Fintech technologies are innovative tools, applications, and systems designed to improve and simplify financial services. These technologies use the power of digital innovations to transform the way financial transactions are conducted, intending to make financial services more convenient, efficient, and accessible for individuals and businesses. Fintech technologies also enhanced financial inclusion by making financial services more accessible to underserved populations. Join us as we explore the “Top 10 Fintech Technologies” in this article that have changed businesses and enhanced financial services.
Top 10 Fintech Technologies
- Blockchain
- Fintech SaaS
- Cloud computing
- IoT
- Artificial intelligence
- Banking Fintech
- Robotics
- Cryptocurrency
- Machine learning
- Cybersecurity
Let’s discuss each one in detail.
1. Blockchain
Blockchain is a decentralized digital database that tracks and verifies transactions between computers. Compared to traditional financial systems, this technology enhances security, efficiency, and cost-effectiveness. Blockchain ensures data immutability and integrity, making it ideal for record preservation and secure identity management. Its application also extends to smart contracts, which allow automated and programmable agreements without the need for intermediaries. For instance, in June 2023, Fujitsu announced the launch of blockchain collaboration technology to create Web3 services, illustrating its effectiveness in streamlining and improving the security of cross-border financial transactions.
2. Fintech SaaS
Fintech (Software-as-a-Service) SaaS is a ground-breaking solution in the financial sector that provides a variety of innovative tools and services hosted on a cloud-based platform and accessible via the Internet. This technology enables financial institutions to streamline operations, increase efficiency, and provide personalized experiences to their customers. Fintech SaaS is used in numerous applications, including online banking, payment processing, risk assessment, financial planning, wealth administration, and data analytics. Its end users come from a variety of industries, including banks, FinTech startups, insurance companies, and investment firms. By utilizing Fintech SaaS technology, these users can experience faster and more secure transactions, better risk management, and simplified financial processes. Companies are investing in the launch of such technology; for instance, in August 2023, ZILO announced the launch of its SaaS software platform for international transfer agency services that provide clients with a global cloud-based transfer solution and deliver a consistent platform across multiple jurisdictions. This varies from legacy solutions, which are more monolithic and have a narrower jurisdictional focus.
3. Cloud computing
Cloud computing technology emerged as a groundbreaking fintech solution, transforming financial institutions’ operations and revolutionizing the industry. Cloud computing provides financial service providers with unparalleled scalability, cost-efficiency, and agility by securely storing and processing massive amounts of data over the Internet. This technology enables businesses to use advanced analytics, artificial intelligence, and machine learning algorithms to improve operations, reduce risk, and provide personalized services. This technology also enables seamless collaboration and data sharing among multiple stakeholders. Strategic collaboration and launches by major players are paving the way for future market demand for such technology. For instance, in June 2023, Oracle announced the availability of new cloud-native services that can assist banks in strengthening their finance and risk management procedures to reflect their target risk tolerance and limit exposure. Additionally, in October 2023, Kyndryl, the world’s largest provider of technology infrastructure services, announced the launch of new services for financial services organizations seeking to use Google Cloud to store and protect confidential and sensitive data securely.
The United States continues to be at the leading edge of cloud computing innovation and adoption, with major technology companies like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform, which accelerate the cloud computing services in the region.
4. IOT
The Internet of Things (IoT) is a revolutionary technology that connects physical devices and allows them to collect and exchange data via the internet. The Internet of Things has rapidly gained popularity in recent years due to its potential to improve many aspects and has numerous applications, including smart homes and cities, industrial automation, and healthcare. It enables the development of intelligent and interconnected systems, which improve efficiency and provide valuable decision-making insights. For instance, in June 2023, Qualcomm announced the launch of new satellite IoT solutions for continuous remote monitoring and asset tracking.
Asia Pacific is growing significantly in IoT technology which is propelling the number of IoT devices in the region’s major countries such as China, South Korea, and India. These countries have made significant investments in research and development, creating a favorable environment for IoT growth.
Figure 1: IoT Devices in APAC Region, in Billions, From 2022 to 2027
Source: OMDIA
5. Artificial intelligence
Artificial intelligence (AI) is a rapidly growing area of computer science that focuses on creating intelligent machines capable of performing tasks that would normally require human intelligence. AI aims to imitate human mental skills such as learning, reasoning, problem-solving, and decision-making. This technology has surged in popularity, revolutionizing a variety of industries and sectors around the world. For instance, in September 2023, EY organization (EY) announced the launch of EY.ai, a unified platform that combines human capabilities and artificial intelligence (AI) to help clients change their businesses through confidence with an investment of US$1.4 Billion
North America is growing significantly in Artificial Technology due to the presence of tech giants in major countries such as the United States and Canada. North America possesses a strong ecosystem of venture capitalists and investment firms that provide significant funding and resources to AI startups, allowing them to thrive and push the limits of technological advancement.
6. Banking Fintech
Banking fintech technology is the innovative digital solutions that have transformed the traditional banking sector. These technologies have a wide range of applications, such as mobile banking, online payment platforms, and robo-advisors. Fintech revolutionized banking services, allowing customers to access their accounts, conduct transactions, and manage investments from anywhere and at any time. In addition, it possesses streamlined processes, reduced operational costs, and improved security measures, resulting in faster and more secure transactions. It also aided financial inclusion by providing services to the unbanked and improving access to credit and insurance.
Asia Pacific is growing significantly in banking fintech technology due to the rapidly growing middle class and increasing smartphone users, providing a large customer base for fintech services. For instance, in November 2022, according to the Ministry of Information Broadcasting, India had over 1.2 billion mobile phone users and 600 million smartphone users.
7. Robotics
Robotics, a fintech technology, has transformed the financial industry by improving operational efficiency, risk management, and customer experience. With the advancement of artificial intelligence and automation, robotics have made ways to integrate into a wide range of financial processes, including customer service and fraud detection. These robots can process massive amounts of data, analyze financial patterns, and carry out transactions with extreme accuracy and speed. In addition, robotics technology enables the automation of risk assessment, fraud detection, and compliance monitoring, resulting in improved security and reduced human error. Fintech Robotics led to applications in banks, insurance companies, trading firms, and investment organizations, providing cost-effective solutions while improving overall operational efficiency in the fast-paced fintech business.
8. Cryptocurrency
Cryptocurrency is a cutting-edge fintech technology that transformed the financial landscape as it emerged as a decentralized digital currency that uses cryptography to ensure secure financial transactions. The most notable example is Bitcoin, which pioneered the concept of blockchain technology, a transparent and immutable ledger. Cryptocurrencies can be used for a variety of purposes, including online purchases, investment opportunities, and money transfers. Their decentralized nature eliminates the need for intermediaries such as banks, resulting in lower transaction fees and processing delays.
9. Machine Learning
Machine learning emerged as a key technology in the field of financial technology (fintech). It includes algorithms and statistical models that allow computer systems to make predictions or decisions about datasets. Machine learning in fintech has changed many aspects of the financial industry, including task automation, identifying problems, risk management, and fraud detection. It can also identify patterns and trends in large amounts of financial data that humans may not be able to detect. This technology has enabled organizations to create more accurate and efficient credit scoring models, personalized investment recommendations, and self-driving trading systems. The use of it in fintech accelerated the rate of innovation, making financial services easier to access, reliable, and efficient.
