Technology Market report

Tuesday, 28 September 2021

Core Banking Software Market Size Worth $17.48 Billion By 2028

The global Core Banking Software Market size is expected to reach USD 17.48 billion by 2028, registering a CAGR of 7.8% from 2021 to 2028, according to a new report by Grand View Research, Inc. Core banking software allows customers to get access to banking services through multiple channels, such as web and mobile banking, while also allowing them to carry out their banking activities from any branch location. Increasing customer demand for advanced banking technologies is anticipated to drive the market growth over the forecast period.

The growth of the market can be attributed to the increase in consumer preference for digital channels to meet their banking needs. Core banking software helps reduce business costs, protect data, manage risks, and segregate clients using a targeted and efficient approach. Core banking software allows banks to seamlessly merge back-office data and self-service operations.

The advent of telecommunication and computer technology is allowing businesses to share finance information with bank branches efficiently and quickly. Moreover, banks are focusing on moving to core banking applications to support their investment operations via a Centralized Online Real-time Exchange (CORE) of transaction data. Financial institutions and banks are adopting core banking software as it enables them to facilitate decision making through real-time reporting and analytics.

While the market is expected to witness steady growth in the near future, the COVID-19 pandemic is anticipated to adversely impact the market to a certain extent. However, the increasing demand for managing customer accounts from a single or centralized server is expected to fuel market growth. Increasing investments in core banking system updates to handle a growing volume of product-channel financial transactions is anticipated to propel the market growth over the forecast period.

Related Press Release@ Core Banking Software Market Report

Core Banking Software Market Report Highlights

The enterprise customer solutions segment is expected to witness significant growth over the forecast period as these solutions help banks in streamlining current business processes with advanced banking technology
The core banking managed services model provides banks and financial institutions with a competitive edge by ensuring high usability, complete functionality, bug-fixing, and timely upgrades. This, in turn, is expected to drive the growth of the segment over the forecast period
Banks and financial institutions can leverage the power of cloud-based applications. These solutions are deployed and developed as a set of flexible microservices with the help of Platform-as-a-Service (PaaS) tools. These solutions help banks and financial institutions in reducing operational costs, boost performance, and accelerate business growth, thereby driving the adoption of cloud-based solutions
The growing need to increase productivity and operational efficiency of banks is expected to drive the adoption of core banking software across banks over the forecast period
The promising rate of development of rural and private banking in developing economies such as China and India is anticipated to create growth opportunities for the Asia Pacific regional market

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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

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Product Lifecycle Management Market Size Worth $43.6 Billion By 2028

The global Product Lifecycle Management Market size is expected to reach USD 43.64 billion by 2028, registering a CAGR of 7.2% from 2021 to 2028, according to a new study by Grand View Research, Inc. The growing need to support complex functionalities, the unabated establishment of smart factories and rollout of smart value chains, and the continued integration of the Internet of Things (IoT) with PLM solutions are some of the main drivers that are expected to drive the growth of the market over the forecast period. Advances in the latest technologies, such as cloud computing and IoT, and the continued rollout of high-speed data networks are expected to contribute to the growth of the market. The aggressive investments being made by the market players in product innovation to deliver the next generation of interoperability and integration capabilities also bode well for the growth of the market.

The PLM market has been witnessing several new developments, over the past few years, particularly in the form of enhanced software capabilities. One of the major developments includes the introduction of IoT-enabled PLM solutions. The integration of IoT with product lifecycle management solutions has helped in enhancing the capabilities of PLM solutions, thereby allowing to obtain the data related to product development and delivery process in real-time and to focus on quality management during the post-manufacturing phase. IoT-compatible PLM software can help in generating large volumes of actionable data, which can be utilized to gain deeper insights into the product development process and identify any early signs of failure of a particular part of the product. Incumbents of several industries and industry verticals are increasingly realizing the benefits of leveraging IoT data for enhancing the lifecycle management of products and services and are hence looking forward to adopting PLM systems with improved capabilities. As such, the growing demand for PLM solutions capable of leveraging IoT data is expected to drive the growth of the market over the forecast period.

Continued advances in the latest IT technologies, such as cloud computing, Artificial Intelligence (AI), and big data, and communication technologies, such as 5G, are expected to open new opportunities for the adoption of PLM solutions in various end-use industries. Several large enterprises are already pursuing a cloud-first strategy for deploying their enterprise software and other systems. At this juncture, market players are also investing aggressively in enhancing the capabilities of their respective PLM software for private, hybrid, and multi-tenant deployments. The PLM cloud deployments are mostly focused on non-conventional industries and SMEs. However, the outbreak of the COVID-19 pandemic is expected to restraint the growth of the market in the short term.

