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Bancassurance Market to Reach $1.8 Trillion, Globally, by 2031 at 7.4% CAGR: Allied Market Research

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Allied Market Research published a report, titled, Bancassurance Market by Insurance Type (Life Insurance, Non-Life Insurance), by Model Type (Pure Distributor Model, Strategic Alliance Model, Joint Venture Model, Financial Holding, Others), by End User (Personal, Business): Global Opportunity Analysis and Industry Forecast, 2021-2031″ According to the report, the global bancassurance industry generated $901.5 billion in 2021, and is estimated to reach $1.8 trillion by 2031, witnessing a CAGR of 7.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Download Free Sample Report @ https://www.alliedmarketresearch.com/request-sample/6042

Drivers, Restraints, and Opportunities

Benefits offered by bancassurance such as increased profitability for both banks and insurance companies, higher retention rate, and growing number of customers in banks, mostly in the developing countries drive the growth of the global bancassurance market. However, the sales of policies depend on the footfall of customer in a bank; if the customer footfall in a branch is less, the sale of insurance policies is also less, whereas the sales are more if the footfall is high. This factor hampers the global market growth. On the other hand, the growing demand for insurance products and services among customers and rising awareness of insurance policies present new growth opportunities for the global market in the coming years.

Covid-19 Scenario

  • The outbreak of the COVID-19 pandemic had a moderate impact on the bancassurance market. Bancassurance providers faced some market challenges, such as strict regulations, complicated subject matter, a lack of consumer awareness, and constantly evolving technology.
  • However, rapid adoption of digitalization in the banking sector helped to grow the bancassurance market during the crisis.
  • Moreover, AI in bancassurance solutions provides extreme capabilities to reduce claim settlement time and operational costs. Furthermore, it is estimated that this aspect will present the bancassurance industry with very lucrative growth prospects in future.

The life insurance segment to rule the roost during the forecast period

Based on insurance type, the life insurance segment was the largest market in 2021, contributing to around four-fifths of the global bancassurance market, and is expected to maintain its leadership status during the forecast period. This is because people have become more aware of life insurance after the pandemic. On the other hand, the non-life Insurance segment is projected to witness the fastest CAGR of 11.0% from 2022 to 2031. This is because the non-life insurance industry is witnessing shifting trends across front office and policy administration, and claims the three core functions of the insurance value chain.

The pure distributor model segment to maintain its dominance during the forecast period

Based on model type, the pure distributor model segment held the largest market share of nearly two-fifths of the global bancassurance market in 2021 and is expected to maintain its dominance during the forecast period. This is because this model allows a bank to offer insurance products to its customers when it is unable or unwilling to develop such expertise internally, as this would entail significant upfront investments. Moreover, this model works well in markets where customers value advisor independence. On the other hand, the financial holding segment is projected to witness the largest CAGR of 11.9% from 2022 to 2031. The financial holding model has several benefits of operations. With this model, banks are highly capable of leveraging their current clientele, consumers may be able to access all of their financial needs in one place, and fully integrated products may be developed.

The personal segment to rule the roost during the forecast period

Based on end user, the personal segment was the largest market in 2021, contributing to around three-fifths of the global bancassurance market, and is expected to maintain its leadership status during the forecast period. This is because these insurance plans offer insurance type against a variety of personal risks that could result in severe financial losses due to fire, theft, natural catastrophes, death, accidents, lawsuits, and disease. On the other hand, the business segment is projected to witness the fastest CAGR of 9.1% from 2022 to 2031. This is because bancassurance protects the financial interests of commercial owners from penalties they may face from litigation waged against them while also covering the associated legal costs.

Interested to Procure the Data? Inquire Here (Get Full Insights in PDF – 201 Pages) @ https://www.alliedmarketresearch.com/purchase-enquiry/6042

Asia-Pacific to achieve a progressive growth by 2031

Based on region, Europe was the largest market in 2021, capturing more than one-third of the global bancassurance market, owing to the growing financial, banking, and insurance sectors across the region.  However, Asia-Pacific is expected to lead in terms of revenue and manifest the fastest CAGR of 10.6% during the forecast period. This is due to the increase in economic growth in developing economies and aging population in Asia-Pacific.

