Technology Market report

Wednesday, 8 December 2021

Process Mining Software Market: Industry Insights By Application and Region

The global Process Mining Software Market size is estimated to reach over USD 7.95 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 50.1% from 2021 to 2028. The increasing awareness about the need to understand and analyze business processes driven by digital transformation is one of the key factors driving market growth. Additionally, the constant increase in data volumes across industries is driving the demand for process mining software and services.

Restrictions imposed on global imports and exports amid the COVID-19 pandemic hampered the operations of industries such as transportation, logistics, and manufacturing. The resultant shortage of resources encouraged businesses to seek new opportunities for cloud-based solutions and adopt automation technologies.

Process mining software combines Business Intelligence (BI), analytics, automation, critical change agents, and Artificial Intelligence (AI) functions to help enterprises bridge the gap in siloed data scattered across various business processes. Process mining also assists organizations in discovering and fixing the inadequacies impeding the performance of business processes.

The market has also benefitted from the high volumes of data and the growing need to generate insights from data distributed across enterprises. Businesses are in desperate need of tools that can enable efficient data processing and data mapping. This, in turn, is boosting the demand for process mining software solutions that offer features such as automated process mapping and fact-based insights.

Related Press Release@ Process Mining Software Market Report

Process Mining Software Market Report Highlights

In terms of component, the software segment dominated the market in 2020 and is projected to retain its dominance over the forecast period. This can be attributed to the increase in demand from enterprises for software solutions that can be easily integrated into their prevailing BI infrastructure. The services segment is anticipated to register the highest CAGR of around 56.0% over the forecast period
Based on deployment, the cloud segment reported the largest revenue share in 2020 and it is expected to register the maximum growth rate over the forecast period. This can be attributed to the rising acceptance of the remote work model and adoption from small and medium as well as large enterprises to integrate cloud technologies into their existing infrastructure. The on-premise segment is expected to grow at a significant rate throughout the forecast period
In terms of industry vertical, the BFSI industry segment accounted for the largest revenue share in 2020 and is expected to dominate the market throughout the forecast period. As customers are increasingly adopting digital devices and bank competitors are implementing digital technologies, banks and financial services organizations are striving to enhance customer experience and offer better services. Meanwhile, the consumer goods and services industry segment is anticipated to expand at the highest CAGR of over 56.6% over the forecast period
Europe dominated the market in 2020 and is expected to retain its dominance over the forecast period. This can be attributed to the growing demand for analytics solutions from small & medium as well as large enterprises in the region. Meanwhile, Asia Pacific is anticipated to register the highest CAGR of around 53.9% over the forecast period

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.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com

Wednesday, 1 December 2021

Contact Center Software Market by 8X8, Inc., ALE International, Altivon, Amazon Web Services, Inc.

The global Contact Center Software Market size is expected to reach USD 90.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 21.1% from 2021 to 2028. Increasing use of social media platforms by customers across the globe is expected to drive the market. Moreover, the growing need to cater to constantly changing customer requirements is further anticipated to fuel market growth over the forecast period.

Contact center software acts as a common platform to gather customer data for analysis. This software can effectively use demographic, behavioral, and location-based customer information to appropriately match the correct agent to the right customer. Moreover, this approach helps businesses in increasing customer satisfaction while delivering improvements in cross-sell and upsell rates.

Numerous businesses across the globe are focusing on adopting contact center software solutions. These solutions are helping businesses in boosting operational efficiency, improving customer service, and offering enhanced reporting features for management. Moreover, the rising demand for improved omnichannel experiences is further expected to fuel market growth over the forecast period.

Contact center software solutions enable employees to access customer information and history in real-time. These solutions help employees to deliver up-to-date and accurate information on products and choices for issue resolution. Contact centers responded to the increase in call volumes amidst the COVID-19 pandemic by adopting Artificial Intelligence (AI)-based virtual agents for customer services.

