Technology Market report

Tuesday, 12 October 2021

Education Technology Market is Predicted to Witness 19.9% CAGR till 2028

The global Education Technology Market size is expected to reach USD 377.85 billion by 2028, registering a CAGR of 19.9% from 2021 to 2028, according to a new report by Grand View Research, Inc. Key industry participants are BYJU'S, Blackboard, Inc., Chegg, Inc., Coursera, Inc. and Edutech among others. The process of learning is evolving gradually in line with advances in technology. From virtual classrooms to Massive Open Online Courses (MOOCs), the industry is transforming rapidly, thereby leading to an influx of massive investments worldwide. Having realized the potential of leveraging the advances in technology to enhance the process of learning, governments across the world are encouraging the incumbents of the education industry to undertake various initiatives aimed at integrating education technology (EdTech) into the overall education system.

The proliferation of smart devices and the continued rollout of internet connectivity drive the growth of the market. The rising awareness about the advantages of integrating the latest technologies in education systems is also contributing to the growth of the market. Developed economies, including the U.S., the U.K., and Germany, are focusing on introducing innovative EdTech offerings, supporting education administration, reducing teacher workload, and engaging students and the community. On the other hand, emerging economies focus on ensuring easy and convenient access to educational opportunities for the citizens. EdTech holds immense potential to ensure access to education for the rapidly-growing population, particularly in emerging economies.

The education industry is on the cusp of a digital revolution. In the age of digitization and automation, conventional teaching methods are not the only available options for educating students. Advances in the latest technologies, such as Artificial Intelligence (AI), robotics, Augmented Reality (AR), and Virtual Reality (VR), and their potential integration into learning are anticipated to transform the conventional teaching techniques. These cross-curricular learning opportunities can enable institutes and teachers to streamline resource commitments while encouraging students’ knowledge development through practical and cross-curricular applications. MOOCs are also gaining immense popularity across the globe and are emerging to be an affordable mode of online education.

Related Press Release @ Education Technology Market Report

Education Technology Market Report Highlights

Some of the major higher institutes and educational organizations across North America are increasingly shifting their focus from legacy EdTech education system to online EdTech solutions
Integration of AI in schools and universities to automate activities, such as grading subjects and providing feedback, is anticipated to propel the demand for EdTech offerings
Cloud computing technology is used to store vital resources, such as audio/video lessons, written lessons, and assignments, on a school’s cloud terminal. Students can access these resources at their convenience
Widespread use of mobile devices and tablets is leading to the use of gamification and immersive learning in educational institutions for an interactive and enhanced learning experience

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Artificial Intelligence Market – Industry Insights by Technology and End-use

The global Artificial Intelligence Market size is expected to reach USD 997.77 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 40.2% from 2021 to 2028. Some of the key players in this industry are Advanced Micro Devices, AiCure, Arm Limited, Atomwise, Inc., Ayasdi AI LLC. Artificial Intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses layers of algorithms to understand human speech, visually recognize objects, and process information. These algorithms are used for data processing, calculation, and automated reasoning. Artificial intelligence researchers are continuously improving algorithms for various aspects, as conventional algorithms have drawbacks regarding accuracy and efficiency. These advancements have led manufacturers and technology developers to focus on developing standard algorithms. Recently, several developments have been carried out for enhancing artificial intelligence algorithms. For instance, in May 2020, International Business Machines Corporation announced a wide range of new AI-powered services and capabilities, namely IBM Watson AIOps, for enterprise automation. These services are designed to help automate the IT infrastructures and make them more resilient and cost reduction.

The COVID-19 pandemic has emerged as an opportunity for AI-enabled computer systems to fight against the epidemic as several tech companies are working to prevent, mitigate, and contain the virus. For instance, LeewayHertz, a U.S.-based custom software development company, is offering technology solutions using AI tools and techniques, including the Face Mask Detection System, to identify individuals without a mask and the Human Presence System to monitor patients remotely. Besides, Voxel51 Inc., a U.S.-based artificial intelligence start-up, has developed Voxel51 PDI (Physical Distancing Index) to measure the impact of the global pandemic on social behavior across the world. AI-powered computer platforms or solutions are being used to fight against COVID-19 in numerous applications, such as early alerts, tracking and prediction, data dashboards, diagnoses and prognosis, treatments and cures, and maintaining social control. Data dashboards that can visualize the pandemic have emerged with the need for coronavirus tracking and prediction. For instance, Microsoft Corporation’s Bing’s AI tracker gives a global overview of the pandemic's current statistics.