North America is growing significantly due to the presence of major technology leaders in the major economies of the region such as IBM, Amazon Web Services (AWS), Oracle, and Google. These companies are heavily investing in machine learning research and development, which contributed to the rapid growth of machine learning in the region.
10. Cybersecurity
Cybersecurity technology is critical in the field of finance as it protects sensitive financial data from unauthorized access and ensures the integrity of online transactions. With the rapid growth of digital payment systems, mobile banking, and online trading platforms, strong cybersecurity measures have become critical. These technologies not only improve security, but also protect customer information, prevent identity theft, and maintain financial institutions’ trust and reputation. Finance services can efficiently reduce risks, detect and mitigate cyber threats, and provide a safe and secure environment for conducting financial operations in the digital world by leveraging cutting-edge cybersecurity technology.
North America is experiencing significant growth due to the well-developed eco-system and several government investments in cybersecurity that support the growth of cybersecurity technologies in the major countries in the region such as the United States and Canada. For instance, in March 2023, the Biden-Harris administration issued the National Cybersecurity Strategy to ensure that all Americans benefit from a safe and secure digital ecosystem.
Defence and Energy Harvesting Sectors Will Drive the Market for Piezoelectric Devices
Thought ArticlesThe Piezoelectric Devices market was valued at US$21.730 billion for the year 2020 and is expected to grow at a CAGR of 5.22%, reaching a market size of US$31.027 billion by the year 2027.
Piezoelectric devices use the piezoelectric effect to transform pressure, temperature, acceleration, force, or shear stress into an electric charge in order to quantify these quantities. These gadgets were created using piezoceramic materials and are used in a variety of industrial industries for process management, quality assurance, and R&D. Piezoelectric transducers have advantages over other types of transducers, including higher reliability, robust design, compact size, low energy consumption, non-dependence on external force, active signal-producing components, high-frequency response, ease of use, and the ability to function even in hot conditions.
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The use of medical devices and rising smartphone sales are the primary factors driving the steady growth of the global piezoelectric devices market. Additionally, the market’s expansion is anticipated to increase demand for piezoelectric devices due to factors such as an increase in the need for these devices for faster energy harvesting, modern aerospace and defence applications, and significantly rising R&D expenditures by leading businesses and cutting-edge research universities for innovative piezo solutions.
Increased Military and Defence Spending to Propel the Market
Due to the growing applications of piezoelectric device-based products such as actuators, sensors, and motors for aerospace and defence applications, aerospace and defence will continue to be the largest end-use industries during the forecast period. Modern aircraft use piezoelectric actuators largely to produce undesirable vibrations in various components of the aircraft. Small helicopter noise levels have drawn a lot of attention recently. However, cutting-edge technology is also used in modern laboratory tables; high-speed motors; machine tools; and less expensive wind turbines. Additionally, non-destructive testing (NDT) and structural health surveillance of aircraft and aviation parts are preferable when using piezoelectric devices.
The demand for piezoelectric devices has also greatly expanded as a result of the government’s rising expenditures on missile guidance and defence. Pgpf.org reported that the US spent $754 billion on national defence in 2021. The Department of Defense (DoD) spent $718 billion of the total on military operations, with the remaining $36 billion going toward defense-related activities. Additionally, as space exploration has increased, so has the use of piezoelectric equipment like SONARs, sensors, and acoustic devices, which can withstand severe environments and produce precise findings while detecting even the smallest changes in their range.
In addition, other nations are on high alert following the start of confrontations between Russian and Ukrainian forces. Globally, nations are concerned that if the war spreads to more nations, its effects may be more severe. As a result, it is anticipated that most nations will continue to spend more money on bolstering their armed forces and defence. Consequently, piezoelectric components are widely used in the production of military aircraft, intelligent weaponry, energy harvesting, and navigational systems for ships and submarines, among other things. Therefore, it is anticipated that developments in the military and defence industries will increase demand for piezoelectric devices.
Increased Emphasis on Energy Harvesting Technology to Boost Production and Quality
Energy harvesting is the process of capturing ambient energy, storing it, and then turning it into electrical energy for usage as needed. Piezoelectric vibration energy harvesting has emerged as a preferred technology for powering meso-to-microscale devices among a variety of potential energy harvesting techniques. This is accomplished by using materials and transducers that are piezoelectric because they allow for the use of a wide variety of input frequencies. They are ideal for use where it is necessary to directly power remote sensor systems or charge batteries or supercapacitors. Solar panels and wind turbines are the most widely used energy harvesters.
The demand for smartwatches has grown significantly during the past several years. However, having to frequently charge a smartwatch is one of its main inconveniences. Engineers from the University of Edinburgh have created wearable mechanical devices that can be powered by motion and are self-charging. It is claimed that this technology, which makes use of piezoelectric material created by three PhD students, is twice as strong and efficient as current smartwatch technology. The demand for energy harvesting technology is anticipated to rise as a result of these developments, which would be essential in the creation of sustainable wearable technology.
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The demand for piezoelectric devices is anticipated to rise as energy-efficient and renewable technology become more prevalent. For instance, scientists from the Korea Advanced Institute of Science and Technology (KAIST) have released research that outlines a wearable piezoelectric harvester that is both very flexible and robust and that is made using a straightforward hot pressing and tape casting procedure. Additionally, the piezoelectric device market is anticipated to increase along with technological improvements and rising demand for electric vehicles.
Asia-Pacific is Expected to Hold a Major Share Due to Increasing End-User Industry Applications and Technological Advancements
Due to growing technological breakthroughs and the expanding end-user electronics sector, the Asia-Pacific area has been estimated to have the greatest market share. Asia-Pacific is expected to have the fastest growth in the piezoelectric device market during the forecast period. Major manufacturers of piezoelectric ceramics, crystals, and different piezoelectric devices are widely represented throughout Asia-Pacific. Together, China and Japan make up the majority of the region’s piezoelectric devices and contribute significantly to its economic growth. In addition, with China and Japan being significant producers of consumer electronics, the region is projected to have the fastest-growing market in the upcoming years. Piezoelectric materials and elements are being used in consumer electronics at an exponentially increasing rate. Additionally, the region’s rising automobile use has increased the demand for piezoelectric actuators and sensors.
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Challenges in Reducing the Device Sizes are Expected to Restrain the Growth of the Piezoelectric Devices Market
The use of piezoelectric devices has grown in both the electronics and healthcare sectors. The demand for piezoelectric products increased as their applications expanded to include non-invasive medical equipment, speakers, mobile devices, and sonar gadgets. Smaller device production is becoming more popular, which is great for consumers. However, this poses a problem for the market for piezoelectric devices. The right materials and a suitable crystal form must be developed in order for a device design to be practical. Due to the numerous connected material properties of piezoelectric devices, material composition is crucial. If the piezoelectric crystal’s shape does not produce the proper resonance frequency, the device will not work.
Piezoelectric material is used in mobile devices with microphones and speakers to transform sound waves into signals and vice versa. Manufacturers of piezoelectric devices are faced with a challenge as consumer demand for better-sounding speakers that consume less battery power grows. In order to accurately diagnose patients and conditions, medical equipment needs to be very precise and accurate. Another challenge for device makers is the demand for smaller medical devices like hearing aids and ultrasonic scanners.
