According to data shared by Stocklytics.com, the annual cost of cybercrime will hit $9.2 trillion in 2024, one trillion more than last year. Furthermore, projections indicate a staggering 70% increase by 2028, reaching a jaw-dropping $13.8 trillion.

Costs Skyrocket Year After Year

Despite efforts to fight cybercrime, attacks like ransomware, data breaches, and phishing continue to wreak havoc. The Allianz Risk Barometer highlights the fear of cybercrime, with 40% of respondents naming it their biggest concern in 2023. This fear is justified considering the rising costs.

A Statista Market Insights survey reveals a 245% increase in global cybercrime costs between 2018 and 2020, jumping from $860 billion to a staggering $2.95 trillion. This includes financial losses, data destruction, lost productivity, and reputational damage. The pandemic accelerated digitalization, nearly doubling these costs to $5.49 trillion in 2021. Since then, the annual cost has been rising by over a trillion dollars each year.

Cybercrime Cost to Surpass Major Economies

In 2024, cybercrime is projected to cause $9.22 trillion in damages, exceeding the GDP of countries like Japan, Germany, India, and the United Kingdom. This figure is expected to skyrocket by 2028, reaching a staggering $13.82 trillion, a 16-fold increase from 2018.

Companies Increase Cybersecurity Spending

The rising cost of cyber attacks is forcing companies to invest more heavily in cybersecurity. In 2023, spending on security solutions and services reached $166.2 billion, and it’s expected to rise to $183.1 billion in 2024. Statista predicts continued growth, reaching $273.5 billion by 2028. In the next four years alone, companies are estimated to spend over $1.1 trillion on cybersecurity measures.

The full story and statistics can be found here:  https://stocklytics.com/content/annual-cybercrime-cost-to-jump-by-70-and-hit-13-8-trillion-by-2028/

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According to data presented by Altindex.com, the ML market is expected to reach a record valuation of $204 billion in 2024, capturing nearly 70% of the total AI market share.

Machine Learning Market Size Quadrupled in Four Years

The exponential growth of the machine learning industry in recent years is nothing short of impressive. This AI technology, renowned for its ability to streamline operations across diverse business domains—from decision-making processes and product development to manufacturing, logistics, and customer service—has emerged as a transformative force across industries, propelling overall market expansion.

Back in 2020, the global machine learning industry was valued at roughly $60 billion, representing 54% of the total AI market size. Just a year later, this figure more than doubled and hit $134.5 billion, with machine learning’s market share rising to 59%.

After a considerable setback in 2022, the market continued surging last year. Statistics show the machine learning sector skyrocketed by 120% in 2023, twice and even three times the growth of any other segment of the AI industry. This caused machine learning market size to jump to $158.8 billion, representing 65% of the total AI market value.

Although 2024 will bring much smaller growth of 28%, the machine learning industry is still expected to hit a record valuation of over $204 billion. With more and more businesses recognizing the potential of the technology and investing in its applications, the entire market is expected to hit a $528 billion value by 2030, making 72% of the total AI market size.

US Dominates Global Machine Learning Market

Geographically, the United States emerges as the undisputed leader in the global machine learning landscape. Statista forecasts a 24% year-over-year growth, propelling the US machine learning sector to a valuation of $70 billion in 2024—constituting one-third of the total market value. By 2030, this figure is projected to surge by an additional 142%, reaching a monumental $170 billion.

While trailing behind the US, the Asian machine learning market is poised for robust growth. Fueled by its vast population, diverse industries, and escalating investments in technological infrastructure, the Asian market is poised to witness a remarkable 34% year-over-year growth, resulting in a market size of $55.1 billion in 2024. By 2030, this figure is expected to catapult by 178%, reaching $153 billion.

Similarly, Europe’s machine learning sector is slated for exponential growth in the coming years. With a projected 28% growth rate, the European market is anticipated to reach a valuation of $55.8 billion in 2024, surging by 161% to $144 billion by 2030.

For further insights and detailed statistics, please refer to the full article on Altindex.com: https://altindex.com/news/machine-learning-ai-market

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According to data from Stocklytics.com, global consumers collectively spent nearly half a trillion dollars on digital media subscriptions and downloads in 2023, marking a substantial 13% increase compared to the previous year.