Related Press Release@ Product Lifecycle Management Market Report

Product Lifecycle Management (PLM) Market Report Highlights

The design and engineering management segment accounted for a significant market share of over 30% in 2020.PLM software is extensively used by manufacturing units to manage the designing, development, and engineering processes in the wake of the continued industrial digitization, rollout of connected value chains, and adoption of Industry 4.0
The cloud segment is expected to register the highest growth rate over the forecast period. Cloud deployment offers several benefits, such as improved scalability, flexibility, and security, which are expected to encourage the incumbents of various end-use industries to opt for cloud-based deployment in the long run
The automotive and transportation segment is expected to register a promising growth rate from 2021 to 2028. Deployment of PLM solutions is no longer limited to discrete industries as PLM vendors are enhancing the capabilities of their respective PLM software aiming at diverse end-use industries and industry verticals
North America accounted for a significant revenue share of over 35% in 2020. The regional market is expected to continue dominating the market over the forecast period in line with the aggressive adoption of next-generation technologies, such as IoT, additive manufacturing, and augmented reality, and telecommunications technologies, such as LTE and 5G

Student Information System Market – Industry Insights by Application and Region, 2028

The global Student Information System Market size is expected to reach USD 25.66 billion by 2028, registering a CAGR of 16.6% from 2021 to 2028, according to a new study by Grand View Research, Inc. The market is witnessing significant growth owing to rapidly evolving education sector, increase in online education, and rising penetration of internet and mobile devices. An increase in the focus of educational institutions on imparting quality education and facilitating communication between students, parents, and faculty and the widespread government initiatives for technological upgrading of the education sector is expected to drive the usage of Student Information System (SIS) solutions. However, lack of awareness among institutions and dearth of digital infrastructure are the factors restraining the growth of the market.

SIS solutions are used by educational institutions/universities to collect, organize, and analyze data such as student attendance, class performance, examination results, assessment scores, and other personal information of students. The solutions aid educational institutions in managing student-related data and other administrative operations. In the age of digitalization, ubiquity of mobile devices, high internet penetration, and use of social media platforms, educational institutions are technologically upgrading their infrastructure. There has been unprecedented growth of online education owing to its greater flexibility, cost savings, and convenience compared to conventional classroom learning. The growing number of professional online certification courses and e-learning applications is likely to foster the SIS market growth to support such nontraditional educational programs in the long run.

Emerging technologies such as Artificial Intelligence (AI) and big data analytics embedded in the SIS systems can further increase operational efficiency and improve the digital interactive experience. Moreover, SIS solutions using Robotic Process Automation (RPA) or machine learning are able to reduce redundant staff labor by automating routine tasks, enabling staff to spend more qualitative time with students. Additionally, higher educational institutions are shifting to cloud infrastructure from their legacy on-premise deployments. Thus, Next-gen Digital Learning Environment (NGDLE), automation technologies, and cloud deployment are likely to propel the SIS market growth over the forecast period.

Related Press Release@ Student Information System Market Report

Student Information System Market Report Highlights

In terms of component, the service segment is anticipated to register considerable growth over the forecast period owing to the demand for software integration capabilities from educational institutions and consultancy and security services offered by SIS vendors. The shift from on-premise to cloud model is also expected to propel the growth of the segment
The cloud deployment segment is likely to emerge as the fastest-growing segment from 2021 to 2028. The segment growth can be attributed to the increase in institutional agility, improvement in learning and teaching outcomes, and increase in personalization and student access
The financial management application segment is expected to register the highest growth rate over the forecast period. High integration capabilities, artificial intelligence, and advanced analytics of the solutions offered by SIS vendors are the key factors propelling the growth of the segment
The K-12 segment is expected to register a significant growth rate over the forecast period. Evolving student demographics, demand for skill-oriented education, increase in online and distance education in emerging economies such as Asia Pacific and Africa, and rise in e-learning mobile applications are some of the key factors driving the growth of the segment
Asia Pacific is expected to emerge as the fastest-growing regional market owing to the increasing focus of educational institutions on e-learning initiatives and the adoption of digital infrastructure. The increase in adoption of technology among primary and higher educational institutes in emerging economies such as India, Brazil, and the Philippines is likely to boost the regional market growth over the forecast period

Peer-To-Peer Electric Vehicle Charging Market Size, Share, Analysis and Forecast to 2028

The global Peer-To-Peer Electric Vehicle Charging Market size is expected to reach USD 425,595.0 thousand by 2028, registering a CAGR of 21.9% from 2021 to 2028, according to a new report by Grand View Research, Inc. To eliminate the range anxiety issues of Electric Vehicles (EV), various governments are emphasizing the provision of funds for the development of peer-to-peer networks. For instance, the Government of the U.S. has established the Northeast Corridor Regional Strategy, under which it provides support for various activities, such as the development of Electric Vehicle (EV) charging infrastructures and peer-to-peer (P2P)) electric vehicle charging networks.