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The Influence of the Increasing Automobile Industry on the Automotive Composites Market
BlogThe automotive composites market is evaluated at US$7.317 billion for the year 2022 growing at a CAGR of 11.04% reaching the market size of US$15.231 billion by the year 2029.
Composites are employed in various vehicle applications, including interior, exterior, structural, and other uses. Automotive composites have various features, including low coefficients of thermal expansion, form retention, ease of production, and corrosion resistance for performance in both dry and wet climates. The automotive composites market highly depends on the automobile industry, especially the revenue generated by the increasing number of electric vehicle sales. Due to the increasing production and sales of lightweight and electric vehicles, the market for automotive composites is expected to rise in the coming years. Furthermore, launching new products that give multiple operational benefits while adhering to existing emission criteria and other market laws will assist market companies in maintaining product differentiation and strengthening their position in the international automotive composites market.
With the existence of big companies with competence in modern production processes, the market for automotive composite has remained competitive. Therefore, product development is the primary growth strategy used by industry participants to ensure long-term viability in the global automotive composites market. For instance, Mitsubishi Chemical Co., Ltd. revealed the creation of a novel carbon fiber prepreg that may be employed as a component of an automotive engine in June 2021.
The rising automobile industry will surge the automotive composites market
The growing market share is attributed to increased automobile sales and the global desire for lightweight cars. Rapid urbanization, rising disposable incomes, and changing lifestyles are all driving up demand for noise reduction devices in automobiles in developing nations. A huge number of cars now utilize traditional fuel technologies such as diesel and gasoline, which has increased demand for fuel-efficient automobiles. Car manufacturers are concentrating more on incorporating safety and convenience into their vehicles as demand for automobiles develops in emerging economies. Furthermore, the rising need for replacement car parts and soundproofing equipment is likely to drive product demand throughout the forecast period. The primary causes for this shift in growth rate are increased car manufacturing and stringent pollution control regulations, forcing manufacturers to use lightweight vehicle components.
Increased government regulations
Moreover, governments in the United States, the United Kingdom, and Germany have implemented tough emission-control legislation in response to growing air pollution and global warming. Environmental rules in Europe and the United States have required automobile makers to use composites in vehicle manufacturing. Regulations in Europe and throughout the world are requiring OEMs to minimize CO2 emissions from produced vehicles. The European Union approved Regulation (EU) 2019/631 in April 2019, which sets a goal of 95 g/km of average CO2 emissions for new passenger automobiles. As a result, automotive sales will positively influence the automotive composites market in the near future.
Major key developments and initiatives taken by companies and the government will impact the automotive composites market
Due to the rise of the automotive industry, several companies, and governments worldwide have taken initiatives that have majorly contributed to the market’s future growth. Therefore, these developments have boosted the automotive composites market. For instance,
According to analysts, the Asia Pacific region is expected to occupy a notable share of the market in the coming years.
The Asia Pacific is the largest and fastest-growing area due to the highest number of vehicles present, notably in China, Thailand, and India. Furthermore, these countries are expected to have the most automobiles on the road, as well as the biggest markets for four-wheelers, fuelling the market’s growth. The growing sales of electric vehicles in the Asia Pacific region and the technological advancements made in this segment will highly influence the automotive composites market for this region. For instance, the Automotive Component Manufacturers Association of India (ACMA) is the governing organization for the Indian auto component industry. Its participation of over 850 firms accounts for more than 85% of the organized auto component industry’s sales. According to the same source, the automobile sector in India saw two consecutive years of growth, with 14.6 percent in FY19-20 and 13.6 percent in FY20-21.
Automotive Composites Market Scope:
Increased Product Offerings Driving the Synthetic Rubber Gloves Market
Thought ArticlesThe synthetic rubber gloves market was valued at US$9.597 billion in 2022.
Gloves are regarded as a vital element of the business since they protect a broad range of risks such as chemicals and substances that may impact the skins of individuals operating in a variety of industrial verticals. One of the primary factors positively affecting the market growth during the forecast period is the increasing popularity of these gloves due to the increased cases of latex allergy and the wide variety of applications of these gloves. Furthermore, due to the rise of end-user industries like healthcare, industrial and other segments, the market demand for synthetic rubber gloves is anticipated to grow in the coming years. Therefore, product launches from several manufacturing companies will drive market growth.
Cardinal Health, Kossan Rubber Industries Bhd, Top Glove Corporation Bhd, Molnlycke Health Care AB, Rubberex Spain S.L.U., Paul Hartmann AG, Ansell Ltd., Sempermed, and others are a few key major players in the synthetic rubber gloves market.
Cardinal Health, Inc. is a worldwide American health care services firm with headquarters in Ireland (EMEA) and Ohio. The firm focuses on pharmaceutical and medical goods distribution, reaching over 100,000 locations. Cardinal Health supplies medical supplies to more than 75% of hospitals in the United States. Medical and surgical items, such as surgical clothing, gloves, and fluid management tools, are also manufactured by the firm. Additionally, it also maintains one of the largest networks of radiopharmacy in the United States. The company offers a wide range of synthetic gloves that are primarily applicable to the healthcare industry like surgical gloves and others. The synthetic rubber gloves have a beaded cuff design that makes them easier to roll down along with an independent thumb design. Protexis Neoprene Essential, Protexis PI Classic, and Protexis PI Ortho Surgical gloves are a few synthetic rubber gloves offered by the company.
Top Glove Corporation Bhd is a Malaysian manufacturer of rubber gloves with 50 manufacturing locations in Thailand, Malaysia, China, and Vietnam. These nations, as well as the United States, Vietnam, Germany, and Brazil, have marketing offices. Top Glove had a stakeholder fund of RM6.95 billion as of February 2022, and the Group reached a sales revenue of RM1.45 billion in 2QFY2022. The company specializes in synthetic rubber gloves that have been proven to be applicable for a wide range of end-user industries like medical, cleaning, food and safety, and other industries. Biogreen biodegradable nitrile powder-free glove, bio green eco-friendly nitrile powder-free glove, bio green charcoal nitrile examination powder-free glove with the damp donning feature are a few synthetic rubber gloves offered by the company.
Kossan Rubber Industries Bhd is one of the largest manufacturers of gloves in Malaysia. It exports to over 90 countries and holds a compounding capacity exceeding 10,000 metric tonnes per annum. The company has an installed capacity of 33.5 billion pieces of gloves per annum. It offers technical rubber gloves, rubber disposable gloves, and cleanroom disposable PPEs. Rubber gloves apply to the healthcare industry along with cleaning and others. CS52 Chemax nitrile powder-free is a glove applicable for chemical handling and safety. These are available in the shade of white and blue.
Ansell Ltd. is an Australian firm that produces industrial and medical gloves. The firm protects over 25 industries, including healthcare, and sells 10 million gloves every year. It exports to approximately 100 nations worldwide. The company offers synthetic rubber gloves that are available for various purposes and have unique features. For instance, the AlphaTec® Rubber Cuff is designed to be used with AlphaTec® gas-tight chemical protection suits. It is attached to the AlphaTec® Bayonet Ring System and provides additional protection if the glove is broken. It fits snugly around the hand, prohibiting chemicals from entering the suit in the event of a glove rupture. It is adjustable and constructed of soft and elastic rubber.