Artificial Intelligence is becoming vital to big data as the technology allows the extraction of high-level and complex abstractions through a hierarchical learning process. The need for mining and extraction of significant patterns from high-volume information is driving the growth of artificial intelligence in big data analytics. Furthermore, the technology helps in overcoming challenges associated with big data analytics, such as the trustworthiness of data analysis, format variation of raw information, highly distributed input sources, and imbalanced input data. Another challenge includes a lack of efficient storage and poor retrieval of information as it is collected in large quantities and made available across numerous domains. These challenges are overcome by using semantic indexing as it facilitates comprehension and knowledge discovery.

Related Press Release@ Artificial Intelligence Market Report

Artificial Intelligence Market Report Highlights

The advent of big data is expected to be traction of the growth of the market as a large volume of data is needed to be captured, stored, and analyzed
The increasing demand for image processing and identification is expected to drive industry growth
North America dominated the AI market and accounted for over 40.4% share of global revenue in 2020
One of the significant concerns restraining industry growth is the need for a large amount of data to train AI systems for character and image recognition

Video Streaming Market is Projected to Register 21.0% CAGR till 2028

The global Video Streaming Market size is expected to reach USD 223.98 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 21.0% from 2021 to 2028. Key industry participants include Akamai Technologies; Amazon Web Services, Inc.; Apple Inc.; Cisco Systems, Inc. among others Rising technological advancements such as the implementation of block-chain technology in video streaming and the use of artificial intelligence to improve video quality are expected to boost the demand for the market over the forecast period. Furthermore, the growing adoption of cloud-based video streaming solutions for increasing the reach of video content is directly influencing the growth. This trend is observed in numerous parts of the North American and Asia Pacific regions. The reasons attributing to the growth of the market are rapid digitalization, increasing use of mobiles and tablets, and the growing popularity of online video streaming.

The factors such as the rising demand for on-demand video and extensive growth of online video are the key growth drivers for the market. Also, the increasing demand for high-speed internet connectivity acts as an advantage for the market to grow over the forecast period. The growing acceptance of smartphones in combination with an extensive range of high-speed internet technologies such as 3G, 4G, and LTE has substantially led to the increasing use of video streaming. Also, the growing demand for devices that can support digital media is helping consumers to access media content anywhere across the world.

The market can be categorized, based on streaming type, into live video and non-linear video. The streaming of content via the internet and which can be displayed by the viewer in real-time can be defined as live video streaming. Further key findings from the report suggest that a live video segment is expected to portray the highest growth over the forecast period. In contrast, the non-linear video segment is expected to grow over the forecast period majorly due to the increasing demand for streaming of content via the internet and which can be viewed in real-time.

Further, the COVID-19 outbreak requires people to stay indoors and confine themselves at home for a prolonged period. This situation is expected to have a positive impact on video streaming services’ viewership and engagement. Moreover, it has resulted in an increased need for entertainment, thus resulting in higher consumption of video streaming services. The viewership of video streaming services has drastically risen across the globe, several video streaming platforms, including Netflix, Amazon Prime Video, YouTube, Disney+ have registered a spike in the viewership worldwide.

Related Press Release@ Video Streaming Market Report

Video Streaming Market Report Highlights

The increasing usage of videos in corporate training and the impact of video streaming in the education sector are anticipated to drive the market growth
The over-the-top (OTT) segment is expected to expand at the highest CAGR over the forecast period
The Asia Pacific regional market is expected to have significant growth over the forecast period, majorly due to the increasing demand for high-speed internet connectivity and the growing demand for on-demand video streaming
The key players in the market are Akamai Technologies; Amazon Web Services, Inc.; Apple Inc.; Cisco Systems, Inc.; Google; Kaltura, Inc.; Netflix; International Business Machine Corporation (IBM Cloud Video); Wowza Media Systems, LLC; AT&T Intellectual Property; and Hulu

Tuesday, 5 October 2021

Partner Relationship Management Market Size is Expected to Experience a CAGR of 16.2% till 2028

The global Partner Relationship Management Market size is expected to reach USD 180.01 billion by 2028, registering a CAGR of 16.2%, from 2021 to 2028, as per the new research conducted by Grand View Research, Inc.

The outbreak of the COVID-19 pandemic has adversely impacted the market growth. The lockdown restrictions imposed by various governments have directed various organizations in the IT & telecom industry to adopt work from home. The prominent players that dominated the market for partner relationship management in 2020 include Oracle Corporation; Salesforce.com Inc.; Allbound Inc.; Zinfi Technologies Inc.; and Mindmatrix Inc. These players majorly focus on new product and service launches to enhance their business operations. In March 2020, Allbound introduced a new integration solution for HubSpot. The solution can mechanically integrate opportunities and contacts from partner referrals from Allbound and sync data.

The need to control the functional relationship between external partner channels and organizations and emphasis on reducing channel management costs and enhancing partner communication are the major factors supporting the overall market growth.

Several enterprises are anxious about the initial maintenance and implementation costs. These enterprises also prefer to present data on-premises. Moreover, issues with downtime and staff expenses are some of the concerns faced by organizations. To reduce expenses and downtime, these enterprises prefer adopting Partner Relationship Management (PRM) solutions. To reduce enterprise costs, many organizations are shifting toward digital transformation and the adoption of cloud services. Increased Return on Investments (ROI) with less storage and infrastructure costs are expected to further drive the market growth over the forecast period.

Increasing internet penetration and cloud computing service in various countries such as China, the U.S., and the U.K. are expected to generate lucrative growth opportunities by supporting organizations in adopting technological innovations in their systems. For instance, according to the data published by World Bank, internet users in the U.S. have increased from 87.27% of the total population in 2017 to 88.49% in 2018. Similarly, in China, 54.3% of the country’s total population used the internet in 2017.

Related Press Release@ Partner Relationship Management Market Report

Partner Relationship Management Market Report Highlights

The training and consultation segment is expected to dominate the PRM market due to a surge in the adoption of consulting services globally. The segment is expected to reach USD 35.38 billion by 2028
The service segment is anticipated to register the highest CAGR of 17.3% over the forecast period
The cloud deployment segment led the market and the trend is expected to continue over the forecast period. The cloud segment is anticipated to reach USD 93.71 billion by 2028
The IT and telecom segment is anticipated to register the highest CAGR of 19.1% over the forecast period. The growth can be attributed to increasing demand for technological innovations in various sectors namely BFSI, and telecom
North America is projected to account for the majority share of the market over the forecast period. The region is anticipated to reach USD 68.3 billion by 2028. The rapid adoption of technological innovations and the presence of various prominent players in the region are some of the major drivers of the market growth in this region
Some of the prominent industry participants include Salesforce.com, Inc.; Allbound Inc.; Channeltivity; and Zinfi Technologies Inc.

Recommendation Engine Market Worth $17.30 Billion By 2028

The global Recommendation Engine Market size is expected to reach USD 17.30 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 33.0% from 2021 to 2028. The growing adoption of digital technologies among organizations is one of the key factors driving the market. In addition, the rising competition among organizations and the need to provide a better customer experience are increasing the demand for recommendation systems.

The COVID-19 pandemic compelled governments across various countries to take immediate actions and impose partial or full lockdowns. This impacted various industries in numerous ways. Social distancing rules and traveling restrictions shifted people away from physical shops for buying essentials to the digital medium, which resulted in the increased demand for online shopping platforms. Hence, the pandemic created a lucrative opportunity for the market.

A recommendation engine, a type of data filtering tool, uses Machine Learning (ML)-based processes to suggest relevant and specific items to customers. It typically comprises two types of systems, namely a personalized recommendation system and a non-personalized recommendation system. The tool gathers consumer behavior data to find patterns in it, based on which it offers numerous recommendations to users.

The market has also benefitted from the growth in digitization trends across numerous industries, especially retail, e-commerce, and media and entertainment. For instance, according to a survey by Episerver, approximately 44% of the U.S. population shops using Amazon.com, Inc.’s recommendations.

Recommendation engine system providers are investing in research & development activities to introduce innovations in the market and offer a better experience to users. Additionally, the growing competition is driving innovations in the market.

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Recommendation Engine Market Report Highlights

In terms of application, the personalized campaigns and customer delivery segment accounted for the largest revenue share in 2020 and is expected to retain its lead over the forecast period. This can be attributed to the rising need to provide better customer experience and services to customers. The product planning and proactive asset management segment is anticipated to expand at the highest CAGR of 35.1% during the forecast period
By end use, the retail segment accounted for the largest revenue share in 2020 and is expected to dominate the market throughout the forecast period. The BFSI segment is likely to expand at the highest CAGR over the forecast period
North America dominated the market in 2020 and is expected to retain its lead over the forecast period. This can be attributed to factors such as growing technological advancements, a high rate of adoption, and the existence of a large number of market players in the region

Composable Infrastructure Market to Witness a Strong Growth During 2021– 2028

The global Composable Infrastructure Market size is expected to reach USD 25.47 billion by 2028, registering a CAGR of 19.7% from 2021 to 2028, according to a new report by Grand View Research, Inc. Increasing investments in digital transformation (from traditional infrastructure to new infrastructure) by enterprises, reduced CAPEX and OPEX due to the adoption of composable infrastructure, and high adoption of virtualization are the major factors driving the overall market growth.

The reducing prices of solid-state drives (SSD) and the introduction of new technologies such as 5D memory crystals are driving investments in storage resources by organizations. Massive data is accumulated daily over different networks in different industry verticals. The deployment and spread of 5G networks and the Internet of Things (IoT) and smart devices have driven the adoption of composable infrastructures in industries such as manufacturing and IT and telecom.

Currently, many organizations are shifting from private data centers and on-premises solutions to composable infrastructure for enterprise data management. However, they strive to find skilled IT professionals and other IT solutions that provide similar control and visibility as their on-premises solutions. These factors are hindering the overall market growth. However, the emergence of the hybrid cloud and the increasing investments in data center technologies are providing an opportunity for overall market growth.

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Composable Infrastructure Market Report Highlights

The market was valued at USD 1.38 billion in 2020 and is expected to expand at a CAGR of over 26% from 2021 to 2028
BFSI emerged as the fastest-growing segment and is estimated to generate revenue of over USD 2.68 billion by 2028
The North America region accounted for the largest revenue share in 2020. The increasing need for data storage infrastructure and growing startups in the region are contributing to the regional market growth

Monday, 4 October 2021

Global Online Video Platform Market: Future Demand, Market Analysis & Outlook to 2028

The global Online Video Platform Market size is expected to reach USD 22.85 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 18.4% from 2021 to 2028. The increasing adoption of video content for advertisement and branding activities over traditional marketing campaigns across sectors/industries, such as e-commerce, healthcare, manufacturing, and real estate, is driving the market. For instance, sellers on e-commerce sites such as Amazon and Zappos.com use product videos on their portals to provide customers a 360-degree view of products and help them choose the best match. The increased expenditure on online video advertisements is acting as a major factor driving the growth of the market. For instance, in 2019, SAMSUNG Electronics spent around USD 2.41 billion majorly on an online video campaign to promote its Galaxy series smartphones in the U.S.

The rising participation of the global population in online video streaming activities has been recognized as a significant factor driving the global market growth. Live video streaming is gradually becoming an essential advertisement model for various brands. One of the biggest gainers of this business model is live sports streaming channels. The rising number of sporting events globally and a continuously increasing number of subscribers make online video platforms a lucrative investment opportunity for the media and entertainment industry. Furthermore, the advent of the 5G telecom network is enabling viewers to stream HD video content seamlessly. In addition, The e-learning business has become one of the leading beneficiaries of the live streaming video platform due to the increasing adoption of e-learning in corporate and academic setups coupled with the increased number of mobile learning applications containing analytics that helps track the progress of students.

The outbreak of the novel coronavirus has led to lockdowns across several regions, resulting in a significant rise in the consumption of online video content as people look at indoor entertainment options to pass their idle time. The lockdowns have also resulted in several governments mandating schools and colleges to conduct online classes. The pandemic has played a significant role in increasing the overall share of the education segment in the market. The rise in online classes has resulted in an overall rise in the revenue of many e-learning platforms. Platforms such as KopyKitab, Unacademy, Vedantu, and Byju's, have witnessed revenue growth in the range of 60% to 200% on a week-on-week basis during the pandemic.

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Online Video Platform Market Report Highlights

The media and entertainment end-user sector is expected to exhibit significant growth during the forecast period owing to an increase in the demand for live video streaming and Video on Demand (VoD) content
The Asia Pacific regional market is projected to substantial to record the highest CAGR of nearly 19% during the forecast period
The key players in the market are Akamai Technologies Inc.; Brightcove Inc.; Comcast Cable Communications Management, LLC.; Endavo Media.; Frame.io Inc.; Kaltura, Inc.; Limelight Networks; Longtail Ad Solutions, Inc.; MediaMelon Inc.; Ooyala (Telstra); Panopto; SpotX, Inc.; and Wistia Inc.