Increasing Number of Cross-Border Transactions propels Digital Remittance Market Growth

Digital Remittance Industry Overview

The global digital remittance market size was valued at USD 19.65 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 15.6% from 2023 to 2030. The global digital remittance transactions were valued at over USD 390 billion in 2022. The market growth can be attributed to the increasing fund transfers from migrant workers to their families. Moreover, the increasing number of cross-border transactions and the growing adoption of mobile-based payment channels are expected to propel market growth over the forecast period. According to GSM Association, in 2020, funds worth around USD 12.7 billion were processed through mobile money in cross-border remittances.

The proliferation of the digital platform for remittance is expected to encourage customers to move toward online transactions. Moreover, the rising penetration of mobile devices across the globe in recent years has encouraged the adoption of digital technology in remittance services and cross-border payments. Customers across the globe are also shifting toward digital remittance services as they help reduce the money transfer time and remittance costs. Moreover, digital remittance services offer high privacy and protection for consumers’ money.

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The endless chains of mediators, hidden charges, and paperwork involved in money transfer made the process costly and arduous. However, the adoption of digital remittance services has helped businesses and customers enjoy more affordable, faster, and value-added money transfer services. The costs involved in transferring money have reduced drastically as a result of healthier competition between market players.

The rising popularity of digital remittance services among low-wage migrant workers, who use these services to send money to their families, is compelling several governing bodies to pay attention to and regulate the digital remittance industry. Moreover, foreign remittances play an important role in the economic development of emerging markets. Due to this, authorized regulators control and monitor money transfer fees to encourage customers to continue using digital remittance services and effectively contribute to their home country’s economic growth. These factors are expected to contribute to the market growth over the forecast period.

The increasing adoption and ease of digital payments are expected to create growth opportunities for the market over the forecast period. However, the lack of awareness about digital remittance services and high remittance prices are expected to hinder market growth. Moreover, security hindrances such as terrorist financing and money laundering could negatively impact the growth prospects of the market over the forecast period.

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Contactless Payment Market - The global contactless payment market size was valued at USD 34.55 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 19.1% from 2022 to 2030.

Cross-border B2C E-commerce Market - The global cross-border B2C e-commerce market size was valued at USD 719.02 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 25.8% from 2022 to 2030.

Digital Remittance Market Segmentation

Grand View Research has segmented the global digital remittance market on the basis of type, channel, end use, and region:

Digital Remittance Type Outlook (Revenue, USD Million, 2017 - 2030)

• Inward Digital Remittance
• Outward Digital Remittance

Digital Remittance Channel Outlook (Revenue, USD Million, 2017 - 2030)

• Banks
• Money Transfer Operators
• Online Platforms
• Others

Digital Remittance End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Migrant Labor Workforce
• Personal
• Small Businesses
• Others

Digital Remittance Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Market Share Insights:

August 2021: WorldRemit Ltd. launched its money transfer services in Malaysia, allowingWorldRemit users to send money from Malaysia, in addition to 50 other countries, including the U.S. and the U.K., to more than 130 destinations.

Key Companies profiled:

Some prominent players in the global Digital Remittance market include

• Azimo Limited
• Digital Wallet Corporation
• InstaReM Pvt. Ltd.
• MoneyGram
• PayPal Holdings, Inc.
• Ria Financial Services Ltd.
• TransferGo Ltd.
• TransferWise Ltd.
• Western Union Holdings, Inc.
• WorldRemit Ltd.

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Rising Awareness among Users to Use Green Transportation Modes drives Peer-To-Peer Electric Vehicle Charging Market

Peer-To-Peer Electric Vehicle Charging Industry Overview

The global peer-to-peer electric vehicle charging market size was valued at USD 106,719.5 thousand in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 22.2% from 2022 to 2030. Factors such as the growing demand for electric vehicles worldwide and government policies and subsidies for purchasing electric vehicles and establishing charging infrastructure have led to an increase in the demand for peer-to-peer electric vehicle charging stations. According to a study by the European Association of Automobile Manufacturers (ACEA), the Netherlands, Germany, and France collectively account for nearly 70% of the region’s EV charging stations in 2020. Moreover, in 2020, electric vehicle sales in Europe grew by 89%, which is further expected to contribute to the growth of the market.

Various EV manufacturers and Original Equipment Manufacturers (OEMs) are making efforts to strengthen the interoperability of electric vehicles and charging infrastructure, which is further expected to enhance peer-to-peer charging networks. Additionally, governments across the globe are consistently allocating the necessary space for establishing electric vehicle charging infrastructure in residential places, which is likely to provide lucrative opportunities to the market. For instance, in March 2021, the Government of India directed that buildings in New Delhi, such as hotels, hospitals, and malls, with parking facilities of more than 100 vehicles need to reserve 5% of the parking space for electric vehicles and charging points.

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Numerous companies are focusing on partnerships with utility and energy companies to expand the reach of their peer-to-peer EV charging solutions. For instance, in January 2020, EVmatch announced the pilot project with utilities based in the U.S. state of Vermont, including Green Mountain Power and Burlington Electric Department, to make EV charging available to multi-family residences affordably and logically for property owners. Apartment owners are also increasingly adopting EV charging stations to earn extra revenue, recoup electricity costs, and attract new tenants. For instance, Park Plaza Apartments in the Mountain View area and Revere Apartments in the Campbell area in California have started offering EVmatch’s level 2 charging access to the general public and tenants.

To address range anxiety issues related to electric vehicles, governments across the globe are focusing on providing funds for the development of peer-to-peer networks. For instance, the U.S. government has developed the Northeast Corridor Regional Strategy, through which it provides support for the integration and development of peer-to-peer electric vehicle charging networks and electrical vehicle charging infrastructures. Government grants provided to promote the adoption of EV charging stations are expected to create new opportunities for the market in the near future. For instance, in June 2020, EVmatch received funds from Silicon Valley Clean Energy (SVCE), an electricity provider, for installing 8 EV chargers across multifamily properties across SVCE’s thirteen-member communities in the U.S. by 2021.

Several companies are introducing peer-to-peer charging stations aimed to improve the customer experience. For instance, in October 2021, REVOS, an EV infrastructure provider, announced the launch of the Bolt, a peer-to-peer charging point compatible with any portable EV charger. The company is also planning to install more than one million EV charging points across 500 cities in India and other emerging markets. Such factors bode well for the growth of the market over the forecast period.

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Charging As A Service Market - The global charging as a service market was valued at USD 208.1 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 22.6% from 2022 to 2030.

Battery Swapping Charging Infrastructure Market - The global battery swapping charging infrastructure market size was valued at USD 166.5 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.2% from 2022 to 2030.

Peer-To-Peer Electric Vehicle Charging Market Segmentation

Grand View Research has segmented the global peer-to-peer electric vehicle charging market based on charger type, application, and region.