Synthetic Rubber Gloves Market Scope:
Fungicides: Ensuring the Safety and Security of the Crops
Thought ArticlesThe fungicides market was valued at US$19.378 billion in 2020, growing at a CAGR of 4.24% reaching a market size of US$25.914 million by 2027.
According to World Bank data, the ever-growing world population was 7.84 billion in 2021. The upward movement of the world population is simultaneously increasing the number of mouths to be fed every day. This gives rise to the task of producing enough food for the world population. Furthermore, the growing concern of fungi on the crops is becoming a hurdle in the path of food security, safety, and sufficiency. For instance, the FAO (Food and Agriculture Organization of the United Nations) estimated in June 2021, that 40% of global crop production was destroyed due to pests annually. Additionally, over US$220 billion, and at least US$70 billion were lost due to plant diseases and invasive insects respectively. This alarming scenario has created a need for fungicides in the market. Fungicides primarily act as pesticides to protect plants from fungi and their spores. Furthermore, the plants and crop fields are protected from damage with the help of fungicides, which is beneficial to the safety of crops. Hence, the use of fungicides has increased in the market, and it has positively affected the market growth of fungicides.
During the forecast period, analysts anticipate that the market will grow due to the rising awareness about fungicides and their benefits and other complementary factors.
The prime factor driving the fungicide market is the need for disease control in plants. Fungal infections are the most common occurrence in plants which affects the health of the plant, its quantity, and quality of yield. Furthermore, these fungal infections can multiply rapidly among the plants which may eventually kill them, and then ultimately will cause a massive crop loss for the farmer. To aid these issues, fungicides serve their benefits in several ways like controlling fungi diseases, mold and mildew, increasing crop productivity, etc.
Additionally, rising awareness regarding the use of fungicides has increased, which is boosting the market demand for fungicides in the market. In December 2021, the FAO Agricultural news shared a picture of an Afghani farmer who used the fungicide on the certified wheat seed before sowing, in order to protect the seed from seed-borne diseases. This case reflected the widespread awareness regarding the use of fungicides among the common farmers. The right use of fungicides before sowing the seed can kill soil-borne pathogens and ensure the good health of crops. Furthermore, fungicides can benefit crops by acting as protectants. These protective fungicides are not absorbed by the plant, but they stick to the surface of the plant and provide a protective barrier to prevent the fungus from entering and damaging the plant tissue.
The market for biological fungicides is expected to propel at a considerate proportion.
By type, the fungicides are mainly segmented into synthetic and biological fungicides. Synthetic fungicides are highly effective for crop yield, but the repeated use of synthetic fungicides has led to environmental pollution, development of resistance and residual toxicity, etc. Furthermore, the market for synthetic fungicides is expected to hold a substantial share during the forecast period. Alternatively, the biological fungicide segment is expecting a net-worthy growth during the forecast period, owing to the growing focus on healthy and environment-friendly farming practices. Furthermore, the rising focus on environment-conscious decision-making coupled with numerous benefits of biological fungicides has produced growth for this segment.
During the forecast period, the analyst anticipates that the oilseed and pulses will hold a considerable share in the growth of the fungicide market.
In the agricultural sector, pulses are considered highly nutritious owing to their high levels of minerals, fibers, and proteins. As per the USDA, the US pulse exports in 2021 were at 1 million metric tons and the pulse market has seen a 0.1% of compound average growth in the same year. The overall growth prospects of the pulse and oilseed market are positive during the forecast period; hence a higher amount of cultivation is expected in the market. Countries like India and China will further lead to higher amounts of cultivation to aid the rising demand, this will further impact the growth of the fungicide market in this segment in the next five years.
Furthermore, the fruit and vegetable market is expected to rise owing to the rising food demand. The rising consumption aided by the growing population is also expected to propel demand in the agricultural sector. This will ultimately create higher demand for fungicides to prevent the plants from any pathogenic diseases and the use of fungicides will further aid the healthy growth of crops and ensure quality yield for the end users.
By Geography, the APAC market is expecting a promising growth
The fungicide market has been segmented into five regions: North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. Analysts suggest that the North American region will dominate the regional market for fungicides owing to the agricultural prospects of countries like the US, Canada, and Mexico. These North American countries are major fruit and vegetable producers. On the other hand, the APAC region is anticipated to experience a fasted growth in the fungicides market. The Asia Pacific market is expecting a high population growth which will boost the food demand in this region, hence it will simultaneously propel the fungicide market during the forecast period.
COVID-19 Insights
The COVID-19 pandemic had a significant impact on the fungicide market. The industry was temporarily shut down due to pandemic restrictions. Consequently, it affected the production and supply chains for the fungicide market. The fungicide industry leaders felt the wrath of disrupted market conditions. For instance, BASF SE Group, a major player in chemicals, plastics, and crop protection products reported a net loss of €1,060 million in 2020. As a result of the labor shortage, industry-wide impacts were felt by other market players owing to low productivity. Furthermore, the lack of fungicides worsened crop production and resulted in a scarcity of food mostly in underdeveloped and developing nations.
Fungicides Market Scope:
The Surge in SCADA Market in Today’s Data-Driven World
BlogThe SCADA market is projected to grow at a CAGR of 6.01% during the forecast period to reach a market size of US$34.519 billion by 2027, from US$22.946 billion in 2020.
SCADA (Supervisory Control and Data Acquisition) consists of multiple computers, user interfaces, and networked data communications for the monitoring machines and the operation processes. The control system with the integration of hardware and software elements enables firms to regulate and monitor the operational processes either locally or remotely while monitoring, collating, and analysing data in real time. Further, the system directly interacts with devices such as pumps, valves, sensors, motors, and the human-machine interface software. The demand for SCADA in is high in industrial enterprises, since it not only aids in the rapid processing of data rapidly, which helps in smart decision-making but also aids in communicating the issues among systems to alleviate downtime, while also maintaining high efficiency. SCADA offers multiple advantages, like interoperability, communications, scalability, and support, which attract a diverse set of firm owners, like oil and gas, transportation, recycling, energy, food and beverage, and many others, enabling them to adapt these systems as their foundation. The SCADA market is segmented based on architecture, component types, end-user industry, and geographical regions.
The rise of IoT and Industry 4.0 to augment the growth of the market
The integration of IoT and SCADA aids in enabling an overall understanding of the operational processes in their entirety, in a much more convenient manner. Conventionally, SCADA requires the manual generation of analytic reports, but with this integration, the process can be automated efficiently to get quality insights in lesser time. With the arrival of IoT, modern SCADA witnessed an upgradation with several appealing metrics like data analytics and scalability, hence, improving the overall market for SCADA. With the increasingly stringent requirements for compliance, the demand for effective production processes, product quality, and supply chain, along with the need for constant process optimization are adding fuel to the growth of the market. Similarly, the growth of digitalization is another factor fuelling the growth in the market. For instance, according to a survey conducted by SAP SE back in 2020, of the total 400 C-level healthcare executives across the world, about 70% showed a willingness to digitization of their operational processes. It is believed that achieving real-data insights are crucial for future value-based businesses.
