Manufacturing

3D rendering market to garner profits from healthcare sector over 2019-2025

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Rising demand for real-time rendering has created an expansive growth scope for 3D rendering market which has witnessed increasing investment in recent times. As technology advances and companies become increasingly digitalized, the complexity of the business process will also increase. To address these challenges, organizations are looking for more efficient, faster, and real-time rendering solutions, adding impetus to 3D rendering market trends.

Canada 3D Rendering Market Revenue, By Component, 2018 & 2025
Canada 3D Rendering Market Revenue, By Component, 2018 & 2025

3D rendering is the process of fabricating an image based on 3D data stored within a computer. As the construction and real estate industries are witnessing exponential growth, real-time visualization and use of 3D rendering software have become integral part of the designing process, offering huge efficiencies to architects and engineers.

Architects, engineers and designers use architectural rendering software to transform their ideas into real-time design by exploring multiple options. In architecture, three dimensional images offer architects to review interiors and construction decisions before starting the project. This results in dramatically lowering costs, as expensive changes do not have to be made during the construction stage. Customers also get to view what the building may look like, including its interiors, before investing in it.

The healthcare sector is increasingly adopting advanced technologies, such as 3D medical animation and virtual reality, to create patient-specific surgical replication and personalized 3D printed medical devices. 3D medical modeling helps to understand the functions of body parts, the support of veins to muscles, internal organs and their functions, and its consistent adoption is also likely to fuel 3D rendering industry outlook.

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3D biomedical image rendering provides a clear view of the complex process of the human body. By gathering data via 3D imaging from patients and integrating it with virtual rendering technologies, doctors are enabled to pre-plan the best approach for surgical intervention. 3D modeling platforms will allow medical scientists to generate high-quality models from complex data sets and integrate scan data with CAD product designs for research purposes and teaching. Deploying 3D rendering services in healthcare will positively impact the 3D rendering market share. As per Global Market Insights, 3D rendering market size from healthcare will grow at a CAGR of 25% over 2019-2025.

The gaming industry is expanding rapidly due to high internet connectivity and growing popularity of virtual reality games to bring immersive experiences to users. A trend has been witnessed where major gaming companies are investing both time and capital to provide their customers with the most absorbing gaming experience. Mounting developments in interactive graphics software, especially in the gaming industry will augment 3D rendering market share.

3D rendering industry is also gaining significant momentum from the growth of automotive industry and rapid growth of emerging economies of Asia Pacific region. In Asia Pacific automotive industry, 3D product modeling has gained momentum, as it helps to minimize the time associated with end-product development and allows designers to visualize the product and test it thoroughly before it is built. The mounting growth of the automotive industry has resulted in the adoption of 3D visualization and rendering services to save both time and cost associated with the manufacturing of a vehicle parts.

Asia Pacific 3D rendering market is estimated to grow at a CAGR of over 24% over 2019-2025. Rapidly expanding urbanization and industrialization will play crucial roles in the growth of 3D rendering industry.

Product marketing has been revolutionized by the advent of 3D rendering services. Marketers of hardware products have always been placed in a challenging position when it came to communicating functions, value and differentiators of their product. The challenge has been almost insurmountable for startups due to their tight marketing budgets. However, 3D rendering of products has helped in greater engagement of consumers on limited marketing expenditure. 3D rendering industry is expected to record 23% CAGR over 2019-2025 from product design & modeling segment.

As 3D visualization is becoming a crucial part in various industries including architecture, IT, healthcare, gaming, etc., 3D rendering market is projected to witness exponential growth over the forecast timeline.

Author NameAakriti Kakkar

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Virtual private server market to amass substantial revenues from healthcare applications by 2025

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With the growing adoption of cloud technology, virtual private server market size is anticipated to gain considerable momentum with the digital transformation of the BFSI, retail, government and healthcare sectors. Today, technologies like edge computing have rapidly developed to power the rising penetration of internet of things (IoT), augmented reality content and increased number of consumer mobile devices. This trend will likely expand global virtual private server (VPS) industry share imminently.

