Tag Archives: SVY

PR Newswire

Waterdrop Releases User Family Insurance Report

Leave a comment

BEIJING, Aug. 26, 2022 /PRNewswire/ — Waterdrop Inc. (“Waterdrop”, the “Company” or “we”) (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, recently released the User Family Security Report. According to the survey of the users of Waterdrop Insurance Marketplace, the report shows that users’ insurance purchase behaviors are highly associated with families.

Users aged below 30 prefer to purchase insurance for parents

The Report shows that insurance purchasers aged below 30 pay more attention to their parent’s insurance, 49% of whom choose to purchase insurance for parent first.

Mr. Hui Teng, the chief actuary of Waterdrop, commented, “Most of the users aged below 30 were born in the 1990s and are only children. Many families have one child and four parents to support. They urgently need to plan pension and insurance services for themselves and their parents as early as possible.”

Users aged 31-40 prefer to purchase insurance for children

According to the Report, among users of all ages, those aged 31-40 saw the highest proportion, or 17%, when it comes to insurance purchases for children. Most of these users are the backbone of their families. Some of them just become parents, and some have had multiple children, paying more attention to children’s insurance.

But this doesn’t mean they ignore the insurance for themselves. The survey also shows, that 47% of the users aged 30-40 choose to purchase insurance for themselves first, 23% for parents, 17% for children, and 13% for spouses.

Users aged above 40 prefer to purchase insurance for “themselves or spouses” first. On a specific term, 61% of them choose to purchase insurance for themselves, 16% for spouses,14% for parents, and 9% for children.

According to the Report, the biggest number of users who purchase their first commercial insurance for themselves or family members are those aged 25-34, who represent over 31% of the total.

In the mind of users, the top 3 essential insurance coverage for families is “Medical insurance, Critical illness insurance, and Casualty insurance”. Medical insurance and critical illness insurance are the most basic insurance policies. Casualty insurance is also among the most popular entry-level insurance types.

The report also shows that more than 81% of users have three or more family insurance policies.

About Waterdrop Inc.

Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about Waterdrop’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Waterdrop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Waterdrop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Cision View original content:https://www.prnewswire.com/news-releases/waterdrop-releases-user-family-insurance-report-301612959.html

Source: Waterdrop Inc.

PR Newswire

Omdia: Transformable display market will grow up to 117.7 million units in 2029

Leave a comment

LONDON, Aug. 16, 2022 /PRNewswire/ — With display technology improving for bending radius (BR) and transmittance (TR), shipments of transformable displays are expected to reach approximately 117.7 million units in 2029 with a 2.7% share of total flat panel display market according to the latest research from Omdia.

Transformable display unit forecast by display technology
Transformable display unit forecast by display technology

Omdia defines transformable display in terms of bending radius and transmittance, and categorizes as bendable, foldable, rollable, stretchable, and transparent displays. Foldable display is expected to be the highest developing form factor up to 2029, due to its rapid expansion through premium smartphone applications. Foldable display shipments are expected to increase to 107.5 million units in 2029 with a 2.5% share of total flat panel display market, and the CAGR will be 28.0% from 2022 to 2029.

OLED (Organic Light Emitting Diode) display is expected to be the most spotlighted technology than any other transformable display. OLED display is self-emissive and thin structured which can be flexible and transparent and allows the design of various transformable display such as foldable display.

“During last two decades, most panel makers have demonstrated or launched various kinds of transformable display. OLED display has proven itself as multi-functional across transformable display while other display technologies are quite limited in terms of bending radius and transmittance,” said Jerry Kang, Omdia Research Manager. “LCD (Liquid Crystal Display) continues to dominate the transparent display market in terms of shipment area, due to its popularity in the showcase and cooler market where the light source can be easily embedded.”

Shipment of transformable displays have increased slowly with limited demand of special purpose application in products such as foldable smartphones, rollable TVs, transparent coolers, etc. rather than typical consumer applications such as smartphones, smartwatches, tablets etc. While this area is not expected to grow aggressively in the short term, innovative form factors can and have expanded the usage of display as we have seen in the case of flexible display which has quickly penetrated the smartphone display market.

About Omdia
Omdia is a leading research and advisory group focused on the technology industry. With clients operating in over 120 countries, Omdia provides market-critical data, analysis, advice, and custom consulting.

Contact:
Fasiha Khan / T: +44 7503 666806 / E: fasiha.khan@omdia.com

Visit Omdia

PR Newswire

Vipshop Named China’s Best Employer and China’s Most Sustainable Employer by Forbes China

Leave a comment

GUANGZHOU, China, Aug. 10, 2022 /PRNewswire/ — In July, Forbes China and Russell Reynolds Associates, a global search and leadership advisory firm, unveiled the results of the 2022 Forbes China – Best Employer Selection. Vipshop Holdings Limited (NYSE: VIPS), China’s leading online discount retailer (“Vipshop” or the “Company”), bagged the titles of China’s Best Employer of the Year and China’s Most Sustainable Employer of the Year for its first participation in the selection.

Vipshop Headquarters Building
Vipshop Headquarters Building

The selection process lasted three months with feedback received from both employers and employees through open entries, questionnaires and other survey methods. Experts from various fields were invited to evaluate the companies from many viewpoints, ensuring the neutrality and professionalism of the process.

In recent years, Vipshop has made sustainability a key component of its workplace improvement. The company has been committed to providing workers with attractive and comprehensive benefits by building a sound career development system and creating a dynamic and inclusive working environment.

Vipshop has established a personal learning and development program to unlock employees’ potential, while facilitating the growth of both employees and the Company.

Vipshop attaches great importance to maintaining open and positive communications with every employee. To make its management more transparent, Vipshop has organized a series of activities like face-to-face talks with senior management, creating an environment in which employees feel comfortable and are active in making suggestions for improvements, leading to a more open corporate culture.

At the same time, Vipshop has been named as a pilot organization by the All-China Federation of Trade Unions with the mission of improving life quality for employees. The company has been quite successful in enhancing the sense of belonging and satisfaction among employees by establishing staff service stations, offering wellness and healthcare services to special staff groups, setting up a staff mutual fund, and hosting a variety of clubs, family days and parent-child activities.

Employees are Vipshop’s close partners on the road to sustainable development. The company has made a strong commitment to engendering a sense of responsibility for environmental protection, publicizing the importance of energy conservation, and to launching green public service activities, with the goal of creating a healthy and environmentally-responsible office environment.

Meanwhile, Vipshop has expanded its in-house volunteer management program, in a move to encourage its employees to fulfill their social responsibilities by participating in various community public service activities.

Vipshop has been named as one of the Fortune China 500 and China’s Top 500 Private Enterprises for many years. The company will continue with its people-oriented strategy to further enhance employee satisfaction, making Vipshop a place that employees are proud of, and creating a bright and sustainable future for the employees.

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/vipshop-named-chinas-best-employer-and-chinas-most-sustainable-employer-by-forbes-china-301603046.html

PR Newswire

Soroco Named a Leader in Everest Group’s PEAK Matrix® for Task Mining Technology Provider 2022

Leave a comment

BOSTON, Aug. 9, 2022 /PRNewswire/ — Soroco, the world’s first work graph company, has been named a Leader in the first-ever Task Mining Products PEAK Matrix® Assessment 2022 released by Everest Group, a leading research and analyst firm. The evaluation was based on specific criteria that analyzed the company’s flagship product, Scout for its market impact, vision, and capability.

Everest Group Task Mining Products PEAK Matrix® Assessment 2022[1]
Everest Group Task Mining Products PEAK Matrix® Assessment 2022[1]

There is a new category of enterprise software that relies on a previously untapped data source — human-computer interactions emanating from daily work. Today, over 60% of this data originates from millions of interactions teams and users have across applications, emails, chats, and documents at work.

This undocumented and unstructured data from human-computer interactions is key to unlocking tremendous business value and accelerating data-based digital transformation programs. This data enables organizations to build a map of how their teams get work done and use it to power their digital transformation programs.

“We are very happy to be recognized by Everest Group as a Leader,” said Samson David, CEO, Soroco. “This recognition reflects our dedication to delivering a powerful work graph platform that provides a 360-degree view into the last mile of work to teams and organizations and empowers them with structured insights – the key lever for driving the business forward and architecting transformation initiatives. Our vast experience in the enterprise sector and our extended partner ecosystem is helping organizations to reimagine the way work gets done and enables them to remain competitive in the digital landscape.” 

According to Amardeep Modi, Vice President, Everest Group, “Soroco’s task mining product strategy is aimed at helping enterprises understand how teams execute work and strengthen businesses in their digital transformation initiatives.”  He further added, “Its position as a Leader in Everest Group’s Task Mining Products PEAK Matrix® Assessment 2022 is underpinned by its strong market vision, focus on product innovation and customer success, depth and breadth of product functionalities, and high value delivered to its clients.”

Everest Group’s Task Mining PEAK Matrix Assessment 2022 includes 17 technology providers within the task mining industry. The report consists of PEAK Matrix, which classifies task mining providers into Leaders, Major Contenders, and Aspirants. Leaders have demonstrated high overall market impact, strong vision, and capability to respond to the demand for holistic task mining solutions.  

Soroco leads the category because of its focus on enterprise-scale needs serving 1000s of users in each customer, which includes:

  • Privacy-aware data capture with zero IT integration: Patented deep capture technology to capture millions of interactions while protecting end-user privacy, flexible PII filtering, and being aligned to GDPR compliance.
  • Discovery, insights, and extensibility: Discovering patterns of work specific to each team, AI-driven recommendations on ROI and optimization levers, and APIs to extend new insights via BI tools such as Power BI.
  • Flexible hosting: Built cloud-native to scale – available in both PaaS and SaaS.

Soroco’s Scout, a work graph platform, is uniquely positioned to help enterprises to drive actionable and structured insights from this huge, untapped data source and improve the digital experiences of users and teams.   

About Soroco  

Soroco is building the world’s first and most bleeding-edge work graph platform. We are a deep tech company with ~40 patents. Our flagship product Scout, powered by the work graph, provides near real-time insights into how work gets done on the ground and helps enterprises in their transformation journey.

PR Newswire

Clarivate Launches New Global Research Report Urging Action on Ocean Science

Leave a comment

Research must rise to meet challenges such as microplastics pollution and climate change

LONDON, July 27, 2022 /PRNewswire/ — Clarivate Plc (NYSE:CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, today launched a new Global Research Report from the Institute for Scientific Information™ analyzing ocean science research over the last two decades. The report concludes that research must rise to meet the challenges facing the marine environment such as microplastic pollution and climate change.

Ocean science: sustainability concerns add urgency for research observes that ocean science research output has increased threefold from 2000 to 2020. The Institute for Scientific Information identifies existing and emerging research fields, across all ocean basins, as well as the current collaboration pathways. The study examines gaps and trends in international ocean science collaborations. This information is essential for the effective growth of the ocean science community and ultimately the achievement of United Nations Sustainable Development Goal 14: Life below water.

In the Web of Science Core Collection™, for publication years 2000 to 2020, about 150,000 items were assigned to the Web of Science category Oceanography. However, as much research related to ocean science is published in journals assigned to other Web of Science categories or in multidisciplinary journals, the report uses a hybrid approach to analyze bibliometric data across a range of sources, evaluating ocean science research published between 2000 and 2020.

Key findings of the report include:

  • There has been an astonishing growth of microplastics research, an upsurge in output reminiscent of the excitement and activity of high-temperature superconductivity in the late 1980s, or CRISPR (i.e., gene editing) during the last decade. This growth, pronounced since 2015, may be related to the introduction of the United Nations’ Sustainable Development Goals (SDGs) in 2015. Growth in other Citation Topics such as Climate Change may also be associated with the targets of SDGs.
  • The U.S. share of ocean basins research is in line with its overall world share. However, its dominance in the early 21st century – as well as the contributions of other G7 members – has been eroded by a rapid rise in research output from Mainland China.
  • Ocean research is globally connected and, crucially, also includes significant collaboration with island nations and territories at the literal forefront of ocean science (e.g., New Caledonia, Bermuda). However, sub-Saharan contributions, apart from those of South Africa, are minimal. External partnerships are likely required to build or operate the necessary infrastructure for ocean science research. Achieving the SDGs may drive such partnerships.
  • Institutional output in all ocean basins is led by national academies (e.g., Russian, Chinese) or research institutes (e.g., U.S. National Oceanic and Atmospheric Administration [NOAA], British Antarctic Survey), illustrating the highly specialized nature of ocean science and likely reflecting its infrastructure-reliant nature.

Dr. Gali Halevi, Director at the Institute for Scientific Information at Clarivate, said: “At Clarivate we help our customers address some of the world’s most complex challenges. With the fate of the Earth tied so inextricably to the oceans, and given the toll that humans have exacted on the marine environment within a relative handful of decades, the need for detailed scientific scrutiny of our ocean basins has never been more acute. Research must rise to meet the challenges presented by, for example, microplastic pollution and whatever natural or human-made environmental crises might still await. Only with concerted, global commitment will the UN SDGs for the future – oceans that are clean, resilient, predictable, sustainable, not to mention sustaining – stand a chance of accomplishment.”

About Clarivate

Clarivate™ is a global leader in providing solutions to accelerate the pace of innovation. Our bold mission is to help customers solve some of the world’s most complex problems by providing actionable information and insights that reduce the time from new ideas to life-changing inventions in the areas of Academia & Government, Life Sciences & Healthcare, Professional Services and Consumer Goods, Manufacturing & technology. We help customers discover, protect and commercialize their inventions using our trusted subscription and technology-based solutions coupled with deep domain expertise. For more information, please visit clarivate.com.

Media contact:
Rebecca Krahenbuhl
External Communications Manager (Academia & Government)
newsroom@clarivate.com 

PR Newswire

Omdia: Near-eye displays for XR applications expected to grow to 139 million units in 2028

Leave a comment

LONDON, July 26, 2022 /PRNewswire/ — Display shipments for applications featuring near-eye displays are expected to reach 25.3 million units in 2022, up 73.8% year-over-year (YoY), before reaching 139 million units in 2028, based on Omdia’s latest Near Eye Display for XR Application Report – 2022.

Near-eye display market unit forecast, 2020-28
Near-eye display market unit forecast, 2020-28

Omdia sees three main influencers behind this growth. Firstly, sales of XR (including AR, VR and MR) end devices are growing due to increasing gaming, industrial, medical and commercial demand; secondly, brands are preferring to adopt a dual-display design to replace the original single-display design and improving users’ visual experiences and thirdly, the well-established ecosystem from  brands like Metaverse, Apple and their multiple device screen strategy.

Omdia expects revenue growth to peak in 2023 primarily because more brands are expected to adopt OLED on silicon (OLEDoS) for near-eye devices in 2023 with higher unit prices.

VR displays can be either single- or dual-display. The requirements for VR displays include higher resolution to achieve higher pixels per degree (PPD) and a lower screen-door effect.

Kimi Lin, Senior Research Analyst, said: “Popular TFT LCD and AMOLED displays used for smartphones are also applicable to VR devices. The VR display supply chain is mature because popular TFT-based LCD or AMOLED displays are widely used and panel makers are already established, including Japan Display Inc. (JDI), Sharp Corp., Samsung Display, AUO, BOE Technology, Innolux Corp., China Star, and Sony. Presently, more brands are increasingly trying to use OLEDoS for VR applications to enable better visual effects.”

OLEDoS can be used for both VR and AR applications and provide better visual performance than AMOLED and LTPS LCD displays in VR applications. Companies like Kopin, eMagin and Sony are leading the industry while OLEDoS has attracted the attention of and investment from many Chinese companies such as BOE, SeeYa, Olightek, and Sidtek with the up to the end of 2021 total investment has been $4.5 billion.

About Omdia:
Omdia is a leading research and advisory group focused on the technology industry. With clients operating in over 120 countries, Omdia provides market-critical data, analysis, advice, and custom consulting.

Contact:
Fasiha Khan / T: +44 7503 666806 / E: fasiha.khan@omdia.com
Visit Omdia

PR Newswire

Global Metaverse Market Will Unlock $750 Billion Opportunity by 2030

Leave a comment

Interoperability between the virtual worlds is crucial to the success of the metaverse, says Frost & Sullivan

SAN ANTONIO, July 18, 2022 /PRNewswire/ — The metaverse is anticipated to become a platform where people, especially Gen Z, spend time with social communities, consume media, and participate in virtual events and sports. Frost & Sullivan’s recent analysis, Global Metaverse Growth Opportunities, finds that the metaverse will be an interconnected network of virtual worlds that will eventually become an extension of the real-world economy. It will allow organizations to participate in economic activities as they do in the physical world. As companies across consumer segments jump on the metaverse trend to expand their reach, the metaverse will become a nearly $750 billion market opportunity by 2030.

Metaverse ilustration
Metaverse ilustration

For further information on this analysis, please click here

“Big technology companies see huge potential in the metaverse, deeming it the next level of the internet,” said Kiran Kumar, ICT Research Director at Frost & Sullivan. “Gaming, media & entertainment, and retail are the sectors which have witnessed high adoption and promise high growth potential over the next 12 months, based on Frost & Sullivan’s assessment of the application ecosystem.”

Kumar added: “Interoperability is the defining property of the metaverse. The success of the metaverse would rely on the ability to unify systems, platforms, and economies in terms of incentives and benefits tied to the physical world, which remains a critical challenge to be addressed.”

To tap into the endless opportunities of the metaverse, market participants should:

  • Decentralize the metaverse experience and create a more open and interoperable ecosystem than the traditional application ecosystem dominated by a few platforms.
  • Expand the services model beyond traditional capabilities and provide clients with unique revenue models in the metaverse as services will play a crucial role in the metaverse ecosystem.
  • Focus on mitigating the creation of deep fake copies of digital assets and avatars and design virtual worlds with machine learning (ML) to automate user privacy measures in dynamic and diversified contexts within the metaverse.

Global Metaverse Growth Opportunities is the latest addition to Frost & Sullivan’s Information & Communication Technology research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

About Frost & Sullivan

For over six decades, Frost & Sullivan has helped build sustainable growth strategies for Fortune 1000 companies, governments, and investors. We apply actionable insights to navigate economic changes, identify disruptive technologies, and formulate new business models to create a stream of innovative growth opportunities that drive future success. Contact us: Start the discussion

Global Metaverse Growth Opportunities
PD3D

Contact:
Sol Curet
Corporate Communications
E: sol.curet@frost.com

PR Newswire

Global Virtual and Augmented-Mixed Reality to Witness 11-fold Growth by 2028

Leave a comment

The increasing demand for immersive experiences is attracting more interest and funding for virtual reality projects, says Frost & Sullivan

SAN ANTONIO, July 12, 2022 /PRNewswire/ — The virtual reality (VR) and augmented-mixed reality (AR-MR) market is at the heart of futuristic digital transformation, offering immersive and assisted experiences through a 3D virtual environment inlaid within or on top of observable reality. Frost & Sullivan’s recent analysis, VR and AR-MR Market, finds that continued development and funding in the metaverse space is attracting more interest and funding to VR/AR-MR projects. VR/AR-MR hardware and software technologies are the primary gateways to access the metaverse. The market is expected to experience an 11-fold increase of $160.14 billion by 2028 from $14.55 billion in 2021, registering an exponential growth at a compound annual growth rate (CAGR) of 40.9% in terms of revenues.

Virtual reality
Virtual reality

“The wider availability of VR/AR-MR endpoints, the proliferation of mobile devices, continued improvement in connectivity, and the wider recognition of the metaverse as a social and cultural destination are expected to continue to act as main drivers for the VR/AR-MR market,” said Alaa Saayed, ICT Research Director & Fellow. “Additionally, the increasing popularity of the gaming industry is further boosting the VR/AR-MR market. The gaming industry will continue to advance, with video game platforms and publishers continuously growing their VR/AR-MR content catalogs as ways to engage their audience and refresh their platforms.”

Saayed added: “North America (NA) and Asia-Pacific (APAC) are the top two regions generating VR and AR-MR revenue. Advanced connectivity, high technology exposure, and high mobile device penetration are the main factors contributing to the market’s expansion in NA. Similarly, the presence of many display panel manufacturers, a growing number of VR participants, and personal and commercial AR-MR demand contribute to the sector’s growth in APAC.”

Key verticals that are expected to benefit from the advancements in VR and AR-MR technologies include:

  • Media & Entertainment (M&E): Whether making video games more immersive, raising new virtual venues, or adding extended reality (XR) components to real-world attractions, VR/AR-MR will continue to grow in M&E.
  • Industrial and Manufacturing: The move toward Industry 4.0, the increased usage of internet of things (IoT) devices, and the growth of 5G are expected to be the primary drivers for the growing implementation of VR/AR-MR technologies in industrial and manufacturing sectors.
  • Retail Sector: VR/AR-MR technologies increasingly offer new ways for retailers to engage with shoppers. Companies are leveraging immersive technologies to form physical and emotional bonds with their brands.
  • Health and Wellness: VR/AR-MR technologies are extending treatment and activity options for individuals. While remote health has existed for many years, VR/AR-MR tech brings a new dimension to the experience.
  • Education and Training: Immersive learning in education will allow individuals to be engaged in new interactive ways for improved learning outcomes.
  • Carpeted Offices: VR and AR-MR cloud meetings and event experiences are expected to increasingly help the workforce of the future. Immersive technologies can be used to enhance communications and collaboration, implement human resource programs, train on new techniques, and create a culture.

To discover more growth opportunities for this market, please click here.

Growth Opportunities in the VR and AR-MR Market—Forecast to 2028 is the latest addition to Frost & Sullivan’s Information & Communication Technology research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. 

Growth Opportunities in the VR and AR-MR Market—Forecast to 2028

K710

Contact:
María Celeste Bailo
Corporate Communications
E: celeste.bailo@frost.com 
https://www.frost.com/

PR Newswire

Fraud Costs Increased More Than 10% over Pre-Pandemic Levels for APAC Businesses, According to LexisNexis Risk Solutions Study

Leave a comment

Each Fraudulent Transaction Costs Nearly U.S. $4 for Every $1 Lost to Fraud

SINGAPORE, July 7, 2022 /PRNewswire/ — LexisNexis® Risk Solutions released the latest Asia-Pacific edition of the LexisNexis® True Cost of Fraud™ Study, which surveyed 387 risk and fraud executives in Malaysia, Philippines, Singapore and Thailand. The study analyzed fraud trends in retail, ecommerce, financial services and lending industries and spotlights key pain points related to new digital payment methods and transaction channels.

The study found the cost of fraud rose 10% – 16% across APAC from 2019 pre-pandemic levels. The LexisNexis Fraud Multiplier™ determined that for every U.S. $1 lost to fraud costs the organization an average of $3.99, compared to $3.50 in 2019. The cost of fraud per transaction was higher than average, costing digital banks and alternative lenders $6.33. Other new payment channels, such as buy now pay later (BNPL) and digital wallets, cost businesses $4.75 for every dollar lost to fraud.

Fraudsters evolved tactics in parallel with the changes in consumer behavior brought on by the pandemic. A recent Cybercrime Report showed consumers made a significant shift to mobile transactions, which now accounts for 75% of all transaction traffic globally. While in-person transactions remain the most popular point-of-sale channel, fraud occurs more in online channels than mobile channels. Within the mobile channel, 34% of fraud occurs through mobile web browsers.  

Key findings from the True Cost of Fraud Study – APAC edition:

  • Fraudsters Target Alternative Finance Providers – Competition in the BNPL market is accelerating globally, led by local, homegrown players across markets, according to the study. BNPL providers recorded a 65% jump in new account creations, which aligns with the strong growth in remote online and mobile transactions. However, BNPL providers also account for more than one-tenth of payment losses, which is disproportionately higher than the average volume of transactions through other payment channels.
  • Identity Verification Challenges – The top contributor to fraud losses for businesses remains the inability to identify synthetic identities and verifying and authenticating identities using attributes such as phone numbers, email addresses, behavioral analysis and devices. Ecommerce merchants in particular find identity verification challenging since it requires finding a balance between providing a seamless customer experience and implementing step-up authentication and security measures.
  • Adoption of a Fraud Management Framework – Almost all digital banks and alternative finance providers including BNPL and digital wallets have not yet fully integrated cybersecurity and operations into fraud prevention processes. Findings also show that organizations are not widely using artificial intelligence (AI) and machine learning (ML) models for fraud detection, weakening mitigation efforts. Percentage of organizations using various capabilities to fight fraud:
    • Rules-based Approaches – 52%
    • Crowdsourcing – 36%
    • Social Media Intelligence – 33%
    • Cybersecurity Alerts – 25%
    • AI/ML Models – 21%

“Organizations are fighting a tough battle against fraudsters in the new normal,” said Thanh Tai, director of fraud and identity strategy, LexisNexis Risk Solutions. “Fraud is sophisticated and evolving exceedingly fast. We are seeing a high volume of fraud attempts following a continued shift towards digital channels spurred by the pandemic. This means businesses must integrate a fraud detection and prevention approach with both physical and digital identity attributes to enhance customer experience, stay competitive and avoid losses.”

Methodology
The True Cost of Fraud APAC study surveyed 387 risk and fraud executives in retail, ecommerce and financial services/lending across Malaysia, Philippines, Singapore and Thailand. Data collection occurred during February/March 2022 and survey questions reference the past 12 months.

Download a copy of the True Cost of Fraud Study – APAC Edition or register to attend the LexisNexis Risk Solutions True Cost of Fraud APAC webinar on Tuesday, 19 July, 11am SGT to learn more.

About LexisNexis Risk Solutions 
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX, a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.

Media Contact:
Joyce LEE
+852 9883 9321
joyce@montiethsprg.com.hk

PR Newswire

Global Metrology Software Market Driven by High Demand for Quality Control

Leave a comment

Customer preferences shifting toward in-line metrology will be a key enabler for smarter metrology solutions and software, says Frost & Sullivan

SAN ANTONIO, June 30, 2022 /PRNewswire/ — The global market for dimensional metrology software is growing as organizations across sectors expedite automation to align with their digitalization agendas. Frost & Sullivan’s recent analysis, Global Dimensional Metrology Software Growth Opportunities, finds quality inspection and reverse engineering of components across applications to be key enablers for metrology equipment and software. Therefore, the global dimensional software market is expected to reach $850.4 million by 2026 from $613.7 million in 2021, an uptick at a compound annual growth rate (CAGR) of 6.7%.

Metrology software
Metrology software

For further information on this analysis, please click here  

“With sustainability becoming the overarching theme across industries, focus on electric vehicles (EV), hydrogen fuel cells, and renewable energy sources is growing,” said Ram Ravi, Industry Principal at Frost & Sullivan. “Improving the efficiency of EV powertrains and electric motors will drive demand for metrology software.”

Ravi added: “As 30% of the manufacturers are in the early stages of digital transformation, the impact of in-line metrology in manufacturing will be prominent in the next two to four years. The trend will encourage vendors to strengthen their software capabilities and couple their solutions with technologies such as artificial intelligence (AI) and machine learning.”

The increasing demand for dimensional metrology software by key industry verticals—automotive, machine shops, and aerospace—presents lucrative growth opportunities for vendors, including:

  • Additive manufacturing (AM): Focus on lightweighting individual components to drive AM as industries strive to achieve their sustainability targets.
  • In-line metrology solutions: Provide real-time quality control through in-line metrology equipment and advanced software.
  • Integrate AI and ML: Reducing product design and part tolerancing cycle time can be achieved through metrology data-fed AI engines.
  • Closed-loop quality control system: Provide closed-loop architecture to enable the collection and processing of data for manufacturing and decision-making.

Global Dimensional Metrology Software Growth Opportunities is the latest addition to Frost & Sullivan’s Industrial research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success.  Contact us: Start the discussion.

Global Dimensional Metrology Software Growth Opportunities

K730

Contact: 
Sol Curet 
Corporate Communications 
E: sol.curet@frost.com 
https://www.frost.com/