Multiple strategic deployments by the public as well as private firms in the market to drive growth
To meet the growing demand for operational process management and data analytics, many firms have been gearing up their statistical approaches to enhance their operations as well as their presence in the market. For instance, PVVNL (Paschimanchal Vidyut Vitran Nigam Limited), which is a power distribution company, in September 2021, announced its plans to launch a SCADA service in Noida to enhance its network reliability, improve consumer satisfaction, reduce costs, and improve safety standards of the workers. Another example of this is the launch of a GEO SCADA service in July 2021 by Schneider Electric, which is a global provider of digital transformation in energy management and automation. This technology was launched as a managed service to help the consumer share the responsibility of maintaining and managing its telemetry system along with Schneider. Further, this service also aids in enhancing the architecture of internal support, which leads to the facilitation of the domain experts to focus solely on the development of the estate.
The continuous decline in oil prices causes restraint in the growth of the market
The prices of oil and gas prices have been on a decline globally since 2011. Due to this decline, the oil and gas companies have witnessed a dip in revenue, profits, as well as operating margins, leading to a decline in capital investments toward infrastructure projects. Process automation is a part of such infrastructure projects as the construction of the new pipeline, hydrocarbon exploration, and development of refineries. Thus, the decline in capital investments has affected the overall process automation and the instrumentation ecosystem. This volatility in the prices of oil is anticipated to affect infrastructure investments since it lowers investment returns. Therefore, this factor makes a high impact on the SCADA market and is thus, restraining the growth of the market as the oil and gas industry is a key end-user of SCADA systems.
COVID-19 Insights
The COVID-19 pandemic slowed the SCADA market down. The mandated lockdown and social distancing, along with the subsequent closure of production facilities across the world due to inclining active cases affected the productivity of several firms negatively. The lack of manpower, stringent border controls, reduced air transport availability, and port closures, were a few factors that adversely affected the market and caused a slowdown. As a result, these factors led to a recession in the economy worldwide. Due to limited funds amidst this crisis, many projects were paused at future dates, hence, decreasing the market growth. However, post the pandemic, the market is beginning to show positive growth owing to growth in demands for semiconductors in multiple industries to meet the demand for rapid adoption of automation.
Botanical Supplements Market Driven by Increased Research and Product Offerings
Thought ArticlesThe Botanical Supplements Market is evaluated at US$25.799 billion for the year 2021 growing at a CAGR of 6.38% reaching a market size of US$39.767 billion by 2027.
Botanical supplements are dietary supplements created from plants or plant tissues for medicinal or medical purposes. Botanical-based products, often known as photomedicine, are used to treat and prevent a wide range of illnesses and diseases. Consumers are turning to health-imparting herbal supplements as a result of rising health consciousness, increased nutrition concerns, and more attention to preventative healthcare. In contrast to prescription medications, botanical dietary supplements are inexpensive. As producers continue to develop the manufacturing of botanicals with a wide spectrum of amino acids and target particular activities, such as weight loss and muscle regeneration, the market is anticipated to increase dramatically. Growing health concerns and quick technological advancements by manufacturers are two elements that are driving the growth of the botanical dietary supplement market.
Gaia Herbs, Nature’s Bounty Co., Bio-Botanica Inc., Dabur, Ransom Naturals Ltd, Blue Sky Botanics, Prinova Group, Amway Corporation, NOW Foods, Ricola AG and others are a few key major players in the market of synthetic rubber gloves.
Gaia Herbs, Nature’s Bounty Co, a herbal supplements company that was established in 1987, is an active participant in the American herbal products market. Liquid extracts, liquid Phyto caps, lozenges, powders, powder capsules, sprays, tablets, syrups, and teas are among the company’s product offerings. The business sells over 150 herbal products, including proprietary Liquid Phyto-Caps, gummies, functional powders, teas, and liquid extracts. The company grows more than three million plants annually from its Certified Organic farm in the Blue Ridge Mountains of Western North Carolina. The company offers a wide range of botanical supplements that offer various benefits like reducing stress levels, maintaining energy levels, building immune systems among others. Some of the prominent supplements offered by the company are Echinacea Supreme, Sound Sleep, Adrenal Health Daily Support and Energy Vitality. As per a press release, the company launched botanical gummies in October 2021. Sleep Gummies, Ashwagandha Gummies, and Relax Gummies are three gummy formulations designed to promote relaxation.
Nature’s Bounty Co offers a wide range of premium as well as affordably priced nutritional supplements. Various botanical supplements are produced, marketed, and distributed globally by Nature’s Bounty Co. The company has around 22,000 products available under several NBTY and external brands. One of the most recognised and reputable CPG brands in the world was created by The Nature’s Bounty Co. Brands like Nature’s Bounty, Sundown Naturals, Solgar, Osteo Bi-Flex, MET-Rx, Pure Protein, Body Fortress, Puritan’s Pride, and Organic Dr., among others, are part of its product offerings. For instance, Botanical Sleep is a product that is made from Passionflower, Valerian Root, and Hops Extract that promotes sound sleep.
Bio-Botanica Inc is a family-run business that has been specialising in botanicals for over 49 years. It is a leading producer of 500+ high-quality botanical extracts for the nutraceutical, food and beverage, taste and fragrance, and personal care/cosmetic industries. Its R&D, Microbiological, and QC Laboratories are housed in the 160,000 square foot botanical extraction facility owned and operated by Bio-Botanica. A facility that is U.S. FDA registered, pharmaceutically licenced, GMP compliant, and Kosher inspected/certified, as well as having a cutting-edge QC/QA lab, are among the capabilities of Bio-Botanica. The company provides various botanical extracts like Arnica Montana Tincture, Horsetail Grass, Pueraria Mirifica Extract, and Aloe Phytogel that are processed into supplements.
Amway Corporation is part of Alticor Global Holdings Inc. and is a direct seller that makes, sells, and distributes nutrition, beauty, and bath and body products. The company’s product line includes cookware, energy drinks, surface cleaners, surface cleansers with disinfectants, dish detergents, weight management and sports nutrition products, vitamins, minerals, nutritional supplements, and weight management goods. Amway sells goods under the brand names Nutrilite, Artistry, eSpring, Atmosphere, iCook, and Satique. Nutrilite Ashwagandha, Nutrilite Amalaki, Nutrilite Biotin-Cherry Plus, Nutrilite Madhunashini are among its product offerings As per the February 2022 press report, Amway and IIT Bombay have partnered to advance research on nutraceuticals, botanicals, and herbal supplements.
Botanical Supplements Market Scope:
Exploring the Top 10 Fintech Technologies
Thought ArticlesFintech technologies are innovative tools, applications, and systems designed to improve and simplify financial services. These technologies use the power of digital innovations to transform the way financial transactions are conducted, intending to make financial services more convenient, efficient, and accessible for individuals and businesses. Fintech technologies also enhanced financial inclusion by making financial services more accessible to underserved populations. Join us as we explore the “Top 10 Fintech Technologies” in this article that have changed businesses and enhanced financial services.
Top 10 Fintech Technologies
Let’s discuss each one in detail.
