industry. These technologies offer opportunities to improve crop yields, reduce environmental impact, and enhance supply chain transparency and traceability.
However, addressing sustainability challenges, such as deforestation, biodiversity loss, and climate change, will be paramount for the long-term viability of the oilseed market. Collaborative efforts between governments, businesses, and civil society organizations will be essential in promoting responsible oilseed production practices and achieving sustainable development goals.
Key Developments
In conclusion, the oilseed market presents significant opportunities for growth and innovation, driven by increasing demand for food, feed, and renewable energy. While facing challenges such as climate change and environmental degradation, the industry is poised to capitalize on technological advancements and sustainable practices to meet the needs of a growing global population while preserving the planet’s resources for future generations.