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.
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.
Sunscreen Market size worth US$16.204 billion by 2029
Press ReleasesThe sunscreen market is expected to grow at a CAGR of 5.28% with a market valuation of US$$11.372 billion in 2022 and is expected to reach a market value of US$16.204 billion by 2029.
The market for sunscreen products is significantly impacted due to the increasing prevalence of skin diseases and skin cancer worldwide.
As per the report, the market for sunscreens is expected to witness significant growth during the forecasted period.
Sunscreen is a type of product that helps in protecting the human skin from the harmful effects of sun rays, commonly UV rays from the sun. Sunscreen products help the prevention of absorption of Ultraviolet (UV) radiation by the skin, preventing the risk of contracting any kind of skin disease or developing skin cancer. Sunscreen products are known to contain a sun protection factor (SPF), which determines the level at which sunscreen products protect against harmful ultraviolet rays.
The increasing prevalence of skin cancer, coupled with the rising prevalence of skin diseases can be considered a few of the major growth factors in the sunscreen market. Ultraviolet rays are known to be harmful to the body. Ultraviolet radiation is one of the major factors in which the prevalence of skin disease and skin cancer increases, due to the degradation of skin cells from ultraviolet ray exposure. They are also known to premature ageing of the skin, further increasing fine lines, age spots, and the development of wrinkles.
As per the Skin Cancer Foundation, the number of new melanoma cases is expected to display an increase of 7.3% in 2024, among which melanoma deaths are expected to increase by 3.8%. it was also stated that the United States accounted for 200,340 cases of melanoma during 2024, which include 99,700 cases of situ (non-invasive), confined to the epidermis (top layer of the skin), and 100,640 cases of invasive disease, which penetrates the epidermis into the skin’s second layer, known as the dermis. Among the invasive diseases, 59,170 cases are accounted to be in men, and the remaining 41,470 cases are accounted to be in women. This increasing prevalence of skin diseases known as melanoma and other related skin diseases drives the need for skin protection products such as sunscreens, further driving the growth of the global sunscreen market during the forecasted period.
Furthermore, several new products in the market by popular and well-known brands drive the growth of the sunscreen market during the forecasted period. For instance, as of January 2023, Beiersdorf AG, in collaboration with NIVEA, announced the launch of their innovative cosmetic sunscreen that was produced for a young girl with a rare skin disease known as EPP (Erythropoietic Protoporphyria), with the people suffering from the disease dubbed Shadow Jumpers since people with EPP are prone to the disease when exposed to sunlight. The product includes special light scattering pigments, preventing light from penetrating the skin and allowing the girl to be exposed to sunlight without suffering the side effects of the EPP skin disease for a short period, improving the quality of life.
The sunscreen market has been categorized based on type, product type, application, and geography.
Based on type, the sunscreen market is categorized into two types, which include mineral, and chemical. Mineral sunscreens are known to use natural sources of ingredients, whereas chemical sunscreens are known to use chemicalized formulations for production.
Based on product type, the sunscreen market is categorized into five types, which include creams and lotions, gels, sticks, sprays, and powders. Creams and lotions are well known in the sunscreen market and are produced in large quantities in the current period.
Based on application, the sunscreen market is categorized into two types, which include face, and body. Sunscreen is used on both the face and body, preventing the harmful UV rays from harming the skin.
Based on geography, the North American region is expected to witness significant growth in the sunscreen market during the forecasted period. The factors that contribute to the growth in the region is the increasing prevalence of skin diseases in the region, further increasing the demand for skincare products and sunscreen in the market. The United States and Canada are known to boost the growth in the region due to the increasing self-consciousness of skincare in the market. As per the Skin Cancer Foundation, melanoma is one of the most common cancers in the United States, with 1 in 5 Americans developing skin cancer by the age of 70. Furthermore, it was stated that more than 2 people perish from skin cancer every hour in the United States. In the U.S., more than 9,500 people have contracted skin cancer daily. Furthermore, it was stated that the annual cost of treating skin cancers in the United States accounted for an estimated $8.1 billion, which includes $3.3 billion for melanoma-related cancer. This prevalence will drive the need for sunscreen with improved protection properties, further driving the growth of the global sunscreen market.
