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Hyperspectral Imaging Market to Grow by USD 792.1 Million by 2028, Driven by AI Advancements and Rising Night Vision Camera Demand – Technavio Report

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NEW YORK, Oct. 14, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global hyperspectral imaging market  size is estimated to grow by USD 792.1 millionn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  12.1%  during the forecast period.  Increasing use of night vision cameras is driving market growth, with a trend towards growing number of research projects using hyperspectral imaging techniques. However, high capital investment  poses a challenge. Key market players include Applied Spectral Imaging, BaySpec Inc., Brandywine Photonics, Corning Inc., Cubert GmbH, Galileo Group Inc., Gamaya, Headwall Photonics Inc., HyperMed Imaging Inc., HyVista Corp. Pty Ltd., IMEC Inc., inno-spec GmbH, Konica Minolta Inc., Norsk Elektro Optikk AS, Polytec GmbH, Resonon Inc., Surface Optics Corp., Telops Inc., TruTag Technologies Inc., and XIMEA GmbH.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Military and surveillance, Healthcare, Food and agriculture, Remote sensing, and Others), Product (Cameras and Accessories), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Applied Spectral Imaging, BaySpec Inc., Brandywine Photonics, Corning Inc., Cubert GmbH, Galileo Group Inc., Gamaya, Headwall Photonics Inc., HyperMed Imaging Inc., HyVista Corp. Pty Ltd., IMEC Inc., inno-spec GmbH, Konica Minolta Inc., Norsk Elektro Optikk AS, Polytec GmbH, Resonon Inc., Surface Optics Corp., Telops Inc., TruTag Technologies Inc., and XIMEA GmbH

Key Market Trends Fueling Growth

Hyperspectral imaging is a valuable technology used in various research fields, including vegetation analysis, food testing, mineral exploration, and forensics. Hyperspectral scanners can identify and measure the physical, chemical, and biological properties of objects and organisms. The Indian Space Research Organization (ISRO) launched the first Indian Hyperspectral Imaging Satellite (HySIS) in November 2018, which is used for earth observation applications in agriculture, forestry, geology, coastal zones, and environmental studies. Hyperspectral imaging captures images across 48 color channels, providing multiple values for each pixel, ensuring precise data for distinguishing between fluorophores and cells. Additionally, universities collaborate with companies to research advanced hyperspectral imaging devices using modern technology, ensuring ongoing projects and market growth during the forecast period. 

The Hyperspectral Imaging (HSI) market is experiencing significant growth due to its applications in various industries. Key trends include the use of satellites for remote sensing and secondary illumination for improved sensitivity. Sensor noise reduction and spectral resolution enhancement are crucial for accurate spectral data acquisition. In the healthcare sector, HSI is being explored for skin cancer diagnosis, with potential for AI capabilities and super-resolution. Aerospace, defense, and agriculture are major industries leveraging HSI for spatial and temporal data. Standardization and accessorization are important for market expansion. Start-ups bring innovation with advanced technologies, while territorial fights and atmospheric scattering pose challenges. The three-dimensional data cube and video rate capabilities offer new opportunities. The visible spectrum and spectral range are essential for various applications, from diabetic diagnosis to diagnostic imaging, and differencing capability enhances data analysis. Specialized components and spectral information are vital for HSI cameras and sensors. 