Peer-To-Peer Electric Vehicle Charging Charger Type Outlook (Revenue, USD Thousand, 2018 - 2030)

• Level 1
• Level 2

Peer-To-Peer Electric Vehicle Charging Application Outlook (Revenue, USD Thousand, 2018 - 2030)

• Residential
• Commercial

Peer-To-Peer Electric Vehicle Charging Regional Outlook (Revenue, USD Thousand, 2018 - 2030)

• North America
• Europe
• Asia Pacific

• Rest of the World

Market Share Insights:

April 2021: Enel X launched the JuiceRoll Race edition charging station for MotoE.

February 2020: ClipperCreek, Inc. updated its HCS-40 charger, which is a level-2 charger suitable for residential and commercial charging stations.

Key Companies profiled:

Some prominent players in the global Peer-To-Peer Electric Vehicle Charging market include

• Chargepoint Inc
• ClipperCreek, Inc.
• Enel X
• EVBox
• EV Meter
• Greenlots
• has·to·be gmbh
• innogy
• Power Hero
• Webasto Group

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Payment Gateway Market Growth is Fueled by Rising e-Commerce Sales and Growing Internet Penetration

Payment Gateway Industry Overview

The global payment gateway market size was valued at USD 26.79 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 22.2% from 2023 to 2030. The market growth can be attributed to the increasing demand for mobile-based payments across the globe. Rising e-commerce sales and growing internet penetration globally are other significant factors that are anticipated to contribute to the growth of the market for payment gateway. Additionally, the shift in merchant and consumer preference to digital channels for enabling online money transfers is projected to propel the growth of the market in the forthcoming years.

Companies are increasingly seeking payment gateways that provide secure internet transactions and help prevent credit or debit card scams and other fraudulent activities. Reliable payment gateways encrypt sensitive information such as bank account details and debit or credit numbers to ensure that the information is transferred securely from the customer to the issuing bank. Moreover, they eliminate the need for consumers to deal with the hassles of shopping from physical stores and waiting in long queues. Consumers can efficiently complete the entire transaction online, enjoying a seamless shopping experience.

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Technological advancements and the rapid rate of internet penetration globally have enabled financial service providers to offer novel digital services to customers. The rising popularity of mobile-based apps for making money transfers also propels internet banking demand. Governments globally are making efforts to promote internet services across rural areas. The British government in 2020 has invested USD 5.9 billion in the country's rural areas to provide fast broadband services. 95% of the country's rural areas were expected to receive 4G coverage in the coming years owing to the USD 606.3 million investments made by the government in 2020 in the shared rural mobile phone network project.

E-commerce companies are partnering with payment service providers to offer a digital payments infrastructure to merchants and customers. Merchants manage a large volume of transactions, which has encouraged the integration of gateway systems into their sales channels. For instance, in July 2021, PayU, a payment gateway service provider, announced its partnership with WooCommerce, a customizable e-commerce platform, to enable WooCommerce merchants with digital payment infrastructure and end-to-end digitalization of business processes. This partnership is expected to offer merchants contactless payment solutions to scale the profitability and growth, exclusive pricing on transactions, and no hidden charges.

Numerous banks across the globe are also making efforts to enter into partnerships with payment gateway service providers to offer real-time payment facilities to consumers and merchants. For instance, in November 2021, Yes Bank announced its collaboration with Amazon Pay and Amazon Web Services (AWS) to provide a real-time payment system through the Unified Payment Interface (UPI) transaction facility. Through this collaboration, UPI facilitates inter-bank person-to-merchants and peer-to-peer network transactions through the Yes Bank digital payment platform.

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Contactless Payment Market - The global contactless payment market size was valued at USD 34.55 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 19.1% from 2022 to 2030.

Digital Payment Market - The global digital payment market size was valued at USD 68.61 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.5% from 2022 to 2030.

Payment Gateway Market Segmentation

Grand View Research has segmented the global payment gateway market based on type, enterprise size, end-use, and region:

Payment Gateway Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Hosted
• Non-hosted

Payment Gateway Enterprise Size Outlook (Revenue, USD Billion, 2017 - 2030)

• Large Enterprises
• Small & Medium Enterprises

Payment Gateway End-use Outlook (Revenue, USD Billion, 2017 - 2030)

• BFSI
• Media & Entertainment
• Retail & E-commerce
• Travel & Hospitality
• Others

Payment Gateway Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Market Share Insights:

May 2021: Stripe announced its partnership with GrabPay, a provider of payment solutions to businesses, allowing businesses in Malaysia and Singapore to offer consumers a more convenient and rewarding online payment method through GrabPay’s e-wallet.

October 2020: Stripe, a financial service company, announced the acquisition of Paystack, an online payment processing company. Paystack operates in Nigeria and has plans to expand across South Africa.

Key Companies profiled:

Some prominent players in the global Payment Gateway market include

• Adyen
• Amazon Payments Inc.
• Authorize
• Bitpay, Inc.
• Braintree
• PayPal Holdings Inc.
• PayU Group
• Stripe
• Verifone Holdings Inc.
• Wepay, Inc.

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Cloud Computing Market Size worth $1,554.94 Billion by 2030

Cloud Computing Industry Overview

The global cloud computing market size was valued at USD 368.97 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.7% from 2022 to 2030. The introduction of emerging technologies such as Artificial Intelligence (AI) and machine learning enables cloud growth by empowering companies to tap into AI capabilities. The COVID-19 pandemic has appeared as a significant challenge for the global economy. Cloud computing can support enterprises to survive the business continuity challenges presented due to the lockdown, work from home, social distancing, and other mandates affecting the market. However, as businesses, managers, and employees continue to opt for remote working due to the pandemic, remote working has emerged as the latest trend and is expected to continue in the long term.

The pandemic is expected to induce one of the most significant workplace transformations. It is transforming the way businesses leverage smart technologies such as mobile supercomputing, IoT, big data, and artificial intelligence to accelerate Industry 4.0, the fourth industrial revolution. The cloud-computing market accelerated the demand in Q3 2020 as organizations continued to migrate their workloads from traditional channels to digital formats. Numerous enterprises across various verticals have adopted the work from home model to maintain employee well-being and operational efficiency, increasing the demand for Software-as-a-Service (SaaS)- based solutions.

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Cloud computing offers more efficient and faster ways to adapt and run business operations according to changing market environments. It streamlines the consumerization of technology. It has unleashed unprecedented possibilities to create highly engaging customer experiences. Cloud has driven a behavioral change among people and businesses and enabled multiple lines of businesses to navigate around the tech policies to get things done. Cloud trends are essentially guiding organizations’ investment strategies, digital business decision processes, and vendor and technology selection.

Rapid digitization is compelling organizations to modernize their application and infrastructure landscape to drive cost efficiency and business agility. By adopting cloud solutions and services, organizations can support their key business activities effectively, move business workloads to a cloud platform, and avoid the latency of the network.