APAC Virtual Private Server (VPS) Market Size, By Region, 2018 & 2025 (USD Million)
APAC Virtual Private Server (VPS) Market Size, By Region, 2018 & 2025 (USD Million)

With new developments in software and hardware applications, the on-going operating costs of purely private networks seems to be increasing and more businesses are seeking an online presence around the clock. New applications consume ever-growing amounts of bandwidth and as a result of the high complexity of installing and maintaining physical servers, many companies are turning to virtual on the cloud servers, offering a tremendous boost to VPS industry size.

Network-based applications have considerably transformed industries like healthcare. Solutions that enable access to electronic medical records (EMRs), biomedical information, patient accounting through wired and wireless mobile devices are now becoming commonplace. Healthcare providers are merging these tools for more effective communication, improve patient care and efficiency, and reduce errors in their systems, expanding the scope of virtual private server market.

As healthcare providers are looking to adopt new technologies, the augmented use of mobile and cloud technology has unintentionally contributed to the rise in data breaches, with facilities becoming key targets for a ransomware attack. Reportedly, it had been found that for the third quarter of 2018 a total of around 4.4 million patient records had been compromised in 117 health data breaches.

With the advent of advanced virtual private servers, healthcare providers are realizing the importance of fundamentally shifting their architecture to more secure networks for preventing the spread of false and malicious data. VPS has proven to be a cost-effective solution for the healthcare sector, extensively increasing the demand for VPS market services worldwide.

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The introduction of 5G-related applications in healthcare sector will certainly change the way medical services are exchanged between the doctors and the patients. The integration of electronic communication into medical care by faster connection speeds enables remote medial sensors that help patients in remote areas to transmit their sensitive vitals instantly to healthcare providers. Similar medical trends will lead to new standards of care globally and will drive virtual private server market growth.

Asia Pacific virtual private server market is anticipated to witness a CAGR of more than 20% over the forecast timespan. Many government agencies in the region are extensively supporting virtualized data centers in developing countries like India and China. Subsequently, small and medium scale enterprises are eventually turning to virtual applications for deploying new functionalities more rapidly, allowing them to operate at a faster pace. The growing number of SMEs with access to advanced virtual networks in emerging economies will be a leading factor propelling the virtual private server market revenues.

For instance, in 2018 GoDaddy had unveiled its future generation VPS, which is a high performance managed to host solution specifically designed for web professionals in India. Such initiatives could pave the way for more managed VPS services to emerge in the coming years, supporting higher wireless capacity server and faster speeds across the country. Adoption of VPS by the regional healthcare players would also generate massive demand for APAC VPS industry.

Cloud technology companies and other virtual private server providers are constantly striving towards enhancing their presence with attempts to expand their portfolio, coming up with new and advanced VPS technologies. Some of the prominent players defining the competitive landscape of virtual private server industry include Amazon Web Services, Rackspace, A2 Hosting, Linode, Inmotion Hosting, Tektonic, Liquid Web, OVH Group, Bluehost, and Savari Technologies Pvt. Ltd.

Owing to virtual application technology in healthcare is becoming a chief force to help clinicians in collaborating across organizations. The use of cloud-based systems, 5G networks and virtualization will play a key role in boosting workplace efficiency, alleviate risks of security and meet regulatory compliance as well as improve bottom lines for businesses. Global Market Insights, Inc. has projected that virtual private server market will exceed USD 2 billion in valuation by 2025.

Author NameDeeksha Pant

BFSI applications to drive wireless LAN controller market outlook through 2025

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Wireless LAN controller market is estimated to exceed USD 3 billion by 2025, owing to the increasing business need to manage widespread and intricate LAN infrastructure along with the surging acceptance of cloud-based WLAN controllers for managing network devices. Increasing Bring Your Own Device trend, which necessitates the presence of robust network security in enterprises, will drive WLAN controller market growth through 2025. The rising need for integrated connectivity and security for mobile clients also impacts WLAN controller market trends.