The research includes several key players from the sunscreen market, such as L’oréal Paris, Kao Singapore Pte. Ltd., Johnson & Johnson Services, Inc., Estée Lauder Inc., Shiseido Co. Ltd., Procter & Gamble Company, Beiersdorf AG, LOTUS HERBALS, Supergoop!, and VLCC Products.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-sunscreen-market
This sunscreen market has been analyzed into the following segments:
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.
Forage Feed Market is estimated to grow at a CAGR of 2.29% to reach US$40.723 billion by 2029
Press ReleasesThe forage feed market is expected to grow at a CAGR of 2.29% during the forecasted period, with a market valuation of US$34.757 billion in 2022 and is expected to reach US$40.723 billion by 2029.
The growth of the forage feed market has been driven by factors such as the rising number of livestock, heightened research and development funding from both government and private sectors, and advancements in forage feed technology.
As per the report, the forage feed market is expected to grow significantly.
Forages refer to edible parts of plants, excluding separated grains, which are used as feed for grazing animals or can be harvested for feeding livestock. They play a crucial role in the beef cattle industry and contribute to enhancing crop diversity, wildlife habitats, and soil ecosystem services. When selected and managed appropriately, forage feed can be a valuable resource for farmers due to its high productivity and nutritional value during its early growth stages. Addressing pest issues is essential to mitigate any negative impacts on productivity. Maximizing the productivity of forage feed necessitates careful planning of grazing strategies. For example, forage feed can be grown specifically for producing hay or silage, or it can be grazed initially before being conserved for fodder. Forages have deep roots that can improve soil organic matter content and serve as a rich source of vitamins, fiber, and proteins, benefiting animal metabolism. In September 2023, MAS Seeds introduced a fresh selection of forage mixtures and customized blends, featuring the inclusion of “MAS4 NUTRI” forage, which is abundant in legumes and aimed at enhancing animal nutrition. These new releases are part of the company’s initiative to expand its range of agronomic solutions for farmers.
The forage feed market encompasses various types of feed options, including pasture, hay, silage, and haylage. Pasture refers to grazing land where animals can feed directly on grass and other vegetation. Hay is dried grass or legumes, typically harvested and stored for later use as animal feed. Silage involves the fermentation of green fodder, such as grass or maize, in airtight conditions to preserve its nutritional value. Haylage is similar to silage but is typically made from higher moisture content grass, which is also stored in airtight conditions to ferment. These different types of forage feed provide farmers with diverse options to meet the dietary needs of their livestock throughout the year, ensuring a consistent and balanced supply of nutrients for healthy animal growth and productivity.
The forage feed market caters to various categories of animals, including ruminants, poultry, and swine. Ruminants, such as cattle, sheep, and goats, have specialized stomachs capable of digesting fibrous plant material like grass and hay. Poultry, including chickens, turkeys, and ducks, require a balanced diet consisting of grains, seeds, and forage to support their growth and egg-laying capabilities. Swine, or pigs, thrive on a diet that includes a mix of grains, forage, and protein-rich feed. Each animal category has specific nutritional requirements, and the forage feed market offers a range of products tailored to meet these needs. Whether it’s providing fiber-rich grasses for ruminants, balanced grains for poultry, or protein supplements for swine, the forage feed market plays a crucial role in supporting the health and productivity of various livestock species, contributing to sustainable and efficient agricultural practices.
The forage feed sector is poised for growth in the Asia Pacific region due to increasing demand for dairy and animal products, along with government subsidies. Factors such as population growth, shrinking pastureland, a shift towards organic food and feed preferences, and heightened demand for dairy and animal products are driving the expansion of the forage feed market in the region. Notably, India and China, two major economies, stand out as leading producers of cattle, with China recording 101,500,000 in cattle stocks in 2023 and India having 307,500,000. Moreover, government initiatives aimed at bolstering the dairy industry are contributing to the surge in demand for forage feed.