Data security and privacy are the primary concerns of organizations, wherein storage, use, and transmission of information must be digitally protected. Surveys suggest that about 60% of the business-sensitive information on hard drives is held insecurely. Data encryption, authorization management, access control, cloud integration, communication security, monitoring &auditing, and business continuity services are some of the important security services offered by the vendors. For instance, vendors such as Google LLP, Microsoft Corporation, and Amazon.com Inc. provide 99.9% uptime, which relieves organizations from the burden of creating and maintaining recovery facilities and backup infrastructure.

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Everything As A Service Market - The global everything as a service market size was estimated worth USD 191.83 billion in 2021 and is expected to witness a CAGR of 22.3% from 2022 to 2030.

Public Cloud Market - The global public cloud market size was valued at USD 211.5 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.6% from 2020 to 2027.

Cloud Computing Market Segmentation

Grand View Research has segmented the global cloud computing market based on service, deployment, enterprise size, end use, and region:

Cloud Computing Service Outlook (Revenue, USD Billion, 2017 - 2030)

• Infrastructure as a service (IaaS)
• Platform as a service (PaaS)
• Software as a service (SaaS)

Cloud Computing Deployment Outlook (Revenue, USD Billion, 2017 - 2030)

• Public
• Private
• Hybrid

Cloud Computing Enterprise Size Outlook (Revenue, USD Billion, 2017 - 2030)

• Large Enterprises
• Small & Medium Enterprises

Cloud Computing End-use Outlook (Revenue, USD Billion, 2017 - 2030)

• BFSI
• IT & Telecom
• Retail & Consumer Goods
• Manufacturing
• Energy & Utilities
• Healthcare
• Media & Entertainment
• Government & Public Sector
• Others

Cloud Computing Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Market Share Insights:

October 2020: Microsoft Corporation partnered with ZEISS Group to provide better care for patients and enhance manufacturing quality through data solutions. Under this partnership, ZEISS Group planned to adopt Microsoft Azure as its cloud platform to provide its German manufacturers with digital experiences, rapidly address dynamic market conditions, and increase overall productivity and efficiency.

January 2020: IBM Corporation announced the launch of Advertising Accelerator with Watson, a predictive solution that uses AI and leverages Watson to develop campaigns that can potentially help marketers and advertisers in understanding the preferences of their audiences and subsequently provide actionable insights.

Key Companies profiled:

Some prominent players in the global Cloud Computing market include

• Adobe Inc.
• Alibaba Group Holding Limited
• Amazon. Inc.
• Google LLC
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Corporation
• Salesforce, Inc.
• SAP SE
• Workday, Inc.

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Agricultural Tractors Market Demand is driven by Increase in Farmers’ Income and Lower Bank Interest Rates

Agricultural Tractors Industry Overview

The global agricultural tractors market demand was valued at 2,765.3 thousand units in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.8% from 2022 to 2030. The surge in demand for compact tractors on small farms and technological advancements, such as integrating telematics with agricultural tractors, are expected to drive market growth over the forecast period. In addition, the rapid adoption of mechanization in the agriculture industry is likely to bode well for the market growth over the next eight years. Furthermore, farm laborers’ migration toward cities creating a shortage of laborers is anticipated to drive the market growth. The outbreak of COVID-19 hampered the product demand owing to the temporary suspension of production and supply chain disruption.

However, in H1 2021, the demand for tractors bounced back significantly with double-digit growth in major economies, such as the U.S., Canada, the U.K., Germany, China, and India. Also, strong crop production in these markets, along with the need to replace aging equipment, increased product sales in H1 2021. However, a sudden increase in demand led to lower inventory levels of tractors in H2 2021, a trend expected to continue over the next few quarters of 2022. In 2022, OEMs are presumed to increase the agricultural tractors prices from 4% to 22%, which is anticipated to further slow down the market growth. It is attributed to low inventory levels of tractors experienced by dealers.

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Also, OEMs are currently experiencing a shortage of semiconductors coupled with supply chain disruptions and market uncertainty due to the growing COVID-19 cases, which may delay production. Furthermore, a hike in steel and aluminum prices is expected to increase tractors prices, which is further anticipated to hinder market growth over the next few quarters. Favorable government policies are likely to boost market growth over the forecast period. For instance, on September 15, 2021, the U.S. Department of Agriculture (USDA) introduced a Precision Agriculture Loan (PAL) Act to allow farmers and ranchers to avail of loans to purchase precision agriculture equipment.

Similarly, the imposition of The U.K. Agriculture Act 2020 and the Canadian Agricultural Loans Act (CALA) are likely to favor the product demand over the forecast period. Such initiatives are expected to fuel the market growth over the forecast period. Technological advancements in agricultural tractors are also expected to bode well for the market growth over the forecast period. For instance, the rising popularity of autonomous and electric tractors is projected to increase productivity and efficiency in farming.

Key vendors in this space, such as Deere & Company, CLAAS KGaAmbH Escorts Ltd., SOLECTRAC, and Monarch, have commercially launched concepts for their autonomous and electric tractors. For example, in December 2020, MONARCH TRACTOR announced the launch of its electric tractor integrated with autonomous, machine learning, and data analysis features. The launched tractor envisages farmers improving operational efficiency, enhancing labor productivity and safety, and increasing yields.

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Tractor Implements Market - The global tractor implements market size was valued at USD 28.69 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.0 % over the forecast period.

All-terrain Vehicle Market - The global All-terrain vehicle market size was valued at USD 1.25 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2030.

Agricultural Tractors Market Segmentation

Grand View Research has segmented the global agricultural tractors market based on engine power, driveline type, and region:

Agricultural Tractors Engine Power Outlook (Volume, Thousand Units, 2018 - 2030)

• Less than 40 HP
• 41 to 100 HP
• More than 100 HP

Agricultural Tractors Driveline Type Outlook (Volume, Thousand Units, 2018 - 2030)

• 2WD
• 4WD

Agricultural Tractors Regional Outlook (Volume, Thousand Units, 2018 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Market Share Insights:

November 2021: CNH Industrial N.V. signed a long-term agreement with Monarch Tractor, an AgTech company, to develop fully electrified autonomous tractors. The initiative would enable the former company to increase its product portfolio.

August 2021: Deere and Company acquired Bear Flag Robotics, an AgTech company, for USD 250 million. It would help the former company to meet the consumer demands and increase its customer base.

Key Companies profiled:

Some prominent players in the global Agricultural Tractors market include

• AGCO Corp.
• CLAAS KGaAmbH
• CNH Industrial N.V.
• Deere & Company
• Escorts Limited
• International Tractors Ltd.
• Kubota Corp.
• Mahindra & Mahindra Ltd.
• Tractors and Farm Equipment Ltd.
• Yanmar Co., Ltd.

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Vibration Control System Market is Driven by Rapidly Growing Automotive and Aviation Industries

Vibration Control System Industry Overview

The global vibration control system market size was valued at USD 4.65 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030. The market is expected to witness an increase in demand at a global level owing to the growing emphasis on the mechanical stability and balancing of industrial machinery and automobiles. Vibration Control Systems (VCS) is an isolation system that vigorously responds to incoming vibrations. These systems are used to control vibrations in static or moving machines and help to reduce friction and other disruptions.