Various governments have mandated allotting space for EV charging in the parking spaces of residential complexes, which is expected to create new growth opportunities for the market. For instance, in August 2019, the U.K. proposed EV charger mandates for offices and new homes. Under this regulation, residential buildings with more than ten parking spaces under major renovations are expected to have dedicated charging spaces for EVs. Additionally, large nonresidential buildings with 20 parking spaces are expected to have one EV charger by 2025.

Many companies are partnering with energy and utility companies to extend the reach of their peer-to-peer EV charging solutions. For instance, in January 2020, EVmatch announced a pilot project with utilities based in the U.S. state of Vermont, such as Burlington Electric Department and Green Mountain Power. The aim of this initiative is to offer a logistical, affordable, and simple way for property owners to make EV charging available to multi-family residences.

The outbreak of the COVID-19 pandemic is expected to trigger the sales of automobiles, including electric cars, as consumers would prefer traveling in their personal cars to avoid exposure to coronavirus. Initiatives such as protection against job losses, deferred payments, and benefits offered by finance companies, such as 0% financing, are also expected to encourage the adoption of electric vehicles and subsequently trigger the demand for EV charging stations. Thus, the COVID-19 outbreak is positively impacting the P2P electric vehicle charging market growth.

Related Press Release@ Peer-To-Peer Electric Vehicle Charging Market Report

Peer-To-Peer Electric Vehicle Charging Market Report Highlights

The level 1 charger segment is anticipated to register a significant growth owing to the increasing number of multi-unit dwellings installing level 1 charging stations
The commercial segment is projected to register the highest CAGR over the forecast period owing to the increasing focus of companies such as The Coca-Cola Company and General Motors on making EV charging stations at their facilities open to public
European manufacturers of electric utilities, such as Copenhagen Electric and Stromnetz Hamburg, are collaborating to deliver e-roaming services to EV drivers through projects such as evRoaming4EU, which bodes well for the growth of the market in this region

Wednesday, 22 September 2021

Intelligent Transportation System Market Key Players, Industry Share, Growth, And Forecast To 2028

The global Intelligent Transportation System Market size is expected to reach USD 42,936.1 million by 2028, registering a CAGR of 7.0% from 2021 to 2028, according to a new study by Grand View Research, Inc. Continued advances in the development of transportation networks have triggered the need for an efficient transportation system. At the same time, advances in the latest technologies, such as blind-spot detection and electronic toll collection, are continuously redefining the expectations and prospects for sustainable management of transportation networks and traffic. At this juncture, the growing need to present real-time traffic information to drivers and passengers is emerging as one of the key factors driving the demand for intelligent transportation system (ITS).

Advances in telecommunications technologies and the evolution of IT systems are expected to help in reducing traffic congestions. Given that modern traffic control strategies focus more on utilizing real-time data while simultaneously addressing impact criteria, such as emission control; the integration of ITS with smart grid and other energy distribution and charging systems can potentially help distribution agencies in utilizing the real-time data to draft capacity expansion strategies for the future. According to the ITS Development Strategy drafted by the Department of Transport of the Republic of Korea, intelligent transportation systems can help significantly in reducing traffic congestion, preventing automobile idling, and subsequently in reducing fuel consumption and hence greenhouse gas emissions.

The growing volumes of data involved in transportation management are driving the need for more sophisticated data processing solutions. As such, intelligent transportation systems are leveraging AI to track data in real-time and optimize efficiency. International Business Machine’s Watson is an example of the implementation of artificial intelligence (AI) in transportation management to identify damages to logistics assets leveraging cognitive visual recognition capabilities and to manage the network and optimize routes leveraging predictive analysis.

Related Press Release@ Intelligent Transportation System Market Report

Intelligent Transportation System Market Report Highlights

The Advanced Traveler Information System (ATMS) segment is anticipated to register considerable growth over the forecast period. ATMS provides traffic management solutions that can potentially improve road safety while enhancing traffic flows and mobility. Traffic management solutions offer real-time data that can help in analyzing and responding to emergencies immediately
The traffic management segment accounted for the largest market share of over 30% in 2020 and is expected to continue dominating the market over the forecast period. The increase in travel time and hence the fuel consumption and the subsequent monetary losses stemming from traffic congestions are driving the necessity for implementing efficient traffic management systems. Traffic management systems also help in enhancing the operational performance and reliability of road networks
The North America regional market is anticipated to reach USD 16.13 billion by 2028. The regional market is expected to continue dominating the global market over the forecast period leveraging the advances in telecommunications technology and the aggressive investments in research and development, deployment, and adoption of intelligent transportation systems across the U.S.