Leading Market Players

  • Mitsubishi UFJ Financial Group, Inc.
  • American Express Company
  • Standard Chartered
  • Wells Fargo
  • Scotiabank
  • State Bank of India
  • HSBC Group
  • Citigroup, Inc.
  • BNP Paribas
  • ABN AMRO Bank N.V.

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Automotive Digital Cockpit Domain Controller Power Expected to Double by 2030

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NEW YORK, March 28, 2024 /PRNewswire/ — The lengthening lifecycle of vehicles is driving automotive Original Equipment Manufacturers (OEMs) to plan several years of customer support through regular Over-the-Air (OTA) updates. Achieving this requires a digital Cockpit Domain Controller (CDC) with an architecture that supports long-term updating and maintenance. According to a new report from global technology intelligence firm ABI Research, the computing power of the CDC will increase significantly over the next few years, with graphical computing power and deep-learning processing power (for AI-powered functions) expected to double by 2030 for an average mid-market CDC.

OEMs are beginning to plan for several years of support, both in software patches and bug fixes, and for delivering new added value features to the driving experience. “This support and feature roadmap requires a hardware and software architecture that supports the continuous updating of vehicles over time. OEMs need a system that accommodates quick, targeted updates by shipping vehicles with planned overhead in computing power, software containerization, and robust hypervisors. These can be accommodated by silicon vendors such as NVIDIA or Qualcomm with their suite of high-powered System-on-Chips (SoCs), along with hypervisor and software specialists such as Blackberry QNX. The ecosystem hasn’t fully adjusted to OTA updates in mixed-criticality systems like the digital cockpit domain controller yet, with most OEMs speculating about the level of computing power that is needed for several years of support and few going to their silicon and tier-one partners with roadmaps of planned features,” explains Abu Miah, Smart Mobility and Automotive Analyst at ABI Research.
The computing power of the CDC will increase significantly over time. The Tera Floating-Point Operations per Second (TFLOPS) of an average mid-market CDC is expected to rise from 1 TFLOPS in 2023 to 2.5 TFLOPS by 2030. Miah adds, “One of the primary drivers of this increase is the implementation of a larger number of higher resolution screens in the vehicle to accommodate new high-end gaming and video-on-demand features.”
Building a ‘future-proofed’ CDC is not as simple as throwing compute power at the vehicle. “OEMs, tier ones, and silicon vendors must all work toward an ecosystem of hardware and software agnosticism, modular architecture, and collaborative software development if they are to match customers’ expectations of updates, patches, and bug fixes from the consumer electronics space,” Miah concludes.
These findings are from ABI Research’s Future-Proofing Digital Cockpit Domain Controllers application analysis report. This report is part of the company’s Smart Mobility and Automotive research service, which includes research, data, and ABI Insights. Based on extensive primary interviews, Application Analysis reports present an in-depth analysis of key market trends and factors for a specific technology.
About ABI Research
ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.
ABI Research是一家全球性的技术情报公司,拥有得天独厚的优势,充当终端市场公司和技术解决方案提供商之间的桥梁,通过提供独家研究和专业性指导,推动成功的技术实施和提供经证明可吸引和留住客户的战略,无缝连接这两大主体。
For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
Contact Info: 
GlobalDeborah Petrara Tel: +1.516.624.2558 [email protected] 
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ACL Digital in Collaboration with AWS and Infineon to Participate at Embedded World 2024

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SAN JOSE, Calif., March 28, 2024  /PRNewswire/ — ACL Digital, an ALTEN group company, is a pioneer in design-led digital experience, innovation, enterprise IT modernization, and product engineering services, announced that ACL Digital, in collaboration with AWS and Infineon, is going to showcase its AWS IoT & Cloud capabilities at Embedded World 2024, Hall 4 (Booth #4-552) from April 9 to April 11 in Nuremberg, Germany.

