Cloud-based process orchestration market to depict appreciable growth prospects over 2019-2025, APAC to emerge as a prominent revenue pocket
The surging adoption of advanced technologies along with rising globalization trend will propel the process orchestration market growth in the years to come. Businesses nowadays are primarily focusing on reducing production cost, improving operational functioning, gaining enhanced competitive skills and delivering improved customer satisfaction to clients, functions that can be fulfilled by means of adopting process orchestration. The technology effectively helps design, implement, integrate and monitor customer process applications and integration scenarios more quickly and flexibly, helping businesses innovate faster and respond to changing business demands more efficiently.
Latin America Process Orchestration Market Revenue, By Professional Service, 2018 & 2025 (USD Million)
Speculating the technique’s profound benefits, companies are now investing in developing innovative solutions for transforming their businesses and to deliver unique customer satisfaction. For instance, in 2018, around 55% of the start-ups adopted digital business strategy, while around 85% intend to invest in digital transformation in the future. Moreover, major sectors include energy & utilities, retail, manufacturing, healthcare, IT & telecom are also adopting process orchestration solutions for improving business efficiency, that would quite overtly expedite the industry growth over 2019-2025.
With the increasing adoption of advanced technologies such as AI and machine learning, the demand for process orchestration solutions to efficiently manage, integrate, and optimize computer systems and cloud architectures to further help serve and retain customers has only been surging. The deployment of the cloud has also been of concern to numerous businesses as their data and information is located in off-premises servers, making the adoption of process orchestration vital for managing cloud-based application and services.
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Speaking along similar lines, it is prudent to mention that the process orchestration market has been depicting quite some growth from the deployment of the cloud. Cloud-based process orchestration services help in simplifying deployment and centralizing automation processes, making it easier for expanding and transforming processes at a lower cost and at a faster speed. Given the cloud’s off-premise feature, orchestration brings dependency management, high availability, failure recovery, scaling and numerous other tasks and attributes all into a single process, significantly reducing staff effort. The rapid growth and adoption of cloud solutions across SMEs are thus contributing majorly to the expansion of cloud-based process orchestration industry.
Enumerating the application landscape of the process orchestration market, the retail & consumer goods sector is anticipated to emerge as a pivotal avenue for this industry. With increasing market competition and rapidly evolving consumer needs, it has become vital for the retail sector to improve its service offerings. Process orchestration solutions will enable such businesses to transform their operations and enhance customer reach, and will also help in automating manual processes, minimizing operating costs, improving customer shopping experience and identifying new revenue streams in the highly competitive sector. This in consequence would majorly accelerate process orchestration market share from retail & consumer goods applications, slated to depict a CAGR of 14% over 2019-2025.
Speaking of the regional terrain, it comes as no surprise that the Asia Pacific region is primed to evolve as a highly competitive ground in the years to come. The key factors contributing to market demand across the continent include rapid globalization, increasing demand for industrial automation and strategic government initiatives targeted towards the manufacturing sector. The growing awareness regarding process orchestration benefits, such as the elimination of process redundancy and enhanced business planning, will act as a driving factor for APAC process orchestration industry. Powered by the increasing use of IT infrastructure and resources to gain cost optimization, APAC process orchestration industry share will register the fastest growth rate of 18% over 2019-2025.
Proliferation in the retail sector coupled with the integration of advanced technologies, such as AI and machine learning will contribute to the growing adoption of process orchestration. Businesses are continuously launching newer products in the market to meet the growing customer requirements, further driving market growth. The growing demand for cloud technologies is also contributing to the process orchestration industry growth. According to Global Market Insights, Inc., the process orchestration market size will exceed $9 billion by 2025.
Author Name : Mateen Dalal
Cybersecurity market to gain major traction over 2018-2024 via escalating adoption by large enterprises, U.S to emerge as a pivotal revenue pocket
With global enterprises rapidly embracing cloud platforms as well as other networking technologies, cybersecurity market is anticipated to observe a massive upscale in revenue. As more and more organizations transition into the cloud and work to minimize security risks, making the enterprise network less vulnerable to a plethora of cyber-attacks, the average annual spending on cybersecurity is expected to rise significantly. In fact, back in 2017 the average spending on cybersecurity solutions by organizations went up as much as 23% accounting for more than $11.7 million. This increasing cyber security budget in several organizations globally is expected to be one of the most prominent growth inducing factors propelling cybersecurity market.
U.S. Cybersecurity Market Revenue, By Product, 2017 & 2024
While the topic of cybersecurity once received perfunctory response from global governments, the scenario has undergone a drastic change today. A number of nations have increasingly begun looking for ways to protect their government agencies from malicious attacks by boosting their cybersecurity preparedness efforts. The potential of the threat is so much that in 2018, the World Economic Forum launched Global Centre for Cybersecurity to protect the world against hackers. These cyber security efforts were further magnified in late 2018 when more than 50 countries signing an international cyber security principles agreement that aims to put an end to malicious cyber-activities in peacetime – an act that is bound to significantly drive the growth prospects of cybersecurity industry.
