Category: News

Posted in Business, ICT, News

Why is Quantum Computing Market Expected to Boom in North America?

Posted on by Devanshu Shrivastava

One of the key factors fuelling the popularity of quantum computing is the rising number of government initiatives, including major investments aimed at supporting quantum information processing and other quantum computing research and development (R&D) activities. For instance, in China, the government has invested $10 billion on the development of a national laboratory for quantum research in Hefei, with an aim to make it operational this year.

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In addition to this, there have also been huge investments for the development of quantum technology by major private companies across the globe. For instance, Microsoft Corporation and Google LLC are two of the most well-known North American companies which are vigorously working on the rapid advancement and commercialization of the quantum computing technology.

In addition to this, Alibaba Group Holding Limited, a leading e-commerce company based in China, is building a laboratory that would be dedicated to the development of the technology in the country. Due to these factors, the global quantum computing market is projected to advance at a CAGR of 33.1% during the forecast period (2020–2030) and see an increase in its revenue, from $89.6 million in 2019 to $1,866.8 million by 2030.

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This technology is offered through hardware, software, and services, out of which the hardware component recorded the highest demand in 2019. This is primarily attributed to the burgeoning demand for robust hardware equipment that can be used for quantum computing and lack of such equipment in the market. However, this is expected to change soon, owing to the huge investments made by major companies for the development of hardware equipment.

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What are Key Factors Fueling Progress of U.S. Digital Signature Market?

Posted on by Devanshu Shrivastava

The rising adoption of biometric solutions, based on digital signature, in the banking, financial services, and insurance (BFSI) sector in the U.S. is one of the major factors propelling the demand for digital signature in the country. The biometric systems utilize secured and advanced digitally sound methods for identification and authentication procedures. These systems provide unique keys to the characters of a person’s signature. The pattern of the signature cannot be stolen or impersonated, thereby eliminating the chances of signature theft and enhancing security. 

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The burgeoning adoption of internet-based transactions is another important factor fuelling the demand for digital signatures in the U.S. Owing to the shorter time periods offered by online transactions, they are being increasingly adopted by various financial services companies as well as customers in the nation. In addition to this, digital signatures and e-signatures offer numerous advantages, such as enhanced data analysis opportunities, higher employee productivity, increased data security, improved efficiency in record keeping, and higher information benefits to citizens, which make them highly-sought- after in the U.S.

Driven by the above-mentioned factors, the U.S. digital signature market is expected to demonstrate huge growth in the coming years. Since the last few years, the popularity of digital signatures has been increasing rapidly in several industries, on account of the fact that this technology reduces the possibility of thefts and frauds. For instance, various specialists in the healthcare industry, such as lab investigators, researchers, and doctors, are increasingly transferring prescriptions and other digitally signed data from the hospitals’ servers to that of the pharmacies. 

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In the U.S., digital signatures are implemented either through cloud or on-premises. Of these, the cloud-based implementation of digital signatures is expected to rise rapidly over the next few years. This is mainly attributed to the fact that a lot of companies are offering digital signature solutions and services in the form of subscription-based models. In addition to this, the increasing popularity of cloud-based services and the rise of the pay-as-you-go models are expected to further propel the cloud-based deployment of this technology in the country, in future.

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North America enterprise asset management (EAM) market is driven by adoption of EAM for effective asset utilization

Posted on by Devanshu Shrivastava

The major industries adopting EAM solutions in the continent are healthcare, oil and gas, government, manufacturing, energy and utilities, transportation and logistics, metal and mining, and retail. Out of these, the demand for EAM solutions is expected to rise the fastest in the healthcare industry in the near future. The implementation of EAM solutions in hospitals can allow for the reduction in maintenance costs by up to 25%, which ultimately results in affordable healthcare.

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These solutions would also reduce operating expenditure and capital and enhance staff productivity and efficiency and patient safety. One of the biggest phenomena currently shaping the North American EAM market is the rising incorporation of internet of things (IoT) with enterprise asset management solutions. In North America, these solutions are adopted in both types of enterprises, namely large enterprises and small and medium enterprises (SMEs).