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Market Challenges

The hyperspectral imaging market faces significant challenges due to the high capital investment required for advanced technology and equipment. This includes the production of specialized low-light-level imaging sensors and capital equipment. To meet consumer demands, foundries must expand their production capacity and invest in research and development. However, some vendors lack the financial resources for such investments, making it a risky proposition with potential long-term profitability. This may put smaller vendors at a disadvantage compared to industry leaders, who can afford to innovate and launch new products during the forecast period.Hyperspectral Imaging (HSI) is a modern imaging technology that captures full spectrum information at high resolution, offering enhanced safety and precision in various industries. However, the market faces challenges in digital transformation and interoperability with existing digital imaging systems. HSI is making strides in healthcare for early disease detection in medical fields such as Glaucoma and retinal inspection. In food industry, it ensures product quality by detecting harmful algae blooms and food contaminants. HSI is also vital in homeland security, military surveillance, and mining for persistent surveillance and material identification. In research projects, HSI aids in the identification of rock minerals and plant diseases. Companies like Headwall Photonics provide HSI solutions with F-mount lenses and analytical procedures. Despite regulations, HSI is replacing multispectral imaging in various applications, including optical sorting and RGB imaging. Machine learning and machine vision are enhancing HSI capabilities, making it a valuable tool for remote sensing and night vision in diverse industries.

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Segment Overview 

This hyperspectral imaging market report extensively covers market segmentation by

Application 1.1 Military and surveillance1.2 Healthcare1.3 Food and agriculture1.4 Remote sensing1.5 OthersProduct 2.1 Cameras2.2 AccessoriesGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Military and surveillance-  Hyperspectral imaging sensors are gaining popularity in the unmanned vehicles market due to their small size and strong optical performance. The increasing use of unmanned aerial vehicles (UAVs) and unmanned ground vehicles (UGVs) in tactical missions by military forces is driving the growth of the global hyperspectral imaging market. These sensors are loaded with spectral signatures, making them powerful tools for base protection, security, and intelligence, surveillance, and reconnaissance (ISR) missions. Military authorities worldwide invest in ISR to gather intelligence from potential enemies and advance national security. Hyperspectral imaging sensors can detect materials and objects, such as disturbed earth or hidden ponds, that cannot be identified using other techniques. The military surveillance segment is a significant contributor to the global hyperspectral imaging market due to the use of hyperspectral sensors for countermeasures against airborne surveillance. The growth in military and surveillance applications will continue to fuel the market’s expansion during the forecast period.

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Research Analysis

Hyperspectral imaging is a modern technology that goes beyond traditional multispectral imaging by providing detailed spectral information in the near-infrared ranges. This technology creates a three-dimensional data cube, allowing for a more comprehensive analysis of materials and substances. Hyperspectral imaging is increasingly used in various industries, including agriculture for crop health monitoring, defense for target recognition, research projects for scientific discovery, and healthcare for disease diagnosis. The market for hyperspectral imaging is growing due to its enhanced safety and remote sensing capabilities. Start-ups and key players are investing heavily in this technology, leading to territorial fights for market share. Data storage and processing are becoming critical challenges as the amount of spectral data generated continues to increase. The spectral range and resolution of hyperspectral imaging systems are continually improving, enabling new applications in night vision and other fields.

Market Research Overview

Hyperspectral Imaging (HSI) is a advanced imaging technology that captures and processes spectral data in the visible and near-infrared ranges. This technology offers enhanced safety, precision, and degree of innovation in various industries. In Aerospace, HSI is used for persistent surveillance, ocean color analysis, and military surveillance. In Agriculture, it aids in early disease detection, crop health monitoring, and soil analysis. In Healthcare, HSI is utilized for medical applications such as diabetes diagnosis, skin cancer detection, and retinal inspection. In Defense and Homeland Security, it is used for material and substance identification, threat detection, and border control. HSI also finds applications in Mining for mineral identification, Optical sorting, and raw materials analysis. With the integration of AI capabilities, machine learning, and digital transformation, HSI is evolving into a modern technology with interoperability and standardization. The ecosystem includes various accessories and cameras, such as F-mount lenses and high-resolution imagery cameras, and specialized components. The market is witnessing an influx of start-ups and research projects, leading to product substitutes and analytical procedures. However, regulations and sensor noise are challenges that need to be addressed. HSI is also used in various medical fields, including glaucoma and diabetic retinopathy diagnosis, and in military surveillance for harmful algae blooms and night vision. The technology’s ability to provide full spectrum, high-resolution, and three-dimensional data cubes makes it a valuable tool for various applications.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationMilitary And SurveillanceHealthcareFood And AgricultureRemote SensingOthersProductCamerasAccessoriesGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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FinTechOn 2024 Returns with Spotlight on Virtual Asset Regulations and Countering Fraud