Hefty adoption by large enterprises to fuel global cybersecurity market size
As businesses worldwide undergo a digital transformation, wherein they move the critical applications of their enterprise network onto the cloud, the issue of cybersecurity has garnered mainstream attention. The digital transition has undeniably allowed organizations to significantly improve their operating efficiencies, but has also made them vulnerable to a plethora of cyberthreats that could bring their operations to a grinding halt if they fail to manage the security risks properly. In fact, according to Telstra, over 59% organizations across Asia experience a business-interrupting cyberattack at least once a month due to inadequate cyber security measures.
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Driven by the threat potential of cyberattack more and more large enterprises are embracing cyber security solutions. Indeed, large enterprises accounted for over 60% of the global cybersecurity market share in 2017. It is also prudent to mention that 2017 was witness to one of the biggest cyberattacks ever, where the WannaCry ransomware, which affected over 400,000 machines across 150 nations, cost the world approximately $4 billion in losses. Large enterprises on an average lost over $10 million because of cyber security breaches.
Prompted by the WannaCry attack, that enabled the average cyber-attack cost to rise as much as 11%, enterprises were further encouraged to embrace more advanced security solutions. The cybersecurity market is also expected to attract sizable gains on account of the growing Bring Your Own Device (BYOD) trend, wherein businesses are allowing their employees to utilize their personal devices on the job.
How has the new U.S. national cyber strategy impacted the cybersecurity industry trends?
The United States of America has been facing consistent threats from an increasing number of highly-sophisticated malicious entities that are motivated by a whole host of different factors ranging from ideological & political interests to espionage & financial gains. The Armed Forces Communications and Electronics Association (AFCEA), in September of 2018 had pointed out that the U.S. government did not possess a comprehensive cyber security strategy leaving U.S. critical infrastructure and federal agencies extremely vulnerable to cyberattacks. In the days that followed, the Trump administration released the National Cyber Strategy, the nation’s first, fully-articulated cyber strategy in over 15 years.
Propelled by the cyber strategy, in conjunction with the rising adoption of cybersecurity solutions by an extensive number of enterprises spanning the nation, the U.S. cybersecurity industry is anticipated to crop up as one of the most prominent regional markets over 2018-2024.
It is rather overt that the global cybersecurity market is well positioned to establish itself as a lucrative investment ground. As per Global market Insights, Inc., cybersecurity industry size, driven by the growing number of cyberthreats that are frequently cropping up, is anticipated to be pegged at $300 billion by 2024.
Author Name : Akshay Kedari
Data center colocation market to be characterized by construction of new data centers, global industry valuation to exceed USD 90 billion by 2024
Over the recent years, the global data center colocation market has been witnessing remarkable pace of growth owing to the increasing complexity of managing humongous data centers and the shortcomings with regards to power and space. In addition to this, the emergence of the Internet of Things along with the rapid proliferation of big data and cloud technologies has compelled several business verticals to focus on planning the physical infrastructure of IT-based services. Moreover, large enterprises and SMEs are increasingly shifting to colocation hosting as building a new facility requires a large amount of initial investment, thereby boosting the revenue scale of data center colocation industry.
China Data Center Colocation Market, by application, 2017 & 2024 (USD Million)
Elaborating further, the process of hosting an onsite facility needs skilled professionals to safeguard the data center from cyberattacks, which is the most pervasive threat. To tackle all these challenges, several data center colocation service providers are combining innovative solutions in their facilities to offer modern enterprises with secure infrastructure at the very initial stage of colocation.
In this context, it would be imperative to take note of Cyxtera Technologies which has recently integrated AppGate SDP, a new software-defined perimeter solution, with its high-performing data centers to apply the principle of least-privileged access to the network, which lowers the possibility of a cyberattack. Phasing out obsolete security approaches, the new solution gives fine-grained access to ensure that individuals only connect to the network resources. Needless to mention, the introduction of such unique solutions is proving to be beneficial for the overall data center colocation industry.
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Prominent technology companies appear upbeat about the growth prospects of the data center colocation market in the APAC and Europe regions. The APAC nations especially have been mirroring the incredible growth trajectory experienced in the U.S. over the past few years. Enumerated below is a brief overview of how facility expansion activities by tech giants and the entry of colocation specialists have been transforming the contours of the APAC data center colocation industry:
- Highly specialized colocation service provider Colt Data Centre Services (Colt DCS) is set to begin the construction of a hyperscale data center campus in Mumbai, the financial capital of India. With a power capacity of nearly 100MW, the facility is anticipated to become operational in the second half of 2020. In this regard, it would be prudent to mention that Colt DCS is the first major western data center operator to foray in India data center colocation market, which is presently served by small-scale local service providers.
