Technology Market report

Wednesday, 6 April 2022

Contact Center Analytics Market by 8X8 Inc., CallMiner, Cisco Systems, Inc., Enghouse Interactive, Five9, Inc.

The global Contact Center Analytics Marke t size is expected to reach USD 5.75 billion by 2030, expanding at a CAGR of 19.3% over the forecast period, according to a new report by Grand View Research, Inc. The growing need among contact center companies to track and measure business performance at each level is expected to drive market growth. Contact center analytics also enables companies to reduce overhead and operational expenses. The funding raised by contact center service providers is also expected to drive market growth. For instance, in May 2021, ASAPP, Inc., an Artificial Intelligence (AI) research-driven customer experience company, announced that it raised USD 120 million. The company would use this funding to expand its portfolio and market reach.

Companies are entering into partnerships with technology solution providers to enhance their offerings. For instance, in July 2021, Clarabridge, Inc., a speech analytics provider, announced that it had joined Five9’s ISV Partner Program, a provider of intelligent cloud contact centers. This partnership provided Five9’s clients the ability to connect contact center analytics and management. The COVID-19 pandemic has positively impacted the market growth in 2021. The pandemic has driven automation and digitalization initiatives across contact centers due to changing customer needs and employee working structures. Contact center agents have shifted to a remote working model due to the pandemic to stem the spread of the virus, which creates the need for contact center analytics among contact centers of various companies.:

Related Press Release@ Contact Center Analytics Market Report

Contact Center Analytics Market Report Highlights

The speech analytics solutions segment dominated the market in 2021 due to the wide usage of these solutions in improving service quality, customer experience, and reducing operating expenses
The integration & deployment services segment dominated the market in 2021 and is expected to retain its dominance over the forecast period due to the high demand for these services among organizations to reduce data loss or theft
The hosted deployment segment is expected to witness the fastest CAGR over the forecast period. Hosted deployment helps eliminate the need to regularly upgrade systems
The SME segment is expected to witness the fastest CAGR during the forecast period. Analytics solutions are widely adopted by many SMEs as these solutions help track customer data and improve agent productivity
The workforce optimization application segment is expected to register the fastest CAGR over the forecast period. Workforce optimization solutions offer several analytics capabilities, such as quality management and interaction analytics, which enable contact centers to improve their workforce operations
The consumer goods & retail end-use segment is projected to have the highest CAGR from 2022 to 2030 due to the wide adoption of contact center analytics in this segment to provide a personalized experience to customers
The North American Customer Service Management Association (NACSMA) is focusing on promoting the use of advanced technologies in the contact center industry and helping enterprises in delivering enhanced customer experience. This is expected to drive the growth of the 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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Insurtech Market is Predicted to Witness 51.7% CAGR till 2030

The global Insurtech Market size is expected to reach USD 152.43 billion by 2030, registering a CAGR of 51.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The rising awareness about the benefits of insurtech solutions in simplifying the claim process, improving communication, and implementing automation is expected to drive market growth. The increased use of robotic process automation in insurance companies to handle repetitive tasks more accurately, quickly, and accurately compared to humans is also one of the major factors driving the market growth.

The market is expected to benefit from the rising interest of global investors in insurtech companies. For instance, in May 2021, Shift Technology, a provider of artificial intelligence SaaS tools for insurance companies, raised USD 220 million. The company would use this money to expand into the property and casualty insurance and health markets.

The efforts taken by insurtech companies to enhance their fraud detection procedures are also expected to create new opportunities for market growth. For instance, in April 2021, the Insurance Fraud Bureau (IFB) announced its partnership with Shift Technology. The partnership is aimed to build a new fraud detection system on behalf of the U.K. insurance sector.

The COVID-19 pandemic favorably impacted the market growth in 2021. Insurers increased the use of drones, mobile applications, and catastrophe models amid the pandemics, which accentuated the market growth. At the same time, preventive measures such as social distancing and remote working also helped increase the rate of digitalization across the insurance industry, driving the market growth.