Riverina, Standlee Premium Products, LLC, BASF SE, Al Dahra ACX Global Inc., Lucerne Farms, Johnston Seed Company, ADM, Triple Crown Nutrition—these are some of the key players in the forage feed industry. Each company brings its expertise and products to the market, catering to the diverse needs of farmers and livestock owners. From providing high-quality hay and forage blends to offering nutritional supplements and innovative solutions for animal feed, these companies play a vital role in supporting agricultural operations worldwide. Whether it’s enhancing crop productivity, improving animal health, or promoting sustainable farming practices, these industry leaders contribute significantly to the growth and development of the forage feed sector.
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This analytics report segments the forage feed market on the following basis:
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.
From Algorithms to Empathy: The Promise of Emotional AI
Thought ArticlesIn 2023, Kate Crawford estimated the value of the emotional AI sector to be approximately $22 billion, with projections indicating a doubling of this figure by the year 2024.
Emotional AI Market, in US$ Billion
Source: PubMed Central
In today’s digital age, artificial intelligence (AI) continues to reshape the way we interact with technology. From voice assistants to recommendation algorithms, AI permeates various aspects of our lives, offering convenience, efficiency, and personalized experiences. However, as technology evolves, so do our expectations. In recent years, there has been a growing emphasis on imbuing AI systems with emotional intelligence, leading to the emergence of Emotional AI, also known as affective computing. This groundbreaking field seeks to bridge the gap between humans and machines by enabling computers to recognize, interpret, and respond to human emotions. In this article, we will delve into the transformative potential of Emotional AI, exploring its applications across industries, recent developments, and ethical considerations.
Explore the Emotional AI Market
Discover the full potential of Emotional AI with our comprehensive market report, offering detailed insights into market size, growth forecasts, and key industry trends.
In February 2024, EIT Digital, along with 12 other prominent European institutions in education, research, and technology, introduced “EMAI4EU,” a significant four-year endeavor aimed at educating professionals in the realm of artificial emotional intelligence. EIT Digital, renowned as a leading force in digital innovation across Europe, unveiled EMAI4EU, a fresh initiative spanning four years to enrich education in emotional artificial intelligence throughout Europe. This collaborative effort unites 13 esteemed European institutions to craft innovative degree programs and learning modules tailored to equip participants with advanced AI skills.
Understanding Emotional AI:
At its core, Emotional AI encompasses the integration of algorithms, machine learning techniques, and sensor technologies to enable machines to perceive and understand human emotions. This involves analyzing various cues, including facial expressions, vocal intonations, body language, and textual sentiment. By deciphering these emotional signals, Emotional AI systems can infer users’ mental states and tailor responses accordingly.
One of the key challenges in developing Emotional AI lies in creating algorithms capable of accurately recognizing and interpreting complex human emotions. This requires a multidisciplinary approach, drawing insights from psychology, neuroscience, computer vision, natural language processing, and other fields. Researchers leverage datasets comprising labeled emotional expressions to train machine learning models, enabling them to recognize patterns and make predictions about users’ emotional states.
Applications Across Industries:
The potential applications of Emotional AI span a wide range of industries, each with unique opportunities to leverage emotional intelligence in human-machine interactions:
1. Customer Service:
In the realm of customer service, Emotional AI holds the promise of revolutionizing the way businesses engage with their customers. Chatbots and virtual assistants equipped with Emotional AI capabilities can understand users’ emotions, empathize with their concerns, and provide tailored assistance. For example, a chatbot integrated into a retail website can detect frustration in a customer’s tone and offer personalized solutions to address their issue, thereby enhancing customer satisfaction and loyalty.
Dive into the AI Chatbot Market
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2. Healthcare:
Emotional AI has significant implications for the healthcare sector, particularly in the realm of mental health. By analyzing patients’ emotional cues during therapy sessions, AI-driven systems can provide valuable insights into their psychological well-being and facilitate personalized interventions. For instance, a virtual therapist equipped with Emotional AI can detect signs of anxiety or depression in a patient’s speech patterns and offer coping strategies or recommend further treatment.
3. Education:
In the field of education, Emotional AI has the potential to revolutionize personalized learning experiences. Adaptive learning platforms powered by Emotional AI algorithms can gauge students’ emotional responses to educational content and adjust the curriculum accordingly. For example, if a student exhibits signs of frustration or confusion while solving a math problem, the system can offer additional explanations or alternative learning resources tailored to their needs, thereby optimizing learning outcomes.
