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Even though the Indian Insurance industry has been on an upward growth trajectory, for both life and non-life insurance market, little has changed on the product offerings as well as the distributor model. The insurance industry still operates with the one size fits all philosophy, which may not remain the need of the market for too long. Especially now that Insurtech – insurance companies using technology to determine product offerings – is coming into being. How will Insurtech change the landscape of Life Insurance Market in India? Nearly INR 5.53 Trillion was written as premiums in 2018 for both life and non-life insurance market. Most plans are based one one’s age and fitness when it comes to Life Insurance. But age and fitness are not the only criteria that matter. This kind of diversity inclusion can happen only when tech is involved while determining one’s premiums. Technology can reform the Indian life insurance market in two ways. In India people are either uninsured or underinsured. First and foremost, with technology intervention, the reach of insurance can be increased and various product combinations can be made to make sure it suits the needs of all kinds of people. At present, some people feel they do not need a life insurance as they are absolutely fine and have enough resources to take care of their families even if something were to happen to them. Hence the additional cost of paying the premium seems unnecessary to them. This scenario can be handled with unique product offering through Insurtech. Secondly, by harnessing technology for life insurance market in India, Insurance companies can monitor the investor’s lifecycle very closely. Based on the way the investor leads his/her life, companies can either offer rewards are intervene when there is a need to bring awareness related to risks that the investor may be taking through his/ger actions. This may go a long way in building a very safe nation. All said and done, the penetration of technology in Insurance industry is still at a nascent stage, up until now we have just started scratching the surface. It will take join efforts from companies as well as the government to bring about a change.
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Amidst rising global tension around sugar prices and exports from India, farmers and manufacturers look towards the government to offer an amicable solution. Recently Australia moved the World Trade Organization (WTO) seeking probe in India’s continuous subsidies to farmers leading to ‘glut’ and ‘depressed’ global pricing. Along side Australia even Brazil joined in filing a formal complaint against India with the World Trade Organization. Back home, the sugar industry in India is a major contributor to the agro-based economy in particular and hence a major driver of the economy of the country in general. For years together farmers and mill owners have been complaining of lack of consistent policies and fragmentation, leading to losses and debts. However, the recent union budget proposed certain reforms and sops for the sugar industry which have been welcomed by the community. As per reports published in leading newspapers, “The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister, Mr Narendra Modi, has decided to keep the Fair and Remunerative Price (FRP) of sugarcane unchanged at Rs 275 per quintal for the period of 2019-20 marketing year.” As per government officials, this decision is likely to help sugar mills liquidate and reduce sugar inventories leading to stabilization of sugar prices and facilitating timely clearance of cane price dues to farmers. This decision is touted as an excellent one which is taking care of the interests of farmers as well as mill owners and hence analysts believe that the revenue generation of Sugar Industry in India will likely grow. However, at a time when India is facing criticism from allies like Australia and Brazil for continuing the subsidies and the involvement of the WTO to probe any breaches by the country, just looking after interests of domestic farmers and mill owners may not be enough. It’s also important to understand the grievances of other countries whose local jobs are threatened because of our subsidies. Under such circumstances, one has to wait and watch to see how long the government can retain the subsidies without hurting global sentiments and impacting trade relations. How can Artificial Intelligence (AI) in Healthcare Market in India help the public sector?7/19/2019 For a country like India with 1.3 Billion people and acute shortage of doctors, advanced technologies like Artificial Intelligence are no longer a luxury but the need of the hour for the healthcare sector. Every year India produces nearly 50000 doctors who barely meet the minimum requirements of providing healthcare services. At this rate, to get to the WHO (World Health Organization) recommended doctor patient ratio of 1:1000, India will take another decade. At this stage, it was rightly put across by the Niti Aayog, that Indian Healthcare Sector needs immediate enablement of Artificial Intelligence.