Also, these systems safeguard the operation of machine parts, generation of heat, wear & tear, loss of energy, and cracks & breakage, among others. They are used in various industries such as automotive, aero & defense, electrical & electronics, oil & gas, and healthcare, among others. The rapidly growing automotive and aviation industries are expected to drive market growth over the forecast period. The rapid development of next-generation VCS for aircraft to reduce vibration is a primary factor driving the market growth. Also, in the automotive industry, anti-vibration systems such as bushing and mounting are used to reduce quivers. These systems help in increasing vehicle efficiency as well as the life span of the components. VCSs were initially designed for use in automotive and electrical equipment. These systems are now being used in aerospace & defense, oil & gas, and mining & quarrying, among others.

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Furthermore, these systems are gaining ground in the healthcare sector as well. Pharmaceutical companies have started using these mechanisms to mitigate the impacts of tremble and quivers on sensitive equipment such as Magnetic Resonance Imaging (MRIs) and DNA sequencing microarrays, among others in healthcare and scientific institutions. On the other hand, factors such as strict industry regulations, high costs of systems, and component reliability issues are anticipated to hinder the market growth over the years.

The strict regulations and policies set by the U.S. defense and airline authorities are compelling manufacturers of VCS to upgrade their design. Also, in recent years, the aviation industry started using anti-vibration control systems as previously the reliability of various components, including actuators, sensors, and controllers was comparatively less, thus, inhibiting the growth of the market. However, the rising demand for self-controlling, smart, and adaptive VCS, along with technological development, such as web-based continuous machine condition monitoring and active Noise and Vibration Control (ANVC) systems in aircraft, is an opportunity for market growth over the coming years.

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Fire Suppression System Market - The global fire suppression system market was valued at USD 20.27 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% over the forecast period.

Compressed Air Treatment Equipment Market - The global compressed air treatment equipment market size was valued at USD 8.38 billion in 2022 and is expected to register a CAGR of 6.2% from 2023 to 2030.

Vibration Control System Market Segmentation

Grand View Research has segmented the global vibration control system market based on systems type, application, and region:

Vibration Control Systems Type Outlook (Revenue, USD Million, 2017 - 2030)

• Motion Control
• Springs
• Hangers
• Washers & Bushes
• Mounts
• Vibration Control
• Isolating Pads
• Isolators
• Others

Vibration Control Systems Application Outlook (Revenue, USD Million, 2017 - 2030)

• Automotive
• Aerospace & Defense
• Manufacturing
• Electrical & Electronics
• Healthcare
• Oil & Gas
• Others

Vibration Control System Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Market Share Insights:

March 2019: Trelleborg AB announced an opening of its anti-vibration mechanisms manufacturing facility in India (Bengaluru). This expansion was intended to expand Trelleborg’s production facilities for anti-vibration systems in the region and help the local production of Trelleborg’s portfolio for the railway sector.

Key Companies profiled:

Some prominent players in the global Vibration Control System market include

• ContiTech AG
• Lord Corporation
• Resistoflex
• HUTCHINSON
• Fabreeka
• Sentek Dynamics Inc.
• VICODA GmbH
• Isolation Technology Inc.
• Trelleborg AB
• Kinetics Noise Control, Inc.

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Self-checkout Systems Market Growth is Triggered by Inclination Toward Personalized Shopping Experience

Self-checkout Systems Industry Overview

The global self-checkout systems market size was valued at USD 3.44 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.3% from 2022 to 2030. During the COVID-19 pandemic, the need to maintain social distancing, reduce wait time in queues, and offer products beyond retail store premises triggered the overall market growth. The market is primarily driven by the increasing retail space cost and growing consumer queue time to order or checkout. Furthermore, the shortage of skilled laborers in developing nations, rising labor costs, and inclination toward personalized shopping experience are some of the other factors boosting the market growth.

Self-checkout systems are automated systems deployed across retail, grocery stores, and hospitality industries to help the customer in checkout and self-order without the help of any employees. The earlier self-checkout systems included separate, off-the-shelve components and occupied a large storage area. On the contrary, the current self-checkout systems are re-engineered and manufactured as per demand to suit the store structure and improve functionalities, costs, form factors, and reliability. The growing trend of secure and self-payment technologies has resulted in kiosk vendors providing cashless systems and is expected to fuel the market growth over the next couple of years.

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Automation is rapidly becoming the key transformational force across many industries worldwide. The increased penetration of automation across industries/sectors such as retail and hospitality is likely to drive the adoption of self-checkout systems across store operations and warehouses. Features such as self-scan and pay and self-ordering, while avoiding large queues, contribute to their increased popularity in the market. In addition, to cope with the declining workforce, the adoption of robotic and automation products has risen notably in the retail sector in recent years.

Technology developments and increasing IoT penetration in the retail space continue to contribute to the growth of the market at a steady pace. Shop owners are increasingly investing in technology to reduce in-store issues related to inventory mapping, product information identification, payment, and customer experience. For instance, motion sensors and lasers help retailers detect if a product is shoplifted or a product has not been scanned at a self-checkout counter. Moreover, the deployment of self-checkout systems would help customers understand several product features and promotional offers provided in the store and check out quickly without any intervention from employees. Therefore, self-checkout systems also serve as an additional touchpoint allowing store owners to improve customer engagement and enhance their shopping experiences.

Even though the market is anticipated to witness steady growth owing to the aforementioned benefits, lack of awareness and rising instances/incidences of skimming, fraud, and shoplifting are expected to pose a challenge to the market growth. Reluctance to use self-checkout services among the elderly population is another factor that may impact the industry growth. Senior citizens with mobility issues and conditions such as dementia, and hearing, sight, and memory loss require more outstanding care. Additionally, limited technology know-how in underdeveloped economies often leads to the avoidance of self-checkout systems across retail outlets.

The COVID-19 pandemic had a significant impact on the global market. The spread of COVID-19 urged governments across the globe to undertake several precautionary methods. Many retailers implemented business models at a higher rate, from zero-touch practices to remote working. These practices created avenues as well as challenges for the market growth. Furthermore, the limited availability of the workforce in retail shops promoted a self-servicing shopping experience, wherein consumers selected the required products without the intervention of an employee to guide them on the product details. However, procuring raw materials and components across countries was a challenge among the vendors owing to the shutdown of operations. As most of the suppliers were concentrated in China and other Asia Pacific countries, the supply of components was halted due to the halting of travel and transportation during the lockdown phase.

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Digital Payment Market - The global digital payment market size was valued at USD 68.61 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.5% from 2022 to 2030.

Payment Gateway Market - The global payment gateway market size was valued at USD 26.79 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 22.2% from 2023 to 2030.