ACL Digital, a top-tier AWS Services partner, propels organizations of all sizes to navigate digital transformation to accelerate time-to-market. The company provides comprehensive support, from adopting to modernizing IT infrastructure on AWS. By leveraging expertise in architecture, security, migration, and operations, ACL Digital unlocks the full potential of AWS, streamlining IoT and cloud journeys and fast-tracking business growth and innovation.
The AWS Advanced Tier partnership enables ACL Digital to leverage AWS expertise, its robust support ecosystem and best practices to deliver customer delight.
ACL Digital offers visitors at Embedded World 2024 a chance to experience the exclusive demo of a Smart Stove Solution, built by leveraging the AWS Cloud and Infineon platform and how it has added value to our customers.
With over 100 AWS-certified experts, ACL Digital empowers clients to achieve breakthrough results in their digital transformation. Also, the leading digital transformation company supports global clients in navigating the complexities of cloud implementation, migration and digital transformation with ease and helping them unlock new growth opportunities.
About AWS
Since 2006, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud. AWS has been continually expanding its services to support virtually any workload, and it now has more than 240 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, media, and application development, deployment, and management from 105 Availability Zones within 33 geographic regions, with announced plans for 12 more Availability Zones and four more AWS Regions in Malaysia, New Zealand, Thailand, and the AWS European Sovereign Cloud. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit https://aws.amazon.com .
About Infineon
Infineon Technologies AG is a global semiconductor leader in power systems and IoT. Infineon drives decarbonization and digitalization with its products and solutions. The company has around 58,600 employees worldwide and generated revenue of about €16.3 billion in the 2023 fiscal year (ending 30 September). Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the OTCQX International over-the-counter market (ticker symbol: IFNNY). To learn more about Infineon, visit https://www.infineon.com/
About ACL Digital
ACL Digital an ALTEN Group Company, is a digital product innovation and engineering leader. We help our clients design and build innovative products (AI, Cloud, and Mobile ready), content and commerce-driven platforms, and connected, converged digital experiences for the modern world through a design-led Digital Transformation framework.
Headquartered in Silicon Valley, ACL Digital is a leader in design-led digital experience, innovation, enterprise modernization, and product engineering services converging to Technology, Media & Telecom. The company has a workforce of 57,000+ spread across more than 30+ countries.

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Gilbarco Veeder-Root champions fuel efficiency, clean fuels and diesel rebate solutions in mining

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JOHANNESBURG, March 28, 2024 /PRNewswire/ — Global leader in technology solutions OEM Gilbarco Veeder-Root (GVR) is dedicated to enhancing operational performance by delivering comprehensive end-to-end wetstock, industrial, mining, and business-to-business solutions, all tailored to meet the specific needs of the customer.

 
 
By encompassing every aspect of mining operations, GVR commercial and industrial Middle East and Africa director Westtar Kapito says, “the company is setting new benchmarks for fuel efficiency, safety and sustainability within the mining industry”.
As part of a holistic approach to mining excellence, Kapito explains that Gilbarco’s integrated fuel and fleet management technology solutions are designed to address the multifaceted challenges of the mining industry.
Some of these facets include wetstock control, equipment maintenance and management, fleet management and automation, compliance monitoring and environmental sustainability, as well as driving productivity and profitability through innovation.
In addition, the introduction of Gilbarco’s clean fuel solution exemplifies the company’s commitment to maintaining equipment integrity and performance.
This technology, GVR says, monitors in real-time the status of up to 16 “clean fuels” key performance matrices, thereby ensuring that dirty fuel is flagged and not transferred into mining equipment which would affect engines and injectors and thus lower productivity.
Gilbarco’s comprehensive site automation solutions empower mining companies with critical data analytic insights, facilitating efficient monitoring and management of fleet and fuel inventory. Gilbarco’s dataFLEX360 platform plays a pivotal role, offering near real-time reporting and analytics to drive informed decision-making and operational agility.
dataFLEX360 is a Web-based, cloud-hosted strategic operational insights platform. The system ensures accurate, reliable and relevant reporting of all fuel, fleet and asset transactions, and provides for proactive corrective measures to reduce complex reporting and gives a consolidated and comprehensive view across all sites and assets.
With reconciliations at its core, dataFLEX360 provides solution accuracy on operational data.
Integral to the company’s solutions is compliance with Global Industry Standards and environmental stewardship, from leak detection to vapour recovery and clean fuel technologies. Gilbarco’s products are designed to ensure compliance and minimise the carbon footprint of mining operations.
Additionally, through the company’s innovative telematics technology and the data generated, it can systematically and seamlessly generate South African Revenue Services- (SARS-) compliant fuel rebate reports for any selected tax period.  
GVR’s technology provides a full audit trail required for eligibility for SARS rebates, and its reporting platform simplifies logbook and data gathering required, enabling successful rebate claims and return on investment.
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