1. Blockchain
Blockchain is a decentralized digital database that tracks and verifies transactions between computers. Compared to traditional financial systems, this technology enhances security, efficiency, and cost-effectiveness. Blockchain ensures data immutability and integrity, making it ideal for record preservation and secure identity management. Its application also extends to smart contracts, which allow automated and programmable agreements without the need for intermediaries. For instance, in June 2023, Fujitsu announced the launch of blockchain collaboration technology to create Web3 services, illustrating its effectiveness in streamlining and improving the security of cross-border financial transactions.
2. Fintech SaaS
Fintech (Software-as-a-Service) SaaS is a ground-breaking solution in the financial sector that provides a variety of innovative tools and services hosted on a cloud-based platform and accessible via the Internet. This technology enables financial institutions to streamline operations, increase efficiency, and provide personalized experiences to their customers. Fintech SaaS is used in numerous applications, including online banking, payment processing, risk assessment, financial planning, wealth administration, and data analytics. Its end users come from a variety of industries, including banks, FinTech startups, insurance companies, and investment firms. By utilizing Fintech SaaS technology, these users can experience faster and more secure transactions, better risk management, and simplified financial processes. Companies are investing in the launch of such technology; for instance, in August 2023, ZILO announced the launch of its SaaS software platform for international transfer agency services that provide clients with a global cloud-based transfer solution and deliver a consistent platform across multiple jurisdictions. This varies from legacy solutions, which are more monolithic and have a narrower jurisdictional focus.
3. Cloud computing
Cloud computing technology emerged as a groundbreaking fintech solution, transforming financial institutions’ operations and revolutionizing the industry. Cloud computing provides financial service providers with unparalleled scalability, cost-efficiency, and agility by securely storing and processing massive amounts of data over the Internet. This technology enables businesses to use advanced analytics, artificial intelligence, and machine learning algorithms to improve operations, reduce risk, and provide personalized services. This technology also enables seamless collaboration and data sharing among multiple stakeholders. Strategic collaboration and launches by major players are paving the way for future market demand for such technology. For instance, in June 2023, Oracle announced the availability of new cloud-native services that can assist banks in strengthening their finance and risk management procedures to reflect their target risk tolerance and limit exposure. Additionally, in October 2023, Kyndryl, the world’s largest provider of technology infrastructure services, announced the launch of new services for financial services organizations seeking to use Google Cloud to store and protect confidential and sensitive data securely.
The United States continues to be at the leading edge of cloud computing innovation and adoption, with major technology companies like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform, which accelerate the cloud computing services in the region.
4. IOT
The Internet of Things (IoT) is a revolutionary technology that connects physical devices and allows them to collect and exchange data via the internet. The Internet of Things has rapidly gained popularity in recent years due to its potential to improve many aspects and has numerous applications, including smart homes and cities, industrial automation, and healthcare. It enables the development of intelligent and interconnected systems, which improve efficiency and provide valuable decision-making insights. For instance, in June 2023, Qualcomm announced the launch of new satellite IoT solutions for continuous remote monitoring and asset tracking.
Asia Pacific is growing significantly in IoT technology which is propelling the number of IoT devices in the region’s major countries such as China, South Korea, and India. These countries have made significant investments in research and development, creating a favorable environment for IoT growth.
Figure 1: IoT Devices in APAC Region, in Billions, From 2022 to 2027
Source: OMDIA
5. Artificial intelligence
Artificial intelligence (AI) is a rapidly growing area of computer science that focuses on creating intelligent machines capable of performing tasks that would normally require human intelligence. AI aims to imitate human mental skills such as learning, reasoning, problem-solving, and decision-making. This technology has surged in popularity, revolutionizing a variety of industries and sectors around the world. For instance, in September 2023, EY organization (EY) announced the launch of EY.ai, a unified platform that combines human capabilities and artificial intelligence (AI) to help clients change their businesses through confidence with an investment of US$1.4 Billion
North America is growing significantly in Artificial Technology due to the presence of tech giants in major countries such as the United States and Canada. North America possesses a strong ecosystem of venture capitalists and investment firms that provide significant funding and resources to AI startups, allowing them to thrive and push the limits of technological advancement.
6. Banking Fintech
Banking fintech technology is the innovative digital solutions that have transformed the traditional banking sector. These technologies have a wide range of applications, such as mobile banking, online payment platforms, and robo-advisors. Fintech revolutionized banking services, allowing customers to access their accounts, conduct transactions, and manage investments from anywhere and at any time. In addition, it possesses streamlined processes, reduced operational costs, and improved security measures, resulting in faster and more secure transactions. It also aided financial inclusion by providing services to the unbanked and improving access to credit and insurance.
Asia Pacific is growing significantly in banking fintech technology due to the rapidly growing middle class and increasing smartphone users, providing a large customer base for fintech services. For instance, in November 2022, according to the Ministry of Information Broadcasting, India had over 1.2 billion mobile phone users and 600 million smartphone users.
7. Robotics
Robotics, a fintech technology, has transformed the financial industry by improving operational efficiency, risk management, and customer experience. With the advancement of artificial intelligence and automation, robotics have made ways to integrate into a wide range of financial processes, including customer service and fraud detection. These robots can process massive amounts of data, analyze financial patterns, and carry out transactions with extreme accuracy and speed. In addition, robotics technology enables the automation of risk assessment, fraud detection, and compliance monitoring, resulting in improved security and reduced human error. Fintech Robotics led to applications in banks, insurance companies, trading firms, and investment organizations, providing cost-effective solutions while improving overall operational efficiency in the fast-paced fintech business.
8. Cryptocurrency
Cryptocurrency is a cutting-edge fintech technology that transformed the financial landscape as it emerged as a decentralized digital currency that uses cryptography to ensure secure financial transactions. The most notable example is Bitcoin, which pioneered the concept of blockchain technology, a transparent and immutable ledger. Cryptocurrencies can be used for a variety of purposes, including online purchases, investment opportunities, and money transfers. Their decentralized nature eliminates the need for intermediaries such as banks, resulting in lower transaction fees and processing delays.
9. Machine Learning
Machine learning emerged as a key technology in the field of financial technology (fintech). It includes algorithms and statistical models that allow computer systems to make predictions or decisions about datasets. Machine learning in fintech has changed many aspects of the financial industry, including task automation, identifying problems, risk management, and fraud detection. It can also identify patterns and trends in large amounts of financial data that humans may not be able to detect. This technology has enabled organizations to create more accurate and efficient credit scoring models, personalized investment recommendations, and self-driving trading systems. The use of it in fintech accelerated the rate of innovation, making financial services easier to access, reliable, and efficient.
North America is growing significantly due to the presence of major technology leaders in the major economies of the region such as IBM, Amazon Web Services (AWS), Oracle, and Google. These companies are heavily investing in machine learning research and development, which contributed to the rapid growth of machine learning in the region.
10. Cybersecurity
Cybersecurity technology is critical in the field of finance as it protects sensitive financial data from unauthorized access and ensures the integrity of online transactions. With the rapid growth of digital payment systems, mobile banking, and online trading platforms, strong cybersecurity measures have become critical. These technologies not only improve security, but also protect customer information, prevent identity theft, and maintain financial institutions’ trust and reputation. Finance services can efficiently reduce risks, detect and mitigate cyber threats, and provide a safe and secure environment for conducting financial operations in the digital world by leveraging cutting-edge cybersecurity technology.