- Tech giant Facebook had recently announced that it would construct its first purpose-built data center in Asia. The new multi-story facility would be the largest single data center in Singapore and will offer 170,000 square meters of space. Owing to the ease of fiber connectivity and presence of highly-skilled professionals, numerous tech companies have been choosing Singapore as their regional hubs for data center colocation, propelling the commercialization potential of the APAC data center colocation industry.
- In December 2018, the U.S.-based multinational data center company Equinix announced that it would build a new International Business Exchange data center in Helsinki, Finland. Reportedly, the new data center is slated to enable improved colocation and interconnection capabilities for businesses undertaking digital transformations. For the record, Equinix is a renowned name in the data colocation market given that it operates Platform Equinix, the name of its global data center network made up of 200 data center facilities spread across 52 nations.
Driven by a widespread application segment which includes retail, IT & telecom, manufacturing, healthcare, government & defense, energy, and BFSI, the data center colocation market is set to garner commendable proceeds from various geographies in the upcoming years. Additionally, the drastically changing technology trends and the favorable impact of big data, IoT, and AI on cloud infrastructure would further open up new opportunities for the companies partaking in the data center colocation industry, which is slated to surpass USD 90 billion by 2024.
Author Name : Saif Ali Bepari
Global e-learning market to register a groundbreaking remuneration of USD 300 billion by 2025, North America to crop up as one of the most profitable regional grounds
The developments and innovations in learning tools, delivery methods, and digital technology have revolutionized global e-learning market with regards to its revenue and profitability quotients. Increasing numbers of e-learning programs coupled with the growing prevalence of online education across a myriad range of geographies is set to carve out a lucrative roadmap for e-Learning market outlook in the ensuing years. With an appreciable value holding to boast of, the global e-learning industry is expected to hit a remarkable valuation of USD 300 billion by 2025, claims Global Market Insights, Inc. Emerging corporate trends and the escalating popularity of online or internet-based learning programs are some of the pronounced factors fueling the e-learning market demand globally.
U.S. e-learning market, by application, 2018 & 2025 (USD Million)
Instances validating the increasing penetration of e-learning tools include the CityCab’s launch of web-based training programs to provide linguistic training to taxi drivers in order to improve their communication with the commuters. Another such move was recorded when Infosys Ltd. entered in an agreement with three firms including Udacity Inc., EdX Inc., and Coursera Inc., to train their personnel on Artificial Intelligence via e-learning tools. Reportedly, The Indian Department of Electronics and Information Technology is also embracing e-learning centered research and development activities in some of the renowned institutions including IIT and C-DAC.
Gamification is one of the recent trends characterizing the innovation landscape of e-learning industry, as this category of education has recorded a rather high rate of engagement by the learners along with providing a better understanding of the related concepts. The recent implementation of this trend was through McDonald’s, when the company partnered with City & Guilds Kineo to provide the till training on how to use a cash register. Reportedly, the process turned out to be highly effective and purposeful. The training involved real-time situations that required the learner to take customer orders in timed environment. As per reliable sources, over 85% of the users believed that learning via gamification learning helped them in better understanding new systems and improved their overall performance.
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With such series of groundbreaking events, global e-learning market is certain to witness a rather substantial momentum in the coming years. Speaking of the geographical landscape, with significant rise in the enrollment of online programs and advanced learning methodologies, countries such as U.S., UK, India, China, and Australia are projected to be some of the most profitable avenues for the e-Learning industry growth.
Speaking along similar lines, North America, being one of the mature regions pertaining to the e-learning market penetration, is expected to be one of the most remunerative grounds for the global industry landscape over the coming years. Escalating adoption of m-learning and e-learning tools, which are becoming a preferred and viable choice for the corporate training programs, is one of the major factors driving the regional trends. Moreover, having an upper hand with regards to technological innovations, the region will further procure a major chunk of the global e-learning market share. As a matter of fact, North America, aided by the escalating product adoption by numerous organizations that intend to provide effective training to employees for high productivity, captured an appreciable 40% of the e-learning market share in 2018.
However, taking into consideration the future scope, where niche markets will witness a strong growth potential, Asia Pacific is deemed to be another significant region to exhibit a high demand for e-learning models. Industry analysts speculate that the widespread governmental initiatives to boost literacy and educational programs especially in the rural areas have rapidly escalated e-Learning market size in the region. An example supporting this fact is the initiative taken by HRD Ministry of Government of India with regards to launching NPTEL program as an e-learning approach to pursue courses in science, engineering, and humanities. Furthermore, increasing popularity of mobile technology in the region has further provided a major push to Asia Pacific e-learning industry size.