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TAIPEI, Oct. 15, 2024 /PRNewswire/ — The fifth FinTechOn conference is set to take place on 4 November 2024, directed by the Taiwan National Development Council and hosted by the Taiwan FinTech Association (TFTA) at Grand Hyatt Taipei.

With ‘Dawn Light: Virtual Asset Regulation and Anti-Fraud Actions’ as this year’s theme, the one-day annual forum expects to gather over 350 attendees. It convenes top-tier executives, regulators, government officials, law enforcement, and the most influential figures who shape the future of FinTech globally. Registration to FinTechOn 2024 is now open.

Some of the distinguished speakers include Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore (MAS); Peter Kerstens, Advisor for Financial Sector Digitalization and Cybersecurity in European Commission; Seiji Yuki, Executive Managing Director of Japan Virtual and Crypto Assets Exchange Association (JVCEA) and Co-founder and Executive Managing Director of the Japan Cryptoasset Business Association (JCBA); Brian Byagaba, Head of FinTech Abu Dhabi Global Market (ADGM); Angelina A. Kwan, Former Managing Director and Head of Regulatory Compliance for Hong Kong Exchange and ClearingHsi-Ho Huang, Director of Securities Firms Division at Taiwan Financial Supervisory Commission; and Wayne Lo, Head Prosecutor of Taiwan Shilin District Prosecutors Office.

“FinTech is not just about the changes in finance and technology, but the impact it has on human behavior and the way our economy and society operate,” said Jaclyn Tsai, Honorary Chairwoman of TFTA and former Minister without Portfolio of Taiwan’s Executive Yuan in charge of digital policies. “AI and blockchain are two key technologies shaping the future of FinTech, while also presenting significant challenges. We find ourselves at a crucial juncture and FinTechOn 2024 is a unique platform where we exchange learnings from global experiences for better practice in regulation and combating crimes.”

Another highlight will be the presence of Asia FinTech Alliance (AFA), an international platform launched at the Singapore FinTech Festival (SFF) last year, with 14 association members representing 14 Asian economies. Jaclyn Tsai currently serves as the Chairwoman of AFA.

According to the FBI’s report released last month, victims reported over $5.6 billion in cryptocurrency-related fraud in 2023, a 45% increase from the previous year. To address this pressing issue, a cross-border joint defense network and private-public collaborations are essential. Real case studies will be presented at the forum, showcasing the strength of partnerships between law enforcement and industry.

Additionally, AFA members will sign a memorandum of understanding (MOU) to collaborate on anti-fraud initiatives. AFA and KPMG Taiwan are set to launch the whitepaper Riding the Wave: Exploring the FinTech Frontier, which maps out the FinTech landscape in Asia. AFA members will participate in these two key sessions both in person and online.

FinTechON 2024 is directed by the Taiwan National Development Council, hosted by TFTA, and supported by Taiwan Association For Blockchain Ecosystem Innovation (TABEI), and XREX Group. The organizers would also like to thank HOYA BIT, MaiCoin Group, Taiwan Mobile Co., Ltd., ZONE Wallet, Cathay Financial Holdings, Lee, Tsai & Partners, Attorneys-at-Law, LYODS System Limited, and Bito Group for their valuable sponsorship.

AFA and its association members have joined as international community partners of FinTechOn 2024, including Korea FinTech Industry Association (KORFIN), Elevandi Japan, Philippines’ Fintech Alliance.Ph, FinTech Association of Malaysia (FAOM), Thai FinTech Association (TFA), FinTech Association of Hong Kong (FTAHK), Singapore FinTech Association (SFA), Fintech Indonesia, Mongolian Fintech Association (MFA), Cambodia Association of Finance and Technology (CAFT), FinTech Alliance Nepal, Vietnam Fintech Club, and India’s Fintech Convergence Council (FCC).