Self-checkout Systems Market Segmentation

Grand View Research has segmented the global self-checkout systems market on the basis of component, type, application, and region:

Self-checkout Systems Component Outlook (Revenue, USD Million, 2018 - 2030)

• Systems
• Services

Self-checkout Systems Type Outlook (Revenue, USD Million, 2018 - 2030)

• Cash Based Systems
• Cashless Based Systems

Self-checkout Systems Application Outlook (Revenue, USD Million, 2018 - 2030)

• Supermarkets & Hypermarkets
• Department Stores
• Convenience Stores
• Others 

Self-checkout Systems Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Market Share Insights:

June 2021: Toshiba Corporation entered into a partnership with Worldline, a France-based payment solution provider, which brings Toshiba’s Pro-X Hybrid Kiosk to market in this partnership. The kiosks are aimed at helping retailers offer a better flexible outlook to the point of sale (POS) in their stores, making the check-out experience more sophisticated for the customers.

February 2021: Pyramid Computer GmbH entered into a partnership agreement with Scheidt & Bachmann GmbH. This Germany-based enterprise offers solutions for retail stores across fuel and parking sites. As per the agreement, the latter company would integrate its SIQMA Smoove, a checkout solution, into the former company’s hardware. The two companies intend to promote self-checkout solutions at fuel retail stores.

Key Companies profiled:

Some prominent players in the global Self-checkout Systems market include

• Diebold Nixdorf, Inc.
• ECR Software Corporation
• FUJITSU
• Gilbarco Inc.
• ITAB Group
• NCR Corporation
• Pan-Oston
• PCMS Group Ltd.
• StrongPoint
• Toshiba Global Commerce Solutions

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Online Grocery Market Demand is driven by The Changing Consumer Behavior and Rising Disposable Income

Online Grocery Industry Overview

The global online grocery market size was valued at USD 285.70 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 25.3% from 2022 to 2030. The changing shopping preferences of consumers in the wake of the outbreak of the pandemic and the unabated growth of the e-commerce industry are expected to drive the growth of the market over the forecast period. The myriad of options for online payments and the assurances for contactless delivery of the ordered grocery being offered by online grocers is expected to contribute to the growth of the market.

Advances in technology, the continued urbanization, and the paradigm shift in consumers’ shopping habits are driving the preference for grocery shopping through online channels. Innovative business models, such as slotted or express delivery and on-demand or subscription delivery models, being introduced by grocers are also encouraging consumers to opt for online grocery shopping. Attractive discounts being offered by service portals and the rising levels of disposable income are also playing a vital role in driving the growth of the market.

Gather more insights about the market drivers, restraints, and growth of the Global Online Grocery Market

Various delivery options, such as immediate or same-day delivery and click & collect, remain niche for the growth of the market. For instance, in the U.S., grocers are offering contactless grocery delivery and fast-tracking the delivery to next-day delivery or same-day delivery. This is encouraging small-scale grocers to join forces with third-party service providers, such as Instacart, and make a foray into the market. Food-delivery platforms, such as Uber Eats and DoorDash, are also making a market foray finding the market highly lucrative.

The outbreak of the pandemic is particularly driving the preference for online grocery shopping. As such, easy availability of time slots, lower service fees, and the convenience associated with picking up the grocery while on the way are encouraging individuals to opt for click & collect services, book the grocery online, and pick up the grocery they ordered at their convenience while avoiding crowds. As a result, grocers are rapidly building click & collect capabilities as part of their efforts to ensure a convenient and robust customer experience throughout their network of groceries.

The online channel is offering more options for consumers as compared to the conventional channels. As such, e-commerce portals are allowing consumers to compare various products with each other and make an informed buying decision. This is also opening opportunities for grocers to build brand awareness while focusing on quality. Features, such as saved preferences and order history for reordering, are also adding to the convenience of consumers and encouraging them to opt for online grocery shopping, thereby driving the growth of the market.

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Online Food Delivery Services Market - The global online food delivery services market size was valued at USD 50.70 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 18.7% from 2022 to 2030.

E-commerce Market - The global e-commerce market size was valued at USD 9.09 trillion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027.

Online Grocery Market Segmentation

Grand View Research has segmented the global online grocery market based on product type and region:

Online Grocery Product Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Fresh Produce
• Breakfast & Dairy
• Snacks & Beverages
• Meat & Seafood
• Staples & Cooking Essentials
• Others

Online Grocery Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies profiled:

Some prominent players in the global Online Grocery market include

• AEON Co., Ltd.
• Alibaba
• Amazon, Inc.
• Blinkit (formerly Grofers)
• Instacart
• JD.com, Inc.
• Natures Basket Limited.
• Rakuten
• Reliance Retail (Reliance Fresh)
• Supermarket Grocery Supplies Pvt. Ltd. (BigBasket)
• Target Brands, Inc.
• Tesco.com
• The Kroger Co.
• Walmart

Order a free sample PDF of the Online Grocery Market Intelligence Study, published by Grand View Research.

Autonomous Vehicles Market growth is contributed by Rising R&D Spending in Autonomous Vehicle Development

Autonomous Vehicles Industry Overview

The global autonomous vehicles market demand was estimated at 51.6 thousand units in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 53.6% from 2022 to 2030. Self-drive cars, also known as autonomous vehicles, are a key innovation in the automotive industry, with high growth potential, and act as a catalyst in the technological development of automobiles. Developing a supportive regulatory framework, government funding, and investment in digital infrastructure is expected to play a key role in positively affecting the market growth during the forecast period.

The improvements in the technology, such as adaptive algorithms, sensor processing, high-definition mapping, and enhanced infrastructure, are prompting various companies to expand the production of autonomous vehicles. The market has a wide range of products and systems that make up the autonomous vehicle infrastructure. Autonomous cars enable independent mobility for non-drivers and people suffering from certain disabilities. It allows travelers to travel with more comfort and flexibility to read, rest, or even work while traveling, increasing their efficiency. It will also reduce the paid driver cost for commercial vehicles and taxis. Other benefits such as increased safety with reduced crash risks and increased road capacity with reduced costs will significantly adopt these vehicles in the market.

Gather more insights about the market drivers, restraints, and growth of the Global Autonomous Vehicles Market

Various leading players are working towards enhancing the experience of using autonomous vehicles, with the help of new technologies. For instance, in 2019, the leading automobile company Volkswagen announced its collaboration with Ford to invest in AI vendor Argo AI. The partnership's goal was to introduce autonomous vehicle technology in Europe and the US. The company decided to invest more than 4 billion USD through 2023 to develop and enhance its autonomous or self-driving services.

The autonomous car is made up of numerous sensors, such as LiDAR and RADAR systems, working concurrently to carry out operations automatically without the help of drivers. By performing situational analysis, motion planning, and trajectory control, these sensors help in navigation. The rising safety concerns and advancements in automotive technologies have led to the penetration and acceptance of autonomous vehicles by governments of various countries, such as the U.S., Germany, China, and Japan. Such factors are anticipated to drive market growth in the forecast period.