APAC Wireless LAN Controller Market Size, By Region, 2018 & 2025 (USD Million)
APAC Wireless LAN Controller Market Size, By Region, 2018 & 2025 (USD Million)

In terms of the application landscape, wireless LAN controller market is bifurcated into government and public sector, IT and telecom, healthcare, BFSI, manufacturing, transportation & logistics, retail, and others. The retail segment is anticipated to exhibit substantial growth between 2019-2025, primarily fueled by surging acceptance of latest technology by the retail sector to offer better customer experience and convenience. The constant increase in the number of retail companies across the globe will further advance WLAN controller market size. For instance, Aldi, supermarket chain with over 10,000 stores in 20 countries, has recently declared plans to open a new store in Chattanooga city, Tennessee, USA this fall.

WLAN controller market size from the BFSI segment is projected to witness modest growth in the foreseeable future, attributed to high adoption of digital platforms, workforce mobility trend, and increasing network complexity. The growing use of network devices and smartphones has burdened network administrators with complex network management tasks, resulting in the adoption of wireless LAN controllers by banking & financial institutions, for optimizing networks and boosting performance.

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The establishment of new financial institutions and technological enhancements in Wi-Fi technology along with the fast-paced expansion of Wi-Fi market will elevate the revenue share of WLAN controller market from BFSI applications. For instance, HSBC, a renowned multinational banking and financial services company, has recently declared plans to open fifty new retail branches in the United States where it previously had no existence. Reportedly, this move is a part of British banking behemoth’s plan to expand services to newer geographies with no prior foothold.

The rapid upsurge in digital data has led to the introduction of AI in BFSI market, which has positively impacted wireless LAN controller market share. Financial enterprises are leveraging artificial intelligence technology to gather, analyze, and report huge chunks of data to retrieve actionable insights regarding customers to serve their requirements better. Expanding artificial intelligence market size, owing to surging adoption across automotive, manufacturing, retail, healthcare, media & advertising, agriculture, and BFSI, would push network management requirements, thereby propelling WLAN controller market size over the future.

Rising urbanization and commercialization, especially across developing nations, will impact the industry growth. According to a report published by Our World in Data website, approximately 4 billion individuals resided in urban areas, whereas 3.4 billion individuals resided in rural regions, in 2016. Over the last 50 years, the share of people living in urban areas more than quadrupled in Nepal and Mali, and more than tripled in Nigeria and Kenya. By 2050, the global population is projected to reach 9.8 billion, and it is anticipated that the number of people living in the urban area (6.7 billion) will be double of that in the rural area (3.1 billion).

Growing urbanization and commercialization directly influence infrastructure development, healthcare, IT and Telecom, retail, manufacturing, transportation, BFSI, and various other sectors. As these sectors are the leading consumers of wireless technology, they are projected to support WLAN controller market share over the future. Expansion of the enterprise wireless local area network market is also bound to fuel WLAN controller market growth.

The increasing number of efforts by major companies present in wireless LAN controller market, to gain a competitive edge, will substantially fuel market share. Many organizations are taking huge steps towards innovation and new product development, to accelerate the shift towards cloud-enabled network services and ensure enhanced management & security of wireless LAN solutions. Global Market Insights, Inc. claims that large enterprises will accrue over 55% of wireless LAN controller market share through 2025.

Author NameNikita Chaurasia

3 key factors influencing low power wide area network (LPWAN) market share

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Owing to the rising deployment of LPWA technologies, including LTE-M, NB-IoT, and LoRa, low power wide area network (LPWAN) market share is witnessing an increased traction in the recent years. Interestingly, LPWAN networks have emerged as popular choice among enterprises to support various IoT use cases and solutions for business sectors such as agriculture, manufacturing, logistics, and healthcare, among others. Enumerated below are three major factors that are shaping the growth prospects of LPWAN market.