North America is experiencing significant growth due to the well-developed eco-system and several government investments in cybersecurity that support the growth of cybersecurity technologies in the major countries in the region such as the United States and Canada. For instance, in March 2023, the Biden-Harris administration issued the National Cybersecurity Strategy to ensure that all Americans benefit from a safe and secure digital ecosystem.
Security Screening Market size worth US$14,995.386 million by 2028
Press ReleasesThe security screening market is expected to grow at a CAGR of 9.66% with a market valuation of US$7,862.590 million in 2021 and is expected to reach a market value of US$14,995.386 million by 2028.
The market for security screening market is significantly impacted favorably by the growing number of air passengers and smart city initiatives
As per the report, the market for security screening is projected to upsurge during the forecast period.
Security screening is an intensive method used to ensure safety and reduce risks in a variety of environments. It entails systematically inspecting individuals, items, or areas to identify potential security threats such as prohibited objects, weapons, or dangerous substances. This process is critical for securing public spaces, transportation systems, workplaces, and events. Security screening employs a variety of advanced technologies, including X-ray scanners, metal detectors, explosive trace detectors, and biometric systems, to efficiently detect security risks.
The increasing number of air passengers is a major driving force behind the growth of the security screening market. For instance, according to the U.S. Department of Transportation, U.S. Airlines carried 83.1 million scheduled passengers (domestic and international) in August 2023 an increase of 1.7% compared to July 2023 and U.S. airlines carried 194 million additional passengers in 2022 than in 2021, a 30% increase year on year. Additionally, according to the Statistics Germany data, in 2022, over 155 million air passengers used major German airports, more than doubling the number of passengers recorded in the previous year.
The security screening market has been categorized based on product, application, and geography
As per the product type category, the market has been classified into X-ray screening, biometric systems, electromagnetic detectors, and others. X-ray screening is widely used in security screening due to its superior effectiveness in identifying potential threats and ensuring public safety. This technology allows security personnel to thoroughly inspect items and luggage without conducting invasive searches or disruptions. X-ray screening is a non-intrusive and time-saving method for detecting prohibited or dangerous objects such as weapons, explosives, and contraband materials and accounts for a major share of the security screening market.
Based on the application, the classification has been done into airports, borders, government institutions, hotels, railway stations, tourist attractions, and others. Security screening is widely used in airports for several important reasons, including ensuring the safety and well-being of passengers and aviation personnel. Airports can reduce the risk of terrorism and criminal activity by implementing comprehensive security measures that deter and detect potential threats, such as prohibited items or dangerous substances. Security screening in airports is an indispensable component of modern air travel, prioritizing safety, building trust, and maintaining international compliance and accounting for a major portion of the security screening market.
By region, Asia Pacific is expected to account for a significant share of the security screening market due to the increasing number of air passengers and airports in the major countries of the region such as India. For instance, according to the Press Information Bureau data, domestic airlines carried an impressive 1190.62 lakh passengers between January and August 2023, representing a 38.27% increase over the same period last year. Additionally, according to the Ministry of Civil Aviation, the number of airports increased from 74 in 2014 to 147 in 2022. Moreover, according to the International Air Transport Association, Asia-Pacific Airlines’ international traffic in 2022 increased by 363.3% over 2021, sustaining the region’s strongest year-over-year growth rate.
As a part of the report, Analogic Corporation, OSI Systems, Inc., L3Harris Security & Detection Systems, Smiths Detection Group Ltd., Nuctech Company Limited, Astrophysics Inc., 3DX-RAY, and Leidos are the major players in the security screening market.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/security-screening-market
This security screening market has been analyzed into the following segments:
Virtual Assistants That Enhance Your Everyday Well-Being and Productivity
Thought ArticlesTop 5 Mobile Digital Assistants available today
The use of mobile phones, specifically smartphones, has grown exponentially in the past decade. With top players in the market such as Samsung and iPhone, the global use of smartphones is expected to show a substantial increase in growth in the upcoming years. A smartphone can be defined as a handheld device that consists of an operating system, web browsing and many other wide ranges of features. As of the current age, the use of digital assistants has become a core part of daily mobile media consumption. A digital assistant can be defined as a computer program that simulates a conversion with the user, commonly over the internet but in the present era, most smartphones consist of digital assistants that communicate and collaborate with the users. Some of the very well-known digital assistants are powered by artificial intelligence. Virtual assistants also provide a wide range of benefits, which include enhanced productivity and efficiency, flexibility, social media management, time savings, increased scale of operations, expanded reach, enhanced emotional well-being, improved turnaround of time-consuming tasks and many others. They are also known to be user-friendly and help in assisting with the tasks that users find difficult through verbal suggestions and recommendations through the device speakers.
Here are the top 5 digital assistants that are present in current-day smartphones:
Siri
Siri is one of the largest and most widely used virtual assistants and was developed by Apple. It is a virtual assistant for most iPhone devices, which include iOS, macOS, tvOS, and watchOS, and is powered by artificial intelligence.
Siri responds to the queries spoken by the users and provides the relevant answers by replying to them through the device’s speakers. The answers may include relevant information about the query and also provide information through certain apps such as Web Search or Callender on the iPhone. The assistant also helps users by dictating the emails and text messages, reading received emails and messages and performing a wide range of other tasks.
As per Apple’s fourth quarter financial results, the company earned a revenue of US$89.5 billion. The revenue can be linked to the number of iPhone devices sold by the company, which is expected to grow as time passes. The increase in the sales of iPhone devices will help boost the application of digital assistants in the upcoming years.
As per Apple’s financial statements, the iPhone mobile device experienced an increase in sales between September 2023 and September 2021, which is an increase from US$191,973 thousand in 2021 to US$200,583 thousand in 2023. The increase in the sales of the iPhone product can be linked to the increase in usage of the virtual assistant Siri, due to the convenience and assisting capabilities provided by Siri.
Figure 1: Net Sales From iPhone, Apple, 2021-2023
Source: Financial Statements 2023, 2022
(in thousands of US dollars)
Google Assistant
Google Assistant is a type of personal assistant that Google developed. This virtual assistant is voice-activated and functions on both an Android and an iOS device. It delivers information to the users in the form of informational cards, which will be based on the user’s search habits and other factors.
Google Now analyses the repeated actions that a user performs on their devices, which can include common locations, repeated calendar appointments, and search queries, which are then converted into relevant information to the user in the form of cards or informational paragraphs. The Users are also able to configure their experience by selecting the cards that categorize important information they want to stay up-to-date, which includes sports, music, local weather, current affairs and many others.
The factors that lead to the increase in the growth of usage of this virtual assistant include the overall growth of mobile phone usage in the market. As per the World Economic Forum, more than 8.58 billion mobile subscriptions were in use in 2022, which is higher than the total global population of 7.95 billion in 2022. The increase in mobile phone subscribers allows for the usage of Google Now through network connectivity, allowing the user access to the virtual assistant.