Global Smart Agriculture Market: Future Demand, Market Analysis & Outlook to 2028

The global Smart Agriculture Market size is anticipated to reach USD 29.18 Billion by 2028, expanding at a CAGR of 10.6%, according to a new report by Grand View Research, Inc. Factors such as consistent growth in population, low availability of cultivable land, government incentives, and demand for fresh and high-quality food are expected to drive the smart greenhouse market. According to World Health Organization (WHO) and Population Council, 80% of the global population resides in urban cities. The prevailing scarcity of land in urban cities has urged growers to adopt new solutions for developing fresh produces. For instance, the vertical farming technique enables consumers to grow crops indoor in layers, in a multi-story building, stacked on racks, or in a warehouse.

The growing population is expected to result in an increased food demand by 2050. Farmers are likely to witness immense pressure in increasing crop production either by making more land available to grow crops or adopting newer techniques, such as smart agriculture and vertical farming. Traditional farming techniques witness several barriers such as climate change, high labor cost. These disadvantages can be overcome with the use of technologies such as LED indoor farming, which creates a nature-like condition to help farmers meet the swelling food demand. Additionally, the changing preference of consumers toward healthier and fresh foods is expected to drive market growth over the forecast period.

Agri M2M offers significant opportunities to mobile operators owing to its potential to generate additional revenue through value-added services. For instance, bundling M2M services with a voice or data offering for rural enterprise customers is likely to enhance the application of M2M.

Agri VAS has been developed to overcome the information gap faced by farmers in emerging markets such as China and India. Additionally, it also helps in connecting the cultivators with other key players in the agriculture supply chain. Agriculture Value Added Services (VAS) have increased over the past few years owing to their rising awareness among VAS providers, mobile operators, and farmers. A few types of M2M connectivity include cellular M2M, satellite & fixed network, power line, and short range connections such as Wi-Fi, Ethernet, and ZigBee.

Related Press Release@ Smart Agriculture Market Report

Smart Agriculture Market Report Highlights

The growing trend of producing biopharmaceutical products under a controlled environment is expected to drive the smart greenhouse market demand over the projected period.
The software segment is expected to portray the highest growth rate, registering a CAGR of 16.7% over the forecast period.
The LED grow light segment is anticipated to witness a considerable growth rate over the forecast period.
The indoor farming technique makes use of LED to create natural surroundings for growing vegetables and herbs.
The advent of modern agriculture technology along with the flexible pricing of connected devices is likely to influence the South American regional market demand.
Various organizations are investing heavily in R&D to offer efficient and low-cost solutions to consumers.
Key players in the smart agriculture market include CropMetrics LLC (U.S.), Drone Deploy (U.S.), DeLaval International AB (Sweden), DICKEY-john Corporation (U.S.), and Farmers Edge, Inc. (Canada), among others.

Tuesday, 21 September 2021

Industrial Computed Tomography Market Opportunities and Challenges

The global Industrial Computed Tomography Market size is expected to reach USD 765.8 million by 2028, registering a CAGR of 7.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The increasing use of CT scanners in industries, such as automotive, electronics, oil & gas, and aerospace among several others, is anticipated to boost the market growth over the forecast period. Moreover, a rise in the demand for advanced electronics is expected to support market growth.

Industrial computed tomography systems are increasingly being used for inspecting and testing the internal and external structure & design of various complex parts and components without destructing/disassembling the product. Additive manufacturing technology is increasingly being used for the production of multiple complex parts and structures. Therefore, to inspect the product’s conformity with the original CAD designs, industrial CT scanners are used to determine the structure, dimensions, design, and tolerance of these products without altering their structure/form.

The benefits offered by industrial CT scanners, including manufacturing cost reduction, improved product design, and performance, as well as reduced product failure instances, are also expected to boost their adoption amongst the manufacturers. Moreover, these scanners provide high-quality inspection images that ease the inspection process and provide detailed information about the product under examination. Furthermore, assembly analysis is increasingly being done using the industrial computed tomography systems in the automotive industry that does not require the assembled systems to be disassembled for inspection. These benefits are expected to drive market growth over the forecast period.

Related Press Release@ Industrial Computed Tomography Market Report

Industrial Computed Tomography Market Report Highlights

The market is majorly driven by the growing need to improve the overall product quality and reduce product recall instances
The service segment is anticipated to register the fastest CAGR from 2021 to 2028 due to the high cost of CT scanner equipment
The flaw detection & inspection segment held the largest share in 2020 and is also anticipated to register the fastest CAGR from 2021 to 2028
The electronics vertical segment is expected to record the fastest CAGR of over 8.5% during the forecast period
This growth is credited to the growing demand for various electronic devices, such as smartphones, tablets, and laptops
North America was the largest regional market in 2020 due to the high manufacturing activities in the region across various industries, such as automotive, electronics, and oil & gas