Related Press Release@ Insurtech Market Report

Insurtech Market Report Highlights

The health segment dominated the market in 2021. The growth can be attributed to the increasing awareness about healthy lifestyle habits across the globe due to the pandemic, which requires insurance companies in the healthcare domain to invest more in enhanced technologies
The managed services segment dominated the market in 2021. The increasing usage of intelligent machines and the rise of automation in the field of insurtech increased the adoption of managed services in various end-use industries in 2021
The blockchain technology segment is expected to witness the fastest growth over the forecast period. Insurance companies demand blockchain technology to increase sales, increase customer engagement, and gain a competitive edge
The healthcare industry is expected to witness the fastest growth over the forecast period. Political and consumer trends are forcing the healthcare industry to become more transparent about pricing. Moreover, new approaches adopted by startups in the insurance sector are expected to drive the segment growth over the forecast period
North America is witnessing an increasing demand for better communication, seamless data sharing, and high integration between insurers and service providers for improved customer engagement. As a result, the regional market is expected to witness promising growth opportunities over the forecast period

Tuesday, 5 April 2022

Peer-To-Peer Electric Vehicle Charging Market by Chargepoint Inc, ClipperCreek, Inc., Enel X, EVBox, EV Meter

The global Peer-To-Peer Electric Vehicle Charging Market size is expected to reach USD 644,982.3 thousand by 2030, registering a CAGR of 22.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. The rising demand for electric vehicles worldwide has encouraged an increase in the number of peer-to-peer electric vehicle charging stations installed across the globe to address the range anxiety issues associated with electric vehicles. Moreover, rising awareness among users to use green transportation modes is also expected to propel the adoption of electric vehicles, which is likely to contribute to the market growth over the forecast period.

Several governments across the globe have mandated space allocation for EV charging infrastructure in the parking spaces of residential complexes, which is expected to create new growth opportunities for the market. For instance, in June 2019, the Government of India, under the new guidelines of the housing and urban development ministry, mandated that the residential and commercial complexes across India would allocate 20% of their parking space for electric vehicle charging facilities. Such factors are expected to create growth opportunities for the market over the forecast period.

Many companies are partnering with electric car manufacturers to provide a seamless charging experience to customers. For instance, in March 2021, ChargePoint announced its partnership with Polestar cars, a Swedish company that manufactures electric vehicles. Under this partnership, Polestar drivers would have access to over 100,000 ChargePoint charging points and additional charging spots made possible through roaming agreements with other major charging networks in North America.

The COVID-19 pandemic is expected to trigger the sales of automobiles, including electric cars, as consumers would prefer traveling in personal vehicles to avoid exposure to the virus in public transport. 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 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 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 the public
The increasing adoption of smart city initiatives to boost the adoption of electric vehicles in emerging economies, such as China and India, is expected to create growth opportunities for the market in the Asia Pacific region over the forecast period

Monday, 4 April 2022

Core Banking Software Market Size is Expected to Experience a CAGR of 8.9% till 2030

The global Core Banking Software Market size is expected to reach USD 21.61 billion by 2030, registering at a CAGR of 8.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. Capgemini, Finastra, FIS, Fiserv, Inc., HCL Technologies Limited, Infosys Limited are some of the key players in this industry. The market growth can be attributed to the surge in the adoption of core banking technology across banks and financial institutions globally. This technology is helping numerous banks across the globe synchronize their front, mid, and back-office tasks.

Core banking software offers a comprehensive suite of capabilities to power the digital transformation of financial institutes. Numerous banks across the globe are adopting core banking solutions to gain a comprehensive set of capabilities, including extensive parameterization, flexible product factories, reusable business components, and product bundling. These capabilities are helping banks achieve innovation-led growth.

In recent years, the amount of structured and unstructured data available to banks has increased significantly. With advances in machine learning and cloud computing technologies, Artificial Intelligence (AI) is shaping the prospects of financial and banking services. Moreover, with the data history captured using AI-based solutions, core banks across the globe can make more informed business decisions on various functions, including customer experience, back-office operations, product management, and marketing.

The COVID-19 pandemic adversely affected the growth of the market for core banking software. However, banks across the globe are focusing on adopting time and cost-efficient modes of banking that are capable of reducing their operational expenses and improving customer experience. This is expected to create growth opportunities for the market over the forecast period.

Related Press Release@ Core Banking Software Market Report

Core Banking Software Market Report Highlights

In terms of solutions, the enterprise customer solutions segment is expected to witness significant growth over the forecast period. These solutions help banks effectively track and process every customer transaction that occurs at a bank
The core banking managed services model offers banks and financial institutions a competitive edge by ensuring high usability, complete functionality, bug-fixing, and timely upgrades. Modern banks need multiple complex systems to run in parallel to effectively ensure uninterrupted service delivery and availability. This is expected to drive the demand for managed services 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 the productivity and operational efficiency of banks is expected to drive the adoption of core banking software across banks over the forecast period. This software enables banking customers to manage their accounts from any part of the world
The increasing inclination of banks and other financial institutions toward digital transformation and the rising partnerships between banks and IT businesses in the Asia Pacific region are anticipated to drive the regional market growth over the forecast period

Payment Gateway Market: Industry Insights By End-use and Region

The global Payment Gateway Market is expected to reach USD 132.24 billion by 2030, expanding at a CAGR of 22.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. Increase in online transactions, coupled with the advancements in payment methods, such as cash pooling, cashless transactions, and token systems, is expected to fuel the market growth. Moreover, rapidly increasing internet penetration across the globe is anticipated to fuel market growth over the forecast period.

Retailers and e-commerce merchants across the globe are focusing on expanding their businesses in other regions and are partnering with payment service providers. These partnerships are allowing merchants to benefit from the opportunities generated by the globalization of the e-commerce sector. Payment gateways help merchants that manage a large volume of transactions automate the complete money transfer process with faster processing speed and error-free computations.

The financial service providers focus on incorporating technologies such as Artificial Intelligence (AI) and Machine Learning (ML) in their payment gateway systems for process automation and fraud detection. Financial service providers are also focusing on developing innovative payment gateway solutions for merchants. For instance, in October 2021, Pine Labs, a software development company, announced the launch of Plural, a payment gateway platform, to offer merchants an integrated solution for all kinds of payments.

The COVID-19 pandemic has positively impacted the market owing to changing consumer preference toward online shopping. Numerous e-commerce vendors are developing their payment gateway systems combined with eWallet services. This development is mostly identified among merchants handling a large volume of transactions. Moreover, e-commerce vendors also saw an increase in their sales during the pandemic. For instance, Amazon.com, Inc. saw a 40% year-on-year growth in the second quarter of 2020 due to an increase in online grocery sales.

Related Press Release@ Payment Gateway Market Report

Payment Gateway Market Report Highlights

In terms of type, the hosted segment is expected to retain its dominance over the forecast period owing to features such as easy payment integration, built-in compliance capabilities, and the ability to integrate more diverse methods
In terms of enterprise size, the small and medium enterprise segment is expected to witness significant growth over the forecast period. Payment gateways are used by small and medium enterprises to increase their profitability by delivering better customer experiences and reducing transaction costs
In terms of end-use, the retail and e-commerce sector dominated the market in 2021. Factors such as better shopping experience and increased smartphone penetration are expected to increase the adoption of payment gateway systems in the retail and e-commerce sector
North America dominated the market in 2021 and is expected to show similar trends in the near future. Growing e-commerce sales and the rapidly changing retail market in North America are the primary factors propelling the demand for fast payment solutions in the region

Smart Pole Market by Cree, Inc., Eaton, Echelon, General Electric, Siemens

The global Smart Pole Market size is expected to reach USD 39.72 billion by 2030, registering a CAGR of 20.6% from 2022 to 2030, according to a new report by Grand View Research, Inc. The major factor contributing to the growth is the increasing demand for upgrading existing lighting infrastructure with energy-efficient lights across cities under smart city projects. Moreover, the rising pollution levels have created a need for smart poles equipped with air quality sensors and cameras to monitor the air quality and traffic. Such factors bode well for the growth of the market.

The rapid adoption of electric vehicles across the globe is expected to lead to the growing trend of integrating electric vehicle charging stations with smart poles in the forthcoming years. Numerous countries are focusing on developing their EV ecosystem and electric mobility. European countries are among the frontrunners when it comes to building EV ecosystems and adopting electric mobility. As per the European Automobile Manufacturers Association (ACEA) study, the Netherlands, Germany, and France collectively account for nearly 70% of the region’s EV charging stations. In 2020, electric vehicle sales in Europe grew by 89%, which is expected to accelerate the adoption of smart poles equipped with electric vehicle charging stations.

The growing adoption of IoT and cloud computing has enabled the addition of features such as secure communication, remote monitoring, and easy programmability. The extensive use of IoT technology in smart poles is anticipated to create new growth avenues for market players. Additionally, governments across the globe are entering into partnerships with private companies to upgrade their existing lighting networks with LED lights. Such factors are expected to contribute to the growth of the market for smart poles over the forecast period.

The outbreak of the COVID-19 pandemic has adversely affected the growth of the market due to supply chain disruptions. Several infrastructure projects have faced slowdown due to restrictions imposed to prevent the spread of the virus. However, companies are taking several initiatives to maintain the safety of citizens. For instance, ALUMAST S.A., a Polish manufacturer, developed an Anti-Covid Smart Pole that offers two functions-street lighting and touchless disinfection of hands through the built-in hand sanitizer and dispenser.

Related Press Release@ Smart Pole Market Report

Smart Pole Market Report Highlights

The hardware segment dominated the market in 2021. The rising demand for security cameras and air-quality sensors for traffic management and air-quality monitoring is expected to drive the growth of the segment over the forecast period
The controller segment dominated the market in 2021 and is expected to witness promising growth over the forecast period, attributed to the growing need for upgrading existing lighting infrastructures. Various government initiatives for replacing conventional lights with LED lights under the smart development projects are expected to drive the growth of the segment
The retrofit installation segment dominated the market in 2021. The provision of Wi-Fi connectivity and installation of digital signage on existing poles as part of smart city development is expected to drive the growth of the segment over the forecast period
The public places segment dominated the market in 2021. The growing preference for smart poles with cameras in public parks and beaches to determine and prevent overcrowding of people is expected to drive the growth of the segment over the forecast period
The increasing adoption of smart poles in emerging economies such as China and India is expected to create growth opportunities for the smart pole market in the Asia Pacific region over the forecast period

Friday, 1 April 2022

Productivity Management Software Market Size is Estimated to Witness 13.8% CAGR till 2030

The global Productivity Management Software Market size is expected to reach USD 149.74 billion by 2030, registering a CAGR of 13.8% over the forecast period, according to a study conducted by Grand View Research, Inc. The digital transformation initiatives that have resulted in improved IT systems to meet customers' diverse requirements, the need to encourage collaboration among teams and increase workforce utilization, and the growing use of advanced technologies such as artificial intelligence, cloud computing, and machine learning are the factors anticipated to drive the growth.

The productivity management software solutions vary depending upon the parameters, such as employee strength, organizational structure, and the departments where these solutions are implemented. The software providers are aggressively focusing on evolving technological trends and enhancing their software designs in line with the organizations' changing requirements. Several companies are investing in R&D activities to provide productivity management software solutions that are easy to deploy and understand and increase productivity at work. For instance, on 1st March 2021, Google LLC (U.S.) announced a new version of its Google Workspace productivity suite named Workspace Frontline, designed especially for the frontline employees and offers a set of time management tools as a part of it.

Moreover, enterprises are increasingly adopting cloud-based technology. A growing number of businesses are using cloud-based management tools to store their applications and data. Cloud-based productivity management systems make it easier to plan, collaborate, monitor, and complete projects. Instead of using a plain old whiteboard and sticky notes, project managers complete work using a network of tools available within the software-productivity management software (PMS) implementation varies by organization and team. However, it is intended to make project management and deadline management more straightforward and more efficient. In addition to being cost-effective, cloud-based productivity management systems require low maintenance.

North America is likely to be the prominent region in the market for productivity management software. The region held the leading revenue share of over 35% in 2021 and is projected to continue its dominance from 2022 to 2030. The growth of the regional market is predominantly attributed to the improved adoption of PMS solutions to manage repetitive tasks and the organizations' extremely developing infrastructure. Furthermore, the amplified adoption of machine learning and AI technologies would contribute to the growth of the market over the forecast period.

Related Press Release@ Productivity Management Software Market Report

Productivity Management Software Market Report Highlights

The AI and predictive analytics segment is anticipated to witness the fastest growth over the forecast period. The growth can be attributed to the higher adoption of several risk analytics solutions for risk identification and risk mitigation measures
The cloud segment is anticipated to register the fastest growth from 2022 to 2030. The cloud provides the pay-as-you-go model, allowing businesses to pay for cloud services based on how much they use them, resulting in lower costs
Asia Pacific is projected to account for the majority market share and is expected to reach USD 35.96 billion by 2030. The growing industry verticals such as healthcare, IT and telecom, BFSI, and others are expected to support regional growth. The increasing number of small and mid-size enterprises in the region will also boost the growth of the market over the forecast period
Some of the prominent participants in the industry are Google LLC; Microsoft; Salesforce.com, Inc.; Slack Technologies, Inc.; and Adobe