Samsung mobile devices are also one the major users of Google Assistant. The increase in the sales of Samsung devices can provide an increase in the usage of the virtual assistant application, which will further the awareness of AI-powered virtual assistants in the market. As per the Financial Statements of Samsung, the net revenue acquired from the mobile devices accounted for 115,425,375 million Korean Won, which was an increase from 104,680,574 million Korean Won. The increase in the sales of mobile devices by Samsung can contribute to the increase in the usage of the Google Assistant virtual assistant.
Figure 2: Net Revenue From Mobile Devices, Samsung Electronics, 2021-2022
Source: Financial Statements 2022
(in millions of Korean Won)
Alexa
Alexa is a cloud-based voice assistant that was developed by Amazon. Alexa allows users to ask questions and issue commands, to which Alexa will reply and initiate the command as well. This virtual assistant is used in a wide range of devices, ranging from headphones and speakers to computers, TVs, and various other smart devices in households or corporate offices, allowing the users to have the ability to interact with their devices remotely.
Furthermore, the increase of growth in digital assistants will be expected to grow with growing innovations and improvements occurring by the company. As of September 2023, Amazon announced the innovation of a new speech recognition text-to-speech technology for Alexa, which involves the leveraging of large language models, allowing for better interactions with Alexa and making Alexa feel more natural and engaging. The new model involves a multibillion-parameter model trained on a mix of short, goal-oriented utterances and longer-form conversations, improving the overall performance of Alexa in echo devices.
Facebook M
Facebook M is a virtual assistant that was developed by Facebook (Alphabet Inc.). This AI-powered virtual assistant operated within the Facebook ecosystem, especially the Facebook Messenger application that is available in the IOS app store and Android Play store.
Facebook M uses a machine learning algorithm to assist and complete tasks for the users and provides recommendations based on the chat logs, fully assisting in the smooth interaction and social experience between users on Facebook.
The increase in the users of Facebook can provide the necessary fuel for the growth of Facebook M usage. As per Our World in Data.org, Facebook is one of the largest social platforms in the world. Other social platforms include YouTube, WhatsApp, and many others. In 2019, Facebook accounted for an estimated 2.4 billion users compared to the 7.7 billion people in the global population in 2019. The consumption of social media is expected to increase along with the innovation and development of mobile phone technologies.
Bixby
Bixby is a digital assistant that Samsung developed for their Samsung smartphones, TVs, and many other devices. It was an evolution from their previous AI digital assistant model, S Voice. Bixby allows the user to send texts, check the weather, call contacts, launch apps, and control music like several other digital assistants. Bixby is also deeply integrated with the device’s system settings and certain third-party applications, allowing for several features such as changing brightness levels, toggling auto-rotate, taking a picture, or replying to an email through Gmail on the Samsung device.
Bixby consists of several other features, which include Bixby voice, which allows the interaction or communication between Bixby and the user, Bixby vision, which allows Bixby to access the camera of the device and display information on the object that the camera is pointed towards, Bixby commands, which allows Bixby to follow commands that were set for automation of tasks by the user, and Bixby text call, which allows Bixby to transcribe what the person during the phone call is speaking in real-time.
The growth of Bixby users is expected to increase along with the substantial increase in sales of Samsung devices. As per the financial statements of Samsung Electronics, the total net revenue of the company displayed an increase from Korean Won 279,604,799 in December 2021 to Korean Won 302,231,360 in December 2022. The devices include image devices, mobile devices, memory, and display panels.
Figure 3: Net Revenue, Samsung Electronics, 2021-2022
Source: Financial Statements 2022
(in millions of Korean Won)
Bunker Fuel Market valuation worth US$169.086 billion by 2028
Press ReleasesThe bunker fuel market is expected to grow at a CAGR of 5.13% during the forecasted period, with a market valuation of US$119.140 billion in 2021 and expected to reach US$169.086 billion by 2028.
The market for bunker fuel is significantly impacted by the increasing application of Liquified Natural Gas (LNG) as bunker fuel.
As per the report, the market for bunker fuels is expected to witness a significant upsurge during the forecasted period.
Bunker Fuels are any kind of fuel oils that are commonly used on board a ship or marine vessels. Bunker fuels are commonly distinguished by their grade, which includes Grades A, B and C, which respectively downgrade in quality classifications of fuel oil, characteristics of their boiling points, carbon-chain lengths, and viscosities.
The bunker fuel market is expected to witness growth due to the increasing popularity of Liquified Natural Gas (LNG) being used as bunker fuel. The increase in popularity of LNG can be linked to the need and growing desire for clean energy worldwide and the efforts being implemented towards the reduction of greenhouse gas emissions, which further increases the rate of order and delivery of LNG-powered marine vessels. According to the US Energy Information Administration, the US natural gas trade has witnessed a significant increase, which is from 2.55 trillion cubic feet in imports and 5.28 trillion cubic feet in exports in 2020 to 3.02 trillion cubic feet in imports and 6.90 trillion cubic feet in exports in 2022. This increase in exports and imports in LNG can have a significant impact on the bunker fuel market, providing the necessary fuel for growth during the forecasted period.
The bunker fuel market has been categorized based on type, vessel, and geography.
Based on type, the bunker fuel market is categorized into four types, which include high sulphur, low sulphur, marine gas oil, and others. The different types of fuel are based on the necessities of the marine vessels and ships and their weight capacity, which will require more fuel consumption and efficiency.
Based on the vessel, the bunker fuel market is categorized into four types, which include bulk containers, general cargo, tankers, and others. Bunker fuels are commonly used by a variety of marine vessels and ships, which include bulk containers, general cargo, tankers and many others, using different capacities of fuel based on their weight load.
Based on geography, the Asia Pacific region is expected to witness significant growth in the bunker fuel market during the forecasted period. China is anticipated to deliver significant growth in the market during the forecasted period due to the increased maritime potential of the country. China is also one of the most prominent oil producers, being home to various global leaders in the oil production market. Various major ports like Ningbo-Zhoushan, Guangzhou, Shanghai, Shenzhen, and others represent the lucrative potential due to the large number of cargo ships, vessels, and passenger boats they contain which would need frequent bunker fuel supply to carry out their operations. Furthermore, China’s storage of fuel and rising hydrocarbon resource development activities in the offshore areas of the country provide significant growth opportunities for the bunker fuel market. The Ministry of Transport of the People’s Republic of China stated that Shanghai remains the global top in container throughput, reaching 49 million twenty-foot equivalent units (TEUs) in 2023. Furthermore, the container throughput of Chinese ports accounted for 282.7 million TEUs in 2021, which displayed an increase of 7% annually. This increase displays the potential of the Chinese bunker fuel market, showing positive growth during the forecasted period,
The research includes several key players from the bunker fuel market, such as Royal Dutch Shell Plc, BP plc, Exxon Mobil Corporation, Adani Group, Hindustan Petroleum Corporation Limited (Oil and Natural Gas Corporation), Uniper SE (Federal Republic of Germany), Sinopec Group (China Petrochemical Corporation), PJSC Lukoil Oil Company, Total Direct Énergie (Total Energie), Petroliam Nasional Berhad, and Chevron Corporation.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/bunker-fuel-market
The analytics report categorises the bunker fuel market using the following criteria:
Segmentation: