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Contactless payments market to reach US$ 26.3 billion by 2027

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Contactless Payments Market To Reach US$ 26.3 Billion By 2027

The global contactless payments market is expected to surpass US$ 26.3 Billion by 2027 end, registering a CAGR of 12.9% during the forecast period of 2019 to 2027), as highlighted in a report published by Coherent Market Insights.

Increasing demand for contactless payments from the retail sector is expected to drive market growth during the forecast period. Retailers are modernizing their brick-and-mortar stores to offer secure services to customers and establishing online stores to increase revenue.

They are adopting advanced technologies such as big data analytics and cloud computing to increase their presence in the market. Retail manufacturers are using contactless payments methods that provide many benefits, such as reduced transaction time, increased operational efficiency, increased revenue, minimized cost, and others. Contactless payment methods at retail stores reduce transaction process and queue in counter.

Moreover, governments are also focusing on introducing new payment methods in order to increase productivity and remain competitive in the market. For instance, in December 2016, the government of India launched BHIM app for Unified Payment Interface (UPI). The common UPIbased BHIM app allows the user to send and receive money through their mobile phones by linking their bank accounts. For instance, according to Coherent Market Insights’ analysis, the number of transactions done through the Bharat Interface for Money (BHIM) app reached 18.8 million in February 2020.

Contactless Payments Market – Impact of Coronavirus (Covid-19) Pandemic

According to Coherent Market Insight‘s study, globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdown.Contactless payment have become more preferred payment method, as it requires less physical interactions.

Smartphone based payment interface and digital wallets are the potential solutions to contain the spread of coronavirus pandemic. Moreover, recent developments in digital payments have encouraged the use of contactless payment methods during this pandemic. For instance, in April 2020, Upgrade Inc., a U.S.-based loan company, launched new contactless credit card. The new credit card provides high transaction limit than other payment methods.

Moreover, bank authorities and card network in Germany, U.K., Austria, and other countries have set higher transaction limit, as people are staying at home and prefer shopping through payment cards only. For instance, U.K Finance Limited increased the transaction limit for contactless payment cards starting from 30 Euros to 45 Euros. This, in turn, increases demand for contactless payment solutions.

Key Trends and Analysis of the Global Contactless Payments Market:

  • Europe held dominant position in the global contactless payments market in 2019 and is expected to retain its dominance throughout the forecast period. This is owing to increasing payment through smart cards. For instance, according to the Electronic Transactions Association (ETA), contactless payments through Mastercard and Maestro increased by 145% in Europe in 2018. Furthermore, in 2019, according to Coherent Market Insights’ analysis, the transactions through contactless payment methods reached 651 million in the U.K.
  • Asia Pacific is expected to show significant growth over the forecast period. The increasing adoption of contactless payment methods from retail industry is fueling the market growth. Retailers are modernizing their conventional payment methods with contactless payment methods, in order to improve productivity and efficiency in the business.
  • Among device type, the smartphone segment held dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. This is owing to increasing demand for live streaming from consumers. For instance, the online video streaming market is expected to exceed US$ 70,000 million in 2021 from US$ 30,000 million in 2016.
  • Major players operating in the global contactless payments market include Thales Group, Infineon Technologies AG, Ingenico Group, Wirecard, VeriFone, Inc., Giesecke+Devrient GmbH, IDEMIA, Track Innovations LTD., Identiv, Inc., CPI Card Group Inc., Setomatic Systems, Valitor, PAX, PINPAD, Mobeewave, alcineo, and Paycor, Inc.

Source: https://www.fintechnews.org/contactless-payments-market-to-reach-us-26-3-billion-by-2027/

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Swimlane raises $40 million to automate cybersecurity operations

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Swimlane, a Denver-based security operations management software provider, today announced it raised $40 million. The funding will be put toward accelerating partnerships and alliances, expanding R&D, and enabling further global expansion, the company says.

According to Markets and Markets, the security orchestration, automation, and response (SOAR) segment is expected to reach $1.68 billion in value this year, driven by a rise in security breaches and incidents and the rapid deployment and development of cloud-based solutions. According to Risk Based Security, data breaches exposed 4.1 billion records in the first half of 2019. That’s perhaps why 68% of business leaders in a recent Accenture survey said they feel their cybersecurity risks are increasing.

Swimlane’s suite of SOAR tools can automate 80-90% of the incident response process, the company claims, with extensible automated workflows and playbooks that interface with organizations’ existing tools while addressing data compliance laws and regulations. Swimlane’s platform offers dashboards and reports that spotlight metrics of note, including remediation cases in progress, alert levels, and threat intelligence, and which track (and allow admins to execute) scenario-specific security tasks and actions.

With its Technology Alliance Program, Swimlane teams up with companies to develop active integration points with security products, and through its free community (SecOpsHub.com) and content-sharing (AppHub) sites, it encourages customers and non-customers to collaborate to solve problems with Swimlane’s out-of-the-box integrations and common scripting language.

Swimlane recently launched Swimlane Analyst Hub, a way to aggregate its developer tools and content for security analysts, including PowerShell-based digital forensics and incident response tools. And in April, the company acquired Syncurity, a security orchestration company based in Bethesda, Maryland that provided incident response and case management to customers across health care and managed services industries.

Swimlane claims to support hundreds of organizations directly and through managed service security providers, largely in sectors like energy, finance, retail, and government.

“Without a doubt, automation will be one of, if not the biggest change realized by security operations in a generation. Security automation is a multibillion dollar market, and while hundreds of organizations already benefit from its initial adoption, the broad application of intent-based automation to every aspect of security is still in front of us all,” newly appointed CEO James Brear, former head of VMWare acquisition target Veriflow, said in a statement. “Swimlane is acutely focused on improving the automation piece of today’s SOAR solutions.”

EIP led Swimlane’s funding round announced today. The capital brings the company’s total raised to date to over $80 million following a $23 million round in May 2019.

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Source: https://venturebeat.com/2021/01/19/swimlane-raises-40-million-to-automate-cybersecurity-operations/

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K Health raises $132 million to launch AI-powered telemedical pediatric service

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New York City-based K Health today closed a $132 million series E funding round led by GGV Capital and Valor Equity Partners, bringing the company’s total raised to date to over $271 million. In conjunction with the round’s closure, K Health launched K for Parents, a program offering parents access to a pediatrician to remotely diagnose and treat children ages 3 to 17.

The demand for triaging technologies like conversational bots has risen sharply as the pandemic reaches frightening new peaks. Millions of patients wait at least two hours to see a health care provider, according to a study published by the U.S. Centers for Disease Control and Prevention (CDC). Tech giants like IBM, Facebook, and Microsoft have partnered with governments and private industry to roll out chatbot-based solutions in response, as have a number of startups. Companies like Current Health and Twistle have teamed up with Providence and other health care providers to pilot at-home health-tracking platforms. Even before the pandemic, nine in 10 seniors said they’d prefer to stay in their homes over the next 10 years, highlighting the need for remote health monitoring solutions.

Cofounder Allon Bloch, previously CEO of Wix and Vroom, believes telemedicine could help reduce the often exorbitant costs of regular doctor’s visits in the U.S. K Health’s platform ingests medical histories, clinical outcomes, and the experience of more than 10,000 doctors to deliver treatment information on hundreds of diseases.

In recent years, K Health has expanded substantially thanks to partnerships with insurance providers like Anthem. The company recently released its telemedical services in Spanish and worked with Louisiana State University to extend free access to doctors for Louisiana residents during the month of April.

There’s fierce competition in the budding telemedicine market, which some analysts estimate could be worth $29.6 billion by 2022. Doctor on Demand, HealthTap, PlushCare, Teladoc, and American Well are all competing for a slice of the pie, to name just a few. But Bloch asserts that K Health’s AI-driven approach, combined with its proprietary medical knowledge database, gives it a leg up.

K Health’s smartphone app, K — which Bloch claims has more than 4 million members, growing at a rate of 10,000 to 15,000 new users a day — facilitates in-app visits from a roster of doctors K users can consult for a fee, assuming they live in one of the 49 states where service is available. The doctors review an AI-assisted breakdown of the patient’s symptoms and then diagnose, prescribe, or refer the patient as appropriate.

K Health users can chat with a doctor for $9 per month, $19 for a one-time session, or $29 for three-month unlimited access. Mental health services are also offered, and prescribed medication can be delivered to users for $34 per month.

K sources from a 20-year database of millions of electronic health records (including physician notes and lab results) and billions of “health events” — including nausea, headaches, and vomiting — supplied by Maccabi, Israel’s second-largest health fund, as well as health systems in the U.S. and Mexico. Users start by downloading an app for iOS or Android and answering roughly 20 questions about their age, gender, body mass index, health history, and symptoms. A machine learning-powered backend uses the responses to build a private profile, which it compares to insights gleaned from a corpus of over 400 million clinical notes and charts.

The results page shows a list of outcomes experienced by people in similar health circumstances, along with a percentage indicating the likelihood of each diagnosis. Reports and profiles can be shared with clinicians via a HIPAA-compliant messaging feature ahead of telemedical or in-person appointments, if users so choose.

Bloch, who notes that 26% of children visit urgent care clinics annually, says that K for Parents will provide remote access to pediatricians and allow parents to chat with an AI to show how children like theirs were diagnosed. K for Parents was designed with feedback from hundreds of parents, according to Bloch, with “thoughtful attention to the style of instructional animations.”

K Health recently partnered with Anthem to develop a cobranded version of K, CareSpree, that lets Anthem’s over 40 million members chat with a doctor for “less than a copay.” For in-person doctor visits, magnetic resonance imaging scans, and X-rays, CareSpree enables users to schedule appointments at participating health care providers and pay a prenegotiated price.

Separately, K Health late last year announced it’ll collaborate with the Mayo Clinic to integrate the health system’s Clinic Data Analytics Platform, which includes clinical decision support tools for Mayo Clinic patients and doctors.

K Health is funded in part by Tel Aviv, Israel-based health maintenance organization (HMO) Maccabi Health and its tech incubation arm, Morris Kahn Institute for Research and Innovation. Profits from the app are reinvested into building K Health’s database, the company says. Additional investors in the latest tranche include LTS Ventures, Atreides Ventures, 14W, Max Ventures, Pico Partners, Marcy Venture Partners, Primary Ventures, and Box Group.

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Source: https://venturebeat.com/2021/01/19/k-health-raises-132-million-to-launch-ai-powered-telemedical-pediatric-service/

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Aurora partners with PacCar to develop driverless trucks

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Self-driving startup Aurora today announced a partnership with PacCar to build and deploy autonomous trucks. It’s Aurora’s first commercial application in trucking, and the company says it will combine its engineering teams around an “accelerated development program” to create driverless-capable trucks starting with the Peterbilt 479 and the Kenworth T680.

Some experts predict the pandemic will hasten adoption of autonomous vehicles for delivery. Self-driving cars, vans, and trucks promise to minimize the risk of spreading disease by limiting driver contact. This is particularly true with regard to short-haul freight, which is experiencing a spike in volume during the outbreak. The producer price index for local truckload carriage jumped 20.4% from July to August, according to the U.S. Bureau of Labor Statistics, most likely propelled by demand for short-haul distribution from warehouses and distribution centers to ecommerce fulfillment centers and stores.

Aurora — which recently acquired Uber’s Advanced Technologies Group, the ride-hailing company’s driverless vehicle division, reportedly for around $4 billion — says it will work with PacCar to create an “expansive” plan for future autonomous trucks. Aurora and PacCar plan to work closely on “all aspects of collaboration,” from component sourcing and vehicle technology enhancements to the integration of the Peterbilt and Kenworth vehicles with Aurora’s hardware, software, and operational services.

Aurora will test and validate the driverless Peterbilt and Kenworth trucks at PacCar’s technical center in Mt. Vernon, Washington, as well as on public roads. The companies expect them to be deployed in North America within the next several years, during which time PacCar and Aurora will evaluate additional collaboration opportunities with Peterbilt, Kenworth, and DAF truck models and geographies.

Aurora, which was cofounded by Chris Urmson, one of the original leaders of the Google self-driving car project that became Waymo, has its sights set on freight delivery for now. In January, Aurora said that after a year of focusing on capabilities including merging, nudging, and unprotected left-hand turns, its autonomous system — the Aurora Driver, which has been integrated into six different types of vehicles to date, including sedans, SUVs, minivans, commercial vans, and freight trucks — can perform each seamlessly, “even in dense urban environments.” More recently, Aurora announced it will begin testing driverless vehicles, including semi trucks, in parts of Texas.

Last year, Aurora raised investments from Amazon and others totaling $600 million at a valuation of over $2 billion, a portion of which it spent to acquire lidar sensor startup Blackmore. (Lidar, a fixture on many autonomous vehicles designs, measures the distance to target objects by illuminating them with laser light and measuring the reflected pulses.) Now valued at $10 billion, Pittsburgh-based Aurora has committed to hiring more workers, with a specific focus on mid- to senior-level engineers in software and infrastructure, robotics, hardware, cloud, and firmware. The AGT purchase could grow the size of its workforce from around 600 to nearly 1,200, accounting for ATG’s roughly 1,200 employees.

PacCar, which was founded in 1905, is among the largest manufacturers of medium- and heavy-duty trucks in the world. The company engages in the design, manufacture, and customer support of light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt, Leyland Trucks, and DAF nameplates.

The value of goods transported as freight cargo in the U.S. was estimated to be about $50 billion each day in 2013. And the driverless truck market — which is anticipated to reach 6,700 units globally after totaling $54.23 billion in 2019 — stands to save the logistics and shipping industry $70 billion annually while boosting productivity by 30%. Besides promised cost savings, the growth of trucking automation has been driven by a shortage of drivers. In 2018, the American Trucking Associations estimated that 50,000 more truckers were needed to close the gap in the U.S., despite the sidelining of proposed U.S. Transportation Department screenings for sleep apnea.

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Source: https://venturebeat.com/2021/01/19/aurora-partners-with-paccar-to-develop-driverless-trucks/

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Researchers develop AI framework that predicts object motion from image and tactile data

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Recent AI research has pointed out the synergies between touch and vision. One enables the measurement of 3D surface and inertial properties, while the other provides a holistic view of objects’ projected appearance. Building on this work, researchers at Samsung, McGill University, and York University investigated whether an AI system could predict the motion of an object from visual and tactile measurements of its initial state.

“Previous research has shown that it is challenging to predict the trajectory of objects in motion, due to the unknown frictional and geometric properties and indeterminate pressure distributions at the interacting surface,” the researchers wrote in a paper describing their work. “To alleviate these difficulties, we focus on learning a predictor trained to capture the most informative and stable elements of a motion trajectory.”

The researchers developed a sensor called See-Through-your-Skin that they claim can capture images while providing detailed tactile measurements. Alongside this, they created a framework called Generative Multimodal Perception that exploits visual and tactile data when available to learn a representation that encodes information about object pose, shape, and force and make predictions about object dynamics. To anticipate the resting state of an object during physical interactions, they used what they call resting state predictions, along with a visuotactile dataset of motions in dynamic scenes, including objects freefalling on a flat surface, sliding down an inclined plane, and perturbed from their resting pose.

In experiments, the researchers say their approach was able to predict the raw visual and tactile measurements of the resting configuration of an object with high accuracy, with the predictions closely matching the ground truth labels. Moreover, they claim their framework learned a mapping between the visual, tactile, and 3D pose modes such that it could handle missing modalities, such as when tactile information was unavailable in the input, as well as predict instances where an object had fallen from the surface of the sensor, resulting in empty output images.

“If a previously unseen object is dropped into a human’s hand, we are able to infer the object’s category and guess at some of its physical properties, but the most immediate inference is whether it will come to rest safely in our palm or if we need to adjust our grasp on the object to maintain contact,” the coauthors wrote. “[In our work,] we find that predicting object motions in physical scenarios benefits from exploiting both modalities: Visual information captures object properties such as 3D shape and location, while tactile information provides critical cues about interaction forces and resulting object motion and contacts.”

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Source: https://venturebeat.com/2021/01/18/researchers-develop-ai-framework-that-predicts-object-motion-from-image-and-tactile-data/

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