4. Automotive:
In the automotive industry, Emotional AI is poised to transform the driving experience by enhancing safety and comfort. In-car systems equipped with emotion recognition capabilities can monitor drivers’ emotional states and intervene when necessary to prevent accidents or mitigate risks. For instance, if a driver displays signs of drowsiness or distraction, the system can issue alerts, adjust the vehicle’s settings, or even initiate autonomous driving mode to ensure safe navigation.
Discover AI in Automotive
Learn how Emotional AI is shaping the future of driving with our detailed report on AI in the Automotive Market, covering innovations and market trends.
Recent Developments and Examples:
In recent years, there have been notable advancements in Emotional AI research and development, leading to innovative applications and technologies:
1. Amazon’s Alexa Emotions:
Amazon, a leading player in the voice assistant market, is exploring Emotional AI capabilities for its popular Alexa virtual assistant. By integrating emotion recognition algorithms into Alexa-enabled devices, Amazon aims to make interactions with the assistant more empathetic and human-like. For example, Alexa may adjust its tone of voice or response based on the user’s emotional state, providing a more personalized and engaging experience.
2. IBM Watson’s Tone Analyzer:
IBM Watson offers a Tone Analyzer tool that leverages Natural Language Processing (NLP) techniques to evaluate textual content and discern emotional tones. Businesses can use this tool to analyze customer feedback, social media posts, and other text-based data to gauge sentiment and tailor their communication strategies accordingly. For instance, a company may use the Tone Analyzer to identify areas of customer dissatisfaction and address them proactively, thereby improving brand perception and customer satisfaction. IBM Watson Assistant handles 62% of telephone calls, 68% of chats, and 56% of other queries received by IBM, in each month.
Percentage of Queries Handled by IBM Watson Assistant Monthly
Source: IBM Report
3. Affectiva’s Automotive AI:
Affectiva, a pioneer in Emotional AI, collaborates with automotive manufacturers to develop in-car systems that recognize and respond to drivers’ emotions. By integrating emotion recognition sensors into vehicles, Affectiva’s Automotive AI technology can detect a range of emotional states, including stress, fatigue, and distraction. For example, if a driver displays signs of road rage or frustration, the system may activate calming music, adjust the ambient lighting, or provide soothing voice prompts to help alleviate tension and promote safe driving.
On May 25, 2021, Smart Eye revealed its acquisition of Affectiva, merging the two entities to spearhead advancements in the automotive sector. Through the integration of their respective technologies, these two trailblazers aim to accelerate the delivery of automotive-grade AI solutions to meet the demands of the evolving interior sensing market.
Ethical and Privacy Considerations:
While Emotional AI holds immense promise to humanize technology and improve human-machine interactions, it also raises important ethical and privacy considerations:
1. Data Privacy:
Emotional AI systems rely on vast amounts of personal data, including facial images, voice recordings, and textual content, to analyze and interpret users’ emotions. Safeguarding this data and ensuring user privacy are paramount to building trust and fostering widespread adoption of Emotional AI technologies. Companies must adhere to strict data protection regulations and implement robust security measures to prevent unauthorized access or misuse of sensitive information.
2. Algorithmic Bias:
Like all AI systems, Emotional AI algorithms are susceptible to bias, which can manifest in various forms, including gender, racial, and cultural biases. Biased algorithms may lead to unfair or discriminatory outcomes, exacerbating existing societal inequalities. To mitigate bias in Emotional AI systems, researchers and developers must carefully design and evaluate algorithms, prioritize diversity and inclusivity in training datasets, and implement transparency and accountability measures to address bias-related issues.
The burgeoning market for emotion recognition is projected to reach $3.8 billion by the year 2025. Emotional AI represents a paradigm shift in the field of artificial intelligence, enabling machines to understand and respond to human emotions in increasingly sophisticated ways. As advancements continue and ethical frameworks evolve, Emotional AI has the potential to enrich human-machine interactions across various domains, from customer service to healthcare and beyond. By harnessing the power of Emotional AI, we can create more empathetic, personalized, and inclusive technologies that enhance our lives and improve our well-being. As we embark on this transformative journey, it is essential to prioritize ethical considerations, uphold privacy rights, and ensure that Emotional AI serves the best interests of humanity.