Related Press Release@ Contact Center Software Market Report

Contact Center Software Market Report Highlights

Customer collaboration solution is widely used by businesses to streamline communication between customers and each department within the company. Customer collaboration tools simplify two-way interaction convenient, instant, and effective
The managed services segment is expected to witness significant growth over the forecast period. These services are used to manage business infrastructure and application platforms. Managed services can help the customer service team to work more reliably and efficiently by quickly identifying faults and isolate the root cause of infrastructure outages
Cloud contact center solutions effectively handle all outbound and inbound customer communications for a company. Cloud solutions offer an all-inclusive suite of applications and tools which allow businesses to deliver efficient customer service across multiple channels, including SMS, email, voice, and social media
Large enterprises across the globe are focusing on adopting contact center solutions to efficiently manage their vast database of customers. This, as a result, is expected to propel the demand for these solutions in large enterprises
Consumer goods and retail businesses are focusing on strengthening their multichannel interactions with employees, customers, ad systems. This, in turn, is expected to propel the adoption of contact center software solutions in the consumer goods and retail industry
In Asia Pacific, the market is anticipated to emerge as the fastest-growing regional market, owing to a broad customer base and the presence of a substantial number of small and medium enterprises in the region

Zero Trust Security Market by Cisco Systems, Inc., Akamai Technologies, Palo Alto Networks

The global Zero Trust Security Market size is expected to reach USD 59.43 billion by 2028, registering a CAGR of 15.2% from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. The market is driven by the need to protect enterprise digital environments by averting lateral movement, leveraging network segmentation, simplifying granular user-access control, and implementing layer 7 threat prevention. The robust solutions for implementing a zero-trust security environment ensure the protection of computers, programs, and networks from unauthorized access. Moreover, preventing unwarranted access to critical data, as the adoption of technologies, such as cloud computing, Wi-Fi, and Internet of Things (IoT), coupled with outsourcing service, is increasing, is driving the growth of the market. The COVID-19 pandemic has further acted as a catalyst for market growth with enterprises investing in securing their networks, endpoints, and IT infrastructure with a zero-trust security framework.

The threat to digitally stored information from unauthorized access is also driven by changing technological landscape. While technology revolutionizes a business process, it also creates vulnerabilities in online protected data. In addition, while internet connectivity improves the operational task of the business by speeding up the process and improving accessibility, the risk of cyber attacks also increases rapidly. Moreover, the rapid expansion of operational data exposed to cyber adversaries through mobile, other edge devices, and IOT and the dependence of companies on third-party vendors and service providers are some of the prevailing supply chain trends increasing the risk of cyberattacks to access information. Therefore, the implementation of a security solution ensures a zero-trust security environment in the organization to mitigate the risks arising from various business activities and internet connectivity.

The application of the zero trust model is parallel to the concept of cybersecurity as it focuses on preventing intrusion by securing the digital network. Several countries across the world introduced laws to prevent cybercrime and data theft, which is vital for safeguarding the BFSI, IT, telecom, defense, and healthcare, other major sectors. The increasing internal and external threat of unauthorized data accessibility and cybercrime due to the political and personal interest of hackers or intruders for earning easy money further pressurizes governments to update their policies regularly. For instance, China updated its cyber policy on December 1, 2019, which instructs both Chinese and foreign public as well as private companies and organizations to secure their networks. The cyber law in the U.S. varies based on the business sector and includes Health Insurance Portability and Accountability Act, 2002 (HIPAA); Homeland Security Act that also includes Federal Information Security Management Act (FISMA), and 1996 Gramm-Leach-Billey Act. Such cyber laws further necessitate the need to secure networking structure and boost the demand for authentication and cyber-solution that ensures a zero-trust security environment.