Europe Low Power Wide Area Network (LPWAN) Market Share, By Platform, 2018
Europe Low Power Wide Area Network (LPWAN) Market Share, By Platform, 2018

Increasing investment by telecom operators in laying NB-IoT and LoRaWAN networks across various cities is benefiting the overall LPWAN industry size

  • In 2018, the British telecom operator Vodafone announced NB-IoT network expansions in Spain and Germany, with ambitious plans to double the size of its NB-IoT footprint in Europe by the end of this year.

The NB-IoT network of Vodafone was deployed across Madrid and Valencia in 2017 in a number of verticals such as retail, electricity, agriculture, waste management, and smart city services. This technology has now been expanded to all localities in the cities of Seville, Malaga, Bilbao, and Barcelona, covering a population of about 25,000.

  • In 2016, South Korea’s national telecommunications operator SK Telecom joined hands with semiconductors manufacturer Semtech Corporation to roll out LPWAN network across the nation. Additionally, the operator had also declared that it plans to provide 100,000 LoRa devices free of cost to its customers as part of its ‘Partner Hub Program’.

This program has apparently played a vital role in scaling the development and deployment of LoRa devices (based on IoT solutions) and has been of immense significance for expanding the South Korea LPWAN industry size.

  • Digital Catapult, the UK’s foremost agency for adoption of digital technologies, announced in 2016 that it is working closely with British telecom firm BT and a few educational institutes to boost the IoT network in London. To that effect, the company launched Digital Catapult Things Connected which will provide about 50 LoRaWAN base stations situated across London – an effort to establish the UK’s largest IoT LoRaWAN network.

Needless to mention, this network and support program will provide an opportunity to digital start-ups and small and medium-scale enterprises to use IoT and drive innovation across London.

Apart from massive expansion programs and large-scale investment, the use of licensed spectrum enables the telecom operators to provide customers with the same levels of security as its LTE network. This makes it immune to disruptive and alternative technologies, essentially opening up numerous business opportunities for LPWAN market players.

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The rise in industrial IoT connections is favoring the growth prospects of LPWAN industry

Besides the rising volume of investment by telecom operators, the increasing prominence of industrial IoT market in various business verticals – especially the manufacturing sector – has invariably led to an escalation in the demand for LPWA technologies. This momentum is expected to remain consistent in the upcoming years as the industrial IoT connections are slated to increase by about five times by 2025.

In fact, the German wing of PwC released its findings last year of what the firm expects of the impact to be created by industrial IoT in the German manufacturing sector. Apparently, these findings note that about 90 percent of the respondents are investing in digital factories and a lot of these companies expect a 12 percent efficiency gains over the next five years owing to industrial IoT. Unsurprisingly, these statistics present an optimistic picture of the adoption of industrial IoT solutions, which will consequentially assist the regional LPWAN industry in reaching out to a new base of customers in the times to come.

The advent of 5G technology and its impact on LPWAN market share

One of the major factors fueling the commercialization prospects of LPWAN industry is the steady increase in the volume of investment pertaining to 5G technology. In this context, it is important to take note of the fact that the mobile IoT technologies, such as LTE-M and NB-IoT, offer a cost-effective wide area coverage while ensuring the success of 5G network deployment.

The 5G technology would enable major telecom firms across the globe to provide high connectivity to support numerous IoT use cases. Taking this factor into account, various telecom firms including Orange, Vodafone, and Airtel are deploying licensed cellular LPWAN as a prominent component of their 5G development strategies.

In a nutshell, the increasing volume of investment by telecom firms in expanding the NB-IoT and LoRaWAN networks, the advent of 5G technology and its development, and the rise in industrial IoT connections has been fueling LPWAN market share. As per a research report by Global Market Insights, Inc., LPWAN industry size is slated to exceed USD 65 billion by 2025.

Author NameSaif Ali Bepari

Global digital twin market analysis – 3 biggest business challenges the technology can overcome

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As organizations embark on their digital transformation journey, the global digital twin market size is showing a consistent increase in consort with advancements in the Internet of Things, cloud, machine learning, artificial intelligence, and Industry 4.0 technologies. Digital twin market trends are primarily driven by the technology’s ability to dramatically enhance product performance while mitigating the risk and cost of new product introduction. Additionally, this newfangled technology can boost product realization time by eliminating some of the most time-consuming aspects of real-world product development.

Germany Digital Twin Market Revenue, By Application, 2018 & 2025 (USD Million)
Germany Digital Twin Market Revenue, By Application, 2018 & 2025 (USD Million)

With the rapid proliferation of the Internet of things, a slew of opportunities are knocking the doors of leading players operating in the digital twin market space. Moreover, with digital twins, it is possible that the data which is transferred between blocks can be highly protected and made universally transparent through the blockchain paradigm, thus inspiring global digital transformation. Speaking of the future outlook of this industry, digital twin market statistics by Global Market Insights, Inc.. indicate that the industry valuation is projected to exceed USD 20 billion by 2025.

The fields of application for digital twins are diverse and not confined to a specific domain or industry. Having said that, digital twin market analysis reports claim that automotive, manufacturing, energy & utility, healthcare, aerospace and defense, infrastructure, retail, and consumer goods are the leading end-users of this unconventional technology.

A brief overview of the latest digital twin market trends:

  • In a bid to create solutions for a better future, the healthcare market has lately become a leading contributor to the digital twin industry revenue. The increasing use of machine learning in medicine and augmented and virtual reality in healthcare market for streamlining hospital processes & operations, augmenting customer experience, and generating real-time analytics, has fueled the demand for digital twins in the healthcare domain. For instance, efficient data entry and location of assets can speed up the patient admittance procedure and save significant waiting time.
  • With the advent of Internet of things, there has been a rapid increase in smart construction and connected spaces. Digital twins are these days deployed in connected buildings to stimulate building settings based on historical data to detect changes in the design of the building, as well as locate rooms that are wasting power or are rarely used. As smart construction becomes more popular across global economies with growing disposable incomes, the digital twin industry size is slated to rise significantly.

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3 Biggest business challenges digital twin can overcome:

  • Accurate inventory to avoid overstocking:

The global inventory management software market space has lately been brainstorming the possibilities of digital twin to reduce cost and revenue leakages, for gargantuan warehouses and supermarkets, where managing optimum inventory level is the biggest challenge. Digital twin market analysis suggests that the availability of real-time consumption data can lead to a quicker replenishment of supplies and avert over-inventorying, which can cause product spoilage. Hence, the fast-paced adoption of digital twin in the inventory market offers lucrative growth opportunities for the digital twin industry.

  • Addressing the shortcomings of aerospace fleet management:

Some of the biggest challenges in fleet management in the aerospace industry are poor data integrity, slow turnaround time, aging systems, high maintenance costs, and antiquated manual processes. The utilization of digital twin is poised to bring about a paradigm shift in the traditional approaches, by filling the gap amid the physical and the digital worlds. This innovative technology can offer predictive and prescriptive analytics which can reduce unplanned downtime for engines and cut maintenance, repair & overhaul costs, thereby enhancing fleet performance.

  • Amplifying testing & product development capabilities:

Digital twins can potentially help industries in reducing product development and testing expenses. Companies depending heavily on destructive testing for developing products can use the virtual replica of the real-world scenario for significant portion of the product testing. Say for example, automotive industry can employ digital twin for crash testing prototype vehicles. Likewise, enterprises creating giant models and prototypes for feasibility analysis can save money with digital twins during product development. Digital twin market is slated to advance at a rapid pace in the coming years, given the above backdrop.

Currently, the term digital twin looks like a future concept surrounded by a lot of marketing hype from some top-notch technology companies like Amazon, Microsoft, IBM, and the like. But, considering the unparalleled growth of the digital twin market share in recent years, it can be alleged that this disruptive technology will ensue a broad and deep impact on a plethora of industries in 2019 and beyond.

Author NameNikita Chaurasia

Non-Destructive Testing (NDT) Service Market to garner lucrative proceeds from ultrasonic inspection technology segment over 2019-2025, Europe to emerge as a leading terrain for industry expansion

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The commercialization potential of non-destructive testing (NDT) service market is set to witness renewed momentum owing to the evolving demands of the global industrial sector and the effect of digital transformation. These services are anticipated to reach a wider range of business verticals due to the rising number of disruptive innovations and the emergence of pathbreaking technologies such as AI and IoT.

U.S. Non-Destructive Testing (NDT) Service Market Revenue, By Method, 2018 & 2025
U.S. Non-Destructive Testing (NDT) Service Market Revenue, By Method, 2018 & 2025

Enhancements in the ultrasonic inspection technology to boost the remuneration scale of NDT service industry

Worldwide, assets of various business verticals are aging and the number of inspection regimes has witnessed an unprecedented uptick as safeguarding these assets is turning out to be a tough task. Invariably, the demand for agile inspection equipment has been intensifying lately. In this context, it is quite imperative to state that ultrasonic inspection testing is being regarded as one of the most prominent technology types among all the NDT services. Some recent developments associated with the improvement of the NDT services – utilizing high-end technologies and research – are set to not only enhance the productivity levels but also add stealth to the ultrasonic inspection testing. Enumerated below are a few major instances that are a testimony to the significant research activities and increasing product ingenuity:

  • Material testing services provider Element has recently launched a new testing lab spread across 20,700 square foot in Sheffield, United Kingdom. The new lab, which would be a prominent part of the undergoing industrial revolution in the region, will be situated close to Advanced Manufacturing Innovation District of Sheffield. It would be a center for excellence for NDT and inspection research and would prove advantageous to the consumers from the oil and gas and aviation sectors. Additionally, its location would ensure that it receives access to latest technical expertise and support, essentially propelling the growth prospects of NDT services market in the region.
  • Manufactured for a wide range of applications spanning from a flat plate to a tiny 50 mm diameter surface, Silverwing R-Scan is a new handheld portable B-Scan inspection system which aims to improve the probability of detection and data quality of ultrasonic inspections. Introduced by Eddyfi Technologies, the new NDT solution can be used to complete tank inspections where an automated and remote crawler such as the scropion2 system cannot be deployed. The registered information sets are displayed in a cross-sectional B-scan view that assists in improving in-service flaws, reveal corrosion, increasing speed, and the inspection quality. Remarkably, the addition of such agile, advanced, and portable inspection systems to the product range of ultrasonic inspection testing providers would boost the overall geographical reach of NDT service market.

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Europe to contribute massively toward strengthening the revenue profile of the global NDT service industry

Speaking of the growth of the NDT service industry in geographical terms, Europe held more than 30 percent of the revenue share of this business vertical in the year 2018. Presence of numerous well-known companies such as Bureau Veritas, SGS, and Intertek in the region has been a crucial factor in reaching out to a large customer base. In addition to this, stringent regulatory guidelines – rolled out by European Union along with various local governments – mandating the usage of NDT services to ensure product and employee safety has assisted the industry players to reach high potential growth areas.

Elaborating further on the leading position of Europe, it has also helped that the region’s aviation sector is on a roll with a clearance of a massive backlog of aircraft orders being concluded recently. To put things in perspective, prominent aircraft manufacturers such as Airbus and Boeing have a record backlog of more than 12,000 new aircraft that are to be manufactured by the year 2025, creating humongous growth opportunities for the Europe NDT service market in the forthcoming years.

Considering the humble beginnings of the NDT service industry, it is prudent to mention that drastic enhancements over the years have increased the usage of these services across numerous applications. This growth trajectory of the NDT service market is certain to continue in the coming years, as has been highlighted in the research report compiled by Global Market Insights, Inc. which claims that this business vertical would surpass a decent remuneration scale of about USD 4.5 billion by 2025.

Author NameSaif Ali Bepari

Top three trends driving threat intelligence market: escalating demand for mobile-based solutions to augment the industry landscape by 2025

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The exponential growth graph depicted by the global threat intelligence market in the recent years can undoubtedly be credited to the massive surge in the number of connected endpoints. Presently, there are more than 3 billion end-users across the world that are connected to the Internet, while connected-devices are anticipated to surpass the 50 billion mark by year 2020. Having understood the dependency of these endpoints on the Internet to be able to interact with each other, cybercriminals have been exploiting the reliance to obtain an unauthorized access to the connected endpoint devices to undertake numerous malicious activities.

U.S. Threat Intelligence Market Revenue, By Component, 2018 & 2025
U.S. Threat Intelligence Market Revenue, By Component, 2018 & 2025

Threat intelligence market | Impact of rising mobile cyberattacks

The global threat intelligence market is expected to amass substantial returns from mobile-based solutions, due to the exponential rate at which cases of mobile cyberattacks & mobile frauds are growing. According to a 2018 report by ThreatMetrix, the first two quarters of 2018 witnessed the cases of mobile attacks across the globe reach the 150 million mark with attack rates growing 24% year-over-year. While the growing penetration of mobile devices has undoubtedly been a crucial factor in the rise of digital commerce, the trend has also proved to be extremely conducive for numerous malicious entities to carry out fraudulent activities.

Moreover, other growing trends such as Choose Your Own Device (CYOD) & Bring Your Own Device (BYOD) being adopted across a number of enterprises, while facilitating greater convenience, are creating more vulnerabilities in the organization networks. Fueled by these trends the global threat intelligence market share from mobile-based solutions will grow at a CAGR of more than 18% over 2019-2025.

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Threat intelligence market | Impact of the growing healthcare cyberattacks

As the global healthcare sector goes through a digital transformation, wherein it is adopting new technologies to enhance the level of patient care & medical treatments while continuing to facilitate patients with life-critical services, the vulnerabilities that are being created or exposed by this transformation phase are being treated as opportunities by criminal & malicious entities for their own personal gain. According to the Center for Internet Security, these threats range anywhere between malwares, that are designed to compromise the privacy of the patients & the integrity of the systems, to Distributed Denial of Service (DDoS) attacks, that are designed to hamper a facility’s ability of providing proper patient care. While these issues plague other industrial & infrastructural sectors as well, the ramifications of a cyberattack on a healthcare facility go far beyond financial losses & privacy breaches.

According to the Southern Medical Association, as cyberattacks continue to proliferate, the global healthcare industry remains a primary target. In fact, 2017 witnessed the most successful data breaches in history, bringing legal consequences & detrimental financial losses to the victims and costing organizations more than $5 billion in accumulated financial losses & estimated total payouts. As healthcare organizations store a copious amount of information associated with their patients, cyberattacks, aiming to gain access to these data reserves, would be continuing to occur in the sector, generating significant opportunities for the threat intelligence market contenders. Indeed, the global threat intelligence market is projected to witness a CAGR of 13% over 2019-2025 from the healthcare industry.

Threat intelligence market | Impact of increasing cyberattacks on Government Institutions

As with other sectors, the world’s government institutions are also making their transition to the digital world, leaving their conventional pen & paper practices behind for higher operating efficiencies. This trend has provided cyber-criminals an ideal opportunity, wherein they target specific government institutions for their own financial or idealistic gains. One recent instance of this is the cyberattack that targeted the local government of Atlanta, USA. According to the American Bar Association, the entire city of Atlanta was trapped in a hostage situation, wherein the city’s digital infrastructure was taken over by a powerful ransomware.

The criminals disabled internet access, encrypted the files stored on the system and demanded an upfront Bitcoin payment in exchange for the decryption key that restored access to these files. According to federal authorities, the ransomware attack caused losses of more than $30 million and could cost taxpayers & the city more than $17 million to completely recover from the damages caused.

Attributing to these three determinants, it is unmistakably clear, that the global threat intelligence market would be witnessing tremendous growth in the years to come. In fact, according to a report by Global Market Insights, Inc., the overall threat intelligence market size is slated to surpass the $13 billion renumeration mark by 2025.

Author NameAkshay Kedari