Speaking of the competitive and strategic terrain, most of the e-learning market players are vigorously working toward bringing technology and education under one roof. M&As, partnerships, and product & solution innovations are few of the major growth tactics adopted by the industry participants. Over the coming years, the fraternity is expected to witness a highly intense competitive landscape, where technology innovations will be one of the most renowned success parameters. With these trends, it is rather overt for the e-learning industry to be coined as one of the most innovative business domains, with a huge potential for developments in the coming years.
Author Name : Saipriya Iyer
North America intelligent virtual assistant (IVA) market to accrue appreciable returns by 2024, speech recognition technology to gain momentum
The escalating demand for rapid query resolutions & online customer self-service are expected to propel intelligent virtual assistant (IVA) market alongside the path of progress. IVA has undoubtedly, in recent times, improved the users’ online service experience as well as offered increased sales to e-commerce firms. Indeed, the product is becoming the preferred medium to gain information, make purchase decisions, and resolve issues. Companies like Microsoft and Google are adopting the technology to improve ease of access and streamline activities, and increasingly implementing the technology as well to enhance operational efficiency. For instance, ABIe, a virtual assistant developed by EIS for Allstate Insurance, efficiently helps agents to answer questions regarding business insurance policies.
Germany IVA market size, by application, 2017 & 2024 (USD Million)
IVA is reportedly becoming more and more commonplace as consumer appetite for the product has been depicting an upsurge. According to an independent survey conducted with 1,500 consumers across Europe, 81% of the respondents said they would prefer interacting with a virtual assistant as it offers enhanced online customer experience. Close to 72% welcomed the product as a key part of every website while a similar proportion claimed that they would spend longer on a website that had one. This response can undeniably be credited to the fact that IVA can take on multiple roles on a website, such as performing various helpful tasks, answering customer queries and connecting to enterprise systems when needed. These features respond according to the marketing requirements of the customers, efficiently improving the site loyalty and experience.
In order to cater to the best plausible global clientele, companies are increasingly investing in IVA to reduce costs from fields such as email response, technical telephonic support, and assistance on call. The implementation of the technology will enable the reduction in the resolution time, call wait times and allowing call transfers when an issue escalates, thereby augmenting IVA market share. The growing deployment of IoT is also expected to supplement the IVA market growth. In fact, IoT is known to have increased the quality and quantity of data being collected by the product. IVAs responding to text or speech queries through apps and smartphones has further enhanced customer engagement, a fact that has further helped impel the IVA industry trends.
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Speech recognition is one of the most vital technologies proliferating IVA market, as the system efficiently improves productivity, eliminating typing time, giving users additional time to focus on other work. Voice recognition software, in addition to being faster in task completion, are increasingly accurate when it comes to vocabulary. Speech recognition technology also makes invaluable contributions to businesses that offer customer services eventually reducing organizational costs. Furthermore, these systems improve interoperability owing to the adoption of IoT, further driving the IVA market size from speech recognition technology.
The Germany IVA market is expected to depict considerable growth in the years ahead, owing to the product’s new-found usage in the region’s thriving automotive market. Technological advancements in IVA have resulted in increased adoption of voice control and gesture control features in next-gen vehicles. IVA can now be integrated within vehicle systems such as automatic parking, lane change assist, adaptive cruise control, and other ADAS controls.
Regional automakers are constantly seeking ways to integrate the product in upcoming car segments to revolutionize driving experience. For instance, the German automotive giant, BMW has recently announced that its upcoming car segment would come with Intelligent Personal Assistant. Like Apple’s Siri or Amazon Alexa, the new AI-based virtual assistant would reply to voice commands and could adjust the temperature, lighting mood and music, among other things in the car efficiently, claims the company.
North America, apart from Germany, is another region that is forecast to accumulate commendable gains by 2024, driven by the expansive technological advancements in the region. Major software companies, like, Microsoft & IBM, have also been investing in IVA, thereby enhancing the growth prospects for North America IVA market.
The competitive spectrum of intelligent virtual assistant market also comprises other players like Amazon, Google, Microsoft, Apple, Inc., Artificial Solutions, eGain Communications, IBM Corporation, Nuance Communications, and Speaktoit, Inc. These companies are known to increasingly invest in product development and innovation to bring in intelligent assistance into the mainstream. Meanwhile, several tech giant firms are adding the product to their portfolio to gain added sales. For instance, on January 7th, 2019, the world’s leading television manufacturers Samsung, LG and Hisense announced that they would open their devices to Google Assistant and Amazon Alexa. As advancements in the fields of automation, machine & deep learning, conversation interfaces, and natural language processing continue to surge, IVA market share is certain to soar in the years to come.
Author Name : Mateen Dalal