Related Press Release@ Zero Trust Security Market Report

Zero Trust Security Market Report Highlights

The Small and Medium Enterprises (SMEs) segment is anticipated to witness the fastest CAGR over the forecast period owing to increasing awareness and threat of unauthorized access during cyber attacks
The multi-factor authentication segment led the global market in 2020 and will expand further at the fastest CAGR from 2021 to 2028
The growth can be attributed to the need to overcome the challenges of revenue loss and data loss risks in the era of confidential and vulnerable data, as multi-factor authentication presents multiple layers of identity verification to grant access to an authorized individual
North America led the global market in 2020 and will remain dominant even during the forecast years
The growth is credited to the high-security investment from the large enterprises across the regional industries, such as BFSI, that are at constant risk of cyber attacks as well as internal fraudsters

Vertical Farming Market Size is Predicted to Witness 23.6% CAGR till 2028

The global Vertical Farming Market size is anticipated to reach USD 21.15 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 23.6% over the forecast period. Increased use of Internet of Things (IoT) sensors for producing crops is likely to spur the market demand over the forecast period. Information obtained from the sensors is stored on the cloud and analyzed to perform the required actions. Growing automation in agriculture and increasing use of big data and predictive analytics for maximizing yields are also likely to drive the market.

Vertical farming is effective in ensuring stability in crop production and maintaining reliability even in adverse climatic conditions. It provides multiple benefits over traditional farming techniques, such as less use of water, the lesser need for agrochemicals, and low dependence on agricultural labors. Vertical farming makes use of metal reflectors and artificial lighting to maximize natural sunlight.

Genetically modified organisms and environmental and health effects of pesticides and other non-natural substances that are used for increasing agricultural production have encouraged consumers to adopt organic foods. According to the Organic Trade Association, the U.S. organic industry sales increased by around 5% in 2019, owing to increased investment in infrastructure and education. As per the Organic Foods Production Act of 1990, the handlers and growers of organic products need to comply with the regulations.

Artificial lighting helps in extending the hours of natural daylight, which further increases the health, growth rate, and yield of the plants. Artificial lighting such as high-pressure sodium lighting and LED lighting can extend the availability of crops (throughout a season). LED lighting systems produce a dual-band color spectrum and generate low heat. They are anticipated to witness significant growth over the forecast period.

The hydroponic system is a method of growing plants without soil. A hydroponic system eliminates the need for pesticides and artificial ripening agents and helps in producing nutritionally-rich vegetables. However, factors such as high initial investment and fewer crop varieties are likely to restrain the market growth.

Related Press Release@ Vertical Farming Market Report

Vertical Farming Market Report Highlights

The escalating production of biopharmaceutical products is anticipated to drive the market
The building-based segment is expected to portray a high CAGR of 25.9% over the projected period
The climate control segment is expected to witness a high CAGR over the forecast period, as the growth of crops can be controlled by monitoring and adjusting the concentrations of minerals
The aeroponics segment is also expected to register considerable growth over the forecast period, as the aeroponics facilitates fast growth in plants (under normal conditions)
North America is expected to register significant growth over the forecast period, owing to the expansion of small-scale, commercial vertical farms
The key players of the market include BrightFarms (U.S.), Everlight Electronics Co., Ltd. (Taiwan), and Green Sense Farms, LLC (U.S.)

3D Printing Construction Market Growth, Opportunities and Forecast To 2028

The global 3D Printing Construction Market size is expected to reach USD 1,034,096.7 thousand by 2028, registering a CAGR of 91.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market growth can be attributed to the rising awareness about 3D printing techniques in the construction industry and the significant increase in green construction projects globally. Various benefits offered by the technology, including increased construction speed, reduction in costs and waste, reduction of on-site accidents, and flexibility in creating complex architectural shapes, are also driving its adoption in the construction industry.

The funding received by the 3D printing construction providers from the respective governments for developing space-based construction systems is expected to create new opportunities for market growth in the forthcoming years. For instance, in October 2020, ICON Technology, Inc. announced that it was awarded a government contract called Small Business Innovation Research (SBIR) and funding from NASA to conduct a space-based construction project called “Project Olympus” on the Moon. In this project, ICON Technology, Inc partnered with BIG and SEArch+, a company specialized in space exploration, to develop lunar structures from the available material on the Moon.

The use of 3D printing technology in the construction industry can reduce the number of laborers required on-site, which can eventually resolve the labor shortage problem, particularly in countries where the industry is heavily dependent on migrant workers. However, 3D printing technology may not be favorable for countries where the construction industry is a key employer and labor is less expensive. Moreover, individuals using specialized 3D construction printers require proper training, which could add to the overall cost of a project.

The outbreak of the COVID-19 pandemic negatively impacted the market growth as supply chains were disrupted and several construction projects were stalled due to the lockdowns imposed by various governments across the globe. Construction companies rely on the supply of equipment and raw materials from their suppliers. However, as several governments restricted the movement of goods locally and across the border, companies had to halt their construction activities, given the stalled supply of raw materials and equipment.

Related Press Release@ 3D Printing Construction Market Report

3D Printing Construction Market Report Highlights

The extrusion segment is expected to witness the highest growth due to the introduction of extrusion-based 3D printers by the companies operating in the 3D printing construction space
The concrete segment is expected to witness the highest CAGR over the forecast period. The segment growth can be attributed to the increase in the demand for 3D printed concrete formwork as it requires less-skilled workers compared to conventional concrete construction
The building segment dominated the market in 2020 and is expected to show similar trends during the forecast period. The segment growth can be attributed to the increase in the need for houses globally
The Asia Pacific regional market is expected to witness the highest CAGR owing to the increasing industrial expansion and development in the emerging economies of the region

Tuesday, 30 November 2021

Online Dating Application Market: Industry Demand, Analysis and Future Trends 2028

The global Online Dating Application Market size is expected to reach USD 11.03 billion by 2028, growing at a CAGR of 5.6% from 2021 to 2028, according to a new report by Grand View Research, Inc. The proliferation of smartphones and the increasing internet penetration are among the major factors that are expected to drive the growth of this market. The preference for online dating applications has been particularly growing in the wake of the outbreak of the COVID-19 pandemic. Several governments across the world have imposed lockdowns and restrictions on the movement of people and goods as part of the efforts to curb the spread of the coronavirus. Hence, individuals are resorting to online dating applications to connect with people and engage in personal relationships.

The growing trend among people, particularly young individuals, to prioritize their career over marriage and live alone also plays a key role in driving the popularity of online dating platforms. Several statistics have already highlighted the growing trend among individuals in different parts of the world to live alone. For instance, in New Zealand and Australia, 1 in every 7 women in their forties has never been married, while in Central and Southern Asia, about 1 in 100 women is unmarried. Data published by the U.S. Census Bureau in 2017 also revealed that almost 31% of the adults in the U.S. were not married and living alone has been emerging as a popular trend in the U.S.

The Japanese government is seeking budget approval for a new, AI-based dating service that can allow singles to find more curated matches. The service envisages leveraging AI systems to perform more sophisticated analysis and help in matchmaking based on various criteria. The Japanese government expects AI-assisted systems to typically help in assessing the preferences furnished by individuals looking forward to adopting "konkatsu", the Japanese concept of marriage hunt, in detail. Such initiatives are expected to drive the market in the Asia Pacific region.

However, concerns over data security and privacy protection are expected to restrain the growth of the market. Hackers are particularly targeting online dating apps to acquire the personal data of individuals, having realized that more individuals are resorting to such applications in the wake of the outbreak of the pandemic. Research conducted by Kaspersky Lab underlined high risks of data exposure associated with dating apps owing to the transmission of unencrypted user data happening over insecure Hypertext Transfer Protocol (HTTP). Data breaches have already revealed personal records, including activity logs, name, gender, age, email addresses, billing, professional, educational, contact, and location among others of several users of various dating apps and websites.

Related Press Release@ Online Dating Application Market Report

Online Dating Application Market Report Highlights

The subscription segment dominated the market in 2020 and is expected to retain the leading position throughout the forecast period. While several dating apps are offering various features for free, many others offer limited features for free usage and charge a certain amount for premium features
The 18 - 25 years sub-segment is expected to register the second-largest CAGR of 5.8% over the forecast period. The growth of the segment can be attributed to the rising usage of smartphones and the internet among individuals of this age group
The male segment dominated the market in 2020 and is expected to remain dominant over the forecast period. An article published by eHarmony claimed that men use dating apps more than women
North America was the largest regional market in 2020. However, Asia Pacific is expected to grow at the highest CAGR of more than 6% over the forecast period
The growth of the Asia Pacific regional market can be attributed to the continued rollout of high-speed data networks that is driving the number of internet users in the region. Almost 49% of the Asian population or around 2 billion people in Asia are internet users

Wednesday, 24 November 2021

Unified Communication As A Service Market Growth, Opportunities and Forecast To 2028| 8x8 Inc., Amazon.com, Inc., Avaya Inc.

The global Unified Communication As A Service Market size is expected to reach USD 210.07 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 23.6% from 2021 to 2028. The growing preference for combining unified communication and IoT is expected to open new growth opportunities for the market. The ability of cloud-based unified communication solutions, along with IoT devices and solutions, to enable real-time connectivity and contribute to process automation is particularly expected to encourage enterprises to shift from conventional communication to UCaaS solutions. UCaaS (Unified Communication as a Service) can also help in convenient employee collaboration as employers can flexibly hire resources from a more comprehensive geographical range and onboard them through personalized self-guided walkthroughs and training material.

UCaaS solutions can allow enterprises to leverage cloud platforms to roll out effective communication without investing in dedicated IT infrastructure. Hence, SMEs are particularly adopting UCaaS solutions to facilitate unified communication at affordable prices. As such, these solutions can typically contribute to organizations’ digital transformation goals while saving costs. SMEs are also adopting these solutions as part of the rollout of a hybrid working model in the wake of the outbreak of the COVID-19 pandemic. Benefits such as affordable prices and operational flexibility are expected to drive the market over the forecast period.

The growing popularity and continuous emergence of various social media platforms bode well for the market growth. Having realized that individuals tend to spend more of their free time on social media, enterprises are looking forward to rolling out new channels to reach out to their customers and better understand their needs and requirements to offer efficient customer service. Integrating social media bots with UCaaS solutions can allow enterprises to receive responses and address customer queries. Combining UCaaS with real-time social media features can typically facilitate efficient collaboration and engagement in remote locations.

The aggressive adoption of cloud computing and unified communication is poised to trigger a paradigm shift in the legal industry. For large legal firms, ensuring efficient communication is of paramount importance even if their offices are located at different geographical locations. Moreover, as large legal firms are increasingly outsourcing some part of their work to Alternate Legal Service Providers (ALSPs), efficient communication would be required between the two parties to ensure adequate data security and privacy protection. For smaller legal firms, handling communication across various channels through a single platform can dedicate more resources to critical client services and engagement. Continued adoption of UCaaS solutions by legal firms is expected to drive the market over the forecast period.

Related Press Release @ Unified Communication As A Service Market Report

Unified Communication As A Service Market Report Highlights

By deployment, the private cloud segment is expected to emerge as the fastest-growing segment over the forecast period. This can be attributed to the greater degree of customization and control offered by private cloud platforms for the deployment of UCaaS solutions
Based on industry vertical, the healthcare segment is expected to register the highest CAGR over the forecast period as healthcare practitioners increasingly opt for these solutions to gain access to vital patient data and consult with their peers in real-time during mission-critical scenarios
Asia Pacific is expected to dominate the market over the forecast period owing to the emergence of several startups offering cloud-based communication and collaboration services in the region