Video-on-Demand Subscriptions Lead Growth with a 20% Increase

The subscription-based model has thrived in recent years, transcending the pandemic-induced surge and solidifying its position as a lucrative revenue stream for publishers. Throughout 2023, digital media subscriptions remained a top priority for consumers, generating significantly higher profits than other revenue streams.

The Digital 2024 Global Overview Report underscores this trend, revealing that consumers worldwide allocated a staggering $498 billion towards digital media subscriptions and downloads in 2023, a substantial uptick of $59 billion from the preceding year. Notably, video games emerged as the dominant segment, contributing nearly half of the total expenditure. With consumers splurging almost $250 billion on video game subscriptions and downloads, representing a noteworthy 12% increase from 2022, the average spending per user amounted to $205.

While video games commanded a lion’s share of the subscription spending, video-on-demand services experienced the most significant growth, witnessing a remarkable 20% increase year-over-year. The average expenditure on video-on-demand subscriptions surged to $56.5 per user, contributing to a total spending of nearly $160 billion.

Regional Disparities in Digital Subscription Spending

Despite the global shift towards digital subscriptions, significant variations exist across countries in terms of consumer spending. Notably, Americans emerged as the leading spenders in this category, with the average online user investing over $850 on digital media subscriptions and downloads in 2023, double the expenditure of their British and German counterparts, and almost five times the global average.

Following closely behind, Japanese consumers exhibited robust spending habits, with an average expenditure of approximately $700 per internet user. South Korea secured the third position, with an average spending of $563 per user, outpacing several Western countries.

In Europe, countries such as the United Kingdom, Switzerland, and Austria showcased notable spending patterns, with average expenditures per user ranging from $403 to $447. Remarkably, 21 countries surpassed the global average expenditure per user, which stood at $176.4 in 2023.

Looking Ahead

The surge in digital media subscription spending signifies a fundamental shift in consumer behavior, with digital subscriptions becoming integral to the modern entertainment landscape. As consumers continue to embrace digital content consumption, publishers and content providers must adapt to evolving preferences and consumption patterns to capitalize on this burgeoning market.

For more detailed insights and statistics, visit: https://stocklytics.com/content/people-spent-almost-half-a-trillion-dollars-on-digital-media-subscriptions-in-2023-13-more-than-the-year-before/

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The HPX initiative will collaborate with disruptors in the fintech and payments domain to deliver “superior payment experiences through groundbreaking innovation” for both businesses and consumers.

This programme will serve as a platform to unite diverse entrepreneurs who have been diligently crafting technology-driven solutions to shape the future of payments.

Participants in the HPX will get access to capital, an expedited path to commercialize innovative payment solutions, connections with key industry partners, and the opportunity to expand their reach beyond the borders of India.

As part of HPX, the company will concentrate on key segments, including core banking, banking as a service, embedded finance, Web3/CBDC, issuance, payments compliance, and AI/generative AI.
Hitachi Payment offers a range of payment solutions, including ATM services, cash recycling machines, white-label ATMs, POS solutions, toll & transit solutions, and payment gateway solutions.

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The Hitachi Money Spot UPI ATM promises customers a unified and secure user experience while providing the convenience of card-less cash withdrawals. Furthermore, it aims to drive financial inclusion by facilitating easy access to banking services, particularly in regions where traditional banking infrastructure and card usage are limited.

Leveraging cutting-edge technology, the Hitachi Money Spot UPI ATM offers a seamless digital experience for customers. Hitachi Payment Services has consistently been at the forefront of introducing innovative payment solutions and currently stands as the sole White Label ATM operator to offer Cash Deposit facilities, available at over 3,000 ATM locations.

Sumil Vikamsey, Managing Director & Chief Executive Officer – Cash Business, Hitachi Payment Services, said, “As India’s leading end-to-end payments and commerce solutions provider, we are happy to launch an industry-first offering in the White Label ATM space with Hitachi Money Spot UPI ATM. This novel offering empowers any bank customer to experience the convenience of QR-based UPI cash withdrawals. UPI has been the fastest growing payment mode in the country and accounts for more than 50% of digital transaction volumes. The Hitachi Money Spot UPI ATM is a testament to Hitachi Payment Services’ technological capabilities and commitment towards making innovative banking services accessible to citizens across the country.”