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Commercial Vehicles Market - The global commercial vehicles market size was estimated at USD 1.35 trillion in 2022 and is projected to register a compound annual growth rate (CAGR) of 3.7% from 2023 to 2030.

Intelligent Transportation System Market - The global intelligent transportation system market size was valued at USD 28.25 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2023 to 2030.

Autonomous Vehicles Market Segmentation

Grand View Research has segmented the global autonomous vehicles market based on application and region:

Autonomous Vehicles Application Outlook (Volume, Thousand Units, 2021 - 2030)

• Transportation
• Defense

 Autonomous Vehicles Regional Outlook (Volume, Thousand Units, 2021 - 2030)

• North America
• Europe
• Asia Pacific
• South America
• MEA

Market Share Insights:

August 2019: Audi announced its partnership with Daimler and BMW to create and develop an advanced driving system. These collaborations will help the companies develop highly functioning autonomous vehicles with autonomous driving and autonomous parking.

August 2017: BMW AG, Intel Corporation, Mobileye, a subsidiary company of Intel Corporation, and Fiat Chrysler Automobiles (FCA) signed an MoU for FCA to join the companies in developing autonomous vehicle driving platforms. The memorandum aims to combine all companies' resources, capabilities, and strengths to reduce time to market, increase development efficiency, and enhance the application’s technology.

Key Companies profiled:

Some prominent players in the global Autonomous Vehicles market include

• Audi AG
• BMW AG
• Daimler AG
• Ford Motor Company
• General Motors Company
• Google LLC
• Honda Motor Co., Ltd.
• Nissan Motor Company
• Tesla
• Toyota Motor Corporation
• Uber Technologies, Inc.
• Volvo Car Corporation
• Volkswagen AG

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Advanced Analytics Market to Expand at a CAGR of 21.1% by 2030

Advanced Analytics Industry Overview

The global advanced analytics market size was valued at USD 34.56 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 21.1% from 2022 to 2030. The major factors driving the growth of the market are the advent of machine learning and Artificial Intelligence (AI) to offer personalized customer experiences, the increasing popularity of online shopping, and the rising penetration of social networking platforms.

Many companies have adopted advanced analytics and AI solutions amid the COVID-19 pandemic to engage customers through digital channels and manage large and complex supply chains. Furthermore, the pandemic has augmented the use of advanced technologies such as data mining, artificial neural networks, and semantic analysis across several businesses.

Gather more insights about the market drivers, restraints, and growth of the Global Advanced Analytics Market

In recent years, there has been exponential growth in the volume of data generated by businesses worldwide. Several businesses derive insights from the gathered data to make better, real-time, and fact-based decisions. This has particularly translated into the rising demand for advanced analytics solutions for data management and strategic decision-making.

Moreover, developments in the field of big data have helped improve the assessment capabilities of data science experts. By leveraging big data analytics, enterprises can bring improvements in vital business functions, processes, and objectives. As a result, organizations can meet stakeholder demands, manage data volumes, manage risks, improve process controls, and boost administrative performance by turning information into intelligence.

The growing adoption of advanced analytics tools for applications such as predicting and forecasting electricity consumption, trade market, and traffic trend predictions is expected to drive the market growth. The use of advanced analytics in demand forecasting can help organizations make informed decisions and augment their profitability. Government agencies and various industries, such as banking, manufacturing, and professional services, have been investing aggressively in big data analytics in recent years.

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Digital Transformation Market - The global digital transformation market size was evaluated at USD 731.13 billion in 2022 and is anticipated to witness a CAGR of 26.7% from 2023 to 2030.

Cloud Analytics Market - The global cloud analytics market size was valued at USD 22.07 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 22.32%% from 2022 to 2030.

Advanced Analytics Market Segmentation

Grand View Research has segmented the global advanced analytics market based on type, deployment, enterprise size, end use, and region:

Advanced Analytics Type Outlook (Revenue, USD Million, 2017 - 2030)

• Big Data Analytics
• Business Analytics
• Customer Analytics
• Risk Analytics
• Statistical Analysis
• Others (Predictive Analytics, Text Analytics, and Prescriptive Analytics)

Advanced Analytics Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• On-premise
• Cloud

Advanced Analytics Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

• Large Enterprises
• Small & Medium Enterprises

Advanced Analytics End-use Outlook (Revenue, USD Million, 2017 - 2030)

• BFSI
• Government
• Healthcare
• IT & Telecom
• Military & Defense
• Others

 Advanced Analytics Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Market Share Insights:

February 2021, RapidMiner, Inc. announced a partnership with Hivecell, an Edge-as-a-Service company. The collaboration is aimed at allowing users to rapidly create and operate models with streaming data from the edge.

Key Companies profiled:

Some prominent players in the global Advanced Analytics market include

• Altair Engineering Inc.
• Fair Isaac Corporation (FICO)
• International Business Machines Corporation
• KNIME
• Microsoft Corporation
• Oracle Corporation
• RapidMiner, Inc.
• SAP SE
• SAS Institute Inc.
• Trianz

 Order a free sample PDF of the Advanced Analytics Market Intelligence Study, published by Grand View Research.

Influencer Marketing Platform Market Application Outlook and Research Report

Influencer Marketing Platform Industry Overview

The global influencer marketing platform market size was valued at USD 10.39 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 33.4% from 2022 to 2030. This can be credited to the shifting inclination of brands from traditional celebrities to online influencers to endorse their products. The term influencer marketing is gradually becoming an indispensable part of the mainstream branding strategies across organizations. It is an amalgamation of conventional celebrity endorsements and content-driven marketing strategies. 

The increased application of the internet for advertisements has significantly transformed the business models of various companies and has provided marketers with new means to reach target audiences. Such promotional activities allow marketers to provide personalized advertisements, enhancing the customer experience. Social media platforms, including Instagram, Meta (Facebook), Pinterest, and YouTube, have gained massive traction for such marketing purposes. These new ways of branding and promotion are expected to enhance the influencer marketing platform market outlook in the subsequent years.

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The influencer marketing platforms gained immense popularity during the COVID-19 pandemic. The government-mandated lockdown restrictions forced the production houses and advertisement agencies to halt the scheduled advertisement shootings, urging the companies to resort to alternate promotion methods. The increased social media usage during the lockdown also encouraged the adoption of influencer marketing. This trend is expected to continue even after the pandemic. 

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Digital Video Advertising Market - The global digital video advertising market size to be valued at USD 292.4 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 41.1% during the forecast period.

Location Based Advertising Market - The global location based advertising market was valued at USD 62.35 billion in 2019 and is expected to register a compound annual growth rate (CAGR) of 17.4% from 2020 to 2027.