The artificial intelligence (AI) in healthcare market in India is expected to be worth nearly INR 431.97 Bn by 2021 expanding at a compound annual growth rate (CAGR) of nearly 40%, as per a report published on the official website of Research on Global Markets. From the government, the National eHealth Authority (NeHa) has been made responsible for the expansion of integrated health information system within the country, and as a result, the government encourages patient information exchange by using latest technologies. This is likely to encourage the healthcare service providers to invest in Artificial Intelligence enablement. When it comes to adoption of artificial intelligence in healthcare sector in India, corporates and start-ups have shown more enthusiasm leading to a widescale adoption of AI in many aspects of healthcare including diagnostics and imaging. As a response to this initial success, even the Niti Aayog has laid down coherent plans for further adoption of technology in the public healthcare sector. It is also planning to launch a campaign called National AI Marketplace which is a unique initiative to bring together enterprises and AI solution builders under a single umbrella. Through this, PSUs, Private enterprises, government, start-ups and academia will all pool in resources and research to promote the adoption of Artificial Intelligence across various sectors including healthcare. Similar steps are taken to reform medical education as well in which artificial intelligence can play a very crucial role. From verification of medical colleges to improvisation of course material and training curriculum, Artificial Intelligence has a huge potential to revolutionize the healthcare sector in India. Fintech is a word used to describe all those technological applications that improve, speed up the delivery of several financial services. Many traditional banks and institutions are using because it’s better, faster and some even go to the extent of developing their own fintech tools. This comes in wake of the success of the e-commerce giants, and now fintech companies are attempting to use, or leverage digital channels to gain more customers and user data to build products better suited to them. Those applications cover the facilitation of payment gateways, raising of capital, make payments more convenient and can now even assist those who might not be able to make online payments or that don’t have access to banking services. Benefits of integrating such Global Fintech Market tools are that they provide customers with the education and transparency required to be confident about using fintech solutions. As a result, issues like the middleman commissions, transaction costs, manual frictions and reduced. And as more data become available, financial providers are able to deliver critical services like insurance, loans, investment options, and various payment services to a market that remained untapped. Larger numbers of people who could really use these financial services are located in countries like India, China, Thailand, Brazil – regions that have a dense population and is being viewed as a profitable market. If these markets are this dense, then why haven’t they been approached earlier? When it comes to banking and other monetary services, security is key but banks can only do that if they can verify the individual. These regions remained largely un-serviced because of these reasons. • Consumers lacked access to information that could provide them with a gist of how financial services, online or otherwise, could benefit them. • They also lacked any sort of recognized national or international identification documents and couldn’t access services, even if they did have access to them. • Obviously, if they don’t have any financial track record, they don’t have a credit history making it tough for them to acquire loans and financial assistance. • Poor income levels sometimes prohibit the person from acquiring financial aid as they are unable to afford it. • Geographic barriers also act as a hindrance, where people living in remote areas might not be able to access bank branches, usually built-in developed localities. Our related post: What is pushing forward the global fintech market? What are the trends impacting the global fintech market? What are the challenges facing the Global Fintech Market? 3 biggest challenges facing the Global Fintech Market? Indian specialty chemicals market expected to grow in the wake of Chinese factory shutdowns7/15/2019 In the year 2019, India’s specialty chemical companies are all set to invest in capacity expansion and continue to make capital expenditure to support the growing demand coming from domestic as well as international players. This move in the wake of plant shutdown in China, may just be the game changer for the companies involved in manufacturing specialty chemicals. If we look at the numbers, then the specialty chemicals market in India was valued at INR 2088.38 Bn in 2017 and is expected to grow at a compounded annual growth rate of nearly 10.7% by 2013. This is according to a market research report published by Research on Global Markets on its official website. The anticipated growth is attributed to India’s huge amount of unskilled labour that is available to work at minimum wages. Even the skilled labour required to handle the technicalities of Specialty chemicals in India is readily available in the country. Besides, what happened in China also played a very crucial role. The Chinese government announced closure of several chemical factories that emit hazardous waste leading to a major disruption in the existing supply chain. This sudden change lead to countries dependent on China supply chain looking for an alternative. India specialty chemicals market used this to their advantage making domestic players get a competitive advantage. Nonetheless, there are a few deterrents as well which may hamper this projected growth rate. The Indian speciality chemicals companies depend on the textile industry a lot. The textile industry however goes through a cyclical phase of high and low demand. While during the high demand phase the specialty chemicals companies experience great success, but the low demand phase becomes extremely challenging. Therefore, it’s necessary for the Speciality chemicals market players in India to diversify their exports so they can take advantage of the global demand and supply cycle, compensating for the domestic low-demand seasons. Browse our full report with Table of Contents : https://www.researchonglobalmarkets.com/specialty-chemicals-in-india-2018-2023.html Construction equipment is one of the booming businesses in India and it all has to do with the amount of infrastructural development going on right now. Finding good construction equipment is simple, but construction equipment rental services have made this task exceptionally easy. There are a number of brands inside this part of the Construction Equipment Market In India that has developed quite a name for themselves. They are