Mahesh Patel, Director – Products and Digital Transformation, Hitachi Payment Services, said “We are excited to launch the country’s first-ever UPI ATM on Android platform for our White Label ATM network in association with NPCI. The Hitachi Money Spot UPI ATM is built on Android OS and brings in significant possibilities of transitioning from legacy architecture of transaction processing and ATM management to offering solutions in line with evolving technology. We believe the UPI ATM is a major milestone in the banking landscape.”

National Payments Corporation of India (NPCI), said, “We are delighted to empower customers with this innovative and customer-friendly enhancement for ATM transactions. The launch of the ‘UPI ATM,’ will mark a significant milestone in banking services by seamlessly integrating the convenience and security of UPI into traditional ATMs. This innovative concept is designed to provide quick access to cash even in the remote areas of India without the need for a physical card. “

Hitachi Payment Services has been a pioneer in the Indian payment industry, offering a comprehensive range of payment solutions, including ATM Services, Cash Recycling Machines, White Label ATMs, POS Solutions, Toll & Transit Solutions, Payment Gateway Solutions, and innovative offerings like SoftPOS, POS Value Added Services, and next-gen mobile-based merchant platforms that enable end-to-end services. The company remains dedicated to delivering exceptional customer experiences and promoting financial inclusion throughout India.

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1. Fortinet:

Fortinet is a global leader in network security, providing strong protection for online gaming platforms. They use FortiGate firewall technology to secure networks and FortiWeb to protect against attacks on web applications. Their advanced intrusion prevention systems (IPS) help gaming companies stay ahead of potential threats.

2. McAfee:

McAfee is a well-known name in cybersecurity, offering comprehensive security solutions for individuals and businesses. Gamers benefit from real-time protection against malware, ransomware, and phishing attacks. McAfee’s gaming mode optimizes system resources during gameplay, ensuring a smooth experience without compromising security.

3. Noventiq:

Noventiq is a global provider of digital transformation and cybersecurity solutions. They specialize in helping businesses adapt to the digital world securely. Their artificial intelligence algorithms keep customer data safe and detect any hacking attempts on gaming servers.

4. F-Secure:

F-Secure, based in Finland, focuses on gaming security. They provide anti-cheat solutions for game developers and platforms to prevent unfair advantages and cheating. Using behavioral analysis and machine learning, F-Secure effectively detects and blocks cheating attempts.

5. Cloudflare:

Cloudflare is a popular security and performance provider, protecting online assets, including gaming platforms. Their Web Application Firewall (WAF) safeguards gaming websites from attacks like SQL injections and cross-site scripting (XSS). With their robust network infrastructure, Cloudflare reduces delays and enhances the gaming experience.

In conclusion, as online gaming becomes more popular, so does the need for cybersecurity. These five top cybersecurity brands play a crucial role in safeguarding online gaming platforms. Thanks to their expertise, gamers can enjoy their favorite pastime with confidence, knowing their privacy and safety are in good hands. It’s a win-win for the gaming community, ensuring a secure and enjoyable environment for players of all ages.

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With this launch, the Hitachi Group has extended its association with Plug and Play in Asia Pacific. Plug and Play already has an existing association with Hitachi group in Japan and the United States.

This partnership’s primary objective is to bring innovative products and platforms into the Hitachi Payments ecosystem. It seeks to provide start-ups the capital, integration with the Hitachi Payments’ stack, access to extensive customer network and platform to launch and scale up. Additionally, it will endeavour to expand the impact of these solutions beyond India, accelerating the growth and innovation of the global fintech industry.

Hitachi Payments has been at the forefront of the digital payment revolution in India, bringing innovative solutions that have furthered merchant acceptance, as well as enabled accessibility of digital payments for the masses.

Anuj Khosla, Chief Executive Officer – Digital Business, Hitachi Payment Services, said, “Hitachi Payments is committed towards innovating and introducing new technologies to enhance the overall merchant and customer digital payments journey. The Digital Payments Innovation Hub will help in building future-ready offerings in the digital payments arena. The collaboration aims at investing in, co-creating, and deploying cutting-edge digital payment and fintech solutions that cater to the evolving needs of businesses and consumers.  It is an exciting time for the Indian fintech ecosystem, and we look forward to working closely with Plug and Play and start-ups to drive growth and innovation in the payments industry.”

Jupe Tan, Managing Partner of Plug and Play APAC, said, “We are delighted to be working with Hitachi Payments and to be able to deepen our relationship with the overall Hitachi group. Our goal is to provide Hitachi Payments with a line-of-sight into the most innovative start-ups that are shaping the financial services industry across India and Asia Pacific.”

Hitachi Payments is a pioneer in the payment industry in India, offering a comprehensive range of end-to-end payment solutions including ATM Services, Cash Recycling Machines, White Label ATMs, POS Solutions, Toll & Transit Solutions, Payment Gateway Solutions and innovative offerings such as SoftPOS, POS Value Added Services and Digital Merchant Onboarding. The company is committed to delivering exceptional customer experiences and driving financial inclusion across India.

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The study titled ‘Decoding Digital Payments: A Retailer Perspective’ was conducted by NeoGrowth, an MSME-focused digital lender in India.

Key findings:

UPI Payments set to rule the digital payment landscape in India

Customers today prefer making on-the-go purchases using digital payment methods and are more likely to buy from retailers who offer this option. Seven out of 10 retailers believe over 50 per cent of their sales will be done through UPI in the next three years.

The study indicates that retailers are also increasingly favouring digital transactions, with UPI being their preferred mode due to the convenience it offers to customers and the speed of payment receipt for retailers.

UPI adoption soars as more Indian retailers embrace digital payments

Retailers in Bengaluru saw a 14 per cent increase in the share of UPI among their digital transactions, followed by Chennai and Hyderabad at 13 per cent each compared to pre-COVID levels. Smaller cities only experienced a 4 per cent increase.

The FMCG and retail segment witnessed a 14 per cent increase in UPI transactions, followed by Food & Beverage at 12 per cent and fashion & lifestyle at 9 per cent which can be attributed to the retailers’ ability to accept digital payments easily and the increased comfort level of their customers in transacting digitally.

Decline in proportion of card payments as UPI transactions take over

Card transactions have experienced a decrease of around 12 per cent across industry segments and approximately 16 per cent across different locations. Industry segments such as fashion and lifestyle have dropped post-pandemic. The decline is most pronounced in bigger cities like Chennai, which were among the top card users. The ongoing trend of consumers adopting contactless payment methods, which gained momentum during the pandemic, has been a key contributor to this decline in card usage.

The majority of retailers prefer UPI over other payment methods; 70 percent of retailers prefer UPI for digital transactions.

Speed and ease continue to drive digital payment adoption

Instant receipt of payments and convenience to customers were the top motivators for retailers to use digital payments.

More than 50 per cent of retailers said that by adopting digital payment modes, they have seen an uptick in their sales and an improved buying experience for the customer. About 40 per cent of retailers have also stated that digital payments have helped them attract new consumers.

Better creditworthiness by broad-based use of digital transactions by retailers

Digital payments have also enabled new-age digital lenders to use retailers’ digital transaction histories to determine their creditworthiness. An encouraging sign is that almost 40 percent of retailers now prefer to use digital payments to repay their loans.

Digital Payments continued to thrive despite infrastructural challenges

The major hindrance faced by more than half of retailers were failed transactions, followed by the high cost of the machine and online fraud concerns. Promoting digital transactions among retailers will entail providing the necessary regulatory and infrastructural thrust to overcome these challenges.

You can read the full report here: https://www.neogrowth.in/neoinsights/

The study was conducted based on a comprehensive assessment of NeoGrowth’s customer data set of around 3,000 retailers and a survey of approximately 1,000 retailers across the country.

It encompassed more than 25 cities and over 70 industry segments to assess the digital payments adoption behaviour of Indian retailers.

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The India Spotlight report is part of Flourish’s Digitizing the Corner Shop report, conducted in partnership with research firm 60 Decibels and e-commerce platform ApnaKlub.

According to the report, 90 per cent ($540 billion out of $600 billion) of grocery sales are conducted via kirana. The report further iterates that about 92 per cent of the Indian respondents intended to purchase as much or more from their local kirana store in the future.

The global report surveyed shopkeepers and corner shop customers across India, Egypt, Brazil, and Indonesia and developed a framework to understand the digitized corner shop opportunity.

The report discovered that technology startups are providing corner shops with low-cost and online tools in all four markets, which can unlock over a 60-100 per cent increase in corner shop earnings when implemented at scale.

Within the India research, the study surveyed 200 kirana and 198 of their customers to learn first-hand about the kiranas’ business pain points, competitive threats, aspirations, and digital behaviours.

The findings reveal that despite macro headwinds of inflation, pandemic disruptions, and competition from e-commerce, not only are kirana stores surviving as essential parts of local economies, but they also have an opportunity to thrive by digitising key areas of business.

Commenting on the report, Harsh Gupta, Investor (India) at Flourish Ventures, said, “Kiranas are not going away; they are integral to local communities and a significant part of India’s overall retail ecosystem. These small shops are uniquely positioned with their local customers, which we expect will help them hold up under competitive pressure from bigger stores. The small shops can also maintain competitiveness through digitising and automating business functions.”

“Kirana shopkeepers have shown high adoption of digital tools and ambition to use them more to improve store operations and offerings. We see a great opportunity for digital platforms to step in and consolidate parts of a highly disaggregated market while tackling the operational pain points that kiranas face,” he added.

With respect to the factors that drove value for kirana to its customers, location (86 per cent), product quality and variety (51 per cent), and longstanding relationships with store owners (42 per cent) topped the survey. Additionally, around 33 per cent of surveyed customers regularly use the store credit to purchase items.

Despite kirana stores’ essential role in the economy, shopkeepers still face business challenges, particularly sourcing and purchasing inventory, managing stock, and serving customers. The research found:

• The top three biggest business challenges identified by shopkeepers include finding and keeping customers (74 per cent), competitive prices (67 per cent), and product variety and quality (57 per cent).
  
• The biggest pain points during operational stages included ordering, checking, and receiving products during inventory purchases (74 per cent), managing inventory and product placement at the store management stage (60 per cent), and attending to customers during the selling stage (74 per cent), which can include online channels such as messaging apps.
  
• Shopkeepers are already adopting digital tools. A vast majority of surveyed shopkeepers are comfortable with digital tools and are already using apps and websites to purchase inventory and messaging apps to communicate with suppliers and/or customers. However, barriers to adoption do exist; 26 per cent of shop owners reported difficulty in learning or adopting new tools, and 16 per cent cited monetary costs.
  
• Shopkeepers are eager to adopt more digital tools as they believe these tools can bring business efficiencies. More than half (54 per cent) of surveyed shopkeepers said they plan to increase digital tool usage for inventory sourcing and delivery from suppliers in the next one to two years.

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We talked to a few crypto experts in Asia for advice on crypto investments at a time when the global economy is undergoing a rough patch.

Below are their responses and comments:

Bobby OngCo-founder & COO, CoinGecko

Not just crypto, but financial markets are in a period of significant uncertainty, owing to global geopolitical and macroeconomic turmoil. We anticipate that these adverse conditions may well continue, which will wreak havoc across all asset classes.

The crypto market is certainly not detached from this challenging environment. While the market has dipped significantly in the last six months, investors should make sure that if they’re planning to take a long position, they’ve also taken the necessary risk management measures such as diversification and hedging.

Kenrick Drijkoningen, General Partner at LuneX Ventures & Play Future Fund

It is up to individual risk appetite. I believe many tech stocks are down worse than what bitcoin has been to date, so there’s risk everywhere.

Chris Sirise, Partner at Saison Capital 

Proper risk management is important. Events like these serve as a reminder that building an understanding of cryptocurrency fundamentals is a constant and ongoing process. The pace at which investor education develops must match the evolution of the technology. 

Eddie Thai, General Partner, Ascend Vietnam Ventures

Don’t believe anybody who says they can return 30 per cent regularly and risk-free, and ensure that projects that reach a certain scale have sufficient safeguards in place. Also, diversify your investments; in crypto specifically, only invest what you can afford to lose.

Photo by Dash Cryptocurrency on Unsplash

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