Influencer Marketing Platform Industry Segmentation

Grand View Research has segmented the global influencer marketing platform market based on application, organization size, end-use, and region:

Influencer Marketing Platform Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Campaign Management
• Search & Discovery
• Analytics & Reporting
• Influencer Management

Influencer Marketing Platform Organization Size Outlook (Revenue, USD Billion, 2018 - 2030)

• Large Enterprises
• SMEs

Influencer Marketing Platform End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Food & Entertainment
• Sports & Fitness
• Travel & Holiday
• Fashion & Lifestyle
• Others

Influencer Marketing Platform Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• Europe
• Asia Pacific
• South America
• MEA (Middle East & Africa)

Market Share Insights:

June 2021: Marriott International, Inc. incorporated the services of Upfluence Inc. to enhance their influencer discovery, marketing, and tracking of their global campaign.

Key Companies profiled:

Some prominent players in the global Influencer Marketing Platform Industry include

• Upfluence Inc.
• Speakr Inc.
• AspireIQ
• Grapevine Logic Inc.
• Mavrck
• Klear
• NeoReach
• Traackr Inc.
• Webfluential
• Hypetap Pty Ltd.

Order a free sample PDF of the Influencer Marketing Platform Market Intelligence Study, published by Grand View Research.

Automotive Finance Market Overview By Product, Application, Regional Demand and Prominent Players

Automotive Finance Industry Overview

The global automotive finance market size was valued at USD 259.84 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 7.3% from 2023 to 2030. The increasing global demand for electric vehicles is one of the major factors, expected to drive market growth. According to the Experian’s State of the Automotive Finance report, electric vehicles comprised 4.56% of new vehicle financing in Q4 2021, up from 2.25% in Q4 2020 and 1.34% in Q4 2019 in the U.S. According to this report, consumers in the U.S. are more likely to purchase new electric vehicles rather than lease them.

The growing importance of captive automotive finance worldwide is creating new opportunities for market growth. Captive finance is a subsidiary of an automaker that provides loans and financial services to the company's customers. The benefits of starting a captive finance company include personalized finance options for the customers, and equipment rental programs, among others. The companies such as Honda Finance, Ford, Infiniti, and Nissan are seeing strong growth in captive finance.

Gather more insights about the market drivers, restraints, and growth of the Global Automotive Finance Market

The growing importance of cryptocurrency across the automotive finance industry is expected to drive market growth. Various automotive technology providers are adopting cryptocurrency-based payments to enhance their offerings. For instance, in March 2022, Car Now, an automotive industry’s digital retailing company, announced its partnership with Cion Digital, a blockchain orchestration platform. Through this partnership, Car Now will offer auto dealers compliant and fast crypto payment and lending solutions.

Artificial intelligence technology is increasingly being used in the automotive finance sector, in order to improve the credit underwriting process, analyze the data, accurately predict whether the applicant can turn delinquent, and thus enhance the approval process. Various automotive artificial intelligence technology providers are making efforts to develop AI-enabled lending platforms. For instance, in October 2021, Upstart, a leading AI lending platform, announced the launch of Upstart Auto Retail software. This software includes AI-enabled financing features which enable the lenders to improve their customer experience.

The growing global demand for automotive refinancing is also one of the major factors, creating new opportunities for market growth. The demand for refinancing is growing due to its benefits, such as lower monthly car payments, reduced interest rates, and shortened loan terms. According to the statistics provided by Rate Genius, a fintech company, 16.0% more additional Americans applied to refinance their automotive loans in 2020 as compared to 2019. As compared to 2019, as many as 17.0% of additional borrowers refinanced their car loans successfully in 2020, as compared to 2019.

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Autonomous Finance Market - The global autonomous finance market was valued at USD 14.57 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.8% from 2022 to 2030.

Retail Core Banking Solution Market - The global retail core banking solution market size was valued at USD 4.07 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.8% from 2022 to 2030.

Automotive Finance Industry Segmentation

Grand View Research has segmented the automotive finance market based on the provider type, finance type, purpose type, vehicle type, and region.

Automotive Finance Provider Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Banks
• OEMs
• Other Financial Institutions

Automotive Finance Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Direct
• Indirect

Automotive Finance Purpose Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Loan
• Leasing
• Others

Automotive Finance Vehicle Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Commercial Vehicles
• Passenger Vehicles

Automotive Finance Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA (Middle East & Africa)

Market Share Insights:

March 2022: CIG Motors, a GAC brand distributor, announced its collaboration with Polaris Bank Limited. By means of this partnership, the former company aims to make vehicle ownership and acquisition easy for Nigerians through the Easy Buy scheme.

January 2021: MotoRefi, an automotive refinancing company, announced that it raised USD 10.0 million in a round that Moderna Ventures led. The company uses this funding to hire more employees and expand its offerings.

Key Companies profiled:

Some prominent players in the global Automotive Finance Industry include

• Ally Financial
• Bank of America
• Capital One
• Chase Auto Finance
• Daimler Financial Services
• Ford Motor Credit Company
• GM Financial Inc.
• Hitachi Capital
• Toyota Financial Services
• Volkswagen Financial Services

Order a free sample PDF of the Automotive Finance Market Intelligence Study, published by Grand View Research.

Insurtech Market Summary, Key Buying Criteria, Revenue Growth Prospects and PESTEL Analysis

Insurtech Industry Overview

The global insurtech market size was valued at USD 3.85 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 51.7% from 2022 to 2030. The increasing number of insurance claims worldwide is one of the major factors accentuating the market growth. Auto, life, and home are the most common insurance claims secured by people worldwide. According to a 2021 study by the Insurance Barometer, 36% of American respondents planned to purchase life insurance in 2021. Insurance companies are increasingly investing in digital technologies to reduce operational costs and to improve operational efficiency and the entire customer experience.

Digital technologies are used to understand customer needs and to enhance their offerings based on the changing customer needs. According to a survey conducted by EIS Group, a software company, 59% of the insurance companies surveyed increased their investment in digital infrastructure in 2021. Benefits offered by blockchain technology, such as cost savings, faster payments, and fraud mitigation, are driving its demand among insurance companies worldwide. Blockchain technology is used in insurance companies for applications such as Know Your Customer (KYC), Anti-money Laundering (AML) procedures, claim handling, and creating peer-to-peer models.

Gather more insights about the market drivers, restraints, and growth of the Global Insurtech Market

Several insurtech companies are entering into partnerships with insurance companies to offer blockchain technology-based solutions. For instance, in December 2020, Amodo, an insurtech company, announced its partnership with Galileo Platforms Limited, a technology company. Through this partnership, the companies would use blockchain technologies to help insurance companies offer new insurance solutions and transform their customer experience. Insurance companies are increasingly accepting cryptocurrency-based payments. For instance, in December 2021, Metromile, an auto insurance company, announced its plan to allow policyholders to pay premiums and claim payments using cryptocurrency. This initiative is expected to help the company strengthen its market position.

Additionally, in June 2021, Universal Fire & Casualty Insurance Company focused on offering traditional property and casualty insurance to small businesses started accepting cryptocurrency for premium payments. This trend is expected to favor the growth of the insurtech market. The demand for on-demand insurance is growing among consumers as it enables them to purchase insurance coverage on their smartphones at their convenience. Businesses in the on-demand insurance space are increasingly using innovative technologies such as the internet of things, artificial intelligence, big data, and predictive maintenance to reinvent the way on-demand insurance products are underwritten, created, and distributed.