offering construction companies with unique new ways to acquire all the latest equipment, first hand and at top quality. Equiphunt is one brand whose services are limited to certain cities. Companies in those cities can install the dedicated app, search for and rent out all the equipment they need. They can even complete all payments using the same portal too and simplify the entire process using just one portal. Another big name is GizmoTab that can be found on iOS and Android. In their platform, one can track the whereabouts on all equipment in real time and manage work from a remote location. Certain services have merged their e-commerce platform where users can buy new equipment or choose to rent out as well, like the Eqpt website. Here, they even provide you with an equipment tracker tool that can be installed on your PC. HireMyMachine is the last name on this list. Here one can hire all the machines required or rent idle machines on terms that the user is comfortable with. Here, they make a list of all your requirements, see what resources they’ve got available and then give you all the equipment you need. It’s in the nascent stages and is unorganized, unstructured at large and may take time to settle down. Still, investors and entrepreneurs are interested in seeing where it’s headed as it appears to be a solution that addresses sourcing hassles, limited availability, assets management, and other common construction project issues. Access full report or request for free sample at: https://www.researchonglobalmarkets.com/construction-equipment-market-in-india-2017.html Our related topic: What Encourages The Construction Equipment Market in India? Opportunities prevailing in the Construction Equipment Market in India 5G is dubbed as the next generation of mobile wireless communications across the world that is set to replace the current 4G LTE connection in the upcoming years. 5G wireless connection is expected to come with faster download/upload speeds, lower latency and increased capacity. The global 5G market is poised to provide 5G internet speed that will be approximately 20 times faster than 4G, and that too with the minimum download speed capped at 20 GB/s (while 4G can muster only 4 GB/s). Data transfer speed is expected to be accelerated as well from approx. 10 100 Mbps to 10 Gbps and beyond, indicating a massive shift towards more seamless and effective connectivity. The advent of 5G is expected to translate into the following benefits for businesses and consumers: • Shorter Delays: 5G will facilitate larger data transfers as well as minimize the lag in time from when data is sent/received. 5G will enable real-time connectivity for IoT data exchanges, connected cars and other “smart” objects plugged to the network. • Enhanced Connectivity: 5G mobile network infrastructure is expected to considerably increase the capacity for resources provisioning. More people and devices will be able to communicate at the same time without overloading the network. • Faster Speed: As mentioned earlier, 5G speed is expected to outpace 4G significantly, and the speed will be comparable (or even faster) to fiber optic wired networks. • Mobility: 5G enables base stations to support movement from 0 to 310 mph, meaning sustainable operations on-the-go (e.g., on a high-speed train). • Improved Connection Density: 5G is expected to empower connected devices more than LTE and support up to 1 million connected objects per square kilometre, in line with the growth of IoT devices across the world. Both consumers and businesses are supporting the demand for 5G standard, majorly driven by increasing digital, cloud, and security requirements of multiple industries including automotive, logistics, retail, entertainment and manufacturing among others. For more information, download global 5G market: https://www.researchonglobalmarkets.com/pressrelease/post/global-5g-market-poised-to-expand.html Our Related Post: What are the Advantages of The Global 5G Market? How China is poised to lead the global 5G market? How will the Global 5G Market fulfil UN sustainable development goals? Which are the countries expected to gain first-mover advantage in the global 5G market? Over the last decade, digital gaming has evolved as the single largest source of entertainment worldwide. After Google announced the launch of its console-less video game system, Stadia, it’s obvious that investments and business opportunities in the Digital gaming market are going to rise. Globally, digital gaming is a $146 Bn market by revenue in 2019 and is expected to exceed $265 Bn by 2023 – according to a market research report from Research on Global Markets. So which segment of digital gaming is likely to garner maximum revenue? Take a guess, it’s an easy one. Given the roll out of 5G and penetration of smartphones, it’s going to be mobile gaming. It’s also obvious that the regions with rising numbers of young gamers will be driving the growth further. If we look closely into the mobile gaming market size numbers then “the mobile platform is expected to grow at the highest CAGR of 23.1% during the 2018-2023 period, leading to a global revenue generation of USD 165.3 Bn by 2023,” as per the study from Research On Global Markets. Though a big reason for this growth is the advancements in internet speeds and availability of low-cost mobile phone, the fact that there are many companies now that are focussing on creating sticky mobile gaming content and distribute it very easily, is also a huge growth driver. It’s interesting to see mobile gaming companies compete to reach the market faster and improve the gaming interface in order to deliver an exceptional mobile gaming platform experience. Some of the companies that are making a great impact in this direction are, Activision Blizzard, Bandai Namco Entertainment, Electronic Arts, Gameloft, NetEase, Inc., Netmarble, Take-Two Interactive, Tencent, Ubisoft, and Zynga. From amidst these companies Tencent, Ubisoft and Electronic Arts are the market leaders in the mobile gaming industry as per the statistics. Activison Blizzard and Take-Two Interactive are the two companies which have risen in the last few years and are considered to be challenging the others in the mobile gaming industry. But that doesn’t mean the remaining companies are not good. All these ten companies which operate in the global mobile gaming market are considerably doing well on the front of technology innovation and distribution. Nonetheless a thorough competitive benchmarking of mobile gaming companies can be access on Research on Global Markets where they have listed a full study on this unique subject. One can get into a detailed comparison of the key players in the industry as well as look at some prospective products to be launched by these companies in the coming times. For more information, download Competitive Benchmarking of mobile gaming companies: https://www.researchonglobalmarkets.com/competitive-benchmarking-of-mobile-gaming-companies.html |
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