Technology Market report

Monday, 18 October 2021

Legal Services Market Size is Expected to Experience a CAGR of 4.4% till 2028

The global Legal Services Market size is anticipated to reach USD 1,196.01 billion by 2028, exhibiting a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The growing use of latest technologies in offering legal services is expected to drive the market growth. A strong emphasis on ensuring transparency in the relationship with clients is also expected to drive the growth of the market.

Law firms are increasingly adopting chatbots to aid in optimizing the work process and save time and costs for themselves as well as their clients. Chatbots can help law firms in digitizing the information and searching for lawyer-specific documents, among other tasks. Chatbots can also help in following up with non-responsive clients and seeking the required information through automated conversations.

Law firms are exploring different ways to help their clients in reducing exposure to risks and the costs incurred on compliances by aiding them in better management of information, thereby paving the way for adopting document automation software in legal services. Document automation software takes end-users through a questionnaire to collect relevant data and direct them throughout the entire document creation process. Such an approach relieves the end-users from the tedious process of understanding the terminologies appearing in the document.

Social networking holds significant potential to transform the way legal services are delivered. As such, law professionals are adopting various social media tools to accomplish a myriad of legal tasks as well as pursuing their career objectives. Social networking platforms, including LinkedIn, Facebook, and Twitter, are particularly helping law professionals in reaching a larger audience.

Related Press Release@ Legal Services Market Report

Legal Services Market Report Highlights

The corporate segment is expected to emerge as the fastest-growing segment over the forecast period as disputes over organizational audits, discrimination & harassment of employees, copyright violation, and patent infringement continue to rise
The private practicing attorneys segment is expected to witness substantial growth over the forecast period owing to the increased opportunities for attorneys in large enterprises as well as small- & mid-sized enterprises
Law firms are changing their hiring patterns in line with the evolving requirements of the clients
Law firms are collaborating with professional service providers to offer unified multi-disciplinary services to their clients

List of Key Players of the Legal Services Market

Baker & McKenzie
Clifford Chance LLP
Deloitte
DLA Piper
Ernst & Young (E&Y)
Kirkland & Ellis LLP
KPMG
LATHAM & WATKINS LLP
PwC
Skadden, Arps, Slate, Meagher & Flom LLP

About Us:
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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Tuesday, 12 October 2021

Cyber Security Market: Global Industry Analysis and Outlook, 2028

The global Cyber Security Market size is expected to reach USD 372.04 billion by 2028, registering a CAGR of 10.9% over the forecast period, according to a new report by Grand View Research, Inc. An increase in the number and intensity of data breaches across enterprise networks is driving the adoption of cyber security solutions and services globally. Developments in the field of digital applications and cloud-based solutions are driving the volume of cyber threat vectors and vulnerabilities. Thus, continued cyber threats and cyber-attacks are leading to a rise in sustained investment into security services and advanced solutions driving the market.

Add-ons and upgrades in the existing solutions with new features are creating avenues for threat vulnerabilities. Cyber threat actors aim to infiltrate and access unauthorized information from such vulnerabilities. To combat such threat activities, enterprises and governments across countries are implementing and timely updating their cyber security development strategies. These development strategies are inclined toward upgrading the existing security infrastructures, improving awareness, and establishing a cyber-defense workforce. For instance, in 2020, the Malaysian government introduced the Malaysian Cyber Security Strategy and allocated around USD 0.44 billion (RM 1.8 billion) for national cyber security preparedness.

The strategy comprised five pillars consisting of 113 programs, 35 action plans, and 12 strategies. The continued rise in electronification across several industries/sectors is exponentially increasing data breach risks. Market players, such as financial service providers, retailers, and telecom vendors, are relying extensively on digital channels and technologies. This, in turn, increases exposure to risks, and a cyber attack can have a multi-fold negative impact on the financial and operational aspects of an organization. The scenario has increased the emphasis on data protection and securing critical IT infrastructures.

Furthermore, growing stringency in regulations for data privacy and safety is compelling organizations to create an additional layer in the security framework, driving the market growth. The market in Asia Pacific is anticipated to register the fastest CAGR over the forecast period. The growing instances of cybercrimes in Asian countries over the years and the increasing adoption of advanced technologies and mobile endpoints across businesses are driving the regional market. Disruption in technologies is increasing the market fragmentation and competition among market players. Leading players focus on product updates, new product launches, and strategic initiatives, such as mergers & acquisitions, to enhance their market position.

Related Press Release @ Cyber Security Market Report

Cyber Security Market Report Highlights

The need to develop a cyber defense framework and safeguard the evolving IT infrastructure from targeted ransomware, vulnerabilities in applications, phishing attacks, and malware is compelling enterprises to adopt cyber security solutions, thereby, driving the market growth
The increased risk of data breaches across networking systems in critical infrastructures is compelling enterprises to adopt hardware solutions, such as encrypted drives and intrusion detection systems
These solutions help enterprises safeguard the outgoing and incoming network traffic on IP addresses
The growing usage of mobile devices, coupled with the implementation of Bring-Your-Own-Device (BYOD) concepts across businesses, is driving the adoption of endpoint security solutions & services to defend against fraudulent email activities, ransomware, and malware
In terms of deployment, the cloud-based segment is expected to register the fastest CAGR over the forecast period. This can be attributed to its low-cost infrastructure maintenance and flexibility in data sharing across devices and remote places
The large enterprise segment held the maximum revenue share in 2020 due to the increased spending on security solutions and services by large-scale organizations
The demand for security solutions and services among healthcare institutions is expected to register a significant CAGR over the forecast period owing to the proliferation of digital applications and stringency in data protection standards and laws

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

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