Artificial Intelligence
AlixPartners: As the global automotive market recovers more slowly than anticipated, China is rapidly emerging as an industry superpower
Chinese car manufacturers now lead the world in export volume as the traditional western car industry is running out of time to defend its historic domestic market share.
LONDON, June 27, 2023 /PRNewswire/ — With supply chain bottlenecks and raw material shortages becoming a thing of the past, the global market for automobiles is growing once again – but at a significantly slower pace than many experts expected.
As a result, sales figures in Europe will be more than 15% below pre-Covid levels in the longer term with the UK fairing slightly better at c.10% below pre-Covid levels but levelling off at c.2.4m vehicles sold annually by around 2026.
At the same time, European OEMs are also increasingly under pressure in their home markets from Chinese manufacturers, more and more of whom are pushing into European markets with electric vehicles. In the first quarter of 2023, China replaced Japan as the world leader in automotive exports – an astonishing advancement from sixth place as recently as 2019.
These are among the key findings from global consulting firm AlixPartners 2023 Global Automotive Outlook, a regularly cited source of reference for the OEMS, suppliers and industry commentators alike.
Automotive market continues to grow, but at a slower pace
China drives global automotive market growthGrowth slows in other regions – contrary to earlier predictionsSales figures in Europe are predicted to be more than 15% below pre-Covid levels in the long termUK Sales figures are expected to fair slightly better plateauing at c.10% below pre-Covid levelsBattery costs not falling fast enough and threaten to dampen the rapid increase in sales of electric cars over the next three to five years and extending ICE lifetimeChina is increasingly becoming an automotive superpower
In 2019, China was the world’s sixth largest automotive exporter. As of Q1 2023, Chinese OEMs have replaced Japan as the export world leaders for the first timeIn the Chinese domestic market in 2023, and for the first time in decades, Chinese brands will surpass foreign brands (51%) and are predicted to reach a market share of 65% by 2030While the industry has hitherto focused on Tesla as a single marque threat, now is the time to prepare for future competition from Chinese BEV imports from an ever-growing roster of manufacturersIncreasing pressure on margins and liquidity of European OEMs and suppliers
OEMs’ earnings situation will deteriorate in a low growth market – with margins of OEMs and suppliers converging againSuppliers’ net debt rises to record levels (+27% since 2018) due to operational liquidity requirements; however, OEMs’ debt has decreased (-8% since 2018)Rising capital costs and ongoing record investments due to the switch to electric cars require active management of cash flow and liquidity, especially for suppliersIn the UK, investment in battery manufacturing capacity has not materialised at the levels seen elsewhere – increasing the UK’s reliance on China and recent drops in raw material costs have reversed yet again due to rising Chinese demand, remaining between 30-80% above pre-Covid levels.
“While UK sales volumes are expected to plateau in the long term, we do see conflicting tensions between continued lower scrappage rates and increasing average vehicle age in the car park being offset by sustained population growth and steady rates of car ownership per person”, said AlixPartners automotive expert Tom Beard regarding the UK picture. “Keeping an eye on changes to these trends will be key to understanding the real long-term impact in the UK”.
China continues its growth trajectory not only as an attractive sales market but also as an exporter and producer in equal measure. This is also reflected in the Chinese domestic market: in 2023, for the first time in decades, Chinese brands will surpass foreign ones (51%) and are predicted to reach a home market share of 65% by 2030.
Commenting on China’s increasing importance Andrew Bergbaum, a Partner & Managing Director in the Alixpartners Automotive practice, said, “China can now really be regarded as an automotive superpower. UK & European OEMs, on the other hand, are increasingly taking on the role of defenders of market share in their traditional, and shrinking, home markets. At the same time, having enjoyed some recent pricing power, they are now coming under pressure with tightening margins in the face of a low growth global market and increasing competition. For the UK, the proposed accelerated transition away from pure combustion engines by 2030 is going to position lower-cost Chinese imported BEVs as attractive alternatives”.
At the same time, costs are escalating and becoming a critical factor for OEMs and automotive suppliers alike. Raw material costs will not return to pre-Covid levels and have recently risen, yet again, to 30-80% of pre-Covid levels. With China’s continued market growth, forecast to achieve 117% on pre-covid volumes, AlixPartners does not foresee battery capacity catching up with demand and, in jurisdictions such as the UK, requirement, in the near term.
As a result, it is becoming increasingly apparent that combustion engines and electric vehicles will exist in parallel for longer than originally expected. The lengthening ICE lifetime is helped by the fact that the drawn-out decline in the cost of batteries will significantly dampen the pace of the transition to electric mobility in the medium term. This ‘twin-tracking’ prevents the establishment of rapid economies of scale and in turn further increases the acute financial pressure on the industry.
“The UK is already 3 to 5 years behind the rest of Europe in terms of building EV battery manufacturing capacity. This gap is widening, with the possibility of Europe largely removing its reliance on China by 2027. Even if additional UK investments were confirmed in the very short term, the challenging ramp-up process means the UK could still be reliant on importing more than a third of its batteries by 2030, adding further cost pressures to UK-built vehicles”, AlixPartners EV and battery expert Ken Henderson said of the UK’s EV conundrum.
Rising capital costs round off the negative scenario. Automotive suppliers are confronted with a rapid increase in net debt due to their sandwiched position (+27% since 2018). The chance of passing on further manufacturing cost increases from material and labour through to OEMs is low and yet at the same time the transition to electromobility requires a high level of operational liquidity.
AlixPartners Automotive and Restructuring Partner & Managing Director Nick Parker said, “The stress phase for suppliers, which has endured now for several years, will persist and continues to pose existential challenges for many of them. The debt of the supplier industry is currently at a record high, while at the same time the cost of capital and liquidity requirements for current business and investments are rising. The pressure on margins remains high. Cash flow and liquidity management must therefore be a top priority for suppliers. We expect that this situation will also lead to further consolidation in the supplier industry and the continued divestment of combustion engine-related operations”.
Notes to editors
About the Global Automotive Outlook
2023 is the 20th year of the AlixPartners Global Automotive Outlook. The globally recognised study is considered one of the most important trend barometers of the automotive industry worldwide, allying industry data with the unique insights of AlixPartners Automotive experts. For the study, the global consultancy evaluated the financial results of more than 300 automotive manufacturers and suppliers, undertook consumer surveys, and conducted almost 100 expert interviews.
About AlixPartners
AlixPartners is a results-driven global consulting firm that specializes in helping businesses successfully address their most complex and critical opportunities. Our clients include companies, corporate boards, law firms, investment banks, private equity firms, and others. Founded in 1981 in Detroit, AlixPartners is headquartered in New York, and has offices in more than 20 cities around the world. For more information, visit www.alixpartners.com.
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Artificial Intelligence
Securden Recognized as a Market Leader in GigaOm Radar Report for Enterprise Password Management
Securden has become a leader and an outperformer with cutting-edge features, rapid market advancements, and consistent customer value.
WILMINGTON, Del., July 4, 2024 /PRNewswire/ — Securden, Inc., a leading provider of privileged access and identity security solutions, today announced that it has been recognized as a leader and outperformer in GigaOm Radar Report for Enterprise Password Management.
GigaOm rigorously evaluates vendors in various solution segments and produces Radar reports with valuable insights to assist enterprise decision-makers in evaluating and investing in solutions.
The GigaOm Radar 2024 on Enterprise Password Management examined 13 enterprise password management solutions. “Securden is positioned in the innovation quadrant. It offers a strong solution, and its approach is to take its customers on a journey to broader PAM, with password management simply one focus area. It scored well across all of the decision criteria we evaluated, placing it as a leader, and its execution of the emerging features and rate of progress in the market classify it as an Outperformer,” states the report.
Securden has earned top ratings in key evaluation criteria, including platform security, security auditing, PAM capabilities, ease of management, ease of use, and scalability.
“We are proud to be recognized as a market leader in Enterprise Password Management by GigaOm Radar,” said Bala Venkatramani, CEO of Securden, Inc. “Protecting various identities used by humans and machines is a top priority for IT teams. Our platform offers a comprehensive privileged identity security solution, witnessing rapid adoption by SMBs and Enterprises globally. With innovation at the core, we are committed to offering simplicity and affordability in cybersecurity. This recognition affirms our strong market presence and our focus on providing powerful capabilities to strengthen our customers’ security posture.”
Securden offers robust protection for the vault with controls like access hardening, resilient deployment, and strong data protection approaches. It offers insights into password usage, identifies poor practices, flags failure to follow password standards, issues breach warnings identifying compromised passwords, and more. These measures significantly help reduce password-related risks.
Streak of Recognition
EMA Research, a top industry analyst firm, recently published an impact brief recognizing the Securden Unified PAM MSP platform as a groundbreaking development in privileged access management for MSPs. “By eliminating the need for disparate PAM solutions and providing comprehensive functionality within a single package, Securden empowers MSPs to deliver robust, scalable, and secure PAM services to their clients with unparalleled efficiency and confidence,” states the impact brief.
About Securden
Securden provides leading privileged access governance and identity security solutions that uniquely combine critical security principles to prevent cyberattacks, malware propagation and insider exploitation. With products designed for security and scalability (Password Vault for Enterprises, Unified PAM, Endpoint Privilege Manager, and Unified PAM MSP), Securden is trusted by organizations worldwide, including large financial institutions, government agencies, healthcare organizations, educational institutions, IT service providers, MSPs, and manufacturing companies. For more information, visit https://www.securden.com.
Media ContactJames [email protected]
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Artificial Intelligence
Managed Security Services Market Forecast to Exceed USD 101.86 Billion by 2031 Due to Escalating Security Concerns | SkyQuest Technology
WESTFORD, Mass., July 4, 2024 /PRNewswire/ — According to SkyQuest, the global Managed Security Services Market size was valued at USD 26.89 billion in 2022 and is poised to grow from USD 31.18 billion in 2023 to USD 101.86 billion by 2031, growing at a CAGR of 15.95% during the forecast period (2024-2031).
The global managed security services market has been growing rapidly, over the last couple of years, due to the increasing security threats or risks and increasing challenges in managing security over IT networks. It’s impossible to ignore the fact that small businesses face relentless cyberattacks, including malware, ransomware, advanced threats, advanced persistent threats, and data breaches, leading to remote and hybrid operations systems.
Download a detailed overview:
https://www.skyquestt.com/sample-request/managed-security-services-market
Managed Security Services Market Overview:
Report Coverage
Details
Market Revenue in 2023
USD 31.18 billion
Estimated Value by 2031
USD 101.86 billion
Growth Rate
Poised to grow at a CAGR of 15.95%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Service Type, Type, Organization Size, Security, Type and Industry Vertical
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Surge in Demand for Managed Detection and Response (MDR) Service
Key Market Drivers
Cyber Threats are Growing Complex
Segments covered in Managed Security Services Market are as follows:
Service TypeManaged IAM, managed vulnerability management, managed risk and compliance, managed detection and response, managed firewall, and managed SIEM and log management, othersTypeFully managed, co-managedOrganization SizeSmall and medium-sized enterprises, Large enterprisesSecurity TypeNetwork security, cloud security, endpoint security, application security, othersIndustry VerticalBFSI, government, healthcare & life sciences, telecommunications, IT and ITeS, Retail and eCommerce, energy and utilities, manufacturing, and other verticalsRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/managed-security-services-market
Rapid Responders: Incident Response Services
Managed detection and response are the large segment in the managed security services market. Managed detection-response services provide continuous improvement, threat detection, and response capabilities critical to today’s enterprises facing sophisticated cyber threats. This segment is characterized by the increasing prevalence and importance of cyberattacks advanced threat detection and response strategies beyond traditional security measures. The ability of the MDR service to provide comprehensive analysis of security incidents and take corrective action quickly is essential to minimize potential damage and ensure business continuity.
Managed identity and access management is the fastest growing segment in the market. The rising growth in this sector is driven by the need for robust stakeholder solutions in an era of digital transformation and remote collaboration. The rise of cyber threats and increasing regulatory requirements for data security and privacy and the main drivers of this segment.
Data Guardians: Data Protection Services
The global market recognizes the dominant position of the entire service management segment. This dominance is largely due to the scope of this role, in which companies assume full responsibility for an organization’s security programs from security providers, especially those without in-house security expertise or resources. These roles cover a wide range of security measures, including threat identification, incident response, compliance management and continuous monitoring. Adoption rates are also driven by the increasing complexity of cyber threats, which require a strong, 24/7 monitored security measure that only specialized providers can provide further strengthening its position as the largest market share.
In addition to the dominance of fully managed services, the advanced management segment is growing the fastest in the global market. This increase is driven by hybrid security models that offer a collaborative approach between internal IT teams and external security providers.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/managed-security-services-market
Safeguarding Tomorrow’s Digital Frontiers
As businesses and organizations take on the cyber panorama in terms of severe, MSS vendors remain vigilant guards, the use of advanced era and professional insights. Managed Security Services (MSS) have emerged as the cornerstone of present-day cybersecurity strategies, presenting strong protection in opposition to threats in a more and more digital international.
Related Report:
Cyber Security Market
Network Security Market
Endpoint Security Market
Cloud Security Market
Application Security Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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Artificial Intelligence
Industrial Internet of Things (IIoT) Market is Expected to Surpass USD 191.6 Billion Valuation by 2031, Rise of Automation in Manufacturing to Boost Expansion| SkyQuest Technology
WESTFORD, Mass., July 4, 2024 /PRNewswire/ — According to SkyQuest, the global Industrial Internet of Things (IIoT) Market was valued at USD 102.48 Billion in 2022 and is expected to rise from USD 109.86 Billion in 2023 to reach a value of USD 191.6 Billion by 2031, at a CAGR of 7.2% during the forecast period (2024-2031).
The rapid adoption of smart manufacturing practices in multiple industries and growing demand for automation have set the tone for industrial internet of things (IIoT) market growth. IIoT devices and solutions are specifically designed to enhance industrial operations and promote operational efficiency and productivity as well. Advancements in IoT and IoT connectivity technologies are also slated to create new business scope for industrial internet of things (IIoT) companies in the future. The global industrial internet of things (IIoT) market is segmented into component, technology, connectivity technology, software, vertical, and region.
Download a detailed overview:
https://www.skyquestt.com/sample-request/industrial-internet-of-things-iiot-market
Industrial Internet of Things (IIoT) Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 109.86 billion
Estimated Value by 2031
$ 191.6 billion
Growth Rate
Poised to grow at a CAGR of 7.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component, Technology, Connectivity Technology, Software and Vertical
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Development of novel blockchain AI solutions that give benefits of both technologies involved
Key Market Opportunities
Adoption of Smart Initiatives
Key Market Drivers
Implementation of IPV6
Segments covered in Industrial Internet of Things (IIoT) Market are as follows:
ComponentHardware, Platform, Solution, and ServicesTechnologySensor, Radio Frequency Identification (RFID), Industrial Robotics, Distributed Control System and OtherConnectivity TechnologyWired Technology and Wireless TechnologySoftwareVisualization Software, SCADA, Distribution Management System, Farm Management Systems and OtherVerticalManufacturing, Energy, Oil & Gas, HealthCare, Retail, Transportation, Metal & Mining, AgricultureRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/industrial-internet-of-things-iiot-market
Hardware Components Slated to Bring in Most Revenue Owing to Development of IIoT Infrastructure
Industrial internet of things (IIoT) requires specialized connected devices made from dedicated sensors and controllers. Growing investments in the development of new IIoT infrastructure are projected to bolster the demand for hardware components and allow this segment to lead the market in terms of revenue generation. Advancements in connectivity technologies are also predicted to bolster the demand for novel IIoT hardware components across the forecast period and beyond.
Meanwhile, industrial internet of things (IIoT) companies can also invest in the development of novel platforms and services to strengthen their business potential. The need for IIoT platforms and services will only get stronger by the day as the adoption of IoT technology in industrial settings increases.
Manufacturing to Take the Crown for Industrial Internet of Things (IIoT) Sales Owing to the Rise of Smart Factories
The manufacturing industry vertical is estimated to take center stage when it comes to industrial internet of things (IIoT) adoption. High demand for better productivity and operational efficiency in manufacturing facilities is estimated to make this segment a highly lucrative one. From remote monitoring to predictive maintenance, all of these features can only be added to a manufacturing facility through the use of industrial internet of things (IIoT). Energy and oil & gas industry verticals are also forecasted to provide moneymaking opportunities for industrial internet of things (IIoT) companies in the future as digitization increases in them. Apart from these industry verticals, industrial internet of things (IIoT) providers can also explore retail, healthcare, agriculture, and transportation industry verticals to maximize their business scope and boost revenue generation going forward.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/industrial-internet-of-things-iiot-market
Wireless Connectivity to Gain Prominence with the Advent of 5G Technology
Advancements in technology have created novel wireless technologies used for connected devices. The need for the elimination of wires is projected to drive the demand for wireless connectivity in industrial internet of things (IIoT) devices. 5G is the key wireless connectivity technology that is projected to help the wireless segment become the most rewarding for market players over the coming years.
Industrial internet of things providers will need to choose their strategies carefully if they want to succeed in this business. Industrial internet of things (IIoT) companies can get good returns on their investments if they target the manufacturing industry as the trend of automation catches up. Developing new IIoT hardware devices and components will also help industrial internet of things (IIoT) companies expand their business potential on a global level.
Related Reports:
Internet Of Things (IoT) Market
IoT Security Market
Narrowband-IoT (NB-IoT) Market
Consumer IoT Market
Internet of Things (IoT) in Smart Cities Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyQuest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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