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Oilseed Market is estimated to grow at a CAGR of 6.72% to reach US$481.683 billion by 2029
Press ReleasesThe oilseed market is expected to grow at a CAGR of 6.72% during the forecasted period, with a market valuation of US$305.526 billion in 2022 and is expected to reach US$481.683 billion by 2029.
Oilseeds and oilseed meals can supply nutrients that aid in milk production and growth. When employing heat-treated oilseeds or oilseed meals, it is critical to use the right heat treatment to preserve amino acids against ruminal enzyme degradation and block organically present enzymes that restrict intake.
Most oilseed meals are protein-based and include significant quantities of critical amino acids. Oilseeds are used in a variety of industrial applications, including biodiesel, fertilizer, pharmaceuticals, cosmetics, animal feed, fibers, paint, buttons, and so on. Growing demand for animal nutrition, along with usability in many applications and the adoption of a healthy lifestyle, has fuelled market expansion on a worldwide scale.
As per the report, the oilseed market is expected to grow at a significant pace.
Oilseed crops are used to provide sustainable aviation fuel, lowering overall carbon emissions. The increased emphasis on limiting conventional kerosene in attempts to decrease the global carbon footprint has hastened the demand for sustainable aircraft production, which is projected to pave the way for future growth in the oilseed industry.
For instance, In December 2022, the US Department of Energy awarded Michigan State University researchers $2 million to produce cleaner, more sustainable biodiesel and jet fuels from Camelina sativa, a plant related to cabbage and cauliflower. The financing will help to better understand the plant’s oilseed output and make it a viable alternative to petroleum-based aircraft fuels.
There are many product launches and developments that are taking place in the oilseed market during the forecast period. For instance, Chevron USA, Bunge, and Corteva Inc. signed a strategic agreement in March 2023 to develop winter canola hybrids for use in low-carbon plant-based oil production. The increased output intends to address the rising demand for low-carbon renewable fuels.
The global oilseed market, based on different crop types is categorized into- canola, rapeseed & and mustard, soybean, sunflower, and others. Canola seeds are an oilseed that is widely grown for its high-quality oil, which is low in saturated fat but high in unsaturated fats, notably omega-3 fatty acids. Canola oil is widely used in cooking, frying, and baking, as well as in food processing and biodiesel production.
Rapeseed and mustard seeds belong to the Brassicaceae family and are grown largely for their oil content. Rapeseed oil is used in a variety of culinary applications, including frying and salad dressings, whereas mustard oil is prominent in Indian cuisine and also has medicinal benefits.
Soybeans are one of the world’s most frequently farmed oilseeds, providing a large supply of vegetable oil and protein. Soybean oil is widely used in culinary goods, including cooking oils, margarine, and salad dressings, as well as in industrial uses such as biodiesel manufacturing.
Sunflower seeds are an important oilseed crop noted for their high oil content and nutritional value. Sunflower oil is widely used in cooking, frying, and salad dressings due to its mild flavor and high smoke point. It is also used in the manufacturing of margarine and mayonnaise.
The global oilseed market, based on different types is categorized into- GMO, and Conventional. GMO oilseeds have been genetically altered with biotechnology to include desired features like herbicide resistance, insect resistance, disease resistance, or improved nutritional profiles. GMO oilseeds include soybeans, canola, and corn.
Conventional oilseeds are types that have been established using traditional breeding procedures and farming practices without the application of genetic manipulation. These types may have been selectively bred to boost yield, oil content, disease resistance, or other characteristics during decades of crop development initiatives.
North America accounts for a significant portion of the global oil seed industry as a result of increased oilseed production and increased use of edible oils in Americans’ everyday lives. Furthermore, the US soybean crop was produced in bigger numbers, which resulted in increased soybean oil consumption and hastened market expansion. According to the World Trade Organisation, the United States is the world’s second-largest soybean exporter and one of its main producers.
As a part of the report, the major players operating in the oilseed market that have been covered are BASF SE, Bayer AG, Bunge Limited, KWS SAAT SE & Co. KGaA, Syngenta, Corteva, and Cargill.
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The analytics report categorizes the oilseed market using the following criteria:
Segmentation: