Technology Market report: October 2022

Monday, 10 October 2022

Burglar Alarm Systems Market Size Worth $7.01 Billion By 2030

The global Burglar Alarm System Market size is anticipated to reach USD 7.01 billion by 2030, registering a CAGR of 6.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The demand for burglar alarm systems is expected to increase due to the growing popularity of smart homes, including intelligent security systems. Market players are likely to embrace business strategies such as partnerships, mergers & acquisitions to gain more market share. For instance, in May 2021, ASSA ABLOY acquired Sure-Loc Hardware, Inc., manufacturers of residential locks and related accessories. Through this acquisition, the company aims to strengthen its position in mature markets by adding complementary services and products to its business.

The increasing demand for a high level of security in residential complexes, commercial buildings, and industrial complexes is likely to fuel the need for burglar alarm systems in the forthcoming years. Access control technology development tailored to advanced analytics solutions is expected to expand the market size. For instance, in April 2022, Johnson Controls acquired Security Enhancement Systems, LLC., a supplier of phone-based, keyless access control systems for essential infrastructure providers such as telecommunications towers. The acquisition enabled Johnson Controls to efficiently provide data analytics and keyless access control to protect high-value infrastructures effectively.

North America is projected to hold a significant market share driven by rising property-related crimes. Asia Pacific is anticipated to exhibit the highest growth, backed by stringent rules and safety standards released by the government. China is expected to hold the maximum share attributed to established security brands, including Shenzhen HORN security technology co., LTD, Zhejiang Dahua Technology Co., Ltd., and Fujian Chuango security technology co., LTD. The players continue to innovate security infrastructure, hardware, and professional services.

If a secured zone is penetrated, the home security system combines software and hardware sensors designed to detect an intrusion or illegal entry. The market players are prioritizing partnerships & collaborations with home security service providers to expand product offerings and services. For instance, in October 2021, ADT partnered with Redfin, a full-service real estate brokerage provider, to provide smart home services and security monitoring for homes with Redfin. The partnership will allow ADT to install sensors, alarms, and smart locks, let buyers tour the house without worrying, and keep sellers informed about who visits and leaves the property.

Related Press Release@ Burglar Alarm System Market Report

Burglar Alarm System Market Report Highlights

The security in the residential and commercial segment is estimated to witness substantial growth over the forecast period. This growth can be attributed to the protection from theft in the market
Wireless security cameras have become increasingly popular due to their adaptability and ease of use. They are simple to put up and lower installation costs by eliminating wires or professional installation
In 2021, North America represented the highest revenue share. Countries such as the U.S., Canada, and Mexico are offering lucrative growth opportunities for market augmentation, partly attributed to the growing security in these countries. Asia Pacific is anticipated to represent the fastest CAGR by 2030
In 2007, the Underwriters Laboratories (UL) created the UL 634 Level 2 standard to help Sensitive Compartmented Information Facility (SCIF) and other high-end security installations to identify sensors that provide the absolute highest level of intrusion detection. UL 634 Level 2 products are likely to gain more demand from end-users including Government, commercial/residential, and other high-end security entities

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Conversational AI Market Size Worth $41.39 Billion By 2030

The global Conversational AI Market size is expected to reach USD 41.39 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 23.6% from 2022 to 2030. The market growth is primarily influenced by the rising adoption of advanced AI technologies and consumer interaction via multiple platforms. It indicates that businesses and their customers view technology as a mode to expand their businesses.

With the growing market penetration of conversational AI as a crucial technology, it is significant that companies set the correct parameters and objectives while adopting chatbots or virtual assistants. Rapidly growing e-commerce and digitalization have been providing favorable conditions for the requirement of customer support service. Omnichannel Deployment, enhanced customer care 24/7, real-time customized service, and the decreased cost to serve customers boost market penetration of AI globally. In October 2021, Jio platform's Haptik introduced a new enterprise CX Platform to enable Conversational AI solutions. This platform aids brands in building Intelligent Virtual Assistants in a low code environment and going live within just a few days.

The growing ‘Chat first’ method by the service sector and technological enhancements like natural language processing are anticipated to boost the market growth. In November 2021, ZeroShotBot launched new conversational AI technology, which normalizes chatbots for companies of all sizes. ZeroShotBot provides a new technology for building chatbots that don’t need training data, permitting anybody with zero coding experience to generate a chatbot that is fully functional algorithms. Moreover, in January 2020, AWS created Amazon Lex chatbot integration, available in Amazon Connect in the Asia Pacific (Sydney) AWS. This chatbot assists consumers in scheduling an appointment, changing passwords, and bringing up requested account balances. Instead of calling out a number from a list of options, this is done by vocalizing a prompt.

Although, the requirement of trained professionals to handle conversational AI, along with a lack of knowledge about conversational AI, hinders the penetration of conversational AI. Providing a top-quality digital experience is a higher priority for businesses, and consumers like their voices to be heard. The growth of conversational AI now provides companies with the customer experience and the power to resolve complex queries and inquiries quickly and effectively.

Conversational AI is far from a new phenomenon nowadays. Both consumers and companies have grown more accustomed to the profitable outcomes of fast, enhanced, 24/7 customer support service, permitting many businesses to serve on the promise of enhanced technologies to improve customer satisfaction, lower costs, and increase revenues. Product managers access the capabilities to manufacture a successful Intelligent Virtual Assistant (IVA) with emerging AI advancements.

Key players in the market are focused on strategic collaborations and partnerships to enhance their products and service offerings and expand the consumer base. For instance, Yellow.ai and Tech Mahindra together work to develop next-gen conversational-AI technologies, as part of the deal, to upgrade omnichannel competencies like Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Supply Chain Management (SCM), and Human Resources Management System (HRMS).

Related Press Release@ Conversational AI Market Report

Conversational AI Market Report Highlights

North America is anticipated to dominate the market over the forecast period due to the massive adoption of upcoming technological advancements in the region and the rapidly growing demand for customer support services powered by artificial Intelligence
The key factors influencing the growth of the market are rising demand, reduced chatbot development costs, AI-powered customer support services, and omnichannel deployment
The adoption of enhanced AI capabilities to add value to current conversational AI offerings and the ever-growing demand for online shopping during COVID-19 have offered opportunities for market growth
Although, the requirement for trained professionals to handle conversational AI, along with a lack of knowledge about conversational AI, is affecting the market penetration of conversational AI
Currently, the focus of businesses has deviated from delivering customer support services through messages or emails to AI-enhanced chatbots. These chatbots aid companies improve consumer interaction and experience

Friday, 7 October 2022

AI In Media & Entertainment Market Worth $99.48 Billion By 2030

The global AI In Media & Entertainment Market size is expected to reach USD 99.48 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 26.9% from 2022 to 2030. The increasing popularity of virtual creation in the media and entertainment business, and its ability to create high-definition graphics and real-time virtual worlds, are driving the market forward. Artificial intelligence (AI) is helping media companies to leverage these benefits by enhancing content management across various phases in the workflow of content processes, including smart content analysis and categorization, automatic image tagging, scalable personalization and predictions, time-saving content creation assistance, and text intelligence and analysis, and voice-controlled platforms.

AI technology providers work with broadcast companies to incorporate AI to optimize programming timetables. For instance, the BBC has started many efforts to apply AI/Machine Learning (ML) to optimize and automate content management. These activities have been implemented in a live telecast and deliberated further in later segments. These projects precisely target workflow enhancements aiming at time and cost savings in creation and distribution. The growing use of AI-based virtual production infrastructure in movie studios and TV shows is anticipated to upsurge the demand for motion capture workstations, virtual cameras, simulation cameras, and other virtual production hardware in the coming years.

The rising popularity of realistic virtual elements and three-dimensional designs for movies and video games is expected to drive the demand for computer graphics cards. Artificial intelligence in the media & entertainment industry is implemented for trading or marketing, including design, advertisements, and film promotion. Smart AI frameworks can create extensive marketing and advertising solutions. Using AI, predictive analytics can perform marketing procedures faster. AI-driven marketing software helps create promotional approaches, address audience goals, and make effective customer solutions. For instance, ‘Alibaba Luban’, an AI-based graphic design software produces visual designs a hundred times faster than humans, which means it will create 8000 banners in just a second.

Related Press Release@ AI In Media & Entertainment Market Report

AI In Media & Entertainment Market Report Highlights

In terms of solutions, the services segment accounted for the maximum revenue share in 2021 and will expand further at a steady CAGR from 2022 to 2030
This growth is attributed to the lack of trained professionals in virtual production and VFX technology; film studios or moviemakers often hire qualified agencies and their services to implement VFX in their video productions
The sales and marketing segment accounted for the largest share of the global market revenue in 2021
AI is used for trading or marketing aspects, including design, advertising, and promotions in the entertainment & media fields
North America is projected to dominate the market throughout the forecast period as the region offers significant growth opportunities for industry expansion due to substantial investments in AI projects and related R&D activities

Weather Forecasting Services Market Size is Estimated to Witness 6.7% CAGR till 2030

The global Weather Forecasting Services Market size is expected to reach USD 4.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.7% from 2022 to 2030. Many businesses and industries such as aviation, agriculture, marine, transportation and logistics, and renewables are weather-sensitive, requiring highly accurate weather forecasting services and solutions to make decisions and operate efficiently. Climate change has led to more frequent extreme weather events, driving the demand for weather forecasting services worldwide.

The Covid-19 pandemic struck the globe in 2020, leading to travel restrictions and lockdowns. It impacted the operations of the market players owing to government regulations and supply chain disruption. Some of the market players witnessed negative or lower year-over-year (YoY) growth in revenues during the financial year. The accuracy of weather forecasts was probably reduced as lesser flights operated during the lockdown period. Other observation systems such as marine and satellites were affected to a lesser extent.

Many weather forecasting service providers offer tailored solutions to industries, meeting application-specific needs. Technological advancements such as Artificial Intelligence (AI) and Machine Learning (ML) are expected to aid in improving the weather forecast quality. Many players also offer data and analytics weather solutions to their clients, helping them mitigate risks and operate more efficiently. Market players are investing in research and technology such as automation and supercomputers for providing highly accurate weather forecasts.