General Chamber of Commerce of the Republic of China, Monte Jade Science and Technology Association (Taiwan), Taipei Foundation of Finance, Chinese Arbitration Association, Taipei (CAA), Technology and Digital Application Committee in the General Chamber of Commerce, Taiwan Internet and E-Commerce Association (TiEA), Digital Trust Association in Taiwan, Taiwan Virtual Asset Service Provider Association, Taiwan Blockchain Academia (TBA), and Taiwan Virtual Asset Anti-money Laundry Association (TVAAA) are among the community partners supporting FinTechOn 2024.

Registration for SFF 2024 is now open. For partnership, media coverage, and collaborations, please contact us at yoyoyu@tfta.com or contactus@fintech.org.tw

About Taiwan FinTech Association (TFTA)

The Taiwan Fintech Association (TFTA) is a non-profit organization that aims to promote the development and innovation of financial technology (fintech) in Taiwan. It was established in 2017 and has since become one of the leading voices in the fintech industry in Taiwan.

TFTA advocates for regulatory policies and measures that support fintech innovation both domestically and internationally. TFTA has strong connections with government units, industry stakeholders, and international organizations. TFTA serves as a crucial platform for connecting, collaborating, and facilitating development within the Taiwan fintech community.

TFTA is an official member of the Asia Fintech Alliance (AFA), which is an alliance comprising FinTech associations from various Asian countries and regions.

This strategic partnership between TFTA and the AFA enables Taiwan to actively engage with the wider Asian FinTech community, aligning with regional trends and amplifying the country’s influence in the global FinTech landscape.

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SOURCE Taiwan FinTech Association (TFTA)

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IQAX won the Top 10 Blockchain Companies of 2024 award

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HONG KONG, Oct. 15, 2024 /PRNewswire/ — IQAX is delighted to announce that IQAX has won the Top 10 Blockchain Companies of 2024 award from CIO TechWorld, demonstrating the proficient use of blockchain technology by IQAX eBL.

CIO TechWorld is a trusted source for IT and business professionals seeking insightful and informative articles.

IQAX eBL: A Game Changer

The IQAX eBL integrates seamlessly with the Global Shipping Business Network (GSBN), a purpose-built blockchain infrastructure that guarantees data protection and authorized access. This innovative solution enables carriers, shippers, freight forwarders, consignees and financial institutions to collaborate transparently, enhancing operational efficiency and reducing costs.

Key benefits of IQAX eBL include:

One-click Transfer: Instant access and tracking of B/Ls online, eliminating courier costs and reducing the risk of delays.Single-view Interface: A user-friendly interface that consolidates all shipment-related information, enhancing communication among stakeholders.Optimized Trade Financing: Improved traceability accelerates trade financing processes, empowering faster transactions.

With over 300,000 original B/Ls processed and more than 16,000 registered companies using the platform in over 70 countries, IQAX eBL is driving significant advancements in the digital shipping ecosystem.

Join the Digital Revolution

IQAX invites industry stakeholders to embrace this transformative technology, paving the way for a more efficient, secure, and sustainable future in global trade.

For more information about IQAX eBL and how it can benefit your operations, please visit https://www.iqax.com/en/solutions/ebl/.

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SOURCE IQAX Limited

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EBANX takes the lead and prepares the integration of global companies ahead of Pix Automático’s launch

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The recurring payments capability of Pix is expected to be launched in mid 2025 by the Central Bank of Brazil, and EBANX is the first player in cross-border payments already making the documentation available for its global merchants to start the integration

CURITIBA, Brazil, Oct. 15, 2024 /PRNewswire/ — The second most used instant payment method in the world, Brazil’s Pix will have a recurring transaction capability, Pix Automático (Automatic Pix in free translation), set to be launched by the Central Bank of Brazil next year, on June 16th. EBANX, a global tech company specializing in payment services in rising markets in Latin America, Africa, and Asia, is taking the lead and is prepared to start integrating global merchants with this new Pix feature.

From this month, merchants of EBANX can access the technical documentation needed to integrate EBANX’s API for Pix Automático. EBANX’s partners will be able to start backend development, and will also have access to a simulated environment allowing them to thoroughly test their integrations and ensure readiness by June next year, when the Central Bank will release Pix Automático. “By partnering with EBANX, merchants can secure their competitive edge in the market, being ready to offer Pix Automático from day one,” says Fabio Scopeta, Chief Product and Technology Officer (CPTO) at EBANX.

The new Pix capability will greatly improve recurring payments in Brazil, positively impacting Latin America’s largest digital commerce market: “This solution streamlines billing processes and subscription payments, reduces friction, and enhances payment efficiency, for users and businesses,” Scopeta highlights. Pix Automático may improve customer satisfaction by providing more control and flexibility, leading to higher retention rates and fewer missed payments, since these will be scheduled.

From June 2025, Pix users will be able to establish Pix Automático for future transactions without additional interaction by scanning a QR code or providing their banking details. Another option is to pay a bill via QR code and then activate Pix Automático to simplify recurring transactions. After the payer authorization, the amounts will be debited from their account at the frequency specified in the payment instruction.

For merchants, this presents an opportunity to increase revenue and attract more clients. According to internal information from EBANX, which has been operating with Pix since its launch in 2020, companies accepting the instant payment method in digital commerce experience a 16% increase in revenue and a 25% growth in the number of clients. “We remain attentive to how Pix Automático will impact the market and consumers, especially since one in five people who use Pix has already done so with EBANX,” points out the CPTO.

The future of Pix

With no fees for the payer, Pix Automático is a new step in the process of financial and digital inclusion promoted by the instant payment method, which integrated 71.5 million users into the financial system in the first two years of operation, according to the Central Bank of Brazil. Pix has also helped connect these consumers with global and local companies. In the past two years, P2B (person-to-business) transactions have nearly doubled their share of monthly Pix transactions, increasing from 22% to 40%

This landscape may change even more in 2025. In addition to bill payments such as electricity, water, and rent, it is expected that Brazilians will also use Pix Automático for recurring payments in digital subscription-based business models, which may increase the number of P2B transactions. “We are witnessing a boom in recurring payments in segments such as streaming services, SaaS, and digital media across the world, and in Brazil, these verticals may benefit from the launch of Pix Automático,” analyzes the CPTO at EBANX. 

Other innovations in Pix are expected to further enhance the success of the system, including payments via mobile proximity, with installment payments, for foreign accounts, and made with the consumer being offline. According to EBANX, 95% of people who made their first purchase at one of the fintech’s partner online stores paid it with Pix. “Our commitment is to always be aligned with pioneering efforts in the sector and in leadership in Brazil’s payments landscape, to offer the best solutions for our merchants and their clients,” says Scopeta.

About EBANX

EBANX is the leading payment platform connecting global companies with customers from the fastest-growing digital markets in the world. The company was founded in 2012 in Brazil with the mission of giving people access to buy in international digital commerce. With powerful proprietary technology and infrastructure, combined with in-depth knowledge of the markets where it operates, EBANX enables global businesses to connect with hundreds of payment methods in different countries in Latin America, Africa, and Asia. EBANX goes beyond payments, increasing sales, and fostering seamless purchase experiences for businesses and clients.

For further information, please visit:
Website: https://www.ebanx.com/en/
LinkedIn: https://www.linkedin.com/company/ebanx

Media Contact: Shan Huang, shan.huang@ahgstrategies.com

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SOURCE EBANX PTE. Ltd.

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