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Blockchain Technology Market - The global blockchain technology market size was valued at USD 10.02 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 87.7% from 2023 to 2030.

Artificial Intelligence Market - The global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030.

Insurtech Industry Segmentation

Grand View Research has segmented the global insurtech market based on type, service, technology, end-use, and region:

Insurtech Type Outlook (Revenue, USD Million, 2017 - 2030)

• Auto
• Business
• Health
• Home
• Specialty
• Travel
• Others

Insurtech Service Outlook (Revenue, USD Million, 2017 - 2030)

• Consulting
• Support & Maintenance
• Managed Services

Insurtech Technology Outlook (Revenue, USD Million, 2017 - 2030)

• Blockchain
• Cloud Computing
• IoT
• Machine Learning
• Robo Advisory
• Others

Insurtech End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Automotive
• BFSI
• Government
• Healthcare
• Manufacturing
• Retail
• Transportation
• Others

Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA (Middle East & Africa)

Market Share Insights:

November 2021: Heritage Insurance Holdings Inc., a property and casualty insurance company, announced its partnership with Slide, an insurtech P&C carrier. Through this partnership, the former company would leverage Slide’s capabilities to improve underwriting and rating decisions.

Key Companies profiled:

Some prominent players in the global Insurtech Industry include

• Damco Group
• DXC Technology Company
• Insurance Technology Services
• Majesco
• Oscar Insurance
• Quantemplate
• Shift Technology
• Wipro Limited
• ZhongAn Insurance

Order a free sample PDF of the Insurtech Market Intelligence Study, published by Grand View Research.

Africa Electric Scooter Market Growth Drivers, Vendor Landscape and Raw Material Outlook

Africa Electric Scooter Industry Overview

The Africa electric scooter market size was valued at USD 20.7 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030. Rapid urbanization, high fuel prices, and increasing vehicular pollution encourage people to switch from Internal Combustion Engines (ICE) to Electric Vehicles (EV). E-scooters are lightweight, easy to operate, and contribute to the goal of zero carbon emission; thus, they are widely used in the country. In addition, countries such as Egypt and Morocco are prominent destinations for foreign visitors. Tourists prefer rental E-scooters for local traveling and adventuring, driving the demand. An increase in the adoption of electric scooters to reach schools and colleges is expected to propel the growth of e-scooters. Although various factors are driving the demand, the COVID-19 pandemic has severely impacted the sales of EVs.

The region was witnessing greater electric vehicle adoption till 2019. However, the COVID-19 pandemic posed a severe challenge. Global restriction, disruption of the supply chain, and unavailability of vaccines have impacted the tourism, transportation, and automobile sectors. Battery electric vehicles such as passenger cars, pickup trucks, and buses have witnessed a sharp decline in sales; the electric scooters were no escape. Electric scooter sales are highly dependent on tourists; due to the global lockdown and travel restrictions, foreign visitors refrained from movement across countries. This factor has reduced the demand for electric scooters, and the market witnessed negative growth during 2019 and the first half of 2020.

Gather more insights about the market drivers, restraints, and growth of the Africa Electric Scooter market

Electric scooters exhibit zero emission characteristics, cost-effective, and enable users to avoid road congestion, thus gaining consumers traction. They are adopted for short-distance travel and are replacing conventional bicycles. Scooters are easy to operate, faster than a bicycle, and reduce the effort of peddling, thus widely used by schools & college students. In addition to this, kick-start electric scooters are available for adults, more suitable for local adventuring.

Urbanization in Africa is higher than in other developing economies; the rapidly growing population is straining existing transport and energy infrastructure. Most of the vehicles used for transportation are fuel-based, thus creating a high oil demand. The problems such as fuel scarcity, high fuel prices, and pollution occur due to the use of ICEs. Therefore, Africa needs alternative transport that reduces fuel dependency. The electric vehicles are battery-powered and eliminate the emission from the exhaust pipe, thus a potential solution.

The hospitality industry has been vital for the African economies. According to the World Travel and Tourism Council, in 2018, the travel and tourism sector had contributed $42.1 Million to the sub-Saharan Africa GDP. The region had over 13 million tourists in Egypt and 56 million in Sub-Saharan Africa. As more tourists are visiting for leisure activities in the area, there is a great demand for transportation. Traveling and site seeing in the region easily be possible by electric scooters. Thus, the sector is expected to drive the demand for electric scooters.

Global automobile manufacturers are introducing rental electric scooters to Africa. Companies such as Lime, Baddel, and Bird offer rental electric scooter services in Dubai, Egypt, and Morocco. Vehicles provided by the companies are affordable, sustainable, and reduce carbon emissions, widely adopted by young people. The initiative taken by the global automobile manufacturers is expected to encourage the local electric vehicle manufacturers to produce advanced electric scooters and provide tough competition.

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Electric Three Wheeler Market - The global electric three wheeler market size was valued at USD 829.5 million in 2021 and is anticipated to register a compound annual growth rate (CAGR)of 7.5 % during the forecast period.

Electric Vehicle Market - The global electric vehicle market demand was estimated at 2,373.5 thousand units in 2019 and is expected to witness a CAGR of 41.5% 2020 to 2027.

Africa Electric Scooter Industry Segmentation

Grand View Research has segmented the Africa electric scooter market based on product, battery, voltage type, and country:

Africa Electric Scooter Product Type Outlook (Revenue, USD Million, 2018 - 2030)

• Retro Electric Scooter
• Standing/Self-balancing Electric Scooters
• Folding Electric Scooters

Africa Electric Scooter Battery Type Outlook (Revenue, USD Million, 2018 - 2030)

• Sealed Lead Acid
• NiMH
• Li-Ion

Africa Electric Scooter Voltage Type Outlook (Revenue, USD Million, 2018 - 2030)

• 24V
• 36V
• 48V
• Greater than 48V

Africa Electric Scooter Country Outlook (Revenue, USD Million, 2018 - 2030)

• South Africa
• Morocco
• Algeria
• Egypt
• Rest of Africa

Market Share Insights:

May 2021: Yadea Technology Group Co., Ltd., the major player in the electric scooter market launched a range of electric vehicles such as kick scooters, motorcycles, and mopeds. The launch of these new electric vehicles demonstrates its commitment to remaining at the forefront of electric vehicle innovation and delivering its growth strategy to maintain its dominant position.

Key Companies profiled:

Some prominent players in the Africa Electric Scooter Industry include

• Honda Motor Co Ltd
• KTM AG
• Mahindra GenZe
• Peugeot Scooters
• Ninebot Limited
• Suzuki Motor Corporation
• Terra Motors Corporation
• Vmoto Limited
• Yadea Technology Group Co., Ltd.
• Yamaha Motor Company Limited

Order a free sample PDF of the Africa Electric Scooter Market Intelligence Study, published by Grand View Research.