Related Press Release@ Weather Forecasting Services Market Report

Weather Forecasting Services Market Report Highlights

In terms of forecast, the medium-range segment accounted for the largest revenue share in 2021 and is anticipated to expand at the highest CAGR over the forecast period. This can be attributed to the increasing demand and improvement in the accuracy of medium-range forecasts across industries
By organization size, the large enterprises segment accounted for the largest revenue share in 2021 and is expected to retain its lead over the forecast period. This can be attributed to factors such as advanced technological infrastructure and larger investments by enterprises
Based on industry, the media segment dominated the market in 2021. The aviation segment accounted for the second-largest revenue share in 2021. The renewables segment is expected to expand at the highest CAGR of 7.1% over the forecast period owing to the energy transition worldwide
North America held the largest revenue share in 2021 and is expected to retain its position over the forecast period. This can be attributed to the presence of a large number of weather forecasting service players in the region. The Asia Pacific region is anticipated to expand at the highest CAGR of over 6.8% over the forecast period

Monday, 3 October 2022

Artificial Intelligence In Fintech Market Worth $41.16 Billion By 2030

The global Artificial Intelligence In Fintech Market size is expected to reach USD 41.16 billion by 2030, growing at a CAGR of 16.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. Artificial intelligence (AI) is widely used in financial organizations to improvise their precision levels, enhance their efficiency and instant query resolving through digital banking channels. AI technology like machine learning can help organizations raise their value by improving loan underwriting and eliminating financial risk. Organizations are also using it to build more robust fraud detection and prevention systems and help accelerate risk assessments and fraud detection.

The AI in fintech market is expected to increase in the coming years due to advancement in technology that is boosting financial service providers’ business processes. Some of the primary drivers of the market include growing internet penetration and geographical data availability. AI and machine learning have aided banks and fintech firms by allowing them to process massive volumes of client data. For instance, in March 2022, KBC Group, a Belgian-based multi-channel bank insurer, commercialized its portfolio of AI applications through Discai, its wholly-owned subsidiary, beginning with introducing an AI application meant to prevent money laundering.

Discai will first provide a unique and high-performance AI-based system for closely monitoring money laundering, take a phased approach to the market, and collaborate with partners to distribute and integrate these applications. Financial institutions and banks are implementing AI technologies to unlock insights and information hidden in unstructured documents and automate the manual processes that banks have historically performed at double-quick speed. In addition, the growing demand for process automation between financial institutions is propelling the market. Blockchain and distributed ledger technology enhance AI adoption in the financial sector by providing new means to record, track, and store financial asset transactions.

Growing awareness of the benefits of cloud-based firewalls among small- and medium-sized organizations, particularly in developing nations, will create numerous opportunities for market expansion. For instance, in May 2022, The Czech Republic Finance Ministry, a government ministry in charge of economic policy, revenue service, insurance, the government budget, banking, and security, initiated a project to maximize the potential of fintech apps and data used in financial services in the country. The project was implemented by the Organization for Economic Cooperation and Development and funded by the European Union in collaboration with the European Commission’s DG REFORM-Directorate-General for Structural Reform Support.

Furthermore, it will include a feasibility analysis of the possible formation of a sandbox in the Czech Republic and the prospects of data in financial services to let the fintech innovation be based on shared data. Fintech has been evolving in the investment management sector. Advanced technology and solution adoption, such as AI, big data, and machine learning, to assist businesses in evaluating investment possibilities, optimizing their investment portfolios, and mitigating related risks, have been significant in the technology adoption.

A prominent trend in AI in the fintech business is the widespread use and integration of smart mobile payment solutions as customers worldwide become more reliant on digital payment methods than traditional wallets. Many participants in the market provide payment platforms and are continually adding new features, such as voice commands and biometric access control, which includes fingerprint and facial recognition. For instance, in November 2021, Paytm, an Indian multinational financial technology provider, announced the launch of a new feature, ‘Voice Trading’, driven by AI, which allows customers to acquire stock information or place a trade with a single voice command. The voice trading function allows a single voice command to be processed instantly using neural networks and Natural Language Processing (NLP).

Related Press Release@ Artificial Intelligence in Fintech Market Report

Artificial Intelligence In Fintech Market Report Highlights

Some of the regions in North America have the most competitive and constantly changing AI technology in the world’s fintech sector. In the industrialized economies of Canada and the U.S., there is a strong emphasis on R&D-derived inventions
The adoption of software tools with the deployment of AI-enabled financial solutions extracts accurate, comprehensive, and enormous amounts of data on time
The growing adoption of managed services helps administer AI-enabled fintech applications and is expected to drive the market growth
Cloud-based solutions store vital resources and provide a wide range of flexible AI solutions for the fintech business. The segment generated the highest revenue in 2021
The North America region dominated the global market in 2021. However, Asia Pacific is projected to register the fastest CAGR from 2022 to 2030