Of these, the demand for EAM solutions was higher among the large enterprises during the historical period (2013–2017). This is attributed to the fact that the large scale enterprises, owing to their higher budgets, are better equipped to adopt these expensive solutions in their processes. However, the increasing availability of affordable cloud-based EAM solutions is expected to encourage SMEs to rapidly adopt these in the coming years.

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The skyrocketing implementation of IoT in North America has resulted in its increased integration with EAM as well, primarily due to its ability to provide real-time data to the EAM system, which helps in providing meaningful insights to the user, and in the real-time management, maintenance, and supervision of assets.

Therefore, the demand for EAM solutions, on account of the need to reduce manufacturing and operational costs and improve the efficiency of the overall business process, is expected to rise consistently in North America in the coming years.

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How is Growing Focus Toward Automation Driving Natural Language Processing Market?

Posted on by Devanshu Shrivastava

On order to remain significant in their respective domains, companies are increasingly shifting to automated business models from conventional models in order to decrease human errors, streamline work processes, accelerate business growth, and improve product/service quality. Attributed to this, companies are adopting solutions such as natural language processing (NLP) technology, as it helps in automating data entry and invoicing and various other process for enhancing business performance.

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NLP, a component of artificial intelligence (AI), is the ability of a computer program to understand human language. Take for instance Botkeeper, an AI-based program, is utilized by different enterprises for managing accounts, as the program aids in automating accounting by handling tasks within seconds. This shift to enhanced automated techniques is resulting in a rising penetration of AI-based technologies, such as NLP.

As per a report by P&S Intelligence, in 2018, the global natural language processing market attained a value of $8.3 billion and is projected to generate a revenue of $22.9 billion by 2024, advancing at a 19.7% CAGR during the forecast period (2019–2024). Different types of NLP technologies are hybrid, statistical, and rule-based. The fastest growth in demand is predicted to be registered by the hybrid NLP technology during the forecast period. The rise in data volume in the coming years is projected to propel businesses to deploy the hybrid NLP model in their work processes for enhancing end results.  

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Solutions and services are the two main components that are offered under the NLP technology. Between these two, the larger demand was created for NLP solutions in 2018, which is attributed to the rising adoption of AI-based solutions in enterprises for decreasing human intervention.

There are several types of NLP solutions, namely optical character recognition, pattern & image recognition, interactive voice response, speech analytics, text analytics, and auto coding. Various applications of NLP technology are text processing, report generation, machine translation, question answering, and information extraction. The fastest growth in demand for NLP is projected to be registered for the machine translation application.

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How is Rising Incorporation of Internet of Things (IoT) Propelling Surge of Global Digital Twin Market?

Posted on by Devanshu Shrivastava

One of the major factors propelling the demand for digital twins is the increasing adoption of internet of things (IoT) across the world. Over 41 billion IoT and connected devices are expected in the world by 2025. The tracking and monitoring of these devices become easy with the help of the digital cloning technology, thereby increasing the efficiency of these devices.

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Since the last few years, there has been a massive surge in the amount of unstructured data being generated, and this is impelling businesses to adopt digital cloning in their ecosystem, in order to avoid spending on physical product innovation. The increasing focus on intelligent product and system maintenance techniques throughout the world, on account of the rising complexities in manufacturing processes, is another important factor fuelling the adoption of the digital twin technology.

As a result, the value of the global digital twin market is expected to increase from $3,645.1 million to $73,245.4 million from 2019 to 2030. The market is also predicted to display a CAGR of 31.9% during the forecast period (2020–2030). Digital twin is commonly used in small and medium enterprises (SME) and large enterprises. Of these, the small and medium enterprises are expected to observe faster growth in the adoption of the concept in the near future.

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This is mainly attributed to the burgeoning utilization of advanced technologies by the SMEs in order to provide advanced products to their customers and enhance the efficiency of the various business operations. The digital twin technology is used for increasing the efficiency of products, systems, and processes. Amongst these, products registered the highest incorporation of this technology during the historical period (2014–2019).

The biggest trend currently being witnessed in the digital twin market is the rising usage of a common platform for device simulation. For instance, companies dealing with multiple jet engines are utilizing a common platform for digital clones, creating a separate twin for each engine. This technique is helping these companies in collecting data from all the systems at one place, in order to improve manufacturing analytics. This method allows the study and analysis of similar patterns and trends more efficiently and quickly, which further helps the companies derive important insights that can aid them in their growth.

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Monumental Growth Expected in Artificial Intelligence (AI) in Banking, Financial Services, and Insurance (BFSI) Market till 2024

Posted on by Devanshu Shrivastava

In 2018–19, frauds costing INR 71,543 crore were witnessed by the Indian financial sector, as per a report published by The Economic Times in August 2019. The situation in other parts of the world is equally dire, with PwC reporting the total worth of financial frauds around the world as $42 billion in 2019. Since these crimes deal with money and so does the banking, financial services, and insurance (BFSI) sector, it is at the highest risk. This is why companies in this industry are increasingly leveraging artificial intelligence (AI) solutions to detect frauds and conduct anti-money-laundering activities.

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Thus, with the rising number of financial frauds, the AI in BFSI market is predicted to grow to $20,017.9 million by 2024, from $3,091.9 million in 2018, at a CAGR of 37.2% between 2019 and 2024 (forecast period). Using computer vision, which is one of the AI technologies, the faces of masked criminals or any unlawful activities inside ATM vestibules could be seen. Further, the technology can also be used to see if anyone has brought in any weapons, so that real-time alerts can be generated, for ATM owners to avert a disaster. 

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Apart from protecting themselves against damages, BFSI companies are also leveraging AI to enhance the experience of customers. This is why among all the AI solutions available for the industry — customer behavior tracking, chatbot, customer relationship management (CRM), data analytics & visualization, fraud detection, visual search, and recommendation engine — chatbots have been the most in demand. Chatbots improve the customers’ experience, and they can be customized, which is why organizations in the financial sector are rapidly incorporating them in their customer support operations. 

Further, chatbots assist bank customers at every stage, by acting as a personal financial assistant. Via them, customers get information regarding all the products being offered by the company, thereby making the support services operations efficient and cost-effective for organizations. Along with such solutions, the demand for services is also quite high, as the solutions have to be implemented, maintained, and upgraded, the users have to be consulted, and the employees have to be trained on using them.

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Over $55.0 Billion Revenue Expected in Global Green Technology and Sustainability Market by 2030

Posted on by Devanshu Shrivastava

A key factor responsible for the surge in the demand for green technology is the rapidly rising adoption of building automation systems. Since the last few years, there has been a huge rise in electricity prices, and this has resulted in the increasing development of green buildings. These buildings consist of automated systems which help in reducing power usage and wastage.

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Green technologies are used in every stage during the construction of green buildings, such as during the selection of electrical appliances and construction materials. The other major factors propelling the demand for green technology and popularity of the concept of sustainability are the shifting focus toward the use of renewable energy in various commercial, industrial, and residential applications and burgeoning demand for low-carbon electricity generation, owing to the soaring pollution levels and global warming.

Due to these reasons, the green technology and sustainability market generated revenue of $8.3 billion in 2019. The market is further predicted to reach a valuation of $57.8 billion by 2030, demonstrating a CAGR of 20.0% during the forecast period (2020–2030).Green technology and sustainability solutions are widely used in environment management, air quality management, green buildings, water and wastewater management, climate change management, and solid waste management applications.

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Amongst these, the environment management applications are expected to witness the fastest growth in the adoption of green technology during the forecast period. This is primarily attributed to the rapidly degrading soil quality, owing to the surging pollution levels and intensive farming practices. Green technologies can help farmers in pinpointing the ideal time to spray, plant, and harvest, which would, in turn, reduce the usage of pesticides and fertilizers.

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How is Growing Use by Defense Sector Driving Geographic Information System (GIS) Market?

Posted on by Devanshu Shrivastava

Defense forces have always played a significant role in the lives of humans, ever since the beginning of civilization. The need for protecting oneself from any sort of danger is a natural instinct in human beings. There is no doubt about the fact that today’s military and defense systems are quite different from what they were, say, during the times of the early man. These days, military and defense sectors rely heavily on technology, much like any other field.

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Because of this, the sector is increasingly making use of geographic information system (GIS), which stores, analyses, and visualizes data for geographic positioning on the earth’s surface. GIS is a computer-based tool which examines spatial relationships, trends, and patterns. Attributed to these features, GIS is being utilized for a number of applications, such as forecasting and predicting weather, pinpointing new store locations, routing in car navigation, reporting power outages, and analyzing crime patterns.

According to a P&S Intelligence report, in 2018, the global geographic information system market generated revenue of $10.8 billion, and it is predicted to attain a value of $19.7 billion by 2024, advancing at a 10.7% CAGR during the forecast period (2019–2024). GIS vendors offer services (managed and professional), hardware, data, and software. A major component in the military sector is gathering as much spatial data as possible.

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As GIS data is extensively used for routing, modeling, mapping, reporting, and geocoding, its demand is expected to be the highest in the coming years. In addition to this, GIS data is in high demand for regional literacy mapping applications in emerging economies, including Mexico, India, Brazil, and China. The demand for GIS for mapping is further projected to increase in developing countries, for utilization in urban planning applications, such as classification of land zone, water quality management, land acquisition, and environment impact and urban growth assessment.

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How is Increasing Prevalence of Cyber-Attacks Driving Global Patch Management Market?

Posted on by Devanshu Shrivastava

The increasing demand for up-to-date operating system (OS) applications is one of the major factors contributing to the surge in the demand for patch management solutions across the world. Since the last few years, businesses have been suffering huge losses, primarily due to the soaring number of malware attacks, which has significantly propelled the adoption of patch management solutions, consisting of enhanced features, security updates, compatibility updates, and bug fixes, in order to protect the systems from such attacks, get timely updates for the OS/applications, and ensure efficient functioning of the systems.

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The other major factor pushing the adoption of patch management solutions is the increasing vulnerability in the software. The severity of this vulnerability can be determined by analyzing its impact on the integrity and confidentiality of data and the complexity of attacks. Moreover, the rising internet connectivity has increased the vulnerability of business systems to cyber-attacks.

Due to these factors, the global patch management market generated revenue of $535.4 million in 2019, and it is predicted to reach a value of $3,245.6 million by 2030, at a 17.8% CAGR during 2020–2030 (forecast period). Patch management solutions are widely employed in the banking, financial services, and insurance (BFSI), information technology (IT) & telecom, government, healthcare, education, and retail sectors.

Amongst these, the BFSI sector is expected to record the fastest growth in the demand for these solutions during the forecast period, which is mainly attributed to the fact that the companies operating in the sector have to adhere to strict guidelines and regulations. The burgeoning need for improved security systems is also a major factor responsible for the increasing adoption of patch management solutions in this sector.

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The biggest rage presently being witnessed in the patch management market is the shifting focus toward automated business processes, throughout the world. Businesses are increasingly switching over to automated processes in order to improve productivity, enhance efficiency, and reduce operational costs. Moreover, automation removes the requirement for manual patch installation, enables the implementation of missing patches through automated workflows, and enhances system insights, thereby increasing the efficiency of the security management process.

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Speech Analytics MarketTrends, Business Strategies And Opportunities With Key Players Analysis 2024

Posted on by Devanshu Shrivastava

The global speech analytics market share is predicted to garner $2,910.1 million by 2024, advancing at a 19.9% CAGR during the forecast period (2019–2024), growing from $1,010.4 million in 2018. Some of the key factors of the market growth are the rising number of contact centers, increasing significance of real-time speech, growing focus on customer satisfaction, and compliance to regulations. The speech analytics software reviews and analyzes live customer calls and voice recordings to present an analysis of overall customer experience, and assist organizations in constructing operational strategies aimed at enhancing customer experience. 

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The speech analytics market is witnessing growth across the globe due to the rising focus on customer satisfaction. Currently, the common notion is that customers are not loyal to brands as they have numerous options to get the product of choice. It has been observed that customers prefer paying a higher price to competitors if they offer better services. As a result, companies are investing more on improving customer services that may result in high customer retention rate and new customer acquisition. 

The players operating in the speech analytics market have huge potential for growth as the demand for speech analytics is increasing by the day from small and medium enterprises (SMEs) for expanding their product portfolios and shares. In order to offer their customers an enhanced service and also retain them, SMEs are integrating speech analytics software in their workflow. In addition to this, the deployment of speech analytics software on the cloud has improved its accessibility for SMES, as it no more requires any hardware investment.